ICICI Bank Shares Hit 52-Week High After Strong Q4 Results And Dividend Announcement | BUY, SELL or HOLD- Check Share Price Target (image source: iStock)
ICICI Bank Share Price Target: India’s second-largest private lender ICICI Bank shares on Monday gained over 3.50 per cent or Rs 39 per share reaching a 52-week high at Rs 147. a piece on BSE. While on the NSE the banking stock gained over 3.80 cents or Rs 42 per share and reached Rs 1, 150 a piece at 1:00 pm reaching 52 week high. ICICI bank posted its Q4 results on Friday and additionally announced a Rs 10 dividend per share.
ICICI Bank Q4 Performance
ICICI Bank, India’s second-largest private lender, announced a standalone net profit of Rs 10,707.53 crore for the quarter ending March 31, 2024, marking a notable 17.38 per cent increase from the previous year’s Rs 9,121.87 crore. The bank reported a substantial 22.33 per cent rise in interest income during the quarter, reaching Rs 37,948.36 crore compared to Rs 31,021.13 crore in the corresponding period last year. Interest expended during the quarter rose to Rs 18,855.56 crore from Rs 13,354.34 crore in the previous year, representing a year-on-year gain of 41 per cent.
ICICI Bank Dividend Announcement
ICICI Bank’s board recommended a dividend of Rs 10 per share for the fiscal year 2024.
Strategic Initiatives and Fundraising Plans
The bank’s board approved fundraising through the issuance of debt securities, including non-convertible debentures (NCDs) in domestic markets, with an overall limit of Rs 25,000 crore. Additionally, the board authorized the buyback of debt securities within the applicable legal limits.
Stock Performance and Dividend History
According to BSE analytics, ICICI Bank’s shares have shown positive momentum across various timeframes. On a year-to-date basis, the company’s shares have witnessed a growth of 10.58 per cent. In terms of dividends, the bank has maintained a consistent track record, with previous dividends ranging from Rs 1 to Rs 8 per share.
ICICI Bank Share Price Target 2024
Religare On ICICI Bank Share Price Target
Stock brokerage Religare has given a ‘BUY’ rating for the banking stock setting the ICICI Bank share price target at Rs 1295 per share with a 17 per cent upside potential. The brokerage cited q4 performance, asset quality, deposit growth, increase in valuation and other several reasons.
LKP Securities On ICICI Bank Share Price Target
LKP Securities has given a ‘BUY’ rating for the banking stock setting the ICICI Bank share price target at Rs 1,412 per share projecting 28 per cent upside potential.
“We expect its loan book to grow at a CAGR of 17 per cent over FY24-26E, led by technology initiatives. The credit cost normalization is underway. We estimate return ratios ROA/ROE of 2.3 per cent and 18.2 per cent in FY26E. We value the standalone entity with 2.7xFY26E BVPS (Rs 478) and investment in subsidiaries and JVs (Rs 121 per share); we arrive at a target price of Rs 1,412. We recommend a BUY rating with a potential upside of 28 per cent,” said LKP Securities.
JM Financial On ICICI Bank Share Price Target
JM Financial analysts project a positive outlook for ICICI Bank, expecting it to deliver strong financial performance in the coming years. The brokerage has given a ‘BUY’ rating for the stock setting the ICICI bank share price target at Rs 1,330 per share projecting a 20 per cent upside potential.
“We believe ICICI Bank firmly remains on a path to deliver +2.3 per cent/18.5 per cent avg. RoA/ RoE over FY25-26E aided by asset quality being in good shape, and continued growth momentum while margins are expected to moderate slightly. ICICI Bank has continued to deliver the best in class return profile among its larger private peers which will help it retain its valuation premium. We value the bank on a SoTP basis with a target price of INR 1330 (core bank valued at 2.6x FY26E BVPS) with subs valued at INR 164. ” said JM Finacial.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Today Technology Market ResearchDigital suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
