In a remarkable feat, ICICI Bank’s shares surged by over 4 percent, propelling the bank’s market capitalization to exceed the Rs 8-lakh-crore mark. This achievement solidifies its position as a major player in the Indian financial landscape. The stock hit a record high of Rs 1,160 on the BSE, up 5 percent, on April 29. At 2.10 pm, it was trading at Rs 1,157 on the BSE, up 4.5 percent from its previous close, while the benchmark Sensex rose 1.11 percent to 74,549 points.

This milestone places ICICI Bank alongside prestigious Indian companies such as Reliance Industries, TCS, HDFC Bank, Infosys, and Bharti Airtel. RIL remains India’s most valued firm with an mcap of Rs 20.4 lakh crore, followed by TCS and HDFC Bank, which have an mcap of Rs 15 lakh crore and Rs 9.6 lakh crore respectively. Infosys and Bharti Airtel have an mcap of Rs 8.16 lakh crore and Rs 8.1 lakh crore.

The stellar performance of ICICI Bank can be attributed to its robust financials, particularly evident in its Q4 FY24 earnings report. The bank reported a net profit of Rs 10,708 crore, marking a substantial 20 percent increase from Q4 FY23. This impressive growth was driven by robust advances and reduced credit costs, despite facing margin pressures. ICICI Bank achieved an ROA of 2.4 percent in FY24, reflecting its strong performance across the board.

Furthermore, the bank’s net interest income (NII) rose by 8 percent to Rs 19,093 crore in Q4 FY24, surpassing analyst estimates. Notably, the gross NPA decreased to 2.16 percent from 2.81 percent YoY, while the net NPA fell to 0.42 percent from 0.48 percent on-year. Deposit growth, at 20 percent, outpaced advances, led by a 28 percent rise in term deposits. However, CASA growth was subdued at 10 percent YoY due to higher term deposit mobilization. Domestic NIM moderated to 4.4 percent in Q4 FY24 from 4.9 percent a year back, maintaining the full-year NIM at the FY23 levels.

The impressive financial performance and market valuation underscore ICICI Bank’s resilience and strategic vision in navigating through challenging economic conditions. As it continues to consolidate its position in the banking sector, investors and stakeholders are optimistic about its future prospects.