By Malvika Gurung
Investing.com -- The top private sector lender ICICI Bank (NS: ICBK ) has entered the revered club of companies with a market capitalization of Rs 6 lakh crore.
The private lender’s shares advanced 2% and hit a record high on Thursday, with market capitalization exceeding the Rs 6 lakh crore mark at Rs 6.02 lakh crore, on a strong growth outlook.
There are only six companies in India with a market cap of Rs 6 lakh crore, making ICICI Bank the 7th one to enter the elite club.
The banking stock remains among the top favourites of investors and analysts. A total of 52 brokers cover the private lending stock on Bloomberg, of which 51 have set a Buy call on it and 1 has a hold rating. The stock has no sell call.
The private lender posted strong earnings for the June 2022 quarter last month, with net profit surging 50% YoY to Rs 6,905 crore, beating Street’s estimate, aided by improving asset health, a sharp fall in bad loan provisions, healthy credit growth and moderating credit cost, to state a few.
Its topline grew 20% YoY to Rs 17,875 crore, led by healthy other income and an expanding NIM. Provisions and contingencies tumbled 60% YoY to Rs 1,143.8 crore and asset quality improved too.
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