Updated April 29th, 2024 at 15:16 IST

ICICI Bank joins elite club: Crosses Rs 8 lakh crore market cap

Reliance Industries remains India's most valued firm with a market cap of Rs 20.4 lakh crore, followed by TCS and HDFC Bank.

Reported by: Business Desk
ICICI Bank | Image:Shutterstock

ICICI Bank: Private sector banking giant ICICI Bank Ltd has achieved a significant milestone, becoming the fifth Indian company and the second bank to exceed the Rs 8-lakh-crore market capitalisation mark. The achievement comes on the heels of a remarkable surge in its share price, driven by robust earnings performance.

The shares of ICICI Bank surged 5.01% to an intraday high of Rs 1,163.5 apiece on the National Stock Exchange on Monday, April 29, 2024.


The strong rally propelled the bank's market capitalisation beyond Rs 8 lakh crore for the first time in its history. At 2:10 pm, the stock was trading at Rs 1,157 on the BSE, up 4.5 per cent from the previous close, while the benchmark Sensex surged 1.11 per cent to 74,549 points.

With this achievement, ICICI Bank joins the league of Reliance Industries, TCS, HDFC Bank, Infosys, and Bharti Airtel, which have already crossed the Rs 8 lakh crore market cap milestone. Reliance Industries remains India's most valued firm with a market cap of Rs 20.4 lakh crore, followed by TCS and HDFC Bank.


The surge in ICICI Bank's market capitalisation follows its impressive financial performance in the fourth quarter of fiscal year 2024. The bank reported a net profit of Rs 10,708 crore for Q4 FY24, marking a robust 20 per cent growth compared to the same period last year. This growth was driven by strong advances and reduced credit costs, despite facing margin pressure.

Motilal Oswal, a leading financial services firm, commented on ICICI Bank's performance, highlighting its healthy net interest income (NII) growth and controlled operating expenses. Emkay, another prominent financial services company, noted that the bank's credit growth moderated slightly but remained healthy, with strong growth in retail loans.


ICICI Bank's prudent approach to asset quality management was also commended, with reductions seen in gross non-performing asset (GNPA) and net non-performing asset (NNPA) ratios. The bank maintained a strong contingency buffer, providing further support to its profitability.

ICICI Bank's stellar performance in Q4 FY24, coupled with its strategic focus on retail and SME segments, has positioned it as a preferred pick in the banking sector, according to analysts.


Published April 29th, 2024 at 15:16 IST