ICICI Bank's shares saw a 3% surge in the trading session following the release of its Q4FY24 results. Here are key insights brokerages provided regarding this private lender's performance.
Through a separate deal, Bharti Enterprises sold a 1.3% stake in ICICI Lombard General Insurance for Rs 1,042 crore. It sold 62,50,900 shares at Rs 1,666.35 a share.
ICICI Bank Q3 results today are expected to show solid loan book growth and robust retail franchises, although experts anticipate further compression in NIMs during the October to December 2023 quarter
ICICI Bank said provisions for the quarter stood at Rs 1,049.37 crore, higher than Rs 582.63 crore in the September quarter but lower than the year-ago's Rs 2,257.44 crore.
The ICICI Bank and Chanda Kochhar had been under scanner after The Indian Express reported in 2018 that Videocon’s Venugopal Dhoot provided crores of rupees to a firm he had set up with Chanda Kochhar’s husband Deepak and two relatives.
ICICI Bank: The private sector lender reported a 35.8 percent YoY rise in its standalone net profit to ₹10,261 for the second quarter of FY24 versus ₹7,557.84 crore in the year-ago period.
InCred Equities said that it believes that HDFC Bank is better placed through its granular branch expansion and faster customer acquisition compared to ICICI Bank.
In May, ICICI Bank said its board of directors approved the increase in shareholding in ICICI Lombard as it aims to establish the company as a subsidiary of ICICI Bank.