ICICI Bank Joins India's Top 5 Companies with Market Cap Exceeding Rs 8 Trillion
Milestone Achievement for ICICI Bank
ICICI Bank has achieved a significant milestone by crossing the Rs 8 trillion mark in market capitalisation, joining India's top five companies by market cap. This notable achievement comes as shares of the private lender surged by more than 5%, reaching an all-time high of Rs 1,163 before closing with a gain of 4.72%.
ICICI Bank is the second bank in India to join the Rs 8 trillion market cap club, following HDFC Bank. This accomplishment underscores ICICI Bank's strong financial performance, robust asset quality, and growth prospects.
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| ICICI Bank joins top 5 companies of India with market cap of more than Rs 8 trillion |
Top 5 Companies in India by Market Capitalisation
The exclusive list of India's top five companies by market capitalisation is currently led by Reliance Industries with Rs 19.8 trillion. The second position is held by Tata Consultancy Services (TCS) with Rs 14 trillion. Among banks, HDFC Bank leads with a market cap of Rs 11.6 trillion, while the State Bank of India (SBI) holds Rs 7.4 trillion.
ICICI Bank's entry into this elite group reflects its consistent growth and solid financials. Analysts from firms like CLSA and JP Morgan have set ambitious target prices for ICICI Bank's shares, reaching as high as Rs 1,350.
ICICI Bank's Financial Performance and Growth
ICICI Bank's impressive market cap is driven by its strong financial performance and robust growth prospects. In the fourth quarter of the last financial year, the bank reported a 17% rise in net profit to Rs 10,708 crore. This remarkable growth was supported by strong loan growth and improved asset quality.
The bank's gross non-performing asset (NPA) ratio declined to 2.16% as of March 31, 2024, from 2.30% as of December 31, 2023, indicating its commitment to maintaining a healthy balance sheet and reducing bad loans. These results demonstrate ICICI Bank's ability to generate strong returns while effectively managing risks.
Conclusion
ICICI Bank's achievement of crossing the Rs 8 trillion mark and joining India's top five companies by market capitalisation is a testament to its strong financial performance and growth prospects. As one of the leading banks in India, ICICI Bank continues to demonstrate its commitment to delivering value to shareholders and maintaining a robust balance sheet.
This accomplishment highlights the ongoing strength and resilience of India's financial sector. With its solid financials and consistent growth, ICICI Bank is well-positioned to continue its upward trajectory and maintain its status as one of India's leading companies.
