JM Financial has issued a “buy” call on ICICI Bank Ltd., setting a target price of Rs 1115. Currently, ICICI Bank Ltd. is trading at Rs 943 in the market.
ICICI Bank Ltd., established in the year 1994, is a banking company with a market capitalization of Rs 659,329.35 Crore.
Key Products/Revenue Segments for ICICI Bank Ltd. include Interest & Discount on Advances & Bills, Income From Investment, Interest, and Interest On Balances with RBI, and Other Inter-Bank Funds, for the fiscal year ending on March 31, 2023.
In terms of financials, for the quarter ending on June 30, 2023, the company reported a consolidated total income of Rs 52,084.00 Crore. This represents a decrease of 3.41% from the total income of Rs 53,922.75 Crore in the previous quarter, but a significant increase of 32.81% from the total income of Rs 39,218.33 Crore in the same quarter of the previous year. The bank reported a net profit after tax of Rs 10,636.12 Crore in the latest quarter.
As of June 30, 2023, the promoters did not hold any stake in the company, while foreign institutional investors (FIIs) owned 44.53%, and domestic institutional investors (DIIs) held 44.9%.
Investors may consider this “buy” call from JM Financial when evaluating their investment decisions. The target price of Rs 1115 suggests potential growth for ICICI Bank in the future. However, it’s important to conduct thorough research and consider your own financial goals and risk tolerance before making any investment decisions.