ICICI Bank market-cap hits ₹6 lakh crore as its stock rises to a record high

The market capitalisation of the ICICI Bank touched Rs 6 lakh crore mark in the afternoon trade due to which shares of the bank hit record high of Rs 865.55.

The stock has surpassed its previous high of Rs 859.70, which had hit on October 25, 2021. At 2.48 p.m., shares of the bank were trading at Rs 860.25, up 11.50 or 1.35 per cent from its previous close. In the last one month, the stock of private lender has gained more than 12 per cent.

Before ICICI Bank hitting Rs 6 lakh crore market-cap mark, Reliance Industries, Tata Consultancy Services, HDFC Bank, Infosys and Hindustan Unilever have also hit this mark.

In the first quarter of the current financial year, the private lender had reported a 49.5 per cent on-year rise in its net profit to Rs 6,905 crore on the back of healthy loan growth.

The bank's net interest income rose 20.1 per cent on-year to Rs 13,210 crore. Net interest margin (NIM) was 4.01 per cent during the quarter under review, higher than 3.89 per cent the same time a year ago but largely flat from 4 per cent a quarter ago.

Overall margin increased by 14 basis points on-year and 11 basis points on-quarter.

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