On Monday, the ICICI Bank share price will be in focus after the lender stated better-than-expected numbers for the quarter that ended March 2023.

ICICI Bank clocked a nearly 30% YoY jump in net profit to Rs 9,121.9 crore in the quarter that ended March 2023.

ICICI Bank’s net interest income (NII) plunged 40.2% to Rs 17,667 crore from Rs 12,605 crore in the comparable quarter last year.

Prabhudas Lilladher mentioned that ICICI Bank witnessed a stable quarter with core PAT in line at Rs 91.5 billion. Better NIM at 5.3% (PLe 5.2%) was counterbalanced by higher opex amid one-time employee costs. Loan growth was 4.7% QoQ, led by retail/SME, while asset quality was higher due to lower net slippages.

Nirmal Bang stated that the bank reported strong Q4FY23 performance amid healthy credit growth, margin expansion, and enhancement in asset quality. The result mostly aligns with broking house estimates, with PAT growing by 30% YoY to Rs 91 billion.

Credit growth came in at 4.7% QoQ (18.7% YoY), focused on domestic credit books. NIM expansion was robust at 25bps QoQ and 90bps YoY to 4.9% and mounted at a multi-quarter high, leading to NII growth of 40.2% YoY (7.3% QoQ) to Rs 176.7 billion.

JPMorgan gave the stock an ‘overweight’ rating and a target of Rs 1,150 per share. The Q4 earnings were 7% higher than JPMorgan’s estimations. The core Pre-provision Operating Profit (PPoP) was compelled by net interest margin (NIM) and loan growth.

Bernstein has given an ‘overweight’ rating and a target of Rs 1,000 per share. The bank stated strong Q4 results, with EPS increasing by 30% YoY. The EPS growth of 36% for the entire year was also strong.

CLSA has kept a ‘buy’ rating, raising a target of Rs 1,200 per share. The bank sent a flawless Q4, with core pre-provision operating profit (PPOP) growth determined by another 25 bps QoQ/19% YoY of NIM expansion.

Jefferies maintained its ‘buy’ call with a target of Rs 1,180 per share. The bank’s profit topped expectations thanks to a higher net interest margin (NIM). It noted that asset quality remains solid, with 99% of credit costs attributable to buffer building.

Goldman Sachs maintained its ‘buy’ call on the stock with a target of Rs 1,100 per share. The bank’s operating performance was in line with expectations, with continued market share gains expected and operating solid profit before provision and return on assets (PPOP-ROA).