ICICI Bank's market cap crosses $100 billion, only 6th Indian entity to achieve milestone

ICICI Bank on Tuesday joined the prime ₹8.40 lakh crore market capitalisation club. Shares of the private lender jumped nearly 3% to breach the $100 billion m-cap, becoming only the sixth Indian company to achieve it.

The surge in ICICI Bank stock comes when benchmark indices hit an all-time high during intraday trade. The NSE NIFTY50 reached a lifetime high of 23,754.1, whereas the BSE SENSEX crossed the 78,000 mark.

ICICI Bank shares concluded June 25's session at ₹1,204, up 2.9%. Its market capitalisation stood at 8.47 lakh crore.

Year-to-date, the stock has gained 20.3%, while it has risen 29.2% in the past year. The company took less than three years to add $25 billion in m-cap and hit the $100 billion milestone.

ICICI Bank, which is the second largest bank in India by m-cap, is only behind HDFC Bank which has market cap of ₹12.98 lakh crore.

The other companies that have crossed $100 billion in m-cap include Reliance Industries, Bharti Airtel and Tata Consultancy Services. Infosys had crossed the $100 billion-mark in 2022, but could not sustain it.

Earlier in the day, ICICI Bank announced that it will put out its financial results for the first quarter of financial year 2024-25 (Q1 FY25) on July 27.

The company had posted a 17.4% increase in its net profit to ₹10,705.5 crore in Q4 FY24. In the same period last year, the net profit was ₹9,121.9 crore.

Its net interest income (NII) in the latest March quarter rose 8% year-on-year (YoY) to ₹19,093 crore, and the net interest margin was 4.40%.