ICICI Bank hits a 52-week high after lender reports above-estimate Q3 results; what brokerage CLSA says about it

ICICI Bank Share Price: ICICI Bank hits a 52-week high of Rs 1067.40 on BSE on Tuesday (January 23, 20234) after the lender reported above-estimate third-quarter results.

The stock of the company was trading higher by 3.26 per cent, or Rs 32.90, at Rs 1041.20, at 9:48 am on Tuesday. 

ICICI Bank Q3 Results

The company's net interest income saw a jump of 13.4 per cent in the December quarter, while its profit after tax was up by 23.60 per cent.

The company saw a deposit growth of 18.7 per cent in the quarter under review while its loan growth was 18.8 per cent up in the same duration.

Its net interest marging for the December quarter was up by 4.43 per cent against Zee Research estimates of 4.53 per cent, while its gross non-peforming assets rose 2.3 per cent against 2.48 per cent estimates.

The commentary on all other aspect is good, other than NIM, which is expected to further moderate in Q4. 

What brokerage say about ICICI Bank

CLSA has maintained a buy call on ICICI Bank and has raised the target to Rs 1300 from Rs 1225.