Should you buy ICICI Bank shares post Q4 results? Check what leading brokerages suggest

ICICI Bank Q4 Review, ICICI Bank share price: Most analysts have retained their bullish stance on ICICI Bank, the second largest non-state lender by assets, after the bank's March quarter results (Q4 FY24), which were released during the weekend. The lender said its March 2024 quarter consolidated net grew 18.5 per cent to Rs 11,672 crore. It had reported a net profit of Rs 9,853 crore in the year-ago period.

On a standalone basis, the private sector lender showed a 17.4 per cent growth in its profit after tax at Rs 10,708 crore for the reporting quarter against Rs 9,122 crore in the year-ago period. The core net interest income increased 8.1 per cent to Rs 19,093 crore on a 16.8 per cent growth in loans and a marginal compression in the net interest margin to 4.40 per cent.

The non-interest income, excluding the treasury performance, came in at Rs 5,930 crore, 15.7 per cent higher than the year-ago period.

The provisions more than halved to Rs 718 crore for the reporting quarter, as per the exchange filing by the lender.

What do brokerages say?

CLSA has maintained a "buy" rating on the stock with a target price of Rs 1,350. The brokerage notes that the bank's NIM, or net interest margin, and opex (operational expenditure) were healthy, but the growth was slightly weaker. Asset quality remains healthy, it further says.

Morgan Stanley has maintained an "overweight" rating on the stock with a target price of Rs 1,400. The brokerage notes that the lender continues to deliver strong business growth on both the loan and deposit fronts. "Margin normalisation continues, and we expect them to remain well above pre-COVID levels even as deposit rates catch up fully, helped by an improved loan mix and disciplined pricing," the brokerage said.

With inputs from PTI and Zee Business Research