49 Out of 50 Analysts Issue 'Buy' Call as Net Profit Surges 16% to ₹14,805 Crore

Private sector banking powerhouse ICICI Bank witnessed strong buying interest on Monday, July 20, as its shares climbed following an impressive first-quarter earnings scorecard that Wall Street and domestic experts have hailed as the standout performance among large private lenders. Surpassing consensus estimates across major financial metrics—including net interest income, core operating profits, and bottom-line expansion—the bank's stellar results prompted overwhelming institutional backing, with 49 out of 50 market analysts issuing a 'Buy' recommendation.

Strong Q1 Scorecard Beats Estimates Across Key Metrics

For the quarter ended June 30, ICICI Bank reported a robust 15.9 percent year-on-year jump in net profit, touching ₹14,805 crore and easily outstripping market expectations. Net interest income (NII)—the core earnings driver for the lender—grew by 12.7 percent year-on-year to ₹24,384 crore, beating analyst estimates by roughly ₹2.9 billion. Concurrently, pre-provision operating profit (PPOP) rose 8.7 percent to ₹20,386 crore, while the bank maintained a stellar annualized return on assets (RoA) of 2.49 percent alongside a healthy capital adequacy ratio of 16.84 percent.

Asset Quality Shines as Brokerages Rally Behind the Stock

Asset health remained a core highlight of the earnings report, cementing ICICI Bank's position as an industry leader in credit discipline. Gross non-performing assets (GNPAs) improved significantly, dropping to 1.38 percent from 1.67 percent in the corresponding period last year, while net non-performing assets (NNPAs) stood low at 0.35 percent. To safeguard against macroeconomic uncertainties, the bank also maintained a robust contingency provision buffer of ₹13,100 crore. Major global brokerages took note of the outperformance, with Nomura maintaining a 'Buy' rating and raising its earnings estimates for FY27 and FY28, while Bernstein retained its positive outlook with a target price of ₹1,550, reflecting overwhelming market confidence as the stock traded higher at ₹1,459.50.