ICICI Bank hits $100bn market cap, 6th company to hit the milestone

On June 25, ICICI Bank Ltd became the sixth Indian company to reach a market capitalization of $100 billion (Rs 8.4 lakh crore) as its stock price rose over 2 percent during the day.

During afternoon trading, the stock price rose 2.25 percent to reach Rs 1,196.45 compared to the previous closing value. 

ICICI Bank ranks second in India in terms of market capitalization, following behind HDFC Bank.

The stock price of ICICI Bank has increased by almost 12 percent since hitting a low on June 4, which was the day of the general election results. It has outperformed the Nifty by 8% and matched the gains of the Bank Nifty.

In the past year, the ICICI Bank's stock price has increased by almost 29%, outperforming the 27% growth of NSE Nifty 50 and the 20% increase in Bank Nifty.

 Reliance Industries Ltd, Tata Consultancy Services, HDFC Bank and Bharti Airtel are some of the other Indian companies that have crossed $100 billion in market capitalisation. Infosys also hit $100 billion in market capitalisation in January 2022, but hasn’t sustained at the level.

ICICI Bank announced that it will release Q1 FY25 financial results on July 27. In the previous quarter that ended March 31, ICICI Bank reported standalone net profit to 10,707.5 crores which was up by 17.4 percent as compared to the previous year.

It has also decalred a dividend of ₹10 per equity share, with face value being ₹2 each.

ICICI Bank's strong retail and SME lending business has allowed it to surpass the overall credit growth in the system.