Shares of ICICI Bank closed 1.5% higher at ₹1,808 after the bank reported a Q2 PAT of ₹14,840 crore, an 11% lift over the ₹14,000 crore consensus.
The quarter saw NII climb to ₹25,340 crore, up 2% versus JPMorgan’s ₹24,900 crore estimate, while pre‑provision operating profit hit ₹20,580 crore, 7% above forecasts. Loan growth accelerated 12.3% sequentially and 30% YoY, driven by a 30% rise in corporate and 24% in business banking.
Analyst sentiment remains bullish: Bernstein and JPMorgan keep an “outperform/overweight” stance with a ₹1,800 target; Nomura raised its target to ₹1,740; Goldman Sachs targets ₹2,025, citing a 44.9% upside from the current close.
Net interest margin dipped 4 basis points sequentially, a drop attributed to FCNR deposit impact. UBS, Kotak and UBS predict the margin will bottom out in Q3 before recovering in Q4.
Looking ahead, management expects FCNR deposits of ₹1.6 lakh crore to be deployed over the next two quarters, with a focus on maintaining liquidity at 95% of the deposit ratio. Investors should watch the Q4 earnings release on November 30 for further margin and loan‑growth confirmation.