ICICI Bank shares remain 'consensus buy'; Majority analysts rate it top pick after Q2 results | Latest News Updates

Shares of ICICI Bank Ltd. are in focus on Monday, October 19, as global investment banking firms shared their positive views on the private lenders’ second quarter results that were reported over the weekend.

Bernstein has an “outperform” rating, JPMorgan has an “overweight” rating and Nomura, UBS and Kotak Institutional Equities have “buy” recommendations each. Nomura also raised its target price on the stock.

Bernstein Sees More Upside

The investment banking firm has an “outperform” rating and a target price of ₹1.800 per share. This implies an upside potential of 28.8% from its previous close.

It said ICICI Bank delivered another standout quarter, reinforcing its position as the fastest-growing large private bank.

The lender’s loan and deposit growth accelerated sharply, with loan growth driven by broad-based strength across corporate, business banking and retail segments.

While its net interest margin (NIM) moderated during the quarter, the margin compression was broadly in-line with its peers and a strong balance sheet growth continued to support healthy net interest income (NII), Bernstein said.

Combined with robust fee income momentum and improving asset quality trends, this enabled the lender to sustain best-in-class operating and earnings growth, it added.

JPMorgan Among Bullish Analysts On ICICI Bank

JPMorgan has an “overweight” rating and a target price of ₹1,800 as well on ICICI Bank.

It said the lender delivered a broad-based beat in the second quarter with its NII at ₹25,340 crore, up 2% from JPMorgan’s estimates, pre-provision operating profit (PPOP) at ₹20,580 crore coming 7% higher than estimates and profit after tax (PAT) at ₹14,840 crore up 11% from estimates.

The investment banking firm said core NII, excluding interest on IT refund, rose by 6% sequentially and 18% from last year and was supported by industry-leading loan growth of 12.3% from the previous quarter.

ICICI Bank’s core NIM, excluding interest on IT refund, declined by 4 basis points sequentially, driven by the impact of FCNR (B).

While the entire impact of FCNR (B) will flow through in the third quarter and is likely to weigh on NIMs, JPMorgan sees tailwinds for NIM expansion in the fourth quarter and the financial year 2028 with 57% of the loan book linked to repo, now incorporating 50 basis points of hikes in forecasts, including one in December 2026, it added.

Nomura Raises Target On ICICI Bank

Nomura has a “buy” rating and has raised its target price to ₹1,740 per share from ₹1,700. This indicates an upside of 24.6% from its previous closing price.

Nomura said ICICI Bank has raised its FY27 and FY29 earnings per share (EPS) estimates by 3% and 7%, respectively.

It said the NII adjusted for one-offs grew 6% from last year and 18% from last year and was 2% above Nomura’s estimate on loan and deposit growth of 30% and 27%, each.

The core PPOP was in-line with ₹20,800 crore, up 22% from the previous fiscal, as lower dividend income following a change in a subsidiary’s dividend policy, an accounting effect rather an an operating one, offset the NII beat.

The bank mobilisied ₹1.6 lakh crore of FCNR (B) deposits (8% of total deposits), 50% of which were funded by its own loans against these deposits. Its management expects to deploy this liquidity over the next two quarters, Nomura said.

Goldman Sachs Maintains “Buy”, Among Highest Targets

Goldman Sachs has a “buy” rating and a target price of 2,025 per share, indicating an upside of 44.9% from its previous closing price. It said the second quarter was ahead of expectations across the board, with its loan growth of 24% being 2% above its estimates, core revenue growth of 18% being 2% over Goldman Sachs’.

It said NIM was 5 basis points above its estimates and PPoP was as well, while its provisions were lower. The NIM delivery was particularly notable, declining just 10 basis points sequentially despite one of the strongest FCNR (B) deposit accreditations in the system.

Importantly the bank preserved liquidity at the bottom of the interest rate cycle, with liquidity deposit ratio (LDR) at 95%, providing meaningful headroom for the medium-term earnings growth as liquidity is deployed, Goldman Sachs said.

UBS Sees Upside Potential For ICICI Bank

UBS has a “buy” rating and a target price target of ₹1,800 on ICICI Bank.

The investment banking firm said the lender’s second quarter was an all-round beat, supported by stronger loan and deposit growth.

It said the lender’s loan growth of 12.3% sequentially and 30% from last year was also well-ahead of expectations and peers, though the material acceleration was seen in corporate loans other than continued strength in business banking.

The management expects margins to bottom out in the third quarter before recoverin the fourth one.

What Kotak Said On ICICI Bank?

It has a “buy” rating and a target price of ₹1,800 per share on the stock.

It said the lender delivered another strong quarter, reporting 20% earnings growth of 20% led by a similar increase in operating profit.

The bank reported industry-leading loan growth of 30% from last year. While its NIM declined 20 basis points sequentially to 4.2%, due to the the impact of FCNR deposits, the bank continued to generate healthy current accounts savings account growth and low credit costs thanks to lower slippages, resulting in a solid return on equity print of 17%.

The lender continues to asset its leadership over peers by a comfortable market, with no evidence that competitors are closing the gap yet, it added.

ICICI Bank Shares A Consensus Buy

All 53 analysts who have coverage on the ICICI Bank stock have “buy” ratings. The consensus estimates of price targets implies an upside potential of nearly 27% from current levels.

ICICI Bank shares ended the previous session 0.6% higher at ₹1,397 apiece. The stock has gained 3.9% in the past month.

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