ICICI Bank needs no introduction. ICICI Bank is well known for being one of the leading banks in India. According to the data reported on June 2022 at ICICI Bank’s official website, ICICI Bank has 14,15,581 Cr of total assets, 5,534 branches, and 13,222 ATMs across the country.
The data shows that the reach of the ICICI Bank is far and wide in India. But we are not here to discuss the accessibility of the bank in the country. We are here to dig deep and find that how well the bank is performing in the Stock Market.
You might have heard recently that foreign banks are not performing well but that’s not the case here. Indian banks are doing well compared to the banks in other countries in the world.
We’ve noticed that the stock price of ICICI Bank is at a very crucial level. The stock is trading near an all-time high and is about to give a huge breakout.
Well, yes! ICICI Bank investors may see the next big move in the stock. As you can see clearly on the chart that the stock is in an uptrend for a very long time and now it is about to break an all-time high once again.
So, is it a good time to invest in the stock? Well, we can’t say yes because we’re not authorized to advise anyone as we’re not registered with SEBI. But we must tell you what’s good and what’s bad about the stock which can help you understand it better.
POSITIVES OF THE STOCK
- The ICICI Bank has been generating good returns for its investors.
- It is still not in the overbought zone.
- The growth of the bank is 19.6 CAGR over the last five years.
- Not a lot of promoters holding is pledged.
- The annual net profit has increased by 36.58%.
- The quarterly net profit has increased by 13.58%.
- The debt-to-equity ratio is also very healthy.
- The price-to-earnings ratio is 22.07.
NEGATIVES OF THE STOCK
- Mutual fund holding has decreased by 0.40% in the last quarter.
- The stock is trading at 3.59 times its book value.
- The sales growth of 9.38% over the past five years is poor for the bank.
- The annual revenue has decreased by 2.27% in the last year.
How Far Can ICICI Bank Go?
As you know nothing is certain in the Stock Market and no one can exactly predict where the market can go, but when we used Fibonacci retracement, we found some great numbers (1008.30, 1234.30, 1460.30, and 1599.95) that could be the next potential targets of ICICI Bank.
Dear readers, this post is only for educational purposes. We are not recommending or suggesting you buy or invest in the stock. We’d request you please consult your financial advisor before making any investment.
No representation is being made that any associated advice will guarantee profits, or not result in losses.