ICICI, HDFC banks share prices hit fresh records post March quarter earnings
Shares of HDFC Bank Ltd. and ICICI Bank Ltd. surged to record highs on Monday after both posted stronger-than-expected earnings over the weekend. Brokerage firm Motilal Oswal Financial Services Ltd. revised its FY26 earnings estimate for HDFC Bank up by 3% and raised ICICI Bank's price target by 3% to ₹1,650.
Axis Bank Ltd., India's third-largest private lender, is set to report its earnings on Thursday.
Meanwhile, the implied volatility spread between the Nifty Bank Index and the broader Nifty 50 Index has narrowed to levels last seen in early April, reflecting improved trader sentiment towards banking stocks. As of Thursday's close, the April 55,000-rupee call option had the highest open interest, indicating further potential upside for the bank index.
On Monday, the Nifty Bank Index jumped as much as 1.9%, crossing the previous peak set in September. Since April 2, when the US announced reciprocal tariffs, the index has risen over 7%, outpacing the Nifty 50's more than 3% gain, according to Bloomberg data.
Analysts believe Indian banks remain largely insulated from global trade tensions due to their limited international exposure. They also point to solid fundamentals across most lenders.
'Overall outlook for banking stocks is positive,' Sandip Sabharwal, founder of research house Asksandipsabharwal.com, told Bloomberg. 'Most banks have significant capital adequacy ratios, good additional provisions as buffers as well as accelerating growth prospects as monetary policy eases and liquidity improves,' he added.
ICICI Bank shares rose over 2% on Monday morning, day after the lender posted a 15.7% rise in consolidated net profit for the March quarter, reaching ₹13,502 crore. The stock touched a 52-week high of ₹1,437 on the BSE, gaining 2.15%, and similarly climbed 2.08% to ₹1,436 on the NSE.
On a standalone basis, ICICI Bank posted a net profit of ₹12,630 crore for Q4 FY25, an 18% increase from ₹10,708 crore in the same quarter last year. Core net interest income rose 11% to ₹21,193 crore, and non-interest income (excluding treasury) grew 18.4% to ₹7,021 crore.
The bank also improved its asset quality, with gross NPAs falling to 1.67% in March 2025 from 1.96% in December 2024.
Shares of HDFC Bank climbed more than 2% on Monday, hitting a one-year high of ₹1,950 on both the BSE and NSE. This came after the bank reported a 7% year-on-year increase in consolidated net profit for the March quarter, reaching ₹18,835 crore.
On a standalone basis, net profit stood at ₹17,616 crore for the quarter, up from ₹16,512 crore in the same period last year. Net interest income rose 10.3% to ₹32,070 crore, driven by a slight rise in net interest margin to 3.5% and a 5.4% growth in gross advances.
However, the bank flagged concerns around pricing pressure in home and corporate loans, affecting loan growth. CFO Srinivasan Vaidyanathan noted that HDFC Bank chose to moderate loan expansion and instead prioritise deposits, which grew over 15% during the fiscal.
(With inputs from agencies)
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