ICICI Bank is the second largest private bank in India after HDFC. ICICI comes with a marketcap of Rs. 6,63,355 crore. Over the past five years, this private bank has achieved an impressive compound annual growth rate (CAGR) of 34.6% in terms of profit.

The statistics about ICICI Bank speak for themselves. Investors are beginning to take notice of this Indian banking powerhouse due to its outstanding growth in sales and net profit over the previous five years.

This article will examine whether ICICI BANK is a solid stock to purchase by looking more closely at its share price target from 2023 to 2030.

Read on to learn more if you’re considering investing in one of India’s biggest banks.

ICICI Bank’s Q2 FY24 Financial Highlights

  • Standalone net profit increased by 35.8% YoY to ₹10,261 crore in Q2 FY24.
  • Net interest income (NII) rose by 23.8% YoY to ₹18,308 crore in the July-September quarter.
  • The bank’s net interest margin was 4.53% in Q2 FY24.
  • The bank’s shares closed 0.28% lower at ₹932.45 per share on the BSE.
  • Fees from retail, rural, business banking, and SME customers accounted for approximately 78% of total fees in Q2-2024.

ICICI Bank Q1 FY2024 Results: Summary

ICICI Bank, India’s second-largest private sector lender, posted a 40% year-on-year increase in net profit for Q1 FY24, reaching Rs 9,648 crore and exceeding market forecasts. The bank’s net interest income (NII) surged 38% YoY to Rs 18,227 crore, and its net interest margin (NIM) increased to 4.78%, highlighting a strong profit from its lending operations. Deposits saw an 18% YoY growth, reaching Rs 12.38 lakh crore as of June 30, 2023. The bank also reported improved asset quality, with Gross Non-Performing Assets (GNPAs) decreasing to 2.76% and Net Non-Performing Assets (NNPAs) falling to 0.48%. Furthermore, significant growth was reported across diverse sectors, including retail loans, business banking, SMEs, and the rural and domestic corporate portfolios.

How to purchase ICICI Bank shares?

ICICI Bank Share Price Target: 2023 to 2030

ICICI Bank Share Price December Target 2023

When Maximum Price Minimum Price
December 2023 ₹979.38 ₹904.89

Closing the year 2023, December’s forecast suggests a slightly wider range with an expected trading bracket of ₹904.89 to ₹979.38. These price targets offer insight into the expected variability in ICICI Bank’s stock performance over the year, reflecting market expectations and potential factors influencing the bank’s valuation.

ICICI Bank Share Price Target 2024

When Maximum Price Minimum Price
January 2024 ₹1,000.59 ₹922.25
February 2024 ₹1,022.24 ₹941.08
March 2024 ₹1,034.32 ₹960.28
April 2024 ₹1,062.16 ₹932.31
May 2024 ₹1,056.31 ₹918.53
June 2024 ₹1,094.34 ₹951.60
July 2024 ₹1,083.40 ₹942.09
August 2024 ₹1,126.73 ₹979.77
September 2024 ₹1,171.80 ₹1,018.96
October 2024 ₹1,148.83 ₹998.98
November 2024 ₹1,183.29 ₹1,028.95
December 2024 ₹1,212.87 ₹1,054.67

In 2024, ICICI Bank’s share price is expected to exhibit a dynamic performance with fluctuations throughout the year.

January kicks off with a predicted range of ₹922.25 to ₹1,000.59, signifying potential variability in stock value. As we progress into the year, February shows an even broader range, with the stock anticipated to trade between ₹941.08 and ₹1,022.24. March follows suit with a range of ₹960.28 to ₹1,034.32, suggesting continued price fluctuations. April, May, and June exhibit a range of ₹918.53 to ₹1,062.16, ₹932.31 to ₹1,072.16, and ₹951.60 to ₹1,094.34, respectively, indicating the possibility of significant price movements.

In the latter half of the year, the range tightens, but the share price is still expected to vary. August sees a range of ₹979.77 to ₹1,126.73, while September’s range is ₹1,018.96 to ₹1,171.80. As we approach the end of the year, October, November, and December show expected price ranges of ₹998.98 to ₹1,148.83, ₹1,028.95 to ₹1,183.29, and ₹1,054.67 to ₹1,212.87, respectively. These forecasts reflect the potential for shifts in market sentiment and various factors influencing ICICI Bank’s valuation throughout 2024.

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ICICI Bank Share Price Target 2025

When Maximum Price Minimum Price
January 2025 ₹1,237.13 ₹951.64
February 2025 ₹1,268.85 ₹976.04
March 2025 ₹1,318.34 ₹1,014.11
April 2025 ₹1,292.49 ₹994.22
May 2025 ₹1,254.84 ₹965.26
June 2025 ₹1,311.31 ₹1,008.70
July 2025 ₹1,285.60 ₹988.92
August 2025 ₹1,325.36 ₹1,019.51
September 2025 ₹1,371.75 ₹1,055.19
October 2025 ₹1,407.41 ₹1,082.62
November 2025 ₹1,442.60 ₹1,109.69
December 2025 ₹1,478.66 ₹1,137.43

In 2025, ICICI Bank’s share price is expected to continue its trajectory of fluctuation and growth. January sets the tone with a projected range of ₹951.64 to ₹1,237.13, showcasing the potential for significant value swings. February follows suit, with a range of ₹976.04 to ₹1,268.85, indicating an upward trend. March maintains this momentum, offering a range of ₹1,014.11 to ₹1,318.34, showing optimism in the stock’s performance.

April and May are projected to exhibit similar trends, with respective ranges of ₹994.22 to ₹1,292.49 and ₹965.26 to ₹1,254.84. June, July, and August continue to indicate an upward trajectory with ranges of ₹1,008.70 to ₹1,311.31, ₹988.92 to ₹1,285.60, and ₹1,019.51 to ₹1,325.36, respectively.

As we approach the year-end, September through December maintain this bullish outlook, with steadily increasing ranges. The anticipated price ranges for these months are as follows: ₹1,055.19 to ₹1,371.75, ₹1,082.62 to ₹1,407.41, ₹1,109.69 to ₹1,442.60, and ₹1,137.43 to ₹1,478.66. These forecasts reflect positive sentiment surrounding ICICI Bank’s potential growth and resilience in the market throughout 2025.

ICICI Bank Share Price Target 2026-2030

Year Maximum Price Minimum Price
2026 ₹1,552.60 ₹1,086.82
2027 ₹1,707.86 ₹1,195.50
2028 ₹2,391.00 ₹1,195.50
2029 ₹2,070.13 ₹1,035.06
2030 ₹2,691.17 ₹1,883.82

The forecast for ICICI Bank’s share price from 2026 to 2030 suggests a trajectory of steady growth and increasing valuation. In 2026, the projected range is ₹1,086.82 to ₹1,552.60, indicating substantial potential for value appreciation. The following year, 2027, maintains this upward trend with an expected range of ₹1,195.50 to ₹1,707.86, reflecting positive market sentiment.

The year 2028 stands out with a notable leap in share price, as the range is anticipated to be between ₹1,195.50 and ₹2,391.00, signifying a significant growth potential. While 2029 displays a more conservative range of ₹1,035.06 to ₹2,070.13, it still demonstrates a positive outlook for the bank’s stock.

The year 2030 concludes the forecast with a substantial range, with a minimum price of ₹1,883.82 and a maximum price of ₹2,691.17. These forecasts collectively suggest a favorable trajectory for ICICI Bank’s stock price over this five-year period, marked by consistent growth and optimism in the market.

Financial Condition of ICICI Bank Ltd: Last 5 years

Metric 2019 2020 2021 2022 2023
(in Crore INR)
71,982 84,836 89,163 95,407 121,067
(in Crore INR)
83,775 85,361 91,309 80,798 89,379
Operating Profit
(in Crore INR)
7,408 18,589 25,884 34,241 47,255
OPM 10% 22% 29% 36% 39%
Other Income
(in Crore INR)
59,325 64,950 72,030 62,129 66,110
Profit Before Tax
(in Crore INR)
7,408 18,589 25,884 34,241 47,255
(in Crore INR)
5,689 11,225 20,364 26,538 35,461
EPS 6.60 14.78 26.58 36.14 48.74
Dividend Payout 15% 8% 14% 16%

Sales Revenue Growth: ICICI Bank has demonstrated consistent growth in sales revenue over the last five years. Starting at ₹71,982 crore in 2019, the bank’s sales revenue increased steadily to reach ₹121,067 crore in 2023.

Effective Expense Management: Despite market fluctuations and challenges, ICICI Bank has effectively managed its expenses. The bank has maintained a relatively stable expense level, ranging from ₹80,798 crore in 2022 to ₹91,309 crore in 2021.

Steady Growth in Operating Profit: ICICI Bank has shown a positive trend in operating profit. Over the past five years, the bank’s operating profit has steadily increased from ₹7,408 crore in 2019 to ₹47,255 crore in 2023, highlighting its strong financial performance.

Improving Operating Profit Margin (OPM): The bank’s operating profit margin (OPM) has consistently improved. Starting at 10% in 2019, ICICI Bank has successfully increased its OPM to 39% in 2023, reflecting enhanced efficiency and profitability.

Significance of Other Income: ICICI Bank has witnessed significant growth in other income, which includes non-core revenue sources. From ₹59,325 crore in 2019, the bank’s other income rose to ₹66,110 crore in 2023, contributing substantially to its overall profitability.

In summary, ICICI Bank has showcased robust financial performance over the last five years. The bank experienced consistent growth in sales revenue, effectively managed expenses, achieved steady growth in operating profit, improved its operating profit margin, and benefited from a notable increase in other income. These factors demonstrate the bank’s resilience, efficiency, and ability to generate profits amidst a dynamic market environment.

ICICI Bank share price target by Experts

Emkay Global Financial on ICICI Bank Ltd share price target

Emkay Global Financial recommends purchasing ICICI Bank with a price target of Rs 1,375.

KR Choksey on ICICI Bank Ltd share price target

KR Choksey has given a buy call on ICICI Bank Ltd. According to him, you can continue buying ICICI Bank Ltd shares with a target price of Rs.1175.

Motilal Oswal on ICICI Bank Ltd share price target

Motilal Oswal has given a buy call on ICICI Bank Ltd. According to the brokerage firm, you can continue buying ICICI Bank Ltd share with a target price of Rs. 1150.

LKP Securities on ICICI Bank Ltd share price target

LKP Securities recommends purchasing ICICI Bank with a target price of Rs 1058.


What is the current share price of ICICI Bank?

As of December 3, 2023, the current share price of ICICI Bank is ₹947.

What is the growth rate of ICICI Bank’s share price over the past five years?

ICICI Bank’s share price has grown at a compound annual growth rate (CAGR) of approximately 34.6% over the past five years.

What is the company’s financial performance over the past five years?

Over the past five years, ICICI Bank has shown consistent growth in its revenue, with a substantial increase from INR 59,294 crore in March 2016 to INR 121,067 crore in March 2023. The company has also demonstrated a positive trend in its net profit, which grew from INR 10,927 crore in March 2016 to INR 35,461 crore in March 2023.

Can ICICI Bank’s share price reach ₹5000 by 2025?

While there is no guarantee that ICICI Bank’s share price will reach ₹5000 by 2025, it is possible given the company’s consistent growth and strong financial performance. ICICI may reach Rs.5000 by 2035.

What factors can impact ICICI Bank’s share price in the coming years?

Factors such as economic conditions, regulatory changes, and global events can impact ICICI Bank’s share price in the coming years.

What is the dividend payout ratio for ICICI Bank?

The dividend payout ratio for ICICI Bank has varied over the past five years, with a range of 0% to 15.15%.

What is the outlook for ICICI Bank’s future growth?

ICICI Bank’s future growth outlook is positive, with a focus on expanding its retail business and digital initiatives. The company also aims to increase its market share in the Indian banking industry.

What is ICICI Bank’s share price target 2025?

ICICI Bank’s share price target for 2025 suggests the share price could be trading in between ₹994.22 and ₹1,478.66.

What is ICICI Bank’s share price target for 2030?

ICICI Bank share price target for 2030 suggests the share price could be trading in between ₹1,883.82 and ₹2,691.17.

What is ICICI bank share price’s last 5-year CAGR?

ICICI bank share price’s last 5-year CAGR is 27%, while last 3 years CAGR is 39%

What is ICICI Bank’s Return on Equity for the last 5 years?

ICICI Bank’s last 5-year return on equity is 13%.


What Lies Ahead for ICICI Bank and Is It a Good Investment in 2023?

ICICI Bank, under the leadership of Mr. Sandeep Bakhshi, has demonstrated a commendable performance in the face of global economic challenges. The bank’s strong Q1 and Q2 FY2024 results are a testament to its robustness, with the core operating profit less provisions surging by 38.0% and 35.8% year-on-year to 125.95 billion Rupees and Rs. 10,261 Crore.

Furthermore, the bank’s total deposits grew by 17.9% year-on-year, and its domestic loan portfolio expanded by 20.6% year-on-year. Such growth metrics, combined with a stable net NPA ratio of 0.43% as of September 30, 2023, reflect the bank’s sound financial health.

ICICI Bank’s strategic emphasis on technology and digitalization is evident in its achievements. The bank reported over 10 million activations of iMobile Pay by non-ICICI Bank account holders and a significant 70% of trade transactions conducted digitally in Q1. This digital push not only enhances customer experience but also positions the bank favorably in a rapidly evolving financial landscape.

The bank’s commitment to growth is further underscored by its net interest income, which increased by 38.0% year-on-year to 182.27 billion Rupees, and a net interest margin of 4.78% in the recent quarter. Additionally, with a strong capital position reflected in a CET-1 ratio of 16.66% as of June 30, 2023, ICICI Bank is well-poised to capitalize on future opportunities.

Is ICICI Bank undervalued or overvalued? We can see a constant increase in the ICICI bank financials every quarter, and wrt it, the share price has not increased. Though the median PE is 24, the current PE is 16.79, making it look undervalued as of December 3rd, 2023.

ICICI bank PE ratio

Also, a credit rating company, ICRA reaffirmed the ratings for various instruments of ICICI Bank Limited, highlighting its strong market position as one of India’s three systemically important banks, robust capitalization, and improved operating profitability. However, the report also pointed out potential challenges, including near-term NPA generation amid macroeconomic weakening and environmental risks through their asset portfolio.

Given these impressive financial metrics, coupled with the bank’s forward-looking digital strategy and its resilient performance in a challenging economic environment, ICICI Bank presents itself as a compelling investment proposition. However, potential investors should always undertake comprehensive research and consider their financial circumstances before making investment decisions.

Last updated: December 3, 2023.

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Author: Neelam KushwahaNeelam Kushwaha is a Bachelor's student in Computer Science at Hansraj College with a keen interest in finance and the stock market. She is a senior editor at Financesrule, where she shares her insights and expertise in researching stock price predictions. Neelam's analytical skills and unique perspectives make her a valuable asset to the financial community. In her free time, she enjoys reading and traveling.

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