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ICICI Bank Limited (NYSE: IBN), a leading Indian multinational banking and financial services company, on Thursday, filed its annual report with the U.S. Securities and Exchange Commission (SEC).
The report, submitted in Form 20-F for the fiscal year ended March 31, 2024, details the bank's financial performance under both Indian and U.S. accounting standards.
According to the filing, ICICI Bank's consolidated profit after tax under Indian GAAP rose to Rs. 44,256 crore (US$ 5,310 million) in the fiscal year 2024, up from Rs. 34,037 crore (US$ 4,084 million) in the previous year.
Under U.S. GAAP, the bank reported a consolidated net income of Rs. 61,376 crore (US$ 7,365 million) for FY2024, a significant increase from Rs. 24,999 crore (US$ 3,000 million) in FY2023.
The report also includes a comprehensive reconciliation of the bank's profit after tax and net worth from Indian GAAP to U.S. GAAP, highlighting the differences in accounting for business combinations, loan losses, securities valuation, and other financial activities.
ICICI Bank's stockholders’ equity, as per U.S. GAAP, stood at Rs. 310,990 crore (US$ 37.3 billion) as of March 31, 2024. This compares to a consolidated net worth under Indian GAAP of Rs. 256,144 crore (US$ 30.7 billion).
ICICI reported indicated a rise in the consolidated profit after tax, with a notable increase in net income under U.S. GAAP. Its peer Axis Capital (NYSE:AXS) Limited recently adjusted its stance on ICICI Bank, shifting the rating from 'Buy' to 'Add,' and increasing the price target due to the bank's consistent earnings growth.
In addition, ICICI Bank announced key management changes and is considering raising funds through the issuance of debt securities. The bank's commitment to environmental, social, and governance (ESG) standards has also been recognized by CLSA, which maintained a 'Buy' rating on the stock. Citi reaffirmed its positive stance on ICICI Bank, maintaining a 'Buy' rating following the bank's participation at Citi’s Pan-Asia Conference 2024.
InvestingPro Insights
ICICI Bank Limited's (NYSE:IBN) recent annual report showcases a robust financial performance, and a closer look through InvestingPro's lens offers additional insights into the bank's market position. With a market capitalization of $101.54 billion, ICICI Bank stands as a prominent player in the banking industry. The bank's commitment to shareholder value is evident, having raised its dividend for 4 consecutive years, and currently trading at a P/E ratio of 18.74, which is considered low relative to its near-term earnings growth. This disciplined approach to growth and shareholder returns underpins its position as a solid investment consideration.
InvestingPro Tips highlight that despite analysts anticipating a sales decline in the current year, ICICI Bank has been profitable over the last twelve months. Its strong performance history is reflected in a high return over the last decade and a strong return over the last five years. For investors looking for detailed analysis and additional tips, InvestingPro offers further insights on ICICI Bank, with a total of 10 tips currently available on their platform.
For those interested in the bank's recent performance metrics, the revenue growth for the last twelve months stands at an impressive 23.97%, with the bank trading near its 52-week high, indicating a strong market confidence. The InvestingPro Fair Value estimate is currently at $29.82, providing a reference for potential investors. These metrics and insights serve as a testament to ICICI Bank's resilience and strategic positioning in the financial sector.
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