JPMorgan raises target for ICICI Bank stock to INR 1,800

Published on 10/22/2026 at 09:48 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q2 profit reached INR 148.43 billion, up 20.10 percent year over year. The 4.18 percent margin leaves ICICI Bank stock below its 4.36 percent first-quarter level.

Analyst action and margin pressure

JPMorgan raised its ICICI Bank target from INR 1,735 to INR 1,800 on October 19, 2026.
Net interest margin was 4.18 percent in the second quarter versus 4.36 percent in the first quarter.
ICICI Bank stock trades at EUR 26.30 at 9:38 a.m. CEST at Lang & Schwarz on October 22, 2026.
ICICI Bank's market capitalization was USD 104.6 billion as of October 21, 2026.

IBN, US45104G1040, Illustration mit AI erstellt.

ICICI Bank (ISIN US45104G1040) reported INR 148.43 billion in profit after tax for the second quarter of fiscal 2027, up 20.10 percent year over year, according to Business Standard on October 17, 2026. The latest market catalyst followed on October 19, when Moneycontrol reported that JPMorgan raised its 12-month target from INR 1,735 to INR 1,800.

Three dates shape the story

On October 17, 2026, ICICI Bank delivered consolidated net income of INR 173.12 billion for the second quarter, compared with INR 162.10 billion in the first quarter, according to the financial statement data. The bank's net interest income rose to INR 303.36 billion from INR 291.77 billion over the same periods. The result also included a 20.10 percent year-over-year increase in standalone profit, as Business Standard reported. On October 19, JPMorgan's new INR 1,800 target added a quantified analyst comparison to the results. On October 21, the NYSE-listed ADR last stood at USD 29.54 at 4:00 p.m. ET.

What does the margin mean?

The main counterweight to the profit growth was the net interest margin. It fell to 4.18 percent in the second quarter from 4.36 percent in the first quarter and 4.30 percent in the year-earlier quarter, according to The Economic Times. Asset quality provided a second positive operating signal: the gross non-performing-asset ratio declined to 1.20 percent at September 30, 2026, from 1.38 percent at June 30, 2026 and 1.58 percent a year earlier.

The balance sheet also expanded. Total deposits reached INR 20.92 trillion at September 30, 2026, compared with INR 18.70 trillion three months earlier, while total assets rose to INR 32.93 trillion from INR 30.02 trillion. The combination leaves investors weighing faster balance-sheet growth against the sequential margin decline.

The euro quote stays current

ICICI Bank's NYSE listing gives the company a primary-exchange market value of USD 104.6 billion and a 52-week range of USD 25.08 to USD 31.85 as of October 21, 2026. The ADR's business is banking and financial services, with retail banking, corporate banking and treasury operations among its reported activities, according to TradingView.

At Lang & Schwarz, the stock was trading at EUR 26.30 on October 22, 2026 at 9:38 a.m. CEST. The quoted euro level gives German investors a live reference while the latest analyst target remains tied to the bank's operating performance and margin path. The further course of trading is shown by the continuously updated real-time quote of ICICI Bank stock.