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

Published on 10/20/2026 at 15:49 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q2 net profit rose 20.1 percent to INR 148.43 billion on October 17, 2026. ICICI Bank stock costs EUR 26.55 on October 20, 2026 in trading.

JPMorgan target raised

JPMorgan lifted its ICICI Bank target from INR 1,735.00 to INR 1,800.00 on October 18, 2026.
Second-quarter standalone net profit rose 20.1 percent year over year to INR 148.43 billion on October 17, 2026.
ICICI Bank stock costs EUR 26.55 at Lang & Schwarz on October 20, 2026 at 3:36 p.m. CEST.

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JPMorgan raised its price target for ICICI Bank from INR 1,735.00 to INR 1,800.00 while maintaining an Overweight rating on October 18, 2026, as Investing.com reported. ICICI Bank stock was trading at EUR 26.55 at Lang & Schwarz on October 20, 2026 at 3:36 p.m. CEST.

JPMorgan sees stronger earnings

The revised target followed second-quarter results that exceeded JPMorgan estimates. Net interest income reached INR 253.4 billion, up 18 percent year over year and 2 percent above the bank's estimate, while profit after tax rose 20 percent to INR 148.4 billion.

JPMorgan also lifted its fiscal 2027, 2028 and 2029 earnings forecasts by 4 percent, 5 percent and 3 percent. The research note cited loan growth of 30 percent year over year, while core net interest margin declined 4 basis points sequentially because of Foreign Currency Non-Resident deposits.

Second-quarter profit grows 20.1 percent

ICICI Bank's standalone net profit increased 20.1 percent year over year to INR 14,843 crore in the quarter ended September 30, 2026. Net interest income rose 17.7 percent to INR 25,339 crore, while the gross non-performing asset ratio improved to 1.20 percent from 1.58 percent a year earlier, according to Business Standard.

The bank's net interest margin moderated to 4.18 percent in the September 2026 quarter from 4.30 percent in the year-ago quarter and 4.36 percent in the preceding quarter. Total advances grew 30 percent year over year to INR 18.32 trillion, and deposits increased 27.1 percent to INR 20.50 trillion.

NYSE valuation sets the frame

On the NYSE, ICICI Bank's American depositary receipt was last quoted at USD 29.89 on October 20, 2026 at 1:47 p.m. ET. Its 52-week range stood at USD 25.08 to USD 31.85, placing the quote USD 1.96 below the high.

The price-to-earnings ratio was 18.05 and market capitalization was USD 105.3 billion in JPMorgan's October 18, 2026 discussion. The combination of faster loan growth and narrower margins leaves operating momentum and funding costs as the central valuation questions.

ICICI Bank stock in one view

The raised target and the September-quarter figures give investors two different signals: earnings growth is accelerating, while the margin has contracted on both yearly and sequential comparisons. That contrast makes the 4.18 percent margin and 30 percent loan growth important reference points for the next earnings cycle.

The further course of trading is shown by the continuously updated real-time quote of ICICI Bank stock.