Shares of ICICI Bank Ltd rose more than 1 percent in early trade on Monday after the private sector lender reported fiscal first quarter results that exceeded Street expectations. The stock gained as brokerages reiterated bullish calls, citing the bank's sector-leading loan growth, resilient margins and strong asset quality. ICICI Bank shares rose 1.13 percent to Rs 1,460.60 in early trade.

ICICI Bank on Saturday reported its Q1 FY27 standalone net profit rose 15.95 percent year-on-year to Rs 14,804.5 crore, ahead of the CNBC-TV18 poll estimate of Rs 13,616 crore. Net interest income (NII) grew 12.7 percent to Rs 24,384.35 crore, also surpassing analysts' estimate of Rs 23,689 crore. The bank's net interest margin improved to 4.36 percent from 4.32 percent in the preceding quarter, while asset quality remained strong, with the gross NPA ratio improving to 1.38 percent and the net NPA ratio at 0.35 percent.

Nomura maintained its Buy rating on ICICI Bank stock with a target price of Rs 1,700, implying an upside of around 18 percent from Friday's closing price. The brokerage said ICICI Bank stood apart in a quarter marked by margin pressure across the sector, driven by sector-leading loan growth and sustained margins. It said the bank's underlying profit was 6 percent above its estimates after normalising for one-offs. Nomura raised its FY27 and FY28 earnings per share estimates by 5 percent, and described asset quality as "pristine". The brokerage added that ICICI Bank's core banking business currently trades at 2 times FY28 estimated book value per share.

Bernstein retained its Market Perform rating with a target price of Rs 1,550. The brokerage described the June quarter as a standout performance, saying ICICI Bank is emerging as the best-performing large private sector bank on both growth and profitability. It said that ICICI Bank reported the strongest loan growth among peers, and continued to gain momentum in deposits. It maintained industry-leading net interest margins, and achieved this growth without compromising profitability. Bernstein also said the bank further extended its lead on profitability metrics with a return on assets of 2.5 percent.

Morgan Stanley, in its note on private sector banks, said ICICI Bank reported the strongest loan growth among peers and highlighted the bank's underlying net interest margin expansion along with strong traction in fee income.

The stock ended Friday's session, ahead of the earnings announcement, at Rs 1,444.3, up 1.84 percent for the day. ICICI Bank has gained 8.7 percent so far in 2026, outperforming the Nifty 50, which is down 6.9 percent over the same period. The lender commands a market capitalisation of more than Rs 10.43 lakh crore.