Shares of ICICI Bank rose on Monday morning after the private lender reported strong numbers in its Q1 results on Saturday.

What Happened: ICICI Bank saw its net profit grow 14.6% year on year to ₹11,059.11 crore. Its net interest income rose 7.3% to ₹19,552.91 crore. The numbers beat analyst estimates. The lender's non-performing asset (NPA) ratio fell to 0.43% from 0.48% from the previous year. The net interest margin (NIM) fell to 4.36% from 4.78% in the previous year. 

Brokerage Views: CLSA gave an "outperform" call and raised the target price to ₹1,500. The bank delivered a balanced Q1 with mid-teen loan and deposit growth. NIM moderated a few basis points sequentially while pre-provisioning operating profit grew faster than operating profit due to operating leverage.

Among large banks, ICICI Bank has the highest standard of asset provisioning, the brokerage said.

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Morgan Stanley also maintained an "overweight" call and hiked target price to ₹1,500. The brokerage expects the stock to do well after the strong Q1. The bank's return on assets is above normalised levels and has room to absorb potential margin normalisation. The bank will also be able to absorb potential regulatory changes, the research firm added. 

Nuvama also maintained a "buy" call with a target price of ₹1,450. The brokerage said the bank has outperformed on three concerns that are affecting its peers which are asset quality, loan-to-deposit ratio and NIM. The bank's slippage is lower than its peers and its premium valuation compared to its peers would increase further, the research firm said. 

Price Action: Shares of ICICI Bank shot up 1.89% to ₹1,230.05 on Monday morning. 

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