Shares of ICICI Bank gained over 2 per cent in morning trade on Monday after the company reported a 55.04 per cent jump in its June quarter consolidated net profit.
The stock rose 2.23 per cent to Rs 817.85 on the BSE. At the NSE, it went higher by 2.21 per cent to Rs 817.80 apiece.
“ICICI Bank’s results are the best in the banking segment. The stellar Q1 numbers, increasing credit growth and improving asset quality augur well for ICICI Bank stock,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
ICICI Bank on Saturday reported a 55.04 per cent jump in its June quarter consolidated net profit to Rs 7,384.53 crore, helped by a sharp reduction in provisions and the core interest income continuing to be strong.
On a standalone basis, the second-largest private sector lender reported a net profit of Rs 6,904.94 crore, against Rs 4,616.02 crore in the year-ago period, but was lower than Rs 7,018.71 crore in the preceding March quarter.
Its core net interest income went up by 21 per cent to Rs 13,210 crore on the back of a 21 per cent increase in overall loans and the net interest margin widening to 4.01 per cent from 3.89 per cent in the year-ago period.
On the asset quality front, the gross non-performing assets ratio improved to 3.41 per cent as of June 30, as against 5.15 per cent in the year-ago period, and 3.60 per cent in March. PTI SUM DRR
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