- By Aditya Pratap Singh
- Mon, 29 Apr 2024 05:08 PM (IST)
- Source:PTI
ICICI Bank Stock: Shares of ICICI Bank rose nearly 5 percent on Monday after the company reported an 18.5 percent rise in March quarter consolidated net profit to Rs 11,672 crore, helped by lower provisions. The stock closed 4.67 percent higher at Rs 1,158.80 on the BSE. During the day, it jumped 5 percent to hit a 52-week high of Rs 1,163.25.
It rose 4.37 percent to Rs 1,156.40 on NSE. During the day, the stock rose 5 percent to hit a 52-week high of Rs 1,163.45.
The market capitalization (mcap) of the company increased by Rs 36,555.4 crore to Rs 8,14,033.29 crore. It emerged as the biggest gainer on both BSE Sensex and NSE Nifty. In terms of trading volume, 8.05 lakh shares of the company were traded on the BSE during the day, and over 285.78 lakh shares were traded on the NSE during the day.
In the equity market, the 30-share BSE Sensex rose 941.12 points or 1.28 percent to 74,671.28 and the NSE Nifty rose 223.45 points or 1 percent to 22,643.40. On a standalone basis, the second-largest private sector lender reported a 17.4 percent rise in its profit after tax to Rs 10,708 crore in the quarter under review, from Rs 9,122 crore in the year-ago period.
Also Read: Google Lays Off Entire Python Team To Reduce Costs: Report
For fiscal 2023-24, its standalone net profit rose to Rs 40,888 crore from Rs 31,896 crore a year ago.
Core net interest income increased by 8.1 per cent to Rs 19,093 crore in the quarter under review driven by 16.8 per cent growth in loans. However, it was narrowed to 4.40 percent from 4.90 percent in the year-ago period due to a decline in net interest margin.
Provisions for the quarter under review fell by more than half to Rs 718 crore, according to an exchange filing by the lender on Saturday. The gross non-performing assets ratio increased from 2.30 percent to 2.16 percent in December 2023.
