ICICI Bank shares rose 1% Monday morning after the private lender reported a 34.5 percent jump in consolidated profit, which was aided by an overall positive performance.
In early trade on BSE, shares of ICICI Bank rose 1.06 percent to Rs 879.65 each. The stock reached an early high of Rs 883.90, and a low at Rs 871.25 during trade.
Similar movements were seen on NSE where it gained 1.07 percent to Rs 879.65.
ICICI Bank filed a regulatory filing Saturday revealing a 34.5 percent jump in net profit to Rs 8,792 crore for the December 2022 quarter. This was due to a healthy overall performance.
After tax, the profit of the second-largest private sector lender grew by 34.2 percent to Rs 8,312 Crore in the quarter, despite an additional hit due to a change in policies as well as prudential provisions.
Non-interest income increased by 1.8 percent to Rs 4,987 crore (excluding treasury revenue).
According to its executive director Sandeep Batra, the ratio of gross non-performing assets improved to 3.07 percent from 3.19% in the previous quarter and 4.13% in the year-ago period.
The loan growth front saw domestic advances grow 21.4 percent, retail increased 23.4%, and business banking grew 379.9%. Wholesale grew 18.2%.
