ICICI Bank shares zoom nearly 6 pc after Q3 earnings
Shares of ICICI Bank zoomed nearly 6 per cent on Monday after the company reported a 17.73 per cent jump in its December quarter consolidated net profit. The stock gained 5.83 per cent to its record high of Rs 568.35 on the BSE. On the NSE, it jumped 5.77 per cent to an all-time high of Rs 568.
ICICI Bank on Saturday reported a 17.73 per cent jump in its December quarter consolidated net profit to Rs 5,498.15 crore, helped by a jump in core income but experienced a surge in bad assets from its retail loans.
On a standalone basis, the second largest private sector lender by assets showed a 19.12 per cent rise in the post-tax profit to Rs 4,939.59 crore for the reporting quarter, up from Rs 4,146.46 crore in the October-December 2019 period.
Its core net interest income grew 16 per cent to Rs 9,912 crore, on the back of a 13 per cent growth in domestic advances, while the net interest margin came at 3.67 per cent as against 3.57 per cent in the preceding September quarter and 3.77 per cent in the year-ago period.
The non-interest income excluding the treasury income came at Rs 3,921 crore as against 4,043 crore.
The reported gross non-performing assets ratio was at 4.38 per cent, but would have been 5.42 per cent if not for the Supreme Court order asking banks not to classify non-paying loan accounts as NPAs after the end of the loan repayment moratorium.
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