Stocks advance 2.51% to their 52-week high of Rs1,135 on BSE
New Delhi: Shares of ICICI Bank on Monday climbed over 2 per cent after the company’s March quarter consolidated net profit grew 18.5 per cent to Rs11,672 crore, helped by lower provisions.
The stock advanced 2.51 per cent to its 52-week high of Rs1,135 on the BSE.
On the NSE, it climbed 2.44 per cent to hit the 52-week high of Rs 1,135.
On a standalone basis, the second largest private sector lender showed a 17.4 per cent growth in its profit after tax at Rs10,708 crore for the reporting quarter against Rs9,122 crore in the year-ago period.
For fiscal 2023-24, its standalone net profit grew to Rs40,888 crore from Rs31,896 crore a year ago.
The core net interest income increased 8.1 per cent to Rs19,093 crore in the reporting quarter on a 16.8 per cent growth in loans. However, it was restricted by a compression in net interest margin to 4.40 per cent from 4.90 per cent in the year-ago period.
The provisions more than halved to Rs718 crore for the reporting quarter, as per an exchange filing by the lender on Saturday.
The gross non-performing assets ratio improved to 2.16 per cent from 2.30 per cent in December 2023.
