ICICI Bank witnessed a remarkable surge in its share prices on Monday, climbing over 2% following the announcement of a substantial 18.5% increase in its consolidated net profit for the March quarter. This impressive performance was largely attributed to a reduction in provisions, which played a significant role in boosting the bank’s profitability.
Delving deeper into the financial results, ICICI Bank’s standalone net profit for the fiscal year 2023-24 exhibited a significant growth trajectory, rising from ₹ 31,896 crore to ₹ 40,888 crore. This positive trend was further reflected in the stock’s performance on both the BSE and NSE, where it scaled to its 52-week high of ₹ 1,135, marking an increase of 2.51% and 2.44% respectively.
The bank’s core net interest income also witnessed a notable 8.1% increase, reaching ₹ 19,093 crore, primarily driven by a robust 16.8% growth in loans. However, this growth was somewhat tempered by a compression in net interest margin.
Encouragingly, the bank’s provisions more than halved, declining to ₹ 718 crore for the quarter, as per an exchange filing made by the lender on Saturday. Additionally, the gross non-performing assets ratio improved from 2.30% in December 2023 to 2.16%, indicating an improvement in the bank’s asset quality.
Overall, ICICI Bank’s strong performance in the March quarter, characterized by a surge in profitability and healthy asset quality, has been warmly received by investors, propelling its share prices to new heights.
ICICI Bank Shares Soar Over 2% After Q4 Profit Jumps 18.5%
