Scandic Hotels Group AB (publ), the leading hotel company in the Nordic region, has converted SEK 176.5 million of its convertible bonds into shares. This conversion significantly reduces the outstanding debt, further strengthening Scandic’s financial position. The company remains committed to sustainable practices and providing an exceptional experience for guests and employees.
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Hosted by Melissa Lee and a panel of expert traders, ‘Fast Money’ is the premier post-market show in America. Its mission is to decipher the day’s market noise and deliver actionable news that is crucial for investors.
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ICICI Bank’s shares experienced a significant rise of over 2% on Monday after the company announced an 18.5% growth in its consolidated net profit for the March quarter, which stood at ₹ 11,672 crore. This increase was primarily driven by a reduction in provisions.
For the fiscal year 2023-24, the bank’s standalone net profit grew from ₹ 31,896 crore to ₹ 40,888 crore. The stock reached its 52-week high on both the BSE and NSE, climbing by 2.51% and 2.44% respectively to ₹ 1,135.
The bank’s core net interest income also showed an increase of 8.1% to ₹ 19,093 crore, driven by a 16.8% growth in loans. However, this growth was partially offset by a compression in net interest margin.
Furthermore, the bank reported a notable reduction in provisions, which fell by more than half to ₹ 718 crore for the quarter. The gross non-performing assets ratio also improved from 2.30% in December 2023 to 2.16%.
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