ICICI Bank Shares Surge 2% on Strong Q4 Earnings

New Delhi, Apr 29 (PTI) 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 Rs 11,672 crore, helped by lower provisions.

The stock advanced 2.51 per cent to its 52-week high of Rs 1,135 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 Rs 10,708 crore for the reporting quarter against Rs 9,122 crore in the year-ago period.

For fiscal 2023-24, its standalone net profit grew to Rs 40,888 crore from Rs 31,896 crore a year ago.

The core net interest income increased 8.1 per cent to Rs 19,093 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 Rs 718 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.