ICICI Bank shares climbed nearly 3% on Monday after the company reported a 10% increase in consolidated net profit for the June quarter, driven by strong treasury gains.
Photograph: Francis Mascarenhas/Reuters
New Delhi, Jul 29 (PTI) Shares of ICICI Bank climbed nearly 3 per cent on Monday morning trade after the company posted a nearly 10 per cent increase in consolidated net profit for the June quarter.
The stock went up 2.67 per cent to Rs 1,239.95 on the BSE.
At the NSE, it climbed 2.74 per cent to Rs 1,240.35.
Treasury gains helped ICICI Bank post a nearly 10 per cent increase in the consolidated net profit during the quarter at Rs 11,696 crore on Saturday.
Growth in core income slowed for the country's second-largest private sector lender, but the treasury operations helped it report a 14.62 per cent rise in post-tax profit at Rs 11,059 crore on a standalone basis.
The core net interest income (NII) growth came at a multi-quarter low of 7.3 per cent to Rs 19,553 crore for the reporting quarter. The NII growth was restricted majorly by over 0.40 per cent, narrowing in the net interest margin at 4.36 per cent as against the year-ago period, and a nearly 16 per cent domestic loan growth.
The non-interest income grew 23 per cent to Rs 6,389 crore, excluding the performance of the treasury operations, while the treasury gains alone more than doubled to Rs 613 crore from the year-ago period's Rs 252 crore.
The gross non-performing assets ratio was stable at 2.36 per cent as of June 30, 2024.
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