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ICICI Bank Shares Surge 5% on Q4 Earnings Beat

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By Rediff Money Desk, NEWDELHI   Apr 29, 2024 16:41

ICICI Bank shares climbed nearly 5% after reporting a strong Q4 profit, driven by lower provisions. The lender's market capitalization soared by Rs 36,555.4 crore.
ICICI Bank Shares Surge 5% on Q4 Earnings Beat
New Delhi, Apr 29 (PTI) Shares of ICICI Bank on Monday climbed nearly 5 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 4.67 per cent to settle at Rs 1,158.80 on the BSE. During the day, it jumped 5 per cent the 52-week high of Rs 1,163.25.

On the NSE, it climbed 4.37 per cent to Rs 1,156.40. During the day, the stock rallied 5 per cent hitting the 52-week high of Rs 1,163.45.

The company's market capitalisation (mcap) soared Rs 36,555.4 crore to Rs 8,14,033.29 crore.

It emerged as the biggest gainer on both the BSE Sensex and NSE Nifty.

In traded volume terms, 8.05 lakh shares of the company were traded at the BSE during the day and over 285.78 lakh shares at the NSE during the day.


In the equity market, the 30-share BSE Sensex rallied 941.12 points or 1.28 per cent to settle at 74,671.28 and the NSE Nifty went up 223.45 points or 1 per cent to 22,643.40.

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.
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