ICICI Bank Shares Surge on Strong Profit Report

ICICI Bank’s shares rose by nearly 3 percent during Monday morning trade after the company reported a nearly 10 percent increase in consolidated net profit for the June quarter. The stock price went up by 2.67 percent to Rs 1,239.95 on the BSE and by 2.74 percent to Rs 1,240.35 on the NSE. Treasury gains contributed to ICICI Bank’s nearly 10 percent increase in consolidated net profit, reaching Rs 11,696 crore for the quarter.

Although the growth in core income slowed for the country’s second-largest private sector lender, the treasury operations helped to report a 14.62 percent rise in post-tax profit, reaching Rs 11,059 crore on a standalone basis.

The core net interest income (NII) growth came in at a multi-quarter low of 7.3 percent, reaching Rs 19,553 crore for the reporting quarter.

The NII growth was mainly restricted by a narrowing net interest margin at 4.36 percent as compared to the year-ago period, and a nearly 16 percent domestic loan growth.

Excluding the performance of the treasury operations, the non-interest income grew by 23 percent to Rs 6,389 crore, 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 remained stable at 2.36 percent as of June 30, 2024.