ICICI Bank’s Strong Q4 Performance Drives Stock Surge

Shares of ICICI Bank rose by almost 5% on Monday after the company reported an 18.5% increase in its consolidated net profit for the March quarter, which amounted to Rs 11,672 crore.

This increase was due to lower provisions. The stock settled at Rs 1,158.80 on the BSE, rising 4.67% throughout the day, and hitting a 52-week high of Rs 1,163.25.

On the NSE, the stock climbed 4.37% to Rs 1,156.40, and hit a 52-week high of Rs 1,163.45. The company’s market capitalisation (mcap) rose by 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.

During the day, 8.05 lakh shares of the company were traded at the BSE, and over 285.78 lakh shares were traded at the NSE.

In the equity market, the 30-share BSE Sensex surged by 941.12 points or 1.28% to settle at 74,671.28, while the NSE Nifty increased by 223.45 points or 1% to 22,643.40.

On a standalone basis, the second-largest private sector lender showed a 17.4% growth in its profit after tax, which amounted to Rs 10,708 crore for the reporting quarter, compared to 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 by 8.1% to Rs 19,093 crore in the reporting quarter, driven by a 16.8% growth in loans. However, it was restricted by a compression in net interest margin to 4.40% from 4.90% 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% from 2.30% in December 2023.