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Monday, December 06, 2021

ICICI Bank shares zoom over 14% after record high quarterly profit

The stock zoomed 12.36 per cent to its 52-week high of Rs 853 on BSE. On NSE, it jumped 14.18 per cent to its 52-week high of Rs 867.

By: PTI | New Delhi |
October 25, 2021 12:52:56 pm
icici bank, icici bank newsICICI Bank ATM. (Express archive photo)

Shares of ICICI Bank on Monday jumped over 14 per cent after the company reported its highest ever quarterly profit on standalone basis at Rs 5,511 crore for September quarter 2021-22.

The stock zoomed 12.36 per cent to its 52-week high of Rs 853 on BSE.

On NSE, it jumped 14.18 per cent to its 52-week high of Rs 867.

ICICI Bank on Saturday reported its highest ever quarterly profit on standalone basis at Rs 5,511 crore for September quarter 2021-22 on the back of healthy loan growth across verticals, aided by fall in bad loans.

The lender logged a standalone net profit of Rs 4,251 crore in the year-ago period.

“This would be the highest net profit ever…our capital is growing, the economy is growing. There are no exceptional items during this period because we have not sold anything (from subsidiaries),” Sandeep Batra, Executive Director, ICICI Bank told reporters during a conference call.

Total income also rose to Rs 26,031 crore in July-September period of 2021-22, as against Rs 23,651 crore in the same quarter of the previous fiscal year, ICICI Bank said in a regulatory filing.

On a consolidated basis also, the lender posted its highest ever profit at Rs 6,092 crore in the quarter, as against Rs 4,882 crore in the same period of the previous fiscal year.

The bank’s asset quality showed improvement as gross non-performing assets (NPAs) fell to 4.82 per cent of gross advances as of September 30, 2021 as against 5.17 per cent by the year-ago period.

Net NPAs (bad loans) too fell to 0.99 per cent from 1 per cent. Net NPA has fallen to the lowest level since December 31, 2014, the bank said.

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