ICICI Bank shares surge after record quarterly profits

#dailynews60 : Shares of ICICI Bank on Monday jumped nearly 6 per cent after the company reported an over four-fold jump in consolidated net profit for September quarter.

The stock gained 6.64 per cent to Rs 418.65 on the BSE.

On the NSE, it jumped 6.59 per cent to Rs 418.50.

ICICI Bank on Saturday reported over four-fold jump in consolidated net profit at Rs 4,882 crore for the September quarter driven largely by core income growth and lesser provisions for the pandemic-related impact.

In the year-ago quarter, the profit stood at Rs 1,131 crore.

On a standalone basis, the second largest private sector lender’s profit after tax jumped to Rs 4,251 crore as against Rs 655 crore in the year-ago period, which is the highest quarterly growth in its history.

The core net interest income (NII) moved up 16 per cent to Rs 9,366 crore despite a 0.10 per cent contraction in the net interest margin to 3.57 per cent and credit growth being nearly half that of deposit growth at 6 per cent.

Its president Sandeep Batra attributed the high profit growth to NII, and credited the strategy of risk calibrated growth followed by the bank under new leadership over the last two years for delivering higher income.