New Delhi: Shares of ICICI Bank on Monday climbed over five per cent after the company’s March quarter consolidated net profit grew 18.5 per cent to Rs11,672 crore, helped by lower provisions.
The stock advanced 2.51 per cent to its 52-week high of Rs1,135 on the BSE. On the NSE, it climbed 2.44 per cent to hit the 52-week high of Rs1,135. On a standalone basis, the second largest private sector lender showed a 17.4 per cent growth in its profit after tax at Rs10,708 crore for the reporting quarter against Rs9,122 crore in the year-ago period.
For fiscal 2023-24, its standalone net profit grew to Rs40,888 crore from Rs31,896 crore a year ago. The core net interest income increased 8.1 per cent to Rs19,093 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.