ICICI Bank shares jump nearly 2% on strong earnings report

ICICI Bank share price: Jumps nearly 2% after earnings

New Delhi: Shares of ICICI Bank rose nearly 2 per cent on Monday after the company’s standalone net profit jumped 59 per cent for the fourth quarter of 2021-22.

The stock jumped 1.89 per cent to Rs 761.50 on the BSE.

It rose 1.83 per cent to Rs 761.35 on the NSE.

The private sector lender on Saturday reported a 59 per cent jump in standalone net profit to Rs 7,019 crore for the fourth quarter of 2021-22.

The bank had made a profit of Rs 4,403 crore in the corresponding January-March period last year.

ICICI Bank said in a regulatory filing that the bank’s total income rose to Rs 27,412 crore in January-March from Rs 23,953 crore in the year-ago quarter.

Net interest income (NII) rose 21 per cent to Rs 12,605 crore from Rs 10,431 crore in the year-ago quarter.

On a consolidated basis, ICICI Bank Group’s net profit jumped 58 per cent to Rs 7,719 crore in the March quarter, from Rs 4,886 crore in the year-ago period.

The bank’s asset quality improved as gross non-performing assets declined to 3.60 per cent of gross advances as on March 31, 2022, from 4.96 per cent in the same period a year ago.

Net NPAs also declined to 0.76 per cent from 1.14 per cent at the end of the fourth quarter of the previous fiscal.

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