Following the June quarter earnings, ICICI Bank shares rise 1%

After the business announced a 44% increase in consolidated net profit for the June quarter, ICICI Bank shares increased more than 1% on Monday morning’s bourse trading.

The stock increased 1.13 percent in early trading to Rs 1,002.25 per share on the BSE.

It increased 0.58 percent to Rs 1,002.75 a piece on the NSE.

 

The 30-share BSE Sensex, meanwhile, was up 98.71 points, or 0.15 percent, to 66,782.97 points.

 

The ICICI Bank recorded a 44% increase in its consolidated net profit for the April through June 2023–24 quarter to Rs 10,636 crore in a regulatory filing on Saturday.

 

The standalone net profit of the second-largest private sector lender surged by 39.7% to Rs 9,648 crore.

 

According to a statement with the market on Saturday, its total standalone income for the first quarter increased to Rs 38,763 crore from Rs 28,337 crore a year earlier.

 

Due to an increase in loans of 18% and an expansion of the net interest margin to 4.78%, its core net interest income increased by 38% to Rs 18,227 crore.

 

According to a research note from Motilal Oswal Financial Services Ltd, “ICICI Bank reported another strong quarter (RoA of 2.4%), led by robust loan growth, stable asset quality, and a slight decline in margins.”