ICICI Bank stock climbs 1% riding on robust Q3 profit

NewsDrum Desk
23 Jan 2023
ICICI Bank stock climbs 1% riding on robust Q3 profit

New Delhi: Shares of ICICI Bank climbed 1 per cent in morning trade on Monday after the private lender reported 34.5 per cent jump in consolidated net profit helped by an overall healthy performance.

Shares of ICICI Bank jumped 1.06 per cent to Rs 879.65 apiece in early trade on the BSE. The stock touched an early-high of Rs 883.90 and a low of Rs 871.25 so far during the trade.       

It witnessed a similar movement on the NSE, where it gained 1.07 per cent to Rs 879.65.

In a regulatory filing on Saturday, ICICI Bank reported 34.5 per cent jump in net profit at Rs 8,792 crore for December 2022 quarter on a consolidated basis, helped by an overall healthy performance.       

The second largest private sector lender's profit after tax grew 34.2 per cent to Rs 8,312 crore in the quarter, despite additional hit on account of a change in policies and also making prudential provisions.       

The non-interest income increased 1.8 per cent to Rs 4,987 crore, excluding treasury income.

On the asset quality front, gross non-performing assets ratio improved to 3.07 per cent from 3.19 per cent in the preceding quarter and 4.13 per cent in the year-ago period, its executive director Sandeep Batra said.

On the loan growth front, domestic advances grew 21.4 per cent, retail grew 23.4 per cent, business banking grew 37.9 per cent and wholesale grew 18.2 per cent.

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