ICICI Bank shares gain post Q3 earnings

ICICI Bank shares gain post Q3 earnings

ICICI Bank shares on Monday ended marginally higher after the company reported an over two-fold rise in its consolidated net profit for the December quarter.

The company's scrip rose 0.45 per cent to close the trade at Rs 536.35 on the BSE. During the day, it jumped 2 per cent to Rs 545.10.

On the NSE, it went up 0.38 per cent to close at Rs 535.90.

A total of 20.98 lakh shares were traded on the BSE and about 3.8 crore shares on the NSE during the day.

ICICI Bank on Saturday reported an over two-fold rise in its consolidated net profit at Rs 4,670 crore for the December quarter helped largely by the Essar Steel recovery and a jump in its core income.

The Mumbai-headquartered bank, the country's second biggest private sector lender, had posted a consolidated net profit of Rs 1,874.33 crore in the corresponding three months of the previous fiscal.

On standalone basis, its net profit jumped to Rs 4,146 crore during the December 2019 quarter from Rs 1,605 crore in the year-ago period.

Its core net interest income grew 24 per cent to Rs 8,545 crore on a 16 per cent domestic advances growth and a 0.37 per cent expansion in net interest margin to 3.77 per cent.

Gross slippages came at Rs 4,363 crore for the reporting quarter highest during the fiscal year but the recoveries from assets like Essar Steel and a Rs 2,000 crore write-off ensured that the same was down on a net basis.