ICICI Bank shares gain over 6% after Q4 earnings

The stock jumped 6.11 per cent on BSE and 6.23 per cent on NSE

Shares of ICICI Bank on Monday gained over 6 per cent after the company reported a nearly four-fold jump in its March quarter consolidated profit.

The stock jumped 6.11 per cent to Rs 604.90 on BSE.

On NSE, shares of the company gained 6.23 per cent to Rs 605.50.

ICICI Bank on Saturday reported a nearly four-fold jump in its March quarter consolidated profit to Rs 4,886 crore as against Rs 1,251 crore in the year ago period, and spoke of calibrating growth in the near term given the second wave of Covid-19 infections.

Also Read | ICICI Bank profit jumps 3-folds to Rs 4,403 crore in January-March

The second largest private sector lender, which reported more than three-fold jump in its standalone net at Rs 4,402 crore, said that things will be better in the next two months and exuded confidence of having a strong balance-sheet to deliver consistent returns.

We will calibrate our growth in the near term based on the operating environment and conditions resulting from the second wave of the Covid-19 pandemic, its executive director Sandeep Batra told reporters on a conference call after the announcement of the results.

Income, on a consolidated basis, rose to Rs 43,621 crore in January-March 2021 from Rs 40,121 crore in the year-ago quarter.

The bank's core net interest income increased 17 per cent to Rs 10,431 crore on an 18 per cent growth in domestic advances and a marginal decline in net interest margin to 3.84 per cent from the year ago's 3.87 per cent.