ICICI Bank shares soar over 9% to Rs 344 despite posting 42% drop in consolidated net profit in Q2

New Delhi: Shares of ICICI Bank on Monday brushed aside the September quarter earnings outcome and surged over 9 percent. After a positive opening, shares of the company further soared 9.18 percent to Rs 344 on BSE. At NSE, shares of the company zoomed 9 percent to Rs 344.35. [caption id=“attachment_3863881” align=“alignleft” width=“380”] Representational image. Reuters[/caption] The stock was the top gainer among the blue chips on both the key indices during the morning trade. ICICI Bank on Friday reported a 42 percent drop in its consolidated net profit to Rs 1,204.62 crore in the September 2018 quarter, on account of rise in bad loans. The country’s largest private sector lender had posted a consolidated net profit of Rs 2,071.38 crore in the corresponding quarter a year ago, the bank said in a regulatory filing. However, total income of the bank on a consolidated basis rose to Rs 31,914.82 crore as against Rs 30,190.54 crore a year ago. On a standalone basis, its net profit fell by 56 percent to Rs 908.88 crore in the said quarter as against Rs 2,058.19 crore in July-September 2017. Asset quality was dented further as gross NPAs, as a percentage of gross advances, hit 8.54 percent in the reported quarter as against 7.87 percent as on 30 September, 2017. In absolute terms, gross NPAs rose Rs 54,448.96 crore against Rs 44,488.54 crore.