ICICI Bank shares rise by over 14% after record high quarterly profit

Total income also rose to Rs 26,031 crore in July-September period of 2021-22, as against Rs 23,651 crore in the same quarter of the previous fiscal year, ICICI Bank said in a regulatory filing

Press Trust of India October 25, 2021 14:13:27 IST
ICICI Bank shares rise by over 14% after record high quarterly profit

File image of an ICICI Bank branch. Reuters

New Delhi: Shares of ICICI Bank on Monday jumped over 14 percent after the company reported its highest ever quarterly profit on standalone basis at Rs 5,511 crore for September quarter 2021-22.

The stock zoomed 12.36 percent to its 52-week high of Rs 853 on BSE. On NSE, it jumped 14.18 percent to its 52-week high of Rs 867.

ICICI Bank on Saturday reported its highest ever quarterly profit on standalone basis at Rs 5,511 crore for September quarter 2021-22 on the back of healthy loan growth across verticals, aided by fall in bad loans. The lender logged a standalone net profit of Rs 4,251 crore in the year-ago period.

"This would be the highest net profit ever... our capital is growing, the economy is growing. There are no exceptional items during this period because we have not sold anything (from subsidiaries)," Sandeep Batra, executive director, ICICI Bank told reporters during a conference call.

Total income also rose to Rs 26,031 crore in July-September period of 2021-22, as against Rs 23,651 crore in the same quarter of the previous fiscal year, ICICI Bank said in a regulatory filing.

On a consolidated basis also, the lender posted its highest ever profit at Rs 6,092 crore in the quarter, as against Rs 4,882 crore in the same period of the previous fiscal year.

The bank's asset quality showed improvement as gross non-performing assets (NPAs) fell to 4.82 percent of gross advances as of 30 September, 2021 as against 5.17 percent by the year-ago period.

Net NPAs (bad loans) too fell to 0.99 percent from 1 percent. Net NPA has fallen to the lowest level since 31 December, 2014, the bank said.

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