ICICI Bank Profits Surge with Reduced Provisions
ICICI Bank shares rose significantly after the company reported a 9.28% increase in consolidated net profit for the March quarter, driven by a substantial drop in provisioning. Core net interest income grew by 8.4%, bolstered by a 15% increase in assets and marginally improved interest margins.
- Country:
- India
ICICI Bank's shares saw a notable increase, closing nearly 1% higher on Monday following revelations of a 9.28% rise in consolidated net profit for the March quarter. The surge was attributed to a sharp reduction in provisioning costs.
The bank's stock climbed 0.63% on BSE, settling at Rs 1,356, and witnessed a daily peak of Rs 1,376.25. Meanwhile, on NSE, shares rose 0.69% to finish at Rs 1,356.20, with an intraday high of Rs 1,376.40.
The financial institution reported a robust core net interest income increase of 8.4%, due to a 15% asset growth and a slight net interest margin enhancement. Annual post-tax profits amplified by 6.2%, signaling financial health amidst broader economic challenges.
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