Stocks

ICICI Bank rises 2% after Q2 results

PTI New Delhi | Updated on October 29, 2019 Published on October 29, 2019

Shares of ICICI Bank on Tuesday jumped 2 per cent after the lender witnessed an improvement in asset quality for September 2019 quarter. The scrip rose 1.95 per cent to ₹478.60 -- its 52-week high -- on the BSE. On the NSE, it rose by 1.93 per cent to its one-year high of ₹478.65.

The private sector lender on Saturday posted a 6.09 per cent decline in consolidated net profit for the September quarter at Rs 1,131.20 crore. It had reported a net profit of Rs 1,204.62 crore for the July-September period a year ago.

Read more: ICICI Bank Q2 net profit down 28% to ₹ 655 cr on tax impact

The bank, however, witnessed an improvement in asset quality as gross non-performing assets (NPAs) fell to 6.37 per cent of the gross advances by the end of September 2019, from 8.54 per cent a year ago. Net NPAs stood at 1.60 per cent, down from 3.65 per cent a year ago.

Total consolidated income rose 17.26 per cent to ₹37,424.78 crore during the period under review, as against ₹31,914.82 crore in the corresponding period of 2018-19, the bank said in a regulatory filing. On standalone basis, ICICI Bank’s net profit was down 27.93 per cent to ₹654.96 crore in July-September as against ₹908.88 crore of the corresponding quarter last fiscal. Total standalone income was up 24.62 per cent to ₹22,759.52 crore as against ₹18,262.12 crore earlier.

Related news: ICICI Bank Q2 results: Is the worst over for the bank on asset quality front?

Equity markets were closed on Monday for ‘Diwali Balipratipada’.

Published on October 29, 2019
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