ICICI Bank Shares Climb 5%, Becomes 5th Indian Company To Cross Mcap Of Rs 8 Lakh Crore

ICICI Bank stock closed 4.67 per cent higher at Rs 1,158.80 on the BSE after reaching a 52-week high of Rs 1,163.25 earlier in the day

Shares of ICICI Bank saw a notable increase on Monday, climbing nearly 5 per cent after the bank reported a 18.5 per cent growth in consolidated net profit for the March quarter. The strong earnings were driven by reduced provisions, boosting investor confidence. The stock closed 4.67 per cent higher at Rs 1,158.80 on the BSE after reaching a 52-week high of Rs 1,163.25 earlier in the day. On the National Stock Exchange (NSE), the stock closed at Rs 1,156.40, up 4.37 per cent, after touching a high of Rs 1,163.45 during the day.

ICICI Bank's market capitalisation (Mcap) surged by Rs 36,555.4 crore to reach Rs 8,14,033.29 crore, making it the biggest gainer on both the BSE Sensex and NSE Nifty. The bank joined the ranks of other major Indian companies like Reliance Industries, TCS, and HDFC Bank by surpassing the Rs 8-lakh crore market cap milestone.

In terms of trading volume, 8.05 lakh shares of ICICI Bank were traded on the BSE, while over 285.78 lakh shares were traded on the NSE during the day. The 30-share BSE Sensex rallied 941.12 points or 1.28 per cent to close at 74,671.28, while the NSE Nifty rose 223.45 points or 1 per cent to settle at 22,643.40.

On a standalone basis, the bank reported a 17.4 per cent increase in its profit after tax for the quarter, reaching Rs 10,708 crore compared to Rs 9,122 crore in the same quarter last year. For fiscal year 2023-24, the standalone net profit grew to Rs 40,888 crore from Rs 31,896 crore in the previous fiscal year.

The bank's core net interest income grew by 8.1 per cent to Rs 19,093 crore in the reporting quarter, supported by a 16.8 per cent increase in loans. However, this growth was partially offset by a reduction in the net interest margin, which decreased from 4.90 per cent last year to 4.40 per cent this year.

Provisions for the quarter were halved to Rs 718 crore, according to the bank's exchange filing on Saturday. Additionally, the bank's gross non-performing assets ratio improved to 2.16 per cent from 2.30 per cent in December 2023.