ICICI Bank stock jumps nearly 2 pc after earnings

New Delhi:  Shares of ICICI Bank on Monday gained nearly 2 per cent after the company reported a 59 per cent jump in standalone net profit for the fourth quarter of 2021-22.

The stock jumped 1.89 per cent to Rs 761.50 on the BSE.

At the NSE, it went up by 1.83 per cent to Rs 761.35.

The private sector lender on Saturday reported a 59 per cent jump in standalone net profit to Rs 7,019 crore for the fourth quarter of 2021-22.

The bank had earned a profit of Rs 4,403 crore in the corresponding January-March period of the last year.

Total income of the bank rose to Rs 27,412 crore in January-March from Rs 23,953 crore in the year-ago quarter, ICICI Bank said in a regulatory filing.

Net interest income (NII) increased 21 per cent to Rs 12,605 crore from Rs 10,431 crore in the same quarter a year ago, it said.

On a consolidated basis, ICICI Bank Group’s net profit jumped 58 per cent to Rs 7,719 crore in March quarter from Rs 4,886 crore in the year-ago period.

The bank’s asset quality improved as gross non-performing assets fell to 3.60 per cent of gross advances as of March 31, 2022, from 4.96 per cent in the corresponding period a year ago.

Net NPAs also declined to 0.76 per cent from 1.14 per cent at the end of the fourth quarter of the previous financial year.