ICICI Bank records 30% rise in Q4 profit

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⭐ ICICI Bank records 30% rise in Q4 profit 

The private lender saw its March quarter net profit rise 30% YoY to ₹9,121 crore, above street estimates. Meanwhile, its net interest income increased by 40.2% YoY to ₹17,667 crore. Following the upbeat results, the company's board recommended a dividend of ₹8 per share for its shareholders. 

⭐ Sun Pharma halts shipments to US

The pharma major temporarily halts the release of pharma products from its Mohali facility. This comes after USFDA asked the company to take corrective actions, including retaining an independent CGMP expert to conduct batch certifications at the Mohali facility. The company said US shipment from Mohali will resume once these measures are in place. 

⭐ Yes Bank Q4 profit dips  

Yes Bank saw its Q4 net profit fall by almost 45% YoY to ₹202 crore primarily due to higher provisioning and increased operating expenses. The bank’s net interest income rose by 15.7% YoY to ₹2,105 crore. Gross non-performing asset (NPA) was 2.2% versus 13.9% in the year ago period. However, it was higher sequentially.

Global markets (at 8:10 AM today)

Fact of the day

India climbed six place to 38th position in the World Bank’s Logistic Performance Index (LPI)

Source: The Hindu