Good morning!
Here are the top stories to start your day.
⭐ ICICI Bank beats street expectations
In the December quarter, the private bank’s net profit rose 34.2% YoY to ₹8,312 crore. This was higher than the street estimate of ₹8,176 crore. The sharp growth in the profit was supported by a 34.6% YoY rise in the net interest income to ₹16,465 crore.
⭐ SBI Life’s Q3 profit falls
The life insurance company’s net profit declined by 16% to ₹304 crore in Q3FY23. This was lower than the street estimate of ₹447 crore. Meanwhile, the net premium income rose by 6.3% to ₹19,170 crore.
⭐ IDFC First Bank’s profit surges
The lender’s net profit rose 115% YoY to ₹605 crore in the December quarter. The robust growth in the profit was aided by a rise in net interest income as well as fee and other income. Meanwhile, the gross non-performing assets or bad loans declined to 2.9% of the loan book from 3.9% in the same period last year.
Global markets (at 9:00 AM today)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.33% |
| Nikkei 225 (Japan) | ▲ 1.22% |
| Hang Seng (Hong Kong) | ▲ 1.79% |
| SSE Composite (China) | ▲ 0.75% |
| Dow Jones (US) (January 20) | ▲ 1.00% |
| NYSE (US) (January 20) | ▲ 1.12% |
| Nasdaq (US) (January 20) | ▲ 2.66% |
| S&P 500 (US) (January 20) | ▲ 1.89% |
Fact of the day
The national emblem on the top of the new Indian parliament building is made up of bronze with a total weight of 9,500 kg.