ICICI Bank shares up 2% after Q1 net profit, NII surpass estimates

ICICI Bank's shares climbed by over 2% shortly after the opening bell, as investors seemed impressed by the private lender's performance in the first quarter of fiscal year 2024-25.

The stock opened in the green, at ₹1,215.15 apiece on the National Stock Exchange (NSE), up 0.65% as against the last closing price.

Minutes into the trade, the shares surged by 2.04% to ₹1,231.85 apiece. On the BSE, the scrip was trading 1.6% higher at ₹1,227.75.

The bank's net interest income, which is the difference between interest earned and interest paid, rose 7.3% year-on-year (YoY) to ₹19,553 crore. In the June 2023 quarter, the lender had reported an NII of ₹18,226.5 crore.

The results surpassed expectations, as an average of projections shared by seven brokerages tracked by Moneycontrol estimated the net profit to rise 10% YoY and NII to climb 7% YoY.

Net NPA rises

ICICI Bank's net non-performing assets (NPA) during the quarter under review increased sequentially, as they climbed to ₹5,684.8 crore in Q1FY25 from ₹5,377.8 crore in Q4FY24.

The net NPA ratio increased by 1 basis point to 0.43% in the June 2024 quarter, as compared to 0.42% in the preceding three-month period ended March 31, 2024.

The gross NPA rose to ₹28,718.6 crore during Q1FY25, as compared to ₹27,961.7 crore in Q4FY24. The gross NPA ratio, however, decreased to 2.15% from 2.16% in the preceding quarter.