ICICI Bank shares climb over 3% after earnings announcement; market valuation climbs ₹26,445 crore

Shares of ICICI Bank on Monday climbed over 3% after the private sector lender posted a 14.5% growth in standalone profit at ₹11,746 crore in the second quarter ended September 2024.

The stock jumped 2.96% to settle at ₹1,292.65 on the BSE. During the day, it surged 4.16% ₹1,307.80.

At the NSE, it climbed 3.10% to ₹1,294.40.

The stock emerged as the biggest winner among Sensex firms.

The company's market valuation soared ₹26,445.04 crore to ₹9,11,095.63 crore.

The BSE Sensex jumped 602.75 points or 0.76% to settle at 80,005.04 and the NSE Nifty surged 158.35 points or 0.65% to 24,339.15.

The private sector lender had earned a net profit of ₹10,261 crore in the September quarter of the previous financial year.

The total income increased to ₹47,714 crore during the quarter under review, as against ₹40,697 crore in the same quarter last year, ICICI Bank said in a regulatory filing.

The bank reported an interest income of ₹40,537 crore during the quarter compared to ₹34,920 crore in the year-ago period.

The net interest income (NII) improved by 9.5% to ₹20,048 crore from ₹18,308 crore in the second quarter of the previous year.

On the asset quality front, the bank witnessed improvement with gross non-performing assets (NPAs) declining to 1.97% of the gross loans by the end of September 2024, as against 2.48% a year ago.

Similarly, net NPAs or bad loans moderated to 0.42% from 0.43% at the end of the second quarter of the previous fiscal.

On a consolidated basis, the bank logged a growth of 19% in net profit to ₹12,948 crore against ₹10,896 crore in Q2 FY24.