NIFTY Bank hits all-time high; ICICI Bank m-cap crosses ₹8 lakh crore

The index was trading at 49,354 at 2 pm. Intraday, NIFTY Bank, which opened at 48,359, hit an all-time high of 49,388.

ICICI Bank (4.7%), AU Bank (3.7%), State Bank of India (3.6%), Axis Bank (2.8%) and IndusInd Bank (2.6%) were the top gainers, while IDFC First Bank (4.4%) and Bandhan Bank (0.4%) were the only laggards.

The total market capitalisation (m-cap) of ICICI Bank increased to ₹8,15,227 crore, while the free float m-cap was ₹8,15,578 crore.

ICICI Bank's consolidated net profit rose 18.5% to ₹11,672 crore in the March quarter. In the year-ago period, the bank had reported a profit of ₹9,853.

For FY24, its standalone net profit surged to ₹40,888 crore from ₹31,896 crore a year ago.

IndusInd Bank also reported a 15% growth in consolidated net profit of ₹2,349.15 crore in the quarter ended March 31, 2024. The private sector bank's net profit for FY24 grew by 21% to ₹8,977 crore from Rs 7,443 crore.

Similarly, the standalone profit of Axis Bank was ₹7,129 crore for the January-March quarter, compared to a net loss of ₹5,728 crore in the year-ago period.

Shares of IDFC First Bank declined as the lender had reported a 10% decline in its net profit at ₹724 crore for Q4 FY24. In the year-ago period, the bank had earned a net profit of ₹803 crore.