ICICI Bank shares touched a new high of Rs 866.15 on the BSE on Thursday, up 2.08% on the back of a solid growth outlook.
ICICI Bank reported a 49.5% year-on-year (YoY) increase in net profit at Rs 6,905 crore for the April-June quarter of fiscal 2022-23 (Q1FY23), as solid loan growth lifted the private bank’s bottom line. The bank’s net interest income (NII) increased by 20. % year on year to Rs 13,210 crore.
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Net interest margin (NIM) was 4.01% in the current quarter, up from 3.89% the year-ago period but nearly unchanged from 4% the previous quarter. The overall margin grew by 14 basis points year on year and 11 basis points quarter on quarter. Aside from increased growth in high-yielding items, an improved C/D ratio was also a significant contributor.
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In Q1FY23, the bank’s asset quality improved, with gross and net non-performing asset ratios dropping both year on year and sequentially. The gross NPA ratio was 3.41% as of June 30, compared to 3.60% a quarter ago and 5.15% a year ago. From 0.76% a quarter earlier and 1.16% on June 30, 2021, the net bad loan ratio decreased to 0.70% as of June 30.
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The private sector lender’s stock has surpassed its previous high of Rs 859.70, set on October 25, 2021. The stock has gained 26% in the last two months. In the previous month, it gained 12%, compared to a 9.75% increase in the S&P BSE Sensex.
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ICICI Bank has joined the elite club of companies with a market capitalisation (cap) of more than Rs 6 trillion.