ICICI Bank stock on Monday surged nearly 2% after the company reported a 59% jump in standalone profit for the fourth quarter of the financial year 2021-22. The stock jumped 1.89% to Rs 761.50 on the Bombay Stock Exchange (BSE).

The private sector lender reported a 59% jump in standalone net profit to Rs 7,019 crore for the March quarter of the financial year 2021-22. ICICI bank had posted a profit of Rs 4,403 crore in the March quarter of fiscal 2021.

Also Read | Government won’t further dilute stake in LIC post IPO: Report

In the March 2022 quarter, the total income of the bank increased to Rs 27,412 crore from Rs 23,953 crore in the March quarter of fiscal 2021.

Net interest income (NII) rose 21% to Rs 12,605 crore for the quarter from Rs 10,431 crore in the year-ago period. The net interest margin stood at 4.00% compared to 3.96% in the December quarter of fiscal 2022 and 3.84% in the March quarter the fiscal year 2021.

Also Read | Asian stocks, commodities fall, dollar surges as rate hike concerns deepen

On a consolidated basis, ICICI Bank group’s net profit surged 58% to Rs 7,719 crore in the reported quarter compared to Rs 4,886 crore in the March quarter of 2021.

In March 2022 quarter, net non-performing assets (NPAs) declined by 24% YoY and 5% QoQ to Rs 6,961 crore. The Net NPA ratio also decreased to Rs 0.76% from 1.14% in the March quarter of fiscal 2021 and 0.85% in the December 2021 quarter.

Also Read | Future Group shares fall up to 20% as creditors reject Reliance buyout deal

The bank saw a treasury gain of Rs 129 crore in the March 2022 quarter compared to a loss of Rs 25 crore in the fourth quarter of the previous financial year.

ICICI Bank’s total deposits increased by 14% year-on-year and 5% sequentially to Rs 1,064,572 crore as of March 31, 2022.

Also Read | Why young Indians are no longer seeking jobs

The bank’s board has recommended a dividend of Rs 5 per share in line with applicable guidelines. The declaration of dividends is subject to requisite approvals. The record/book closure dates will be announced in due course, said ICICI bank in an official statement.

Also Read | How inflation affects RBI’s interest rate policy

As of March 31, 2022, ICICI Bank had a network of 5,418 branches and 13,626 ATMs.