Home » News » Business » ICICI Bank Shares Hits Record High on Upbeat December Quarter Results
1-MIN READ

ICICI Bank Shares Hits Record High on Upbeat December Quarter Results

ICICI Bank: For deposits maturing in 5 years 1 day to 10 years, the interest will be 5.50%.

ICICI Bank: For deposits maturing in 5 years 1 day to 10 years, the interest will be 5.50%.

On Saturday, ICICI Bank reported a robust 19 per cent year-on-year increase in net profit for the three months ended December 31, although provisions also rose.

Shares of ICICI Bank rose as much as 5.2 per cent to an all-time high on Monday, after India’s second-largest private lender reported strong December quarter results buoyed by improved loan growth.

On Saturday, ICICI Bank reported a robust 19 per cent year-on-year increase in net profit for the three months ended December 31, although provisions also rose.

Net profit rose to 49.39 billion rupees ($677.72 million) in the December quarter, compared with 41.46 billion rupees a year ago.

The bank “is best placed among peer banks given its low exposure towards riskier segments in current scenario," analysts at brokerage Philip Capital said in a note.

RELATED NEWS

“With strong balance sheet and capital position, the bank is geared to capitalise growth opportunity in the system."

Other analysts said the bank’s strong performance in its loan book, growing 10 per cent year-on-year in the December quarter, was led by retail, with sustainable growth coming from home loans and business banking.

ICICI’s robust loan growth comes despite tepid system-wide credit expansion, which has been in low single digits in the current financial year.

“Strong liability side, capital position and growing digital capabilities should help the bank maintain robust operating profits," Ambit Capital said in a note.

ICICI’s total deposits rose 22% year-on-year to 8.74 trillion rupees, with term deposits rising 26 per cent.

ICICI was the top boost to the bluechip Nifty 50 index, which was up 0.7 per cent.

Read all the Latest News, Breaking News and Coronavirus News here

first published:February 01, 2021, 10:12 IST