 "ICICI Bank surges as assets quality improves in Q1")
Shares of ICICI Bank have moved higher by 6% to Rs 309 on the BSE after the bank’s assets quality improved in the April-June 2015 quarter (Q1) over the previous quarter.
“The bank’s gross non-performing assets (NPAs) stood at 3.68% of gross advances, as on June 30, 2015 compared with 3.78% in the March 2015 quarter. It was 3.06% in June 2014 quarter,” ICICI Bank said in a statement.
The net NPAs stood at 1.58% in the June quarter against 1.61% in the preceding quarter and 0.99% in the previous year quarter, the bank added.
Meanwhile, ICICI Bank has reported a better-than-expected 12% year-on-year (YoY) jump in its standalone net profit at Rs 2,976 crore, against an average analyst estimate of Rs 2,904 crore for the first quarter of current fiscal. The bank had posted a profit of Rs 2,655 crore in the same quarter last fiscal.
Net interest income (interest earned minus interest expended) grew by 13.8% at Rs 5,116 crore on a Y-o-Y basis.
At 12:49 PM, the stock was up 5.6% at Rs 307 on the BSE. A combined 17.31 million shares changed hands on the counter on the BSE and NSE.
“The bank’s gross non-performing assets (NPAs) stood at 3.68% of gross advances, as on June 30, 2015 compared with 3.78% in the March 2015 quarter. It was 3.06% in June 2014 quarter,” ICICI Bank said in a statement.
The net NPAs stood at 1.58% in the June quarter against 1.61% in the preceding quarter and 0.99% in the previous year quarter, the bank added.
Meanwhile, ICICI Bank has reported a better-than-expected 12% year-on-year (YoY) jump in its standalone net profit at Rs 2,976 crore, against an average analyst estimate of Rs 2,904 crore for the first quarter of current fiscal. The bank had posted a profit of Rs 2,655 crore in the same quarter last fiscal.
Net interest income (interest earned minus interest expended) grew by 13.8% at Rs 5,116 crore on a Y-o-Y basis.
At 12:49 PM, the stock was up 5.6% at Rs 307 on the BSE. A combined 17.31 million shares changed hands on the counter on the BSE and NSE.