(PTI) Shares of ICICI Bank gained over 2 per cent in morning trade on Monday after the company reported a 55.04 per cent jump in its June quarter consolidated net profit.
The stock rose 2.23 per cent to ₹817.85 on the BSE.
At the NSE, it went higher by 2.21 per cent to ₹817.80 apiece.
"ICICI Bank's results are the best in the banking segment. The stellar Q1 numbers, increasing credit growth and improving asset quality augur well for ICICI Bank stock," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
ICICI Bank on Saturday reported a 55.04 per cent jump in its June quarter consolidated net profit to ₹7,384.53 crore, helped by a sharp reduction in provisions and the core interest income continuing to be strong.
On a standalone basis, the second-largest private sector lender reported a net profit of ₹6,904.94 crore, against ₹4,616.02 crore in the year-ago period, but was lower than ₹7,018.71 crore in the preceding March quarter.
Its core net interest income went up by 21 per cent to ₹13,210 crore on the back of a 21 per cent increase in overall loans and the net interest margin widening to 4.01 per cent from 3.89 per cent in the year-ago period.
On the asset quality front, the gross non-performing assets ratio improved to 3.41 per cent as of June 30, as against 5.15 per cent in the year-ago period, and 3.60 per cent in March.