Private sector lender ICICI Bank rose 2 percent on Monday in an otherwise weak market after the bank posted steller earnings for the March quarter (Q4FY22). Its net profit jumped 59.4 percent year-on-year (YoY) at ₹7,018.7 crore. In the corresponding quarter last year, the company posted a net profit of ₹4,403 crore.
The net interest income (NII) increased by 21 percent YoY to ₹12,605 crore in Q4-2022 from ₹10,431 crore in Q4-2021. The net interest margin (NIM) was 4.00 percent in Q4-2022 compared to 3.84 percent in Q4-2021.
Provisions (excluding provision for tax) declined by 63 percent YoY to ₹1,069 crore in Q4-2022 from ₹2,883 crore in Q4-2021. The net non-performing assets declined by 24 percent year-on-year to ₹6,961 crore on March 31, 2022.
The stock rose as much as 1.9 percent to its day's high of ₹761.50.