ICICI Bank's June quarter net profit zoomed 52 per cent to Rs 4,747.42 crore, driven majorly by lower provisions but reported an increase in stress from the retail loans segment.
Shares of ICICI Bank on Monday gained over 1 per cent and touched 52-week high on the bourses after the company’s June quarter net profit zoomed 52 per cent. The stock rose by 1.29 per cent to Rs 685.40 — its 52-week high — on the BSE. At the NSE, it gained 1.30 per cent to Rs 685.45 — its 52-week high.
ICICI Bank’s June quarter net profit zoomed 52 per cent to Rs 4,747.42 crore, driven majorly by lower provisions but reported an increase in stress from the retail loans segment.
On a standalone basis, the second-largest private sector lender by assets posted a net profit of Rs 4,616.02 crore for the reporting quarter, up by 77 per cent when compared with the national lockdown-hit April-June period of FY21.
The earnings were announced on Saturday. The gross NPAs came at 5.15 per cent against 4.96 per cent in the quarter-ago period and 5.46 per cent in the year-ago period.
The provision line saw some activity in the reporting quarter, including a change in accounting norms to be more conservative which led to Rs 1,127 crore additional impact and a write-back of Rs 1,050 crore from COVID provisions as the bank grew more confident of the overall asset quality situation exiting the quarter with a Rs 6,425 crore buffer.
The overall provisions came at Rs 2,852 crore, nearly a third of the Rs 7,594 crore set aside for the year-ago period despite an increase in the gross non-performing assets (NPA) ratio.