ICICI Bank's Q1 Numbers Propel Shares to All-Time Highs

24 Jul 2023 , 12:57 PM

ICICI Bank’s shares surged nearly 1 % in early trade on July 24, reaching all-time highs after reporting solid Q1 numbers.

The bank’s standalone profit for the quarter ended June FY24 witnessed an impressive 39.7 % year-on-year growth, amounting to Rs 9,648 crore, despite facing elevated provisions and contingencies.

Based on available data, Net interest income showed significant growth, increasing by 38 % year-on-year to reach Rs 18,227 crore. The net interest margin expanded by 77 basis points year-on-year, now standing at 4.78 %.

Loan growth was robust, registering an 18.1 % increase, while deposits grew by 17.9 % year-on-year. Asset quality remained stable, with gross NPA declining 5 basis points sequentially to 2.76 % and net NPA remaining flat at 0.48 % for the quarter.

The impressive financial performance has instilled confidence among investors, driving the surge in ICICI Bank’s share prices. ICICI Bank’s resilience and strong fundamentals reaffirm its position as a leading private-sector lender in India.

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