ICICI Bank gains 2 pc after Q2 results

Shares of ICICI Bank on Tuesday jumped 2 percent after the lender witnessed an improvement in asset quality for the September quarter. The scrip rose 1.74 percent to close at Rs 477.55 on the BSE. During the day, it gained 2.67 percent to Rs 481.95 -- its 52-week high.

On the NSE, it climbed 1.37 percent to close at Rs 476. In terms of traded volume, 19.23 lakh shares changed hands on the BSE and over 3 crore shares were traded on the NSE during the day.

The private sector lender on Saturday posted a 6.09 percent decline in consolidated net profit for the September quarter at Rs 1,131.20 crore. It had reported a net profit of Rs 1,204.62 crore for the July-September period a year ago.

The bank, however, witnessed an improvement in asset quality as gross non-performing assets (NPAs) fell to 6.37 percent of the gross advances by the end of September 2019, from 8.54 percent a year ago. Net NPAs stood at 1.60 percent, down from 3.65 percent a year ago.

Total consolidated income rose 17.26 percent to Rs 37,424.78 crore during the period under review, as against Rs 31,914.82 crore in the corresponding period of 2018-19, the bank said in a regulatory filing. On a standalone basis, ICICI Bank's net profit was down 27.93 percent to Rs 654.96 crore in July-September as against Rs 908.88 crore of the corresponding quarter last fiscal.

Total standalone income was up 24.62 percent to Rs 22,759.52 crore as against Rs 18,262.12 crore earlier. Equity markets were closed on Monday for 'Diwali Balipratipada'.