ICICI Bank Shares Surge on Strong Quarterly Profits

ICICI Bank shares surged over 3% after the company reported a 14.5% increase in standalone profit for the second quarter of FY24. Net profit rose to Rs 11,746 crore, with significant improvements in interest income and asset quality. The bank also posted a consolidated net profit growth of 19%.

ICICI Bank shares witnessed a significant rise of over 3% on Monday after the private sector banking giant reported a 14.5% increase in standalone profit, reaching Rs 11,746 crore for the quarter ending September 30, 2024.

The impressive financial performance led the stock to climb 3.29% to Rs 1,296.90 on the BSE and 3.30% to Rs 1,297 on the NSE, marking it as the leading gainer among Sensex companies.

ICICI Bank's total income for the quarter increased to Rs 47,714 crore from Rs 40,697 crore a year earlier. The bank saw a 9.5% rise in net interest income, while gross non-performing assets improved to 1.97% of gross loans.

(With inputs from agencies.)