ICICI Bank Shares Surge as Profit Climbs in Q2 2024

ICICI Bank shares soared over 3% after the bank reported a 14.5% growth in standalone profits, reaching Rs 11,746 crore in Q2 2024. The profit boost is attributed to increased interest and total income. The bank's market valuation rose significantly, emphasizing its strong financial performance.

ICICI Bank's shares experienced a substantial rise on Monday, climbing over 3%, following the announcement of a 14.5% increase in standalone profit, amounting to Rs 11,746 crore for the second quarter of 2024.

On the BSE, the stock closed at Rs 1,292.65, marking a 2.96% gain, and reached an intraday high of Rs 1,307.80. The NSE saw the shares rise by 3.10% to Rs 1,294.40, making ICICI the most significant gainer among Sensex firms.

The bank's robust performance is attributed to a surge in total income to Rs 47,714 crore and enhanced interest income of Rs 40,537 crore, along with improved asset quality marked by declining NPAs.

(With inputs from agencies.)