ICICI Bank's Profit Surge Lifts Shares Amidst Market Downturn

ICICI Bank's shares rose by over 2% as the bank reported a significant 15% increase in standalone net profit to Rs 11,792 crore for the December quarter, driven by core income growth. Despite overall market declines, the bank's financial performance defied the trend, bolstering investor confidence.

ICICI Bank experienced a boost in its share price on Monday, appreciating by more than 2% after the bank announced a substantial 15% climb in standalone net profit, totaling Rs 11,792 crore for the December quarter. This growth was primarily fueled by an increase in core income.

The bank's stock rose to Rs 1,234.50 on the National Stock Exchange, marking a 2.09% uptick, while it advanced 2.03% to Rs 1,234 on the Bombay Stock Exchange. This performance stood out on a day when the market was predominantly bearish; major indices like the BSE Sensex and NSE Nifty saw significant drops.

In comparison to the same quarter last year, ICICI Bank's net profit grew from Rs 10,272 crore, with total income jumping from Rs 42,792 crore to Rs 48,368 crore. Interest income also showed a marked rise to Rs 41,300 crore from the previous Rs 36,695 crore.

(With inputs from agencies.)