ICICI Bank shares gain 1% post Jun quarter earnings

New Delhi: Shares of ICICI Bank on Monday gained more than one per cent in morning trade on the bourses after the company reported a 44 per cent jump in consolidated net profit for the June quarter.

In the early trade, the stock rose 1.13 per cent to Rs 1,002.25 apiece on the BSE.

On the NSE, it advanced by 0.58 per cent to Rs 1,002.75 per piece.

Meanwhile, the 30-share BSE Sensex was trading 98.71 points or 0.15 per cent higher at 66,782.97 points.

In a regulatory filing on Saturday, ICICI Bank reported a 44 per cent jump in its consolidated net profit for the April-June quarter of 2023-24 to Rs 10,636 crore compared to the year-ago period.

The second largest private sector lender's standalone net profit increased 39.7 per cent to Rs 9,648 crore.

Its total standalone income in the first quarter rose to Rs 38,763 crore from Rs 28,337 crore a year ago, according to an exchange filing on Saturday.

Its core net interest income grew 38 per cent to Rs 18,227 crore on the back of an 18 per cent loan growth and the net interest margin expanding to 4.78 per cent.

"ICICI Bank reported another strong quarter (RoA of 2.4 per cent), led by robust loan growth, stable asset quality and a slight decline in margins," Motilal Oswal Financial Services Ltd said in a research note.