NEW DELHI: Shares of ICICI Bank surged nearly 9 per cent today even as the company posted 45 per cent decline in consolidated net profit for March quarter.
The stock shrugged off the disappointing numbers to open the day on a positive note and further soared 8.67 per cent to Rs 314.50 as the trade progressed on BSE.
At NSE, shares of the company jumped 8.52 per cent to Rs 314.50. The stock was the biggest gainer on both Sensex and Nifty during the morning trade.
ICICI Bank yesterday posted 45 per cent decline in consolidated net profit to Rs 1,142 crore for three months to March as bad loans surged. The leading private sector lender had a consolidated profit of Rs 2,083 crore in January-March, 2016-17. Total income on consolidated basis rose to Rs 33,760 crore as against Rs 28,603 crore.
On standalone basis, the bank recorded 50 per cent fall in net profit at Rs 1,020 crore in the reported quarter. In the year-ago period, the same stood at Rs 2,025 crore.
Gross non-performing assets (NPA) of the bank rose to 8.84 per cent as a percentage of gross advances at the end of March, compared to 7.89 per cent a year ago.