ICICI Bank Shares Hit Record High After Q3 Profit Jumps 24%

Shares of ICICI Bank Ltd. rose to hit record high on Tuesday after its third-quarter profit jumped 24%, meeting analysts' estimates.

The private lender reported a healthy net profit in the December quarter, despite setting aside provisions worth Rs 630 crore against alternative investment funds.

• Net profit up 23.5% to Rs 10,271 crore. (YoY)

• NII up 13% at Rs 18,679 crore. (YoY)

• Gross NPA down 18 basis points to 2.3%. (QoQ)

• Net NPA up 1 bps 0.44%. (QoQ)

Shares of the company rose as much as 5.03% to 1,059.40 apiece, to hit life time high. The last life high was on Dec. 15, 2023. It pared gains to trade 3.26% higher at Rs 1,041.60 apiece as of 9:35 a.m. This compares to a 0.42% advance in the NSE Nifty 50 Index.

It has risen 2.88% in the last 12 months. Total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 67.

Out of 52 analysts tracking the company, 49 maintain a 'buy' rating and 3 recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 21%.