ICICI Bank Shares Hit Record High After Q3 Profit Jumps 24%
The private lender reported a healthy net profit in the December quarter, despite setting aside provisions worth Rs 630 crore against alternative investment funds.
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.
ICICI Bank Q3 Results Highlights
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%.
