ICICI Bank witnessed a positive start on the NSE on January 23, with shares gaining 3 percent following the bank’s announcement of a 23.5 percent increase in net profit for Q3FY24 on January 20. As of 2:00 pm, the shares continued their upward momentum, trading 1.88 percent higher at ₹1,027.65.
The bank reported a Q3FY24 net profit of Rs 10,271.54 crore, marking a significant rise from Rs 8,312 crore recorded a year ago. Additionally, ICICI Bank exhibited improved asset quality, with gross non-performing assets (NPA) standing at 2.3 percent, down from 3.07 percent in the previous fiscal year. Net NPA also witnessed a decline, reaching 0.44 percent compared to 0.55 percent in Q3FY23.
The robust performance extended to net interest income (NII), which experienced a notable year-on-year growth of 34.6 percent, reaching Rs 16,465 crore in Q3FY23. The positive financial results have resonated well with investors, reflecting in the upward trajectory of ICICI Bank shares.
