ICICI Bank share rises over 6% on strong Q2 earnings

ICICI Bank share rose over 6% in early trade today after the lender reported over six-fold rise in Q2 net profit. Share of ICICI Bank gained 6.64% to Rs 418.65 against previous close of Rs 392.55 on BSE. The banking stock opened with a gain of 6.47% at Rs 418.65 against previous close of Rs 392.55 on BSE.

ICICI Bank share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

In one year, the share has lost 10.84% and fallen 23.53% since the beginning of this year.

In a month, the share has climbed 11.61%. Total 10.94 lakh shares of the bank changed hands amounting to turnover of Rs 45.26 crore. Market cap of the firm rose to Rs 2.83 lakh crore on BSE. 

ICICI Bank Q2 profit rises six-fold to Rs 4,251 crore; asset quality improves

ICICI Bank reported net profit of Rs 4,251 crore in Q2 against Rs 655 crore profit in the year-ago period. Total income (standalone) in July-September 2020 stood at Rs 23,650.77 crore up from Rs 22,759.52 crore in the same period a year earlier.

On asset front, gross non-performing assets (NPAs) fell to 5.17 per cent of gross advances as of September 30, 2020, against 5.37 per cent a year ago.

In value terms, gross NPAs or bad loans stood at Rs 38,989.19 crore in Q2 as against Rs 45,638.79 crore in corresponding period of previous fiscal. Net NPAs fell to 1 per cent (Rs 7,187.51 crore) from 1.60 per cent (Rs 10,916.40 crore).