ICICI Bank Shares Surge on Q3 Results

ICICI Bank Shares Surge on Q3 Results

VoM News Desk | January 23, 2024 | 10:07 AM IST | Breaking News | Follow on Google News

ICICI Bank Shares Surge on Q3 Results

ICICI Bank Shares Surge on Q3 Results

ICICI Bank’s share price surged over 5% in early trade after the private sector lender reported Q3 results that were in line with street estimates. The shares gained 5.86%, reaching a 52-week high of ₹1,067.40 on the BSE.

As the second-largest private lender in India, ICICI Bank posted a net profit of ₹10,271.54 crore for the third quarter of FY24, marking a 23.5% increase from ₹8,312 crore in the year-ago period.

The bank’s net interest income (NII) in Q3FY24 witnessed a substantial 34.6% growth, reaching ₹16,465 crore compared to ₹12,236 crore in the same period last year. The net interest margin (NIM) during the December quarter also improved to 4.65% from 3.96% YoY and 4.31% in the September quarter.

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