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India’s ICICI Bank experienced a 1.3% stock increase following the announcement of its second quarter financial results for the fiscal year 2024. The bank reported a standalone profit of Rs 10,261 crore, marking a 35.5% year-on-year (YoY) increase. Net interest income (NII) reached Rs 18,308 crore, up by 24% YoY, and quarter provisions fell to Rs 583 crore from Rs 1,292 crore in Q1FY24.
The bank’s gross non-performing assets (GNPAs) shrank to 2.48%, while net NPAs stood at a mere 0.43%. ICICI Bank also reported an 18% and 19% YoY growth in advances and deposits respectively, demonstrating robust balance sheet growth despite the repricing of deposits.
ICICI Bank’s earnings per share (EPS) also recorded a significant growth, with a 35% YoY increase, reflecting the InvestingPro Tip that the bank has consistently increasing earnings per share. This positive performance was acknowledged by several financial institutions: CLSA, Phillip Capital, and Morgan Stanley maintained their positive ratings for the bank, while Bernstein gave a ‘market perform’ rating.
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