ICICI Bank was range bound around Rs.293 levels till it announced its Q1FY16 numbers. The moment the numbers came in, the stock zoomed up almost 6% to Rs.307 levels.

The Bank posted encouraging numbers for Q1FY16 with an improvement in both profitability as well as asset quality. The largest private sector bank reported a 12% (YoY) rise in net profit at Rs.2976 crore in a 14% jump in NII at Rs.5115 crore.

Asset quality also improved – Gross NPA fell 10 bps to 3.68% (QoQ) and Net NPA showed a marginal decline of 3ps at 1.58%.