ICICI Bank hits new high

ICICI Bank is the top gainer on the BSE after it posted some record beating earnings for Q2Fy22. From its close of Rs.759.10, it opened higher at Rs.800 and went on to hit a new 52-week high at Rs.822.

The private sector bank’s net profit rose 30% (YoY) at Rs.5511 crore on a strong 25% rise in NII at Rs.11,690 crore. Non-interest income was up 19% at Rs.4979 crore.

Along with good operational performance, the Bank’s asset quality also improved with Gross NPA at 4.825 V/s 5.15% (QoQ). Net NPA  fell to 0.99%, the lowest since the last over 24 quarters.

The Bank wrote-off loans worth Rs.1700 crore and restructured loans worth Rs.4158 crore in the second wave of covid v/s Rs.3737 crore loans restructured during the first wave.

Provisions were lower by 9% (YoY) at Rs.2713 crore.