ICICI Bank on a high

ICICI Bank is buzzing the loudest today; the stock, which had closed at Rs.848.50, opening at Rs.854.20 and rose on to hit a new 52-week high at Rs.866.15.

The stock has rallied upwards consistently, joining the elite club of companies having market capitalisation (market-cap) of over Rs 6 trillion.

The Bank is riding high for the past few weeks on the back of its very good performance for Q1FY23. The bank reported a 49% (YoY) jump in net profit at Rs.6905 crore.

NII rose 20% at Rs.13,210 crore while its NIM grew from 4% (QoQ) and 3.89% (YoY) to 401%.

The biggest hurrah was for the improvement in asset quality – Gross NPA fell from 3.6% to 3.41% - the lowest level while the Net NPA declined from 0.76% to 0.70%.