It's been a fairly good week for banks at Dalal street despite global cues concerns

Shares of ICICI Bank, India 's 2nd largest private sector lender, surged nearly 5 percent after the PSU lender reported better than forecast earnings coupled with a fall in non performing assets.

ICICI Bank said its first quarter Net Profit rose 12 percent to 2,976 crore rupees compared with 2,655 crore rupees in the same quarter a year ago. Net Interest Income during April-June gained 14 percent to 5,115 crore rupees from 4,491 crore rupees in the year ago period.

Credit growth surged 15 percent.

The Net NPAs showed a downward trajectory falling to 1.58 percent in the first quarter compared with 1.61 percent in the previous three months. The bank's Gross Non Performing Assets fell marginally to 3.68 percent versus 3.78 percent in the past sequential quarter, it said in a statement to the exchanges.

ICICI Bank surged 16.50 rupees, or 5.6 percent, at 307.55 rupees.

Nearly 1.35 crore shares changed hands by 12.25 pm on the National Stock Exchange.

(Image credits: Indiatimes)