ICICI Bank surges 6% after it posts six-fold jump in net profit at over ₹4,200 crore
- ICICI Bank’s share price is up 6% as the stock market tips its hat to the bank’s highest-ever net profit of over ₹4,200 crore at the end of September.
- The bank announced its second-quarter results on Saturday with an optimistic note of the Indian economy getting back on track.
- Mortgage disbursements beat the pre-COVID level to hit an all-time high in September.
View all Offers
View all Offers
OnePlus Nord 2 5G (Blue Haze, 8GB RAM, 128GB Storage) I Extra upto Rs.1000 off on Exchange₹ 29999Buy On
- 18% OFF
Redmi 9A (Nature Green, 2GB RAM, 32GB Storage) | 2GHz Octa-core Helio G25 Processor | 5000 mAh Battery₹ 6999₹ 8499Buy On
OnePlus Nord 2 5G (Gray Sierra, 8GB RAM, 128GB Storage) I Extra upto Rs.1000 off on Exchange₹ 29999Buy On
- 19% OFF
Redmi Note 10 (Aqua Green, 4GB RAM, 64GB Storage) -Amoled Dot Display | 48MP Sony Sensor IMX582 | Snapdragon 678 Processor₹ 12999₹ 15999Buy On
- 18% OFF
Redmi 9 (Carbon Black, 4GB RAM, 64GB Storage) | 2.3GHz Mediatek Helio G35 Octa core Processor₹ 8999₹ 10999Buy On
The markets are cheering for
TOP VIDEOS FOR YOU
“We have been focused on risk-calibrated granular growth that has been there for the past couple of years has helped us grow the underlying profits, that’s the reason for the after tax number for the quarter,” said ICICI Bank CFO Rakesh Jha during the second-quarter earnings call.
ICICI Bank is one of the few banks in the Indian market that is optimistic about how the future will play out. While its peers laid in cautious commentary and guarded predictions of the future, ICICI Bank was clear in its stance that the Indian economy is getting back on its feet during the second-quarter earnings call.
However, ICICI Bank’s numbers weren’t solely based on the turnaround of the Indian economy — the sale of its stake in ICICI Securities worth ₹305 crore helped.
AdvertisementAccording to the bank, it has seen credit card spends have returned to 85% of pre-COVID levels. Mortgage disbursements, on the other hand, beat pre-COVID levels to reach an all-time high in September. Auto loan disbursements and disbursements across ICICI Bank’s rural portfolio also exceeded pre-COVID levels at the end of September.
The management believes that pandemics are also short-term, so even COVID-19 will eventually blow over. Although there’s no vaccine on the market yet, people are getting used to going back to work with the relevant precautions in place, which means more business activity —- which, in turn, is good news for the bank.
Even though it hasn’t had to use any of its COVID-related provisions yet, ICICI Bank is still keeping ₹8,772 crore in its coffers to cushion its balance sheet.
- Here’s how brands can avoid making our athletes’ win at Tokyo Olympics all about themselves
- Tokyo Olympics: India beat Argentina 3-1 to enter the quarters in men's hockey
- Sony sells more than 10 million units of the PS5 despite supply shortage since launch
- From Adani Group to Tata Motors and banks — these 17 stocks have already lost over 10% in last one month
- Google, Amazon, IBM and many more are hiring business analysts across the country