AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)
Markets

India's ICICI Bank hits record high on upbeat Dec quarter results

  • ICICI's robust loan growth comes despite tepid system-wide credit expansion, which has been in low single digits in the current financial year.
Published February 1, 2021

MUMBAI: Shares of ICICI Bank rose as much as 5.2% to an all-time high on Monday, after India's second-largest private lender reported strong December quarter results buoyed by improved loan growth.

On Saturday, ICICI Bank reported a robust 19% year-on-year increase in net profit for the three months ended Dec. 31, although provisions also rose.

Net profit rose to 49.39 billion rupees ($677.72 million) in the December quarter, compared with 41.46 billion rupees a year ago.

The bank "is best placed among peer banks given its low exposure towards riskier segments in current scenario," analysts at brokerage Philip Capital said in a note.

"With strong balance sheet and capital position, the bank is geared to capitalise growth opportunity in the system."

Other analysts said the bank's strong performance in its loan book, growing 10% year-on-year in the December quarter, was led by retail, with sustainable growth coming from home loans and business banking.

ICICI's robust loan growth comes despite tepid system-wide credit expansion, which has been in low single digits in the current financial year.

"Strong liability side, capital position and growing digital capabilities should help the bank maintain robust operating profits," Ambit Capital said in a note.

ICICI's total deposits rose 22% year-on-year to 8.74 trillion rupees, with term deposits rising 26%.

ICICI was the top boost to the bluechip Nifty 50 index , which was up 0.7%.

Comments

Comments are closed.