Update:ICICI Bank up over 8%

At 1620hrs, the stock ended at Rs 468 - up 8%. The counter witnessed trades of around 8.09 million shares on the BSE. 

Updated at 1145 hrs

At 1145hrs, the stock is trading at Rs 453- up 5%. The counter has seen trades of around 2.88 million shares so far on the BSE.

ICICI Bank today opened at Rs 420 - down Rs 12. The stock touched a low of Rs 405, and then rebounded into the positive zone and rallied to a high of  Rs 455. On Saturday, ICICI Bank were announced its quarterly results in which the bank reported a 17% rise in net profit.

The consolidated net profit for ICICI Bank rose 17.66 per cent to Rs 748 crore during the quarter-ended March 2009 as its expenses fell more than the decrease in income.On a standalone basis, the private sector lender’s net profit dropped over 35 per cent to Rs 743.76 crore during January-March 2009, as against Rs Rs 1,149.84 crore during the corresponding period in 2007-08.

The decrease was on account of an 11 per cent decrease in income and a 14 per cent increase in non-tax provisions which were mainly related to bad debt. On the other hand, the net interest income went up 2.9 per cent to Rs 2,139 crore at the end of the fourth quarter.ICICI Bank saw a 3.24 per cnet drop in the size of its loan book to Rs 2,18,310.85 crore at the end of March 2009, as against Rs 2,25,616.08 crore at the end of the previous financial year.

For details read: ICICI Bank clocks 17.66% rise in net

The bank also announced key top level changes on Saturday.