ICICI Bank vaults after announcing revision in interest rates

ICICI Bank rose 1.33% to Rs 296.95 at 10:55 IST on BSE after the bank announced revision in interest rates on savings bank account interest rate with effect from 19 August 2017.

The announcement was made after market hours on Friday, 18 August 2017.

Meanwhile, the S&P BSE Sensex was up 7 points, or 0.02%, to 31,53168

On the BSE, 1.62 lakh shares were traded in the counter so far, compared with average daily volume of 13.05 lakh shares in the past one quarter. The stock had hit a high of Rs 299.70 and a low of Rs 295.10 so far during the day. The stock had hit a 52-week low of Rs 217.41 on 13 October 2016. The stock had hit a 52-week high of Rs 314.50 on 27 August 2017.

The stock had underperformed the market over the past one month till 18 August 2017, declining 2.5% compared with the Sensex's 0.59% fall. The scrip, however, outperformed the market over the past one quarter, gaining 4.97% as against the Sensex's 3.58% rise. The scrip had also outperformed the market over the past one year, advancing 26.91% as against the Sensex's 12.09% rise.

The large-cap private sector bank has equity capital of Rs 1282.91 crore. Face value per share is Rs 2.

ICICI Bank said that interest rate on deposits below Rs 50 lakh were revised to 3.5% per annum (pa) from 4% pa. Interest rate on deposits of Rs 50 lakh and above were kept unchanged at 4% pa.

ICICI Bank's net profit fell 8.21% to Rs 2049 crore on 0.52% growth in total income to Rs 16847.04 crore in Q1 June 2017 over Q1 June 2016.

ICICI Bank is one of the leading private sector banks in India. The bank had a network of 4,852 branches and 13,780 ATMs at 30 June 2017.

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