ICICI Bank zooms nearly 11%; m-cap surges by Rs 21,967 cr post Q2 results

Shares of ICICI Bank Monday zoomed nearly 11 per cent, adding Rs 21,967.51 crore to its market valuation, after the lender swung into profit in the second quarter of the ongoing fiscal.

The stock soared 10.82 per cent to settle at Rs 349.15 on BSE. Intra-day, it jumped 11.74 per cent to Rs 352.05.

At NSE, shares of the company climbed 10.69 per cent to close at Rs 349.40.

The stock was the biggest gainer among the blue chips on both the key indices during the day.

Led by the sharp surge in the stock price, the company's market valuation advanced by Rs 21,967.51 crore to Rs 2,24,705.51 crore on BSE.

In terms of equity volume, 46.72 lakh shares of the company were traded on BSE and over 8 crore shares changed hands at NSE during the day.

On standalone basis, its net profit fell 56 per cent to Rs 908.88 crore in the said quarter as against Rs 2,058.19 crore in July-September 2017.

ICICI Bank, however, swung into profit in the second quarter of this ongoing fiscal. The bank had reported a net loss of Rs 119.55 crore in the first quarter of the current fiscal.

ICICI Bank Friday reported 42 per cent drop in consolidated net profit to Rs 1,204.62 crore in the September 2018 quarter, on account of rise in bad loans.

The private sector lender had posted a consolidated net profit of Rs 2,071.38 crore in the year-ago period, the bank said in a regulatory filing.

However, total income of the bank on consolidated basis rose to Rs 31,914.82 crore as against Rs 30,190.54 crore a year ago.

Asset quality was dented further as gross NPAs, as a percentage of gross advances, hit 8.54 per cent in the reported quarter as against 7.87 per cent as on September 30, 2017.