ICICI Bank stock surges 11% after a strong second quarter, Street bullish

Stock soars 11% post strong Q2; analysts say improving asset quality and rising share of low-cost deposits enhance earnings potential

Shares of ICICI Bank (ICICI) surged 10.8 per cent on Monday to close at Rs 349.15 after the lender posted strong results for September 2018 quarter (Q2) last Friday post market hours. Most analysts see the results in positive light, and have either retained their buy rating and expect further gains from hereon.

Key positive element was the improvement in overall asset quality, which helped the private corporate lender return to the black, posting net profit of Rs 9.1 billion. Though the profit is down 56 per cent year-on-year, it comes after the bank reported a loss in the previous