ICICI Bank hits five-month high

Surges 6% post Q1 earnings

ICICI Bank has rallied 4% to Rs 964, extending its Friday’s 2.3% rise, after the private sector lender reported 36% year-on-year (yoy) jump in its standalone net profit at Rs 1,815 crore for the quarter ended June 30, 2012. The bank's net interest income, or the difference between interest income and interest expense, grew 32% at Rs 3,193 crore on y-o-y basis.

The net interest margin (NIM)—the difference between the yield on advances and the cost of funds, a key matrix of a bank’s profitability—improved by 40 basis points to 3.01% in the quarter from 2.61% a year earlier.

The stock opened at Rs 943 and hit a five-month high of Rs 964 on the National Stock Exchange. A combined 2.08 million shares have changed hands on the counter in morning deals on the NSE and BSE.