ICICI Bank rallies 6%, hits record high on strong December quarter results

ICICI Bank reported a strong Q3FY21, led by robust operating performance, while strong asset quality trends enabled decline in provisioning expenses

Shares of ICICI Bank rallied 6 per cent to hit a record high of Rs 568 on the BSE in intra-day trade on Monday after reporting strong December quarter (Q3FY21) results, with net profit increasing 19 per cent at Rs 4,940 crore, on steady revenue growth. The private sector lender had posted a net profit of Rs 4,146 crore in the quarter ended December 2019 (Q3FY20). The stock surpassed its previous high of Rs 561, touched on January 13, 2021.

The bank’s net Interest Income (NII) in the reporting quarter rose by 16 per cent at Rs 9,912 crore