ICICI Bank surges 9% after three-fold jump in Q4 net profit

The stock surged 7% to Rs 292 on BSE in early morning trade on back of heavy volumes.

Shares of ICICI Bank surged nearly 9% to Rs 296 on the BSE  after the bank reported a 188% year-on-year (YoY) rise in its March quarter (Q4) standalone net profit at Rs 2,025 crore. The private sector lender had logged profit of Rs 702 crore in the year-ago quarter.

Gross bad loans as a percentage of advances were at 7.89%, against 5.21% in the year-ago period. In the third quarter ended December 2016, the bank’s gross non-performing asset (GNPA) ratio was 7.20%.

“Prima facie, the asset quality deteriorated, with the Net NPA ratio jumped by 108 bps QoQ. However, out