ICICI Bank shares jumped nearly 7 per cent in early trade on Monday, after the private sector lender on Saturday reported a more than six-fold jump in net profit to Rs 4,251.33 crore in the quarter ended September 30. A pickup in credit growth on account of easing coronavirus-related restrictions boosted the private sector lender’s profitability, as its non-performing assets – or bad assets – came down.
ICICI Bank’s net interest income (NII) increased 16.24 per cent to Rs 9,366.09 crore in the quarter ended September 30, from ₹ 8,057.43 crore in the year-ago period. NII is a measure of a bank’s profitability measured as the difference between interest earned and interest paid.
At 9:51 am, the ICICI Bank stock traded 4.20 per cent higher at Rs 409.05 apiece on the BSE, outperforming the benchmark S&P BSE Sensex index which was down 0.47 per cent.