ICICI Bank shares surged more than 8 per cent on the BSE in a weak market after the country's leading private sector bank reported a 29.6 per cent jump in net profit in the September quarter. Post market hours on Friday, ICICI Bank reported a 29.6 per cent rise in net profit to Rs 5,511 crore in the quarter ended September 2021 compared to Rs 4,251.3 crore in the year-ago period. At 10:00 am, ICICI Bank shares were trading at Rs 821, higher by 8.21 per cent, on the BSE.
ICICI Bank's core operating profit - the profit before provisions and taxes - increased 23 per cent year-on-year to Rs 9,518 crore in the second quarter of financial year 2021-22 from Rs 7,719 crore in the year-ago period.
The bank's net non-performing assets (NPAs) reduced to Rs 8,161 crore in the September quarter, compared to Rs 9,306 crore in the preceding April-June quarter. The net NPA ratio was 0.99 per cent by the end of September 2021 compared to 1.16 per cent by June 2021.
The BSE Sensex and NSE Nifty were trading with losses of 0.6 per cent at the time.