ICICI Bank shares jumped 5% and hit their 52-week high of Rs 1,059.40 on the NSE on Tuesday after the second-largest private lender reported December quarter earnings which were better than Street s estimates. Top brokerages including Jefferies, Kotak Institutional Equities and Nuvama retained their buy rating on the stocks. ICICI Bank on Saturday reported a 23.6% year-on-year (YoY) growth in its profit after tax to Rs 10,272 crore for the quarter ended December 2023.
ICICI Bank Q3 Axis Securities expects ICICI Bank to report 18.9 per cent year-on-year (YoY) rise in net profit at Rs 9,885 crore in the December quarter compared with Rs 8,312 crore YoY.
ICICI Bank posted a 25.7 percent rise in its consolidated net profit at ₹11,052.60 crore in the December quarter as against ₹8,792.42 in the same quarter last year.
ICICI Bank Q3 Results: Net interest income (NII) increased by 13.4% YoY to Rs 18,678 crore in Q3 from Rs 16,465 crore in the corresponding quarter of last year. Total period-end deposits grew by 18.7% YoY to Rs 13,32,315 crore while the domestic loan portfolio grew 18.8% YoY to Rs 11,14,820 crore at the end of the December quarter.
ICICI Bank Q3 result preview: ICICI Bank is expected to report a 20% YoY growth in net profit for the December quarter to Rs 9,984 crore, aided by higher loan book growth, lower credit costs, and steady asset quality. The bank s net interest income is projected to grow by 12% to Rs 18,474.30 crore. Sequentially, the bottomline may fall by around 3%, while net interest income may grow by 1%. ICICI Bank is scheduled to release its third quarter earnings on Saturday.