ICICI Bank profit rises 40% yoy to Rs 9,648 crore in Q1FY24

ICICI Bank stocks hit 52-week high on Monday morning trade post releasing robust Q1 results.

The Bank has reported a 39.7% yoy growth in standalone profit at Rs 9,648 crore for the quarter ended June FY24 despite elevated provisions & contingencies.

Its total standalone income in the first quarter rose to Rs 38,763 crore from Rs 28,337 crore a year ago, according to an exchange filing on Saturday.

Further, the company informed that its core net interest income grew 38% to Rs 18,227 crore on the back of an 18% loan growth and the net interest margin expanding to 4.78%.

The value of transactions done through Trade Online and Trade Emerge platforms in Q1-2024 was 1.4 times the value in Q1-2023, the company informed.

At around 12:05 pm in the mid-afternoon trade, shares of ICICI Bank were trading at Rs 1000.25 per share higher by 0.36% on the BSE.

Source: Media Reports