Indian banking major ICICI bank reported a standalone net profit of Rs 3,102 for the second quarter, a marginal increase of 2.4% on a year-on- year basis.
Shares of ICICI Bank rose by over 3 per cent after the company reported the second quarter earnings on expected lines.The stock gained 3.1 per cent to Rs 287.40 on BSE.
At NSE, it rose by 3.13 per cent to Rs 287.45. Even as bad assets continued to drag its performance, a Rs 5,682 crore gain from stake sale in its life insurance arm helped the ICICI Bank to limit its profit slip to 12.85 per cent at Rs 2,978.95 crore for the September quarter.
Indian banking major ICICI bank reported a net profit of Rs 3,419 crore for the July-September quarter of the last fiscal year. Despite the massive rise in provisions and fresh slippages, analysts described the overall numbers as on expected lines.