ICICI Bank Profits Surge with Reduced Provisions

ICICI Bank's shares saw a notable increase, closing nearly 1% higher on Monday following revelations of a 9.28% rise in consolidated net profit for the March quarter. The surge was attributed to a sharp reduction in provisioning costs.

The bank's stock climbed 0.63% on BSE, settling at Rs 1,356, and witnessed a daily peak of Rs 1,376.25. Meanwhile, on NSE, shares rose 0.69% to finish at Rs 1,356.20, with an intraday high of Rs 1,376.40.

The financial institution reported a robust core net interest income increase of 8.4%, due to a 15% asset growth and a slight net interest margin enhancement. Annual post-tax profits amplified by 6.2%, signaling financial health amidst broader economic challenges.

(With inputs from agencies.)