At 11:15 am, ICICI Bank shares were trading at Rs 683.60, higher by 1 per cent on BSEICICI Bank shares acquired more than 1 percent on the BSE in a subdued market after the bank reported a jump in net revenue in the very first quarter ended June 2021.
On Saturday, ICICI Bank reported a 78 percent increase in net revenue to Rs 4,616 crore in the quarter ended June 30, 2021, compared to Rs 2,599 crore in the same quarter a year earlier.
At 11:15 am, ICICI Bank shares were trading at Rs 683.60, greater by 1 per cent on the BSE.
The nation's leading economic sector loan provider's provisions - leaving out arrangement for tax - decreased sharply as it has changed its policy on nonperforming loans in the quarter to make it more conservative.ICICI Bank's core operating profit - the revenue prior to provisions and taxes, increased 23 per cent year-on-year to Rs 8,605 crore in the first quarter of the financial year 2021-22, compared to Rs 7,014 crore in the year-ago duration.
The private sector bank's net interest earnings (NII) - or the difference between interest made and interest paid, in the June quarter increased 18 per cent year-on-year to Rs 10,936 crore, compared to Rs 9,280 crore in the very same quarter last year.During the quarter, ICICI Bank held pandemic-related provisions of Rs 6,425 crore.
The bank wrote back COVID-19 provisions totaling up to Rs 1,050 crore made in earlier periods based upon its current assessment of the portfolio.At 11:15 am, the BSE Sensex and NSE Nifty were trading higher by 0.2 per cent each at 53,080 and 15,883 respectively.