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After Posting 30 Per Cent Rise In Q2 Profit, ICICI Bank Beats HUL In M-Cap, Became 5th Largest Firm

ICICI Banks market capitalisation (m-cap) was at Rs 5.83 lakh crore just above HUL’s Rs 5.76 lakh crore. In the Q2FY22 ICICI Bank posts its highest ever quarterly net profit.

After Posting 30 Per Cent Rise In Q2 Profit, ICICI Bank Beats HUL In M-Cap, Became 5th Largest Firm
After Posting 30 Per Cent Rise In Q2 Profit, ICICI Bank Beats HUL In M-Cap, Became 5th Largest Firm
outlookindia.com
2021-10-26T12:08:51+05:30

The ICICI Bank has crossed the market capitalisation of Hindustan Unilever and became the fifth-largest company by market value.

ICICI Banks market capitalisation (m-cap) was at Rs 5.83 lakh crore just above HUL’s Rs 5.76 lakh crore. In the Q2FY22 ICICI Bank posts its highest ever quarterly net profit, reported The Hindu citing BSE data.

The private lender’s scrip reached a 52-week high of Rs 859.70 on the BSE on Monday before ending at Rs 841.05, recording a gain of 10.8 per cent over the previous day’s close.

A report by Emkay Global Financial Services said the bank has been delivering strong retail growth (20 per cent year-on-year), while the SME/business banking growth is also robust now (albeit on a low base). Corporate growth should revive soon too and the asset-quality outcomes amid the pandemic were better than expected.

On Saturday, ICICI Bank reported its consolidated profit after taxes grew 30 per cent to reach Rs 5,511 crore in the second quarter. This compares to Rs 4,251 crore reported in the comparable period last year. 

Net Interest income grew 24.8 per cent on a year-over-year basis in Q2 at Rs 11,690 crore. The net interest income for the comparable period last year was Rs 9,366 crore. 

Net non-performing assets declined by 12 per cent on a sequential basis at Rs 8,161 crore as of September 30, 2021, from Rs 9,306 crore on June 30, 2021. 

The net NPA ratio declined to 0.99 per cent as of September 30, 2021, from 1.16 per cent reported on June 30, 2021.

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