ICICI Bank share hits all-time high amid optimism about Q3 performance

ICICI Bank share hits all-time high amid optimism about Q3 performance

Shares of ICICI Bank rose nearly 4 per cent, hitting 52-week high, on the Bombay Stock Exchange amid spurt in volume trade on hopes of strong performance in October-December quarter.

According to data available with exchange, as much as 10.33 lakh shares have changed hand over the counter as compared to two-week average of 4.87 lakh shares.

Driven by volume trade, shares of the private sector lender gained as much as 3.83 per cent and touched a record high of Rs 381.60 apiece in intra-day trade on the BSE on Tuesday. The stock surpassed its previous high of Rs 375.25 as investors pressed buy bottom after analysts expected it to report strong results during the third quarter.

The large cap stock closed trade at Rs 380.20 apiece as against previous closing price of Rs 367.50 on the BSE.

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In a similar trend, shares of the bank settled at Rs 379.30, up 3.15 per cent, on the National Stock Exchange.

Analyst at Reliance Securities expects ICICI Bank to report 39.6 per cent year-on-year (YoY) growth in its net profit at Rs 2,303 crore in Q3FY19, according to a Business Standard report.

During July-September quarter, the bank reported a 56 per cent decline in its net profit at Rs 908.88 crore compared to Rs 2,058.19 crore in the year-ago period, dented by increase in bad loans and treasury loss.

On the asset front, percentage of gross non-performing assets (NPA) declined to 8.54 per cent in Q2FY19 over 8.81 per cent in Q1FY19. Similarly, net NPA percentage also improved to 3.65 per cent from 4.19 per cent in the year ago period.

The board of directors of the bank will meet on January 30 to consider the approval of audited financial results for the quarter and nine months ended December 31, 2018.

Meanwhile, the BSE Sensex closed 130.77 points higher at 35,980.93 on Tuesday, helped by steady buying across banking and pharma space.

[“source-businesstoday”]