Market valuation of 8 of top 10 most valued firms erode by over Rs 3 trillion
The combined market valuation of eight of the top 10 most valued firms eroded by Rs 3,09,244.57 crore last week.
Private lender ICICI Bank Ltd on Saturday posted a profitable 158.4 percent year-on-year (YoY) growth in Q3FY20 profit at Rs 4,146 crore for the quarter ending on December 31. Bank’s standalone net profit on December 31 stood at Rs 1,605 crore for the same period last year.
Provisions and contingencies for the quarter at Rs 2,083.2 crore plunged sharply by 50.9 percent YoY as against the Rs 4,244 crore it had provisioned for the year-ago quarter.
Advertisement
Overall, the bank saw a satisfying improvement in the quarter. Its gross NPA for the quarter dropped to 5.95 per cent from 6.37 per cent in September quarter and 7.75 per cent in the same quarter last year. Fresh addition to NPA stood at ₹4,363 crore at the end of December 2019 as against ₹2,482 crore in the previous quarter.
Advertisement
Operationally, ICICI bank’s performance improved marginally as its net interest income (NII) jumped 24 per cent YoY to Rs 8,545 crore from Rs 6,875 crore in the year-ago quarter.
Net interest margin (NIM) at 3.77 per cent against 3.64 per cent in September quarter and 3.40 per cent in the year-ago quarter. Its loan growth also stood at 16 per cent YoY, with retail loans expanding 19 per cent YoY and the corporate portfolio 12 per cent.
On Friday, bank’s shares on BSE were 1.47 per cent up at Rs 535.45.
(With input from agencies)
Advertisement
Related posts
Valuation of 6 of top 10 firms surge over Rs 1.18 lakh crore
The top gainers from the pack were Reliance Industries, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys and Bajaj Finance.
ICICI Bank’s Q3FY25 net profit rises by 14.8% to Rs 11,792 crore
ICICI Bank reported a 14.8% year–on–year (Y-o-Y) increase in net profit to Rs 11,792 crore in the quarter-ended December (Q3FY25), due to steady growth in net interest income (NII) and a robust increase in non-interest income, according to an official release.
