ICICI Bank’s stock rose nearly 2% on Monday after the private sector lender reported a strong fourth-quarter performance for the period ending March 31, 2022, beating Street expectations. The major benchmark indices, on the other hand, began Monday’s session with significant losses, reflecting the negative global sentiment.
On the BSE, shares of the bank were trading at Rs 758.50 at 9:30 a.m., up 11.15 points, or 1.49 percent. At 56,477.19, the 30-share index Sensex was down 719.96 points, or 1.26 percent.
ICICI Bank’s net profit increased by 59.4% year on year to Rs 7,018.7 crore. The company had a net profit of Rs 4,403 crore in the same period the previous year.
According to Goldman Sachs, the bank is well-positioned to report a structurally superior return on assets of closer to 1.9 percent. It kept the bank’s stock at a “buy” rating.