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ICICI Bank Ltd gained for a fifth straight session today. The stock is quoting at Rs 1259.25, up 2.55% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.79% on the day, quoting at 23008.85. The Sensex is at 76156.05, up 1.05%. ICICI Bank Ltd has dropped around 2.73% in last one month.
Meanwhile, Nifty Bank index of which ICICI Bank Ltd is a constituent, has dropped around 3.71% in last one month and is currently quoting at 48064.65, up 2.07% on the day. The volume in the stock stood at 121.96 lakh shares today, compared to the daily average of 97.58 lakh shares in last one month.
The benchmark January futures contract for the stock is quoting at Rs 1259.8, up 2.51% on the day. ICICI Bank Ltd is up 23.89% in last one year as compared to a 5.85% spurt in NIFTY and a 7.97% spurt in the Nifty Bank index.
The PE of the stock is 19.14 based on TTM earnings ending December 24.
At 10:30 IST, the barometer index, the S&P BSE Sensex, declined 760.63 points or 0.98% to 75,429.83. The Nifty 50 index fell 237.10 points or 1.03% to 22,855.20.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 2.85% and the S&P BSE Small-Cap index slipped 4.22%.
The market breadth was weak. On the BSE, 520 shares rose and 3,233 shares fell. A total of 160 shares were unchanged.
Economy:
India’s forex reserves dropped by $1.88 billion to $623.983 billion in the week ended January 17, the RBI said on Friday.
The forex reserves had increased to an all-time high of $704.885 billion in end-September.
For the week ended January 17, foreign currency assets, a major component of the reserves, decreased by $2.878 billion to $533.133 billion, the data released on Friday showed.
Gold reserves increased by $1.063 million to $68.947 billion during the week. The special drawing rights (SDRs) were up by $01 million to $17.782 billion, the RBI said.
India’s reserve position with the IMF was down by $74 million at $4.122 billion in the reporting week, the data showed.
Result Today:
Coal India (down 1.68%), Tata Steel (down 1.36%), ACC (down 1.16%), Canara Bank (down 0.98%), Union Bank of India (down 2.03%), Adani Total Gas (down 1.54%), Aditya Birla Sun Life AMC (down 6.91%), Apollo Pipes (down 2.07%), Adani Wilmar (down 3.36%), Bajaj Housing Finance (down 2.80%), Emami (down 3.03%), Federal Bank (down 0.76%), Indraprastha Gas (down 1.11%), Indian Oil Corporation (down 2.17%), Kaynes Technology India (down 5.66%), Mahindra Logistics (down 1.32%), The New India Assurance Company (down 4.81%), Piramal Enterprises (down 6%), Petronet LNG (down 2.54%), RailTel Corporation of India (down 3.57%), Sundram Fasteners (down 2.64%), Welspun Specialty Solutions (down 2.84%), and Wonderla Holidays(down 3.29%) will announce their quarterly earnings later today.
Buzzing Index:
The Nifty Media index declined 4.25% to 1,573.50. The index tumbled 6.74% in two consecutive trading sessions.
Saregama India (down 6.06%), Tips Music (down 5.24%), Den Networks (down 4.93%), Network 18 Media & Investments (down 4.13%), Dish TV India (down 4.04%), Zee Entertainment Enterprises (down 3.79%), Nazara Technologies (down 3.55%), PVR Inox (down 2.22%), Sun TV Network (down 2.21%) and Hathway Cable & Datacom (down 1.65%) declined.
Stocks in Spotlight:
Yes Bank rallied 2.36% after the company reported a 164.52% surge in standalone net profit to Rs 612.27 crore in Q3 FY25 as against Rs 231.46 crore posted in Q3 FY24. The bank’s total income jumped 14.20% YoY to Rs 9,341.15 crore in the quarter ended 31 December 2024.
ICICI Bank added 1.66% after the company’s standalone net profit increased 14.81% to Rs 11,792.42 crore on 13.03% rise in total income to Rs 48,367.87 crore in Q3 FY25 over Q3 FY24.
JK Cement rose 0.31%. The company’s consolidated net profit slipped 33.2% to Rs 189.62 crore in Q3 FY25, compared to Rs 283.81 crore recorded in Q3 FY24. Revenue from operations marginally fell 0.2% to Rs 2,930.28 crore in Q3 FY25 as against Rs 2,934.83 crore reported in the same period a year ago.
Net interest income (NII) increased by 9.06% YoY to Rs 20,371 crore in during the quarter. Net interest margin (NIM) was 4.25% in Q3 FY25 as compared to 4.43% in Q3 FY24.
The bank's provisions (excluding provision for tax) rose by 16.89% to Rs 1,226.65 crore in the December 2024 quarter as against Rs 1,049.37 crore registered in same period a year ago.
Total period-end deposits increased by 14.1% YoY to Rs 15,20,309 crore as of December 2024.
The net domestic advances grew by 15.1% YoY and total advances increased by 13.9% YoY to Rs 13,14,366 crore as at 31 December 2024.
The retail loan portfolio grew by 10.5% YoY, and comprised 52.4% of the total loan portfolio at 31 December 2024. Including non-fund outstanding, the retail portfolio was 43.9% of the total portfolio at 31 December 2024.
On asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 27,745.33 crore as on 31 December 2024 as against Rs 28,774.63 crore as on 31 December 2023.
The gross NPA ratio reduced to 1.96% as on 31 December 2024 as compared to 2.30% as on 31 December 2023. The net NPA ratio declined to 0.42% as on 31 December 2024 as against 0.44% as on 31 December 2023.
The provisioning coverage ratio (PCR) on non-performing loans was 78.2% at 31 December 2024.
The bank's total capital adequacy ratio at 31 December 2024 was 16.60% and CET-1 ratio was 15.93% compared to the minimum regulatory requirements of 11.70% and 8.20%, respectively.
The bank’s fee income grew by 16.3% YoY to Rs 6,180 crore in Q3 of FY25 from Rs 5,313 crore in Q3 of FY24. Fees from retail, rural, business banking and SME customers constituted about 78% of total fees in Q3 FY25.
On consolidated basis, the bank's net profit grew 16.56% to Rs 12,883.37 crore on 25.47% jump in total income to Rs 74,626.56 crore in Q3 FY25 over Q3 FY24.
ICICI Bank is a leading private sector bank in India. The bank has a network of 6,742 branches and 16,277 ATMs & cash recycling machines at 31 December 2024.