Shares of ICICI Bank have witnessed sharp cuts in trade on Monday and have fallen almost 2% on the back of second quarter earnings, where the lender reported the weakest profit growth since September 2020.
The stock is currently trading at Rs 1,409, which compares to Friday’s closing price of Rs 1,436. The stock has risen 10% over a year-to-date period and over 11% in the last 12 months.
The dip in ICICI Bank share price comes despite the lender reporting an overall strong quarter, with asset quality, in particular, remaining robust.
Net profit rose 5% on a year-on-year basis to Rs 12,359 crore while net interest income increased 7% to Rs 21,529 crore from Rs 20,048 crore in the same period last year.
At 5.2% year-on-year growth, this was the weakest year-on-year growth for net profit since the September quarter of fiscal 2020.
