Shares of ICICI Bank hits record high on upbeat December quarter results

Shares of ICICI Bank rose as much as 5.2 per cent  to an all-time high on Monday, after it reported strong December quarter results buoyed by improved loan growth.

On Saturday, the bank reported a robust 19 per cent year-on-year increase in net profit for the three months ended Dec. 31 although provisions also rose. Net profit rose to 49.39 billion rupees ($677.72 million) in the December quarter, compared with 41.46 billion rupees a year ago.

ICICI's robust loan growth comes despite tepid system-wide credit expansion which has been in low single digits in the current financial year.

ICICI's total deposits rose 22 per cent year-on-year to 8.74 trillion rupees with term deposits rising 26 per cent. Incidentally, ICICI was the top boost to the blue chip Nifty 50 index which rose 0.7 per cent.