ICICI Bank, one of India's leading private banks, reported a significant increase in its consolidated net profit for the December quarter, with a 25.7% jump to Rs 11,052.60 crore. This performance exceeded quarterly estimates and marked a record high for the bank. Despite a broader slowdown in India’s banking sector, as indicated by shrinking margins, the bank's stock rallied towards a record high. The market response suggests a sentiment that the decline in net interest margin is approaching an end, providing a sense of margin comfort to investors.
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ICICI Bank's consolidated net profit for December quarter jumps 25.7 per cent to Rs 11,052.60 crore