ICICI Bank flat despite reports of home loan cashback scheme

NEW DELHI: Private sector lender ICICI Bank on Thursday offered 1 per cent cash back on home loan installments, according to a media report.

According to the report, the private lender has announced cashback on home loans with a minimum tenure of 15 years.

Shares of the company didn’t react much to the news and were trading almost flat at Rs 276.25 in the morning trade around 10.50 am (IST). The stock eventually ended the day at Rs 275.55, down 0.25 per cent on BSE.

Shares of ICICI Bank had hit a 52-week high of Rs 314.50 on July 27, 2017 and 52-week low of Rs 217.39 on October 13, 2016.

For the quarter ended June 30, 2017, ICICI Bank reported a net profit of Rs 2049 crore, down 8.21 per cent, against Rs 2232 crore in the corresponding quarter last year.

On the BSE, 7.72 lakh shares were traded in the counter, compared with average daily volumes of 7.26 lakh shares in the past two weeks.