ICICI Bank slips post 8% fall in June-quarter profit

With a 13% rise over the last three months, ICICI Bank's stock has outperformed benchmark indices

ICICI Bank fell as much as 2.9% in today’s trade after the private lender reported 8% fall in June quarter profit to Rs 2,049 crore (YoY), in line with Street expectations. The drop in profit was impacted by higher provisions and subdued growth in other income & operating income.
 
Slow growth in net interest income also hit profitability but the asset quality was stable during the quarter with sharp fall in slippages. Slippages for the quarter stood at Rs 4,975 crore, which were much lower than Rs 11,289 crore reported in Q4FY17.
 
Chanda Kochhar, MD & CEO, explained