 "ICICI Bank hits over 22-month low post Q3 results")
ICICI Bank has dipped 7% to Rs 216, its lowest level since March 5, 2014, on the BSE in opening trade, amid asset quality concerns with gross non-performing assets (NPA) rising by 95 basis points (bp) quarter-on-quarter (qoq) to 4.72% while the net NPAs rose by 63bps qoq to 2.28% in December 2015 quarter (Q3FY16).
In December 2014 quarter, Gross NPAs and net NPAs stood at 3.4% and 1.27% respectively.
The increase in the NPA ratios is due to decline and continuing weakness in the global steel cycle; and also due to Reserve Bank of India (RBI’s) directives of early and conservative recognition of stressed assets and provisioning thereof by March 31, 2016, Angel Broking said in a client note with ‘Accumulate’ rating on the stock.
The country’s largest private sector lender has reported single digit 4% year on year (yoy) growth in net profit at Rs 3,018 crore in Q3FY16 on account of higher provisioning. Net interest income (NII) grew at steady pace of 13.3% yoy which was in-line with the expectations likely due to growth in advances at 15.8% yoy.
At 09:25 a.m. the stock was down nearly 5% at Rs 222 on the BSE as compared to 0.50% gain in the S&P BSE Sensex. A combined 5.98 million shares changed hands on the counter in first 10 minutes of trading on the BSE and NSE.
In December 2014 quarter, Gross NPAs and net NPAs stood at 3.4% and 1.27% respectively.
The increase in the NPA ratios is due to decline and continuing weakness in the global steel cycle; and also due to Reserve Bank of India (RBI’s) directives of early and conservative recognition of stressed assets and provisioning thereof by March 31, 2016, Angel Broking said in a client note with ‘Accumulate’ rating on the stock.
The country’s largest private sector lender has reported single digit 4% year on year (yoy) growth in net profit at Rs 3,018 crore in Q3FY16 on account of higher provisioning. Net interest income (NII) grew at steady pace of 13.3% yoy which was in-line with the expectations likely due to growth in advances at 15.8% yoy.
At 09:25 a.m. the stock was down nearly 5% at Rs 222 on the BSE as compared to 0.50% gain in the S&P BSE Sensex. A combined 5.98 million shares changed hands on the counter in first 10 minutes of trading on the BSE and NSE.