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ICICI Bank shares slip after marginal rise in Q1 profit

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Press Trust of India Mumbai
Last Updated : Jul 31 2014 | 7:50 PM IST
Shares of ICICI Bank today fell by over 1 per cent amid profit-booking after the company reported a marginal 3 per cent rise in consolidated profit for the April-June quarter.
Shares of the country's largest private sector bank declined by 1.11 per cent to end the trade at Rs 1,473 on the BSE. In intra-day session, it dipped 1.62 per cent to Rs 1,465.40.
At the NSE, the bank's stock closed at Rs 1,471.20, down 1.16 per cent from its previous close.
"ICICI Bank dropped after Q1 FY15 results. Though results were in-line with market expectations, profit booking was primary reason for the fall," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.
ICICI Bank today reported a marginal 3 per cent rise in consolidated profit for the April-June period as profit from its general insurance subsidiary declined.
Stand-alone net profit, however, grew 17 per cent to Rs 2,655 crore for the three months to June, boosted by a surge in retail loans.

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The profit from its general insurance subsidiary fell to Rs 72 crore in the period under review from Rs 203 crore in the comparable three months.
The bank's core net interest income (NII) grew 18 per cent to Rs 4,492 crore, largely on the back of a 26 per cent surge in the retail advances.
"NII grew (ahead of expectations) on back of 5bps QoQ margin improvement in Q1FY15. Other income was also strong, aiding in healthy revenue growth...," said Saday Sinha, banking analyst, Kotak Securities.
On the asset quality front, there was a jump in the restructured loans at Rs 1,394 crore as against Rs 1,000 crore in the year-ago period, while there was a minor jump in addition to gross non-performing assets at Rs 1,195 crore as against Rs 1,116 crore a year ago.
In percentage terms, the bank's gross non-performing assets ratio narrowed to 3.05 percent from 3.23 percent a year ago.

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First Published: Jul 31 2014 | 7:50 PM IST

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