ICICI Bank surges 7% post Q4 results

The stock surged 7% to Rs 309 on the BSE after the private sector lender reported better than expected core operating performance.

ICICI Bank surged 7% to Rs 309 on the BSE after the private sector lender reported better-than-expected core operating performance.

The net profit of the bank almost halved to Rs 10.2 billion for the quarter ended March 2018,  as it set aside cash to cover a surge in bad loans, a fallout of the central bank’s revised scheme on resolution of stressed assets. It had profit of Rs 20.2 billion a year ago quarter.

“Upfront stress recognition, as anticipated, took the sheen off ICICI Bank’s otherwise operationally steady Q4FY18. Gross non performing loans (GNPLs) rose 1ppt to 8.8% due to