Shares of ICICI Bank today fell by nearly 2 per cent after the company's third quarter results ending December 2013, fell short of market expectations.
The bank's stock ended 1.69 per cent lower at Rs 1,001.95 on the BSE. During the day, the scrip lost 2.25 per cent to Rs 996.20.
At the NSE, the stock settled at Rs 1,002.20, down 1.61 per cent from its previous close.
"ICICI Bank reported rise of 8.6% in consolidated net profits in Q3FY14 on a YoY basis, while asset quality was marginally lower. The stock was down by more than 1 percent today. Though the results were good but fell short of general expectations," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio Limited.
ICICI Bank today reported a 13 per cent rise in standalone net profit at Rs 2,532 crore for the third quarter ended December 2013.
The bank had posted net profit of Rs 2,250 crore in the same quarter of 2012-13.
On a consolidated basis, the bank's net profit rose 8.6 per cent year-on-year to Rs 2,872.3 crore from Rs 2,645 crore during the period.
The lender's total income on standalone basis in Q3 2013-14 increased to Rs 14,255.96 crore, from Rs 12,352.91 crore in the year-ago period, ICICI Bank said in a statement.
Its operating profit in Q3 rose by 29 per cent to Rs 4,439 crore, as against Rs 3,453 crore in the year-ago period.
As of December 31, the bank's portfolio quality improved, with gross NPAs declining to 3.05 per cent of gross advances, as against 3.31 per cent year a year ago.
However, its net NPAs during the third quarter rose to 0.94 per cent, from 0.76 per cent in the period a year earlier.
