ICICI Bank Shares Dip After Earnings Announcement

ICICI Bank Shares Dip After Earnings Announcement

ICICI Bank share price: The stock rose 11.2% in the last quarter of financial year 2018-19

ICICI Bank shares fell around 1.5 per cent in intraday trade on Tuesday, a day after the private sector banking major reported its quarterly earnings. On the National Stock Exchange (NSE), the ICICI Bank stock opened at Rs. 398.00 apiece and declined to as much as Rs. 395.65 in morning, marking a decline of 1.41 per cent from its previous close ofRs. 401.30 apiece. On the Bombay Stock Exchange (BSE), ICICI Bank shares fell 1.46 per cent to hit an intraday low of Rs. 395.55 apiece compared to their previous close of Rs. 401.40.

In its regulatory filing post-market hours on Monday, ICICI Bank reported a 5 per cent decline in net profit to Rs. 969 crore for the quarter ended March 31, compared to Rs. 1,020 crore for the corresponding a year ago. The lender’s profit declined due to higher provisioning for bad loans in the March quarter.

ICICI Bank’s quarterly net profit missed analysts’ expectations. Analysts had on an average expected ICICI Bank to report a profit of Rs. 2,129 crore, news agency Reuters reported citing data from Refinitiv.

ICICI Bank’s gross non-performing loans as a percentage of total advances stood at 6.70 per cent at the end of March quarter, as against 7.75 per cent in the previous quarter.

At 11:22 am, shares in ICICI Bank traded 1.08 per cent lower at Rs. 397.05 apiece on the BSE, underperforming the broader markets which were off the day’s highs at the time.

In the quarter ended March 31, ICICI Bank share price rose 11.2 per cent compared with a jump of 7 per cent in the Nifty 50 Index.


Author: Ayaan