Gold Silver Reports (GSR) – ICICI Bank Hits Two-Month High On Recognising Major Stressed Assets – Shares of the country’s third largest lender by market cap rose as much as 7.69 percent, the most in over six months, to Rs 311.65 as cheap valuations and lower stress from bad loans was seen trumping the steepest fall in quarterly profit since 2016.
Most brokerages remained upbeat as they expect the private sector lender’s asset quality to remain stable despite higher provisions. The bank reported 50 percent decline in profits for the March quarter at Rs 1,020 crore, its worst ever in the last two years.
Key earnings highlights:
📌 Net profit fell nearly 50 percent to Rs 1,020 crore
📌 Net interest income, or the core income, rose a percent to Rs 6,022 crore
📌 Gross non-performing assets as a percentage of total assets increased sequentially to 9.9 percent from 8.6 percent.
📌 Net NPA ratio rose to 5.4 percent from 4.6 percent in the previous quarter
📌 Provisions jumped 86 percent sequentially to Rs 6,625.7 crore
