ICICI Bank Q1 net profit may fall 30 per cent, shares down over 3 per cent

By: | Updated: July 29, 2016 5:04 PM

ICICI Bank Q1 results: R Ckoksey Institutional expects 30 per cent year-on-year fall in net profit at Rs 2,083.30 cr for the quarter ended June 30, 2016 as compared to Rs 2,976.20 cr in the quarter ended March 31, 2016.

ICICI Bank Q1 results sharesICICI Bank Q1 results: R Ckoksey Institutional expects 30 per cent year-on-year fall in net profit at Rs 2,083.30 cr for the quarter ended June 30, 2016 as compared to Rs 2,976.20 cr in the quarter ended March 31, 2016.(Photo: Reuters)

ICICI Bank shares slumped over 3 per cent as analysts expected muted performance from the private sector lender. KR Ckoksey Institutional expects 30 per cent year-on-year fall in net profit at Rs 2,083.30 cr for the quarter ended June 30, 2016 as compared to Rs 2,976.20 cr in the quarter ended March 31, 2016. The brokerage house said, “The overall credit growth should move in tandem with industry averages led by retail credit. While incremental asset quality stress is expected to remain elevated, slippages and watchlist accounts will be watched. That said, pick-up in recoveries and the recent stake sale in CIBIL also remain the key moniterables during the quarter.”

At 10.44 am, ICICI Bank shares were trading 2.85 per cent down at Rs 264.35. The scrip opened at Rs 271 and touched a high and low of Rs 271.20 and Rs 263.75, respectively, in trade so far. Later, the scrip settled the day 3.40 per cent down at Rs 262.85.

However, the brokerage house expects the net interest income (NII) of the private lender may increase by 1.8 per cent to Rs 5,207.20 cr for the quarter ended June 30, 2016 against Rs 5115.10 crore in the same quarter last year.

The pre-provisioning profit could fall by 13 per cent at Rs 5037.80 cr for the first quarter of financial yesr 2017 as compared to Rs 5692.70 cr in March quarter.

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