Shares of India’s biggest private sector lender ICICI Bank jumped as much as 3.14 per cent to hit intraday high of Rs. 287.45 after the private sector lender reported better-than-expected net profit in the September quarter though its bad loans saw an uptick.
Mumbai-based ICICI Bank’s reported a net profit of Rs. 3,102 crore on net interest income of Rs. 5,253 crore, compared with net profit of Rs. 3,030 crore during the same period last year. The profit beat in the September quarter came on the back of lower tax expenses. Analysts polled by Reuters expected ICICI Bank to report net profit of Rs. 2,565 crore.
Bad loans as a percentage of outstanding loans rose to 6.82 per cent at the end of September from 5.87 per cent at the end of June.
ICICI’s provisions, which include charges for bad loans, jumped to Rs. 7,083 crore in the September quarter from Rs. 2,515 crore three months earlier and more than seven times higher than a year earlier.
The bank said total provisions in the second quarter included extra provisions of Rs. 3,588 crore which it took to strengthen its balance sheet.
Global brokerage CLSA in a note to its clients said that it maintains ‘buy’ on ICICI Bank for target of Rs. 320 per share. It says healthy CASA growth is the key positive and valuation discount to its peers can narrow.
Credit Suisse has maintained its ‘outperform’ call on ICICI Bank for target price of Rs. 328 per share. It says stress recognition is likely to aid re-rating for this stock.
As of 10:01 a.m., ICICI Bank shares traded 2.37 per cent higher at Rs. 285.30, outperforming the Nifty which was trading on a flat note.
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