New Delhi: Shares of ICICI Bank rose by over 3 per cent today after the company reported the second quarter earnings on expected lines. The stock gained 3.1 per cent to Rs 287.40 on BSE.
At NSE, it rose by 3.13 per cent to Rs 287.45. Even as bad assets continued to drag its performance, a Rs 5,682 crore gain from stake sale in its life insurance arm helped the ICICI Bank to limit its profit slip to 12.85 per cent at Rs 2,978.95 crore for the September quarter.
The bank's net profit in July-September quarter of the last fiscal was Rs 3,419 crore. Despite the massive rise in provisions and fresh slippages, analysts described the overall numbers as on expected lines.
On standalone basis, the bank's net profit moved up marginally to Rs 3,102 crore for the reporting period. In a note, Siddharth Purohit of Angel Broking said the numbers are broadly in line with expectations, especially the reduction in the watchlist of stressed assets.
The fresh slippages came in at Rs 8,000 crore, which resulted in the gross non-performing assets ratio to almost double to 6.82 per cent from 3.77 per cent last year.
