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Last Updated : Jul 30, 2018 07:11 PM IST | Source: Moneycontrol.com

ICICI Bank rises over 3% even as Q1 sees a net loss, provisions jump

The lender had reported a net loss of Rs 119.5 crore in the first quarter of FY19 compared to a profit of Rs 2,049 crore in the same quarter last year.

 
 
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Shares of ICICI Bank gained 3 percent on Monday morning as investors reacted to its June quarter performance, where provisions saw a major jump.

The stock touched an intraday high of Rs 303.30 and an intraday low of Rs 298.00.

The lender had reported a net loss of Rs 119.5 crore in the first quarter of FY19 compared to a profit of Rs 2,049 crore in the same quarter last year.

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This is the first loss reported by the bank since listing in 1998.

The net interest income or NII, the difference between interest earned and expended, was up 9 percent at Rs 6,102 crore from Rs 5,590 crore.

Provisions were up 129 percent year-on-year (YoY) at Rs 5,971 crore. However, it was down 10 percent quarter on quarter (QoQ). Recoveries for the quarter were at Rs 2,036 crore.

Brokerage: Emkay Rating: Buy | Target: Rs 362

Provisioning charges weigh heavier over core operating performance. It further highlighted that the management is confident in improving profitability to 15 percent of RoE by FY20.

Brokerage: Macquarie | Rating: Outperform | Target: Rs 416

The brokerage said that operating Results were In-line. It is a preferred pick in the asset recovery theme.

The stock has gained around 7 percent in the past one month, while in the past three days, it has risen 9 percent. At 09:25 hrs ICICI Bank was quoting at Rs 298.30, up Rs 5.00, or 1.70 percent, on the BSE.

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First Published on Jul 30, 2018 09:31 am
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