Moneycontrol
May 07, 2018 10:17 AM IST | Source: Moneycontrol.com

ICICI Bank up around 2% ahead of Q4 results to be declared later today

The stock touched an intraday high of Rs 287.45 and an intraday low of Rs 282.95.

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ICICI Bank was trading over 1 percent higher in morning trade ahead of March quarter results, which will be declared later in the day.

It has touched an intraday high of Rs 287.45 and an intraday low of Rs 282.95.

A more than doubling in provisions for bad loans is seen pulling ICICI Bank’s March quarter net profit down by 52.7 percent in net profit year-on-year to Rs 955.7 crore, according to a Reuters poll. India’s largest private sector lender had reported a bottomline of Rs 2,024.60 crore in the same quarter a year ago.

The provisions are expected to double from December quarter and jump by 146 percent year-on-year to Rs 7,131 crore.

Net interest income is projected to be marginally lower by about 2 percent to Rs 5,832 crore from Rs 5,962 crore a year ago, the Reuters poll estimates.

On the other hand, non-interest income is estimated to more than double to Rs 6,711 crore, up 122 percent from Rs 3,017 crore in the year ago quarter. The sharp rise is likely from the proceeds of stake sale in its subsidiary ICICI Securities through the initial public offering.

At 10:14 hrs ICICI Bank was quoting at Rs 284.95, up Rs 2.05, or 0.72 percent.
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