The country’s largest private sector lender, ICICI Bank, today reported three per cent rise in its consolidated net profit at Rs 2,832 crore.
On a standalone basis, the bank posted 17 per cent rise in net profit at Rs 2,655 crore.
The Chanda Kochhar-led bank had reported a post tax net profit of Rs 2,274 crore in the corresponding period, it said in a statement.
During the reported quarter, the bank’s total income increased to Rs 14,616 crore from Rs 12,904 crore in the year ago period.
Its operating profit was up 18 per cent to Rs 4,517 crore as against Rs 3,814 crore in the April-June period of last year.
The bank’s total provisions were up 22.42 per cent to Rs 726 crore as against Rs 593 crore in the same period year ago.
The bank’s shares were trading 0.31 per cent down at Rs 1,485 apiece during afternoon trade on the BSE.
“NII grew 17.6% YoY (ahead of expectations) on back of 5bps QoQ margin improvement to 3.40% in Q1FY15. Other income was also strong (14.7% YoY) aiding in healthy revenue growth.
However, positive surprise came on lower new impairment (Rs.26 bn as against Rs34 bn in previous quarter). Reported headline NPLs remained stable with gross and net NPAs remaining at 3.05% and 0.99% (in absolute terms grew only 3-4% QoQ). We maintain our positive stance on ICICI bank and recommend BUY on the stock,” Saday Sinha, banking analyst, Kotak Securities.