ICICI declared a flat Q1 result

On July 29, shares of ICICI Bank slipped 3.40 %  after announcement of its earnings for the quarter ended June 30. The private sector bank has registered negative revenues from operation in Q1FY17 as compared to the previous quarter. Company's revenue currently stands at Rs 16759, de-growth of 9.84 per cent from Q4FY16. Whereas the operating profit before provisions and contingencies is Rs 5214 crore, which is down by 26.63 per cent from previous quarter. Also their provisions & contingencies stand at Rs 2514 crore in Q1FY17 against Rs 3326 crore from Q4FY16. Whereas PAT of the company has grown by 218 per cent to Rs 2232 crore as compared to previous quarter. The private sector bank has registered a huge PAT growth due to reduction in the tax provisions. In Q1FY17 company has written up Rs 27193 crores of gross non performing assets (GNPA), or 5.87 per cent of gross non performing advances to gross advances, as compared to Rs 26221 crore or 5.82 per cent of gross non performing advances to gross advances in Q4FY16.

Meanwhile, net non performing advances currently stand at Rs 15040 crore or 3.35 per cent of net non performing advances to net advances, in Q1FY17, whereas it was Rs 12963 crore or 2.98 per cent of net non performing advances to net advances in Q4FY16.

ICICI Bank is an India-based bank offering a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels. The bank has a network of 2,529 branches and about 6,102 ATMs in India, and has a presence in 19 countries, including India.