ICICI Bank opens down on weak Q1FY18 numbers
DSIJ Intelligence / 28 Jul 2017
The NII for the quarter declined by 6.2 per cent QoQ to Rs.5,590 crore in Q1FY18 as against Rs.5962 crore in the previous quarter. This was due to muted interest income and 3.5 per cent QoQ increase in interest expended.
ICICI Bank reported its Q1FY18 results on Thursday. The numbers were largely muted due to poor growth in advances and worsened asset quality.
The NII for the quarter declined by 6.2 per cent QoQ to Rs.5,590 crore in Q1FY18 as against Rs.5962 crore in the previous quarter. This was due to muted interest income and 3.5 per cent QoQ increase in interest expended.
The bank's GNPA’s for the quarter increased to 7.9 per cent in Q1FY18 as compared to 7.89 per cent in Q4FY17. On a QoQ basis, GNPA’s remained flat at Rs.43147 crore in Q1FY18.
The bank decreased provisions for the quarter by 9.8 per cent to Rs.2608 crore in Q1Fy18 as against Rs.2892 crore in Q4FY17. This, however, increased net profit by 1.2 per cent to Rs.2049 crore in Q1FY17 versus Rs.2024 crore in Q4FY17.
ICICI Bank opened at Rs.314 on Thursday and closed 1.04 per cent down at Rs.307.