ICICI Bank reported a mixed set of results for the quarter ended September where net profit fell below analyst’ estimates while net interest income was a beat. But, stable asset quality and no divergence from RBI should keep the stock afloat when it opens for trading on Monday.
The consolidated profit after tax was Rs2,071 crore (US$ 317 million) in September quarter compared to Rs2,605 crore (US$ 399 million) in the June quarter and Rs2,979 crore (US$ 456 million) for Q2-2017.
"ICICI Bank reported a good set of results for the quarter ended September 30. One, there was no negative surprise and there was no deviation in terms of asset quality," AK Prabhakar, HoR, IDBI Capital told Moneycontrol News. "We feel that ICICI Bank should open with gains of 2-3 percent," he said.
Krishnan ASV of SBICap Securities also feels numbers are very commendable as slippages are under control and assuming no divergence during the quarter. In fact, the firm like ICICI Bank does not need to report divergence as it already learned lessons from past experiences.
ICICI Bank closed 0.57 percent higher at Rs300.95 on Friday. It rose to an intraday high of Rs305.15, and an intraday low of Rs285.40.
Missed call
@8817002233,WHATSAPP NO. 8602780449
Mail Us =
starindiamarket@gmail.com
No comments:
Post a Comment