- Shares of ICICI Bank fell over 3% to Rs 1370.20 following earnings announcement
- Q3 profit declined 2.68% to Rs 12,537.98 crore due to RBI-mandated agri loan provision
- Standalone profit dropped over 4% to Rs 12,883 crore in October-December quarter
Shares of ICICI Bank dropped more than 3% on Monday, with the stock trading at Rs 1370.20 apiece.
This comes against the backdrop of ICICI Bank's earnings declaration on Saturday. The bank's profit for the December quarter declined 2.68% to Rs 12,537.98 crore, hit by an RBI-mandated Rs 1,283-crore provision for agricultural loans wrongly classified as priority sector advances. On a standalone basis, the country's second-largest private lender reported over 4% decline in the October-December profit at Rs 12,883 crore.
The core net interest income jumped 7.7% on-year to Rs 21,932 crore during the reporting quarter, on the back of an 11.5% loan growth and a 0.05% expansion in the net interest margin to 4.30%.
On the brokerages front, Kotak Securities maintained its 'buy' rating on ICICI Bank with a target price of Rs 1,800, describing the quarter as one marked by a significant board decision in the backdrop of soft results.
Morgan Stanley reiterated its 'overweight' rating with a target price of Rs 1,800, highlighting an acceleration in loan growth during the quarter.
BofA maintained a 'buy' rating on the stock with a target price of Rs 1,750, noting that Q3 saw a headline miss driven by one-off provisions, while core return on assets remained stable at 2.3%.
ICICI Bank Share Price Today
ICICI Bank Share Price Today
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The scrip fell as much as 3.30% to Rs 1364 apiece during the day. This compares to a 0.49% decline in the NSE Nifty 50 Index.
Total traded volume so far in the day stood at 9.71 times its 30-day average. The relative strength index was at 58.45.
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