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ICICI Bank shares dip 3% after Q1 results

LiveMint logoLiveMint 28-07-2017 PTI

New Delhi: ICICI Bank shares on Friday declined by 3% after the private bank reported a marginal rise of 3.5% in consolidated net profit for the first quarter of current fiscal on asset quality woes.

After making a weak opening, shares of the bank further declined by 2.93% to Rs298.05 on BSE. At NSE, the stock dipped 2.99 per cent to Rs298.

ICICI Bank, the country’s largest private sector lender, on Thursday reported a marginal rise of 3.5% in consolidated net profit at Rs2,604.73 crore for the first quarter of the current fiscal.

The bank’s net profit in the corresponding April-June quarter of 2016-17 stood at Rs2,515.85 crore.

Total income on consolidated basis rose to Rs 26,517.57 crore for the quarter under review, as against Rs24,483.75 crore in the same period of the previous fiscal, the bank said in a regulatory filing.

There was a deterioration in bank’s asset quality, with gross non-performing assets (NPAs) or bad loans rising to 7.99% of the gross advances as on June 30, 2017, compared to 5.28% as on 30 June 2016. Net NPAs rose to 4.86% of the net loans from 3.01% a year earlier.

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