ICICI Bank is likely to see net profit falling 18.3 per cent to Rs 2476.9 crores in second quarter of FY17 from Rs 3030.1 crores in corresponding quarter of the previous year. Earnings are expected to remain under pressure due to high provisions. According to a poll by a media house, the largest private lender's net interest income may be up marginally by 0.4 per cent at Rs 5273.9 crores compared to Rs 5251.5 crores in year-ago period.
Drop in second quarter from watchlist will be seen closely. Provisions may remain elevated in second quarter despite stake sale in ICICI Prudential life. The first quarter provision was at Rs 2514.5 crores while ICICI had created contingent provision in fourth quarter of FY16 of which Rs 2734.6 crores is available with them after Q1.
The bank will have income from ICICI Prudential Life stake sale. Movement of stressed assets will be seen closely. Management commentary on stressed loans will be very important. Loan growth is expected to be at around 12 per cent on annual basis.
At the moment ICICI Bank share price is trading at has been trading at Rs 273.40 apiece on the National Stock Exchange down by only 1.33 per cent. The share price opened at Rs 275.80 from a previous closing of Rs 269.80. The intraday high and the intraday low of the share are Rs 276.25 and Rs 272.50 respectively. A total of 13,85,723 shares of the company have been traded on NSE aggregating to a total amount of 3,805.33 lacs.
The face value of the share is Rs 2. The Book Value is 145.55 and the market cap is 157002.47 crores. ICICI Bank is one of the top 500 stocks recommended by Dynamic Levels. Get the most important support and resistance levels of the share at ICICI Bank share price forecast.
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