ICICI Bank reported higher-than-expected net profit in the third quarter, aided by higher other income, but its asset quality saw some deterioration during the quarter.India's largest private sector said its net profit during the quarter ended December 31 rose to Rs. 2,532 crore vs analyst expectations of Rs. 2,474 crore.
The bank said that its net non-performing assets rose to 0.94 per cent of its total advances during the quarter vs 0.85 per cent in the previous quarter.
The bank reported net interest income at Rs. 4,255 crore during the quarter, in line with estimates of Rs. 4,245 crore while its net interest margin stood at 3.32 per cent. Net interest income is the difference between interest earned and paid.
ICICI Bank's other income rose to Rs. 2,800 crore during the quarter.
Hatim Broachwala of Karvy said overall numbers look okay, but the rise in non-performing assets has been slightly higher-than-expected.
"We don't know where the slippage has come from. Restructuring is a negative, but we have to see their full year guidance," he added.
Karvy has a buy call on the stock with a target of Rs. 1,190.
Shares in ICICI Bank traded 1 per cent higher at Rs. 1,029.30 on the NSE, outperforming the broader Bank Nifty, which traded up 0.5 per cent as of 12.45 p.m.
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