INSUBCONTINENT EXCLUSIVE:
The bank's provisions for bad loans rose sharply to account for impact of coronavirus.ICICI Bank shares weakened by more than 4 per cent on
the BSE after the bank reported a 36.22 per cent rise in net profit to Rs 2,599.15 crore in the quarter ended June 30 compared to the
corresponding period a year ago, but missed analysts' estimates
The shares of ICICI Bank weakened by 4.5 per cent to touch an intra-day low of Rs 364.60, down 4.5 per cent, on the BSE in early traading
At 9:58 am, the shares were trading at Rs 367.70, lower by 3.7 per cent, on the BSE.Moreover, provisions for bad loans by the country's
third largest private bank by market capitalisation rose sharply to account for the impact of the coronavirus pandemic
The lender said it made additional provision to the tune of Rs 5,550 crore related to Covid-19, with the objective of completely cushioning
the balance sheet from the impact of the pandemic.ICICI Bank said its total interest income stood at Rs 19,924.35 crore in the first quarter
of current financial year, up 10.81 per cent on a year-on-year basis.The lender's net interest income - or interest earned minus interest
expended - climbed up 19.93 per cent to Rs 9,279.75 crore.The bank shares had shed 2.6 per cent on Friday ahead of its results and with
today's losses, the bank has given up around 7 per cent within a span of 2 days.The BSE Sensex is trading at 37,891.76, lower by 238.25
points or 0.6 per cent and the NSE Nifty is at 11,124.40, down 70 points or 0.6 per cent, at the time.
