Mixed Results from ICICI Bank: Angel Broking

Views of Mr. Siddharth Purohit (Sr. Equity Research Analyst- Banking, Angel Broking):

"ICICI Banks' Q1FY18 results remained mixed bag, while the reported bottom-line was broadly on expected line, overall loan growth remained muted due to downsizing of the overseas book. The reported GNPAs were marginally up, due to lower qoq on slippages. However, large part of the slippages came from the non watch list category, part of which came from the restructured book and one more account was added to the watch list and hence it seems sharp improvement in the asset quality in the near term is unlikely. However, we believe that the slippages in FY18 would be much lower than in FY17 and that gives a comfort. FY18 could be a year of transition for ICICI Bank and with strong capital adequacy growth momentum would pick up from FY19. We have an ACCUMULATE rating on the stock."

Shares of ICICI BANK LTD. was last trading in BSE at Rs.295.6 as compared to the previous close of Rs. 301.6. The total number of shares traded during the day was 2334454 in over 7624 trades.

The stock hit an intraday high of Rs. 301.5 and intraday low of 294.5. The net turnover during the day was Rs. 692211700.

Source : Equity Bulls

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