InvestorQ : How do you see ICICI Bank stock after the recent March quarter results announcement? Does the stock look overpriced?
Rutuja Nigam made post

How do you see ICICI Bank stock after the recent March quarter results announcement? Does the stock look overpriced?

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Arti Chavan answered.
1 year ago
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ICICI Bank reported 26% rise in net profits at Rs.1221 crore for the Mar-20 quarter. This is almost a third of the median analyst estimates in terms of quarterly profits. Net Interest income (NII) was up by 17% at Rs.8927 crore for the quarter. However, the quarter also saw a sharp spike in provisions with the provisioning more tripling to Rs.5967 crore which included special Covid-19 provisions of Rs.2725 crore. According to the bank spokespersons, the impact of Covid-19 could result in fewer business opportunities, lower revenues and increase in levels of non-performing assets and provisions. For the full year FY20, ICICI Bank’s net profits grew 136% to Rs.7931 crore. While the YOY growth is positive, the markets will be disappointed that the actual numbers were almost a third of the street estimates. That may weigh on the stock when trading resumes on 11 May.

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