ICICI Bank shares dip 3 per cent after Q1 results

New Delhi: ICICI Bank shares on Friday declined by 3 per cent after the private bank reported a marginal rise of 3.5 per cent in consolidated net profit for the first quarter of current fiscal on asset quality woes.

After making a weak opening, shares of the bank further declined by 2.93 per cent to Rs 298.05 on BSE.

At NSE, the stock dipped 2.99 per cent to Rs 298. ICICI Bank, the country's largest private sector lender, yesterday reported a marginal rise of 3.5 per cent in consolidated net profit at Rs 2,604.73 crore for the first quarter of the current fiscal.

The bank's net profit in the corresponding April-June quarter of 2016-17 stood at Rs 2,515.85 crore.

Total income on consolidated basis rose to Rs 26,517.57 crore for the quarter under review, as against Rs 24,483.75 crore in the same period of the previous fiscal, the bank said in a regulatory filing.

There was a deterioration in bank's asset quality, with gross non-performing assets (NPAs) or bad loans rising to 7.99 per cent of the gross advances as on June 30, 2017, compared to 5.28 per cent as on June 30, 2016.

Net NPAs rose to 4.86 per cent of the net loans from 3.01 per cent a year earlier.