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ICICI Bank share price declines 5% after Q1 earnings

ICICI Bank share fell 5% to Rs 362.80 against previous close of Rs 381.85 on BSE

twitter-logoBusinessToday.In | July 27, 2020 | Updated 11:16 IST
ICICI Bank share price declines 5% after Q1 earnings
ICICI Bank stock has fallen 6.41% in last 2 days. The stock touched an intraday low of Rs 364.6, down 4.52%.

ICICI Bank share fell in early trade today after the lender reported a 36 per cent rise in its standalone net profit for the first quarter ended June 2020. The large cap share fell 5% to Rs 362.80 against previous close of Rs 381.85 on BSE. The banking stock has fallen 6.41% in last 2 days. The stock touched an intraday low of Rs 364.6, down 4.52%. The share is trading higher than 20 day, 50 day and 100 day moving averages but lower than 5 day and 200 day moving averages.

The share has lost 12% in one year and fallen 32% since the beginning of this year.

Total 18.85 lakh shares changed hands amounting to turnover of Rs 69.81 crore on BSE.

Market cap of the lender fell to Rs 2.36 lakh crore.

ICICI Bank reported standalone net profit of Rs 2,599 crore for the first quarter ended June 2020 against profit of Rs 1,908 crore in the same quarter a year ago. Total income in Q1 rose to Rs 26,066 crore from Rs 21,405.50 crore a year earlier.

On a consolidated basis, net profit in Q1 surged 24 per cent at Rs 3,117.68 crore against Rs 2,513.69 crore in the corresponding quarter of the previous fiscal. The bank's income on a consolidated basis rose to Rs 37,939.32 crore in Q1 from Rs 33,868.89 crore in April-June 2019.

During the quarter, the bank sold equity shares representing 3.96 per cent in ICICI Lombard General Insurance Company Limited and 1.50 per cent in ICICI Prudential Life Insurance Company Limited for a total consideration of Rs 3,092.93 crore. The sale resulted in net gain (after sale related expenses) of Rs 3,036.29 crore in standalone financial results and Rs 2,715.87 crore in consolidated financial results for 01-2021," it said.

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