October 20, 2016 / 06:06 PM IST
Centrum has come out with its second quarter (July-September) earnings estimates for the Financials sector. The brokerage house expects
ICICI Bank to report net profit at Rs 2194.7 crore, down 1.7 percent quarter-on-quarter.
Net Interest Income is expected to increase by 3.2 percent Q-o-Q (up 1.4 percent Y-o-Y) to Rs 5325.2 crore, according to Centrum.
Centrum's report on ICICI Bank
We expect ICICI Bank to report mere 1.4% YoY growth in NII, led by 12% YoY growth in loan portfolio, primarily being in the nature of domestic loans.
ICICI Bank has realised Rs 60bn of gains on sale of stake in its life insurance business. Adjusted for the same, operating profit at Rs 52.5bn is expected to grow 2% YoY.
Net profit, adjusted for the same, is expected at Rs 21.9bn (down 28% YoY). Retain Buy, with an SOTP-based TP of Rs 300.
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