Reacting to the news, Siddharth Purohit, Senior Research Analyst at Angel Broking, said that the reported numbers look decent.
Surprisingly, gross NPA numbers haven't gone up in percentage and absolute terms, he said. There could have been some upgradation, he said.
ICICI Bank's first quarter profit stood at Rs 2,232 crore and net interest income at Rs 5,158.5 crore. Gross NPA increased to 5.87 percent from 5.82 percent on a sequential basis and net NPA rose to 3.35 percent from Rs 2.98 percent. Profit was estimated at Rs 2,127.7 crore and net interest income Rs 5,342.6 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18.
The real trouble for the bank is in their domestic corporate side, he said. In terms of valuation, it is not an expensive stock, he said, adding that it is trading above their target price.
Hemindra Hazari,said profit has come in better. The net interest margins are slower than market estimates. Other income is higher.
There is a huge watchlist that is outstanding and only time will tell how many will start deteriorating, said Hazari.
Bajrang Bafna, Head of Research & Equity Strategy, Sunidhi Securities & Finance, added that he is most concerned about the slippages rate for the bank. There is no anomaly in other income. "It is more or less in line," he said.
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