MUMBAI: Shares of ICICI Bank Ltd slipped over 3% as the private lender's earnings for the March quarter were lower than the Street's estimates.
The miss was because of higher provisions made to combat the impact of the covid-19 disruptions. Net profit for the quarter was at ₹1,221.36 crore, up 26% from ₹969.06 crore a year ago.
However, the profit was lower than ₹3,510.50 crore estimated by a Bloomberg poll of 16 analysts. At 1 pm, shares traded at ₹328.45, down 2.8% from its previous close, while the benchmark index, Sensex, rose 0.9% to 31,937.89 points.
Provisions and contingencies increased 9.5% to ₹5,967.44 crore in Q4 of fiscal 2020 from ₹5,451.41 crore in the same quarter last year.