The net profit fell short of Street estimates. Analysts on an average had expected a net profit of Rs. 998 crore in Q2, news agency Reuters reported citing Refinitiv data. Total income stood at Rs. 18,262.12 crore during the period, marking a decrease of 2.7 per cent from the year-ago period.
Net interest income for the quarter ended September 30, 2018 rose 12.4 per cent to Rs. 6,418 crore, from Rs. 5,709 crore in the year-ago period, according to a regulatory filing by the banking major.
Net interest margin - the difference between the interest generated and interest paid - rose to 3.33 per cent in Q2, from 3.19 per cent in the previous quarter.
Gross NPA (non-performing assets) additions dropped to Rs. 3,117 crore in Q2, from Rs. 4,036 crore in the quarter ended June 30, 2018. Gross bad loans as a percentage of total loans stood at 8.54 per cent at September-end, as against 8.81 per cent in the previous quarter, and 7.87 per cent in the corresponding period a year ago.
The net NPA ratio decreased to 3.65 per cent at the end of the September quarter, from 4.19 per cent at the end of the June quarter.
ICICI Bank shares closed 1.8 per cent lower at Rs. 314.30 apiece on the NSE, whose benchmark index Nifty declined 0.9 per cent to finish at its lowest level since March 23, ahead of the earnings announcement by the private sector lender.
Dr.Reddy's Laboratories Post Better
Dr.Reddy's Laboratories posted a better-than-expected rise in second-quarter profit as higher sales in some emerging countries offset a marginal decline in business in North America, a key market for the Indian generic drugmaker.
Dr.Reddy's net profit soared 69.7 per cent to Rs. 518 crore in the quarter ended September 30, well ahead of analysts' expectations of Rs. 352 crore, according to Refinitiv data.
Revenue in the global generics segment from emerging markets surged 36 per cent to Rs. 749 crore ($102.16 million), while domestic sales grew 8 per cent.
Net sales were Rs. 3,687 crore, up from Rs. 3,491 crore last year, the company said on Friday.
Revenue from North America fell marginally due to the absence of sales of a generic version of an opioid addiction drug, offset by a sharply weaker rupee.
British drugmaker Indivior Plc has been fighting the introduction of a cheaper copycat of its film-based blockbuster opioid addiction drug Suboxone by Reddy's Labs, while also hoping to head off competition from Teva Pharmaceuticals.
The company's shares ended marginally higher in a broader Mumbai market, which dropped 0.9 per cent.
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