ICICI Bank – Q3FY2010 results

ICICI Bank reported a bottomline of Rs1101 crore for Q3FY2010, indicating an decline of 13.4% yoy. The same was above our estimate of Rs 1037 crore.

The net interest income for the quarter came in at Rs2058 crore, up 3.4% yoy.

The non-interest income for the quarter stood at Rs1673 crore, down 33.5% yoy. This amount includes Rs202.9 crore gain on sale of stake in ICICI Merchant Services.

Provisions were flattish yoy at Rs1002 crore.

Asset quality was largely stable with GNPA decreasing by 3% sequentially to Rs.8925 crore (%GNPA: 4.84%).

We maintain our Buy recommendation on the stock.

In today’s trade ICICI Bank closed at Rs853.35 down by 2.71% with a volume of 9.34 lac shares on the BSE.