-=ICICI Bank (IBN) reported earnings on Wed 30 Jan 2019 (b/o)

• ICICI Bank third-quarter profit misses estimates

(Reuters) - ICICI Bank reported a 2.7 percent fall in third-quarter net profit on Wednesday, missing analysts' estimates by a wide margin, due to tax expenses and higher provisions.

Net profit fell to 16.05 billion rupees ($225.51 million) in the three months to Dec. 31, from 16.50 billion rupees a year earlier, missing analysts' average estimate for a profit of 18.36 billion rupees, I/B/E/S data from Refinitiv showed.

However, gross bad loans as a percentage of total loans, a measure of asset quality, fell to 7.75 percent at the end of December, from 8.54 percent in the previous quarter and 7.82 percent in the same period a year earlier, India's third-biggest private-sector lender by market value said https://www.bseindia.com/xml-data/corpfiling/AttachLive/768e87cd-9696-4e5f-a1a4-eb3e39dc0942.pdf.



For an interactive graphic on the bad loans ratio at some Indian private-sector lenders, click https://tmsnrt.rs/2HFMoJq



The bank's seventh straight quarter of depressed results, which included a loss in the June quarter, occurred despite 11.7 percent growth in loans, which boosted net interest income by 20.5 percent.

Provisions climbed nearly 19 percent to 42.44 billion rupees. The bank also recognised a tax expense of 2.97 billion rupees in the quarter, versus a tax gain of 1.62 billion rupees in the same period the year before.

The results come days after India's federal investigating agency filed a case of criminal conspiracy and fraud against former ICICI CEO Chanda Kochhar and her husband Deepak Kochhar.

Reuters has not been able to reach Kochhar for comment on the allegations.

Shares of the bank closed 5.5 percent higher ahead of the results in a flat Mumbai market.

Smaller rival Axis Bank beat estimates for quarterly profit on Tuesday, driven by higher interest income and recoveries from written-off accounts.

($1 = 71.1720 Indian rupees)

Earnings this week : Jan 28 - Feb. 1, 19 (wk 5)

So far, 22% of the S&P 500 has reported quarterly results.

• A myriad of large/mega cap bellwethers will report quarterly results next week, including Caterpillar on Monday morning and four of the largest technology companies in the world: Apple on Tuesday afternoon, Microsoft and Facebook on Wednesday and Amazon on Thursday.

Earnings confirmed to report this week:

Monday (Jan 28) 

• Morning: BOH CAT
• Afternoon:  AKS BRO CE CR ELS ETH GGG HTLF IBTX JJSF RGA RMBS SANM SSB WHR WSBC WWD

Mon pm/Tue am
https://finviz.com/screener.ashx?v=211&ta=0&o=-volume&t=AKS,BRO,CE,CR,ELS,ETH,GGG,HTLF,IBTX,JJSF,RGA,RMBS,SANM,SSB,WHR,WSBC,WWD,AGN,ALV,AOS,AXE,BIIB,CIT,CVLT,DHR,DOV,EAT,EXP,EXTR,FBP,GLW,GPK,HCA,HOG,HRS,KNX,LLL,LMT,MMM,MTOR,NUE,PCAR,PFE,PHG,PHM,PII,PNR,POL,PPBI,ROK,SAP,UMC,VZ,XRX

Tuesday (Jan 29)

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• Afternoon: AAPL ALGN AMD AMGN AX BXP CHRW CNI COHR EBAY ILMN JNPR KLAC MSTR MXIM NATI PFG PKG RHI RNR SIMO SLGN SYK TSS UMBF WRB

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Wednesday (Jan 30)

• Morning: ADP ALLY ANTM AVY AXTA BA BABA BEN CHKP EVR GD HES IBN  IR IVZ MCD NDAQ OSK PB RCL SC SIRI SLAB SMG T TCF TMO TUP
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Thursday (Jan 31)

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Friday (Feb 1)

• Morning: AON BAH BERY CI CVX CYOU D HMC HON IDXX IMO ITW JCI KKR LYB MINI MRK MSG OSB PFS ROP SBSI SF SNE SOGO SOHU SPG SPR VRTS WETF WFT WY XOM ZBH

According to FactSet, fourth quarter reported earnings per share are up 12% with sales up 6.6%. Fourth quarter earnings are now expected to grow 11% with sales up 6.0%. Roughly 67% have exceeded earnings estimates while 55% have beaten revenue expectations. 59% of companies reporting earnings have traded higher in response.

First quarter EPS are now expected to grow just 0.5% with sales up 6%. For 2019, earnings are expected to grow 6.1% with sales up 5.3%.