A bird flies past the facade of the ICICI bank head office in Mumbai.
| Photo Credit: REUTERS

Private sector lender ICICI Bank on April 27 said its March 2024 quarter consolidated net grew 18.5% to ₹11,672 crore.

It had reported a net profit of ₹9,853 crore in the year-ago period.

On a standalone basis, the second largest private sector lender showed a 17.4% growth in its profit after tax at ₹10,708 crore for the reporting quarter against ₹9,122 crore in the year-ago period.

The core net interest income increased 8.1% to ₹19,093 crore on a 16.8% growth in loans and a marginal compression in net interest margin to 4.40%.

The non-interest income, excluding the performance of the treasury, came at ₹5,930 crore, 15.7% higher than the year-ago period.

The provisions more than halved to ₹718 crore for the reporting quarter, as per the exchange filing by the lender.

The Mumbai-based lender had posted a net profit of ₹7,558 crore in the year-ago period.
| Photo Credit: REUTERS

Private sector lender ICICI Bank on Saturday reported a 36% rise in standalone net profit to ₹10,261 crore for the September 2023 quarter, aided by an improvement in interest income.

The Mumbai-based lender had posted a net profit of ₹7,558 crore in the year-ago period.

The total income in the second quarter of the current fiscal rose to ₹40,697 crore from ₹31,088 crore in the same period a year ago, ICICI Bank said in a regulatory filing.

Interest earned by the bank improved to ₹34,920 crore from ₹26,033 crore in the September 2022 quarter.

Its net interest income (NII) increased by 24% year-on-year to ₹18,308 crore in the quarter against ₹14,787 crore in the corresponding quarter a year ago.

At the same time, the net interest margin rose to 4.53% compared to 4.31% in the same period a year ago.

The bank’s asset quality showed improvement as gross non-performing assets (NPAs) declined to 2.48% of gross advances at the end of the September quarter from 2.76% a year ago.

Similarly, its net NPAs or bad loans declined to 0.43% against 0.61% in the year-ago period.

However, the bank’s capital adequacy ratio decreased to 16% from 16.93% at the end of September 2022.

On a consolidated basis, the bank’s profit increased by 36% to ₹10,896 crore in the quarter from ₹8,007 crore a year ago.

Bengaluru:

The Reserve Bank of India (RBI) on Tuesday said that it has imposed a penalty of Rs 12 crore 19 lakh on ICICI Bank for violating rules related to the code of conduct for the bank’s directors and for fraud reporting.

The RBI’s inspection reports showed ICICI Bank had sanctioned or committed loans to companies in which two of its directors were also directors, the RBI said in a release.

The bank had also marketed and engaged in the sale of non-financial product and failed to report frauds to the central bank within the prescribed timeline of within three weeks from detection.

The violations were detected during inspections for the financial years ending March 2020 and March 2021, the RBI said.

The central bank separately penalised fellow private lender Kotak Mahindra Bank with a sum of Rs 3.95 crore.

The bank was found to have levied interest on some loans contrary to terms of sanction, failed to carry out an annual review of a service provider and ensure that its customers are not contacted between 7 pm and 7 am as directed by the RBI, inspections showed.

These violations were caught during an inspection for the financial year ending March 2022.

Reliance Industries remained the country’s most valued firm. File
| Photo Credit: REUTERS

The combined market valuation of six of the top 10 valued firms jumped ₹70,527.11 crore last week, with Reliance Industries Ltd (RIL) emerging as the biggest gainer.

While Hindustan Unilever Ltd, Bharti Airtel, ITC, ICICI Bank and HDFC Bank were the gainers, Infosys, Tata Consultancy Services (TCS), State Bank of India and Bajaj Finance emerged as the laggards.

Last week, the BSE benchmark climbed 287.11 points or 0.43%.

The market valuation of Reliance Industries rallied ₹22,191.43 crore to ₹15,90,408.31 crore, the most among the top 10 firms.

Hindustan Unilever added ₹17,222.5 crore taking its valuation to ₹6,04,326.62 crore.

The valuation of Bharti Airtel jumped ₹16,953.01 crore to ₹5,36,035.96 crore and that of ITC climbed ₹7,607.26 crore to ₹5,59,071.10 crore.

The market capitalisation (mcap) of ICICI Bank rose ₹4,581.64 crore to ₹6,66,639.07 crore and that of HDFC Bank went up by ₹1,971.27 crore to ₹11,65,135.58 crore.

However, the valuation of Infosys tumbled ₹19,403.04 crore to ₹5,94,252 crore and that of Tata Consultancy Services plunged by ₹18,258.67 crore to ₹13,06,391.11 crore.

The mcap of State Bank of India (SBI) declined ₹16,019.67 crore to ₹5,14,191.52 crore and that of Bajaj Finance diminished by ₹7,137.72 crore to ₹4,87,746.65 crore.

Reliance Industries remained the country’s most valued firm followed by TCS, HDFC Bank, ICICI Bank, Hindustan Unilever, Infosys, ITC, Bharti Airtel, State Bank of India, and Bajaj Finance.

New Delhi:

Private sector ICICI Bank on Monday said the RBI has approved the reappointment of Sandeep Bakhshi as Managing Director and CEO of the private lender for three years.

The reappointment of Sandeep Bakhshi will be effective from October 4, 2023, till October 3, 2026, ICICI Bank said in a regulatory filing.

The bank’s shareholders have already approved the appointment of Mr Bakhshi for three more years, it added.

A view of the ICICI bank head office in Mumbai. File
| Photo Credit: Reuters

Private lender ICICI Bank on July 22 reported a 40% rise in standalone net profit to ₹9,648 crore for the June 2023 quarter, helped by a decline in bad loans and an improvement in interest income.

The Mumbai-based private sector lender had posted a net profit of ₹6,905 crore on a standalone basis in the year-ago period.

Its total income in the first quarter of the current fiscal rose to ₹38,763 crore from ₹28,337 crore a year ago, ICICI Bank said in a regulatory filing.

Interest earned by the bank improved to ₹33,328 crore over ₹23,672 crore in June 2022.

The bank’s net interest income (NII) increased by 38% year-on-year to ₹18,227 crore in Q1 FY24 from ₹13,210 crore in the year-ago period.

At the same time, the net interest margin improved to 4.7% compared to 4.01% a year earlier.

The bank’s asset quality showed improvement as gross non-performing assets (NPAs) declined to 2.7% of gross advances at the end of the June quarter from 3.4% a year ago.

Similarly, net NPAs or bad loans declined to 0.4 per cent against 0.7 per cent in the same period of the preceding fiscal.

Its capital adequacy ratio fell to 16.71 per cent from 18.04 per cent at the end of June 2022.