Interest rates on fixed rate home loans have been increased by 0.75 per cent to 8.50 per cent from the current level of 7.75 per cent with effect from November 17, 2004.
ICICI Bank Ltd has acquired 3.6 crore shares, aggregating 12.65 per cent of Himachal Futuristic Communications Ltd, due to a default in loan payment by the latter.
Bharat Electronics, Reliance Industries, Mahindra & Mahindra, Larsen & Toubro, InterGlobe Aviation, ICICI Bank and UltraTech Cement were among the other major gainers. Axis Bank, Infosys, Tata Consultancy Services, Trent and Titan were the laggards.
Kochhar was directed to return about Rs 10 crore in cash bonuses she had received as CEO, and also give up close to 6 million shares of the bank she had as stock option, which was about Rs 350 crore.
ICICI Bank reported good results for the October-December 2023 quarter (Q3), with 24 per cent year-on-year (Y-o-Y) growth in profit after tax (PAT). Net interest margin (NIM) dropped 10 bps quarter-on-quarter (Q-o-Q) to 4.43 per cent. Credit growth was at 19 per cent Y-o-Y (4 per cent Q-o-Q), while deposit growth was at 19 per cent Y-o-Y (3 per cent Q-o-Q).
"We always do not jump to hike in lending rates. We will see the overall impact before taking a call." \n
Benchmark equity indices Sensex and Nifty rebounded on Thursday after three sessions of losses, tracking gains in global markets after US President Donald Trump struck a conciliatory tone on Greenland. In a volatile session, the 30-share BSE Sensex climbed 397.74 points, or 0.49 per cent, to close at 82,307.37.
Veteran banker K V Kamath stresses the importance of reskilling and education reforms to leverage artificial intelligence (AI) in India, advocating for practical applications over expensive foundational models.
The agency has also named companies Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries limited as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of prevention of corruption act.
ICICI Bank has emerged as the single Indian entity considered worth investing by Libyan dictator Muammar Gaddafi and the investment has given an impressive return of over 25 per cent in past one year alone.
ICICI Bank, India's second largest commercial bank, beat market expectations on Friday with a quarterly profit of Rs 3.38 billion, driving its shares up more than one percent.
ICICI Bank, India's largest private sector bank, has been fined Rs 2 lakh (Rs 200,000) for knocking at the judiciary's door on false pretext by a Delhi court which asked it to have a sense of responsibility matching its size.
Neeraj Gambhir of ICICI Bank says that bond prices are surging due to auction and the Fed's move.
ICICI Bank on Thursday hiked interest rates on deposits of Non-Resident Indians.
The proportion of retail assets is higher, so NPAs from that part would be higher, says Kochhar.
The younger Ambani sibling had a two-hour meeting with K V Kamath, chief of ICICI Bank and a friend of the family, who is said to be working out a formula to end the feud at the behest of Kokilaben Ambani.
ICICI Bank, the country's largest private sector bank, has scaled down its overseas operations, especially in the United States and Sri Lanka. It has also recalled some employees from its international offices now that the businesses of fund-raising and merger and acquisitions have shrunk.
Corporate India is not bothered about the subprime crisis. I have not seen any large business house walk away from a deal on account of lack of funding.
ICICI Bank on Friday said it has revised interest rates on foreign currency NRE fixed and FCNR deposits from July 1.
The second half of the financial year will be an important milestone for ICICI Bank.
Analysts on average had expected a net profit of Rs 26.93 billion for ICICI Bank, which is also listed in New York.
We plan to hire around 5,000-7,000 people this fiscal. We have also declared bonus and increments for our employees," ICICI Bank's managing director and chief executive, Chanda Kochhar, told reporters after inaugurating the 2000th branch of ICICI Bank in Mumbai on Monday.
Indian stock market benchmark indices Sensex and Nifty experienced a significant decline, driven by escalating tensions in the Middle East and rising crude oil prices.
ICICI Bank, one of India's leading home loan providers, on Monday announced a reduction in interest rates on its adjustable (floating) rate home loan products.
In a significant judgment, the Commission deprecated the "audacity and impunity" with which the banks have been effecting forcible possession of vehicles and ordered ICICI Bank also to pay Rs 50 lakh to a consumer, who was mercilessly beaten by the recovery agents while they snatched a loaned car from him.
ICICI Bank, the country's second largest bank, is planning a $1 billion overseas syndicated loan. This is the third time in four months that the bank will tap the overseas market for funds.
Vishal Goyal, Banking Analyst at Edelweiss Capital, says that the interest rate increase is not that harmful for banks' bottomline.
From the Sensex firms, Eternal, NTPC, Kotak Mahindra Bank, ICICI Bank, Bajaj Finserv, Power Grid, Trent and HDFC Bank were among the major laggards. However, Bharat Electronics, Larsen & Toubro, Tata Consultancy Services, ITC and State Bank of India were the gainers.
ICICI Bank is understood to have deferred the sale of its holding in Firstsource Solutions, a Mumbai-based pure-play business process outsourcing entity. The bank along with its subsidiaries owns close to 27 per cent stake in the BPO firm.
The bank's net profit on standalone basis was Rs 2,652 crore (Rs 26.52 billion) in the forth quarter of the 2013-14 fiscal, up 15.01 per cent from Rs 2,304 crore (Rs 23.04 billion) in the year-ago period, ICICI Bank said in a statement.
Kamath's success is the envy of bankers everywhere, but his feat of taking a small bank and turning it into the country's second largest lender is hard to match.
"We would continue to focus more on home, car loans," ICICI Bank managing director & CEO Chanda Kochhar told reporters on the sidelines of a conference on Tuesday.
