Investors shunned shares of Bajaj Finance on Friday, a day after the non-banking financial company (NBFC) reported a sharp contraction in its net interest margin (NIM) for the March quarter of the financial year 2023-24 (Q4FY24). The losses accounted for a fifth of the benchmark S&P BSE Sensex's 609-point loss. Most brokerages have tamed their earnings expectations for the next couple of quarters, after the management said it expected the pressure on NIMs to continue in the near term.
MD Chanda Kochhar says the facility 'has the potential to increase security and convenience'
ICICI Bank has identified rural credit as the next growth platform for which it had decided to leverage the role of micro-credit organisations.
In a rating watch statement, ICRA said that it has re-affirmed the LAAA rating with a stable outlook on ICICI Bank's subordinated debt programme and long-term bonds programme, which indicate highest credit quality and lowest credit risk for the two instruments. Besides, the ratings for the debts taken over by ICICI Bank from the erstwhile ICICI Limited have also been retained at LAAA with stable outlook and MAAA, respectively.
ICICI Bank has a network of 1,416 branches and over 4,600 automated teller machines across the country, which it manages by itself, while several other banks have outsourced their ATM management and POS (credit and debit card payment accepting) terminals.
Even as Srini Pallia, a Wipro veteran, is set to take charge as the chief executive officer (CEO) of the company, analysts expect the stock's underperformance to continue in the near-future. This, they believe, will be on the back of likely loss of market share, and difficult business environment. "We expect Wipro to underperform peers on growth once again in FY25 as channel checks and media reports suggest Wipro is losing share with select clients across multiple verticals.
ICICI Bank UK Ltd, a wholly owned subsidiary of ICICI Bank Ltd, India's second largest Bank, has enhanced its presence in the United Kingdom by inaugurating branches in Manchester and Southall on Thursday.
Among the Sensex firms, Kotak Bank, PowerGrid, ICICI Bank, HDFC Bank, PowerGrid were the major gainers. HUL, TCS, M&M, IndusInd Bank, HCL Tech were among the losers.
ICICI Bank, the country's largest private sector lender, has introduced an equated monthly instalment (EMI) option for its customers on debit card purchases.
The Reserve Bank of India has said its inspection of ICICI Bank and its UK subsidiary has not revealed anything to cause alarm.
ICICI OneSource, India's leading business process outsourcing on Tuesday announced the commencement of operations at its 400-seat facility in Buenos Aires, Argentina.
Among the Sensex firms, Mahindra & Mahindra, Bharti Airtel, ICICI Bank, IndusInd Bank, Reliance Industries, Axis Bank and HDFC Bank were among the major laggards. Titan, Kotak Mahindra Bank, Asian Paints, HCL Technologies, Tech Mahindra, NTPC, Nestle and Power Grid were the major gainers.
The pharmaceuticals sector is expected to post a revenue growth of around 13.5 per cent and a net profit growth of 30.3 per cent for the third quarter of 2023-24 (FY24), riding on the approval for niche drugs in the US market, fall in raw material prices and correction in shipping rates. In the healthcare segment, hospitals are expected to post revenue growth of 13 per cent during the coverage, while net profit growth would be around 37 per cent, ICICI Securities said in a note. However, the performance may not be comparable on a sequential basis due to the offset of the festive season in Q3FY24, the analysts noted.
The suspension is pending the bank's investigation into money laundering charges, sources in ICICI told PTI. The probe is expected to be completed in two weeks.
Prudential ICICI Asset Management Company the investment manager to India's largest private sector mutual fund launched an innovative product, the Pru ICICI Advisor Series.
Such fixed-cum-floating housing loan schemes had disappeared from the market after the Reserve Bank of India expressed concerns that these products may affect banks' asset quality.
ICICI Bank said on Tuesday it has opened a representative office in Shanghai, China, its third overseas office after New York and Dubai.
However, total income of the bank on a consolidated basis rose to 31,914.82 crore as against Rs 30,190.54 crore a year ago.
ICICI Pru is barred from doing any further business with the state government or any of its departments.
On resolution of stressed cases, she said ICICI Bank has been taking the lead in several cases and was the first bank to refer a case to NCLT
Equity benchmark indices Sensex and Nifty hit their all-time high levels on Friday helped by impressive GDP data and fresh foreign fund inflows. Also, a rally in global markets added to the positive momentum in the equity markets. The 30-share BSE Sensex jumped 1,139.04 points to 73,639.34 -- its all-time peak -- in the late afternoon trade.
For priority sector home loans below Rs 20-lakhs (Rs 2 million), the new interest rate will 9.75 per cent as against the earlier 10 per cent, an ICICI Bank spokesperson said.
ICICI Lombard has launched a hybrid weather-cum-satellite imagery-based insurance product in India to insure wheat crops.
ICICI OneSource, one of India's leading business process outsourcing services providers and a member company of ICICI Bank
It appears the two banks are now convinced that increasing their credit card portfolios will not lead to significant erosion in asset quality.
ICICI Prudential Life Insurance on Monday said it will hike capital by Rs 50 crore to Rs 575 crore by the end of this fiscal, after posting over 170 per cent jump in business till September.
ICICI Bank Ltd, India's biggest private sector lender, posted its slowest quarterly growth in four years as asset quality worsened and funds set aside for bad loans and contingencies almost doubled from a year earlier.
Biometric cards contain the details of policyholders such as name, age, address and finger prints. Besides helping the customers to pay their renewal premiums, the card will facilitate claim processing. It authorises transactions based on the customer's fingerprints.
Among Sensex shares, Bajaj Finserve, ICICI Bank, Bharti Airtel, Bajaj Finance, Sun Pharma, Maruti Suzuki, ITC, and Nestle were the lead gainers. On the other hand, L&T Wipro, IndusInd Bank and TCS and Tata Motors were the lead losers.
ICICI Bank Ltd has set up a wholly owned banking subsidiary in Canada that would offer a range of products targeted at retail and commercial clients.
>It's not easy to predict the market. But there are at least two positive factors to back the PSU banks, explains Tamal Bandyopadhyay.
Videsh Sanchar Nigam Ltd has inked a pact with ICICI Bank Ltd, whereby the private sector bank will distribute the former's Tata Indicom dial-up Internet services through its ATMs in the country.
ICICI venture firm, RFCL Ltd acquired Alved Pharma and Foods. RFCL aims at banking on Alved's southern market in animal healthcare business.
Kochhar is required to assist the investigating officer of the case in taking the probe forward and her statement will be recorded under the Prevention of Money Laundering Act (PMLA).
This is the first time ICICI Bank has gone for a share split.
ICICI Lombard outsmarted other private general insurers in the first two months of this fiscal by mopping up Rs 10,137 crore (Rs 101.37 billion) in premium income and cornering 3.27 per cent of the market share in April-May, 2003.
