What is the reason behind this drying up of talent for the top post in private banks?
Shares of ICICI Bank may outperform those of HDFC Bank in the near-term, analysts said recently, after the Sandeep Bakhshi-led private sector lender reported a strong set of numbers for the July to September quarter (Q2) of financial year 2023-24 (FY24). The result, they said, reiterated that ICICI Bank is maintaining a sustainable and prudent growth led by tech-driven initiatives as against HDFC Bank, which is facing merger related challenges. According to analysts at Prabhudas Lilladher, ICICI Bank is valued at par with HDFC Bank at 2.2x/1.9x on FY25/26E core adjusted book value (ABV) basis.
India's largest private sector lender ICICI Bank is looking at possibilities of acquisitions in Britain, Canada or Germany to expand its overseas business.
ICICI Bank will offer shares to Japanese investors without getting listed in Japan as a part of its upcoming Rs 2,300-cror
Hari Pandey, who founded ICICI Bank in Canada in March 2003, is among the 11 awardees in various categories who would be felicitated at function here on Saturday, ICCC said.
ICICI Bank on Saturday launched the Visa 'mini card', India's first miniature-sized payment card.
Even as Finance Minister P Chidambaram has asserted that the real estate sector is overheating, the ICICI Bank today claimed that there is genuine demand for houses and people have only deferred their decision to buy property.
India's second largest lender ICICI Bank sees domestic lending rates gradually hardening in line with the international trend.
The BSE Sensex and the Nifty 50 declined around 4.5 per cent each since the start of the West Asia conflict.
ICICI Bank plans to grow aggressively by opening 60 more branches this fiscal and aims to increase its retail assets to Rs 33,000 crore in 2004-05.
They will also have access to banking channels such as ATM, mobile and Internet banking.
The board also appointed K V KKamath as the non-executive chairman of ICICI Bank, a role being performed by his mentor Narayan Vaghul, who is scheduled to step down once his term ends in March. Vaghul has been with the ICICI group for 24 years.
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.
In a bid to enhance its auto-finance business, ICICI Bank plans to acquire 100 per cent stake in Transamerica Apple Distribution Finance, an auto distribution finance company, in an all cash deal for Rs 74 crore.
'At the same time, we will allow unsecured loans to go off.'
Sectoral funds, focused exclusively on public sector banks (PSBs), have delivered the strongest returns among domestic mutual fund (MF) categories over the past six months. However, active banking funds have significantly lagged because of their heavy tilt towards private lenders.
Treasury gains helped ICICI Bank post a nearly 10 per cent increase in the consolidated net profit for the April-June quarter at Rs 11,696 crore on Saturday. Growth in the core income slowed for the country's second largest private sector lender, but the treasury operations helped it report a 14.62 per cent rise in its post-tax profit at Rs 11,059 crore on a standalone basis. The core net interest income (NII) growth came at a multi quarter low of 7.3 per cent to Rs 19,553 crore for the reporting quarter.
ICICI Bank has extended its festive offer of low interest rates on retail loans in order to meet its target of 20 per cent retail credit growth in 2007-08, down from around 40 per cent growth recorded in the past two years.
ICICI Bank edged past foreign banking majors Citibank and Standard Chartered Bank to emerge as the best retail bank in India, according to the latest issue of 'Asian Banker Journal'.
Foreign direct investment (FDI) norms that classify ICICI Bank as foreign-owned were unlikely to impede the group's expansion plans, said ICICI Bank Managing Director and Chief Executive Officer Chanda Kochhar.
The bank is using readily available satellite images from ISRO and NASA for the purpose, and plans to scale up to 63,000 villages in the next three months.
The total reserves increased to $701.3 billion on the back of a rise in foreign currency assets which increased by $9.6 billion to $560 billion during the reported week.
ICICI Bank says it blocked all UPI transactions made through PhonePe due to security concerns.
'She was either overconfident that nothing will happen to her or she underestimated the gravity of the allegations.'
The largest private sector lender is also looking to open a full-fledged branch in China, where it already has a representative office, managing director and CEO, Chanda Kochhar said during the bank's 19th annual general meeting in Vadodara.
The bank is offering a preferential rate on foreign currency conversion, giving special offers on housing loans and providing assistance for searching properties.
The board has decided to appoint Sandeep Bakhshi as managing director and chief executive officer. His appointment will be for a period of five years until October 3, 2023, subject to various approvals.
A seasoned banker with over 30 years of experience, Bakhshi is a mechanical engineer from Punjab Engineering College, Chandigarh. He has a post-graduate degree in management from Xavier Labour Relations Institute.
ICICI Bank executive director Kalpana Morparia on Wednesday said the bank was expecting at least a Rs 10,000 crore (Rs 100 billion) jump in its retail advances during the current financial year and was poised to grow organically.
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.
The board of ICICI Bank, the country's second-largest lender, will take a final call on appointing a successor to K V Kamath, its present managing director and chief executive officer, next month.
ICICI Bank, the country's largest private sector lender, has introduced an equated monthly instalment (EMI) option for its customers on debit card purchases.
In addition, he will have to move swiftly to control any damage that may have been caused to the bank's image and investor confidence due to the loan controversy
ICICI Bank on Saturday said its March quarter consolidated net profit grew 18.5 per cent to Rs 11,672 crore, helped by lower provisions. On a standalone basis, the second largest private sector lender showed a 17.4 per cent growth in its profit after tax at Rs 10,708 crore for the reporting quarter against Rs 9,122 crore in the year-ago period. For fiscal 2023-24, its standalone net profit grew to Rs 40,888 crore from Rs 31,896 crore a year ago.
"We always do not jump to hike in lending rates. We will see the overall impact before taking a call." \n
The bank got the share in lieu of repayment of loan.
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