ICICI Bank, the country's largest private lender, on Wednesday ruled out any interest rate hike in the near future and said it was rebalancing its portfolio.
ICICI Bank has identified rural credit as the next growth platform for which it had decided to leverage the role of micro-credit organisations.
'At the same time, we will allow unsecured loans to go off.'
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.
"At best, the two can be called as Indian-controlled banks," DIPP secretary R P Singh said when asked about the government's stand in the wake of the two seeking clarifications on the matter.
Amid a string of interest rate cuts by state-run banks since April 1, country's biggest private lender ICICI Bank today said chances of it reducing rates are less unless government bond yields come down.
The country's largest private bank, ICICI Bank, on Friday said it is focussing on the home loan segment as the real estate segment is witnessing a comeback after the economic slowdown.
State Bank of India, the nation's largest commercial bank, may cut the interest rates it offers on deposits, Chairman A K Purwar said on Monday.
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.
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.
We are clearly focused on increasing our loan book in segments such as auto loans, home loans, commercial vehicles finance and corporate loans, says Chanda Kochhar.
The branch is likely to be inaugurated on Saturday by Prime Minister Narendra Modi, who is on a three-day visit to China
ICICI Bank on Tuesday said it cannot be termed foreign bank and is awaiting further clarification on the circular regarding new FDI norms.
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.
The proportion of retail assets is higher, so NPAs from that part would be higher, says Kochhar.
Top private lender ICICI Bank plans to open nearly 600 branches this year, but will not hire as part of the current workforce would be redeployed to manage the expanded network of 2,000 branches.
The Central Bureau of Investigation has arrested former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in connection with alleged cheating and irregularities in loans sanctioned by the bank to the group in 2012, officials said on Friday. The CBI had booked Chanda Kochhar, her husband and Venugopal Dhoot of Videocon Group, along with 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 the Prevention of Corruption Act, they said.
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.
Enthused by government's commitment to act proactively and ensure more liquidity to promote economic growth, ICICI Bank managing director K V Kamath on Monday promised to review interest rate in the next few days.
"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.
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.
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 is likely to disburse Rs 7,000 crore (Rs 70 billion) as agricultural lending in 2004-05 as against Rs 4,000 crore (Rs 40 billion) in the last fiscal.
In November, six primary market issuances accounted for more than 13,000 crore of net equity investments by MFs.
"Our business is growing between 18 to 20 per cent and we are also adding branches... it's expected that we would hire between five and six thousand people in our workforce," the bank's managing director and chief executive Chanda Kochhar told reporters.
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
With Pockets, ICICI Bank aims to target first-time customers.
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.
In a bid to tap the growing potential of mutual fund business in the country, ICICI Bank has decided to raise its stake in Prudential ICICI Asset Management Company to 51 per cent, by buying out six per cent stake from Prudential Plc.
Despite the Finance Minister asking public sector banks not to hike home loan rates, top private sector lender ICICI Bank, accounting for 30 per cent of home loans, has said all lenders would have to increase rates for their own survival.
The head of leading Indian bank ICICI Bank said on Monday he expected growth in the firm's retail business, which helped fuel better-than-expected third-quarter results, would continue into the fourth quarter.
ICICI Bank has reported a decline in its quarterly net profit for the first time since its merger with ICICI.
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.
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.
Executive Director V Vaidyanathan will assume the position of managing director and chief executive officer of the bank's life insurance arm, ICICI Prudential. This slot had fallen vacant as Shikha Sharma decided to move to Axis Bank.
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