Vishal Goyal, Banking Analyst at Edelweiss Capital, says that the interest rate increase is not that harmful for banks' bottomline.
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.
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.
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.
ICICI Bank Ltd has reported a 26.61 per cent rise in net profit at Rs 430.74 crore (Rs 4.31 billion) for the first quarter ended June 30, 2004, compared to Rs 340.2 crore (Rs 3.40 billion) in the corresponding quarter last fiscal.
"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.
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 introduction of more technology platforms has also helped.
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.
The People's Bank of China has picked up a 0.006 per cent stake in ICICI Bank by investing Rs 15 crore in the private sector lender's Rs 15,000 crore qualified institutional placement (QIP) exercise which concluded last week.
ICICI Bank has increased auto loan rates by 100 basis points with effect from Monday, a bank official told PTI.
Indian benchmark indices Sensex and Nifty experienced declines due to a sharp rally in crude oil prices, continuous foreign fund outflows, and geopolitical uncertainties. Regulatory developments in the banking sector, particularly the implementation of the Expected Credit Loss (ECL) framework, also contributed to the selling pressure.
Benchmark equity indices Sensex and Nifty extended their gains for the second straight session on Monday, driven by optimism over the India-US trade deal and robust buying in public sector banks, consumer durables, and realty stocks.
IndusInd Bank was the top loser in the Sensex pack, shedding over 3 per cent, followed by Tata Steel, HUL, Asian Paints, Titan and SBI.
Auction to be conducted at various branches across Uttar Pradesh on March 16.
Private sector lender ICICI Bank on Monday launched a facility which allows account-holders to transfer funds through Twitter.
Last week, Disha, the NGO front of the bank, launched the first of the series of its school comic books on banking.
ICICI's board has denied any wrongdoing, highlighting that the loan was underwritten in accordance with the bank's credit standards and was extended as part of a consortium involving over 20 banks.
Indian benchmark indices Sensex and Nifty experienced volatile trade, declining in early deals before fluctuating, as investors reacted to unabated foreign fund outflows and rising geopolitical uncertainties, particularly in West Asia.
The ICICI Bank, India's largest consumer lender, on Thursday launched commercial operations in Sri Lanka, with an eye on the growing bilateral trade and inward remittances market.
The bank board had decided to launch an enquiry to be headed by an "independent and credible person", to examine and enquire into an anonymous whistle blower complaint alleging that the bank MD & CEO had not adhered to code of conduct
ICICI Bank on Sunday priced its Rs 10,062 crore (Rs 100.62 billion) follow-on equity offer at Rs 940 a share.
There are allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis.
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.
India's second largest bank, ICICI Bank, has hinted at a revision of its interest rates in the event of a war between US and Iraq.
Indian equity benchmark indices Sensex and Nifty tumbled over 1 per cent for the third consecutive day, driven by a sharp rally in crude oil prices, massive selling in IT stocks, and unabated foreign fund outflows amid ongoing geopolitical tensions in the Middle East.
India's largest private sector lender ICICI Bank has hit the Chinese debt market for a benchmark issue of about $500 million.
ICICI Bank Ltd said Reserve Bank of India authorized it in Feb 2002 to import gold/silver/platinum under Exim-Policy 1997 for sale in wholesale domestic market.
ICICI Bank expects its co-branded credit cards to contribute 50 per cent of business in this segment by end of the current year and has identified several sectors for introducing such cards.
Total income rose to Rs 20,163.25 crore during the quarter as compared to Rs 16,832.22 crore in the same period a year ago.
Country's largest private sector lender ICICI Bank has announced a hike in its ATM charges for saving account holders from January 1 next year.
From the 30-Sensex firms, Tata Steel, Asian Paints, Trent, State Bank of India, Hindustan Unilever, UltraTech Cement, ICICI Bank and Bharti Airtel were among the gainers. On the other hand, Infosys, Bajaj Finance, Bharat Electronics, Larsen & Toubro and HDFC Bank were the laggards.
India's economic growth slipped to 6.7 per cent in '09, mainly on account of the impact of the global financial meltdown that started in the US in 2008.
ICICI Bank today hiked its home loan rates by 0.50 per cent with effect from May 8.\n\n
