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ICICI Bank rated buy by Jefferies
Posted on 6th February 2018
While core PPOP was largely in line (flat opex offset weak revenues), lower trading profit led to sharply lower bottom line. Net stressed assets declined to 8.7% of net customer assets. We hope top line growth revives with resolutions/ lower credit costs aiding RoA improvement. Retain Buy with PT of Rs 410.

Core PPOP: NIM at 3.14% was marginally better while fee income disappointed — management guides for double-digit growth on full year basis.

ICICI Bank sees March quarter margin settling at 3.5 per cent
Posted on 5th February 2018
The larger private sector lender ICICI Bank expects its domestic net interest margin (NIM) to be stable in the March at around 3.50 per cent, a senior official has said. “On the NIM, we think, for Q4 it will be at around the same levels (of the December quarter when it stood at 3.53 per cent),” executive director rpt executive director N S Kannan told PTI in reply to a specific query on domestic margins. In the December quarter performance announced last week, the bank had reported a domestic NIM of 3.53 per cent. However, there was a sharp decline in the spreads in its international operations to 0.29 per cent from 0.83 per cent in the year-ago period.

ICICI Bank Q3 net dips 32%, higher provisioning weighs
Posted on 1st February 2018
Private sector lender ICICI Bank on Wednesday reported a 32% year-on-year (y-o-y) decline in its standalone net profit to Rs 1,650 crore for the December quarter of FY18, owing to higher provisions and lower other income. Its provisions for the quarter at Rs 3,570 crore were up 32% from the same period last year. Chanda Kochhar, MD & CEO of the bank, said that the provisions will remain at an elevated level because the bank still has to make provisions for the next round of NCLT cases, and the ageing provisions will also continue.

ONGC borrows Rs. 4,000 crore from ICICI Bank
Posted on 25th January 2018
New Delhi: The Oil and Natural Gas Corporation (ONGC) borrowed around Rs. 4,000 crores from ICICI Bank on Wednesday.

The borrowing is part of a tie-up with the three banks- Punjab National Bank (PNB), Bank of India (BOI) and Axis Bank, which took Rs. 18,060 crores for part funding its acquisition cost of Rs. 36,915 crore equity shares of the Hindustan Petroleum Corporation Limited (HPCL).

WEF 2018: ICICI Bank looking at new growth opportunities in Indian economy, says CEO Chanda Kochhar
Posted on 24th January 2018
ICICI Bank is looking at new areas of growth opportunities in the Indian economy as new areas are coming up to be tapped post demonetisation and introduction of GST, its chief Chanda Kochhar has said. She said more SMEs are becoming part of the formal economy, creating big opportunities for growth and the government has also provided a strong impetus to increase lending to MSMEs. “Further, as the resolution process progresses and government capex picks up, the investment climate will improve leading to private corporate investments eventually looking up.

ICICI Bank says mobile app malware not a threat to customers
Posted on 12th January 2018
Largest private sector lender ICICI Bank today virtually acknowledged the presence of a malware in its mobile banking application, but underplayed its impact on its customers. “Whatever we have seen, the malware seems to be not very significant,” bank’s chief technology and digital officer B Madhivanan told reporters over a conference call. The admission comes days after Quickheal, a Pune-based cyber security firm, had warned lenders of the presence of a malware in the mobile banking apps running on the popular operating system, Android.

ICICI Bank raises rates on bulk deposits of some maturities
Posted on 10th January 2018
ICICI Bank on Tuesday raised interest rates on deposits of over Rs 1 crore by between 5 and 35 basis points (bps). Rates on bulk deposits maturing between 30 days and 45 days were raised by 25 bps to 5.75%, while those on deposits maturing between 46 days and 60 days were raised by a similar amount to 6.25%. Bulk deposits maturing between 61 days and 90 days will now earn 10 bps higher at 6.25%. Rates on deposits maturing between 91 days and 184 days were raised by 35 bps to 6.65%.

Ola, ICICI Bank offer interesting plan for customers; find out
Posted on 9th January 2018
Ola and ICICI Bank to take hold of the ever-growing travel market on Tuesday signed a MoU to bring forth a range of integrated offers for their customers and driver partners. Through this alliance, both the companies will bring together their respective technology platforms to offer Ola booking facility on the bank’s mobile banking platform.

ICICI Bank and Axis Bank have revised rates on bulk deposits – Find new details here
Posted on 21st December 2017
ICICI Bank and Axis Bank, two of the country’s largest private sector lenders, on Wednesday revised interest rates on their bulk deposits. ICICI Bank increased rates on deposits of between Rs 1 crore and Rs 100 crore, maturing between one year and 389 days by 10 basis points (bps) to 6.6%. On the other hand, the rate on deposits larger than Rs 100 crore and maturing between one year and 389 days was reduced to 6.6% from 6.75% earlier. Both moves reverse rate actions taken by the bank on Saturday.

ICICI Bank interest rates on deposits: 1-year rates reduced by 15 bps
Posted on 13th December 2017
ICICI Bank, the country’s second-largest private sector lender by assets, has reduced the interest rate on one-year deposits by 15 basis points (bps) to 6.6% per annum. The reduced rate will apply to fixed deposits of under Rs 1 crore with a tenure of between one year and 389 days. The bank has left rates on retail deposits of most other tenures unchanged. Deposits maturing between 390 days and two years continue to earn 6.75%, while those with longer maturities yield 6.5%.

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