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ICICI Bank Related news

ICICI goes live with banking transaction product on mobiles

ICICI goes live with banking transaction product on mobiles

Private lender ICICI Bank Thursday went live with a product that was showcased first at a start-up competition which allows customers to do banking transaction while using other application on mobile phones.

Customers can transfer money, pay bills and recharge from within any application or browser using smartphone keyboard which will reduce transaction time, the bank said in a statement today.

ICICI Bank, Apollo to set up asset reconstruction firm

ICICI Bank, Apollo to set up asset reconstruction firm

ICICI Bank, the country’s largest private sector lender, has tied up with private equity firm Apollo Global Management and Aion Capital Management to set up an asset reconstruction company (ARC) in India.

In a statement, the lender said they have entered into a memorandum of understanding (MoU) to work together for debt resolution in the country, in an effort to revitalise and turn around over-leveraged borrowers.

ICICI Bank Q1 net profit may fall 30 per cent, shares down over 3 per cent

ICICI Bank Q1 net profit may fall 30 per cent, shares down over 3 per cent

ICICI Bank shares slumped over 3 per cent as analysts expected muted performance from the private sector lender. KR Ckoksey Institutional expects 30 per cent year-on-year fall in net profit at Rs 2,083.30 cr for the quarter ended June 30, 2016 as compared to Rs 2,976.20 cr in the quarter ended March 31, 2016. The brokerage house said, “The overall credit growth should move in tandem with industry averages led by retail credit.

ICICI, Axis banks join Swift’s global payments initiative

ICICI, Axis banks join Swift’s global payments initiative

Global payments leader SWIFT today said ICICI Bank and Axis Bank have become the first domestic lenders to sign up for its global payments innovation initiative, which already has over 70 other leading banks globally.

The initiative aims to enhance cross-border payments by leveraging Swift’s messaging platform and global reach and in the first phase, the initiative will focus on business-to-business payments.

From ICICI Bank, HDFC Bank to SBI, top 8 banks’ Q1 profit may fall 23%

From ICICI Bank, HDFC Bank to SBI, top 8 banks’ Q1 profit may fall 23%

The combined profit of the top five public sector banks (PSBs) and top three private sector banks is expected to have fallen by 22.9% (Y-o-Y) to Rs 10,882 crore in the first quarter of the current fiscal, aggregate estimates by three leading brokerages indicate.

Estimates by HSBC Global Research, Kotak Institutional Equities and Motilal Oswal suggest that the primary reason behind this decline would be the combined profits of the five PSBs – State Bank of India (SBI), Bank of Baroda (BoB), Punjab National Bank (PNB), Union Bank of India (UBI) and Canara Bank – dropping by almost 50% from their corresponding figures in the same quarter last year.

Government kickstarts stake sale process in 51 firms held via Specified Undertaking of UTI

Government kickstarts stake sale process in 51 firms held via Specified Undertaking of UTI

Government has invited merchant bankers to help it sell minority stakes in 51 companies, including RIL, ICICI Bank, Axis Bank and L&T, and is looking at exiting them within three years.

The Specified Undertaking of UTI (SUUTI) has investments in these 51 listed as well as unlisted companies, like Hindustan Unilever, ITC Ltd, Jaiprakash Associates and a host of Tata Group firms.

ICICI Bank sells Essar Steel loan exposure to Edelweiss ARC

ICICI Bank sells Essar Steel loan exposure to Edelweiss ARC

Mumbai: ICICI Bank Ltd has sold part of its loan exposure in debt laden Essar Steel Ltd to Edelweiss Asset Reconstruction Co. Ltd, two people familiar with the development said.

“The bank has sold around Rs.1,000-1,500 crore worth of loans in Essar Steel to the ARC (asset reconstruction company) this month. ICICI Bank will continue to retain the working capital exposure it has in the company,” one of the two people cited above said.

‘Buy’ rating for ICICI Bank, target price Rs 340: Kotak

‘Buy’ rating for ICICI Bank, target price Rs 340: Kotak

Key annual report takeaways — corporate book reported a loss due to high loan loss provisions, deterioration increased in the corporate portfolio but the bank is addressing this risk as the share of exposures is not rising but falling in select sectors, retail continues to do exceptionally well in terms of growth, profitability and impairment levels, progress of international subsidiaries are on the right track as India-related exposures have declined. Maintain ‘buy’ with TP at Rs 340 (from Rs 320 earlier).

SBI, ICICI Bank chief in Forbes’ new list

SBI, ICICI Bank chief in Forbes’ new list

Four Indian women, including SBI Managing director Arundhati Bhattacharya and ICICI Bank Managing director Chanda Kochhar, are in the new list of Forbes’ world’s 100 most powerful women who are building billion-dollar brands and calling the shots in the financial markets.

The Forbes ‘100 Most Powerful Women’ in the world list 2016, topped by German Chancellor Angela Merkel, includes PepsiCo Chief Indra Nooyi, Biocon Founder Kiran Mazumdar-Shaw and HT Media head Shobhana Bhartia.

ICICI Bank gains on fund raising plan

ICICI Bank gains on fund raising plan

Shares of ICICI Bank have surged 2% to Rs 248 on the BSE after the private lender decided to raise Rs 25,000 crore in tranches via private placement of bonds, debentures and securities, including bonds and non-convertible debentures (NCDs).

During the AGM, the bank will seek approval from shareholders to raise up to Rs 25,000 crore. The capital will be raised over a span of one year from the date of passing of the resolution.

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