Q1FY20 was strong for ICICI Bank marked by significantly higher-than-expected PAT of Rs 19.1 billion (our estimate: Rs 16.7 billion) primarily on lower provisions (down 41.5% year-on-year). Key highlights of Q1: (a) domestic advances growth improved to 17.9% y-o-y — retail book (up 22.4%); (b) decline in BB and below rated pool to 2.6% of loans vs 3% in Q4FY19; and (c) headline asset quality improved with GNPA down 21 bps quarter-on-quarter at 6.5%.

Improvement in asset quality led ICICI Bank to report a consolidated net profit of Rs 2,513.69 crore for the June quarter on Saturday, against Rs 4.93 crore profit in the year-ago period.

On a standalone basis, the second largest private sector bank by assets reported a net profit of Rs 1,908 crore against a Rs 119 crore loss for June 2018.

India's second-largest lender ICICI Bank has launched a new digital platform for micro, small and medium enterprises (MSMEs) and self-employed customers to enable them to undertake their business banking transactions digitally.

Called, 'InstaBIZ', it allows customers to avail as many as over 115 products and services in a digital and secure manner on their mobile phone or internet banking platform.

ICICI Bank has topped the list of banks with the highest number of fraud cases over the last three years, topping bigger rivals state-run State Bank of India and private HDFC Bank. ICICI Bank has recorded a total of 1,432 cases of frauds involving Rs 1 lakh or more, between fiscal year 2016-17 and FY 2018-19, Minister of State for Finance Anurag Thakur said in a written reply in Rajya Sabha.

ICICI Bank, Punjab National Bank and Central Bank of India on Monday cut their marginal cost of funds-based lending rates (MCLRs) across tenures for the first time after the Reserve Bank of India (RBI) lowered the repo rate by 25 bps to 5.75% in June.

ICICI Bank, the country’s second largest private bank by assets, cut its one-year MCLR — the benchmark for most customer loans — by 10 bps to 8.65%. While the MCLR for shorter periods now stands at 8.60% for six months, 8.45% for three months, 8.40% for one month and overnight lending.

The second largest private sector lender ICICI Bank has cut its lending rates by 0.10 percent which will make all the loans cheaper, sources said Monday. The move comes weeks after it cut its deposit rates and amid calls for banks to quickly pass on the benefits of rate cuts by the RBI, which stands at a full 75 bps since February. The bank has cut its marginal cost of funds based lending rate (MCLR) across all tenors by 0.10 percent, they said adding the new rates are effective immediately.

Private sector ICICI Bank Tuesday said it aimed to grow its retail loan disbursement in Kerala by over 20 per cent to Rs 3,100 crore in FY20. The bank planned to achieve this growth by rapidly expanding disbursement of consumer loans and mortgage loans, the two main pillars of retail loans, its Executive Director Anup Bagchi said.

Private sector lender ICICI Bank Monday approached the National Company Law Appellate Tribunal (NCLAT), seeking a direction to NCLT, Allahabad to expedite the hearing on its insolvency petition against Jaypee group firm Jaiprakash Associates Ltd (JAL). In September 2018, ICICI Bank had filed a petition before the Allahabad bench of National Company Law Tribunal (NCLT) seeking to start insolvency proceedings of JAL, which is into infrastructure and real estate.

The ED is set to expand its probe in the ICICI Bank-Videocon money laundering case and may soon question some officials of the bank, besides grilling its former CEO Chanda Kochhar again, officials said Thursday.

The Enforcement Directorate (ED) had last month questioned and recorded the statements of Chanda Kochhar and her husband Deepak Kochhar over multiple sessions.

The ED is set to expand its probe in the ICICI Bank-Videocon money laundering case and may soon question some officials of the bank, besides grilling its former CEO Chanda Kochhar again, officials said Thursday.

The Enforcement Directorate (ED) had last month questioned and recorded the statements of Chanda Kochhar and her husband Deepak Kochhar over multiple sessions.

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