ICICI Group

Lower provisions, healthy margins, and steady advances drive ICICI Bank's performance; management expects NIMs to remain stable in coming quarters

A civil society organisation advocating banking stakeholders' interests has written to the Finance Ministry, requesting its intervention into ICICI Bank's decision to raise the minimum average balance (MAB) requirement for new savings accounts, and said such a move is detrimental to the government's vision of inclusive banking and growth. In a letter to the finance secretary, 'Bank Bachao Desh Bachao Manch' termed the private lender's decision as "unjust and regressive". The bank has raised the minimum balance requirement for new savings accounts opened on or after August 1 by five times to Rs 50,000. The minimum monthly average balance (MAB) for savings bank accounts till July 31, 2025 for ICICI Bank customers was Rs 10,000. Similarly, MAB for semi-urban locations and rural locations have been increased five times to Rs 25,000 and Rs 10,000, respectively, according to information available on the ICICI Bank website. This retrograde decision undermines the principle of inclusive .

Nippon, HDFC, Motilal Oswal, ICICI Prudential, and SBI led folio growth with 31.6 million new accounts in FY25, backed by equity fund performance and new offerings

Besides the approval of the financial results for Q4FY25, ICICI Bank, on April 19, will consider and recommend dividend, if any, for the financial year ending March 31, 2025 (FY25)

ICICI Prudential Life Insurance Company on Tuesday reported a marginal rise of 3 per cent in its net profit to Rs 252 crore in the September quarter. The company's net profit stood at Rs 244 crore in the same quarter a year ago. Total income rose to Rs 25,229 crore from Rs 17,436 crore in the year-ago period, ICICI Prudential Life Insurance said in a regulatory filing. The net premium earned by the private sector insurer during July-September grew to Rs 10,754 crore against Rs 10,022 crore in FY24, it said. Its assets under management climbed 18 per cent to Rs 3,20,491 crore compared to Rs 2,44,279 crore as of September 30, 2023. The solvency ratio was 188.6 per cent at the end of September against the regulatory requirement of 150 per cent, it said. However, the Value of New Business (VNB), a key measure of profitability, increased to Rs 1,058 crore over Rs 1,015 crore at the end of the second quarter of the previous fiscal. Embedded Value grew 19.4 per cent to Rs 46,018 crore

ICICI Securities, a part of the ICICI Group, on Tuesday reported a 25 per cent year-on-year growth in profit after tax to Rs 529 crore in three months ended September 2024. In comparison, the company had posted a PAT (profit after tax) of Rs 424 crore in the year-ago period, the brokerage house said in a filing to stock exchanges. Total income rose 37 per cent to Rs 1,707 crore in the July-September quarter of the current financial year (FY25) from Rs 1,249 crore in the same quarter preceding fiscal. The surge in total income was driven by revenues from the broking and distribution business. Shares of ICICI Securities settled 0.71 per cent lower at Rs 844 on the BSE.

Say I-T returns obtained 'illegally' and twisted to create 'false narrative'

Facing an unprecedented attack on its credibility, the last thing that the SEBI would want is to give the impression that while all M&A is equal, some transactions are more equal than others

The combined market valuation of three of the top-10 most valued firms jumped Rs 1,06,125.98 crore in holiday-shortened last week, with HDFC Bank and ICICI Bank emerging as the biggest gainers. Last week, the BSE benchmark Sensex climbed 217.13 points or 0.28 per cent. While HDFC Bank, ICICI Bank and Infosys were the gainers from the top-10 pack, Reliance Industries, Tata Consultancy Services (TCS), Bharti Airtel, State Bank of India, Life Insurance Corporation of India (LIC), Hindustan Unilever and ITC faced a combined erosion to the tune of Rs 1,01,769.1 crore. The market capitalisation (mcap) of HDFC Bank zoomed Rs 52,091.56 crore to Rs 12,67,056.69 crore. ICICI Bank added Rs 36,118.99 crore taking its valuation to Rs 8,13,914.89 crore. The mcap of Infosys climbed Rs 17,915.43 crore to Rs 6,35,945.80 crore. However, the market valuation of Reliance Industries tumbled Rs 32,271.31 crore to Rs 19,66,686.57 crore. LIC lost Rs 27,260.74 crore from its mcap which stood at Rs 6,47,

The Allahabad High Court has directed the chairman of the ICICI Bank to personally explain how its officials engaged recovery agents in a loan case despite a prohibition on it by the apex court. Hearing a petition by Jasminder Chahal and three others, all of whom are ICICI officials, Justice Prashant Kumar said, "The officers of the ICICI Bank were very well aware of the fact that they cannot engage any recovery agent, and yet they engaged the services of recovery agents in the year 2013, which is six years after passing of the judgment by the Supreme Court". The Supreme Court in the matter of ICICI Bank Ltd. Vs. Prakash Kaur (2007) had categorically held that the banks will not use the services of the recovery agents to recover the bank loans and they have to follow the procedure laid down under the law. As the chairman of ICICI was not a party in the petition filed under Section 482 (inherent powers of the high court), the court permitted the applicants to make him a party in the

The second largest private sector lender, however, said that no instances of any misuse have been reported because of the error, and also promised to compensate users for any financial loss

Key challenges include mounting pressure on the cost of funds, driven by structural funding issues, and escalating concerns regarding rising consumer leverage

ICICI Prudential Life Insurance on Wednesday reported a flat net profit of Rs 227 crore for the third quarter ended December 2023. The company had posted a profit of Rs 221 crore in the same quarter a year ago. During the third quarter of this fiscal the net premium income increased to Rs 9,929 crore, as against Rs 9,465 crore in the same period a year ago, ICICI Prudential Life said in a regulatory filing. The assets under management of the company increased to Rs 2,86,676 crore as against Rs 2,51,884 crore at the end of third quarter of previous fiscal, it said. The company's net worth was Rs 11,075 crore on December 31, 2023 while the solvency ratio was 196.5 per cent against the regulatory requirement of 150 per cent.

The bench, however, said 'no interference' is required and dismissed the appeal

Ritesh Kumar of HDFC Ergo said, "At the core, health insurance needs to be affordable. It's a complex problem as we are a regulated industry but the provider (health service) is not regulated."

Prime Day deals are limited to customers who have bought Amazon's paid Prime subscription

Fair value targets of brokerages suggest there is some upside in the two stocks

It is the second-largest private player in terms of VNB

The Bombay High Court on Tuesday granted the Central Bureau of Investigation 3 days time till Friday to file its reply in a plea filed by Videocon Group Chairman Venugopal N. Dhoot

Analysts see risk of attrition due to the shift in culture its implementation