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<ul><li><keyword id="6653" type="General" weightage="20" keywordseo="icici-bank" source="Orion">ICICI Bank</keyword> reported strong December quarter earnings over the weekend as its profit after tax grew by 25% on year to ₹6,194 crore ($833 million).</li><li>Brokerages say the stock price may rise up to 36% in the next one year.</li><li>Check out the latest budget news and updates on <a href="https://www.businessinsider.in/budget">Business Insider</a>.</li></ul>Analysts at brokerage firms have retained ICICI Bank stock among their top picks after the bank delivered another strong quarter over the weekend. Profit after tax for the bank grew by 25% on year to ₹6,194 crore ($833 million) in October to December. The bank reported a 23% on year jump in net interest income (NII) at ₹12,236 crore <div type="image" title="icici bank profit" height="900" width="1200" msid="89086737" hostid="261"></div>However, revenue is expected to remain under pressure as loan growth is still quite sluggish and the recovery is still not uniform, says analyst at Kotak Institutional Equities. “Confidence on earnings delivery and high equity sanctity suggest ICICI is primed for the next cycle. Consistent delivery over the last few years reflects an impressive turnaround, setting a gold benchmark for financiers,” said analysts at Edelweiss. Meanwhile, analysts at Kotak Institutional Equities said, “With each passing quarter we see growing investor comfort in the bank’s performance, fueled by fewer negative surprises on asset quality, growth and its operating metrics.” <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerages </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Implied % change from Friday’s closing price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Institutional Equities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹975 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,100 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">36% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edelweiss </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹935 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Credit Suisse </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹930 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JP Morgan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹930 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr></tbody></table>On Monday, shares of the bank were choppy, led by market volatility. The stock was up 0.76% at 9:59 a.m. Also, the bank has grown its credit card business quite well in the last one year when HDFC Bank was barred from selling new cards to clients from December 2020 to August 2021. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Top 5 banks </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit card customer base as of Nov 2021 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.55 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.29 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.21 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">79.05 lakh </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> 26.32 lakh </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/there-is-a-silver-lining-in-vodafone-ideas-dark-numbers/articleshow/89086056.cms">There is a silver lining in Vodafone Idea’s dark numbers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-wilmar-is-looking-to-acquire-southern-players-in-edible-oil-fmcg-industry/articleshow/89080514.cms">Fortune oil maker Adani Wilmar is looking to acquire southern players in edible oil, FMCG industry</a>

ICICI Bank shares are sulking with the rest of the market, but analysts say it could make a lot of money for investors

<ul><li>The stock of ICICI Bank jumped by 4% in early trade, due to strong quarterly earnings.</li><li>The bank not only posted strong growth in profits but also managed to reduce the amount of bad loans.</li><li>Global broking firm CLSA called the numbers as a sign of turnaround in the bank that has been hamstrung in recent years by rising bad loans and allegations of a financial scandal.</li></ul> The stock of ICICI Bank jumped by 4% in early trade, worth over ₹10,600 crore ($1.5 billion), on the first trading day, after it announced better-than-expected earnings. The bank not only posted strong growth in profits but also managed to reduce the amount of bad loans. Global broking firm CLSA called the numbers as a sign of turnaround in the bank that has been hamstrung in recent years by rising bad loans and allegations of a financial scandal. ICICI Bank posted a consolidated net profit of ₹2,513 crore for the quarter ending June 2019, which is a massive increase on the stressed quarter it experienced last year where it posted a mere ₹4.9 crore in profit. It is also fair improvement on the ₹1,170 crore profit posted three months ago. Signs of recovery But that is not the only thing which could be driving the stock which was trading at ₹432.8 at 11 am, on Monday (July 29). The country’s largest private bank is showing strong signs of recovery. This quarter its net interest income went up by 27% to 7,737 crore from last year. More importantly, the bank has made lower provisions which are made to cover for bad loans, at ₹3,496 crore as compared to ₹5,971 crore last year. “ICICI is exiting the corporate non-performing loans cycle, reflected in the 31% year on year fall in slippage and some upgrades below-rated loans to the steel industry). Moreover, its rise in better-rated clients and low exposure to new stressed corporates will insulate from risks,” said a report by CLSA. Improved loan book All of its top 20 loans are rated A- or better, according to the brokerage which gave the stock a ‘Buy’ rating, as it see 2019-20 as the year of turnaround. The brokerage predicts that its shareholders will be able to make as much as 15-16% returns from the stock, as the company chugs on its path to recovery. “As structural changes become more entrenched at the bank , ICICI Bank’s reported financials will improve and stabilise. Continuous stability and improvement in core parameters underpin our thesis of its trajectory towards normalized earnings,” said a report by HDFC Bank. ICICI has been emerging from last year’s revelation of bad loans weighing on its books year. Adding fuel to fire is a scandal involving its long-time CEO Chanda Kochhar , who allegedly gave loans to Videocon Group <a href="https://www.businessinsider.in/its-the-end-of-the-road-for-chanda-kochhar/articleshow/66082441.cms">in exchange for favours</a>. An Enforcement Directorate probe is still underway in the case. Kochhar was later ousted and asked to pay back all her hefty bonuses as well.

ICICI Bank shares gain over a billion dollars in value after signs of turnaround

<ul><li><keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword>’s share price is up 6% as the stock market tips its hat to the bank’s highest-ever net profit of over ₹4,200 crore at the end of September. </li><li>The bank announced its second-quarter results on Saturday with an optimistic note of the Indian economy getting back on track. </li><li>Mortgage disbursements beat the pre-COVID level to hit an all-time high in September. </li></ul> The markets are cheering for ICICI Bank with its share price up 6% after it reported its highest-ever quarterly net profit of ₹4,250 billion on Saturday, October 31. That’s 6.5 times higher than what the bank’s profit was a year ago in the same quarter. <div type="image" title="ICICI Bank share price since July" msid="78992367" hostid="261" caption="&amp;lt;p&amp;gt;ICICI Bank share price since July&amp;lt;/p&amp;gt;"></div> “We have been focused on risk-calibrated granular growth that has been there for the past couple of years has helped us grow the underlying profits, that’s the reason for the after tax number for the quarter,” said ICICI Bank CFO Rakesh Jha during the second-quarter earnings call. ICICI Bank is one of the few banks in the Indian market that is optimistic about how the future will play out. While its peers laid in cautious commentary and guarded predictions of the future, ICICI Bank was clear in its stance that the Indian economy is getting back on its feet during the second-quarter earnings call. However, ICICI Bank’s numbers weren’t solely based on the turnaround of the Indian economy — the sale of its stake in ICICI Securities worth ₹305 crore helped. According to the bank, it has seen credit card spends have returned to 85% of pre-COVID levels. Mortgage disbursements, on the other hand, beat pre-COVID levels to reach an all-time high in September. Auto loan disbursements and disbursements across ICICI Bank’s rural portfolio also exceeded pre-COVID levels at the end of September. The management believes that pandemics are also short-term, so even COVID-19 will eventually blow over. Although there’s no vaccine on the market yet, people are getting used to going back to work with the relevant precautions in place, which means more business activity —- which, in turn, is good news for the bank. Even though it hasn’t had to use any of its COVID-related provisions yet, ICICI Bank is still keeping ₹8,772 crore in its coffers to cushion its balance sheet.

ICICI Bank surges 6% after it posts six-fold jump in net profit at over ₹4,200 crore

<keyword id="6355975" type="CITY" weightage="80" keywordseo="Axis-Bank">Axis Bank</keyword> and <keyword id="6653" type="CITY" weightage="80" keywordseo="ICICI-bank">ICICI Bank</keyword> share a similar profile in terms of corporate exposure and funding roads, power companies, etc, still there could be a divide emerging between the two. 
 
The stock performance of the two banks clearly point out the divide as the latest quarter financial performance indicate investors believe that Axis Bank is better place than ICICI. 
 The past year saw Axis outperform ICICI by a huge margin. Axis rose 68.71% in the past year when compared with ICICI, which gained 12.23%. The broader BSE <keyword id="54657" type="CITY" weightage="60" keywordseo="Bankex">Bankex</keyword> rose 21%. 
 
ICICI Bank's March quarter earnings rose 10.2% to Rs 2,922 crore, while Axis reported an 18.36% advance to Rs 2,180.6 crore. 
"Axis' earnings growth for the past few quarters has been at 18% while that of ICICI Bank has been at around 10%. Its growth is almost double, which is driving investors to the stock," Vaibhav Agrawal, Vice President research - banking at Angel Broking told Economic Times, adding "Axis Bank's asset quality has been steady while ICICI Bank has seen a rise in its net nonperforming loans. This has also been a positive for Axis Bank." 
 
Meanwhile, Anish Tawakley, analyst with Barclays, said for ICICI Bank, the slippages from the restructuring book are very high as loan exposures come out of the moratorium. 
 
"In large corporates, there can be some lumpy accounts. Even if the economy picks up, they can see stress as they are highly leveraged,” he told ET. 
Even though Axis and ICICI apparently emerged from their past issues - partly created by the economic slowdown that saw bad loans of the industry's largest bank rise to 1.40% of total assets - investors seem to choose former over latter. 
 
"As far as the impact of NPA additions is concerned, as the bank has previously explained, the higher slippages to NPA have come mainly from the existing restructured portfolio; hence the impact on NII and margins is not significant," an ICICI Bank spokesman told the financial daily. 
 Both ICICI and Axis are run by chips of the same block - <keyword id="45875" type="PERSON" weightage="80" keywordseo="Chanda-Kochhar">Chanda Kochhar</keyword> and <keyword id="6356453" type="PERSON" weightage="80" keywordseo="Shikha-Sharma">Shikha Sharma</keyword> - who rose up the ranks at ICICI under KV Kamath. 
 
The newspaper reported that Sharma, who spent almost three decades at the ICICI Bank Group before moving to head Axis Bank in 2009, showed some aggressive management style by buying Enam Securities for Rs 2,070 crore, while Kochhar spent steadying the ship by pulling back funds from overseas businesses. 
 
"Asset quality continues to be challenging due to the tough operating environment and the economic recovery being slower and volatile," Kochhar said during the post-earnings call. In the past few years, she said. 
 
Kochchar added that restructuring was done keeping in mind assumptions of a possible turnaround in the economy. "But the pick-up in economic activity has been gradual and volatile affecting these companies. Asset quality in 2016 will be better than last year," said Kochhar. 
 
"The asset quality environment continues to be challenging with economic activity being weak," V Srinivasan, executive director at Axis Bank, told ET, adding, “We will have to monitor our exposure."

Indian investors are cozying up to Axis bank. Know why

New Delhi, Jan 27 () ICICI Bank shares on Monday ended marginally higher after the company reported an over two-fold rise in its consolidated net profit for the December quarter.
 The company's scrip rose 0.45 per cent to close the trade at Rs 536.35 on the BSE. During the day, it jumped 2 per cent to Rs 545.10.
 On the NSE, it went up 0.38 per cent to close at Rs 535.90.
 A total of 20.98 lakh shares were traded on the BSE and about 3.8 crore shares on the NSE during the day.
 ICICI Bank on Saturday reported an over two-fold rise in its consolidated net profit at Rs 4,670 crore for the December quarter helped largely by the Essar Steel recovery and a jump in its core income.
 The Mumbai-headquartered bank, the country's second biggest private sector lender, had posted a consolidated net profit of Rs 1,874.33 crore in the corresponding three months of the previous fiscal.
 On standalone basis, its net profit jumped to Rs 4,146 crore during the December 2019 quarter from Rs 1,605 crore in the year-ago period.
 Its core net interest income grew 24 per cent to Rs 8,545 crore on a 16 per cent domestic advances growth and a 0.37 per cent expansion in net interest margin to 3.77 per cent.
 Gross slippages came at Rs 4,363 crore for the reporting quarter highest during the fiscal year but the recoveries from assets like Essar Steel and a Rs 2,000 crore write-off ensured that the same was down on a net basis. SUM SHW
SHW

ICICI Bank shares gain post Q3 earnings

<keyword id="6653" type="CITY" weightage="100" keywordseo="ICICI-bank">ICICI Bank</keyword>, India’s top private sector bank, will open its branches in China and <keyword id="6355117" type="COUNTRY" weightage="100" keywordseo="South-Africa">South Africa</keyword>. It already has representative offices in these countries and has obtained regulatory approvals to convert them into branches, said ICICI Bank’s managing director and chief executive officer (CEO). 
 
The bank already has branches in many countries like the US, Singapore, Hong Kong, Bahrain, Sri Lanka, Dubai and Qatar. It also has many representative offices in the UAE, Bangladesh, Thailand, Malaysia and Indonesia. 
 
Stating that all foreign operations of the bank are earning profit, Kochhar said, “Our focus is on Indian companies expanding into foreign markets, multinationals from outside coming into India and also the NRIs (non-resident Indians), when it comes to the international banking business.” 
 The bank’s international presence also consists of subsidiaries in the UK, Russia and Canada. Its wholly owned subsidiary <keyword id="1583139" type="UNKNOWN" weightage="100" keywordseo="ICICI-Bank-UK-Plc">ICICI Bank UK Plc</keyword> has nine branches in the UK and a branch each in Belgium and Germany.

ICICI
Bank To Open Branches In China And South Africa

New Delhi, May 11 () Shares of ICICI Bank tumbled over 5 per cent on Monday after it missed earnings estimates, according to analysts. It fell 5.23 per cent to close at Rs 320.10 on the BSE. During the day, it dropped 5.80 per cent to Rs 318.15. On the NSE, the scrip declined 4.61 per cent to close at Rs 322.10. ICICI Bank was the top laggard on both the indices. In terms of volume, 32.16 lakh shares were traded on the BSE during the day, while over 8 crore shares changed hands on the NSE. "The negative impact was mainly due to financials, led by ICICI Bank, which missed earnings estimates," Geojit Financial Services Head of Research Vinod Nair said. The bank on Saturday reported a 6.91 per cent growth in March quarter net profit at Rs 1,251 crore on a consolidated basis, after setting aside over Rs 2,000 crore in provisions for potential impact of the COVID-19 pandemic over and above RBI's requirements. "The bank has created higher than the required provisions toward COVID19 which affected earnings," according to a report by Motilal Oswal Institutional Equities. On a standalone basis, the second largest private sector bank's profit grew 26 per cent to Rs 1,221 crore as against Rs 969 crore in the year-ago period. From an asset quality perspective, the bank reported an improvement in gross non-performing assets (NPAs) ratio to 5.53 per cent as against 6.70 per cent in the year-ago period and 5.95 per cent as of December 2019, despite over Rs 5,300 crore in fresh slippages during the reporting quarter. ICICI Bank President Sandeep Batra said the lender had slippages of Rs 4,300 crore in the preceding December quarter, and the additions on this front can be attributed to two accounts -- a West Asian healthcare company and a Singaporean oil trading company -- becoming NPAs during the quarter. In both the cases, borrowers had misrepresented their financial position to the lenders, and the bank has made significant provisions for both the accounts, he said, adding that it does not expect any more stress from the two accounts in the future. Its overall provisions increased to Rs 5,967 crore on a standalone basis, as against Rs 5,451 crore in the year-ago period and Rs 2,083 crore in the preceding quarter. The provisions included Rs 2,725 crore for the COVID-19 impact. The provisioning for COVID-19 has been done on a prudential basis in anticipation of possible stress and is significantly higher than the Rs 600 crore asked to be set aside by the RBI for accounts which were overdue as of March 1, the management said. Almost all the private sector lenders, who have reported their earnings for the March quarter, have set aside additional money as provisions, including HDFC Bank, Axis Bank, Indusind Bank and RBL Bank, reflecting the impact of the crisis that the banking system is bracing for. SUM RVK

ICICI Bank tumbles over 5 pc after Q4 earnings  

Can you imagine turning one Indian village digital every day? <keyword id="6653" type="CITY" weightage="100" keywordseo="ICICI-bank">ICICI Bank</keyword> claims it will do it. 
 ICICI <keyword id="6355272" type="CITY" weightage="20" keywordseo="Bank">Bank</keyword>, today announced that it will transform 100 villages into Digital Villages through a number of measures. 
 
These villages will enable villagers to use digital channels for banking and payments transactions. There, villagers will be able to open bank accounts using Aadhar-based e-KYC and make cashless payments to retail stores through a unique SMS/USSD-based mobile solution. 
 Additionally, ICICI Bank in association with <keyword id="339601" type="ORGANIZATION" weightage="20" keywordseo="ICICI-Foundation">ICICI Foundation</keyword> will impart vocational training to nearly 10,000 underprivileged villagers, especially women, to help them earn a sustainable livelihood. The bank will also extend credit facilities to the trained villagers in a bid to boost self-employment opportunities in the villages. 
 This ambitious move is inspired by the success of India’s first digital village, created by ICICI Bank at <keyword id="3896834" type="UNKNOWN" weightage="20" keywordseo="akodara">Akodara</keyword> in <keyword id="48360" type="CITY" weightage="20" keywordseo="Sabarkantha">Sabarkantha</keyword> district of Gujarat. Ms. <keyword id="45875" type="PERSON" weightage="20" keywordseo="Chanda-Kochhar">Chanda Kochhar</keyword>, MD &amp; CEO, ICICI Bank said , “We strongly feel that technology can play an important role in putting development on a fast lane.” 
 
The bank will create a cashless ecosystem at these villages, provide vocational training to 10,000 villagers in first 100 days and offer them credit linkages so that the villagers can start their own business ventures. 
 
<a href="http://www.businessinsider.in/MobiKwik-launches-a-light-lite-app-to-integrate-all-Indians/articleshow/55662642.cms">ALSO READ: MobiKwik launches a 'lite' app for seamless transactions, even on basic connection</a> 
 
ICICI Bank will use <a href="http://www.businessinsider.in/EXCLUSIVE-Inside-Paytm-the-first-24-hours-after-demonetization/articleshow/55581182.cms">tablet-based banking and Aadhar-based e-KYC </a>to help villagers open accounts in few hours without submitting physical documents. All adults in the villages will have saving accounts, which will be linked to <keyword id="155319" type="COMPANY" weightage="20" keywordseo="Aadhar">Aadhar</keyword> to enable direct transfer of government benefits into these accounts. There will be dedicated branch and ATM of ICICI Bank to service these accounts. 
 
The bank will provide a <a href="http://www.businessinsider.in/Is-your-credit-card-a-debt-sentence/articleshow/55617326.cms">unique SMS &amp; USSD based mobile service</a> which will facilitate the villagers to transfer funds, receive alerts &amp; statements and make payments to retail stores by using their mobile phones. This SMS banking will be available in regional languages and will function on basic mobile phones. The Bank will also set up end-to-end merchant infrastructure that will enable the retailers at the village to accept mobile based payments. 
 
The bank will also create a cashless, digital payment ecosystem for the predominant commercial activity of these villages and set up Point-of-Sale (POS) machines at seed and fertilizer outlets for cashless transactions using Rupay cards. 
 All this is being done in the wake of <keyword id="6362150" type="UNKNOWN" weightage="20" keywordseo="demonetization">demonetization</keyword> when the country's villages are suffering the most. As someone who saw how Akodara's citizens were reaping benefits from the digitization, this move is not only lauded but necessary right now.

ICICI
Bank to transform 100 villages into ‘Digital Villages’ in 100 days

<ul><li>Even though <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> missed the market rally, analysts still believe that India’s second-largest lender will come out on top by the end of year. </li><li>ICICI Bank’s share price has lost 28% of its value since January but could be back up by as much as 34% as per brokerage firm Edelweiss.</li><li>Analysts believe that ICICI Bank remains the best placed to weather the bad loans storm </li></ul>India’s financial sector may look shrouded in gloom-and-doom, but India’s second-largest private lender, ICICI Bank, remains the world’s favourite banking stock. <a href="https://www.bloombergquint.com/business/bank-stock-most-favored-by-world-s-analysts-has-lagged-behind">Bloomberg</a> data indicates that ICICI Bank has 56 ‘buy’ recommendations with a consensus rating of 4.95 out of 5, ranking it the highest among the top 50 global banks. Even though it missed the market rebound rally, analysts are still positive that things will turn around for the $32 billion lender despite it having a higher percentage of loans under moratorium in comparison to peers. Its share price has lost 28% of its value since January. Yet, analysts expect the stock to revive in the coming year. Edelweiss is most optimistic with a target price of ₹525 — a 34% jump from yesterday’s closing price of ₹389.75. <div type="image" title="icici (1)" msid="77776402" hostid="261" caption="&amp;lt;p&amp;gt;ICICI Bank&amp;#39;s share price since January&amp;lt;/p&amp;gt;"></div> Today, ICICI Bank’s share value rallied by nearly 1% as markets opened after its board of directors approved the sale of over 6.4 million equity shares in ICICI Securities at a face value of ₹5 each. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage on ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% growth from closing price* </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edelweiss </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 525 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">34.7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nirmal Bang Institutional </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 520 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">33.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YES Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 500 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">28.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Direct </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 480 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 475 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Arihant Capital </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 425 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Geojit BNP Paribas </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 415 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.5% </td></tr></tbody></table>*Growth calculated using closing price as of Aug 26 While the moratorium risks remain high, the bank has created ample buffers against bad loans and profit growth despite adding provisions.ICICI bank looks best placed to weather this storm as the moratorium on loan repayments expires on August 31. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top private sector banks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% of loans under moratorium </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr></tbody></table>Source: Jefferies <div type="Article" hostid="261" msid="77758597" title="Loan moratorium still ends on Aug 31 while Supreme Court gives the government another week to clarify if accrued interest should be waived" mstype="2" mssubtype="0"></div> Bad loans or not, ICICI Bank has it covered Being a large private sector bank, JM Financial forecasts that ICICI Bank is likely to see limited impact from the moratorium even with 17.5% of loans opting to delay their interest payments. Even though margins dropped and there is a slowdown in credit demand, ICICI Bank still managed to post 36% yearly growth in profit at the end of the first quarter. Supported by core earnings, HDFC Securities estimates that ICICI Bank’s profit is likely to register a sharp 52% growth by the end of the year despite the volatility of 2020. <div type="Article" hostid="261" msid="77167522" title="ICICI Bank's gross bad loans drop to the lowest in 5 years" mstype="2" mssubtype="0"></div> The bank was lauded for ‘prudently’ using its gains from the treasury and stake sale in insurance arms by Motilal Oswal Securities. At the end of June, ICICI Bank’s COVID-19 related buffers amounted to ₹82.8 billion — covering 1.3% of loans. Merrill Lynch picks up ₹341 crore worth of ICICI Bank shares Betting on the bank's growth, Merrill Lynch Markets Singapore picked shares worth ₹341 crore from Societe Generale. Data with the Bombay Stock Exchange (BSE) shows that the block deal was more 90 lakh shares were sold at ₹378.6 apiece. This is the second time that Merrill Lynch has bought into ICICI Bank within the last six months. Earlier this month, the bank confirmed that it will be raising funds through a qualified institutional placement (QIP) of its equity shares at a floor price of ₹351.36 per share. It has since closed its QIP and raised ₹15,000 crore. <div type="Article" hostid="261" msid="77140214" title="Just like SBI, ICICI Bank has created a cash cushion in case bad loans rise" mstype="2" mssubtype="0"></div> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stake sale </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Value </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential Life </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 840 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Lombard </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 2250 crore </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/defense/news/china-fires-two-missiles-into-the-south-china-sea-and-asian-markets-feel-the-blow/articleshow/77777358.cms">China fires two missiles into the South China Sea and Asian markets feel the blow</a> <a href="https://www.businessinsider.in/defense/news/ladakh-will-be-the-front-to-hold-for-india-and-china-for-at-least-a-year-if-not-longer-as-per-experts/articleshow/77779668.cms">Ladakh will be the 'front to hold' for India and China for at least a year if not longer as per experts</a> <a href="https://www.businessinsider.in/science/space/news/mars-spotted-first-time-by-uae-hope-probe-on-its-maiden-voyage-in-space/articleshow/77775267.cms">UAE’s Hope probe spots Mars for the very first time on its maiden voyage through space</a>

ICICI Bank's share price is expected to surge as much as 34% in the coming year — despite having more loans under moratorium than other lenders

Mumbai, Apr 17 () The Covid-19 pandemic will lead to a deterioration in asset quality for Indian lenders, global ratings agency Standard &amp; Poor's (S&amp;P) said on Friday, cutting its outlook on private sector lenders Axis Bank and ICICI Bank to "negative". The agency said the economic recovery will be U-shaped, the risks for the banking sector remain on the downside and also warned of some rating downgrades because of the pandemic. It can be noted that since late 2014, with the asset quality review, the going has been difficult for the Indian banks which are now saddled with toxic debt of nearly Rs 10 lakh crore. Slower economic growth in the days leading to the outbreak was making a recovery difficult. "We expect Indian banks' asset quality to deteriorate, credit costs to rise, and profitability to decline," the agency said in a note. The agency added that it has revised the economic risk trend for the banking system to negative from stable earlier. The outlooks on both Axis Bank and ICICI Bank have also been revised down to "negative" largely due to the impact of the economic headwinds that they will be facing, but spared their peers like largest private sector lender HDFC Bank and Kotak Mahindra Bank. Ratings on both Axis Bank and ICICI Bank have been affirmed at the existing ones. "The negative outlook on ICICI Bank reflects our view that the bank is exposed to economic headwinds faced by India's banking system," it said, adding that the bank will maintain its strong market position and despite a deterioration, asset quality will also be better. On the outlook change for Axis Bank, it said, "The negative outlook on Axis reflects our expectation that heightened economic risks facing India's banking system will likely affect the bank's asset quality and financial performance." Axis Bank cannot get support from the government like the one which state-run lenders can enjoy, it said. The agency warned that it would downgrade both Axis Bank and ICICI Bank if stressed assets rise significantly beyond the system average over the next few quarters, and up the outlook to stable if the economic risks in India abate. In the case of HDFC Bank, it appreciated strong business franchise, better liquidity profile, comfortable capitalisation supported by strong earnings and the system-best asset quality, and added that the rating is capped by the sovereign rating. Kotak Mahindra Bank's robust capitalisation, strong management, and better than peers asset quality was also appreciated while affirming the ratings. AA ANSANS

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