Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<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="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

New Delhi, Jun 19 () <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> on Friday said it has divested 3.96 per cent stake in <keyword id="6437381" type="UNKNOWN" weightage="20" keywordseo="icici-lombard">ICICI Lombard</keyword> General Insurance Company for Rs 2,250 crore. Following this, the bank's shareholding in the insurer stands at approximately 51.9 per cent. While announcing its results for the quarter ended March 2020 on May 9, 2020, the bank had stated that it would look at further strengthening the balance sheet as opportunities arise. "Pursuant to the approval of its board, the bank has divested 18,000,000 equity shares of face value of Rs 10 each of <keyword id="42456" type="CITY" weightage="20" keywordseo="ICICI">ICICI</keyword> Lombard General Insurance Company," ICICI Bank said in a filing to BSE. This represents 3.96 per cent of its equity share capital at March 31, 2020, on the stock exchange for an approximate total consideration of Rs 2,250 crore, it said. SID SID ANS ANS

ICICI Bank reduces its stake in ICICI Lombard by 3.96%

<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

<ul><li><keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> launched WhatsApp banking services amid the Coronavirus lockdown.</li><li>The WhatsApp banking service allows users to avail several banking services while sitting at home.</li><li>Customers can view their balance, transaction history, credit card bill, etc.</li></ul>ICICI Bank announced the launch of banking services over the popular messaging app WhatsApp amid the nationwide lockdown to help its customers. The service is available to the bank’s retail customers and allows them to check their savings account balance, view the last three transactions, check their credit card limit, get details of pre-approved loans and block/unblock debit and credit cards. “We have introduced this service on WhatsApp, one of the most popular instant messaging applications in the world. Our retail customers can execute a host of their banking requirements on their own, without visiting a branch. The services are instantaneous and secure,” said Anup Bagchi, executive director of ICICI Bank. How to use ICICI WhatsApp banking To begin your chat with ICICI Bank, save the bank’s number – 9324953001 and send the message ‘Hi’ on WhatsApp from your registered mobile number. The bank will then reply with a list of available services. <div type="image" title="ICICI Bank" msid="74909503" hostid="261"></div> Services available through ICICI WhatsApp banking Check account balance To check your account balance, you can type the following keywords – ‘balance’, ‘bal’ and ‘ac bal’. View last 3 transactions To view the last 3 transactions on your account, type the following keywords – ‘transaction’, ‘history’ and ‘stmt’. Get the nearest ICICI Bank ATM and branch details To get information about the nearest ICICI Bank ATM and branch, type – ‘ATM’ and ‘branch’. View available credit limit and outstanding balance To view your available credit limit and outstanding balance, type – ‘cc limit’, ‘cc balance’ and ‘limit’. To block/unblock debit and credit cards To block or unblock your ICICI Bank debit or credit card, type – ‘block’, ‘unblock’ and ‘lost my card’ and follow the instructions. Get information about pre-approved instant loans To get information about pre-approved instant loans, type the keywords – ‘loan’, ‘home loan’, ‘instant loan’ and ‘personal loan’. Get information about available offers To get information about offers available to you, type – ‘offers’ and ‘discounts’. See also: <a href="https://www.businessinsider.in/business/telecom/news/how-reliance-jio-users-can-recharge-their-mobile-number-from-atm/articleshow/74885822.cms">Reliance Jio users can now recharge at bank ATMs, here’s how to do it</a> <a href="https://www.businessinsider.in/sports/news/list-of-indian-cricketers-coronavirus-donation/articleshow/74893037.cms">Rohit Sharma, Virat Kohli join the list of cricketers who have donated to fight Coronavirus</a> <a href="https://www.businessinsider.in/business/corporates/article/share-price-of-hdfc-bank-axis-bank-sbi-and-others-with-biggest-personal-loans-home-loans-and-auto-loans/articleshow/74907443.cms">Top Indian banks with the biggest chunks of loans to individual borrowers⁠— and coronavirus has triggered a huge risk</a>

ICICI Bank launched WhatsApp banking services amid the Coronavirus lockdown

<keyword id="128187" type="PERSON" weightage="20" keywordseo="Sandeep-Bakhshi">Sandeep Bakhshi</keyword>, ICICI Bank's MD &amp; CEO, is a staunch believer in creating value for all stakeholders. Under his leadership, the bank has been following the guiding philosophy of 'Fair to Customer, Fair to Bank', emphasizing the need to deliver on the promise of a fair value proposition for customers while effectively increasing shareholder value. Under his leadership, ICICI Bank is poised to emerge even stronger as a trusted financial service provider to its customers. Below are some interesting details about Bakhshi and his journey to becoming Managing Director &amp; CEO of ICICI Bank, one of the country's leading banks. Sandeep Bakhshi’s early career with ICICI Group Sandeep Bakhshi has been working with the ICICI Group for over the past three decades. He joined the erstwhile Industrial Credit and Investment Corporation of India (ICICI) Ltd in 1986. His rise in ICICI and later other companies in the group, including ICICI Bank, has been steady. He was hand-picked by his mentors — KV Kamath and N Vaghul -- to head different businesses within ICICI. His work responsibilities included business development, project appraisals, project monitoring, and business restructuring in the initial years. He was handed the charge of risk management for the Northern Zonal office. He subsequently looked after the corporate clients for the Northern and Eastern regions of ICICI. Journey with insurance subsidiaries Sandeep Bakhshi came to be known as the man most trusted to handle massive changes and tumultuous phases. He built the general insurance business from scratch, which he joined in 2002. He was chiefly responsible for grooming the company at a time when the insurance industry was at a nascent stage. Today, ICICI Lombard General Insurance Company is one of the country's largest private sector general insurance companies. Bakhshi was brought into the Bank in 2009 as Deputy Managing Director to fight rising delinquencies. After he deftly handled it, he was put in charge of ICICI Prudential Life Insurance Company in 2010. During his tenure at ICICI Prudential Life Insurance Company, Sandeep Bakhshi took charge of digital adoption, which resulted in disruptive changes across the industry. He is credited for taking the first insurance company in the country public. During Bakhshi's tenure, the Assets under Management (AUM) of ICICI Prudential Life Insurance Company rose to ₹1.4 lakh crore in 2018 from ₹57,319 crore in 2010. <div type="image" title="image1" msid="78597882" hostid="261" caption="&amp;lt;p&amp;gt;Sandeep Bakhshi ICICI Bank, MD &amp;amp;amp; CEO&amp;lt;/p&amp;gt;"></div> His management style and philosophy Throughout his career at ICICI Group, Sandeep Bakhshi, the current <keyword id="25344" type="ORGANIZATION" weightage="20" keywordseo="icici-bank-ceo">ICICI Bank CEO</keyword>, has maintained a customer-first approach, believing that the most vital part of any business is delivering the best products to the customer. He ardently follows the approach – “Fair to Customer, Fair to Bank” — which balances the importance of giving a fair proposition to customers while ensuring that the bank delivers value to its shareholders and stakeholders. He encourages independent thinking across teams, giving them the space to grow. Reforms at ICICI Bank under Sandeep Bakhshi’s leadership Good leaders can infuse organisations with fresh energy. Under Bakhshi’s leadership, the bank has gone through transformative cultural and structural reforms. He introduced the philosophy of “One Bank, One Team, One Goal” that has brought teams closer by breaking down symbols of hierarchy. These changes have been swift, decisive, and effective. Hobbies and interests Sandeep Bakhshi is a fan of vintage Bollywood, particularly old Hindi songs, and is a fan of SD Burman, OP Nayyar, and Madan Mohan. He also enjoys wildlife parks and visits around five to six sanctuaries a year. Leadership with passion His three decades at ICICI Group have only made him more passionate about his work. In an interview, Sandeep Bakhshi had said, “Every day I believe that I am in ICICI because I need ICICI. ICICI can get a 100 Sandeep Bakhshis, but for me, there is no better opportunity than ICICI. He knows the organisation inside-out and has the insights needed to guide it smoothly. Education Sandeep Bakhshi is a mechanical engineer from Punjab Engineering College, Chandigarh, and has a postgraduate degree in management from XLRI, Jamshedpur. He grew up in a defense services family.

What you didn’t know about Sandeep Bakhshi, ICICI Bank Chief

(Eds: Adding details) New Delhi, Mar 13 () <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> on Friday said it will invest Rs 1,000 crore in <keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> as part of the RBI's reconstruction plan for the crisis-hit lender. The decision was taken at ICICI Bank's board meeting held on Thursday. "The Board... accorded approval for an equity investment of up to Rs 10 billion in equity shares of Yes Bank Limited, comprising up to 1 billion equity shares at a price of Rs 10 per share, under the proposed Scheme of Reconstruction of Yes Bank Limited under the Banking Regulation Act, 1949, subject to regulatory and government approval," ICICI Bank said in a regulatory filing. This investment will result in ICICI Bank Ltd holding in excess of 5 per cent shareholding in Yes Bank, with the final shareholding to be determined based on the final Scheme of Reconstruction and share issuance thereunder, it added. The RBI superseded Yes Bank's board on March 5 and put the lender under a moratorium, restricting withdrawals to Rs 50,000 per account till April 3. Finance Minister Nirmala Sitharaman on Friday said the moratorium will be lifted in three days. On the cost of acquisition of shares in Yes Bank, ICICI Bank said it is for cash consideration of Rs 10 billion wherein it will acquire 1 billion equity shares of face value of Rs 2 at a premium of Rs 8 per share. ICICI Bank also clarified that this is not a related party transaction. Total assets of Yes Bank Ltd stood at Rs 3,46,576 crore as end of September 2019. The bank posted a net loss of Rs 486 crore for the first half ended September of the current fiscal year on a total income of Rs 17,421 crore. Yes Bank will on Saturday (March 14) announce its third quarter results, which was delayed amid the bank's capital raising plans. As per the RBI approved reconstruction plan for Yes Bank, the country's largest lender SBI will pick-up 49 per cent stake in the cash-strapped private sector lender by infusing Rs 7,250 crore. Also, SBI will have to maintain at least 26 per cent shareholding for three years. Briefing reporters after the cabinet meeting here, Sitharaman said the reconstruction scheme keeps at its core the protection of depositors' interest, providing stability to Yes Bank and keeping a stable financial environment and banking system. Stock of ICICI Bank closed at Rs 447.45 on BSE, up 5.28 per cent from the previous close. KPM ABM

ICICI Bank to infuse Rs 1,000 cr in Yes Bank as part of bailout plan

<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.

You Searched For "ICICI bank" and got 8 results

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

Katya Naidu

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

Bhakti Makwana

ICICI Bank reduces its stake in ICICI Lombard by 3.96%

PTI

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

Prabhjote Gill

ICICI Bank launched WhatsApp banking services amid the Coronavirus lockdown

Rounak Jain

What you didn’t know about Sandeep Bakhshi, ICICI Bank Chief

BI India Partner

ICICI Bank to infuse Rs 1,000 cr in Yes Bank as part of bailout plan

BI India Bureau

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

Prabhjote Gill

Popular Keywords

Buying Guides