RBI fines ICICI Bank Rs 3 crore for regulatory violations
The central bank said the action against the private lender was in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949
BusinessToday.In | May 3, 2021 | Updated 23:16 IST
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 3 crore against ICICI Bank for violating norms related to classification, valuation and operation of investment portfolio by banks.
The central bank said the action against the private lender was in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949.
Deja Vu for ICICI Bank investors: Will it be better this time?
According to Macquarie’s projections, ICICI Bank trades at an FY23 estimated price-book (P/B) multiple of 2.4 compared with 2.7 for HDFC Bank.
Synopsis
Investors would recollect that the last time ICICI Bank had reported better growth than HDFC Bank was in the mid-2000s when the former had taken an aggressive stance of growing the wholesale book.
ET Intelligence Group: The stock of ICICI Bank gained nearly 4% on Monday after the bank reported better loan book growth retail and overall than the larger peer HDFC Bank for the March quarter with improving asset quality. Given an additional COVID provision of Rs 1,000 crore, the bank is well placed amid the second wave of the pandemic. While it has been able to reduce the valuation gap with HDFC Bank over the past few quarters, the
ICICI Bank Profit Jumps 260% To Rs 4,403 Crore In March Quarter ICICI Bank Q4 Results: The country s leading private sector bank reported a three-fold jump in net profit at Rs 4,402.61 on Saturday, marking a 260 per cent year-on-year growth in the March quarter
Updated: April 24, 2021 6:41 pm IST
ICICI Bank Q4: The bank s total deposits grew 21 per cent year-on-year to Rs 932,522 crore ICICI Bank Limited reported a 260 per cent growth - a three-fold jump in net profit to Rs 4,402.62 crore for the January-March quarter in the financial year 2020-21, compared to Rs 1,221.36 crore in the year-ago period. The country s leading private sector lender reported a growth of 17 per cent in net interest income to Rs 10,431 crore during the quarter. ICICI Bank posted a net profit of Rs 4,940 crore in the preceding October-December quarter of fiscal 2020-21.
ICICI Bank Q4 preview: Lower provisions may lift profit by multifolds; stable NIM likely
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Kotak Securities expects ICICI Bank s profit to grow 313.50 per cent to Rs 5,050 crore from Rs 1,221.40 crore in the year-ago quarter.
Axis Securities estimates that ICICI Bank s profit will surge 315 per cent to Rs 5,069 crore, as it sees provisions falling 64.2 per cent YoY to Rs 2,139 crore.
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ICICI Bank is all set to report a multifold jump in net profit for March quarter, but the quantum would vary on the level of provision the private lender makes. Analysts are forecasting a 220-320 per cent surge in profit so far as they see provisions for the quarter falling by at least 50 per cent on YoY basis. They see stability in asset quality and net interest margin (NIMs) and a double digit growth in net interest income (NII).
NEW DELHI: ICICI Bank on Wednesday announced that it will cover the cost of inoculating about 1 lakh employees of the bank and their families against coronavirus.
The bank will provide Covid-19 vaccination for its employees and their immediate family members free of cost, it said in a release.
The initiative is aimed at safeguarding the lives of its employees and their dependent family members from the Covid-19 pandemic, said the lender, as also a humble gesture to appreciate the dedication, perseverance and passion portrayed by the employees to ensure seamless services to millions of customers during the pandemic. ICICI Bank will reimburse the cost of the two mandated vaccine shots for its employees and their dependent family members, said the private sector lender.