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ICICI Bank Q2 result, net profit up

November 07, 2016 ICICI Bank, Private Banks, Q2 Results, Q2FY17, Results No comments

ICICI Bank Ltd, India’s biggest private-sector lender by assets, reported a 2.4% rise in second-quarter net profit on Monday, due to lower tax expenses while its provisions surged more than seven times.

Standalone net profit rose to Rs3,102 crore ($465 million) for the three months to 30 September from Rs3,030 crore a year earlier, well above the Rs2,565 crore average of 26 analyst estimates, according to Thomson Reuters data.

Bad loans as a percentage of outstanding loans rose to 6.82% at the end of September from 5.87% at the end of June.

Indian banks were saddled with $138 billion of stressed loans as of the end of June. While state-owned lenders account for bulk, ICICI has the highest proportion among private sector banks.

The amount of bad loans has surged this year after an asset quality review ordered by the Reserve Bank of India uncovered more than previously calculated.

The central bank has set a March 2017 deadline for the sector to fully disclose and make provisions for those.

ICICI’s provisions, which include charges for bad loans, jumped to Rs7,083 crore in the September quarter from Rs2,515 crore three months earlier and more than seven times higher than a year earlier.

ICICI Bank Q1 Result, profit falls 25% to Rs2,232.35 crore

July 29, 2016 ICICI Bank, Public sector banks, Q1 Results, Q1FY17, Results No comments

India's largest private sector lender ICICI Bank's April-June quarter standalone profit fell sharply by 25 percent year-on-year to Rs 2,232.4 crore, dented by jump in provisions, but was ahead of estimates.

Net interest income, the difference between interest earned and interest expended, grew only by 0.9 percent to Rs 5,158.5 crore on year-on-year basis, which missed analysts' expectations. Profit was estimated at Rs 2,127.7 crore and net interest income Rs 5,342.6 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18.

Advances for the quarter increased by 12 percent year-on-year to Rs 4.49 lakh crore with retaining strong retail loan growth of 22 percent (that constituted about 46 percent of total loan portfolio), the private sector lender said, adding deposits grew by 15 percent to Rs 4.24 lakh crore with CASA deposits growth of 18 percent.

Net interest margin remained under pressure, falling to 3.16 percent in June quarter from 3.37 percent in March quarter. Provisions for bad loans during the quarter shot up significantly by 163.2 percent on yearly basis to 2,514.5 crore but sequentially fell 24.4 percent from Rs 3,326.2 crore.

Provision coverage ratio declined to 57.1 percent in June quarter from 61 percent in preceding period. Profit for the quarter was partly supported by other income and lower tax cost. Non-interest income (other income) for April-June quarter increased 14.7 percent to Rs 3,429.3 crore and operating profit grew by 3.5 percent to Rs 5,214.7 crore compared with year-ago period while tax expenses plunged 57.7 percent to Rs 467.9 crore.

ICICI Q4 profit tanks 76% on exceptional provision, NPA worsens

April 29, 2016 ICICI Bank, Private Banks, Q4 Results, Q4FY16, Results No comments

ICICI Bank 's fourth quarter earnings shocked the street on Friday with profit falling sharply by 76 percent to Rs 702 crore, impacted by exceptional provisioning of Rs 3,600 crore.

Strong other income, operating profit and tax refund helped the company make profit during the quarter.

Net interest income, the difference between interest earned and interest expended, grew by 6.4 percent to Rs 5,404.51 crore on yearly basis, supported by loan growth of 12 percent. The bank has continued to see robust growth in its retail business resulting in a year-on-year growth of 23 percent in the retail portfolio that constituted about 47 percent of loan portfolio while deposits growth was 16.5 percent in Q4.

"We are targetting domestic loan growth of 18 percent in FY17," Chanda Kochhar, CEO and MD said while addressing press conference. The country's largest private sector lender missed analysts' expectations on all counts. According to analysts polled by CNBC-TV18, profit was estimated at Rs 3,115.1 crore (6.6 percent growth YoY) and net interest income at Rs 5,565.2 crore crore (9.6 percent growth YoY) for the quarter.

ICICI Q3 net profit up 5%; provisions rise 190%, asset quality worsens

February 13, 2016 ICICI Bank, Private Banks, Q3 results, Results No comments

Private sector lender ICICI Bank 's third quarter profit increased 4.5 percent year-on-year to Rs 3,018 crore, dented by steep increase in provisions but supported by other income and operating profit.

Net interest income, the difference between interest earned and interest expended, rose 13 percent to Rs 5,452.96 crore in quarter ended December 2015 compared to Rs 4,811.7 crore in year-ago period, driven by loan book, which was in line.

Advances increased 15.8 percent to Rs 4.35 lakh crore in Q3 compared to Rs 3.75 lakh crore in corresponding quarter of last fiscal, ICICI said, adding domestic advances grew by 20 percent year-on-year.

Top 10 Private Banks in India 2016

February 01, 2016 Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IndusInd Bank, J & K Bank, Karur Vysya Bank, Kotak Mahindra Bank, Private Banks, Top Banks, Yes Bank No comments

In Indian economy Private bank is the most regulated sector and most of the citizens prefer private banks because these banks provide quality services to their customers. They generate more profit than most of the nationalized banks and thus these banks have great importance in countries national income. These banks are famous for quality based products and customer centric service. If you are hungry for the best private sector banks, then don’t miss to read this article. Here is a valuable list of top 10 best private banks India.

1. HDFC Bank

HDFC Bank or Housing Development Finance Corporation Limited is the number one bank in India according to the market capital and is in 5^th position according to assets value. It is the first private bank in India that received RBI approval to establish a bank. It has more than 3200 branches all over India and 12000+ ATM’s. At present the bank is dealing these services: FOREX services, Loans, Insurance, Credit cards, Private Banking, Premium Banking etc.

2. ICICI Bank

According to the quantity of assets, ICICI Bank or the Industrial Credit and Investment Corporation of India is the 2^nd largest private bank that was formed in 1994. In 2014, the bank was awarded with the best bank by Global Business Development. The bank has current assets value is 99 billion USD and all over India it has 3540 branches and 11200 ATM’s. At present the bank is dealing these services: Privilege Banking, NRI Accounts, Credit cards, Insurance, Loans, etc.

3. Axis Bank

Formally known as UTI Bank, Axis bank is also a leading private bank in India that is operating its service from 1994. It occupies 3^rd position in Indian banking market. This bank deals with the services like: customer and corporate banking, insurance and finance, credit cards, mortgage loans, investment banking, wealth management, credit cards etc.

4. Kotak Mahindra Bank

Formally the bank was known as Kotak Mahindra Finance Limited and was established in 1995 and got license to run banking business in 2003. The bank is available not only in Metro Cities but available also in Tier-2 cities. At present the bank is dealing these services: NRI Banking, Privileged Banking, Insurance and Finance, Wholesale Banking etc.

5. Yes Bank

In the list of 10 top best banks, Yes bank occupies 6^th position. In January 2004, the bank was founded by Rana Kapoor and it’s headquarter is in Mumbai. This is one of the fast growing private banks in India with 500 branches in more than 350cities. In 2013 the bank was awarded with Golden Peacock Award for its Corporate Social Responsibility. At present the bank is dealing these services: Commercial Banking, Corporate and Institutional Banking, Investment Banking, Branch Banking etc.

6. Federal Bank

This bank was founded in the year 1947 and was formally known as Travancore Federal Bank. The founder of this bank is Mr. K P Hormis. The bank has more than 1000 branches all over the country. From its first day of operation the bank is striving for excellence in customer service. At present the bank is dealing these services: Insurance and NRI Banking, Corporate Banking, Loans etc.

7. Karur Vysya Bank

Karur Vysya Bank is also a well-known figure in this top 10 best private bank list. The bank was founded by M.A. Venkatarama Chettiar and Athi Krishna Chettiar in 1916. It’s headquarter is in Karur, TamilNadu. This is also a scheduled commercial bank in India that is famous for excellent customer service. Karur Vysya Bank has more than 550 branches in 18 states.

8. IndusInd Bank

The bank was founded in 1994 by Srichand P. Hinduja. He was the Chairman of the Hinduja Group. It’s headquarter is in Mumbai, Maharashtra. The name of the bank came from the name of the Indus Valley Civilization. This bank is better known for retail banking.

9. J&K Bank

This bank was founded in 1938 in Srinagar and started its operation in 1939. For four decades it has a record of continuous profit.

10. Bandhan Bank

It is an Indian banking and financial services company. It’s headquarter is in Kolkata. Along with IDFC Bandhan is also the newest private bank in India. Bandhan receives its license from RBI in 2014 and started its operation in early 2015.