ICICI Bank Q2 profit falls 28% YoY; asset quality improves

ICICI Bank on Saturday posted a 27.90 per cent year-on-year (YoY) fall in net profit at Rs 654.96 crore for the quarter ended September 2019. It had posted a net profit of Rs 908.88 crore in the same period last year.

“Excluding the impact of one-time additional charge due to re-measurement of accumulated deferred tax, profit after tax would have been Rs 3,575 crore in Q2FY20 compared with Rs 909 crore in Q2FY19,” ICICI Bank said in a release.

Net interest income of the lender increased 25.53 per cent YoY to Rs 8,057 crore in Q2FY20 over Rs 6,418 crore in Q2FY19.

Asset quality of the lender improved with percentage of gross non-performing assets easing to 6.37 per cent during the quarter under review against 8.54 per cent in the corresponding quarter last year. The figure stood at 6.49 per cent in the preceding quarter ended June 2019.

Percentage of net NPA improved to 1.60 per cent from 3.65 per cent YoY. It was at 1.77 per cent for the quarter ended June 2019.

Provisions and contingencies declined 37.23 per cent YoY to Rs 2,506.87 crore in Q2FY20. Total expenditure of ICICI Bank, however, increased 22 per cent YoY to Rs 15,885.42 crore during the quarter under review.

Total capital adequacy ratio stood at 16.14 per cent as of September 2019.

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ICICI Bank posts profit in Q1 ; bank's NIM improves

ICICI Bank on Saturday reported profit of Rs 1,908 crore for June quarter compared with a loss of Rs 120 crore in the same quarter last year. Analysts had projected the profit figure in Rs 1,350-2,150 crore range. 

Net interest income (NII) for the quarter rose 27 per cent YoY to Rs 7,737 crore, which was better than 20 per cent growth brokerages were anticipating earlier. 

The NII figure included Rs 184 crore of interest on income tax refund compared with Rs 8 crore in the year-ago quarter. 

The largest private bank said its non-interest income, excluding treasury income, rose to Rs 3,247 crore compared with Rs 3,085 crore in the same quarter last year. 

Provisions for the quarter came in at Rs 3,496 crore against Rs 5,971 crore in the year-ago quarter. 

The gross additions to NPA were Rs 2,779 crore compared with Rs 4,036 crore in the year-ago quarter and Rs 3,547 crore in March quarter. Recoveries and upgrades of non-performing loans stood at Rs 931 crore. 

Gross non-performing assets (NPAs) for the quarter eases to 6.49 per cent from 6.70 per cent in March quarter and 8.81 per cent in the year-ago quarter. Net NPA also dropped to 1.77 per cent from 2.06 per cent in March quarter and 4.19 per cent in the same quarter last year.

Net interest margin (NIM) for the quarter rose to 3.61 per cent from 3.19 per cent YoY.

Fee income jumped 10 per cent YoY to Rs 3,039 crore. Retail fees accounted for 72 per cent of total fees, the bank said in a BSE filing. 

Treasury income stood at Rs 179 crore compared with Rs 766 crore YoY. The last year’s treasury numbers were aided by a gain of Rs 1,110 crore on sale of shareholding in ICICI Prudential Life Insurance.

The core operating profit excluding dividend income from subsidiaries climbed 25 per centto Rs 5,919 crore from Rs 4,725 crore YoY.

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ICICI Bank Q4 net profit down 5%

Private sector lender ICICI Bank today reported a 5% drop in net profit to ₹969 crore in the fourth quarter ended March 31, 2019, hurt by higher expenses. This was lower than₹2,129 crore profit expected by analysts. Total expenses jumped 18.1% to ₹14,680 crore. In comparison, the bank had posted a net profit of ₹1,020 crore in the same period last year. The bank's asset quality improved quarter on quarter while net interest income jumped 27% in the fourth quarter. ICICI Bank's shares today ended flat at ₹401 ahead of the earnings announcement.

Here are key highlights of ICICI Bank Q4 results:

The net NPA ratio decreased to 2.06% of advances as of March 31, 2019, from 2.58% at December 31, 2018

Net interest income (NII) increased by 27% year-on-year to ₹7,620 crore in Q4-2019 from₹6,022 crore in the quarter ended March 31, 2018 (Q4-2018).

NII in Q4-2019 includes ₹414 crore of interest on income tax refund.

The net interest margin was 3.72% in Q4-2019 compared to 3.40% in the quarter ended December 31, 2018

Provisions were ₹5,451 crore in Q4-2019 compared to ₹6,626 crore in Q4-2018

The gross additions to NPA were ₹3,547 crore in Q4-2019 as compared to ₹2,091 crore in Q3-2019. The gross NPA additions in Q4-2019 include an account in the sugar sector where the payment obligations are being met, which has been classified as non-performing pursuant to a regulatory interpretation communicated to banks relating to change in management.

Recoveries and upgrades of non-performing loans were ₹1,522 crore in Q4-2019

Fee income grew by 15% year-on-year to₹3,178 crore

Domestic loan growth at 17% year-on-year at March 31, 2019 driven by retail; tetail loans grew by 22% year-on-year and constituted 60% of the loan portfolio at March 31, 2019.

Provision coverage ratio (including technical/prudential write-offs) increased from 60.5% at March 31, 2018 to 80.7% at March 31, 2019.

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ICICI Bank Q3 profit down 3%

Private sector lender ICICI Bank posted a 2.7 percent year-on-year (YoY) drop in its December quarter net profit at Rs 1,604.91 crore. The asset quality also improved in Q3 with an improvement in both gross and net non-performing asset (NPA) ratio.

The bank said its net NPA ratio decreased to 2.58 percent in the December quarter from 3.65 percent in the September quarter. This is the lowest in the last 12 quarters. It was 4.2 percent in Q3FY18.

Gross NPA ratio dropped to 7.75 percent in the December quarter compared to 7.82 percent a year ago and 8.54 percent in the September quarter. Gross NPA additions decreased from Rs 3,117 crore in Q2FY19 to Rs 2,091 crore in Q3FY19, which the bank said was the lowest in the last 14 quarters.

Also read- Q3FY19 Results of all Public & Private Sector banks in India 

The bank also said gross NPAs amounting to Rs 4,063 crore were recovered/upgraded/resolved through sale in Q3. Provisions rose by 18.8 percent YoY to Rs 4,244 crore in the third quarter.

The bank's net interest income (interest earned minus expended) was up 21 percent YoY at Rs 6,875 crore in Q3FY19. The net interest margin was 3.4 percent in Q3FY19 compared to 3.33 percent in the year-ago period.

Non-interest income, excluding treasury income, was Rs 3,404 crore ($488 million) in Q3FY19 compared to Rs 3,101 crore ($444 million) in Q3FY18. · Fee income grew 16 percent YoY to Rs 3,062 crore ($439 million) from Rs 2,639 crore ($378 million) in the previous quarter. Retail fee constituted 73 percent of total fees.

CASA (current account savings account) deposits increased 15 percent YoY to Rs 2.99 lakh crore at the end of Q3FY19. CASA ratio was 49.3 percent at December 31, 2018, compared to 50.8 percent as of September 30, 2018, and 50.4 percent as of December 31, 2017.

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Top 10 Banks in India 2018

In India banking sector is one of the most regulated sectors in the economy. When Indian Government allowed private banks to operate in the nation many banks came into existence and gave a tough competition to various nationalized players. Private Banks won over most nationalized banks because of the quality of services they offered to their customers. With years, banks are also adding services to their customers. The Indian banking industry is passing through a phase of customers market. The customers have more choices in choosing their banks. A competition has been established within the banks operating in India. So, which banks provide the best services?

Although Indian banking is known as world’s best banking but we can’t point out any single bank which provides best banking among all. Because i don’t think that even a single person is satisfied with service sector industry. Our expectation is too high and always running on increasing trend. Like; all customers are not same, all banks are not same. The behavior of employees perceive in different manner by different people. Because due to competition there is a huge change can feel in working style of PSU & Private sector banks which covers only limited area & they have too many complaints also. So we can’t point out any single name. Nowadays banking industry is totally changed, I m talking about the service quality of PSU banks. Lots of customer centric approach is applied today, now banks are more concerned about the customer retention. So if we go through the customer service delivery system of bank of Baroda it will now at par with the peer banks. Their services is now become centralized, a new retail loan factory concept is introduced by the bank which will help to improve the quality of loan,it also reduces the delivery time and make it more customer friendly.

In Short, Try to obtain the benefits of monopolistic competition between PSUs and private sector banks. It is good for retail customers because they always have choice to shift their banking.

We are going to give rank to the banks as per belove Individual Parameters

• Disclosure about charges and interest rates
• Pro-active communication about new products/services
• Trustworthiness
• Complaint Resolution
• Wide ATM coverage
• Professionalism of the company
• Convenient banking hours
• Well-trained staff
• Courteous and friendly staff
• Faster service at branches
• Knowing the customer and their needs
• Good Internet banking
• Efficient processes
• Effective communication on developments
• Innovative company
• Good phone banking

Here’s the list:

1. HDFC Bank

HDFC was established as Housing Development Finance Corporation in the year 1994.The operations of the bank started in 1995 after it was scheduled as a commercial bank.The bank has served well since then and still continues to bring in more and more costumers with its phenomenal services. Bank’s distribution network was at 4,555 branches and 12,087 ATMs across 2,597 cities / towns. HDFC is the largest bank in India in terms of assets.The total assets of the bank are estimated to be around $66.7 Billion.The Current CEO of the bank is Aditya Puri.

2. State Bank Of India

The largest Indian Bank which has the maximum number of branches in the country as well as abroad.The Bank has many sub-branches as well which serve the maximum number of consumers in India.The Bank was nationalized in the year 1955.The total assets of the bank are much more than any other bank.As of 31 March 2018, SBI has more than 22400 branches,including 52 foreign offices spread across 36 countries and 59541 ATMs. 

3. Bank Of Baroda

Bank of Baroda is one of the largest public sector banks in India. The services of the bank have always been satisfying and par excellence. The bank was set up in 1908 and the current CEO of the bank is Mr. P. S. Jayakumar. The total assets of the bank are somewhat closer to $70 Billion. The bank has 5498 branches including  107 overseas branch and over 10441 ATMs including the ones outside India.

4. Axis Bank

The Bank was founded in 1993 and the headquarters resides in Mumbai, Maharashtra. It has more than 3700 branches in India.The bank was an investment of some prominent international companies.The total worth of the bank is $96 Billion.The bank is known for its hassle free services throughout the country. Bank has 3710 branches, 13,857 ATMs, and nine international offices.

5. Punjab National Bank

One of the oldest banks in the country, the establishment of the Punjab National Bank goes back to 1894, more than 100 years from now.This is one of the oldest public sector banks in India.The total assets of the bank are more than $101 Billion. Bank has over 6,983 branches and over 9598 ATMs nationwide. The Chief Executive Officer of the bank is Sunil Mehta.

6. ICICI Bank

ICICI stands for Industrial Credit and Investment Corporation of India and it was established in 1994.It is one of the best banks in the country with assets worth more than $160 Billion. Sandeep Bakhshi works as the CEO of the bank.The Bank has been operational in 18 countries as of now.The Bank also acquired Bank of Rajasthan in the year 2010. ICICI has adopted a Go Green initiative in which it has started most of its operations in electronic form.Even the bank statements are sent via e-mails. Bank has a network of 4867 Branches and 14,417 ATM's has a presence in 19 countries including India.

7. Kotak Mahindra Bank 

Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai, Maharashtra, India. In February 2003, Reserve Bank of India (RBI) issued the licence to Kotak Mahindra Finance Ltd., the group's flagship company, to carry on banking business. Kotak Mahindra Bank has a network of 1425 branches across 689 locations and 2,363 ATMs in the country (as of 31 March 2018). In 2018, it is the second largest private bank in India by market capitalization after HDFC Bank.

8. Canara Bank

Like other major public sector banks, Canara Bank is also state owned and was set up in the year 1906 by Subba Rao.The headquarters of the Bank reside in Bengaluru, Karnataka. The Bank provides hassle free service to its customers . Bank has revolutionized its services and spreads its hands more to cover more areas.As per the data of 2018, the Bank has 6212 branches and 9395 ATMs across the nation.The total assets of the bank $88 Billion which are set to increase in the coming years.

9. Bank Of India

Bank of India is one of the major public sector banks in India.The bank became government owned after the nationalization of Banks in 1969, though the bank was founded much before that in 1906.CEO of Bank of India is Dinbandhu Mohapatra. The total assets of the bank are around $97 Billion .Bank of India has 5127 branches as on 31 May 2018, including 29 offices outside India and more than 7000 ATMs nationwide.

10. IDBI Bank 

IDBI stands for Industrial Development Bank Of India and was established in the year 1964. It is a Public sector bank. The total assets of the bank reach to about $50 Billion. There are 1916 branches including one overseas branch at Dubai and 3276 ATMs across the country. Investment Banking and Agro-Loan facilities are the USP of the bank. Mr. Maheshkumar K. Jain is the Chief Executive Officer of the Bank.

So, guys this was some very basic information about the Top Banks in the Country. We just hope to satisfy you with whatever we write and you can also help us improve by giving the feedback to our written posts.If you loved our writings, do share it with your friends.

(data as on 31st May,2018)

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ICICI Bank profit declines 56%, misses estimates

ICICI Bank Ltd on Friday said its second quarter net profit dropped 55.84% on the back of lower other income and higher gross non-performing assets.

The bank posted a net profit Rs 908.88 crore for the three months ended 30 September, compared with Rs 2,058.19 crore in the year-ago period. Profit was lower than Rs 949.30 crore estimated by a Bloomberg poll of 20 analysts.

Other income, which includes core fee income, dropped 39.14% to Rs 3,156.49 crore in the three months, from Rs 5186.24 crore a year ago.

Gross non-performing assets grew 22.48% to Rs 54,488.96 crore during the second quarter, against Rs 44,488.54 crore in the same period last fiscal.

Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 12.41% to Rs 6,417.58 crore, from Rs 5,709.07 crore.

Gross non-performing assets (NPAs), as a percentage of total advances, were at 8.54% in the September quarter, compared with 8.81% in the June quarter and 7.87% a year ago. Provisions during the quarter decreased 11.30% to Rs 3,994.29 crore, against Rs 4,502.93 crore in the year-ago quarter. In the April-June quarter, the bank had set aside Rs 5971.29 crore as provisions.

Post-provision, the net NPA ratio was at 3.65% against 4.19% in the April-June quarter and 4.43% in the year-ago quarter.

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ICICI Bank appointed new MD and CEO after Chanda Kochhar quit

ICICI Bank has appointed Sandeep Bakhshi as the new Managing Director (MD) and CEO after Chanda Kochhar quit the bank. The bank accepted Kochhar’s early retirement and appointed Bakshi in her place.

Bakhshi held the position of the COO of ICICI Bank. He was put at the helm by the board after it asked Kochhar to go an extended leave pending an internal investigation into charges of impropriety in her role in the Videocon loan case.

Who is Sandeep Bakhshi ?

This is not the first time that Bakhshi has been asked to handle a crisis. In 2008, Bakhshi was brought in by the bank from ICICI Lombard as the bank was fighting rising delinquencies. After he deftly handled the crisis, Bakhshi was put in charge of ICICI Prudential Life in 2010. Bakhshi’s leadership saw ICICI Prudential’s Assets under Management (AUM) rise to Rs 1.4 lakh crore in 2018 from Rs 57,319 crore.

Sandeep Bakhshi is an ICICI veteran who has spent over 30 years with the financial behemoth. Bakhshi joined ICICI in 1986 at a time when it was just a development financial institution. He has seen the financial institution evolve into full-fledged bank. He built the general insurance business from scratch, which he joined in 2002. He also groomed a start-up when nobody understood insurance, which is today the largest private sector general insurer.

“He is close to the business and only one who knows corporate banking, retail banking, life insurance and general insurance,” said Kamesh Goyal chairman Digit Insurance.

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ICICI Bank posts first ever net loss since listing

ICICI Bank reported a net loss of Rs 119.5 crore in the first quarter of FY19 compared to a profit of Rs 2,049 crore in the same quarter last year.

This is the first loss reported by the bank since listing in 1998.

The net interest income or NII, the difference between interest earned and expended, was up 9 percent at Rs 6,102 crore from Rs 5,590 crore. Provisions were up 129 percent year-on-year (YoY) at Rs 5,971 crore. However, it was down 10 percent quarter on quarter (QoQ). Recoveries for the quarter were at Rs 2,036 crore.

A Reuters' poll estimated the lender’s net profit to fall 31 percent to Rs 1,422 crore. A Motilal Oswal report had projected the net profit to fall about 7.3 percent to Rs 1,900 crore. Provision Coverage Ratio improved to 66.1 percent versus 53.6 percent QoQ.

Net Interest Margin (NIM), the difference between the interest income generated and interest paid to lenders, was at 3.19 percent from 3.24 percent QoQ. The non-interest income, excluding treasury income, was Rs 3,085 crore in Q1FY19 compared to Rs 2,530 crore a year ago. The fee income grew 16 percent YoY to Rs 2,754 crore.

CASA deposits increased by 16 percent YoY to Rs 2.76 lakh crore. The CASA ratio was 50.5 percent at the end of Q1 compared to 49 percent a year ago. Total deposits increased by 12 percent YoY to Rs 5.46 lakh crore.

NPAs

Gross non-performing assets (GNPA) improved to 8.81 percent from 8.84 percent QoQ. Net non-performing assets improved to 4.19 percent from 4.77 percent QoQ.

In absolute terms, GNPA was Rs 53,465 crore for the quarter compared to Rs 54,063 crore in the March quarter. Net NPA was Rs 24,170 crore compared to Rs 27,886 crore QoQ.

While the gross additions to NPA at Rs 4,036 crore ($589 million) were the lowest in the last 11 quarters, additional provisions on existing NPAs as per Reserve Bank of India (RBI) guidelines (aging-based provisions and provisions for cases directed by RBI to be referred to the National Company Law Tribunal) resulted in total provisions of Rs 5,971 crore ($872 million) and a net loss of Rs 120 crore (US$ 18 million) in Q1-2019, the bank said.

The Bank had classified three borrower accounts in the gems and jewellery sector with fund-based outstanding of Rs 289.45 crore through profit and loss account and around Rs 505.42 crore by debiting reserves and surplus, as permitted by RBI.

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ICICI Bank Q4 profit down 50% as bad loans surge

ICICI Bank Ltd, India’s third-largest lender by assets, posted a near 50% drop in its fourth-quarter net profit as its provisions for bad loans surged.

Net profit for the three months to 31 March fell to Rs1,020 crore ($151.94 million) from Rs2,025 crore a year earlier, the bank said in a statement on Monday.

Twelve analysts on average had expected the company to post a net profit of Rs1,077 crore, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans was 8.84% at the end of March, compared with 7.82% at the end of the previous quarter and 7.89% a year earlier.

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PNB fraud case: SFIO calls ICICI Bank CEO, Axis Bank MD

Serious Fraud Investigation Office (SFIO) has issued notices to ICICI Bank's CEO Chanda Kochhar and Axis Bank's Managing Director Shikha Sharma in the Punjab National Bank (PNB) scam worth Rs 12,700 crore.

They were asked to appear in the Mumbai SFIO today. The investigative body has authorised them to send representatives in case they are not able to appear themselves.

The representatives from Axis Bank arrived at SFIO some time back for being questioned and have left now. Shikha Sharma was not present. Meanwhile, ICICI Bank representatives are yet to come.

BSE has sought clarification from ICICI Bank and Axis Bank with respect to the news, but both the banks have not responded yet.

The Enforcement Directorate told that Choksi and Modi diverted money to related companies.The ED has also traced some of the money being routed back to the banks for re-issuing letter of undertaking, or LoUs.

A consortium of 31 banks led by ICICI Bank has loans close to Rs 5,200 crore to Mehul Chokshi's Gitanjali Group. Nirav Modi firms Stellar Diamond and Solar Exports and Diamonds have together borrowed close to Rs 4,000 crore from banks.Separately, the ED is also investigating the planned listing of Choksi's Nakshtra World, and Modi's Firestar International.

The Enforcement Directorate (ED) is hoping to recover Rs 3,000-4,000 crore from the real estate assets seized from Nirav Modi and Mehul Choksi, sources told Moneycontrol.

This is in addition to the diamonds and precious stones seized by ED from the two groups, which is valued at Rs 5,816 crore. The ED’s estimate of the value of precious stones seized from the two groups is based on the stock value, which is always higher than the market value of the stones.

PNB had informed stock exchanges about the Rs 11,400 crore worth of unauthorised transactions at its Brady House branch based on forged letters of undertaking (LoUs).

The bank had alleged that two of its officials had issued the forged LoUs, which allowed the Gitanjali group and Nirav Modi group of companies to borrow money from overseas banks, with PNB as the guarantor of the loans.

Source- Moneycontrol

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ICICI Bank Q3 result, net profit falls 32%

ICICI Bank Ltd on Wednesday reported a 32.42% fall in fiscal third-quarter profit as the bank set aside more money to cover the risk of default on bad loans.

Net profit fell to Rs1,650.24 crore in the quarter ended 31 December from Rs2,441.82 crore a year ago. According to 26 Bloomberg analyst estimates, the bank was expected to post a net profit of Rs1,902.50 crore.

Provisions and contingencies rose 31.59% to Rs3,569.56 crore from Rs2,712.70 crore a year ago. On a quarter-on-quarter, they fell 20.73% from Rs 4,502.93 crore.

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ICICI Bank Probationary Officers (PO) Recruitment 2018

The ICICI Bank is inviting online applications from eligible aspirants for the Post Graduate Diploma in Banking (PGDB) Programme 2018, an initiative of ICICI Bank in partnership with Manipal University. As ICICI is a private sector bank, NO IBPS Score required to apply and there is NO APPLICATION FEE either. Check below for more details.

Posts: Probationary Officers (POs)

Programme Structure

The programme structure is as follows:

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Moody’s affirms ratings of 9 banks, downgrades IOB, Central Bank of India

Global rating agency Moody’s today affirmed ratings of nine banks, including Bank of India, Punjab National Bank and Axis Bank, at Baa3/Prime-3, and downgraded the ratings of Indian Overseas Bank and Central Bank of India to Ba3 from Ba1. Other banks whose rating was affirmed are Bank of Baroda, Canara Bank, Oriental Bank of Commerce, Syndicate Bank, Union Bank of India and ICICI Bank. “We continue to position the rated public sector banks in the “very high” government support bucket, reflecting the systemic importance of public sector banks in the country,” Moody’s said in a report.

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ICICI Bank Q2 profit down 34%

ICICI Bank Ltd on Friday reported a larger-than-expected decline in September quarter net profit because of a smaller one-time gain and said it expects bad loan additions in the current financial year to be lower than last year’s.

Net profit in the quarter fell 33.7% from a year ago to Rs2,058.19 crore from Rs3,102.27 crore. The bank had been expected to post a profit of Rs2,570.10 crore, based on a Bloomberg poll of 21 analysts.

Net interest income (NII), or the core income a bank earns by giving loans, increased 8.7% to Rs5,709.07 crore from Rs5,253.27 crore a year ago. So-called other income declined 43.13% to Rs5,186.24 crore from Rs9,119.68 crore.

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ICICI Bank Q1 profit dips 8%

ICICI Bank Ltd, India’s second largest lender by assets, on Thursday reported an 8.2% decline in June quarter net profit on a surge in bad loans and slow credit growth.Net profit in the fiscal first quarter fell to Rs2,049 crore from Rs2,232.35 crore a year ago. The bank had been expected to post a profit of Rs2,001.50 crore, based on a poll of 20 analysts by Bloomberg.

Advances remained largely unchanged at Rs4.64 trillion from a quarter ago. Deposits fell 0.77% to Rs4.86 trillion on a sequential basis.Gross non-performing assets (NPAs) jumped 56.5% to Rs43,147.64 crore at the end of June from Rs27,562.93 crore a year ago. On a quarter-on-quarter basis, NPAs rose 1.4% from Rs42,551.54 crore.

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ICICI Bank Q4 result, Profit jumps to Rs2,025 crore

ICICI Bank, the country's largest private sector lender, has reported a 188.4 percent (nearly 3-fold) growth in fourth quarter profit at Rs 2,024.6 crore compared with Rs 702 crore in same quarter last fiscal. The growth was largely driven by net interest income and lower provisions despite sharp fall in other income and operating income.

Net interest income, the difference between interest earned and interest expended, grew by 10.3 percent to Rs 5,962.2 crore year-on-year, with loan growth of 6.65 percent at Rs 4.64 lakh crore.Deposits at the end of March quarter stood at Rs 4.9 lakh crore, a growth of 16.3 percent over same quarter last year.

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Top 10 Private Banks in India 2017

Banking corporations are considered as the most prominent institution if we talk about private sector firms. We have scrutinized Top 10 Private Banks In India 2017 for the customers who are looking for best private banks with high interest rate. Now your wait is over, check out below given amazing private banking corporations along with saving accounts and interest rate details. The Private Banks Have earned popularity amongst people and achieved a special niche in the world of banking. These banks are known for highly competitive outlook and technological superiority. Check Out private Banks in India from below This Page.

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Top 10 banks in India 2017

In India banking sector is one of the most regulated sectors in the economy. When Indian Government allowed private banks to operate in the nation many banks came into existence and gave a tough competition to various nationalized players. Private Banks won over most nationalized banks because of the quality of services they offered to their customers. With years, banks are also adding services to their customers. The Indian banking industry is passing through a phase of customers market. The customers have more choices in choosing their banks. A competition has been established within the banks operating in India. So, which banks provide the best services?

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ICICI Bank Q3 result, Profit falls 19% to Rs2,441.82 crore

ICICI Bank on Tuesday reported a 19.09% decline in net profit for the December quarter as bad loans climbed.

Net profit for the quarter stood at Rs2,441.82 crore against Rs3,018.13 crore a year ago. According 20 analysts polled by Bloomberg had made a forecast a net profit of Rs2,466.7 crore.Net interest income (NII) or the core income a bank earns by giving loans fell marginally by 1.64% to Rs5,363.35 crore from Rs5,452.96 crore last year. Other income fell 6.61% to Rs3,938.31 crore from Rs4,216.88 crore in the same period last year.

Provisions and contingencies fell 61.7% to Rs2,712.70 crore in the quarter from Rs7,082.69 crore a quarter ago. On year on year basis they fell 4.62% from Rs2,844.05 crore.Gross NPAs (non performing assets) or bad loans rose 17.21% to Rs3,7716.73 crore at the end of the December quarter from Rs3,2178.60 crore in the September quarter. On year on year basis they jumped 78.34% from Rs21,149.19 crore.

As a percentage of total loans, gross NPAs stood at 7.91% at the end of the December quarter as compared to 6.82% in the previous quarter and 4.72% in the year ago quarter.Net NPAs were at 4.35% in the December quarter compared to 3.57% in the previous quarter and 2.28% in the same quarter last year.Deposits rose 14.23% to Rs4.65 trillion while advances rose 5.21% to Rs4.57 trillion.

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