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I CICI Bank's net profit fell by 13 per cent to Rs 1,101 crore for the quarter ended December 31, 2009 from Rs 1,272 crore in the year ago quarter mainly due to treasury losses. The bank suffered a loss of Rs 26 crore in treasury income, against a profit of Rs 976 crore last year, due to a rise in bond yields. The assets shrank Rs 23,000 crore in the last nine months to Rs 3,56,228 crore. The bank managed to bring down its cost of funds to 5.4 per cent (6.5 per cent) as it shed high-cost and bulk deposits and increased low-cost Current Account Savings Accounts (CASA) deposits. In the third quarter, the bank shed about Rs 10,000 crore worth of high-cost deposits

ICICI Bank reported a 68 per cent rise in consolidated net profit to Rs 1,036 crore during the quarter-ended June, 2009, as against Rs 617 crore in the corresponding period last year. The increase was despite a 0.2 per cent decline in consolidated income to Rs 14,615 crore, which was attributed to market-linked businesses such as insurance. Total income fell 2 per cent to Rs 9,223 crore and net interest income was down 5 per cent to Rs 1,985 crore during the quarter ended June 30. The bank attributed the decrease in net interest income to the 11.6 per cent fall in advances. Though treasury income of Rs 714 crore during April-June this year, as against a Rs 594-crore loss in the corresponding period last year, helped the bank, an all-round reduction in cost also boost its bottom-line in the first quarter of 2009-10. What also helped was a write back of some of the mark-to-market losses that the bank had taken on its books last year. With the bank going slow on fresh lending, advances at...

Business Standard ICICI won't grow its balance sheet for another year BS Reporters / Mumbai April 30, 2009, 0:20 IST ICICI Bank, the country’s second-largest lender, is not looking to expand its balance sheet for the second year in a row and intends to reduce the share of unsecured loans. he bank expects to still lend at least Rs 30,000 crore, which is close to the loan repayments it gets every year. During 2008-09, the bank’s loan book shrank by 3.2 per cent. “We get a lot of repayments every year, which is close to Rs 30,000 crore and even if we keep our balance sheet constant, we will do at least Rs 30,000 crore of lending, if not more,” Chanda Kochhar, who takes over as managing director & CEO of the bank on Friday, told Business Standard. She said the bank would step up lending after it reworked its cost arithmetic by increasing the share of current and savings bank account (Casa) balances to one-third of the deposit base. “The implementation of my strategy is in two phase...

ICICI Bank on Saturday posted 35.30 per cent decline in net profit at Rs 744 crore for the quarter ended March 31, 2009. The bank's profit stood at Rs 1,150 crore in the same quarter in the previous fiscal. Total income during the quarter stood at Rs 9,203 crore compared to Rs 10,391 crore in the same period last year, the bank said in a release here.

 ICICI Bank reported a consolidated net profit decline of 27.44% y-o-y to Rs 651.48 crore for the quarter ended September 2008. Consolidated revenues went up 12.56% to Rs 15,590.46 crore. On a standalone basis, ICICI Bank has posted a 1.09% rise in net profit at Rs 1,014 cr for the second quarter, as compared to Rs 1,003 cr during the same period last year. During the July-September quarter, the bank's net interest income increased 20% to Rs. 2,148 cr from Rs. 1,786 cr for the corresponding period a year ago. The bank said it has expanded its current and savings account (CASA) base to 30% of total deposists during the second quarter, as against 25% a year ago. During the quarter the bank's fee income increased 26% to Rs. 1,876 cr, as comapred to Rs. 1,486 cr for the same period last year.  The bank's capital adequacy at the end of September 2008 stood at 14.01%, with Tier-1 capital adequacy being at 11.03%.  The bank has seen a reduction in costs by 12 per cent on a year-on...

Bank suffers MTM losses on credit derivatives exposure; Q4 net profit rises 39 per cent. ICICI Bank today said it has made additional provisions of around $45 million (Rs 180 crore) for mark-to-market losses (MTM) on its credit derivative obligations (CDOs) and credit-linked note (CLN) portfolio during February and March 2008. This takes the bank's total provision for these instruments to $170 million (Rs 680 crore) during the year. "We have no sub-prime assets but only exposure to CDOs and CLNs. We have seen no deterioration of our portfolio. The provisioning is only for the MTM losses due to widening of credit spreads. In fact, post March 31, the credit spreads have tightened and we have made a saving of $16 million (Rs 64 crore)," Chanda Kochhar, joint managing director and chief financial officer, said. For the fourth quarter of 2007-08, India's largest private bank reported a 39 per cent growth in net profit to Rs 1,150 crore, as against Rs 825 crore in the co...

ICICI Bank has suffered marked to market losses of $264.3 million (about Rs 1,056 crore) on account of exposure to overseas credit derivatives and investments in fixed income assets, it was disclosed in the Rajya Sabha on Tuesday. These losses are as on January 31, 2008, said Mr Pawan Kumar Bansal, Union Minister of State for Finance, replying to a question in the upper house. Marked to market losses happen when the current market value of an asset is lower than its acquisition value, requiring the holder of the asset to make a provision equivalent to the difference. Following this disclosure by the Minister, ICICI Bank shares tanked by 9.3 per cent to Rs 929 intra-day but recovered substantially later on clarification issued by the bank. The stock ended the day at Rs 971.60, down 5.16 per cent from the previous close. A notice to the stock exchanges later in the day said, ICICI Bank and its overseas banking subsidiaries have an aggregate exposure of $2.2 billion in credit derivatives....

Stocks to watch on Monday (The Economic Times 21th Jan 2008) Tata Motors, Britannia, Mirc Electronics, Binani Cement,Parsvnath Developers, ICICI Bank, Ruchi Soya, Bliss GVS Pharma Equities are likely to remain under pressure following weakness in the global markets on fear of recession in the US economy. US stocks tumbled on Friday on worry that a White House effort to boost the economy may not prevent a recession. Stocks erased earlier gains after President Bush said a government plan to stimulate the economy should be about 1 percent of gross domestic product, or as much as $150 billion. Back at home, in a development signalling the imminent acquisition of Ford’s European brands Jaguar and Land Rover, Tata Motors has started talks with a host of banks to raise funds to finance the purchase. Calyon Bank, Standard Chartered Bank, ABN Amro, ICICI and SBI are believed to be in talks with Tata Motors. Shares of Tata Motors closed 3.35 per cent down at Rs 712.20. More

IBM wins $150-m Bharti Airtel contract (The Hindu Business Line 21th Jan 2008) In a bid to boost its triple play platform, Bharti Airtel has awarded a $150-million contract to IBM to provide IT solutions and services to support broadcasting services such as DTH and IPTV. Bharti had already outsourced its IT requirement for the telecom business and the new deal is aimed at providing a one-stop experience spanning mobile, PC and television. IBM will bring in its global expertise in areas including the telemedia business, distribution, enterprise segments and business resilience. The new agreement is estimated at $150 million. On the new agreement, Dr Jai Menon, Director-IT & Innovation, Bharti Airtel, said, “We intend to continue to build upon the success of the principle of utility computing, on which we had structured our partnership with IBM.” More Banks gearing up to design special loans for Nano (The Hindu Business Line 21th Jan 2008)The ‘Nano’ phenomenon has opened up a new ca...

ICICI may cut home loan rates in Q1 FY'09 (Business Standard 14th Jan 2008)Home loan consumers in India may get some good news in the months to come with country's biggest private lender ICICI Bank saying it could cut interest rates in the first quarter of next fiscal.Lower rates would not be only for new customers, but existing floating-rate clients also, ICICI Bank's Managing Director and CEO K V Kamath told PTI in an interview. More

ICICI Bank hits new high on plans to list subsidiaries (The Hindu Business Line 11th Jan 2008)Share prices of ICICI Bank surged to an all-time high today after its Managing Director, Mr K.V. Kamath, said that the bank plans to list four of its subsidiaries, starting with its broking firm. The subsidiaries that are proposed to get listed are ICICI Securities and the bank’s home finance subsidiary and two insurance arms. Mr Kamath also mentioned that the bank could also list its mutual fund arm and ICICI Ventures Ltd, a private equity firm, at some point. The bank shares gained 3.53 per cent at Rs 1,356.70. During intra-day trading, it touched its 52-week high of Rs 1,399.90 ICICI Bank was also among the top gainers of the day. And this month alone, its share price increased by 10.21 per cent. More

The Hindu Business Line Today's Pick: Bajaj Auto Finance (Rs 370.05) We recommend a buy in Bajaj Auto Finance. The chart reveals that the stock had been on a long-term downtrend, from the May peak of Rs 518 to November trough of Rs 306. However, it appears to have found support at around Rs 306 in mid November. ... More The Economic Times Northgate Technologies : Citigroup Rating: Buy CMP: Rs 580 Centurion Bank of Punjab Research: Credit Suisse Rating: Underperform CMP: Rs 55 Indian Oil Research: ABN Amro Bank Rating: Buy CMP: Rs 628 ICICI Bank Research: CLSA Rating: Buy CMP: Rs 1,157 DLF Research: Merrill Lynch Rating: Buy CMP: Rs 961 Business Standard Savita Chemicals