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[ad_1] Bengaluru: The Reserve Bank of India (RBI) on Tuesday said that it has imposed a penalty of Rs 12 crore 19 lakh on ICICI Bank for violating rules related to the code of conduct for the bank's directors and for fraud reporting. The RBI's inspection reports showed ICICI Bank had sanctioned or committed loans to companies in which two of its directors were also directors, the RBI said in a release. The bank had also marketed and engaged in the sale of non-financial product and failed to report frauds to the central bank within the prescribed timeline of within three weeks from detection. The violations were detected during inspections for the financial years ending March 2020 and March 2021, the RBI said. The central bank separately penalised fellow private lender Kotak Mahindra Bank with a sum of Rs 3.95 crore. The bank was found to have levied interest on some loans contrary to terms of sanction, failed to carry out an annual review of a service provider and ensure t

[ad_1] New Delhi:  Nine of the 10 most valued firms faced a combined erosion of Rs 1,87,808.26 crore in market valuation last week, with HDFC Bank and Reliance Industries taking the biggest hit amid an overall weak trend in equities. Last week, the BSE benchmark tumbled 1,538.64 points or 2.52 per cent amid concerns that the US Federal Reserve might raise interest rates further to curb inflation. Fresh foreign fund outflows also dented investor sentiments. Barring ITC, all 10 firms, including Tata Consultancy Services (TCS), Infosys, ICICI Bank and Hindustan Unilever, were the laggards. HDFC Bank's valuation declined by Rs 37,848.16 crore to Rs 8,86,070.99 crore at close on Friday. The market valuation of Reliance Industries fell by Rs 36,567.46 crore to Rs 16,14,109.66 crore. The valuation of TCS tumbled Rs 36,444.15 crore to Rs 12,44,095.76 crore and that of HDFC tanked Rs 20,871.15 crore to Rs 4,71,365.94 crore. The market capitalisation (mcap) of ICICI Bank fell by R

[ad_1] MUMBAI: Former ICICI Bank CEO Chanda Kochhar accepted " illegal gratification " of Rs 64 crore other than legal remuneration as a motive or reward and also "misappropriated the bank's funds for her own use", submitted the prosecution on Monday, urging the special CBI court to take cognisance of the chargesheet against Kochhar, her husband Deepak Kochhar and Videocon promoter Venugopal Dhoot in a Rs 3,250-crore loan fraud case. The CBI, through special public prosecutor A Limosin, said she conspired with the other accused to sanction credit facilities in favour of companies of the Videocon Group. The court will continue to hear arguments on July 3. In furtherance of a criminal conspiracy on August 26, 2009, a rupee term loan of Rs 300 crore was sanctioned to M/s Videocon International Electronics Limited by the ICICI bank committee of directors headed by Kochhar, said CBI. The loan amount was disbursed on September 7 and through a complex maze i

[ad_1] CBI filed a chargesheet of 11,000 pages. The Central Bureau of Investigation (CBI) has alleged that Chanda Kochhar received the flat as illegal gratification. The Central Bureau of Investigation (CBI) has alleged that former ICICI Bank CEO Chanda Kochhar purchased a luxurious apartment worth crores for a significantly lower price of Rs 11 lakhs and received Rs 64 crores as illegal gratification. These allegations surfaced during the ongoing court hearing in the ICICI Bank loan fraud case. Chanda Kochhar allegedly received a flat from Videocon Group in 2016. The market value of the flat in CCI Chambers in Mumbai’s Churchgate was Rs 5.3 crore in the year 1996. However, it was transferred to Kochhar’s family trust for only Rs 11 lakh in October 2016. Earlier this year, the Central Bureau of Investigation (CBI) filed an extensive chargesheet of over 11,000 pages. Kochhar, her husband Deepak, and V N Dhoot, the promoter of Videocon Group, are among those mentioned in the charge

[ad_1] MUMBAI: Private lender ICICI Bank on Saturday reported a 27.64 per cent jumo in consolidated net profit to Rs 9,852.70 crore for the January-March quarter of 2022-23 compared to the year ago period. On a standalone basis, the largest private sector lender reported a nearly 30 per cent jump in its net profit for the March quarter at Rs 9,121.87 crore. Its total income moved up to Rs 36,108.88 crore in the reporting quarter, as against Rs 27,412.32 crore in the year-ago period, while the overall expenses moved up to Rs 22,282.50 crore from Rs 17,119.38 crore in the year-ago period. The share of gross non-performing assets in the overall loans was 2.81 per cent as of March 31, 2023, which is an improvement from 3.60 per cent in the year-ago period and 3.07 per cent in the quarter-ago period. Its overall provisions increased to Rs 1,619.80 crore from Rs 1,068.95 crore in the year-ago period, but were down when compared with the December quarter's Rs 2,257.44 crore. [ad

[ad_1] For the period under review, ICICI Bank had provided Rs 1,292.44 crore up from Rs 1,143.82 crore the previous corresponding period. ICICI Bank’s gross non-performing assets as on June 30 stood at Rs 31,822.39 crore as compared to Rs 33,163.15 crore as on June 30 last year.  [ad_2] Source link https://worldnews2023.com/business/icici-bank-logs-rs-9648-crore-net-in-q1/?feed_id=47191&_unique_id=64bc75d15d956

[ad_1] ICICI Bank on Saturday, July 22, reported a 39.7 per cent year-on-year (YoY) jump in its net profit to Rs 9,648 crore in the first quarter ended June 2023 (Q1 FY24). Its net interest income (NII) during April-June 2023 surged 38 per cent to Rs 18,227 crore, compared with Rs 13,210 crore in the year-ago period. The private sector bank’s net profit had stood at Rs 6,905 crore in Q1 FY23. ICICI Bank’s the net interest margin during Q1FY24 stood at 4.78 per cent, compared with 4.01 per cent in Q1FY23 and 4.90 per cent in Q4FY23, according to a regulatory filing. “The core operating profit grew 35.2 per cent year-on-year to Rs 13,887 crore ($1.7 billion) in Q1-2024 from Rs 10,273 crore ($1.3 billion) in the quarter ended June 30, 2022, (Q1-2023); excluding dividend income from subsidiaries/associates, core operating profit grew by 37 per cent year-on-year in Q1-2024," ICICI Bank said in the filing. The bank’s asset quality saw marginal improvement. Its gross NPA ratio at Ju

[ad_1] NEW DELHI: Both Indian indices continued their upward journey on Monday, with the BSE Sensex closing above the historic 65,000 level for the first time ever. The BSE Sensex, rallying for the fourth consecutive session, soared by 486.49 points or 0.75% to achieve a new all-time closing high of 65,205.05. Intraday, it reached a peak of 65,300.35, gaining 581.79 points or 0.89%. Similarly, the NSE Nifty climbed 133.50 points or 0.70% to close at a record high of 19,322.55. It also hit an all-time intraday peak of 19,345.10, surging by 156.05 points or 0.81%. Financial services stocks were the major gainers. Leading the charge, HDFC and HDFC Bank, prominent index heavyweights, witnessed gains of 1.75% and 1.08% respectively. This surge came after the approval of their $40 billion merger, with July 1 designated as the effective date. Banks reached a new record high for the second consecutive session, while public sector banks experienced a notable rise of 3.61%, emerging as

[ad_1] Last Updated: June 30, 2023, 11:30 IST ICICI Securities share price fell over 3 per cent in the early trade on Friday after ICICI Bank approved the delisting of ICICI Securities in a share swap deal that would make it the bank’s wholly-owned subsidiary, ending the securities business’ short life as a listed entity. The lender has valued the investment bank’s shares at Rs 628.09 apiece, a premium of 2.25 per cent to Wednesday’s closing price, and more than 11 per cent to its undisturbed price before the plan was announced on Sunday. The company had on Thursday announced that it will become a wholly owned subsidiary of its parent company ICICI Bank upon delisting. The public shareholders of ICICI Securities would get 67 equity shares of face value Rs 2 each of ICICI Bank for every 100 equity shares of the company. The board of ICICI Bank has also approved the delisting of ICICI Securities. The draft scheme of arrangement for delisting of equity shares of ICICI Securities was