ICICIBANK

By Gopika Gopakumar and Ira Dugal

MUMBAI, March 30 (Reuters) - The surprise exit of HDFC Bank's HDBK.NS chairman that led to a $16 billion stock rout in India's biggest private lender has put its CEO in the spotlight amid rumbles of acrimony in top management and unease about its underperformance versus peers.

Atanu Chakraborty resigned from the lender, which the market values at $121 billion, this month citing differences over "values and ethics", triggering a stock selloff and a damage control exercise by the bank.

While Chakraborty did not elaborate on the differences he referred to, nine people, including board members and some current and former staff, told Reuters the bank had been struggling with internal rifts in recent years, including between the former chairman and CEO Sashidhar Jagdishan.

The two clashed over the bank's strategy and its human resources policies, said the sources with knowledge of the matter who declined to be named due to the sensitivity of the matter.

The HDFC Bank management and India's banking regulator denied any governance or financial problems at the lender, but its stock fell 12% over three days after Chakraborty's exit. It recovered briefly after the bank said last week it had appointed external law firms to review the claims, and has weakened again.

Investor concerns about HDFC Bank's management come at a particularly inconvenient time for the lender - the Middle East conflict is set to weigh on the Indian economy and dim the outlook for credit growth in the banking sector.

"Investors will eventually look at longer-term performance but if results and stock prices underperform markets, shareholders will ask questions of management performance and seek change of leadership," said corporate governance research and proxy advisory firm InGovern founder Shriram Subramanian.

BOARDROOM FRICTION

Jagdishan, whose term as CEO ends in October 2026 unless extended, took over the helm from HDFC Bank founder and chief executive Aditya Puri in 2020.

Chakraborty joined as chairman in April 2021 and the former top bureaucrat soon began involving himself closely in operational and management matters, an unusual move for a non-executive director in an Indian corporate boardroom, four of the sources said.

He also intervened in human resources policies as a member of the nomination and remuneration committee and, in at least one instance, changed the performance ratings of some senior executives, a prerogative of the CEO, according to another former senior executive.

HDFC Bank did not respond to a request for comment from Jagdishan sent via the bank's official spokesperson.

Chakraborty also opposed a proposal in 2024 to approve equity investment by Japan's Mitsubishi UFJ Financial Group 8306.T in HDFC Bank's consumer finance arm.

While Jagdishan advocated bringing in a foreign lender as a strategic partner, the former chairman opposed the move, arguing against the involvement of a foreign entity in an Indian company and objecting to the lack of a bidding process in a potential investment, the sources said. The plan ultimately collapsed.

Chakraborty, when asked by Reuters whether there were persistent differences with the CEO and if these had been raised at the board level, said: "There is a structure to handling various governance and accountability issues.

"If the issues need a finality in the Board, then they are placed there. It's a well-laid-out process and it evolves along with changing times," he said via a text message, without elaborating or commenting on other questions.

Besides the differences between the two, the relationship of Jagdishan with some other top executives has also been a concern for investors and staff. That concern came to the fore in an analyst call that the bank held after Chakraborty's resignation.

When asked on the call if there was a power struggle at the management level, especially between the CEO and deputy MD Kaizad Barucha or other top executives, Jagdishan played down those concerns.

"Kaizad is a very dear colleague, and I have the highest regard and respect for him," he said on the call, and added that Barucha, who has the responsibility for the bank's entire loan book, "will only get more responsibilities as we move forward".

Barucha did not respond to Reuters request for comment.

MERGER OVERHANG

The board acrimony also adds to concerns internally about limited gains from the lender's $40 billion merger with its largest shareholder in 2023, and about a stock that has underperformed peers over the past five years, said the sources.

HDFC Bank's absorption of housing financier HDFC Ltd in 2023 added assets of 7.23 trillion rupees ($77 billion) but brought in a relatively small deposit base, squeezing margins, hurting returns and dragging on growth.

The bank's lending margin has dipped to 3.35% now from 4.1% before the merger. It also had to slow asset growth to help steady its loan-to-deposit ratio, which rose to around 110% post merger from 86%–87% prior to it.

While the CEO inevitably bears some responsibility when a stock underperforms, the bank's challenges stem from merger-related execution risks, said Gary Tan, a portfolio manager in the emerging markets equity team at Allspring Global Investments, which owns HDFC shares.

Steve Lawrence, CIO of U.S.-based Balfour Capital Group, said the current situation at HDFC Bank was one of "cyclical execution pressure rather than structural leadership failure".

"Markets demand clarity - and when execution visibility declines, leadership perception becomes a factor in valuation compression," he said.

($1 = 94.6275 Indian rupees)

(Reporting by Ira Dugal and Gopika Gopakumar; Additional reporting by Vivek Kumar M in Bengaluru; Editing by Sumeet Chatterjee and Muralikumar Anantharaman)

(([email protected]; +91-9833024892;))

By Dharamraj Dhutia

MUMBAI, March 27 (Reuters) - ICICI Prudential Life Insurance ICIR.NS has been trimming exposure to ultra-long government bonds in favour of the medium duration 10–15-year segment and will continue this shift in the near term, a fixed income executive said.

The insurer sees this segment offering a better balance of returns and liquidity than ultra-long bonds.

"Our primary preference remains with government bonds in the 10-year to 15-year segment, as we maintain a cautious stance toward the long end of the curve," said Vidya Iyer, head fixed income at the life insurance company that manages debt worth 1.84 trillion rupees ($19.52 billion).

The segment "offers superior liquidity and aligns strategically with potential open market operations from the Reserve Bank of India," Iyer said.

Iyer's comments come amid a selloff in Indian government bonds, driven by concerns that higher oil prices impacted by the Iran conflict could stoke inflation and strain the fiscal outlook.

A 10-rupee per litre cut in fuel excise duties on Friday could cost about 1.55 trillion rupees annually, according to Emkay Global.

India's 10-year benchmark bond yield climbed to 6.95% on Friday, the highest in 20 months.

Iyer said the exposure to 30–40-year bonds was reduced in late 2025 as market technicals weakened and regulatory changes curbed demand from long-term investors.

After exiting long-duration positions six months ago, there is no immediate case to re-enter the ultra-long 30–40 year segment, she added.

Yields on 30-year and 40-year bonds have risen about 50 basis points since early October, while the 10-year is up about 35 basis points.

That shift helped shield the portfolio from widening spreads between the 10-year and ultra-long bonds.

The insurer is also moving down the duration curve in corporate bonds, favouring the five-year tenor over the 10-year, where limited supply and shallow market depth constrain execution, she added.

"Recent high-quality acquisitions have allowed us to build a good position for our carry portfolio. Under our base-case scenario of a prolonged RBI pause, five-year corporate bonds offer attractive yields and are particularly well-suited for a one-to-two-year roll down strategy."

($1 = 94.2400 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)

(([email protected];))

March 19 (Reuters) - ICICI Bank Ltd ICBK.NS:

• RECEIVES GST DEMAND OF 3.84 BILLION RUPEES PLUS EQUIVALENT PENALTY AND INTEREST

• GST DEMAND RELATES TO SERVICES FOR CUSTOMERS WITH MAINTAINING MINIMUM BALANCES

Source text: ID:nBSEbjJ7k9

Further company coverage: ICBK.NS

(([email protected];;))

March 18 (Reuters) - ICICI Bank Ltd ICBK.NS:

• ICICI BANK - FULLY REDEEMED OUTSTANDING NOTES FOR A TOTAL SUM OF USD 816 MILLION

Source text: ID:nBSEb4t9b4

Further company coverage: ICBK.NS

(([email protected];))

March 13 (Reuters) - Shree Digvijay Cement Co Ltd SRDC.NS:

• EXECUTES FACILITY AGREEMENT WITH ICICI BANK AND AXIS BANK

• TOTAL BORROWINGS AMOUNT TO 4.88 BILLION RUPEES

Source text: ID:nNSEbGB3Tm

Further company coverage: SRDC.NS

(([email protected];;))

Feb 26 (Reuters) - Apple AAPL.O is in talks with several Indian banks and global card networks as it prepares to launch its Apple Pay service in India, Bloomberg News reported on Thursday, citing people familiar with the matter.

The iPhone maker is in talks with ICICI Bank ICBK.NS, HDFC Bank HDBK.NS and Axis Bank AXBK.NS, as it aims to introduce its payment service in India around the middle of 2026, the report said.

Reuters could not immediately verify the report.

(Reporting by Mihika Sharma in Bengaluru; Editing by Rashmi Aich)

(([email protected];))

Updates for mid-day trade

By Bharath Rajeswaran and Vivek Kumar M

Feb 20 (Reuters) - Indian share benchmarks overcame initial jitters and rose by the mid-day trading session on Friday, as heavyweight stocks clawed back some of the previous session's losses.

The Nifty 50 .NSEI added 0.54% to 25,592.6, and the BSE Sensex .BSESN rose 0.48% to 82,897.3, as of 12:11 p.m. IST. They had fallen about 0.3% at the open, extending a 1.5% decline in the previous session, their steepest single-day drop in over two weeks.

Fifteen of the 16 major sectors traded higher. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 added 0.1% and 0.5%, respectively.

"What we are seeing today is more of a tactical bounce from Nifty 50's 200-day simple moving average (SMA) of around 25,300 points," said Naveen Vyas, head of family office at Anand Rathi Global Finance.

Heavyweights Reliance Industries RELI.NS and ICICI Bank ICBK.NS rose 0.9% and 0.7%, respectively, on Friday, after a 2.2% and 1.4% drop in the previous session.

Meanwhile, the volatility index - a measure of the market's expected volatility for the next 30 days - spiked this week to 14.36, just shy of an eight-month high hit in the run-up to the federal budget on February 1.

This comes after Brent crude oil prices rose to $72 per barrel amid tensions in the Middle East. Higher crude prices are a negative for India as it is the world's third-largest crude oil importer. O/R

"We are still not out of the woods. If Brent crude surpasses $75 per barrell and stays at that level for a couple of months, that could put further pressure on Indian equities," said Vyas.

The IT index .NIFTYIT was the sole loser among major sectors, down 0.5% as ongoing concerns over the impact of AI-linked disruption on earnings continued to weigh.

(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Rashmi Aich, Ronojoy Mazumdar and Harikrishnan Nair)

(([email protected];))

** Shares of India's ICICI Bank ICBK.NS rise 1.2% to surpass market capitalisation of Tata Consultancy Services TCS.NS

** IT major now sixth biggest Indian company by market cap after losing two spots in two days; shares down 3.7%

** TCS' market cap drops to 10.13 trillion rupees ($111.92 billion), while that of ICICI Bank rises to 10.18 trillion rupees ($112.47 billion)

** IT bellwether hit by broader sell-off in IT stocks due to fears of AI disruption and fading U.S. rate cut hopes

** Nifty IT index .NIFTYIT down 4.3%

** Reliance Industries RELI.NS, HDFC Bank HDBK.NS and Bharti Airtel BRTI.NS and State Bank of India SBI.NS are the India's top four firms, respectively, in terms of market cap

($1 = 90.5150 Indian rupees)

(Reporting by Vivek Kumar M)

(([email protected];))

Feb 11 (Reuters) - India's central bank has given approval to ICICI Prudential Asset Management Company IICL.NS and other ICICI group entities to raise their stake in HDFC Bank HDBK.NS to as much as 9.95%, HDFC said in a filing late on Wednesday.

As of February 6, ICICI group entities held a total 4.07% stake in the lender, it said. HDFC Bank, India's largest bank by market value, has a valuation of about $157 billion.

The Reserve Bank of India's approval, which followed an application by ICICI AMC, is valid for one year. ICICI and its group entities must also ensure their holding in HDFC Bank does not exceed 9.95% at all times.

If ICICI group's stake in the lender falls below 5%, it will need fresh RBI approval to raise the shareholding to 5% or more.

(Reporting by Abu Sultan in Bengaluru; Editing by Krishna Chandra Eluri)

(([email protected];))

By Gopika Gopakumar, Vibhuti Sharma and Ashwin Manikandan

MUMBAI, Jan 23 (Reuters) - India's Axis Bank AXBK.NS has put on hold plans to sell a stake in its consumer lending arm, Axis Finance. after the central bank eased proposed restrictions on overlapping business activities between banks and their subsidiaries, three sources familiar with the matter told Reuters.

India's third-largest lender initiated the stake sale process in Axis Finance last year and appointed merchant bankers, after the Reserve Bank of India in 2024 proposed draft rules that barred banks from having overlapping businesses with subsidiaries.

Morgan Stanley had been appointed as a banker to the deal.

However, following a pushback from the industry, the RBI diluted its proposal in December 2025, permitting banks to continue with potentially overlapping non-bank businesses while ring-fencing them from banks' main operations.

The rules in their original form could have forced large banks, including HDFC Bank HDBK.NS, ICICI Bank ICBK.NS and Axis Bank AXBK.NS to either merge or divest non-bank lending businesses held as subsidiaries.

The change in rules has prompted a rethink at Axis Bank, the sources, directly familiar with the deal, said.

"Axis Finance is well-capitalised and does not need to rush into raising capital," said one of the sources, who declined to be named.

An email sent to Axis Bank and to Morgan Stanley was not answered.

Axis Finance, registered as a non-bank finance company, is set to submit a revised growth plan to the bank's board in April and will reevaluate its capital-raising needs thereafter, the person said.

A separate source, while not confirming that the deal is on hold, said the bank will approach the regulator with options for Axis Finance - including infusing fresh capital itself.

The deal to sell an initial 20% stake in the lender was estimated to be worth $350 million to $400 million, according to local media reports. Reuters could not independently confirm the value of the deal.

Homegrown private equity fund Kedaara Capital was most actively in discussions, the second of the three sources said.

A third source said the bids received were not lucrative enough, which prompted the bank to pull back on the sale after the recent change in regulations.

Axis Bank has invested 23.75 billion Indian rupees ($262.49 million) in Axis Finance over the past decade, according to the company's website. As of March 31, 2025, Axis Finance had assets under management of 415.83 billion rupees.

($1 = 90.4780 Indian rupees)

(Reporting by Gopika Gopakumar, Vibhuti Sharma and Ashwin Manikandan in Mumbai; Editing by Ros Russell)

(([email protected];))

Updates with more details

By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, Jan 21 (Reuters) - State Bank of India's mutual fund unit has committed to pick up at least 10% of Adani Power's ADAN.NS nearly $820 million rupee-denominated bond issue, likely to be launched later this week, three merchant bankers said on Wednesday.

The mutual fund, India's biggest in terms of assets under management, is acting as one of the anchor investors for the issue, with a commitment of 7.50 billion rupees, the bankers said, requesting anonymity as they are not authorised to speak to the media.

The planned 75 billion-rupee issue would be the group's largest-ever rupee bond sale.

SBI Mutual Fund and Adani Power did not respond to email queries.

Adani Power is looking to raise 28.60 billion rupees through a two-year option and 26.90 billion rupees via a three-year note.

SBI MF will buy 4.50 billion rupees and three billion rupees of these papers as the anchor investor, the bankers said.

The Adani unit will pay a coupon of 8.00% and 8.20% on the two- and three-year bonds, and 8.30% and 8.40% on four- and five-year papers.

The remaining 6.75 billion rupees and 12.75 billion rupees will be raised through four- and five-year papers, respectively, the bankers said.

Trust Investment Advisors, ICICI Bank and Axis Bank are the arrangers for the issue.

The lenders have will also back the issue by providing commitments worth 3.31 billion rupees and 3 billion rupees, respectively, the bankers said.

The banks did not reply to an email seeking comment.

The bonds are rated 'AA' by Crisil and India Ratings, with the coupons set to step up by 25 basis points for every notch rating downgrade.

Earlier this financial year, another group company, Adani Ports and Special Economic Zone APSE.NS, raised 50 billion rupees by placing 15-year bonds directly with Life Insurance Corporation of India LIFI.NS.

($1 = 91.5630 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)

(([email protected];))

** Nifty 50 .NSEI and Sensex .BSESN fall 0.7% each, as heavyweights Reliance and ICICI Bank drop on Q3 profit miss

** 13 of 16 major sectors decline; small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 fall 0.7% and 0.4%, respectively

** Reliance RELI.NS sheds 3.3%; Q3 profit view missed on retail slowdown

** ICICI Bank ICBK.NS slips 3%; RBI-led provisions on agri loans and new labour law hurt Q3

** RBL Bank RATB.NS dips 7.3% after reporting lower-than-expected December quarter profit

** Wipro WIPR.NS falls 7% on dour earnings outlook for ongoing Q4 after posting tepid Q3 results

** IT firm Tech Mahindra TEML.NS gains 3.2% after robust Q3, aided by growth in communications and manufacturing segments

** Bharat Coking Coal BARC.NS, country's top coking coal miner, lists at 96% premium

** Sentiment hit after Trump vows to impose new tariffs on 8 EU members unless Washington is allowed to buy Greenland

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

MUMBAI, Jan 17 (Reuters) - Indian private lender ICICI Bank ICBK.NS reported a lower-than-expected profit for the third quarter on Saturday, as it boosted provisions for bad loans and other contingencies following a supervisory review.

The bank's board also approved the reappointment of current chief executive Sandeep Bakshi for a further two years starting October 2026. Bakshi has led the bank since 2018.

The country’s second-largest private bank by market capitalisation posted a standalone net profit of 113.18 billion Indian rupees ($1.25 billion) for the three months to end-December, compared with 117.92 billion rupees a year earlier.

Analysts had expected a profit of 123.54 billion rupees, according to data compiled by LSEG.

Provisions more than doubled to 25.56 billion rupees, which the bank attributed to an adjustment following the Reserve Bank of India's annual supervisory review, without giving further details.

ICICI Bank's third-quarter net interest income rose 7.7% to 219.32 billion rupees, aided by a 11.5% rise in domestic loans. Its deposits grew 9.2% during the quarter.

India's major lenders posted double-digit percent loan growth in the December quarter amid festive-season demand and tax cuts aimed at spurring consumption in the world's fastest-growing major economy.

The RBI's cuts to benchmark interest rates by a cumulative 125 basis points since February last year have also boosted appetite for credit.

ICICI's net interest margin, a key measure of the bank’s profitability, was stable at 4.3%.

Asset quality improved marginally, with its gross non-performing asset ratio at 1.53% at the end of December, compared with 1.58% at the end of September.

($1 = 90.6820 Indian rupees)

(Reporting by Ashwin Manikandan and Ira Dugal in Mumbai; Editing by Mrigank Dhaniwala and Kirsten Donovan)

(([email protected];))

BENGALURU, Jan 13 (Reuters) - India's ICICI Prudential Life Insurance ICIR.NS reported a 20% rise in third-quarter profit on Tuesday, helped by higher investment income.

The insurer's profit rose to 3.9 billion rupees ($43.20 million) for the quarter ended December 31. Investment income swung was at 110.24 billion rupees, compared with an investment loss of 77.22 billion rupees a year earlier.

Analysts said insurers saw a pickup in demand for insurance products during the quarter after the government cut taxes on life insurance products to zero from 18% earlier.

While the move supported growth, it also removed a tax credit benefit previously available to insurers, weighing on margins, even though the measure is expected to prove beneficial over the long term.

ICICI Prudential's annualised premium equivalent sales, a key metric that gives annualised total value of single premium and recurring premium policies, rose 3.6 % to 25.25 billion rupees for the reported quarter.

The value of new business, or expected profit from new policies, rose 19% to 6.15 billion rupees.

The value of new business margin for the nine months ended December 31 was at 24.4%, compared with 22.8% a year earlier, reflecting a better product mix and cost discipline.

The firm's net premium income fell 3.7% to 118.09 billion rupees for the quarter.

Market-linked insurance plans accounted for 49% of ICICI Prudential Life's overall product mix for the nine-month period, down from 51% a year earlier.

Shares of ICICI Prudential Life were up 3.8% after the results, while India's benchmark Nifty 50 .NSEI fell 0.6%.

Peers SBI Life Insurance SBIL.NS and HDFC Life Insurance HDFL.NS will report later this month.

($1 = 90.2713 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru; Editing by Eileen Soreng and Mrigank Dhaniwala)

(([email protected]; +91 9558725583;))

By Nishit Navin and Bharath Rajeswaran

Jan 12 (Reuters) - Indian banks are expected to post better annual and sequential earnings in the December quarter, supported by improving loan growth and stable asset quality, though pressure on deposit growth is likely to cap upside, brokerages said.

Analysts expect private sector banks to post average profit after tax growth of about 3.5%–5% year-on-year for October-December, higher than the 2% rise in the year-ago period. State-owned lenders are seen registering a more modest 2.5%–3% rise.

Credit momentum, the pace of loan growth, has strengthened in recent months on festive-season spending and Goods and Services Tax (GST) cuts, signalling a rebound in credit appetite in the world's fastest-growing major economy. Major lenders posted double-digit loan growth in the December quarter.

Net interest income (NII) is expected to improve sequentially as loan growth picks up.

"NII is likely to see a sequential uptick in the December quarter, driven by better loan growth," said Vishal Narnolia, assistant vice-president, research, at ICICI Securities.

Motilal Oswal estimates NII growth of around 6% year-on-year and 4% quarter-on-quarter in the third quarter.

Net interest margins (NIMs) are expected to remain flat, as the benefits of lower term deposit rates and recent cash reserve ratio (CRR) cuts offset the lagged impact of cumulative rate cuts.

The Reserve Bank of India has cut the repo rate by 125 basis points since February 2025. Asset quality is expected to remain stable, with easing stress in unsecured retail and microfinance portfolios, while provisions are expected to fall sequentially.

Among non-bank lenders, a recovery in demand across select segments and stable asset quality should underpin performance in the December quarter.

Gold financiers, such as Manappuram Finance MNFL.NS and Muthoot Finance MUTT.NS, are expected to post about 39% growth in assets under management on strong gold loan demand, while vehicle financiers should benefit from improved disbursement momentum amid pent-up demand, tax cuts and festive tailwinds.

By contrast, housing finance companies may report weaker disbursements due to intense competition from banks.

Outside lending, exchanges and brokers are expected to post robust revenue growth on a recovery in derivatives volumes and a rise in commodity trading activity.

Life insurers are also seen reporting strong earnings, supported by tax cuts that boost protection demand, and lower interest rates.

Looking ahead, Narnolia said the March quarter should benefit from deposit repricing and a pickup in unsecured retail segments such as microfinance and credit cards, though lending yields will remain under pressure after the RBI's latest rate cut.

(Reporting by Nishit Navin and Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich)

(([email protected];))

** India's ICICI Bank ICBK.NS climbs 3.6% this week; looks set to gain the most this week since mid-October

** Stock is third-highest percentage gainer on Nifty 50 index .NSEI, which is down 2.4% for the week

** ICBK's gains, the second-heaviest stock India's Nifty Bank .NSEBANK index, helped cap the index's losses at 1.4% for the week

** NSEBANK had hit a record high earlier this week as lenders posted strong loan growth recovery, before pulling back on tariff-related worries

** On the day, ICBK down 2.2%

** Stock rated "buy" on avg by 36 analysts covering the stock; median PT 1700 rupees - LSEG data

** In 2025, ICBK rose 4.78% vs Nifty 50's 10.51% rise

(Reporting by Abhirami G in Bengaluru)

(([email protected]))