- Markets
- Financial Services
- ICICIBANK
ICICIBANK
New to Zerodha? Sign-up for free.
New to Zerodha? Sign-up for free.
-
Share Price
-
Financials
-
Revenue mix
-
Shareholdings
-
Peers
-
Forensics
- 5D
- 1M
- 6M
- YTD
- 1Y
- 5Y
- MAX
This data is currently unavailable for this company.
-
Summary
-
Profit & Loss
-
Balance sheet
-
Cashflow
This data is currently unavailable for this company.
(In Cr.) |
---|
(In Cr.) | ||||
---|---|---|---|---|
This data is currently unavailable for this company. |
(In %) |
---|
(In Cr.) |
---|
Financial Year (In Cr.) |
---|
-
Product wise
-
Location wise
Revenue Mix
This data is currently unavailable for this company.
Revenue Mix
This data is currently unavailable for this company.
Recent events
-
News
-
Corporate Actions
BREAKINGVIEWS-Sumitomo gives India's top lender a welcome fillip
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, May 12 (Reuters Breakingviews) - India's top lender is nearing the close of a five-year-long saga. The banking unit of Japan's Sumitomo Mitsui Financial Group 8316.T on Friday agreed to buy a 20% stake in Yes Bank YESB.NS for $1.6 bln from State Bank of India SBI.NS and its peers. It's the largest cross-border deal in the country's banking sector, showcases the success of the target's 2020 bailout and is a timely fillip for SBI itself.
Yes, currently India's sixth-largest private bank by assets, went into administration in March 2020. Authorities stitched together a $1.4 billion combined infusion led by SBI, with seven other institutions, including HDFC HDBK.NS and ICICI Bank ICBK.NS, joining.
State-backed SBI's ownership of around a quarter of its shares helped Yes Bank regain credibility. It has turned profitable, boasts a common equity Tier 1 capital ratio higher than its biggest investor's and has slashed the bad loan ratio to one-tenth of where it stood five years ago.
That makes it enticing for the Japanese banking giant. The deal allows it to deepen its foray into Indian financial services, a year since it became the sole owner of shadow lender SMFG India Credit. It also gives Sumitomo a slice of a bank poised to deliver nearly twice its own return on assets two years hence, using the mean of analyst estimates compiled by LSEG.
The deal is a good one for the sellers, too. Between them, they're offloading more than half of their combined stake at a valuation that's almost three times what they invested.
That's a nice little fillip for SBI, which is selling just over 13% of Yes and retaining almost 11%. India's top lender needs to shore up its own common equity buffer, which at 11% of risk-weighted assets lags rival HDFC Bank's 17%. That leaves a narrow buffer over the 8.8% regulatory minimum that kicked in last month and necessitates a top-up.
Core to SBI's plan is a sale of up to $2.95 billion in shares in the next few months. Combined with proceeds from the Yes transaction, that would add less than a percentage point to its capital ratio. Chances are, SBI will add more by listing its asset management and general insurance units.
Sure, Yes Bank barely moves the needle on its own, but it's always helpful to kick off on the right foot.
Follow @ShritamaBose on X
CONTEXT NEWS
Japan's Sumitomo Mitsui Banking Corporation has reached an agreement with the State Bank of India and seven other financial institutions to acquire a 20% stake in Yes Bank, SMBC and Yes said in separate statements on May 9. At $1.58 billion, the transaction will mark the largest cross-border investment in India's banking sector.
SBI will sell 13.2% and other shareholders including HDFC Bank will offload a combined 6.8% stake in Yes Bank. The government-backed lender will own just over 10% of Yes after the transaction closes.
Graphic: Yes Bank's returns are better than its new shareholder's https://reut.rs/4k9L8w5
(Editing by Antony Currie and Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, May 12 (Reuters Breakingviews) - India's top lender is nearing the close of a five-year-long saga. The banking unit of Japan's Sumitomo Mitsui Financial Group 8316.T on Friday agreed to buy a 20% stake in Yes Bank YESB.NS for $1.6 bln from State Bank of India SBI.NS and its peers. It's the largest cross-border deal in the country's banking sector, showcases the success of the target's 2020 bailout and is a timely fillip for SBI itself.
Yes, currently India's sixth-largest private bank by assets, went into administration in March 2020. Authorities stitched together a $1.4 billion combined infusion led by SBI, with seven other institutions, including HDFC HDBK.NS and ICICI Bank ICBK.NS, joining.
State-backed SBI's ownership of around a quarter of its shares helped Yes Bank regain credibility. It has turned profitable, boasts a common equity Tier 1 capital ratio higher than its biggest investor's and has slashed the bad loan ratio to one-tenth of where it stood five years ago.
That makes it enticing for the Japanese banking giant. The deal allows it to deepen its foray into Indian financial services, a year since it became the sole owner of shadow lender SMFG India Credit. It also gives Sumitomo a slice of a bank poised to deliver nearly twice its own return on assets two years hence, using the mean of analyst estimates compiled by LSEG.
The deal is a good one for the sellers, too. Between them, they're offloading more than half of their combined stake at a valuation that's almost three times what they invested.
That's a nice little fillip for SBI, which is selling just over 13% of Yes and retaining almost 11%. India's top lender needs to shore up its own common equity buffer, which at 11% of risk-weighted assets lags rival HDFC Bank's 17%. That leaves a narrow buffer over the 8.8% regulatory minimum that kicked in last month and necessitates a top-up.
Core to SBI's plan is a sale of up to $2.95 billion in shares in the next few months. Combined with proceeds from the Yes transaction, that would add less than a percentage point to its capital ratio. Chances are, SBI will add more by listing its asset management and general insurance units.
Sure, Yes Bank barely moves the needle on its own, but it's always helpful to kick off on the right foot.
Follow @ShritamaBose on X
CONTEXT NEWS
Japan's Sumitomo Mitsui Banking Corporation has reached an agreement with the State Bank of India and seven other financial institutions to acquire a 20% stake in Yes Bank, SMBC and Yes said in separate statements on May 9. At $1.58 billion, the transaction will mark the largest cross-border investment in India's banking sector.
SBI will sell 13.2% and other shareholders including HDFC Bank will offload a combined 6.8% stake in Yes Bank. The government-backed lender will own just over 10% of Yes after the transaction closes.
Graphic: Yes Bank's returns are better than its new shareholder's https://reut.rs/4k9L8w5
(Editing by Antony Currie and Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))
India's Axis Bank beats quarterly profit view, sees improved retail loan growth in FY26
Recasts, updates with commentary from management
By Nishit Navin and Siddhi Nayak
BENGALURU/MUMBAI April 24 (Reuters) - Indian private lender Axis Bank AXBK.NS on Thursday beat fourth-quarter profit estimates and expressed confidence about its retail loan growth improving in the upcoming quarters.
The bank's loans grew 8% in the quarter ended March from a year ago, with retail loans expanding 7%.
Peers such as ICICI Bank reported a 14% loan growth for the same period.
Tighter guardrails by India's central bank and increased delinquencies on unsecured loans had led lenders to slow down credit growth in this segment.
"The actions that we took in terms of the credit tightening are actually giving us good results on the unsecured (retail) portfolio," said Arjun Chowdhry, an executive at Axis Bank.
"On the secured portfolio, we continue to hold up very well."
Axis Bank is "quite comfortable" with the retail loan growth forecast going into the next couple of quarters, even as corporate loan growth will be "muted" on tariff-related uncertainty, it said, without divulging specific targets.
The bank reported standalone quarterly net profit of 71.18 billion rupees ($834.7 million). Analysts on average had expected profit of 66.6 billion rupees, according to LSEG-compiled data.
Net interest income, the difference between interest earned on loans and paid on deposits, rose 6% to 138.11 billion rupees.
Net interest margin was at 3.97%, compared with 4.06% a year ago and 3.93% in the previous quarter.
Even though the cost of deposits has started trending downwards following two rate cuts by the central bank, there is "still some way to go," CEO Amitabh Chaudhry said.
Axis Bank's gross non-performing assets ratio - bad loans as a percentage of total loans, a key gauge of lenders' asset quality - was at 1.28% at March-end, down from 1.46% in the earlier quarter.
Provisions and contingencies, or funds kept aside for potential bad loans, rose 14% to 13.59 billion rupees from a year, but fell 37% from the previous quarter.
($1 = 85.2720 Indian rupees)
(Reporting by Nishit Navin in Bengaluru and Siddhi Nayak in Mumbai; Editing by Mrigank Dhaniwala and Shreya Biswas)
(([email protected];))
Recasts, updates with commentary from management
By Nishit Navin and Siddhi Nayak
BENGALURU/MUMBAI April 24 (Reuters) - Indian private lender Axis Bank AXBK.NS on Thursday beat fourth-quarter profit estimates and expressed confidence about its retail loan growth improving in the upcoming quarters.
The bank's loans grew 8% in the quarter ended March from a year ago, with retail loans expanding 7%.
Peers such as ICICI Bank reported a 14% loan growth for the same period.
Tighter guardrails by India's central bank and increased delinquencies on unsecured loans had led lenders to slow down credit growth in this segment.
"The actions that we took in terms of the credit tightening are actually giving us good results on the unsecured (retail) portfolio," said Arjun Chowdhry, an executive at Axis Bank.
"On the secured portfolio, we continue to hold up very well."
Axis Bank is "quite comfortable" with the retail loan growth forecast going into the next couple of quarters, even as corporate loan growth will be "muted" on tariff-related uncertainty, it said, without divulging specific targets.
The bank reported standalone quarterly net profit of 71.18 billion rupees ($834.7 million). Analysts on average had expected profit of 66.6 billion rupees, according to LSEG-compiled data.
Net interest income, the difference between interest earned on loans and paid on deposits, rose 6% to 138.11 billion rupees.
Net interest margin was at 3.97%, compared with 4.06% a year ago and 3.93% in the previous quarter.
Even though the cost of deposits has started trending downwards following two rate cuts by the central bank, there is "still some way to go," CEO Amitabh Chaudhry said.
Axis Bank's gross non-performing assets ratio - bad loans as a percentage of total loans, a key gauge of lenders' asset quality - was at 1.28% at March-end, down from 1.46% in the earlier quarter.
Provisions and contingencies, or funds kept aside for potential bad loans, rose 14% to 13.59 billion rupees from a year, but fell 37% from the previous quarter.
($1 = 85.2720 Indian rupees)
(Reporting by Nishit Navin in Bengaluru and Siddhi Nayak in Mumbai; Editing by Mrigank Dhaniwala and Shreya Biswas)
(([email protected];))
India New Issue-ICICI Home Finance accepts bids for bond issues, bankers say
MUMBAI, April 22 (Reuters) - India's ICICI Home Finance ICICH.UL has accepted bids worth an aggregate of 7 billion rupees ($82 million) for bonds maturing in two years and two months, and in three years and three months, three bankers said on Tuesday.
The company will pay an annual coupon of 7.3108% and 7.3388% on these issues, respectively, and had invited bids from bankers and investors earlier in the day, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on April 22:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Home Finance | 2 years and 2 months | 7.3108 | 4.25 | April 22 | AAA (Crisil) |
ICICI Home Finance | 3 years and 3 months | 7.3308 | 2.75 | April 22 | AAA (Crisil) |
Sundaram Finance | 2 years | 7.35 | 7.5 | April 22 | AAA (Icra) |
HDB Financial | 5 years and 13 days | 7.6065 | 1+2 | April 23 | AAA (Crisil, Care) |
HDB Financial | 4 years | 7.5519 | 1.50+3.50 | April 23 | AAA (Crisil, Care) |
HDB Financial | 2 years and five months | 7.53 (yield) | 5+15 | April 23 | AAA (Crisil, Care) |
NHB | 6 years and 11 months and 8 days | To be decided | 10+40 | April 23 | AAA (Care, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 85.1540 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)
MUMBAI, April 22 (Reuters) - India's ICICI Home Finance ICICH.UL has accepted bids worth an aggregate of 7 billion rupees ($82 million) for bonds maturing in two years and two months, and in three years and three months, three bankers said on Tuesday.
The company will pay an annual coupon of 7.3108% and 7.3388% on these issues, respectively, and had invited bids from bankers and investors earlier in the day, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on April 22:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Home Finance | 2 years and 2 months | 7.3108 | 4.25 | April 22 | AAA (Crisil) |
ICICI Home Finance | 3 years and 3 months | 7.3308 | 2.75 | April 22 | AAA (Crisil) |
Sundaram Finance | 2 years | 7.35 | 7.5 | April 22 | AAA (Icra) |
HDB Financial | 5 years and 13 days | 7.6065 | 1+2 | April 23 | AAA (Crisil, Care) |
HDB Financial | 4 years | 7.5519 | 1.50+3.50 | April 23 | AAA (Crisil, Care) |
HDB Financial | 2 years and five months | 7.53 (yield) | 5+15 | April 23 | AAA (Crisil, Care) |
NHB | 6 years and 11 months and 8 days | To be decided | 10+40 | April 23 | AAA (Care, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 85.1540 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)
India New Issue-ICICI Home Finance to issue multiple tenor bonds, bankers say
MUMBAI, April 21 (Reuters) - India's ICICI Home Finance ICICH.UL plans to raise 7 billion rupees ($82.2 million), including a greenshoe option of 2 billion rupees, selling bonds maturing in two years and two months and in three years and three months, three bankers said on Monday.
The company will pay an annual coupon of 7.3108% and 7.3388% on these issues, respectively, and has invited bids from bankers and investors on Tuesday, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on April 21:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Home Finance | 2 years and 2 months | 7.3108 | 4.25 | April 22 | AAA (Crisil) |
ICICI Home Finance | 3 years and 3 months | 7.3308 | 0.75+2 | April 22 | AAA (Crisil) |
HUDCO | 7 years | 6.90 | 24.3 | April 21 | AAA (Icra, India Ratings, Care) |
Sundaram Finance | 2 years | 7.35 | 7.5 | April 22 | AAA (Icra) |
Poonawalla Fincorp | 2 years | 7.65 | 11.60 | April 17 | AAA (Crisil) |
Poonawalla Fincorp | 3 years | 7.70 | 3.65 | April 17 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 85.1360 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra
Editing by Sonia Cheema)
MUMBAI, April 21 (Reuters) - India's ICICI Home Finance ICICH.UL plans to raise 7 billion rupees ($82.2 million), including a greenshoe option of 2 billion rupees, selling bonds maturing in two years and two months and in three years and three months, three bankers said on Monday.
The company will pay an annual coupon of 7.3108% and 7.3388% on these issues, respectively, and has invited bids from bankers and investors on Tuesday, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on April 21:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Home Finance | 2 years and 2 months | 7.3108 | 4.25 | April 22 | AAA (Crisil) |
ICICI Home Finance | 3 years and 3 months | 7.3308 | 0.75+2 | April 22 | AAA (Crisil) |
HUDCO | 7 years | 6.90 | 24.3 | April 21 | AAA (Icra, India Ratings, Care) |
Sundaram Finance | 2 years | 7.35 | 7.5 | April 22 | AAA (Icra) |
Poonawalla Fincorp | 2 years | 7.65 | 11.60 | April 17 | AAA (Crisil) |
Poonawalla Fincorp | 3 years | 7.70 | 3.65 | April 17 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 85.1360 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra
Editing by Sonia Cheema)
India's ICICI Bank beats estimates with 18% quarterly profit growth
MUMBAI, April 19 (Reuters) - ICICI Bank ICBK.NS, India's second-largest private lender by assets, reported higher-than-expected quarterly profit on Saturday, helped by healthy loan growth and net interest income.
The bank's standalone net profit rose 18% to a record 126.30 billion rupees ($1.48 billion) in the January-March quarter, above the average analyst forecast of 118.16 billion rupees, according to data compiled by LSEG.
ICICI Bank's total loans rose 13.9% from the same period a year earlier, led by strong retail demand, while deposits grew by 14%.
Net interest income, the difference between interest earned on loans and paid on deposits, increased by 11% to 211.93 billion rupees.
In a falling interest rate scenario, lenders typically pass on the rate cuts to borrowers, making loans more attractive, but the pass-through to deposit rates comes with a lag, temporarily compressing margins until the adjustment is fully reflected across both sides of the balance sheet.
ICICI Bank's net interest margin, a key gauge of profitability, was 4.41%, from 4.40% a year earlier and 4.25% in the previous quarter.
Asset quality improved, with the gross non-performing assets (NPA) ratio at 1.67% at the end of March, versus 1.96% three months earlier.
Shares of ICICI Bank closed 3.7% higher ahead of the results on Thursday.
($1 = 85.4290 Indian rupees)
(Reporting by Siddhi Nayak; Editing by Kirsten Donovan)
(([email protected]; x.com/siddhiVnayak;))
MUMBAI, April 19 (Reuters) - ICICI Bank ICBK.NS, India's second-largest private lender by assets, reported higher-than-expected quarterly profit on Saturday, helped by healthy loan growth and net interest income.
The bank's standalone net profit rose 18% to a record 126.30 billion rupees ($1.48 billion) in the January-March quarter, above the average analyst forecast of 118.16 billion rupees, according to data compiled by LSEG.
ICICI Bank's total loans rose 13.9% from the same period a year earlier, led by strong retail demand, while deposits grew by 14%.
Net interest income, the difference between interest earned on loans and paid on deposits, increased by 11% to 211.93 billion rupees.
In a falling interest rate scenario, lenders typically pass on the rate cuts to borrowers, making loans more attractive, but the pass-through to deposit rates comes with a lag, temporarily compressing margins until the adjustment is fully reflected across both sides of the balance sheet.
ICICI Bank's net interest margin, a key gauge of profitability, was 4.41%, from 4.40% a year earlier and 4.25% in the previous quarter.
Asset quality improved, with the gross non-performing assets (NPA) ratio at 1.67% at the end of March, versus 1.96% three months earlier.
Shares of ICICI Bank closed 3.7% higher ahead of the results on Thursday.
($1 = 85.4290 Indian rupees)
(Reporting by Siddhi Nayak; Editing by Kirsten Donovan)
(([email protected]; x.com/siddhiVnayak;))
India's equity benchmarks shrug off early jitters; jump more than 1% led by HDFC Bank, ICICI Bank
** India's Nifty 50 .NSEI and Sensex .BSESN rebound from early losses to rise more than 1% amid sustained buying in financials
** HDFC Bank HDBK.NS and ICICI Bank ICBK.NS jump 1.7% and 2.6%, respectively, to hit record highs ahead of earnings over the weekend
** Financials .NIFTYFIN rise 1.7% on the day and 7.5% in four sessions on strong growth prospects
** Wipro WIPR.NS down 4.6% after missing Q4 revenue expectation and forecasting sales decline in ongoing quarter
** Information technology .NIFTYIT index down 0.7%, sole loser among major sectors
** Broader mid- .NIFMDCP100 and small-caps .NIFSMCP100 up around 0.5% each
** Waaree Renewable Technologies WAAE.NS up 9% on surge in Q4 earnings
(Reporting by Vivek Kumar M)
** India's Nifty 50 .NSEI and Sensex .BSESN rebound from early losses to rise more than 1% amid sustained buying in financials
** HDFC Bank HDBK.NS and ICICI Bank ICBK.NS jump 1.7% and 2.6%, respectively, to hit record highs ahead of earnings over the weekend
** Financials .NIFTYFIN rise 1.7% on the day and 7.5% in four sessions on strong growth prospects
** Wipro WIPR.NS down 4.6% after missing Q4 revenue expectation and forecasting sales decline in ongoing quarter
** Information technology .NIFTYIT index down 0.7%, sole loser among major sectors
** Broader mid- .NIFMDCP100 and small-caps .NIFSMCP100 up around 0.5% each
** Waaree Renewable Technologies WAAE.NS up 9% on surge in Q4 earnings
(Reporting by Vivek Kumar M)
India's ICICI Prudential Life posts higher quarterly profit on strong group insurance demand
April 15 (Reuters) - India's ICICI Prudential Life Insurance ICIR.NS on Tuesday reported a surge in fourth-quarter profit, helped by strong demand for its group insurance offerings.
The insurer's standalone profit more than doubled to 3.86 billion rupees ($45 million) for the quarter ended March 31. Its quarterly net premium income grew 11% to 16.37 billion rupees, driven by a 30% jump in single premiums.
Demand for its market or unit-linked insurance plans (ULIP) dropped during the fourth quarter as India's stock markets underwent a sharp correction.
In the previous quarters, demand for ULIPs rose consistently as the stock markets traded at record high levels.
However, analysts pointed out that a rise in the demand for group insurance plans during the January-March quarter has boosted premium income for ICICI Prudential.
Group insurance policies cover multiple people in the same plan and are generally taken by companies to provide coverage for employees.
ICICI Prudential's value of new business (VNB), or expected profit from new policies, rose 2.5% to 7.95 billion rupees for the quarter, according to Reuters calculations.
However, the insurer's annualised premium equivalent (APE) sales, which is the total value of all single- and recurring-premium policies, fell 3.1% to 35.02 billion rupees during the quarter due to the drop in the sales of ULIPs.
Meanwhile, ICICI Prudential's VNB margins for the full year deteriorated to 22.8% from 24.6% a year ago.
ULIPs accounted for 48.3% of the company's overall product mix, down from 50.8% a year earlier.
Peer HDFC Life HDFL.NS will report its quarterly results later this week, while SBI Life Insurance SBIL.NS is scheduled to post its earnings next week.
($1 = 85.7230 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru; Editing by Shreya Biswas)
(([email protected]; 8800437922;))
April 15 (Reuters) - India's ICICI Prudential Life Insurance ICIR.NS on Tuesday reported a surge in fourth-quarter profit, helped by strong demand for its group insurance offerings.
The insurer's standalone profit more than doubled to 3.86 billion rupees ($45 million) for the quarter ended March 31. Its quarterly net premium income grew 11% to 16.37 billion rupees, driven by a 30% jump in single premiums.
Demand for its market or unit-linked insurance plans (ULIP) dropped during the fourth quarter as India's stock markets underwent a sharp correction.
In the previous quarters, demand for ULIPs rose consistently as the stock markets traded at record high levels.
However, analysts pointed out that a rise in the demand for group insurance plans during the January-March quarter has boosted premium income for ICICI Prudential.
Group insurance policies cover multiple people in the same plan and are generally taken by companies to provide coverage for employees.
ICICI Prudential's value of new business (VNB), or expected profit from new policies, rose 2.5% to 7.95 billion rupees for the quarter, according to Reuters calculations.
However, the insurer's annualised premium equivalent (APE) sales, which is the total value of all single- and recurring-premium policies, fell 3.1% to 35.02 billion rupees during the quarter due to the drop in the sales of ULIPs.
Meanwhile, ICICI Prudential's VNB margins for the full year deteriorated to 22.8% from 24.6% a year ago.
ULIPs accounted for 48.3% of the company's overall product mix, down from 50.8% a year earlier.
Peer HDFC Life HDFL.NS will report its quarterly results later this week, while SBI Life Insurance SBIL.NS is scheduled to post its earnings next week.
($1 = 85.7230 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru; Editing by Shreya Biswas)
(([email protected]; 8800437922;))
ICICI Bank To Consider Fund Raising And Debt Buyback
April 11 (Reuters) - ICICI Bank Ltd ICBK.NS:
ICICI BANK - TO CONSIDER FUND RAISING
ICICI BANK LTD - BOARD TO CONSIDER FUND RAISING AND DEBT BUYBACK ON APRIL 19
ICICI BANK - TO CONSIDER FUND RAISING BY WAY OF ISSUANCE OF DEBT SECURITIES
Source text: ID:nBSE2ldlNh
Further company coverage: ICBK.NS
(([email protected];))
April 11 (Reuters) - ICICI Bank Ltd ICBK.NS:
ICICI BANK - TO CONSIDER FUND RAISING
ICICI BANK LTD - BOARD TO CONSIDER FUND RAISING AND DEBT BUYBACK ON APRIL 19
ICICI BANK - TO CONSIDER FUND RAISING BY WAY OF ISSUANCE OF DEBT SECURITIES
Source text: ID:nBSE2ldlNh
Further company coverage: ICBK.NS
(([email protected];))
Reliance Industries, ICICI Bank among HSBC's top picks in Indian markets
** HSBC identifies five Indian stocks — Reliance Industries RELI.NS, ICICI Bank ICBK.NS, TVS Motor TVSM.NS, Shriram Finance SHMF.NS, and Adani Ports APSE.NS — as its top picks offering profit visibility
** Says, impact of U.S. tariffs on Indian markets likely limited on lower or limited domestic macro risks, lower export dependence to U.S. compared to other Asian peers
** However, does not expect a strong earnings rebound in FY26 as it sees capex yet to pick up, urban consumption remaining soft
** Expects Reliance to benefit from retail turnaround, digital growth, new energy momentum
** ICICI Bank offers strong growth with stable asset quality; TVS could gain from rural demand recovery
** Shriram Finance stands out for its superior asset quality; Adani Ports is a proxy for India's trade and infra growth, says HSBC
** On the day, TVSM rises 1.4%, RELI and ICBK edge up
** SHMF falls 2.1%, APSE slips 0.3%
** Benchmark Nifty 50 index .NSEI drops 0.6%
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** HSBC identifies five Indian stocks — Reliance Industries RELI.NS, ICICI Bank ICBK.NS, TVS Motor TVSM.NS, Shriram Finance SHMF.NS, and Adani Ports APSE.NS — as its top picks offering profit visibility
** Says, impact of U.S. tariffs on Indian markets likely limited on lower or limited domestic macro risks, lower export dependence to U.S. compared to other Asian peers
** However, does not expect a strong earnings rebound in FY26 as it sees capex yet to pick up, urban consumption remaining soft
** Expects Reliance to benefit from retail turnaround, digital growth, new energy momentum
** ICICI Bank offers strong growth with stable asset quality; TVS could gain from rural demand recovery
** Shriram Finance stands out for its superior asset quality; Adani Ports is a proxy for India's trade and infra growth, says HSBC
** On the day, TVSM rises 1.4%, RELI and ICBK edge up
** SHMF falls 2.1%, APSE slips 0.3%
** Benchmark Nifty 50 index .NSEI drops 0.6%
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
India's financial stocks fuel Nifty 50's March comeback, set for strong FY2026
By Bharath Rajeswaran
March 28 (Reuters) - Shares of India's financial services sector companies recovered in March, leading the benchmark Nifty 50 index's comeback from a historic downturn and setting the stage for a robust fiscal year 2026.
With the Reserve Bank of India's interest rate cuts looming, credit growth surging, and foreign inflows returning, financials are once again the market's hottest bet.
Potential rate cuts and liquidity injection by the central bank are likely to improve the overall credit and deposit environment and earnings for banks in FY2026, Anand Rathi Research's analyst Kaitav Shah said.
Financials .NIFTYFIN, accounting for 37% weight in the Nifty 50 .NSEI, jumped about 9% in March after three straight monthly losses. It helped the NSE benchmark index reverse losses in the fiscal year, after about $1 trillion in investor wealth was wiped out during a downturn in the second half. The Nifty 50 had touched a record high in September.
In FY2025, financials gained nearly 20% and banks .NSEBANK rose 9%, outperforming the Nifty 50's 5% rise.
The sector has also benefited from foreign inflows returning in March after sustained selling.
Still, foreign portfolio investors (FPIs) have offloaded Indian shares worth a record $26 billion since October, marking the highest outflows in a six-month period, pushing benchmark indexes into a correction territory in November and the broader markets into a bear market last month.
BANKING AND FINANCE GAINS TO CONTINUE
For FY2026, the banking sector is expected to remain strong, with projected credit growth of 12-13% on strong services and retail demand.
"Since banking is the ideal proxy to economic growth, it should see better credit and deposit growth in FY2026," said Mayuresh Joshi of financial services firm William O'Neil and Company.
BNP Paribas analyst Santanu Chakrabarti echoed Joshi's sentiment. "Besides liquidity infusion, changes in non-bank lenders' risk weights, relaxed priority sector lending norms, and reduced foreign selling pressure keep our bullish FY2026 outlook intact."
The RBI is widely expected to cut rates by 25 basis points in April and again in August, easing funding costs and supporting credit expansion.
Despite FPIs selling financial stocks worth $6.7 billion in FY2025, roughly 41% of total outflows, the sector ended the year higher on attractive valuations.
The Nifty financial services index trades at a 12-month forward price-to-earnings (P/E) ratio of 20x, below the 10-month average of 20.6x, suggesting undervaluation which could lead to further investments.
($1 = 85.5850 Indian rupees)
Financials outperform India's Nifty 50 in fiscal year 2025 https://reut.rs/4i9Ck7D
Performance of companies in India's financial services index in FY2025 https://reut.rs/43Zit7o
What FPIs sold in fiscal year 2025 in Indian markets https://reut.rs/3FLD8lq
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich)
(([email protected]; +91 9769003463;))
By Bharath Rajeswaran
March 28 (Reuters) - Shares of India's financial services sector companies recovered in March, leading the benchmark Nifty 50 index's comeback from a historic downturn and setting the stage for a robust fiscal year 2026.
With the Reserve Bank of India's interest rate cuts looming, credit growth surging, and foreign inflows returning, financials are once again the market's hottest bet.
Potential rate cuts and liquidity injection by the central bank are likely to improve the overall credit and deposit environment and earnings for banks in FY2026, Anand Rathi Research's analyst Kaitav Shah said.
Financials .NIFTYFIN, accounting for 37% weight in the Nifty 50 .NSEI, jumped about 9% in March after three straight monthly losses. It helped the NSE benchmark index reverse losses in the fiscal year, after about $1 trillion in investor wealth was wiped out during a downturn in the second half. The Nifty 50 had touched a record high in September.
In FY2025, financials gained nearly 20% and banks .NSEBANK rose 9%, outperforming the Nifty 50's 5% rise.
The sector has also benefited from foreign inflows returning in March after sustained selling.
Still, foreign portfolio investors (FPIs) have offloaded Indian shares worth a record $26 billion since October, marking the highest outflows in a six-month period, pushing benchmark indexes into a correction territory in November and the broader markets into a bear market last month.
BANKING AND FINANCE GAINS TO CONTINUE
For FY2026, the banking sector is expected to remain strong, with projected credit growth of 12-13% on strong services and retail demand.
"Since banking is the ideal proxy to economic growth, it should see better credit and deposit growth in FY2026," said Mayuresh Joshi of financial services firm William O'Neil and Company.
BNP Paribas analyst Santanu Chakrabarti echoed Joshi's sentiment. "Besides liquidity infusion, changes in non-bank lenders' risk weights, relaxed priority sector lending norms, and reduced foreign selling pressure keep our bullish FY2026 outlook intact."
The RBI is widely expected to cut rates by 25 basis points in April and again in August, easing funding costs and supporting credit expansion.
Despite FPIs selling financial stocks worth $6.7 billion in FY2025, roughly 41% of total outflows, the sector ended the year higher on attractive valuations.
The Nifty financial services index trades at a 12-month forward price-to-earnings (P/E) ratio of 20x, below the 10-month average of 20.6x, suggesting undervaluation which could lead to further investments.
($1 = 85.5850 Indian rupees)
Financials outperform India's Nifty 50 in fiscal year 2025 https://reut.rs/4i9Ck7D
Performance of companies in India's financial services index in FY2025 https://reut.rs/43Zit7o
What FPIs sold in fiscal year 2025 in Indian markets https://reut.rs/3FLD8lq
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich)
(([email protected]; +91 9769003463;))
BREAKINGVIEWS-Prudential's India listing may prove short-sighted
The authors are Reuters Breakingviews columnists. The opinions expressed are their own.
By Shritama Bose and Katrina Hamlin
MUMBAI, March 25 (Reuters Breakingviews) - Now is not the ideal time for Prudential PRU.L to take its Indian asset-management unit public. The London- and Hong Kong-listed insurer might be able to pocket a tidy sum, but it would be left with a smaller stake in a fast-growing corner of a key market.
Pru owns 49% of ICICI Prudential Asset Management, India's second-largest purveyor of mutual funds by assets under management. Majority owner ICICI Bank ICBK.NS is keen on retaining its controlling stake. Pru may seek a $12 billion valuation for the unit, Bloomberg reported earlier this month, citing unnamed people familiar with the matter.
That looks punchy. The business may be worth almost 20% less than that, valuing last year's net profit of $298 million at 32 times earnings, the average multiple for a group of peers. That would peg Pru's stake at $4.6 billion.
There's an obvious short-term appeal for Pru in selling part of its holding. CEO Anil Wadhwani wants to improve returns for shareholders. He also wants to eliminate the last dregs of the valuation gap with Hong Kong-listed rival AIA 1299.HK, which back in 2021 traded at 24 times forward earnings versus Pru's 14 times. AIA's multiple has since plummeted to 11.5 times, with Pru's drop less dramatic to 9.7 times, per LSEG. Wadhwani's intention to hand net proceeds to his shareholders would at least achieve the first goal. But as a one-off payment, it's hardly sustainable.
Besides, ICICI Prudential is growing at a fast pace: funds under management rose 34% in 2024, a tad faster than the broader industry in India. Sustaining that would boost earnings for Pru over time and warrant a bigger price tag in the future. The timing isn't great either. Selling by offshore investors has pulled India's equity market off its highs, and companies are downsizing share sales.
It may be in Pru's best interests to float the business by giving up as little of its ownership as possible. Global money managers are doubling down to grab a slice of India's household savings. BlackRock has entered a joint venture with Mukesh Ambani's Jio Financial Services JIOF.NS. HSBC HSBA.L is deepening its branch network into "cities identified for their growing wealth pools". They're doing so because, despite recent blistering growth, mutual funds have so far reached less than 4% of India's population.
Pru's India listing may be well-intentioned, but the danger is that the insurer will look like it is swimming against the tide.
Follow @ShritamaBose on X
CONTEXT NEWS
Multinational insurer Prudential is considering seeking a valuation of $12 billion for ICICI Prudential Asset Management Company in an initial public offering of the Indian unit, Bloomberg reported on March 4, citing unnamed people familiar with the matter.
Prudential on February 12 said it is evaluating a potential listing of the Indian asset manager, in which it holds 49%. The net proceeds from the float would be returned to shareholders, the insurer added.
India's asset managers beat the broader market https://reut.rs/4hIn3u6
(Editing by Antony Currie and Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/HAMLIN/[email protected] [email protected]))
The authors are Reuters Breakingviews columnists. The opinions expressed are their own.
By Shritama Bose and Katrina Hamlin
MUMBAI, March 25 (Reuters Breakingviews) - Now is not the ideal time for Prudential PRU.L to take its Indian asset-management unit public. The London- and Hong Kong-listed insurer might be able to pocket a tidy sum, but it would be left with a smaller stake in a fast-growing corner of a key market.
Pru owns 49% of ICICI Prudential Asset Management, India's second-largest purveyor of mutual funds by assets under management. Majority owner ICICI Bank ICBK.NS is keen on retaining its controlling stake. Pru may seek a $12 billion valuation for the unit, Bloomberg reported earlier this month, citing unnamed people familiar with the matter.
That looks punchy. The business may be worth almost 20% less than that, valuing last year's net profit of $298 million at 32 times earnings, the average multiple for a group of peers. That would peg Pru's stake at $4.6 billion.
There's an obvious short-term appeal for Pru in selling part of its holding. CEO Anil Wadhwani wants to improve returns for shareholders. He also wants to eliminate the last dregs of the valuation gap with Hong Kong-listed rival AIA 1299.HK, which back in 2021 traded at 24 times forward earnings versus Pru's 14 times. AIA's multiple has since plummeted to 11.5 times, with Pru's drop less dramatic to 9.7 times, per LSEG. Wadhwani's intention to hand net proceeds to his shareholders would at least achieve the first goal. But as a one-off payment, it's hardly sustainable.
Besides, ICICI Prudential is growing at a fast pace: funds under management rose 34% in 2024, a tad faster than the broader industry in India. Sustaining that would boost earnings for Pru over time and warrant a bigger price tag in the future. The timing isn't great either. Selling by offshore investors has pulled India's equity market off its highs, and companies are downsizing share sales.
It may be in Pru's best interests to float the business by giving up as little of its ownership as possible. Global money managers are doubling down to grab a slice of India's household savings. BlackRock has entered a joint venture with Mukesh Ambani's Jio Financial Services JIOF.NS. HSBC HSBA.L is deepening its branch network into "cities identified for their growing wealth pools". They're doing so because, despite recent blistering growth, mutual funds have so far reached less than 4% of India's population.
Pru's India listing may be well-intentioned, but the danger is that the insurer will look like it is swimming against the tide.
Follow @ShritamaBose on X
CONTEXT NEWS
Multinational insurer Prudential is considering seeking a valuation of $12 billion for ICICI Prudential Asset Management Company in an initial public offering of the Indian unit, Bloomberg reported on March 4, citing unnamed people familiar with the matter.
Prudential on February 12 said it is evaluating a potential listing of the Indian asset manager, in which it holds 49%. The net proceeds from the float would be returned to shareholders, the insurer added.
India's asset managers beat the broader market https://reut.rs/4hIn3u6
(Editing by Antony Currie and Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/HAMLIN/[email protected] [email protected]))
India's ICICI Bank to see margin expansion in FY2026, Citi says; stock rises
** Shares of ICICI Bank ICBK.NS rise 2.2% to 1,373 rupees apiece
** Private lender second biggest contributor to benchmark Nifty 50's .NSEI 1.1% rise on the day
** Citi Research says ICBK's net interest margins could see a 20-25 basis points positive impact from a potential 50 basis point rate cut in FY2026
** Positive NIM bias also aided by cash reverse ratio cut in February - Citi
** Adds ICBK's unsecured stress will stabilise and loan growth will sustain in fourth quarter fiscal year 2025
** Citi sees credit cost normalization from FY2026
** Reiterates "buy" on ICBK and maintains a price target of 1,600 rupees, implying an upside of about 19%
** ICBK shares are up 6.6% in 2025 so far, outperforming the 1.5% rise in bank index .NSEBANK and 0.1% drop in Nifty 50
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Shares of ICICI Bank ICBK.NS rise 2.2% to 1,373 rupees apiece
** Private lender second biggest contributor to benchmark Nifty 50's .NSEI 1.1% rise on the day
** Citi Research says ICBK's net interest margins could see a 20-25 basis points positive impact from a potential 50 basis point rate cut in FY2026
** Positive NIM bias also aided by cash reverse ratio cut in February - Citi
** Adds ICBK's unsecured stress will stabilise and loan growth will sustain in fourth quarter fiscal year 2025
** Citi sees credit cost normalization from FY2026
** Reiterates "buy" on ICBK and maintains a price target of 1,600 rupees, implying an upside of about 19%
** ICBK shares are up 6.6% in 2025 so far, outperforming the 1.5% rise in bank index .NSEBANK and 0.1% drop in Nifty 50
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
Indian shares may see $1.4 billion inflows as FTSE rejig comes into effect; ICICI Bank in focus
** Indian equities set for inflows of up to $1.4 billion on Friday as FTSE March semi-annual rebalancing to come into effect, per analysts
** ICICI Bank ICBK.NS will be the biggest beneficiary, to see inflows worth $426.9 million from weight increases by FTSE, MSCI and BSE, says IIFL
** Large inflows in ICBK due to merger between bank and ICICI Securities ICCI.NS, whose shares will trade for the last time on Friday
** ICCI shareholders to get 67 ICBK shares per 100 shares of ICCI
** Kotak Mahindra Bank KTKM.NS to see $146 million inflows as FTSE increases weight, says Nuvama
** FTSE adds 360 ONE WAM ONEW.NS, Bajaj Housing Finance BAJO.NS, BSE BSEL.NS and other stocks to FTSE All World Index
** Stocks that might see inflows due to FTSE rebalancing include Zomato ZOMT.NS, ITC Hotels ITCT.NS, Gland Pharma GLAD.NS and BAJO
(Reporting by Vivek Kumar M)
(([email protected];))
** Indian equities set for inflows of up to $1.4 billion on Friday as FTSE March semi-annual rebalancing to come into effect, per analysts
** ICICI Bank ICBK.NS will be the biggest beneficiary, to see inflows worth $426.9 million from weight increases by FTSE, MSCI and BSE, says IIFL
** Large inflows in ICBK due to merger between bank and ICICI Securities ICCI.NS, whose shares will trade for the last time on Friday
** ICCI shareholders to get 67 ICBK shares per 100 shares of ICCI
** Kotak Mahindra Bank KTKM.NS to see $146 million inflows as FTSE increases weight, says Nuvama
** FTSE adds 360 ONE WAM ONEW.NS, Bajaj Housing Finance BAJO.NS, BSE BSEL.NS and other stocks to FTSE All World Index
** Stocks that might see inflows due to FTSE rebalancing include Zomato ZOMT.NS, ITC Hotels ITCT.NS, Gland Pharma GLAD.NS and BAJO
(Reporting by Vivek Kumar M)
(([email protected];))
Prudential Is Said To Seek $12 Bln Value On India JV Listing - Bloomberg News
March 4 (Reuters) -
PRUDENTIAL IS SAID TO SEEK $12 BILLION VALUE ON INDIA JV LISTING - BLOOMBERG NEWS
PRUDENTIAL CONSIDERING SEEKING A VALUATION OF ABOUT $12 BILLION FOR ICICI PRUDENTIAL ASSET MANAGEMENT IN A POTENTIAL IPO OF INDIAN UNIT - BLOOMBERG NEWS
Source text: https://tinyurl.com/mvea2a3r
Further company coverage: ICBK.NS
(([email protected];))
March 4 (Reuters) -
PRUDENTIAL IS SAID TO SEEK $12 BILLION VALUE ON INDIA JV LISTING - BLOOMBERG NEWS
PRUDENTIAL CONSIDERING SEEKING A VALUATION OF ABOUT $12 BILLION FOR ICICI PRUDENTIAL ASSET MANAGEMENT IN A POTENTIAL IPO OF INDIAN UNIT - BLOOMBERG NEWS
Source text: https://tinyurl.com/mvea2a3r
Further company coverage: ICBK.NS
(([email protected];))
REFILE-India's financial stocks jump as central bank further eases strict lending rules
Corrects to Thursday from Wednesday in first paragraph
Feb 27 (Reuters) - Shares of most Indian financial companies, especially those of non-bank and microfinance-focussed lenders, jumped on Thursday after the central bank further eased its capital requirements for micro loans and bank credit.
Financial stocks .NIFTYFIN, which include non-bank finance companies (NBFCs), jumped about 1%, outpacing the 0.7% increase in banking stocks .NSEBANK. The benchmark Nifty 50 .NSEI, in comparison, was flat.
The Reserve Bank of India, on Tuesday, trimmed the higher capital requirements introduced in November, the latest in a series of growth-supportive measures since Sanjay Malhotra took over as governor in December.
Under his watch, the RBI has eased liquidity, delayed some regulations and loosened restrictions placed on some lenders.
"We think this bodes well for the financial sector and lays more emphasis on consumption and growth ... and (we) reiterate our bullish view," Macquarie analyst Suresh Ganapathy said in a note.
On the day, Bandhan Bank BANH.NS gained 6%, while Shriram Finance SHMF.NS, AU Small Finance Bank AUFI.NS and Ujjivan Small Finance Bank UJJI.NS rose about 5% each.
Cholamandalam Investment and Finance CHLA.NS and Aditya Birla Capital ADTB.NS advanced 4.5% each. Bajaj Finance BJFN.NS rose 2.7% and IndusInd Bank INBK.NS gained 2%.
In comparison, top private lenders such as ICICI Bank ICBK.NS and HDFC Bank HDBK.NS were up under 1%.
The RBI's move should help most NBFCs' earnings, Morgan Stanley analysts said, picking Aditya Birla Capital, PNB Housing, Shriram Finance and Bajaj Finance as top beneficiaries.
Nomura analysts said banks with higher microfinance loan exposure, such as Bandhan Bank, IndusInd and AU Small Finance Bank, would also get much needed relief.
Since the rules were implemented in November, Aditya Birla Capital's shares had slid 16%, while AU Small Finance Bank and IndusInd Bank sank 28% and 31%, respectively. The worst hit, with a 38% tumble, was Bandhan Bank -- the day's top gainer.
However, Axis Bank Chief Economist Neelkanth Mishra cautioned that a reversal in the broad-based slide in loan growth -- caused by high liquidity costs and the RBI's discomfort with high loan-to-deposit ratios -- could take time.
"While these (RBI) signals should help revive lending, we believe the binding constraint remains durable liquidity."
(Reporting by Sethuraman NR; Editing by Savio D'Souza)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
Corrects to Thursday from Wednesday in first paragraph
Feb 27 (Reuters) - Shares of most Indian financial companies, especially those of non-bank and microfinance-focussed lenders, jumped on Thursday after the central bank further eased its capital requirements for micro loans and bank credit.
Financial stocks .NIFTYFIN, which include non-bank finance companies (NBFCs), jumped about 1%, outpacing the 0.7% increase in banking stocks .NSEBANK. The benchmark Nifty 50 .NSEI, in comparison, was flat.
The Reserve Bank of India, on Tuesday, trimmed the higher capital requirements introduced in November, the latest in a series of growth-supportive measures since Sanjay Malhotra took over as governor in December.
Under his watch, the RBI has eased liquidity, delayed some regulations and loosened restrictions placed on some lenders.
"We think this bodes well for the financial sector and lays more emphasis on consumption and growth ... and (we) reiterate our bullish view," Macquarie analyst Suresh Ganapathy said in a note.
On the day, Bandhan Bank BANH.NS gained 6%, while Shriram Finance SHMF.NS, AU Small Finance Bank AUFI.NS and Ujjivan Small Finance Bank UJJI.NS rose about 5% each.
Cholamandalam Investment and Finance CHLA.NS and Aditya Birla Capital ADTB.NS advanced 4.5% each. Bajaj Finance BJFN.NS rose 2.7% and IndusInd Bank INBK.NS gained 2%.
In comparison, top private lenders such as ICICI Bank ICBK.NS and HDFC Bank HDBK.NS were up under 1%.
The RBI's move should help most NBFCs' earnings, Morgan Stanley analysts said, picking Aditya Birla Capital, PNB Housing, Shriram Finance and Bajaj Finance as top beneficiaries.
Nomura analysts said banks with higher microfinance loan exposure, such as Bandhan Bank, IndusInd and AU Small Finance Bank, would also get much needed relief.
Since the rules were implemented in November, Aditya Birla Capital's shares had slid 16%, while AU Small Finance Bank and IndusInd Bank sank 28% and 31%, respectively. The worst hit, with a 38% tumble, was Bandhan Bank -- the day's top gainer.
However, Axis Bank Chief Economist Neelkanth Mishra cautioned that a reversal in the broad-based slide in loan growth -- caused by high liquidity costs and the RBI's discomfort with high loan-to-deposit ratios -- could take time.
"While these (RBI) signals should help revive lending, we believe the binding constraint remains durable liquidity."
(Reporting by Sethuraman NR; Editing by Savio D'Souza)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
BREAKINGVIEWS-India’s banks will struggle to keep equities crown
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Feb 19 (Reuters Breakingviews) - India’s dealmakers are celebrating their arrival on the global map. Last year, Kotak Mahindra Bank KTKM.NS not only topped LSEG's league table for initial public offerings in Asia by volume, edging out CITIC 0267.HK and JPMorgan JPM.N, but it also broke into the ranks of the top 10 underwriters of common stock deals globally by proceeds. Both are firsts for an Indian investment bank. But the strong showing by the $45 billion firm and its compatriots may prove hard to sustain.
A record $71 billion in equity fundraising powered the South Asian country's climb past China and Hong Kong to the spot of the world’s second-largest destination for share placements behind the U.S. last year, per Dealogic data. New-economy companies including Swiggy SWIG.NS and Ola Electric Mobility OLAE.NS going public were a lynchpin for strong fees. Meanwhile, punchy valuations prompted global businesses like Whirlpool WHR.N to cash out stakes in their local units and Hyundai Motor 005380.KS to take its Indian business public.
It spelt a bonanza for banks like Kotak and ICICI Bank ICBK.NS, both of which trade at 3 times forward book value, the top of their peer group. Their rise up the league tables buys them credibility beyond those rich valuations.
The mood is upbeat. At a Mumbai conference of investment banks in January, a singer belted out chest-thumping patriotic numbers in the presence of Madhabi Puri Buch, chief of Securities and Exchange Board of India, the capital markets regulator. Sundararaman Ramamurthy, the CEO of BSE BSEL.NS, one of the country’s two main stock exchanges, described the IPO boom as a moment of India’s “re-emergence” on the world stage.
The pipeline remains strong. Kotak has won a mandate, alongside Morgan Stanley MS.N, for what could be India's largest ever IPO, an up to $4.6 billion listing of Reliance Industries' RELI.NS telecommunications business, IFR reported in January, citing unnamed people. HDFC Bank’s HDBK.NS shadow lending unit has filed for a $1.44 billion float. Businesses ranging from the local unit of South Korean consumer appliances giant LG Electronics 066570.KS to Tiger Global-backed stockbroker Groww are preparing for billion-dollar listings too, per IFR. Kotak expects primary fundraising in India to rise 59% from last year’s level to $35 billion in 2025.
But the broader environment is less cheery. Foreign portfolio investors are dumping Indian shares and companies are reporting dismal earnings, pulling indexes off last year’s dizzying highs. The outlook for GDP growth is sombre. Beijing's push for higher-valued startups could rejuvenate dealmaking in China this year, and Hong Kong listings are rebounding from a 20-year low. The two centres notched up a total $132 billion in equity transactions in 2023 before markets slumped.
Kotak and its peers may find their dealmaking crown was easier to earn than to hold.
Follow @ShritamaBose on X
CONTEXT NEWS
Kotak Mahindra Bank was the 10th largest bookrunner globally for common stock deals by proceeds in 2024, with a 1.5% share of the market, according to LSEG data. It also topped the league table for Asian initial public offerings, including Chinese A-shares, facilitating listings that raised $2 billion during the year.
Graphic: India equity fundraising edged past Hong Kong in 2024 https://reut.rs/3WDLcu6
(Editing by Antony Currie and Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Feb 19 (Reuters Breakingviews) - India’s dealmakers are celebrating their arrival on the global map. Last year, Kotak Mahindra Bank KTKM.NS not only topped LSEG's league table for initial public offerings in Asia by volume, edging out CITIC 0267.HK and JPMorgan JPM.N, but it also broke into the ranks of the top 10 underwriters of common stock deals globally by proceeds. Both are firsts for an Indian investment bank. But the strong showing by the $45 billion firm and its compatriots may prove hard to sustain.
A record $71 billion in equity fundraising powered the South Asian country's climb past China and Hong Kong to the spot of the world’s second-largest destination for share placements behind the U.S. last year, per Dealogic data. New-economy companies including Swiggy SWIG.NS and Ola Electric Mobility OLAE.NS going public were a lynchpin for strong fees. Meanwhile, punchy valuations prompted global businesses like Whirlpool WHR.N to cash out stakes in their local units and Hyundai Motor 005380.KS to take its Indian business public.
It spelt a bonanza for banks like Kotak and ICICI Bank ICBK.NS, both of which trade at 3 times forward book value, the top of their peer group. Their rise up the league tables buys them credibility beyond those rich valuations.
The mood is upbeat. At a Mumbai conference of investment banks in January, a singer belted out chest-thumping patriotic numbers in the presence of Madhabi Puri Buch, chief of Securities and Exchange Board of India, the capital markets regulator. Sundararaman Ramamurthy, the CEO of BSE BSEL.NS, one of the country’s two main stock exchanges, described the IPO boom as a moment of India’s “re-emergence” on the world stage.
The pipeline remains strong. Kotak has won a mandate, alongside Morgan Stanley MS.N, for what could be India's largest ever IPO, an up to $4.6 billion listing of Reliance Industries' RELI.NS telecommunications business, IFR reported in January, citing unnamed people. HDFC Bank’s HDBK.NS shadow lending unit has filed for a $1.44 billion float. Businesses ranging from the local unit of South Korean consumer appliances giant LG Electronics 066570.KS to Tiger Global-backed stockbroker Groww are preparing for billion-dollar listings too, per IFR. Kotak expects primary fundraising in India to rise 59% from last year’s level to $35 billion in 2025.
But the broader environment is less cheery. Foreign portfolio investors are dumping Indian shares and companies are reporting dismal earnings, pulling indexes off last year’s dizzying highs. The outlook for GDP growth is sombre. Beijing's push for higher-valued startups could rejuvenate dealmaking in China this year, and Hong Kong listings are rebounding from a 20-year low. The two centres notched up a total $132 billion in equity transactions in 2023 before markets slumped.
Kotak and its peers may find their dealmaking crown was easier to earn than to hold.
Follow @ShritamaBose on X
CONTEXT NEWS
Kotak Mahindra Bank was the 10th largest bookrunner globally for common stock deals by proceeds in 2024, with a 1.5% share of the market, according to LSEG data. It also topped the league table for Asian initial public offerings, including Chinese A-shares, facilitating listings that raised $2 billion during the year.
Graphic: India equity fundraising edged past Hong Kong in 2024 https://reut.rs/3WDLcu6
(Editing by Antony Currie and Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))
ICICI Is Said To Weigh Buying Additional Stake In Prudential JV - Bloomberg News
Feb 18 (Reuters) -
ICICI IS SAID TO WEIGH BUYING ADDITIONAL STAKE IN PRUDENTIAL JV - BLOOMBERG NEWS
ICICI MAY SEEK TO BUY ABOUT 3% IN THE VENTURE FROM ITS PARTNER PRUDENTIAL - BLOOMBERG NEWS
Source text: https://tinyurl.com/bdf2u5pw
(([email protected];))
Feb 18 (Reuters) -
ICICI IS SAID TO WEIGH BUYING ADDITIONAL STAKE IN PRUDENTIAL JV - BLOOMBERG NEWS
ICICI MAY SEEK TO BUY ABOUT 3% IN THE VENTURE FROM ITS PARTNER PRUDENTIAL - BLOOMBERG NEWS
Source text: https://tinyurl.com/bdf2u5pw
(([email protected];))
ICICI Bank stock to get 3% boost if ICICI Prudential AMC lists, says Macquarie
** ICICI Bank ICBK.NS will gain about 3% from the last close of 1,253 rupees, if ICICI Prudential Asset Management Company (AMC), says Macquarie
** British insurer Prudential PRU.L is considering listing ICICI Prudential AMC, its JV with ICICI Bank
** Media reports suggest Prudential plans to sell 10% stake for 100 billion rupees ($1.15 billion)
** A listing will also add 2% to Macquarie's fair value on ICICI Bank of 1,670 rupees, already the highest among the 39 analysts covering the stock
** Brokerage keeps "outperform" rating
** Analysts' average rating is a "buy" and their PTs range from 1,290 rupees to 1,670 rupees - LSEG data
** ICBK has shed 1.7% YTD, mirroring benchmark Nifty 50 .NSEI's drop
($1 = 86.8640 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** ICICI Bank ICBK.NS will gain about 3% from the last close of 1,253 rupees, if ICICI Prudential Asset Management Company (AMC), says Macquarie
** British insurer Prudential PRU.L is considering listing ICICI Prudential AMC, its JV with ICICI Bank
** Media reports suggest Prudential plans to sell 10% stake for 100 billion rupees ($1.15 billion)
** A listing will also add 2% to Macquarie's fair value on ICICI Bank of 1,670 rupees, already the highest among the 39 analysts covering the stock
** Brokerage keeps "outperform" rating
** Analysts' average rating is a "buy" and their PTs range from 1,290 rupees to 1,670 rupees - LSEG data
** ICBK has shed 1.7% YTD, mirroring benchmark Nifty 50 .NSEI's drop
($1 = 86.8640 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
British insurer Prudential considers listing Indian asset management joint venture
Prudential plans would involve partial divestment of 49% stake
Net proceeds to be returned to Prudential shareholders
London-listed shares rise more than 8%
Joint venture partner ICICI Bank to retain majority stake
Writes through, adding detail, ICICI statement, share price reaction and background
Feb 12 (Reuters) - British insurer Prudential PRU.L is considering listing its Indian joint venture ICICI Prudential Asset Management, it said on Wednesday.
Prudential's London-listed shares soared more than 8%, buoyed by plans that would involve the company divesting some of its 49% stake in the Indian asset manager and returning the proceeds to shareholders.
ICICI Prudential Asset Management offers a range of mutual fund products in India. ICICI Bank ICBK.NS, India's second-largest private lender by assets, holds the other 51% stake in the joint venture.
"We intend to retain our majority shareholding in ICICI Prudential Asset Management Company, ensuring our long-term commitment," ICICI Bank said in a stock market filing after Prudential's announcement.
Prudential did not disclose where it plans to list the company, but any potential listing would be subject to market conditions and approvals, it said.
"It is intended that following the completion of such a divestment, the net proceeds would be returned to shareholders," the British company added.
India's initial public offering (IPO) market had a record run in 2024 and the capital-raising spree is expected to continue this year given the pipeline of companies looking to go public, the CEO of BSE, the country's oldest exchange, told Reuters last month.
The IPO boom in India was driven by offers for sale (OFS), where large shareholders sell existing shares to reap the proceeds themselves rather than new issues that provide companies with capital to invest, BSE's Sundararaman Ramamurthy had said.
(Reporting by Yadarisa Shabong and Nishit Navin in Bengaluru
Editing by Shinjini Ganguli and David Goodman)
(([email protected]; +91 9742735150;))
Prudential plans would involve partial divestment of 49% stake
Net proceeds to be returned to Prudential shareholders
London-listed shares rise more than 8%
Joint venture partner ICICI Bank to retain majority stake
Writes through, adding detail, ICICI statement, share price reaction and background
Feb 12 (Reuters) - British insurer Prudential PRU.L is considering listing its Indian joint venture ICICI Prudential Asset Management, it said on Wednesday.
Prudential's London-listed shares soared more than 8%, buoyed by plans that would involve the company divesting some of its 49% stake in the Indian asset manager and returning the proceeds to shareholders.
ICICI Prudential Asset Management offers a range of mutual fund products in India. ICICI Bank ICBK.NS, India's second-largest private lender by assets, holds the other 51% stake in the joint venture.
"We intend to retain our majority shareholding in ICICI Prudential Asset Management Company, ensuring our long-term commitment," ICICI Bank said in a stock market filing after Prudential's announcement.
Prudential did not disclose where it plans to list the company, but any potential listing would be subject to market conditions and approvals, it said.
"It is intended that following the completion of such a divestment, the net proceeds would be returned to shareholders," the British company added.
India's initial public offering (IPO) market had a record run in 2024 and the capital-raising spree is expected to continue this year given the pipeline of companies looking to go public, the CEO of BSE, the country's oldest exchange, told Reuters last month.
The IPO boom in India was driven by offers for sale (OFS), where large shareholders sell existing shares to reap the proceeds themselves rather than new issues that provide companies with capital to invest, BSE's Sundararaman Ramamurthy had said.
(Reporting by Yadarisa Shabong and Nishit Navin in Bengaluru
Editing by Shinjini Ganguli and David Goodman)
(([email protected]; +91 9742735150;))
India New Issue-ICICI Home Finance accepts bids for bond issues, bankers say
MUMBAI, Feb 11 (Reuters) - India's ICICI Home Finance ICICH.UL has accepted bids worth 6 billion rupees ($69.1 million) for bonds maturing in three years and two months and in five years, three bankers said on Tuesday.
The company will pay an annual coupon of 7.81% and 7.76% on these issues, respectively, and had invited bids from bankers and investors earlier in the day, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on February 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Home Finance | 3 years and 2 months | 7.81 | 3 | Feb. 11 | AAA (Crisil) |
ICICI Home Finance | 5 years | 7.76 | 3 | Feb. 11 | AAA (Crisil) |
IIFCL | 3 years and 1 month | 7.56 | 10.40 | Feb. 11 | AAA (Care, India Ratings) |
LIC Housing Feb 2028 reissue | 3 years | To be decided | 10+10 | Feb. 12 | AAA (Crisil, Care) |
L&T Finance | 5 years and 2 months | 7.80 | 2.50+2.50 | Feb. 12 | AAA (Crisil) |
Citicorp Finance | 2 years 1 month | To be decided | 2+7 | Feb. 12 | AAA (Crisil) |
Punjab National Bank | 10 years | To be decided | 20+30 | Feb. 13 | AAA (Crisil, India Ratings) |
THDC India | 10 years | To be decided | 2+5 | Feb. 14 | AA(Care) |
* Size includes base plus greenshoe for some issues
($1 = 86.8975 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)
MUMBAI, Feb 11 (Reuters) - India's ICICI Home Finance ICICH.UL has accepted bids worth 6 billion rupees ($69.1 million) for bonds maturing in three years and two months and in five years, three bankers said on Tuesday.
The company will pay an annual coupon of 7.81% and 7.76% on these issues, respectively, and had invited bids from bankers and investors earlier in the day, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on February 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Home Finance | 3 years and 2 months | 7.81 | 3 | Feb. 11 | AAA (Crisil) |
ICICI Home Finance | 5 years | 7.76 | 3 | Feb. 11 | AAA (Crisil) |
IIFCL | 3 years and 1 month | 7.56 | 10.40 | Feb. 11 | AAA (Care, India Ratings) |
LIC Housing Feb 2028 reissue | 3 years | To be decided | 10+10 | Feb. 12 | AAA (Crisil, Care) |
L&T Finance | 5 years and 2 months | 7.80 | 2.50+2.50 | Feb. 12 | AAA (Crisil) |
Citicorp Finance | 2 years 1 month | To be decided | 2+7 | Feb. 12 | AAA (Crisil) |
Punjab National Bank | 10 years | To be decided | 20+30 | Feb. 13 | AAA (Crisil, India Ratings) |
THDC India | 10 years | To be decided | 2+5 | Feb. 14 | AA(Care) |
* Size includes base plus greenshoe for some issues
($1 = 86.8975 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)
India New Issue-ICICI Home Finance to issue multiple tenor bonds, bankers say
MUMBAI, Feb 10 (Reuters) - India's ICICI Home Finance ICICH.UL plans to raise 6 billion rupees ($68.6 million), including a greenshoe option of 1.50 billion rupees, through the sale of bonds maturing in three years and two months as well as in five years, three bankers said on Monday.
The company will pay an annual coupon of 7.81% and 7.76% on these issues respectively, and has invited bids from bankers and investors on Tuesday, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on February 10:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Home Finance | 3 years and 2 months | 7.81% | 2.50+0.50 | Feb. 11 | AAA (Crisil) |
ICICI Home Finance | 5 years | 7.76% | 2+1 | Feb. 11 | AAA (Crisil) |
IRFC | 15 years | To be decided | 5+25 | Feb. 12 | AAA (Crisil, Icra, Care) |
NABARD Mar 2028 reissue | 3 years 1 month and 11 days | To be decided | 20+30 | Feb. 12 | AAA (Crisil, Icra) |
Aditya Birla Housing Finance | 2 year and 4 months | 7.8989 | 5 | Feb. 10 | AAA (Icra, Crisil) |
Aditya Birla Housing Finance | 3 year and 4 months | 7.8639 | 5 | Feb. 10 | AAA (Icra, Crisil) |
SIDBI | 4 years and 1 month | 7.42 | 60 | Feb. 10 | AAA (Crisil, Care) |
HUDCO | 10 years | 7.29 | 29.10 | Feb. 10 | AAA (India Ratings, Care) |
Cube Highways Trust | 17 years and 11 months | 7.67 (quarterly) | 8.60 | Feb. 10 | AAA (Crisil) |
Aditya Birla Finance | Perpetual | To be decided | 2+3 | Feb. 11 | AA+ (Icra)(Crisil) |
Credila Financial Services | 10 years | 9.00% | 5.50 | Feb. 7 | AA+ (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 87.4220 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)
MUMBAI, Feb 10 (Reuters) - India's ICICI Home Finance ICICH.UL plans to raise 6 billion rupees ($68.6 million), including a greenshoe option of 1.50 billion rupees, through the sale of bonds maturing in three years and two months as well as in five years, three bankers said on Monday.
The company will pay an annual coupon of 7.81% and 7.76% on these issues respectively, and has invited bids from bankers and investors on Tuesday, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on February 10:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Home Finance | 3 years and 2 months | 7.81% | 2.50+0.50 | Feb. 11 | AAA (Crisil) |
ICICI Home Finance | 5 years | 7.76% | 2+1 | Feb. 11 | AAA (Crisil) |
IRFC | 15 years | To be decided | 5+25 | Feb. 12 | AAA (Crisil, Icra, Care) |
NABARD Mar 2028 reissue | 3 years 1 month and 11 days | To be decided | 20+30 | Feb. 12 | AAA (Crisil, Icra) |
Aditya Birla Housing Finance | 2 year and 4 months | 7.8989 | 5 | Feb. 10 | AAA (Icra, Crisil) |
Aditya Birla Housing Finance | 3 year and 4 months | 7.8639 | 5 | Feb. 10 | AAA (Icra, Crisil) |
SIDBI | 4 years and 1 month | 7.42 | 60 | Feb. 10 | AAA (Crisil, Care) |
HUDCO | 10 years | 7.29 | 29.10 | Feb. 10 | AAA (India Ratings, Care) |
Cube Highways Trust | 17 years and 11 months | 7.67 (quarterly) | 8.60 | Feb. 10 | AAA (Crisil) |
Aditya Birla Finance | Perpetual | To be decided | 2+3 | Feb. 11 | AA+ (Icra)(Crisil) |
Credila Financial Services | 10 years | 9.00% | 5.50 | Feb. 7 | AA+ (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 87.4220 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)
Street View: India's ICICI Bank a "safe haven" in tough macro environment
** ICICI Bank on Saturday posted a 14.8% rise in net profit to 117.92 billion rupees ($1.37 billion) for October-December quarter, helped by healthy loan growth and net interest income
** At least 8 analysts raised PT on ICBK after results, with median PT at 1,490 rupees vs 1,462 rupees, a month back - LSEG data
INDUSTRY LEADING GROWTH
** CLSA ( "outperform"; PT 1,600 rupees) says results should alleviate concerns of asset quality fear, stock is not only a safe haven in this macro environment, but also a good compounder
** Ambit Capital ("buy"; PT 1,459 rupees) says ICICI Bank continues to deliver on what matters in the current environment like asset quality; co best in sector with net slippages of 85 bps vs average 105 bps for peers
** PhillipCapital ("buy"; PT 1,520 rupees) says bank well poised to gain market share when large private banks are moderating growth
(Reporting by Sethuraman NR)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
** ICICI Bank on Saturday posted a 14.8% rise in net profit to 117.92 billion rupees ($1.37 billion) for October-December quarter, helped by healthy loan growth and net interest income
** At least 8 analysts raised PT on ICBK after results, with median PT at 1,490 rupees vs 1,462 rupees, a month back - LSEG data
INDUSTRY LEADING GROWTH
** CLSA ( "outperform"; PT 1,600 rupees) says results should alleviate concerns of asset quality fear, stock is not only a safe haven in this macro environment, but also a good compounder
** Ambit Capital ("buy"; PT 1,459 rupees) says ICICI Bank continues to deliver on what matters in the current environment like asset quality; co best in sector with net slippages of 85 bps vs average 105 bps for peers
** PhillipCapital ("buy"; PT 1,520 rupees) says bank well poised to gain market share when large private banks are moderating growth
(Reporting by Sethuraman NR)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
India's ICICI Bank reports higher quarterly profit, helped by healthy loan growth
MUMBAI, Jan 25 (Reuters) - ICICI Bank ICBK.NS, India's second-largest private lender by assets, reported higher quarterly profit on Saturday, helped by healthy loan growth and net interest income, although its lending margins shrank.
The bank's standalone net profit rose 14.8% to a record 117.92 billion rupees ($1.37 billion) in the October-December quarter, above the average analyst forecast of 114.94 billion rupees, according to data compiled by LSEG.
ICICI Bank's total loans rose 13.9% from the same period a year earlier, while deposits grew by 14.1%. Net interest income, the difference between interest earned on loans and paid on deposits, increased by 9.1% to 203.71 billion rupees.
Indian banks have enjoyed double-digit loan growth, led by strong retail demand. But they are scrambling to raise deposits to meet credit growth needs, which has led them to either raise rates on deposits or scale back loan growth, in turn squeezing margins.
ICICI Bank's net interest margin, a key gauge of profitability, fell to 4.25% from 4.43% a year earlier and from 4.27% in the previous quarter.
Provisions and contingencies, the funds set aside for potential bad loans, rose nearly 17% to 12.27 billion rupees from 10.49 billion rupees a year earlier.
Other Indian banks, including Kotak Mahindra Bank KTKM.NS, HDFC Bank HDBK.NS and RBL Bank RATB.NS, all raised provisions in the third financial quarter due to stress in unsecured, agriculture and microfinance loans.
ICICI Bank's asset quality was largely stable, with the gross non-performing assets (NPA) ratio at 1.96% at the end of December, versus 1.97% three months earlier.
The bank typically experiences higher NPA additions from the kisan credit card portfolio, a credit scheme for farmers in India, during the first and third financial quarters, ICICI said in a release.
Shares of ICICI Bank ended 0.6% higher ahead of the results on Friday.
($1 = 86.2000 Indian rupees)
(Reporting by Siddhi Nayak in Mumbai; Editing by William Mallard)
(([email protected]; +91 22 6921 7848; X: https://twitter.com/siddhiVnayak))
MUMBAI, Jan 25 (Reuters) - ICICI Bank ICBK.NS, India's second-largest private lender by assets, reported higher quarterly profit on Saturday, helped by healthy loan growth and net interest income, although its lending margins shrank.
The bank's standalone net profit rose 14.8% to a record 117.92 billion rupees ($1.37 billion) in the October-December quarter, above the average analyst forecast of 114.94 billion rupees, according to data compiled by LSEG.
ICICI Bank's total loans rose 13.9% from the same period a year earlier, while deposits grew by 14.1%. Net interest income, the difference between interest earned on loans and paid on deposits, increased by 9.1% to 203.71 billion rupees.
Indian banks have enjoyed double-digit loan growth, led by strong retail demand. But they are scrambling to raise deposits to meet credit growth needs, which has led them to either raise rates on deposits or scale back loan growth, in turn squeezing margins.
ICICI Bank's net interest margin, a key gauge of profitability, fell to 4.25% from 4.43% a year earlier and from 4.27% in the previous quarter.
Provisions and contingencies, the funds set aside for potential bad loans, rose nearly 17% to 12.27 billion rupees from 10.49 billion rupees a year earlier.
Other Indian banks, including Kotak Mahindra Bank KTKM.NS, HDFC Bank HDBK.NS and RBL Bank RATB.NS, all raised provisions in the third financial quarter due to stress in unsecured, agriculture and microfinance loans.
ICICI Bank's asset quality was largely stable, with the gross non-performing assets (NPA) ratio at 1.96% at the end of December, versus 1.97% three months earlier.
The bank typically experiences higher NPA additions from the kisan credit card portfolio, a credit scheme for farmers in India, during the first and third financial quarters, ICICI said in a release.
Shares of ICICI Bank ended 0.6% higher ahead of the results on Friday.
($1 = 86.2000 Indian rupees)
(Reporting by Siddhi Nayak in Mumbai; Editing by William Mallard)
(([email protected]; +91 22 6921 7848; X: https://twitter.com/siddhiVnayak))
ICICI Bank Ltd expected to post earnings of 37 cents a share - Earnings Preview
ICICI Bank Ltd IBN.N, IBN is expected to report resultson January 25 for the period ending December 31 2024
LSEG's mean analyst estimate for ICICI Bank Ltd is for earnings of 37 cents per share.
The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 4 "strong buy" or "buy," no "hold" and no "sell" or "strong sell."
The mean earnings estimate of analysts was unchanged in the last three months.
Wall Street's median 12-month price target for ICICI Bank Ltd is $35.75, above its last closing price of $27.55.
This summary was machine generated January 23 at 11:01 GMT. All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact [email protected])
ICICI Bank Ltd IBN.N, IBN is expected to report resultson January 25 for the period ending December 31 2024
LSEG's mean analyst estimate for ICICI Bank Ltd is for earnings of 37 cents per share.
The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 4 "strong buy" or "buy," no "hold" and no "sell" or "strong sell."
The mean earnings estimate of analysts was unchanged in the last three months.
Wall Street's median 12-month price target for ICICI Bank Ltd is $35.75, above its last closing price of $27.55.
This summary was machine generated January 23 at 11:01 GMT. All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact [email protected])
India's ICICI Prudential Life Q3 profit jumps on new policy sales
Jan 21 (Reuters) - India's ICICI Prudential Life Insurance ICIR.NS reported a 43% jump in third-quarter profit on Tuesday, driven by higher premiums from new policy sales.
The life insurer reported a standalone profit of 3.26 billion rupees (about $38 million) for the quarter ended Dec. 31, compared to 2.27 billion rupees a year ago.
Its net premium income grew 23.5% to 12.26 billion rupees, driven by a 78% jump in single premiums or new policy sales.
Insurance awareness has been historically low in India, a country of more than 1.4 billion people, but the sector has seen rapid growth in recent years, particularly since the COVID-19 pandemic.
ICICI Prudential's larger peers HDFC Life Insurance HDFL.NS and SBI Life Insurance SBIL.NS reported strong third-quarter profits as well, on the back of strong retail insurance policy sales.
ICICI Prudential's value of new business (VNB), or expected profit from new policies, rose 8.5% year-on-year to 15.75 billion rupees for the nine months to the end of December.
Annualised premium equivalent (APE) sales, the annualised total value of all single- and recurring-premium policies, jumped 27% to 54.30 billion rupees for the nine-month period.
Insurers generally report cumulative data for metrics such as VNB and APE.
However, VNB margins slipped to 22.8% from 26.7% last year, due to a higher share of market- or unit-linked insurance plans (ULIP), which have a lower profit margin compared to term policies, the company said.
ULIPs accounted for 50.8% of its overall product mix by APE, up from 43.1% a year ago.
($1 = 86.5670 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru; Editing by Varun H K)
(([email protected]; Mobile: +91 9591011727;))
Jan 21 (Reuters) - India's ICICI Prudential Life Insurance ICIR.NS reported a 43% jump in third-quarter profit on Tuesday, driven by higher premiums from new policy sales.
The life insurer reported a standalone profit of 3.26 billion rupees (about $38 million) for the quarter ended Dec. 31, compared to 2.27 billion rupees a year ago.
Its net premium income grew 23.5% to 12.26 billion rupees, driven by a 78% jump in single premiums or new policy sales.
Insurance awareness has been historically low in India, a country of more than 1.4 billion people, but the sector has seen rapid growth in recent years, particularly since the COVID-19 pandemic.
ICICI Prudential's larger peers HDFC Life Insurance HDFL.NS and SBI Life Insurance SBIL.NS reported strong third-quarter profits as well, on the back of strong retail insurance policy sales.
ICICI Prudential's value of new business (VNB), or expected profit from new policies, rose 8.5% year-on-year to 15.75 billion rupees for the nine months to the end of December.
Annualised premium equivalent (APE) sales, the annualised total value of all single- and recurring-premium policies, jumped 27% to 54.30 billion rupees for the nine-month period.
Insurers generally report cumulative data for metrics such as VNB and APE.
However, VNB margins slipped to 22.8% from 26.7% last year, due to a higher share of market- or unit-linked insurance plans (ULIP), which have a lower profit margin compared to term policies, the company said.
ULIPs accounted for 50.8% of its overall product mix by APE, up from 43.1% a year ago.
($1 = 86.5670 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru; Editing by Varun H K)
(([email protected]; Mobile: +91 9591011727;))
India's ICICI Lombard beats Q3 profit estimates on health, motor insurance boost
Jan 17 (Reuters) - India's ICICI Lombard General Insurance ICIL.NS beat third-quarter profit estimates on Friday, helped by higher premiums earned in its health and motor insurance segments.
The insurer reported profit after tax of 7.24 billion rupees ($83.6 million) for the quarter ended Dec. 31, up 68% on-year. Analysts, on average, expected a profit of 6.10 billion rupees as per data compiled by LSEG.
India's insurance sector has seen rapid growth in recent years, with a rise in improved awareness following the COVID-19 pandemic and rising medical costs.
The country's general insurance industry is projected to grow to about $57 billion in 2028 from $40 billion in 2024 in terms of gross written premiums, according to data and analytics firm GlobalData.
ICICI Lombard's premiums earned in its retail health insurance and corporate health insurance units grew nearly 25% and 12%, respectively.
Motor insurance premiums, ICICI's largest segment, grew 17% to 25.60 billion rupees.
While sale of new vehicles were muted in the last few quarters, analysts said that ICICI Lombard's auto segment has seen growth driven by old vehicles' insurance.
The company did not give a breakdown of premium earned from insurance of new and old vehicles.
The company's net premiums earned rose 17% to 50.45 billion rupees, while income from investments rose 23%.
Combined ratio, an insurance company's losses and expenses divided by the premium it earned, eased to 102.7% from 103.6% a year earlier.
A lower ratio indicates the insurer is earning more through premiums in relation to its claims paid and operating expense incurred. ICICI Lombard's claims paid rose 19% year-on-year.
Shares of the company ended 2.1% higher ahead of the results.
($1 = 86.5720 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Varun H K)
(([email protected];))
Jan 17 (Reuters) - India's ICICI Lombard General Insurance ICIL.NS beat third-quarter profit estimates on Friday, helped by higher premiums earned in its health and motor insurance segments.
The insurer reported profit after tax of 7.24 billion rupees ($83.6 million) for the quarter ended Dec. 31, up 68% on-year. Analysts, on average, expected a profit of 6.10 billion rupees as per data compiled by LSEG.
India's insurance sector has seen rapid growth in recent years, with a rise in improved awareness following the COVID-19 pandemic and rising medical costs.
The country's general insurance industry is projected to grow to about $57 billion in 2028 from $40 billion in 2024 in terms of gross written premiums, according to data and analytics firm GlobalData.
ICICI Lombard's premiums earned in its retail health insurance and corporate health insurance units grew nearly 25% and 12%, respectively.
Motor insurance premiums, ICICI's largest segment, grew 17% to 25.60 billion rupees.
While sale of new vehicles were muted in the last few quarters, analysts said that ICICI Lombard's auto segment has seen growth driven by old vehicles' insurance.
The company did not give a breakdown of premium earned from insurance of new and old vehicles.
The company's net premiums earned rose 17% to 50.45 billion rupees, while income from investments rose 23%.
Combined ratio, an insurance company's losses and expenses divided by the premium it earned, eased to 102.7% from 103.6% a year earlier.
A lower ratio indicates the insurer is earning more through premiums in relation to its claims paid and operating expense incurred. ICICI Lombard's claims paid rose 19% year-on-year.
Shares of the company ended 2.1% higher ahead of the results.
($1 = 86.5720 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Varun H K)
(([email protected];))
India New Issue-ICICI Home Finance accepts bids for 5-year bonds, bankers say
MUMBAI, Jan 15 (Reuters) - India's ICICI Home Finance ICICH.UL has accepted bids worth 4 Indian rupees ($46.3 million) for bonds maturing in five years, three bankers said on Wednesday.
The company will pay an annual coupon of 7.77% on this issue and had invited bids from bankers and investors earlier in the day, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Jan. 15
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Home Finance | 5 years | 7.77 | 4 | Jan. 15 | AAA (Crisil) |
IRFC | 10 years | 7.25 | 27.80 | Jan. 15 | AAA (Crisil, Icra, Care) |
*Size includes base plus greenshoe for some issues
($1 = 86.4790 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Sonia Cheema)
MUMBAI, Jan 15 (Reuters) - India's ICICI Home Finance ICICH.UL has accepted bids worth 4 Indian rupees ($46.3 million) for bonds maturing in five years, three bankers said on Wednesday.
The company will pay an annual coupon of 7.77% on this issue and had invited bids from bankers and investors earlier in the day, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Jan. 15
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Home Finance | 5 years | 7.77 | 4 | Jan. 15 | AAA (Crisil) |
IRFC | 10 years | 7.25 | 27.80 | Jan. 15 | AAA (Crisil, Icra, Care) |
*Size includes base plus greenshoe for some issues
($1 = 86.4790 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Sonia Cheema)
India New Issue-ICICI Home Finance to issue 5-year bonds, bankers say
MUMBAI, Jan 13 (Reuters) - India's ICICI Home Finance ICICH.UL plans to raise 5 billion rupees ($57.8 million), including a greenshoe option of 1.75 billion rupees, by selling bonds maturing in five years, three bankers said on Friday.
The company has invited bids from bankers and investors on Wednesday, they said.
Here is the list of deals reported so far on Jan. 13:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Home Finance | 5 years | To be decided | 3.25+1.75 | Jan. 15 | AAA (Crisil) |
Tata Capital Housing | 5 years | 7.73 | 9.05 | Jan. 15 | AAA (Icra) |
REC | 10 years | 7.20 | 22.97 | Jan. 13 | AAA (Crisil, Icra, Care) |
Shriram Finance March 2027 reissue | 2 years and 2 months | 8.90 (yield) | 5.50 | Jan. 10 | AA+ (Crisil) |
Shriram Finance Jan 2030 reissue | 5 years | 8.90 (yield) | 2.35 | Jan. 10 | AA+ (Crisil) |
Bank of Baroda | 10 years | To be decided | 20+30 | Jan. 15 | AAA (Crisil, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 86.5800 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
MUMBAI, Jan 13 (Reuters) - India's ICICI Home Finance ICICH.UL plans to raise 5 billion rupees ($57.8 million), including a greenshoe option of 1.75 billion rupees, by selling bonds maturing in five years, three bankers said on Friday.
The company has invited bids from bankers and investors on Wednesday, they said.
Here is the list of deals reported so far on Jan. 13:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Home Finance | 5 years | To be decided | 3.25+1.75 | Jan. 15 | AAA (Crisil) |
Tata Capital Housing | 5 years | 7.73 | 9.05 | Jan. 15 | AAA (Icra) |
REC | 10 years | 7.20 | 22.97 | Jan. 13 | AAA (Crisil, Icra, Care) |
Shriram Finance March 2027 reissue | 2 years and 2 months | 8.90 (yield) | 5.50 | Jan. 10 | AA+ (Crisil) |
Shriram Finance Jan 2030 reissue | 5 years | 8.90 (yield) | 2.35 | Jan. 10 | AA+ (Crisil) |
Bank of Baroda | 10 years | To be decided | 20+30 | Jan. 15 | AAA (Crisil, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 86.5800 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
India New Issue-ICICI Prudential Life accepts bids for bond issue, bankers say
MUMBAI, Dec 18 (Reuters) - India's ICICI Prudential Life Insurance ICIR.NS has accepted bids worth 10.40 billion rupees ($122.5 million) for subordinated bonds maturing in 10 years, two merchant bankers said on Wednesday.
The private insurer will pay an annual coupon of 8.03% on this issue and had invited bids from bankers and investors for its debut bond offering earlier in the day, the bankers added.
The bonds have a call option at the end of five years and every year thereafter.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Dec. 18:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Prudential Life Insurance | 10 years | 8.03 | 10.40 | Dec. 18 | AAA (Crisil, Icra) |
HDB Financial Services | 2 years and 11 months | To be decided | 5+5 | Dec. 19 | AAA (Crisil, Care) |
LIC Housing Feb 2027 reissue | 2 years and 2 months | To be decided | 6+20 | Dec. 19 | AAA (Crisil, Icra) |
Bajaj Housing Finance | 3 years and 3 months | To be decided | 5+5 | Dec. 19 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 84.9230 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)
MUMBAI, Dec 18 (Reuters) - India's ICICI Prudential Life Insurance ICIR.NS has accepted bids worth 10.40 billion rupees ($122.5 million) for subordinated bonds maturing in 10 years, two merchant bankers said on Wednesday.
The private insurer will pay an annual coupon of 8.03% on this issue and had invited bids from bankers and investors for its debut bond offering earlier in the day, the bankers added.
The bonds have a call option at the end of five years and every year thereafter.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Dec. 18:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Prudential Life Insurance | 10 years | 8.03 | 10.40 | Dec. 18 | AAA (Crisil, Icra) |
HDB Financial Services | 2 years and 11 months | To be decided | 5+5 | Dec. 19 | AAA (Crisil, Care) |
LIC Housing Feb 2027 reissue | 2 years and 2 months | To be decided | 6+20 | Dec. 19 | AAA (Crisil, Icra) |
Bajaj Housing Finance | 3 years and 3 months | To be decided | 5+5 | Dec. 19 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 84.9230 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)
India New Issue-ICICI Prudential Life to issue 10-year bonds, bankers say
MUMBAI, Dec 16 (Reuters) - India's ICICI Prudential Life Insurance ICIR.NS plans to raise 14 billion rupees ($165.03 million), including a greenshoe option of 2 billion rupees, through the sale of subordinated bonds maturing in 10 years, two merchant bankers said on Monday.
The private insurer has invited bids from bankers and investors for its debut bond offering on Wednesday, the bankers added.
The bonds have a call option at the end of five years.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Dec. 16:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Prudential Life Insurance | 10 years | To be decided | 12+2 | Dec. 18 | AAA (Crisil, Icra) |
NDR InvIT Trust | 8 years | 8.05 (payable quarterly) | 6.30 | Dec. 20 | AAA (Care, India Ratings) |
Punjab & Sind Bank | 10 years | To be decided | 5+25 | Dec. 18 | AA (Crisil, India Ratings) |
Mumbai Urja Marg | 13 years, 9 months and 15 days | 8.10 (payable quarterly) | 24.50 | Dec. 13 | AA+ (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 84.8330 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Editing by Abinaya Vijayaraghavan)
MUMBAI, Dec 16 (Reuters) - India's ICICI Prudential Life Insurance ICIR.NS plans to raise 14 billion rupees ($165.03 million), including a greenshoe option of 2 billion rupees, through the sale of subordinated bonds maturing in 10 years, two merchant bankers said on Monday.
The private insurer has invited bids from bankers and investors for its debut bond offering on Wednesday, the bankers added.
The bonds have a call option at the end of five years.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Dec. 16:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Prudential Life Insurance | 10 years | To be decided | 12+2 | Dec. 18 | AAA (Crisil, Icra) |
NDR InvIT Trust | 8 years | 8.05 (payable quarterly) | 6.30 | Dec. 20 | AAA (Care, India Ratings) |
Punjab & Sind Bank | 10 years | To be decided | 5+25 | Dec. 18 | AA (Crisil, India Ratings) |
Mumbai Urja Marg | 13 years, 9 months and 15 days | 8.10 (payable quarterly) | 24.50 | Dec. 13 | AA+ (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 84.8330 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Editing by Abinaya Vijayaraghavan)
Events:
Dividend
Dividend
Dividend
Dividend
Dividend
Dividend
Dividend
Bonus
Dividend
Dividend
Split
Dividend
More Large Cap Ideas
See similar 'Large' cap companies with recent activity
Promoter Buying
Companies where the promoters are bullish
Capex
Companies investing on expansion
Superstar Investor
Companies where well known investors have invested
Popular questions
-
Business
-
Financials
-
Share Price
-
Shareholdings
What does ICICI Bank do?
ICICI Bank Limited is a top private sector bank in India offering a wide range of financial products and services to retail, SME, and corporate clients. With a strong digital focus, it serves customers through online channels and a widespread branch network.
Who are the competitors of ICICI Bank?
ICICI Bank major competitors are HDFC Bank, Kotak Mahindra Bank, Axis Bank, Yes Bank, Indusind Bank, AU Small Fin. Bank, IDFC First Bank. Market Cap of ICICI Bank is ₹10,37,181 Crs. While the median market cap of its peers are ₹67,541 Crs.
Is ICICI Bank financially stable compared to its competitors?
ICICI Bank seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does ICICI Bank pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. ICICI Bank latest dividend payout ratio is 15.87% and 3yr average dividend payout ratio is 15.37%
How has ICICI Bank allocated its funds?
Company has been allocating majority of new resources to productive uses like loans. However relatively unproductive allocation like cash and Gov Securities has also increased.
How strong is ICICI Bank balance sheet?
The companies balance sheet of ICICI Bank is weak, but was strong historically.
Is the profitablity of ICICI Bank improving?
Yes, profit is increasing. The profit of ICICI Bank is ₹54,419 Crs for TTM, ₹44,256 Crs for Mar 2024 and ₹34,037 Crs for Mar 2023.
Is ICICI Bank stock expensive?
ICICI Bank is expensive when considering the Price to Book, however latest PE is < 3 yr avg PE. Latest PE of ICICI Bank is 20.33 while 3 year average PE is 20.83. Also latest Price to Book of ICICI Bank is 3.3 while 3yr average is 2.97.
Has the share price of ICICI Bank grown faster than its competition?
ICICI Bank has given better returns compared to its competitors. ICICI Bank has grown at ~26.14% over the last 7yrs while peers have grown at a median rate of 7.78%
Is the promoter bullish about ICICI Bank?
There is Insufficient data to gauge this.
Are mutual funds buying/selling ICICI Bank?
The mutual fund holding of ICICI Bank is increasing. The current mutual fund holding in ICICI Bank is 29.86% while previous quarter holding is 29.52%.