ICICIBANK

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.

(Editing by Antony Currie and Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/
[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];))

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:

*Size includes base plus greenshoe for some issues

($1 = 85.1540 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)

(([email protected]))

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:

*Size includes base plus greenshoe for some issues

($1 = 85.1360 Indian rupees)

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

(([email protected]))

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 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)

(([email protected]))

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 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];))

** 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;))

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)

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

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

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.

(Editing by Antony Currie and Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/HAMLIN/[email protected] [email protected]))

** 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 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];))

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];))

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]))

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.

(Editing by Antony Currie and Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/
[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 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;))

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;))

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:

* Size includes base plus greenshoe for some issues

($1 = 86.8975 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

(([email protected]))

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:

*Size includes base plus greenshoe for some issues


($1 = 87.4220 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

(([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]))

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 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])

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 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];))

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

*Size includes base plus greenshoe for some issues

($1 = 86.4790 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Sonia Cheema)

(([email protected]))

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:

*Size includes base plus greenshoe for some issues

($1 = 86.5800 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

(([email protected]))

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:

*Size includes base plus greenshoe for some issues

($1 = 84.9230 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

(([email protected]))

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:

*Size includes base plus greenshoe for some issues

($1 = 84.8330 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Editing by Abinaya Vijayaraghavan)

(([email protected]))