Bank Employee Suicide, Family Alleges Workplace Harassment

 

A senior ICICI Bank employee, Vivek Samdarshi, allegedly died by suicide in Bengaluru, with his family accusing top bank officials of workplace harassment and excessive work pressure. Concerns regarding toxic work environments in corporate settings have been raised by the incident.

Vivek Samdarshi, the deceased, was the Regional Head of Sales at ICICI Bank and had been working with the bank for over five years. His family claims that he was under immense stress due to alleged workplace harassment and unrealistic performance expectations set by his seniors.

His elder brother, Vikash Samdarshi, has formally submitted a police case at Thalaghattapura Police Station, naming Raghu Kumar (Regional Head, ICICI Home Loan Department) and John Joseph (Zonal Head, ICICI Bank Home Loan Department) as the individuals allegedly responsible for abetting his suicide.

According to the complaint, Vivek had constantly confided in his family about the intense strain and ongoing humiliation he was enduring at work. Raghu Kumar, according to his brother, made demeaning comments, telling Vivek, "If you can't perform, you should die." John Joseph is accused of encouraging such toxic behavior instead of addressing these issues, which made Vivek's conditions worse.

The tragedy transpired in the early hours of March 7, 2025. Around 3 am, Vikash Samdarshi received a frightening phone call, notifying him that his brother was in critical condition. Despite prompt medical attention, Vivek succumbed to his injuries later that day. He was reported dead at 11:30 pm at DHEE Hospital.

The police have registered a case and are currently investigating the allegations against the bank officials. ICICI Bank hasn't yet released an official statement about the incident or the family's allegations, though.

Anna Sebastian Perayil, a 26-year-old employee of Ernst & Young in Pune, committed suicide a few months prior to this tragic incident. In public, Anna's mother had claimed that her daughter's death was brought on by a "excessive workload." Ernst & Young offered their sincere condolences after the incident and reaffirmed their commitment to improving working conditions in all of their Indian offices.

Vivek Samdarshi’s story has once again raised serious questions about job stress, harassment, and mental health difficulties in corporate organizations. According to experts, businesses should be proactive in preventing toxic workplace cultures and offering high-pressure workers mental health support.

The investigation into Vivek’s death is ongoing, and his family continues to demand strict action against those responsible.

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ICICI Bank Q3 Profit up 15% YoY; NII grows 9%

India's second largest private sector lender ICICI Bank on Saturday reported that its standalone Q3 profit after tax grew by 14.8% year-on-year (YoY) to Rs 11,792 crore while net interest income (NII) increased 9.1% YoY to Rs 20,371 crore during the December quarter.

It's net interest margin stood at 4.25% in Q3 FY25 compared to 4.27% in Q2 of FY25 and 4.43% in Q3 of FY24. The net NPA ratio was flat sequentially at 0.42% while provisioning coverage ratio on non-performing loans was 78.2% at December-end.

Also Read - Quarterly Results of all banks for Q3FY25

ICICI Bank's total period-end deposits increased by 14.1% YoY and 1.5% sequentially to Rs 15,20,309 crore. The average deposits increased by 13.7% YoY and 2.1% sequentially to Rs 14,58,489 crore during the quarter.

The average current account deposits increased by 13.1% YoY and 4.5% sequentially while average savings account deposits increased 12.3% YoY and 1.3% sequentially.

The average current account and savings account (CASA) ratio was 39% in Q3.

The net domestic advances grew by 15.1% YoY and 3.2% sequentially during the quarter. The retail loan portfolio grew by 10.5% YoY and 1.4% sequentially, and comprised 52.4% of the total loan portfolio.

The gross NPA ratio improved marginally to 1.96% in Q3 vs 1.97% in Q2 of FY25. The gross NPA additions were Rs 6,085 crore in Q3 compared to Rs 5,916 crore in Q1 of FY25 and Rs 5,073 crore in Q2 of FY25.

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Farmer commits suicide inside Bank premises in Telangana

Jadhav Devrao, 54, a farmer from Bela Mandal in Adilabad, Telangana, tragically committed suicide at a nearby ICICI Bank office on January 18, 2025. Devrao was having trouble repaying a loan of ₹3.4 lakh that he had taken out in 2019 using his five acres of property as security. He said that because he failed to make his October 2024 ₹25,000 installment, bank authorities harassed him. Devrao entered the bank's grounds on the day of the incident and ingested the insecticide Monosil. He was sent to RIMS hospital, but it was not enough to save him. He is survived by his son, Akash Devrao, and his wife, who suffers from kidney disease. In his police complaint, Akash has accused the bank harassment.

Although the initial results of the police inquiry have not yet verified the claims of harassment, the problem has been brought to their attention. Although Devrao had obtained the credit through the PM Kisan Credit Mortgage program, the Congress government's farm loan waiver program did not apply to his loan. Mortgage loans, such as Devrao's, were not covered by the program, but loans up to ₹2 lakh were. Political reactions have been triggered by the tragedy. On social media, Bharat Rashtra Samithi (BRS) working president KT Rama Rao attacked the Congress administration. He revealed the bank's CCTV footage and referred to the incident as the consequence of the government's "failed governance."

"This is daylight murder of a Telangana farmer by your Congress government," said Rama Rao, expressing his ire. 50-year-old tribal farmer Jadhav Devrao felt that his only choice was to take his own life after you failed to fulfill your promises. He left his sick wife and son behind and ingested poison in the bank. all as a result of your broken promises. He further accused the Congress government of failing to fulfill its promises, saying that the government's Rythu Bharosa scheme was ineffectual and that less than 40% of farmers were given the ₹2 lakh farm debt waiver. In closing, he urged the Congress to recognize the hardships faced by Telangana farmers and to take action to alleviate their issues.

He further accused the Congress government of failing to fulfill its promises, saying that the government's Rythu Bharosa scheme was ineffectual and that less than 40% of farmers were given the ₹2 lakh farm debt waiver. In closing, he urged the Congress to recognize the hardships faced by Telangana farmers and to take action to alleviate their issues. As they continue to collect evidence, the police investigation is still ongoing. Concerns over how farmers are treated and how financial strains affect their wellbeing have been brought up by the occurrence.

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Top 10 Mobile Banking Applications in India

Over the past few decades, technology has advanced significantly. From computers to laptops and iPads, software to applications, and mobile phones to Android devices, the digital age is pervasive. These days, many people use mobile banking apps. When conducting online transactions, a mobile banking app provides convenience, speed, and flexibility.

Nowadays, a large number of Indians are uncomfortable using traditional banking. They have therefore embraced mobile banking. Because of this, practically all private sector and PSU banks offer mobile banking apps for online transactions. This lessens the need for a laptop or desktop computer, and most importantly, it eliminates the need for you to physically visit the bank in order to complete any banking task.

 

1. Kotak-811 & Mobile Banking App

Kotak-811 - A app from Kotak Mahindra Bank offers a zero-balance savings account with an internationally enabled virtual debit card. It features a slick digital banking app UI. It is the first app in India to offer WhatsApp banking. You may now bank on a familiar platform using this app.

Features

* View account details and transaction details, and download e-statements.

* Send and receive money for instant transfers using IMPS, NEFT, and UPI.

* Manage your zero-balance savings account with an internationally enabled virtual debit card for online payments.

* Connect your bank account with WhatsApp and initiate banking transactions through a chat interface.

Pros

User-friendly interface with innovative features, ero-balance savings account with virtual debit card,WhatsApp banking for convenient banking on a familiar platform

Cons

Limited investment options compared to dedicated investment apps, Occasional app crashes reported by some users, Might be overwhelming for users who only need basic functionalities

2. HDFC Bank Mobile Banking App

The HDFC Bank app from one of India’s largest banks, allows you to manage your finances conveniently. You can check account summaries, make payments, transfer funds, and pay utility bills all within the HDFC net banking app.

Features

* Send and receive money using IMPS, NEFT, and UPI through the HDFC bank mobile banking app.

* Schedule and pay various bills, including utilities and credit cards.

* Personalize your app dashboard to display the features you use most frequently.

* Access a streamlined version of the HDFC app download for users with slower internet connections.

Pros

User-friendly interface with customizable features, Reliable and secure platform from a major bank, Lite version available for users with slower internet

Cons

Limited investment options compared to dedicated investment apps, Some users report occasional app crashes, May not offer the most advanced features compared to some other apps

3. YONO SBI 

YONO SBI- App of State Bank of India, Previously known as SBI Anywhere Personal, YONO SBI offers a user-friendly and secure platform for SBI account holders. It supports multiple languages and allows click-based and voice-assisted transactions for a convenient banking experience.

Features

* Use YONO app to send and receive money using IMPS, NEFT, and UPI.

* Schedule and pay various bills, including utilities and credit cards.

* Access the SBI mobile banking app in multiple regional languages for broader accessibility.

* Perform banking transactions using voice commands for added convenience.

Pros

Voice-assisted transactions, All-in-one Platform (investments, shopping, travel booking), Cardless Cash Withdrawal

Cons

Might be overwhelming for users who only need basic functionalities., Customer service responsiveness might vary.,Limited investment options compared to dedicated investment apps.

4. Axis Mobile App

Renowned for its stability, Axis Mobile offers a comprehensive suite of banking services.

Features

* Use the Axis Bank app to schedule automatic payments for various bills, including utilities and credit cards.

* Track your mutual fund investments within the Axis mobile app.

* Set spending limits, turn contactless payments on/off, and temporarily block your card if misplaced.

Pros

Stable and reliable performance, Wide range of features for managing finances, Auto-pay functionality for bills, Debit card control options

Cons

Occasional app crashes reported by some users, Limited investment options compared to dedicated investment apps

5. IDBI Bank GO Mobile+ App

Designed for a smooth banking experience, IDBI GO Mobile+ offers a user-friendly interface and various services. You can check account statements, make payments, recharge prepaid mobiles, and pay utility bills.

Features

* Choose seasonal themes or customize your login screen on the IDBI bank app.

* Secure your login with a selfie picture.

* Use IDBI app to view holdings and transactions directly within the app.

Pros

Simple and easy-to-use interface,Supports regional languages,Covers essential banking needs,Mobile recharge functionality

Cons

Limited investment and advanced features,Customer service responsiveness might vary

6. BOB World

Developed by the Bank of Baroda, BOB World is an app known for its user-friendliness.

Features

* Withdraw cash at BOB ATMs using a one-time MPIN generated within the Bank of Baroda app.

* Generate QR codes on BOB mobile banking app for easy bill payments at merchant locations.

* Store and manage digital receipts for your transactions within the app.

Pros

Convenient bill payments & organized receipts, Simplified cash deposits, Security features (2FA, biometrics, data encryption)

Cons

Relies on QR reader compatibility & increases app storage use, Limited branch availability for cash deposit requests, Responsiveness of customer service

7. ICICI Bank iMobile Pay App

A highly rated app by ICICI Bank, iMobile Pay offers a comprehensive suite of banking services.

Features

* Open fixed deposits (FDs), invest in recurring deposits (RDs) and manage existing investments.

* Access and manage your ICICI Bank life insurance policies on the ICICI Bank mobile app.

* Get quick access to personal loans against your credit card on the imobile app.

Pros

The ICICI bank app features a streamlined layout for effortless navigation, Customize your dashboard for quick access to frequently used features, Clear menus and categorized services

Cons

The app may experience occasional technical glitches or crashes, Some users report slower processing times for transactions, The app might require frequent updates to ensure smooth performance

8. Canara Bank ai1 Mobile Banking App

Designed with the goal of “One Bank, One App,” Canara Bank’s ai1 app offers a variety of banking services.

Features

* Use Canara bank app to pay instantly at stores with a tap using your phone (RTGS/NEFT enabled).

* Start fixed or recurring deposits or invest in mutual funds all within the Canara bank mobile app.

* Set up recurring payments for your bills and savings goals.

Pros

Book flights, hotels, buses, and cabs directly through the app, Check your credit score and pay bills seamlessly through Bharat Bill Payment,Access insurance, Demat services, and IPO applications

Cons

Occasional problems might occur with UPI transactions, Features might be limited for users who don’t have a Canara Bank account, The app might experience occasional slowdowns or technical glitches.

9. Bank of India BOI Mobile App

BOI Mobile boasts a secure and comprehensive banking experience for Bank of India account holders.

Features

* View balances and statements and manage all accounts on the Bank of India app.

* Transfer funds quickly with IMPS, NEFT, and RTGS, and utilize the “Favourite” feature on the Boi mobile app.

* Locate ATMs, manage cheques, and access various banking services.

Pros

Efficient navigation for transfers and management, User-friendly interface with easy account access, Streamlined process for adding “Favourites.”

Cons

Interface might be challenging for new users to navigate, Lacks advanced features compared to some competitors, Occasional transaction delays and app crashes reported.

10. Punjab National Bank PNB ONE App

PNB ONE is the official mobile banking app from Punjab National Bank.

Features

* Gain quick access to all your accounts through an interactive interface by downloading the PNB One app.

* Invest in term deposits and mutual funds, all within the PNB One app.

* Track cheque status, request stop payments, and manage cheques conveniently.

Pros

Access value-added services like PAN/Aadhaar registration, Manage existing credit/debit cards, Enjoy the app in English, Hindi, and other languages.

Cons

 Features might be limited for non-PNB customers, May be complex for new users to navigate, App crashes and slow processing times reported.

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ICICI Bank Q2 net profit jumps 14% on-year

 

ICICI Bank's Q2 FY25 standalone net profit rose by 14.5 percent on-year to Rs 11,746 crore, from Rs 10,261 crore in the year-ago period, exceeding Street expectations. A Moneycontrol poll of brokerages had forecasted the bank’s profit at Rs 10,989 crore.

The private sector lender’s net interest income (NII) increased by 9.5 percent to Rs 20,048 crore, but it missed Moneycontrol poll estimate of Rs 20,845 crore. ICICI Bank reported its net interest margin (NIM) at 4.27 percent, which fell from 4.36 percent seen in the previous quarter and 4.53 percent in the year-ago period.

The bank also reported non-interest income growth of 10.8 percent to Rs 6,496 crore, with a 13.3 percent rise in fee income to Rs 5,894 crore, largely driven by contributions from retail, rural, and business banking customers.

ICICI Bank's loan portfolio showed steady expansion, with domestic loans growing 15.7 percent year-on-year to Rs 12.43 lakh crore. Total deposits at the end of the quarter were also up 15.7 percent on-year at Rs 14.98 lakh crore, with the average CASA ratio recorded at 38.9 percent.

Asset quality continued to be robust, with the gross NPA ratio narrowing to 1.97 percent at September 30, 2024 compared to 2.15 percent on June 30, 2024. Net NPA ratio remained nearly flat at 0.42 percent at the end of September, against 0.43 percent in the previous quarter. The provisioning coverage ratio on non-performing loans stood at 78.5 percent.

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ICICI Bank Q4 Net Profit Rises 17.4%

Private sector lender ICICI Bank on Saturday reported a 17.4 per cent year-on-year jump in its net profit to Rs 10,708 crore for the March 2024 quarter (Q4FY24). Its net interest income (NII) during January-March 2024 rose 8.1 per cent year-on-year to Rs 19,093 crore, compared with Rs 17,667 crore in the year-ago period.

ICICI Bank’s net NPA ratio declined to 0.42 per cent in the March 2024 quarter, from 0.44 per cent as on December 31, 2023, according to a BSE filing.

The board recommended a dividend of 10 per equity share of face value of 2 each, subject to requisite approvals. The dividend on equity shares, will be paid/despatched on or after the same is approved by the shareholders at the ensuing Annual General Meeting (AGM) of the bank.

Provisions (excluding provision for tax) were Rs 718 crore in Q4 FY24 compared to Rs 1,619 crore in Q4 FY23.

The net interest margin stood at 4.40 per cent in Q4-2024 compared to 4.43 per cent in Q3-2024 and 4.90 per cent in Q4 2023.

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Police summons MDs of 4 Banks, 11 Bank Employees arrested

A number of bankers have been arrested in recent cyber fraud investigations due to allegations that they were involved in fraudulent operations. The managing directors of Yes Bank, ICICI Bank, RBL Bank, and Kotak Mahindra Bank are among the four private banks that the city police have written to, demonstrating how seriously they regard this issue. The letter's objective is to ask them to come in person the next week to provide an explanation for why no legal action should be taken against them.

Role of Bankers in Cyber Fraud Cases

When authorities discovered that the account holders implicated in illegal activities were unaware that they had opened such accounts, the role of bankers came under investigation. It was found that the bankers had helped cyber criminals open these accounts after more inquiry. The fact that the bankers charged a sizable commission in each instance suggests that they were aware that they were involved in illegal activity.

Victims of Fraudulent Investment and Task-based Schemes

Many people have been duped by schemes that promise large returns on investments or possibilities depending on tasks. In addition to apprehending the cyber criminals, the local police have shown initiative by making the bankers answerable for their involvement in these cyber fraud cases. As a result, the city police are the only law enforcement agency in the nation authorized to detain bankers in conjunction with other suspects in similar circumstances.

Read More - सबसे बड़ा बैंकिंग घोटाला: भारत देश में अब तक का सबसे बड़ा बैंक फ्रॉड, करोडो का बैंको को लगाया चुना

Exposing the Role of Bankers

During the investigation, it was discovered that the employees of Kotak Mahindra Bank’s MG Road branch were involved in fraudulent activities. They were subsequently arrested, and during the interrogation, they confessed to the involvement of several other bankers in similar fraudulent acts. Recognizing that bank accounts are a crucial component in cyber frauds, the police decided to investigate the criminal activities of bankers in such cases.

Violations of KYC Norms

In light of the recent arrests, the city police have written to the managing directors of Kotak Mahindra Bank, ICICI Bank, RBL Bank, and Yes Bank. The purpose of this letter is to request their personal appearance and an explanation as to why legal action should not be initiated against them for clear violations of the Reserve Bank of India’s (RBI) Know Your Customer (KYC) norms.

Bankers’ Methods and Tactics

During the ongoing investigations, the police have found that the bankers accused of aiding cyber criminals opened bank accounts using identification and address proofs collected from factory workers and laborers. They even gained access to the bank accounts of daily-wage workers by offering them money. Additionally, the police noticed the use of fake IDs, address proofs, and forged signatures to open bank accounts, further exposing the deceptive tactics used by these individuals.

Read More - Suspicious transactions detected in this bank,three staffs arrested

Bank Responsibilities and Accountability

The Deputy Commissioner of Police(Cyber Crime), Siddhant Jain, emphasized that bank managements have a responsibility to safeguard their clients’ money and protect it from cyber criminals. If bank employees are involved in criminal activities and aiding fraudsters, it is the duty of the bank managements to explain why action should not be taken against them. The police are determined to hold the responsible parties accountable for their actions in order to protect the public and maintain the integrity of the banking system.

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ICICI Bank Q3 Results: PAT jumps 24% YoY, beats estimates

ICICI Bank announced its October-December quarter results for fiscal 2023-24 (Q3FY24) results, reporting a rise of 23.5 per cent in standalone net profit at ₹10, 272 crore, compared to ₹8,312 crore in the year-ago period.

India's second largest private sector lender's net interest income (NII) increased by 13.4 per cent to ₹18,678 crore in the December quarter from ₹16,465 crore in the corresponding period last year. 

The gross non-performing assets (NPA) ratio declined to 2.30 per cent at December 31, 2023 from 2.48 per cent at September 30, 2023. The net NPA ratio was 0.44 per cent at December 31, 2023 compared to 0.43 per cent at September 30, 2023 and 0.55 per cent at December 31, 2022.

The net additions to gross NPAs, excluding write-offs and sale, were ₹363 crore in Q3-2024 compared to ₹116 crore in Q2-2024. The gross NPA additions were ₹5,714 crore in Q3-2024 compared to ₹4,687 crore in Q2-2024. 

Recoveries and upgrades of NPAs, excluding write-offs and sale, were ₹5,351 crore in Q3-2024 compared to ₹4,571 crore in Q2-2024. The bank has written off gross NPAs amounting to ₹1,389 crore in Q3-2024. The provisioning coverage ratio on NPAs was 80.7 per cent at December 31, 2023.

The total period-end deposits increased by 18.7 per cent year-on-year and 2.9 per cent sequentially to ₹13,32,315 crore at December 31, 2023. Period-end term deposits increased by 31.2 per cent year-on-year and 4.9 per cent sequentially to ₹8,04,320 crore at December 31, 2023. Average current account deposits increased by 11.6 per cent year-on-year in Q3-2024. Average savings account deposits increased by 2.8 per cent year-on-year in Q3-2024.

The net domestic advances grew by 18.8 per cent year-on-year and 3.8 per cent sequentially at December 31, 2023. The retail loan portfolio grew by 21.4 per cent year-on-year and 4.5 per cent sequentially, and comprised 54.3 per cent of the total loan portfolio at December 31, 2023.

Including non-fund outstanding, the retail portfolio was 46.4 per cent of the total portfolio at December 31, 2023. The business banking portfolio grew by 31.9 per cent year-on-year and 6.5 per cent sequentially at December 31, 2023.

Provisions (excluding provision for tax) were ₹1,050 crore in Q3-2024 compared to ₹2,257 crore in the year-ago period.

In Q3-2024, provisions included ₹627 crore on investments in Alternate Investment Funds as per RBI circular dated December 19, 2023.

The non-interest income, excluding treasury, increased by 19.8 per cent year-on-year to ₹5,975 crore in Q3-2024 from ₹4,987 crore in Q3-2023

Fee income grew by 19.4 per cent year-on-year to ₹5,313 crore in Q3-2024 from ₹4,448 crore in Q3-2023. Fees from retail, rural, business banking and SME customers constituted about 79 per cent of total fees in Q3-2024

There was a treasury gain of ₹123 crore in Q3-2024 compared to ₹36 crore (US$ 4 million) in Q3-2023.

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For 'biggest scam in India's history', RBI, two private sector banks get threat mails

The sender also claimed to have planted bombs at 11 locations across Mumbai, where the three banks – HDFC and ICICI are the other two – are headquartered.

The Reserve Bank of India (RBI), which is headquartered in Mumbai, and two city-based private sector banks (HDFC and ICICI) on Tuesday received threat mails, in which the sender accused the RBI and private sector banks of carrying out the ‘biggest scam in the history of India,’ and claimed to have planted bombs at 11 locations across the financial capital, Mint reported citing Mumbai Police.

The sender also demanded the resignation of Union finance minister Nirmala Sitharaman and RBI governor Shaktikanta Das, among others, for their 'involvement' in the so-called ‘scam.’

“We demand that both RBI Governor and Finance Minister to immediately resign from their posts and release a press statement with a full disclosure of the scam. We also demand government to give them both and all those who are involved the punishment they deserve,” the emails said, as per Mint.

Where were the ‘bombs’ planted?

Three of the locations at which the sender claimed to have planted bombs were: RBI-New Central Building, Fort; HDFC House-Churchgate; and ICICI Bank Towers, BKC (Bandra-Kurla Complex). Also, the mails warned that the explosives would detonate at 1:30 pm.

What did the police find?

The Mumbai Police said that upon being made aware of the mails, they sent their personnel to each of the 11 locations, though nothing was found.

“A case has been registered and the probe is underway,” a police official told news agency ANI.

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ICICI Bank Q2 Net profit surges 36%

ICICI Bank on October 21 registered 35.7 percent year-on-year growth in standalone profit and a 24 percent rise in net interest income in the July-September quarter of the fiscal year 2023-24 (Q2), with a significant fall in bad loan provisions.

The standalone profit of the Mumbai-based bank jumped to Rs 10,261 crore for the quarter, rising from Rs 7,557.84 crore in the same period last year, the bank said in its BSE filing.

Net profit of Rs 10,261 crore (36 percent year-on-year growth) exceeded analysts' estimates of Rs 9,422 crore in Q2 (25 percent YoY growth).

According to an average estimate of five brokerages, ICICI Bank’s NII (Net Interest Income) was expected to increase 22 percent YoY to Rs 18,080 crore in Q2FY23-24, amid strong pick-up in loan growth, and lower provisions. Loan-loss provisions are expected to drop 6 percent YoY, to Rs 1,550 crore.

The total income in the second quarter of the current fiscal rose to Rs 40,697 crore from Rs 31,088 crore in the same period a year ago, ICICI Bank said in a regulatory filing. Interest earned by the bank improved to Rs 34,920 crore from Rs 26,033 crore in the September 2022 quarter. Interest earned by the bank improved to Rs 34,920 crore from Rs 26,033 crore in the September 2022 quarter.

Its net interest income (NII) increased by 24 per cent year-on-year to Rs 18,308 crore in the quarter against Rs 14,787 crore in the corresponding quarter a year ago. At the same time, the net interest margin rose to 4.53 per cent compared to 4.31 per cent in the same period a year ago. At the same time, the net interest margin rose to 4.53 per cent compared to 4.31 per cent in the same period a year ago.

The bank's asset quality showed improvement as gross non-performing assets (NPAs) declined to 2.48 per cent of gross advances at the end of the September quarter from 2.76 per cent a year ago. Similarly, its net NPAs or bad loans declined to 0.43 per cent against 0.61 per cent in the year-ago period. Similarly, its net NPAs or bad loans declined to 0.43 per cent against 0.61 per cent in the year-ago period.

However, the bank's capital adequacy ratio decreased to 16 per cent from 16.93 per cent at the end of September 2022. On a consolidated basis, the bank's profit increased by 36 per cent to Rs 10,896 crore in the quarter from Rs 8,007 crore a year ago. On a consolidated basis, the bank's profit increased by 36 per cent to Rs 10,896 crore in the quarter from Rs 8,007 crore a year ago.

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ICICI Bank Q4 Results: Net profit jumps 30%

ICICI Bank, the second largest private bank in India, clocked nearly 30 percent year-on-year (YoY) jump in net profit to Rs 9,121.9 crore in the quarter ended March 2023.

The bank was expected to report a Rs 8,540-crore profit for the quarter ended March 2023,  according to the average of a poll of three brokerages' estimates taken  by Moneycontrol.

ICICI Bank’s net interest income (NII) rose 40.2 percent to Rs 17,667 crore from Rs 12,605 crore in the corresponding quarter last year.

According to the poll, NII was expected to have grown 38 percent year-on-year (YoY) to Rs 17,712 crore for the three months ended December.

ICICI Bank’s domestic loan book grew a healthy 20.5 percent, driven mainly by loans to business banking and retail. Business banking loans, which are credits to small informal businesses and rural businesses, grew 34.9 percent year-on-year, followed by 21 percent growth in loans to corporates. Retail loan portfolio of the bank grew by 22.7 percent year-on-year. Additionally, loans to small and medium enterprises (SME) rose by 19.2 percent from the same period in 2022.

"The business banking and SME franchise continues to grow on the back of digital offerings and platforms like InstaBIZ along with the Bank’s extensive branch network," ICICI Bank said in a release.

ICICI Bank’s provisions surged by 51.5 percent year-on-year to Rs 1,619 crore for the March quarter. The bank has a contingency provision of Rs 1,600 crore.

The bank reported a deposit growth rate of 10.9 percent during January and March, far slower than credit growth.

Net interest margin (NIM) for the bank was 4.90 percent in Q4 2023 compared to 4.00 percent in Q4 2022, and 4.65 percent in Q3 2023.

ICICI Bank’s gross bad loans as a percentage of its loan book came down to 2.81 percent from 3.60 percent a year ago. The net non-performing assets declined by 25.9 percent year-on-year and 8.8 percent sequentially to Rs 5,155 crore ($627 million) for the quarter ended March 31, 2023. The net NPA ratio declined to 0.48 percent from 0.76 percent a year ago and 0.55 percent in the previous quarter.

The management indicated that upgrades and recoveries have increased, a sign of improvement. Recoveries and upgrades were Rs 4,283 crore in the quarter ended March.

ICICI Bank's board also recommended a dividend of Rs 8 per share in line with applicable guidelines. "The declaration of dividend is subject to requisite approvals. The record/book closure dates will be announced in due course," said the bank.

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ICICI Bank Q1 Results: Net profit up 50% YoY

 

India’s second biggest private sector lender ICICI Bank, on Saturday, reported that it has recorded a 50 per cent year-on-year (YoY) rise in profit after tax (PAT) at Rs 6,905 crore as against Rs 4,616 crore in the same quarter last year.

The lender, in a public release, also stated that its net interest income (NII) rose 21 per cent YoY to Rs 13,210 crore and its net interest margin (NIM) for the April-June period was at 4.92 per cent. In comparison, the bank’s NII stood at Rs 10,936 crore in the same quarter last year.

The bank’s total income during the Q1 FY23 also improved to Rs 28,336.74 crore, from Rs 24,379.27 crore in Q1 FY22. Its interest income climbed to Rs 23,671.54 crore during the same quarter in FY23 from Rs 20,383.41 crore in the year-ago period.

ICICI Bank also revealed that its gross non-performing assets (NPAs) dropped to 3.41 per cent of the gross advances at the end of Q1 FY23 from 5.15 per cent at the end of Q1 FY22.

The bank’s net NPAs or bad loans slipped to 0.70 per cent from 1.16 per cent, while its provisions for bad loans and contingencies also halved to Rs 1,143.82 crore in the April-June period of 2023, as against Rs 2,851 .69 crore in the year-ago quarter.

Provisions, excluding tax provision, plunged 60 per cent YoY to Rs 1,144 crore from Rs 2,852 crore. Provisions for Q1 FY23 included a contingency provision of Rs 1,050 crore made on a prudent basis.

Moreover, the bank also stated that its non-interest income, excluding treasury income, rose 25 per cent YoY to Rs 4,629 crore from Rs 3,706 crore. The bank also reported a treasury gain of Rs 36 crore for Q1 FY23 as against a gain of Rs 290 crore in Q1 FY22.

ICICI Bank’s gross NPA additions stood at Rs 5,825 crore. Recoveries and upgrades of NPAs, excluding write-offs and sale, was at Rs 5,443 crore as against Rs 4,693 crore in Q4 FY22.

Meanwhile, on a consolidated basis, ICICI Bank saw a 55 per cent jump in PAT at Rs 7,385 crore from Rs 4,763 crore YoY.

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Six Indian banks sue GVK for Rs 12,114 crore: Report

Six Indian banks are reportedly suing the GVK Group for $1.5 billion or Rs 12,114 crore, according to the Times of India. The six banks include Bank of Baroda, Bank of India, Canara Bank , Icici Bank , Indian Overseas Bank, and Axis Bank.

According to the report, GVK defaulted on a $1-billion loan and a $35-million letter of credit facility given by banks in 2011, and a $160-million loan lent in 2014.

GVK Coal Developers (Singapore) and nine other GVK Group companies are being sued in the case which opens Monday.

As per the banks, GVK failed to make repayments as they fell due and failed to obtain a mining lease in the Alpha project in Queensland, Australia by December 31, 2012, which was a project milestone that had to be satisfied. The banks reportedly asked GVK in November 2020 to cancel the agreement and requested repayment. But neither GVK nor its guarantors has paid any of the sums owed, the banks claimed.

On the other hand, GVK argued that "the loans was to provide part funding for the acquisition of the Hancock companies in Australia to develop their assets — including the Alpha project — into working coal mines".

“The deterioration in the market for coal, the lack of third-party investment, legal challenges to the mining projects in the courts of Queensland, meant that very little progress was made to develop the mining assets,” GVK states. GVK states it could not obtain the mining lease owing to litigation by environmental groups but denies this was a “default”.

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ICICI Bank Q4 profit surges 59.4% YoY, beats estimate

ICICI Bank on Saturday reported a standalone net profit of Rs 7,018.71 crore in the fourth quarter of the previous financial year, up 59.42 per cent from Rs 4,402.61 crore the same period a year ago.

Sequentially, the net profit rose 13.32 per cent from Rs 6,193.81 crore.

Analysts had estimated 45-65 per cent growth in year-on-year net profit for the private lender in January-March.

India’s second largest private bank‘s net interest income registered a 21 per cent on-year rise to Rs 12,605 crore in Jan-Mar from Rs 10,431 crore a year ago.

The net interest income is the difference between interest earned and interest expended. In the fourth quarter of the previous year, the private bank’s net interest margin was at 4 per cent compared to 3.84 per cent a year ago and 3.96 per cent in the quarter ended December 31.

The growth in net interest income falls short of Street estimates as analysts had projected a 22-27 per cent growth in net interest income (NII) while they estimate profit growth in the range of 46-65 per cent YoY.

For the previous financial year as a whole, ICICI Bank’s profit after tax grew 44 per cent on-year to Rs 23,339 crore.

The private bank reported an improvement in asset quality in the quarter gone by with ratios for both gross and net non-performing assets declining on a year-on-year as well as sequential basis.

As on March 31, the bank’s gross NPA ratio was at 3.60 per cent as against 4.13 per cent a quarter ago and 4.96 per cent a year ago.

The net NPA ratio was at 0.76 per cent as on March 31 versus 0.85 per cent on December 31 and 1.14 per cent a year ago.

As on March 31, the bank’s Basel III Capital Adequacy Ratio stood at 19.16 per cent as against 17.91 per cent a quarter ago and 19.12 per cent a year ago.

Provision coverage ratio on non-performing assets was 79.2 per cent at March 31, 2022.

“Recoveries and upgrades of NPAs, excluding write-offs and sale increased to 4,693 crore (US$ 619 million) in Q4-2022 from 4,209 crore (US$ 555 million) in Q3-2022. The gross NPAs written-off in Q4-2022 were Rs 2,644 crore (US$ 349 million),” the bank said in an exchange filing.

As on March 31, ICICI Bank’s total advances registered a growth of 17 per cent year-on-year to Rs 859,020 crore. Sequentially, the

growth in domestic advances was 6 per cent.

For the period under review, ICICI Bank’s retail loan portfolio excluding rural loans grew 20 per cent on-year and 6 per cent sequentially, comprising 52.8 per cent of the total loan portfolio as on March 31.

The business banking portfolio grew by 43 per cent year-on-year and 10 per cent sequentially as on March 31, the bank informed exchanges.

The small and medium enterprises business, which comprises borrowers with a turnover of less than Rs 250 crore, grew 34 per cent on-year and 11 per cent quarter-on-quarter.

The SME business, comprising borrowers with a turnover of less than Rs 250 crore (US$ 33 million), grew by 34% year-on-year and 11% sequentially at March 31, 2022.

Growth in the domestic wholesale banking portfolio was 10 per cent year-on-year at March 31, 2022.

As on March 31, ICICI Bank’s total deposits grew 14 per cent year-on-year to Rs 1,064,572 crore. The sequential growth in deposits was 5 per cent.

Average current account savings account deposits increased 23 per cent on-year in January-March.

Total term deposits increased by 9 per cent year-on-year to Rs 546,135 crore (US$ 72.1 billion) at March 31, 2022.

For the quarter under review, ICICI Bank’s provisions excluding provision for tax declined by a large 63 per cent on-year to Rs 1,069

crore from Rs 2,883 crore the same time a year ago.

The provisions for the fourth quarter of the previous financial year included contingency provision of Rs 1,025 crore made on a

prudent basis, the bank informed exchanges.

“The bank continues to carry Covid-19 related provision of Rs 6,425 crore (US$ 848 million) at March 31, 2022 as contingency provisions at March 31, 2022," the bank said.

“Currently, while the number of new Covid-19 cases have reduced significantly and the Government of India has withdrawn most of the Covid-19 related restrictions, the future trajectory of the pandemic may have an impact on the results of the Bank and the Group.”

In the last quarter of 2021-22 (Apr-Mar), ICICI Bank’s profit before tax registered a growth of 63 per cent year-on-year to Rs 9,224

crore from Rs 5,657 crore the same time a year ago.

The bank’s board has recommended a dividend of Rs 5 per share and the record/book closure dates will be announced in due course, according to the exchange filing.

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Highest number of fraud at Kotak Mahindra bank in 2021, followed by ICICI bank- Govt. data

Kotak Mahindra Bank has been hit by the highest number of frauds at 642, involving Rs 1 lakh and above, in the first nine months of 2021-22, followed by ICICI Bank and IndusInd Bank at 518 and 377, respectively.

Presenting data of number of frauds in banks, involving Rs 1 lakh and above in last five financial years and the current one, Minister of State for Finance Bhagwat Karad informed Parliament that the number of frauds at Kotak has been on a rise from 135 in FY17 to 289 in FY18; 383 in FY19; 652 in FY20 and 826 in FY21.

For India's largest lender SBI, the number of frauds declined in last three years. There were 751 incidents in FY17; 923 in FY18; 931 in FY19; 673 in FY20; 283 in FY21, the minister said.

Directions issued by the Reserve Bank of India to banks, and the government instituted wide-ranging structural and procedural reforms have helped check frauds in banks over the last five years and the amount involved has come down sharply, Karad said in a written reply to the Lok Sabha. Apart from this, measures have also been taken to deter fraudsters from committing crime, he said.

Bank frauds over the last five years have come down drastically to Rs 648 crore in first nine months of 2021-22, he added. In 2016-17, bank frauds stood at Rs 61,229 crore, which declined to Rs 11,583 crore in 2020-21 and then to Rs 648 crore during April-December 2021-22.

Improved detection and reporting along with comprehensive steps resulted in sharp decline of such frauds, he said.

Source- The Times of India

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ICICI Bank Q3 Results: Profit rises 25% YoY

Private lender ICICI Bank on Saturday reported a 25 per cent year-on-year (YoY) rise in standalone net profit at Rs 6,194 crore for the December quarter compared with a profit of Rs 4,940 crore in the corresponding quarter last year.The bank reported a 23 per cent YoY jump in net interest income (NII) at Rs 12,236 crore from Rs 9,912 crore in the same quarter last year.

Net interest margin (NIM) for the quarter came in at 3.96 per cent compared with 4 per cent in the September quarter and 3.67 per cent in the year-ago quarter.Provisions (excluding provision for tax) for the quarter fell 27 per cent YoY to Rs 2,007 crore from Rs 2,742 crore in the same period last year, the bank said in a filing to BSE. Provision coverage ratio, meanwhile, stood at 79.9 per cent as of December 31, 2021.

Net NPA ratio declined to 0.85 per cent from 0.99 per cent in the preceding quarter, the lowest since March 31, 2014.The consolidated profit after tax for the bank rose 19 per cent YoY to Rs 6,536 crore from Rs 5,498 crore in the same quarter last year.

The bank said its total period-end deposits crossed Rs 10 lakh crore mark, with total deposits growing 16 per cent YoY to Rs 10,17,467 crore. Average CASA ratio was 45 per cent in the recently concluded quarter.

ICICI Bank's non-interest income, excluding treasury income, rose 25 per cent YoY to Rs 4,899 crore from Rs 3,921 crore. Fee income rose 19 per cent YoY to Rs 4,291 crore from Rs 3,601 crore YoY.

Fees from retail, business banking and SME customers constituted about 76 per cent of total fees in the December quarter, the bank said in the filing.

Treasury income was Rs 88 crore compared with Rs 766 crore (US$ 103 million) in the year-ago quarter. The treasury income of last year included gain of Rs 329 crore from sale of shares of ICICI Securities.

"Recoveries and upgrades of NPAs, excluding write-offs and sale, were Rs 4,209 crore in Q3. The gross NPAs written off in Q3 were Rs 4,088 crore. Excluding NPAs, the total fund based outstanding to all borrowers under resolution as per the various extant regulations/guidelines was Rs 9,684 crore," the bank said.

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