ICICI Bank in demand
ICICI Bank advanced 1.71% to Rs 796.70, on sustained buying.The counter clocked a volume of 1.74 lakh shares on BSE. The stock had also surged to a 52-week high of Rs 799.
A block deal of 10 lakh shares was executed in the counter in the institutional segment of BSE, at Rs 801 per share. The total volume in this segment was 23.73 lakh shares.The stock witnessed high volatility in the past few sessions. From Rs 720.55 on 23 October, it advanced to Rs 785.50 by 30 October 2006, as buying continued. Here, it slipped to Rs 783.30 on 8 November on profit-booking.
ICICI Bank, the country's second-largest lender, sees stable interest rates in the medium term. It is planning to make huge investment in software companies to serve and sustain the growing business. The bank has a capital adequacy ratio of 15% and may raise funds through hybrid instruments based on requirement.
ICICI Bank reported strong 57% growth in deposits to Rs 1,89,500 crore though it is marginally less than the 61% growth reported in Q1 FY07. Overall healthy growth resulted in NII rising by 47% to Rs 1,577 crore. Fee-income growth at 62% is stronger than the 50% growth in Q1. Treasury income has also been higher at Rs 287 crore in Q2 compared to Rs 87.5 crore in Q1. Despite higher amortisation and NPA provisioning, healthy NII growth and strong fee-income have resulted in net profit shooting up 30%, to Rs 755 crore.
ICICI Bank has raised a perpetual debt of $340 million abroad and Rs 783 crore in the domestic market, as well as Rs 1,255 crore as upper tier-II capital, resulting in capital adequacy increasing from 12.46% as on Q1 to 14.34% in Q2. If Basel-II requirements were factored in, capital adequacy will increase to 14.9%. This will bring down any need for equity dilution in the near-to-medium term.
The ICICI Group expects to hire up to 40,000 people a year for the next three - five years, to service growth expectations in the country's burgeoning banking and insurance sectors.ICICI Bank had on 18 August 2006, sold its entire stake of 3.74% in Infrastructure Development Finance Company (IDFC), to Goldman Sachs for Rs 252 crore.
A block deal of 10 lakh shares was executed in the counter in the institutional segment of BSE, at Rs 801 per share. The total volume in this segment was 23.73 lakh shares.The stock witnessed high volatility in the past few sessions. From Rs 720.55 on 23 October, it advanced to Rs 785.50 by 30 October 2006, as buying continued. Here, it slipped to Rs 783.30 on 8 November on profit-booking.
ICICI Bank, the country's second-largest lender, sees stable interest rates in the medium term. It is planning to make huge investment in software companies to serve and sustain the growing business. The bank has a capital adequacy ratio of 15% and may raise funds through hybrid instruments based on requirement.
ICICI Bank reported strong 57% growth in deposits to Rs 1,89,500 crore though it is marginally less than the 61% growth reported in Q1 FY07. Overall healthy growth resulted in NII rising by 47% to Rs 1,577 crore. Fee-income growth at 62% is stronger than the 50% growth in Q1. Treasury income has also been higher at Rs 287 crore in Q2 compared to Rs 87.5 crore in Q1. Despite higher amortisation and NPA provisioning, healthy NII growth and strong fee-income have resulted in net profit shooting up 30%, to Rs 755 crore.
ICICI Bank has raised a perpetual debt of $340 million abroad and Rs 783 crore in the domestic market, as well as Rs 1,255 crore as upper tier-II capital, resulting in capital adequacy increasing from 12.46% as on Q1 to 14.34% in Q2. If Basel-II requirements were factored in, capital adequacy will increase to 14.9%. This will bring down any need for equity dilution in the near-to-medium term.
The ICICI Group expects to hire up to 40,000 people a year for the next three - five years, to service growth expectations in the country's burgeoning banking and insurance sectors.ICICI Bank had on 18 August 2006, sold its entire stake of 3.74% in Infrastructure Development Finance Company (IDFC), to Goldman Sachs for Rs 252 crore.
posted by SY at 6:18 PM
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