ICICI Bank in demand
A surge in inflation to 5.48% notwithstanding, ICICI Bank rose nearly 3% to Rs 914.75 following reports its offshore dollar-denominated debt offering had received a strong response.
The scrip is now within striking distance of its all time peak of Rs 925 of 16 November 2006. 3.5 lakh shares changed hands in the counter on BSE.
Last year, ICICI Bank raised $890 million in three visits to the offshore debt market. It sold $340 million in perpetual, hybrid tier I securities in August and $400 million in five-year bonds in October, while its UK branch raised $150 million in upper tier II perpetual bonds, callable in 10 years, in December.
In mid-December 2006, ICICI Bank raised its prime lending rate by 50 basis points 13.25% to 13.75% after the hike in cash reserve ratio by the RBI. The private sector bank also raised deposit rates across the tenures by between 0.25% and 0.75%. Early this month, ICICI Bank also raised interest rates on non-resident external (NRE) and foreign currency non-resident (FCNR) fixed deposits.
The credit demand remains strong with banking sector loans rising 30%.
Recently, RBI permitted ICICI Bank to open new branches and set up off-site ATMs.
ICICI Bank has taken a decision to take over the ailing Sangli Bank. The 95-year old Sangli Bank has been in troubled waters for the past few years. The bank recorded a loss of Rs 31 crore as on March 31, 2005 and another Rs 29 crore as on March 31, 2006. The bank has 1,850 employees (400 officers, 1,000 clerks and 450 sub-staff). It has 190 branches mainly in Maharashtra and some parts of Karnataka and few branches in Delhi, Gujarat, Tamil Nadu, Goa and Andhra Pradesh.
ICICI Bank’s Q2 September 2006 net profit rose 30% to Rs 755 crore from Rs 580.05 crore in Q2 September 2005. Net interest income (NII) jumped 47% to Rs 1,577 crore, from Rs 1,070 crore
The scrip is now within striking distance of its all time peak of Rs 925 of 16 November 2006. 3.5 lakh shares changed hands in the counter on BSE.
Last year, ICICI Bank raised $890 million in three visits to the offshore debt market. It sold $340 million in perpetual, hybrid tier I securities in August and $400 million in five-year bonds in October, while its UK branch raised $150 million in upper tier II perpetual bonds, callable in 10 years, in December.
In mid-December 2006, ICICI Bank raised its prime lending rate by 50 basis points 13.25% to 13.75% after the hike in cash reserve ratio by the RBI. The private sector bank also raised deposit rates across the tenures by between 0.25% and 0.75%. Early this month, ICICI Bank also raised interest rates on non-resident external (NRE) and foreign currency non-resident (FCNR) fixed deposits.
The credit demand remains strong with banking sector loans rising 30%.
Recently, RBI permitted ICICI Bank to open new branches and set up off-site ATMs.
ICICI Bank has taken a decision to take over the ailing Sangli Bank. The 95-year old Sangli Bank has been in troubled waters for the past few years. The bank recorded a loss of Rs 31 crore as on March 31, 2005 and another Rs 29 crore as on March 31, 2006. The bank has 1,850 employees (400 officers, 1,000 clerks and 450 sub-staff). It has 190 branches mainly in Maharashtra and some parts of Karnataka and few branches in Delhi, Gujarat, Tamil Nadu, Goa and Andhra Pradesh.
ICICI Bank’s Q2 September 2006 net profit rose 30% to Rs 755 crore from Rs 580.05 crore in Q2 September 2005. Net interest income (NII) jumped 47% to Rs 1,577 crore, from Rs 1,070 crore
posted by SY at 3:46 PM
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