ICICI Bank provision for bad loan rises due to COVID-19 BANK NEWS

 

 

New Delhi: ICICI reported on Saturday that its estimates over quarterly profit missed and strike in provision for bad loans due to COVID-19 pandemic. 

On June 30 the net profit of the bank was 25.99 billion rupees ($347.69 million) compared with a profit of 19.08 billion rupees ($255.25 million) in the same period a year ago, the bank said in a regulatory filing. While the bank’s quarterly provisions jumped from 34.96 billion rupees to 75.94 billion rupees a year ago.
 
ICICI said in a statement that the provisions made during the quarter were “to completely cushion the balance sheet from the impact of COVID-19” 
 
The assets quality of Indian banks hit due to the COVID-19 pandemic situation and lead to a decrease in India’s economic stability. Recently RBI also gives its report over the financial stability of markets which shows a high-stress burst on the banking system. The central bank also warned that the bad loans can rise 15 percent till March 2021.  
 


Posted Date :  25-07-20

Categories : BANK NEWS

Tag Cloud: BANK NEWS

Similar news

RBI held its 585th Meet with the central board

New Delhi: The Central Board of Reserve Bank of India (RBI) met on October 23, 2020) under the Chairmanship of Shri Shaktikanta Das, Governor through video conference. This was the 585th meeting of the Central Board.   The Board reviewed the current economic situation, continued glob
Posted Date :  24-10-20

Read more

HDFC Bank thanks Shri Aditya Puri for giving his glorious 25 years

Mumbai: India's Leading private lender HDFC Bank thanks their Managing Director and Chief Executive Officer Aditya Puri for giving the bank his precious 25 years. Shri Aditya Puri is set to retire on October 26. the senior management and staff of the bank mark his presence as a good leade
Posted Date :  24-10-20

Read more

SBI changed its cash withdrawing rules from ATM

New Delhi: State Bank of India, India's largest public-sector lender has changed its rules related to OTP-based cash withdrawal from ATMs. SBI already announced the extension of time for OTP-based cash withdrawal from ATMs in September. SBI mentioned that the customers can now make ATM wi
Posted Date :  23-10-20

Read more

RBI Governor said India is at doorstep of revival process

Mumbai: The governor of Reserve Bank of India Shri Shaktikanta Das said India is “at the doorstep of the revival process” from the coronavirus pandemic, in response to a question at a panel discussion conducted by Bloomberg Quint on Wednesday.   Both fiscal and mone
Posted Date :  21-10-20

Read more

Union Bank of India launch MSME Utsav for loans to MSMEs

The Union Bank of India on Monday (October 19, 2020) launched an MSME Synergy campaign virtually through video conferencing. This festive campaign is specially launched to give the proper loan and services to the Micro, Small and Medium Enterprises (MSMEs).    The
Posted Date :  20-10-20

Read more

Bank of Baroda completes technology integration with Vijaya Bank

New Delhi: Bank of Baroda completes the technology integration with former Vijaya Bank’s branches. Currently, the bank has now enabled 21 million Vijaya Bank customers to have access to Bank of Baroda’s banking services.   Accenture is now helping align former Dena B
Posted Date :  19-10-20

Read more

Paytm is in talks with various banks to launch co-branded cards

Paytm an Indian e-commerce payment system and fintech company is planning to launch its co-branded cards. Paytm is in talks with the various banks to issue over two million new cards in the next 18 months, the company is pushing towards into the credit card issuance and management business. &
Posted Date :  19-10-20

Read more

RBI imposed a High penalty on IndusInd bank

New Delhi: The Reserve bank of India has imposed the high penalty on the IndusInd Bank of Rs. 4.5 crores (Rupees Four crore and fifty lakhs only) on October 16, 2020 for non-compliance with certain provisions of directions issued by RBI on ‘Exposure Norms’, ‘Prudential Norms on
Posted Date :  17-10-20

Read more

MD of Union Bank elected as chairman of Indian Banks Association

New Delhi: Shri Rajkiran Rai G, Managing Director and CEO of the Union bank of India has been elected as Chairman of the Indian Bank of Association for the term of 2020-2021 at the meeting held on October 16, 2020.   A press release mentions, “The managing committee of IBA at i
Posted Date :  17-10-20

Read more

Supreme court decision on ‘interest waiver’

The Supreme Court on Wednesday ruled its decision to waive off the ‘interest on interest’ on loan. The SC also asked the central government to implement its decision on this matter at the earliest while hearing a batch of petitions seeking interest waiver during the Loan moratorium.  
Posted Date :  14-10-20

Read more

SBI inaugurates its new branch in Boreaya Ranchi

Ranchi: State Bank of India inaugurates its new branch in Boreaya city (Ranchi) today (October 13, 2020).    Shri Nand Kishore Singh,(substantial manager), The administrative office was carried out by Ranchi, on the auspicious occasion of Shri Alok Ranjan (Regional Managing) Ranchi Rura
Posted Date :  13-10-20

Read more