The Press Release Resource

With RBI relaxing the deadline to meet new provisioning norms, State Bank of India is likely to outperform analyst expectations on net profit in the fourth quarter. Analysts projections of the bank’s net profits for the quarter ended March 2010 ranged from Rs 2,522 cr to Rs 3,033 cr before RBI relaxed the deadline to …

The battle for home and car loans is getting hotter. ICICI Bank has taken on HDFC and State Bank of India (SBI), cutting rates by 50 to 75 basis points. It has reduced rates on home loans by 50 basis points, launching a new home loan scheme that charges 8.25 per cent for the first …

Chanda Kochhar is managing director and chief executive officer of ICICI Bank, India’s largest private sector bank, which has helped spearhead the rise of the country’s middle class with its home mortgages and car loans. While India has avoided some of the worst affects of the global debt crises, she told the Wall Street Journal …

The Monetary Authority of Singapore has on Monday allowed ICICI Bank to offer retail banking services. The authority has granted ICICI Bank a qualified full banking (QFB) status. ICICI Bank is the second Indian entity to get this authorisation in Singapore. The country’s largest lender, State Bank of India, was given a similar license two …

After having raised its ratio of low-cost deposits and pared unsecured loans, ICICI Bank plans to grow its balance sheet size by 15% in 2010-11, improving upon this year’s flat growth. The bank would continue to grow its retail loans portfolio, project finance and working capital loans but would see the share of unsecured loans …

In his Budget, finance minister Pranab Mukherjee announced plans to bring down fiscal deficit from 6.5% of gross domestic product (GDP) in FY10 to 4.8% in FY12 and 4.1% in the following year. Anxious investors got a sigh of relief. Within minutes of the announcement, the Sensex shot up and yields in the bond market …