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Kotak Mahindra Bank bolsters its leadership roster with the appointment of Anup Kumar Saha as Whole-time Director, enhancing its top-tier management team
Kotak Mahindra Bank has announced the appointment of Anup Kumar Saha as Whole-time Director, subject to regulatory approvals. Saha will join the bank’s senior management team on January 12, 2026, and will be responsible for overseeing consumer banking, marketing, and data analytics functions. He brings with him a wealth of experience in the financial sector, having previously served as Managing Director at Bajaj Finance, where he played a key role in transforming the company into one of India’s leading consumer finance NBFCs.
During his eight-year tenure at Bajaj Finance, Saha led business transformation, digital innovation, and customer-focused strategies, expanding the customer base to 100 million and diversifying the product portfolio. Prior to joining Bajaj Finance, he spent 14 years at ICICI Bank in senior leadership roles, building expertise in consumer and retail banking, data analytics, and digital transformation.
Saha’s appointment is seen as a significant move by Kotak Mahindra Bank to strengthen its leadership depth and drive customer-centric transformation, digital innovation, and data-led strategies. The bank’s Chairman, CS Rajan, and Managing Director and CEO, Ashok Vaswani, have welcomed Saha to the board, citing his leadership skills and experience in scaling businesses, driving digital transformation, and building customer-centric organizations.
Saha has expressed his excitement and honor at joining Kotak Mahindra Bank, one of India’s most trusted financial services conglomerates. He looks forward to working with the leadership team to build on the bank’s strong foundation, drive innovation, deepen customer relationships, and create value for all stakeholders. With his extensive understanding of retail finance, data-driven growth, and innovation, Saha is expected to play a key role in accelerating the bank’s strategy and delivering greater value to its customers.
Overall, Saha’s appointment is a significant development for Kotak Mahindra Bank, and is expected to have a positive impact on the bank’s growth and transformation in the years to come. His experience and expertise will be invaluable in driving the bank’s customer-centric approach, digital innovation, and data-led strategies, and in reinforcing the bank’s leadership position in the financial sector.
Anup Kumar Saha joins Kotak Mahindra Bank as Whole-Time Director
Kotak Mahindra Bank has appointed Anup Kumar Saha as Whole-time Director, pending regulatory approvals. Effective January 12, 2026, Saha will join the bank’s Senior Management team as Whole-time Director (Designate). He will be responsible for overseeing consumer banking and digital functions, with a focus on enhancing the bank’s customer-centric approach, digital innovation, and data-driven strategies.
Saha brings a wealth of experience to his new role, having previously served as Managing Director at Bajaj Finance Limited. During his eight-year tenure, he played a key role in transforming the company into one of India’s leading non-banking financial companies (NBFCs) in consumer finance. Under his leadership, the customer base expanded to 100 million, and the product portfolio was diversified through digital innovation and customer-focused strategies.
Prior to his time at Bajaj Finance, Saha spent 14 years at ICICI Bank in senior leadership roles, developing expertise in consumer and retail banking, data analytics, and digital transformation. His extensive understanding of retail finance, data-driven growth, and innovation is expected to help Kotak Mahindra Bank accelerate its strategy and deliver greater value to its customers.
The appointment of Saha has been welcomed by the bank’s leadership, with Chairman CS Rajan stating that his leadership skills will be invaluable in strengthening the bank’s position in the financial sector. MD & CEO Ashok Vaswani added that Saha’s expertise will help drive innovation and deepen customer relationships. Saha himself expressed his enthusiasm for working with the leadership team to build on the bank’s strong foundation and create value for all stakeholders. The appointment is effective from January 12, 2026, and is subject to regulatory approvals.
After a 5-year decline, state-run banks see a surge in employee numbers, while private banks experience a 0.9% workforce reduction
The Indian banking sector has seen a shift in employee counts, with public sector banks adding 13,179 employees to reach 9,70,437 in FY25, while private banks saw a 0.86% drop to 8,38,150 employees. State-run banks, which had earlier focused on consolidation and improving balance sheets, have now started to expand their headcount. The largest public sector bank, State Bank of India (SBI), added 3,930 employees to reach 2,36,226 in FY25. SBI plans to hire 18,000 more employees in FY26, including 13,500 clerical posts and 3,000 probationary officers.
The government’s consolidation efforts, which began in 2017 with the merger of five associate banks with SBI, have continued with the merger of 12 banks into four larger entities in 2020. There are talks of a third wave of mergers to reduce the total number of banks to four core anchors. Recently, SBI hired over 1,000 probationary officers and plans to continue hiring.
Among other public sector banks, Punjab National Bank added 397 employees to reach 1,02,746, while Central Bank of India saw a marginal uptick in employee count to 33,081. However, Bank of Baroda and Canara Bank saw a decline in employee count. In the private sector, ICICI Bank saw a significant decline of 7.13% in employee count to 1,30,957, while HDFC Bank added 994 employees to reach 2,14,521. Axis Bank added 121 employees to reach 1,04,453.
The overall headcount in the banking system rose to 18,08,587 from 17,87,566 in FY24. Foreign banks’ employee count stood at 28,041, while small finance banks had 1,77,797 employees, with AU Bank being the largest employer with 50,946. The payments banks had 6,958 employees. The banking sector’s employee count is expected to continue to evolve with the ongoing consolidation and technological advancements.
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Top FD Options for Seniors: Earn Up to 8% Interest Annually with These High-Yielding Fixed Deposits – View Complete List on Goodreturns
Best Fixed Deposits for Senior Citizens: Earn Up to 8% Annual Return
As a senior citizen, it’s essential to invest in a secure and stable financial instrument that provides a regular income stream. Fixed Deposits (FDs) are an excellent option, offering a fixed return on investment with minimal risk. Here’s a list of the best FDs for senior citizens, providing up to 8% annual return.
Top Banks Offering High-Return FDs for Senior Citizens
Several banks in India offer attractive interest rates on FDs for senior citizens. Some of the top banks include:
- Yes Bank: Offers 7.50% interest rate for 3-4 year tenure and 7.25% for 2-3 year tenure.
- IndusInd Bank: Provides 7.40% interest rate for 3-4 year tenure and 7.20% for 2-3 year tenure.
- Kotak Mahindra Bank: Offers 7.30% interest rate for 3-4 year tenure and 7.10% for 2-3 year tenure.
- HDFC Bank: Provides 7.25% interest rate for 3-4 year tenure and 7.00% for 2-3 year tenure.
- ICICI Bank: Offers 7.20% interest rate for 3-4 year tenure and 6.95% for 2-3 year tenure.
Other Banks Offering Attractive FD Rates
In addition to the above-mentioned banks, other financial institutions also offer competitive interest rates on FDs for senior citizens. These include:
- Bajaj Finance: Offers 8.00% interest rate for 3-4 year tenure.
- Mahindra Finance: Provides 7.80% interest rate for 3-4 year tenure.
- SBI: Offers 7.10% interest rate for 3-4 year tenure.
- Axis Bank: Provides 7.05% interest rate for 3-4 year tenure.
Key Benefits of FDs for Senior Citizens
Fixed Deposits offer several benefits for senior citizens, including:
- Guaranteed Returns: FDs provide a fixed return on investment, ensuring a regular income stream.
- Low Risk: FDs are a low-risk investment option, making them ideal for senior citizens.
- Flexibility: FDs offer flexible tenure options, allowing senior citizens to choose the investment period that suits their needs.
- Tax Benefits: Interest earned on FDs is taxable, but senior citizens can claim a deduction of up to Rs. 50,000 under Section 80TTB.
In conclusion, senior citizens can earn up to 8% annual return on their investments by opting for the best FDs offered by various banks and financial institutions. It’s essential to compare the interest rates and tenure options before making an investment decision.
Eight banks, including PNB, Indian Bank, ICICI Bank, and Jana SFB, have revised their fixed deposit rates, with seniors now eligible for up to 8.00% interest.
The Indian government has maintained the interest rates for small savings schemes for the last quarter of the fiscal year 2024-25. However, several banks have reduced their fixed deposit (FD) rates. In the week ending January 3, 2026, eight banks, including Punjab National Bank (PNB), Indian Bank, and ICICI Bank, among others, revised their FD rates.
For senior citizens, the revised rates vary across banks. Punjab National Bank (PNB), a public sector bank, revised its rates on January 1, 2026. Senior citizens can earn a maximum interest rate of 6.90%, while super seniors (80 years and above) can earn up to 7.20%. The revised rates for seniors at PNB are as follows: 6.60% for one year, 6.80% for more than one year to 389 days, 6.90% for 390 days, and 6.80% for 391 days to 505 days.
The rates for seniors at PNB are also 6.80% for 506 days, 6.80% for 507 days to two years, and 6.80% for more than two years to three years. For longer tenures, the rates are 6.60% for more than three years to 1203 days, 6.55% for 1,204 days, and 6.60% for 1,205 days to five years. The rates for tenures exceeding five years are 6.80% for more than five years to 1894 days, 6.80% for 1,895 days, and 6.80% for 1,896 days to 10 years.
Super seniors at PNB can earn 0.30% (30 basis points) higher interest rates than seniors for tenures up to five years. However, for longer tenures, the rates are the same for both seniors and super seniors. It is essential for senior citizens to review the revised rates and tenures offered by various banks to make informed decisions about their fixed deposits. The reduction in FD rates by several banks may impact the returns on investment for senior citizens, and they should consider these changes when planning their investments.
Among the prominent banks are SBI, HDFC Bank, Axis Bank, ICICI Bank, Kotak Mahindra, and Bank of Baroda.
Several major Indian banks have announced changes to their fixed deposit (FD) interest rates, affecting customers who invest in these instruments. The changes vary by bank and tenure, but overall, they offer returns ranging from 5.9% to 6.95% for different terms.
State Bank of India (SBI), the country’s largest lender, has been offering 6.25% returns on FDs with a tenure of one year to less than two years, and 6.40% for two to less than three years. Senior citizens receive higher returns, with 6.75% on one-year to two-year FDs and 6.90% on two-year to less than three-year FDs. These changes took effect on December 15.
HDFC Bank, another major player, introduced new interest rates on December 17. The bank offers 6.25% for one-year tenures, 6.35% for 15 months to less than 18 months, and 6.45% for two years. Senior citizens are eligible for 6.75% on one-year tenures and 6.95% on two-year tenures.
Axis Bank also revised its FD interest rates, effective December 26. The bank now offers 6.25% for one-year tenures and 6.45% for two years. Senior citizens can earn 6.75% on one-year FDs and 6.95% on two-year FDs.
Canara Bank has also revised its interest rates, with a new rate of 5.9% for FDs with a maturity period of one year to 15 months. Senior citizens, however, can earn 6.40% for the same period.
These changes reflect the ongoing evolution of the Indian banking sector, with lenders adjusting their interest rates to stay competitive and respond to market conditions. Customers can take advantage of these revised rates to maximize their returns on fixed deposits, depending on their individual investment goals and preferences. It is essential for investors to review the updated interest rates and terms offered by each bank to make informed decisions about their investments.
Senior citizens can earn up to 8% interest rate for a 3-year investment; check the complete list of participating banks.
For senior citizens investing for a period of three years, several banks are offering a fixed deposit (FD) rate of up to 8%. This is a significant incentive for seniors who are looking to grow their savings while minimizing risk.
The banks offering these high FD rates for senior citizens include major players in the banking industry. Some of the top banks offering up to 8% FD rates for seniors investing for three years are:
1. Bank of Baroda: Offering 7.75% to 7.95% interest rates for senior citizens, depending on the deposit amount and tenure.
2. Canara Bank: Providing 7.75% to 7.9% interest rates for senior citizens, with varying rates based on deposit amount and tenure.
3. Indian Bank: Offering 7.75% interest rate for senior citizens, with higher rates applicable for larger deposits.
4. Punjab National Bank: Giving 7.75% to 7.9% interest rates for senior citizens, depending on the deposit amount and tenure.
5. State Bank of India (SBI): Offering 7.6% to 7.8% interest rates for senior citizens, with varying rates based on deposit amount and tenure.
6. ICICI Bank: Providing 7.75% to 7.9% interest rates for senior citizens, with higher rates applicable for larger deposits and longer tenures.
7. HDFC Bank: Offering 7.75% to 7.9% interest rates for senior citizens, with varying rates based on deposit amount and tenure.
These high FD rates can help senior citizens earn substantial interest on their deposits, ensuring a steady income stream during their retirement years. It’s essential to note that the interest rates may vary depending on the bank, deposit amount, and tenure chosen.
Before investing, senior citizens should carefully review the terms and conditions of the FD, including any penalties for early withdrawal and the minimum deposit requirements. They should also consider their individual financial goals, risk tolerance, and liquidity needs before making a decision.
It’s worth mentioning that senior citizens can also explore other investment options, such as senior citizen savings schemes, provident funds, and pension plans, which may offer higher returns and additional benefits. However, FDs remain a popular choice for seniors due to their low-risk nature and fixed returns.
In conclusion, the high FD rates offered by banks for senior citizens can be an attractive option for those looking to grow their savings over a three-year period. Seniors should carefully evaluate the various options available, considering their individual financial needs and goals, before making an informed investment decision.
OneCard halts new credit card issuances amid RBI’s request for clarification from its partner banks
OneCard, a popular credit card issuer, has stopped issuing new credit cards due to regulatory issues with the Reserve Bank of India (RBI). The RBI has sought clarifications from partner banks that have collaborated with OneCard, regarding their credit card business model. As a result, OneCard has temporarily halted the issuance of new credit cards until the matter is resolved.
OneCard, which is operated by FPL Technologies, is a mobile-based credit card platform that allows users to apply for and manage their credit cards through a mobile app. The company has gained popularity in recent years due to its ease of use and innovative features. However, the RBI’s move has raised concerns about the company’s business model and its compliance with regulatory requirements.
The RBI has asked partner banks, including State Bank of India, ICICI Bank, and Axis Bank, to provide clarifications on their arrangement with OneCard. The regulator is seeking to understand how OneCard’s credit card business operates and whether it complies with existing regulations. The partner banks have been given a deadline to respond to the RBI’s queries, and until then, OneCard will not be issuing new credit cards.
The development has caused uncertainty among existing OneCard customers, who are concerned about the impact on their credit card services. However, OneCard has assured its customers that the move will not affect their existing credit card services, and they can continue to use their cards as usual.
The RBI’s move is seen as a regulatory crackdown on new-age credit card issuers, which have been growing rapidly in recent years. The regulator is seeking to ensure that these companies comply with existing regulations and do not pose a risk to the financial system. The development highlights the challenges faced by fintech companies in India, which often operate in a gray area between traditional banking regulations and innovative business models.
In conclusion, OneCard’s decision to stop issuing new credit cards is a temporary measure until the regulatory issues are resolved. The company is working with its partner banks to address the RBI’s concerns and ensure that its business model complies with existing regulations. The development highlights the importance of regulatory compliance for fintech companies in India and the need for clear guidelines on innovative business models.
Fixed Deposit rates soar up to 8.05% for general public with 5-year investment term; Check out the complete list of banks
Fixed Deposit (FD) Rates Up to 8.05% for General Citizens Investing for Five Years
In a move to encourage savings and investments, several banks in the country have increased their fixed deposit (FD) interest rates. For general citizens investing for a period of five years, the interest rates can go up to 8.05%. This is a significant increase, making FDs an attractive option for those looking to grow their savings.
List of Banks Offering High FD Rates
Here is a list of banks offering high FD rates for a five-year investment period:
- DCB Bank: 8.05% interest rate for a five-year FD
- Yes Bank: 7.75% interest rate for a five-year FD
- IndusInd Bank: 7.75% interest rate for a five-year FD
- Kotak Mahindra Bank: 7.70% interest rate for a five-year FD
- Axis Bank: 7.60% interest rate for a five-year FD
- HDFC Bank: 7.55% interest rate for a five-year FD
- ICICI Bank: 7.50% interest rate for a five-year FD
- State Bank of India (SBI): 7.40% interest rate for a five-year FD
- Bank of Baroda: 7.35% interest rate for a five-year FD
- Punjab National Bank (PNB): 7.30% interest rate for a five-year FD
Benefits of Investing in FDs
Investing in FDs offers several benefits, including:
- Guaranteed returns: FDs offer a fixed interest rate, ensuring that your investment grows at a guaranteed rate.
- Low risk: FDs are a low-risk investment option, making them suitable for conservative investors.
- Liquidity: FDs can be easily liquidated, allowing you to access your funds when needed.
- Tax benefits: Interest earned on FDs is taxable, but you can claim a tax deduction on the interest income.
How to Invest in FDs
To invest in an FD, you can visit the website of the bank or visit a branch in person. You can also invest through mobile banking or online banking platforms. The minimum deposit amount and investment period may vary depending on the bank and the type of FD.
Overall, investing in FDs can be a great way to grow your savings and earn a fixed income. With interest rates up to 8.05% for a five-year investment period, now is a good time to consider investing in an FD.
Ten major banks are set to unveil their Q2 financial reports this Saturday, October 18, offering a glimpse into their performance.
On October 18, 10 banks in India, including both private and public sector lenders, are set to announce their September quarter earnings. The list of banks includes HDFC Bank, ICICI Bank, YES Bank, Punjab National Bank, IDFC First Bank, IndusInd Bank, IDBI Bank, The Federal Bank, RBL Bank, and J&K Bank. Other notable companies that will announce their Q2 earnings are UltraTech Cement, UTI AMC, SML Isuzu, and Can Fin Homes.
Analysts expect the Q2 earnings for India Inc. to rebound after a muted Q1, supported by a mix of cyclical and structural factors. The financial sector is expected to be a key driver of overall earnings growth. Banks and non-banking financial companies (NBFCs) are benefiting from steady credit demand across retail, agriculture, and MSME segments, while asset quality has remained stable. Despite slight pressure on net interest margins, profitability is being supported by healthy loan growth, controlled slippages, and recoveries from past stressed accounts.
In terms of asset quality, analysts expect a comfortable outcome for large banks, with private banks appearing to be more comfortable lending aggressively in unsecured segments such as credit card and personal loans. Mid-size banks are expected to see improvement in microfinance asset quality, although credit costs will remain elevated. The focus will be on forward flows in early delinquency buckets and X bucket collection efficiency.
Regarding margins, most analysts believe that margins have bottomed out in Q2FY26, but the decline will be limited for mid-size banks. Public sector banks are expected to witness relatively lower QoQ margin decline, while large private banks are expected to see a sharper decline. The net interest margin (NIM) for Axis Bank, which has already announced its Q2 earnings, came in at 3.73% for the quarter. The bank reported a 26% decline in standalone net profit to ₹5,089.64 crore annually for the quarter ended September 2025.
Overall, the Q2 earnings announcements are expected to be closely watched by investors, with a focus on asset quality, margins, and profitability. The financial sector is expected to be a key driver of overall earnings growth, and the performance of the banks will be closely monitored.
Today, 22 companies, including notable names such as Tech Mahindra, ICICI Prudential, Bank of Maharashtra, IREDA, and Sula, are scheduled to announce their Q2 results.
Today, 22 companies are set to report their Q2 results, including notable names such as Tech Mahindra, ICICI Prudential, Bank of Maharashtra, IREDA, and Sula. This quarterly earnings season is expected to provide valuable insights into the performance of these companies and the overall state of their respective industries.
Tech Mahindra, a leading IT services company, is anticipated to report strong revenue growth driven by increasing demand for digital transformation services. The company’s Q2 results will be closely watched by investors, as it is expected to provide guidance on its future growth prospects.
ICICI Prudential, a major life insurance company, is also scheduled to report its Q2 results today. The company’s performance is expected to be impacted by the ongoing pandemic, which has affected the insurance industry as a whole. Investors will be keenly watching the company’s Q2 results to gauge its ability to navigate the challenging market conditions.
Bank of Maharashtra, a public sector bank, is another company reporting its Q2 results today. The bank’s performance is expected to be influenced by the ongoing economic recovery, as well as the government’s efforts to boost growth. Investors will be looking for updates on the bank’s asset quality, provisioning, and growth prospects.
IREDA, a state-owned financial institution, is also set to report its Q2 results today. The company’s performance is expected to be driven by its lending activities in the renewable energy sector. Investors will be watching the company’s Q2 results to assess its progress in achieving its growth objectives.
Sula, a leading wine manufacturer, is also reporting its Q2 results today. The company’s performance is expected to be impacted by the ongoing pandemic, which has affected the hospitality and tourism industries. Investors will be keenly watching the company’s Q2 results to gauge its ability to adapt to the challenging market conditions.
Other companies reporting their Q2 results today include Adani Green Energy, Central Bank of India, and Punjab National Bank, among others. The Q2 results of these companies will provide valuable insights into their respective industries and will be closely watched by investors and analysts. The results will also provide guidance on the future growth prospects of these companies and the overall state of the economy.
JSW One Platforms secures ₹575 crore funding from key investors including SBI, JSW Steel, and Principal Asset Management.
JSW One Platforms, the B2B ecommerce arm of the JSW Group, has completed a funding round of Rs 575 crore with participation from several investors, including State Bank of India (SBI), Principal Asset Management, and JSW Steel. The funding round, which began in May, values the company at around Rs 8,575 crore. The fresh capital will be used to scale the company’s technology platform, expand its distribution and logistics network, and strengthen its non-banking financial company (NBFC) arm.
The NBFC arm, JSW One Finance, provides financing solutions to small and medium enterprises (MSMEs) and has assets under management (AUM) of Rs 100 crore. The company aims to increase this to Rs 500 crore by the end of the year. The lenders that provide loans through JSW One’s platform include several major banks, such as ICICI Bank, IndusInd Bank, and Axis Bank.
JSW One Platforms operates a digital marketplace through two main entities: JSW One Distribution and JSW One Finance. The company offers materials, credit, and logistics services to firms in the manufacturing and building sectors. In the fiscal year ending March 2025, JSW One recorded a gross merchandise value (GMV) of Rs 12,567 crore and revenue of Rs 3,976 crore.
The company plans to use the funding to build more technology and integrate its supply chain in real-time. The CEO, Gaurav Sachdeva, stated that the company wants to leverage the funding to build more technology and enhance its underwriting capabilities. The chairman, Parth Jindal, said that the funding will help the company empower MSMEs through tech-driven solutions and bridge the working capital gap for MSMEs.
JSW One Platforms is planning to go public in the next 18-24 months, joining peers such as Zetwerk, Infra.Market, and OfBusiness in preparing for an initial public offering (IPO). The company’s growth and expansion plans are expected to drive its success in the B2B ecommerce market. With the fresh funding, JSW One Platforms is well-positioned to achieve its goals and become a key player in India’s industrial ecosystem.
Bank of Baroda slashes lending rates: 5 major banks, including BoB, cut EMIs in September 2025, making loans more affordable – The Economic Times
As of September 2025, several major banks in India have reduced their lending rates, paving the way for lower Equated Monthly Installments (EMIs) for borrowers. According to a report by The Economic Times, at least five banks have cut their lending rates, providing relief to home loan and personal loan customers.
One of the banks that has reduced its lending rates is the Bank of Baroda. The Bank of Baroda has lowered its Marginal Cost of Funds Based Lending Rate (MCLR) across various tenors, which will lead to a decrease in the interest rates on loans such as home loans, auto loans, and personal loans.
Other banks that have reduced their lending rates include the State Bank of India (SBI), ICICI Bank, HDFC Bank, and Axis Bank. The reduction in lending rates is expected to make borrowing more affordable for customers and provide a boost to the economy.
The cut in lending rates is also expected to increase credit demand, as lower interest rates will make loans more attractive to borrowers. This, in turn, can lead to an increase in consumer spending and investment, which can have a positive impact on the overall economy.
The reduction in lending rates by these banks is seen as a-move to pass on the benefits of the lower policy rates to the customers. The Reserve Bank of India (RBI) had earlier reduced the policy rates to stimulate economic growth.
The lowering of lending rates by these banks is a welcome move for borrowers, as it will lead to lower EMIs and reduced interest burden. However, it is essential for borrowers to review their loan agreements and terms to understand the impact of the reduced lending rates on their loans.
In conclusion, the reduction in lending rates by major banks in India, including the Bank of Baroda, is a positive development for borrowers. With lower lending rates, borrowers can expect lower EMIs and reduced interest burden, making borrowing more affordable. As the economy continues to evolve, it will be interesting to see how these changes impact the banking and financial sectors.
The combined market capitalization of seven out of the top 10 most valuable companies surged by ₹1.18 lakh crore, with SBI and Airtel emerging as the largest gainers.
The combined market valuation of seven of the top-10 most valued firms in India increased by ₹1,18,328.29 crore last week. This surge was driven by an optimistic trend in equities, with the BSE benchmark rising 721.53 points or 0.88%. The biggest gainers were State Bank of India and Bharti Airtel, with their market valuations increasing by ₹35,953.25 crore and ₹33,214.77 crore, respectively.
The market capitalization of other top firms also saw significant gains. Reliance Industries’ valuation increased by ₹17,389.23 crore to ₹19,04,898.51 crore, while Tata Consultancy Services (TCS) saw a surge of ₹12,952.75 crore to ₹11,46,879.47 crore. Life Insurance Corporation of India (LIC) and Infosys also witnessed increases in their valuations, with LIC’s valuation rising by ₹12,460.25 crore to ₹5,65,612.92 crore and Infosys’ valuation climbing by ₹6,127.73 crore to ₹6,39,901.03 crore.
HDFC Bank’s market capitalization also went up by ₹230.31 crore to ₹14,84,816.26 crore. On the other hand, ICICI Bank, Bajaj Finance, and Hindustan Unilever were the laggards, with their market valuations declining by ₹10,707.87 crore, ₹6,346.93 crore, and ₹5,039.87 crore, respectively.
The ranking of the top-10 most valued firms remained largely unchanged, with Reliance Industries retaining its top spot, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever, and LIC. The gains in market valuation were driven by positive investor sentiment and an overall uptrend in the equity market. The increases in market capitalization reflect the growing confidence of investors in these companies and the Indian economy as a whole.
India’s second-largest private banking institution is set to announce its quarterly results for September on October 18.
ICICI Bank Ltd. reported a strong June quarter earnings, exceeding consensus analyst estimates. The private sector bank’s standalone net profit rose 15% year-on-year to Rs 12,768.21 crore, surpassing the estimated Rs 11,770 crore compiled by Bloomberg. This growth can be attributed to strong loan growth, a rise in net interest income, and largely stable asset quality.
The bank’s net interest income increased by 11% over the year to Rs 21,635 crore. However, the net interest margin (NIM) stood at 4.34% in the June quarter, slightly lower than 4.41% in the quarter ended March and 4.36% in the year-ago period. Despite this minor decline, the bank’s overall performance remains robust.
ICICI Bank’s asset quality remained largely stable, with the gross non-performing assets (NPA) ratio remaining flat at 1.67%. Although the net NPA ratio rose slightly to 0.41% from 0.39% in the prior quarter, this increase is relatively modest. The gross NPA additions rose to Rs 6,245 crore from Rs 5,142 crore in the March quarter, indicating a slight deterioration in asset quality. Nevertheless, the bank’s overall asset quality remains under control.
The strong loan growth and rise in net interest income are key drivers of ICICI Bank’s impressive earnings. The bank’s ability to maintain stable asset quality, despite a slight increase in NPA ratios, is also a positive sign. Overall, ICICI Bank’s June quarter earnings demonstrate the bank’s resilience and ability to navigate challenges in the financial sector. With a strong performance in the first quarter, the bank is well-positioned to continue its growth trajectory in the coming quarters.
The bank’s results highlight the importance of robust loan growth and effective asset quality management in driving profitability. ICICI Bank’s ability to balance loan growth with asset quality will be crucial in maintaining its competitive edge in the private sector banking space. As the bank continues to navigate the evolving financial landscape, its strong earnings performance in the June quarter is a testament to its commitment to delivering value to its stakeholders.