ICICI Bank sees 25% rise in home, auto loans disbursals
Hindu Business Line, January 22, 2010, Page 7
Our Bureau, Mumbai
In the third quarter ICICI Bank earned a profit of Rs 202 crore from the sale of 81 per cent stake in its Point-of-Sales terminals business to First Data Corporation. This boosted its other income.
The home and auto loan segments have seen a pick up with disbursements increasing by 25 per cent. The retail loan book now accounts for 45 per cent of the total asset portfolio, said Ms Chanda Kochhar, Managing Director and Chief Executive Officer, ICICI Bank.
Though the ratio of non-performing assets to total assets increased, the provisioning is lower, which is an indication of the improvement in asset quality, Ms Kochhar said. Provisions declined marginally to Rs 1,002 crore (Rs 1,008 crore).
The provisioning coverage ratio now stands at 62 per cent with technical write offs.
The bank has received licenses for 580 branches and will be opening them before the end of this fiscal. This will take its network to 2000 by March 2010, Ms Kochhar said.
New Board of Directors
The board of directors of ICICI Bank appointed Mr Homi R. Khusrokhan and Mr V. Sridar as non-Executive Directors, said a press release from the bank.
Mr Khusrokhan retired as the Managing Director of Tata Chemicals Ltd in 2008. He was earlier Managing Director of Tata Tea and Glaxo India Ltd. Mr V. Sridar retired as Chairman and Managing Director of UCO Bank in 2007. Prior to that he was Chairman of the National Housing Bank and Executive Director of UCO Bank.
Mr Khusrokhan and Mr Sridar would hold office up to the date of the next Annual General Meeting, when their appointment would be considered by the shareholders of ICICI Bank.
Mr P.M. Sinha, non-Executive Director of ICICI Bank, today retired from the board, the press release said.
Hindu Business Line, January 22, 2010, Page 7
Our Bureau, Mumbai
In the third quarter ICICI Bank earned a profit of Rs 202 crore from the sale of 81 per cent stake in its Point-of-Sales terminals business to First Data Corporation. This boosted its other income.
The home and auto loan segments have seen a pick up with disbursements increasing by 25 per cent. The retail loan book now accounts for 45 per cent of the total asset portfolio, said Ms Chanda Kochhar, Managing Director and Chief Executive Officer, ICICI Bank.
Though the ratio of non-performing assets to total assets increased, the provisioning is lower, which is an indication of the improvement in asset quality, Ms Kochhar said. Provisions declined marginally to Rs 1,002 crore (Rs 1,008 crore).
The provisioning coverage ratio now stands at 62 per cent with technical write offs.
The bank has received licenses for 580 branches and will be opening them before the end of this fiscal. This will take its network to 2000 by March 2010, Ms Kochhar said.
New Board of Directors
The board of directors of ICICI Bank appointed Mr Homi R. Khusrokhan and Mr V. Sridar as non-Executive Directors, said a press release from the bank.
Mr Khusrokhan retired as the Managing Director of Tata Chemicals Ltd in 2008. He was earlier Managing Director of Tata Tea and Glaxo India Ltd. Mr V. Sridar retired as Chairman and Managing Director of UCO Bank in 2007. Prior to that he was Chairman of the National Housing Bank and Executive Director of UCO Bank.
Mr Khusrokhan and Mr Sridar would hold office up to the date of the next Annual General Meeting, when their appointment would be considered by the shareholders of ICICI Bank.
Mr P.M. Sinha, non-Executive Director of ICICI Bank, today retired from the board, the press release said.
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