ICICI Bank

According to IRDAI, the 31-non-life insurers had earned a premium of Rs 17,679.98 crore last month up from Rs 15,906.71 crore earned in October 2020. Government owned The New India Assurance Company Ltd led the industry earning Rs 2,705.84 crore followed by ICICI Lombard General Insurance Company Ltd with Rs 1,675.29 crore and HDFC Ergo General Insurance with Rs 1,236.10 crore.

An ICICI Securities report noted that in the pre-pandemic period of FY20, 'nominal investment rate' dipped to 28.8 per cent while the share of 'non-financial corporations' in the overall GFCF (Gross fixed capital formation) was relatively weak at 46 per cent as compared to the 5-year average (FY15-20) of 48.3 per cent.

On a standalone basis, the profit after tax grew to Rs 4,616 crore compared to Rs 2,599 crore in Q1FY21. Similarly, the bank's net interest income (NII) during the quarter rose by 18 per cent year-on-year to Rs 10,936 crore, from Rs 9,280 crore earned during the corresponding quarter of the previous year. The bank made provisions of Rs 2,852 crore in Q1FY22 .

The consolidated net profit for Q1FY22 rose to Rs 311 crore from Rs 193 crore in Q1FY21, on account of growth in revenue and improvement in margins. According to the company, the rise was aided by strong all-round performance in equities and allied business, distribution business, distribution business, private wealth management business, as well as investment banking business.

Kartik Sankaran, Founder, Fiscal Fitness raised the issue in a comment on a social media platform. Digging into the SID the scheme objective is "... provide medium to long term capital gains and/or dividend distribution by predominantly investing in a well-diversified portfolio of equity and equity-related instruments of dividend yielding companies", he added.

The wide range of 360-degree solutions enables corporates to seamlessly meet all banking requirements of their ecosystem in an expeditious and frictionless manner. With this launch, ICICI Bank aims to be the preferred banking partner for companies and their entire ecosystem. The environment in which corporate customers operate is becoming increasingly dynamic and competitive with accelerated digital adoption transforming every business.

The bonus declared is the highest ever by the Company till date and is also 10 per cent higher than the bonus announced in the last fiscal, the company said. All participating policies in-force as of March 31, 2021 are eligible to receive this bonus and will be added to the policyholders' benefits, it added.

Noting that corporates are adopting cloud solutions and traditional networks are not purpose-built for it, it said that these new solutions, which run on internet WAN, are challenging the conventional hub and spoke model. "Enterprise services are emerging as new value engine for telcos amid rise in demand for services in the wake of digital transformation," it said.

The beneficiary gets the credit to the bank account instantly. This makes ICICI Bank the first bank in Asia-Pacific and second globally to offer the facility, called 'SWIFT gpi Instant', for cross-border inward payments. This service that offers instant credit works by connecting 'SWIFT gpi', the high-speed cross border rails with a real-time domestic payments infrastructure.

New users, including those who are not customers of ICICI Bank, can now instantly get a UPI ID, which is automatically linked to 'Pockets'. Further, customers who already have a UPI ID, will get a new ID when they log on to the 'Pockets' app.