ICICI Bank Net Profit Rises 17 to 440 Million

first_imgICICI Bank on Thursday breached its estimates with a 17 percent rise in the quarterly net profit, due to growth in credit demand and higher fee income.Net profit for its fiscal first quarter, which ended in June, rose to 26.55 billion rupees ($440 million) from 22.74 billion rupees a year earlier, the bank stated on Thursday. Net non-performing loans as a percentage of loans were 0.99 percent, compared to the 0.97 percent in the March quarter.Net interest income between interests earned and paid rose 18 percent to 44.92 billion rupees in the quarter.But stocks fell after the bank reported its net profit on Thursday. At 3.50 pm, ICICI Bank’s stock price declined 1.04 percent at Rs.1474. Meanwhile, Sensex and Nifty fell 194.45 points and 70.10 points lower by recording at 25894.97 points and 7721.30 points.However, the economy growth was less than 5 percent in each of the last two fiscal years, which has tumbled the credit growth and has led to higher defaults.According to Reuters, net income for the Indian banking sector is expected to surge 22.4 percent in the next 12 months. This could be the fastest earnings in the Asia-Pacific region.The gross premium revenue of ICICI Bank was Rs.1847 crore in first quarter of 2014, compared to Rs.1859 crore in first quarter of 2013.On Thursday, bank stocks recorded lower by 1.18 percent and 208.90 points at 17485 points. Among the 12 banks listed in the banking sector, only Federal Bank’s stock rose 50 paise higher at Rs.120.last_img read more

Visiting the land of watches Switzerland

first_imgHave you ever thought of what you can do, but you do not have to do just for the sake of it? Well if you have, then you might give it a thought of visiting the land of chocolate. Switzerland Tourism launched their Winter Campaign for this year with their new tagline ‘You can… but you don’t have to’, and their Summer Campaign – ‘Nature wants you back’ for the upcoming year recently in the national Capital.With the growing demand in adventure sports among Indian tourists, Switzerland is a hotspot for such adrenalin rush. One can choose from skiing, sledging and snowboarding in the snow covered Alps, while someone who is looking for a rather leisurely vacation, can opt for a relaxed trip soaking in the beauty of the breath-taking scenery and serenity of the country. Christmas markets, open air hot springs and igloo stays are also available during the winder for the visitor looking for pure white relaxation.  Also Read – Add new books to your shelfWith places like Zurich, Basel, Ticino and Matterhorn to visit, and the daily Swissair flights from Delhi and Mumbai, one can experience the blend of three cultures in Swtizerland as the country is surrounded by France, Germany and Italy. The Summer Campaign will be headed by Bollywood star Ranveer Singh as the brand ambassador of Switzerland Tourism.The summer focus for the campaign as well, will be packed with an array of activities like sky-diving, wakeboarding, canyoning combined with Switzerland’s best touristic and nature highlights. Also Read – Over 2 hours screen time daily will make your kids impulsiveClaudio Zemp, Director – India, Switzerland Tourism, said, “In India we see people getting more adventurous these days. They do not only want to take a cable car up a mountain and take pictures but also want that thrill and rush which one gets while doing adventure sports.  With a versatile and energetic personality like Ranveer Singh on board, we would like to showcase that Switzerland is not only about scenic beauty but also has many activities and adventures to offer to the more experiential Indian traveller. Winter is coming up and it is an absolutely beautiful time to visit Switzerland. One can enjoy various winter activities and explore their hidden passion for adventure with sports such as skiing, snow-shoe trekking, tobogganing. Ranveer’s next trip is going to be in winter.” Ritu Sharma, Deputy Director, Switzerland Tourism India, said, “Our new campaign is all about telling people that holidays in Switzerland can be anything that you want – there are lots of options for adventures and activities both in winter and in summer but if you would rather have a more relaxing holiday that’s absolutely possible too. Although Indians love to go on a vacation during the summers, we do hope for a change after this campaign. Apart from the picturesque natural beauty, Switzerland is also a complete package for families and honeymooners who are not only looking at a relaxing vacation but also crave some adventure.”When stepping into a country like Switzerland, it is not just the natural beauty one has to admire, but also the public transport. For the convenience of tourists, they have ‘Swiss travel pass’ which is an all-in-one ticket for all transportations in the country. Travelling around town one might like to visit the FIFA World Football Museum. Basel’s tri-border region at the Rhine harbour marks the meeting point between Switzerland, Germany and France that makes the city unmistakably lively and innovative. Animal lovers can also take a walk with the penguins in the Basel zoo every morning! To witness a little bit of Italy in Switzerland one can head over to Ticino which will be launching the Gotthard base tunnel- the longest tunnel in the world, in December. How many hands up for a winter trip to Switzerland?last_img read more