India economy & business news in brief for July 23: ICICI Bank Q1 net profit surges 50% to £720m

• Shubham
• 23 July, 2022

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By: Shubham Ghosh

ICICI Bank, India’s second-largest private sector lender, on Saturday reported a standalone net profit of Rs 6,905 crore (£720 million) for the first quarter of the financial year 2022-23 as compared to Rs 4,616 crore (£481.5 million) posted in the corresponding period of the previous year, registering a year-on-year growth of 50 per cent, Asian News International reported. The bank’s core operating profit (profit before provisions and tax, excluding treasury income) grew by 19 per cent year-on-year to Rs 10,273 crore (£1.07 billion) in the quarter ended June 30, 2022.

India’s private sector lender Kotak Mahindra Bank on Saturday reported a standalone net profit of Rs 2,071 crore (£216 million) for the first quarter of the current financial year, registering a year-on-year growth of 26 per cent, ANI reported. The bank’s profit jumped on the back of lower provisions and improvement in asset quality performance.

India’s foreign exchange (forex) reserves went down by $7.54 billion (£6.28 billion) to $572.71 billion (£477 billion) for the week ended July 15, the lowest level in 20 months, as the Reserve Bank of India (RBI) likely used its war chest to defend the rupee, which recently dipped below 80 against a dollar, ANI reported. This is the second consecutive week of the sharp drop in the country’s forex reserves. The forex reserves had slumped by $8.06 billion (£6.7 billion) during the week ended July 8. In the last two weeks under review, the forex reserves have declined by $15.60 billion (£12.9 billion). According to the central bank’s weekly statistical supplement, all components of the forex reserves fell during the week under review.

Ecole Intuit Lab, a French school of design and creative strategy, is opening the doors of its New Delhi campus to offer advanced courses in creative design and digital space, ANI/PNN reported. The Ecole Intuit Lab India campuses offer six-degree courses at UG and PG levels. These courses include Undergraduate in Visual Communication and Digital Design, Undergraduate in Digital Product Design, Undergraduate in Game Art and Design (Ubisoft-powered curriculum), Undergraduate in Fine Arts, Postgraduate in Advertising, Design and Digital Communication, and Masters in Advertising Design and Digital Communication.