Shares of ICICI Bank rose nearly 3 percent intraday on May 5, after , the Reserve Bank of India (RBI) imposed a penalty of Rs 3 crore on the private lender for rule violations.
The penalty has been imposed for contravention of certain directions issued by the RBI on ‘Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks’, the central bank said in a release.
This action was based on the deficiencies in regulatory compliance and was not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI said.
The private sector lender on April 24 recorcded a 260.5 percent year-on-year (YoY) growth in standalone profit at Rs 4,402.61 crore for the quarter ending March 2021. The profit in the corresponding period in the previous year stood at Rs 1,221.4 crore.
Net interest income grew by 16.9 percent to Rs 10,431.13 crore in Q4FY21 compared to Rs 8,926.9 crore in the year-ago period.
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