Orlando, FL -- (SBWIRE) -- 09/06/2013 -- Hot Stock Profits provides investors and traders with valuable trading tools and content as well as micro-cap stock alerts via eMail and text messages. To Join Our Text Message Alerts Service Just Text The Word Stocks To 555888 From Your Cell Phone. Our Focus Today Is On JPMorgan Chase & Co. (NYSE:JPM), ICICI Bank Limited (ADR) (NYSE:IBN).
JPMorgan Chase & Co. (NYSE:JPM) shares jumped 0.46% to $51.11. The company on Sept. 5 has decided to get out of the student loan business, after the biggest U.S. bank concluded that competition from federal government programs and increased scrutiny from regulators had limited its ability to expand the business.
JPMorgan will stop accepting applications for private student loans on October 12, at the end of the peak borrowing season for this school year, according to a memo from the company to colleges that was reviewed by Reuters. Final loan disbursements are expected before March 15, 2014.
Additionally, U.S. government housing finance authorities are pressing JPMorgan Chase & Co for at least $6 billion to settle lawsuits over bonds backed by subprime mortgages, according to a person familiar with the matter on August 27. The company is arguing that it should pay less to settle the claims by the U.S. Federal Housing Finance Agency, according to the source, who was not authorized to speak for attribution.
Moreover, U.S. federal regulators are preparing to impose a fine of $80 million on JPMorgan Chase & Co relating to its dealings with retail customers during the recession, the New York Times reported, citing people familiar with the matter on August 28.
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ICICI Bank Limited (ADR) (NYSE:IBN) shares climbed 12.99% to $30.45. The Board of Directors of ICICI Bank Limited (IBN) at its meeting held at Mumbai on July 31, approved the audited accounts of the Bank for the quarter ended June 30, 2013.
Standalone profit after tax increased 25% to Rs 2,274 crore (US$ 383 million) for the quarter ended June 30, 2013 (Q1-2014) from Rs 1,815 crore (US$ 306 million) for the quarter ended June 30, 2012 (Q1-2013). Net interest income increased 20% to Rs 3,820 crore (US$ 643 million) in Q1-2014 from Rs 3,193 crore (US$ 538 million) in Q1-2013.
The Bank’s capital adequacy at June 30, 2013 as per Reserve Bank of India’s guidelines on Basel III norms was 17.04% and Tier-1 capital adequacy was 11.72%, well above regulatory requirements. In line with applicable guidelines, the Basel III capital ratios reported by the Bank for the quarter ended June 30, 2013 do not include the profits for the quarter.
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