Print Edition - 2018-07-29  |  Money Digest

ICICI Bank posts first quarterly loss in 16 years

BENGALURU/NEW DELHI

Jul 29, 2018-

ICICI Bank Ltd, the third-biggest Indian lender by assets, reported its first quarterly net loss in at least 16 years, hurt by higher provisions for bad loans and bond losses. The results come amid uncertainty about the bank’s long-serving Chief Executive Chanda Kochhar, who is on leave pending the completion of a probe into alleged nepotism charges against her. Group veteran Sandeep Bakhshi was last month named in a newly-created position of chief operating officer to run the lender in the interim. While more than 86 percent of India’s $150 billion worth of non-performing loans at the end of March was with the dominant state-backed lenders, ICICI accounts for the biggest chunk of bad loans among the private sector banks. (REUTERS)

Published: 29-07-2018 08:43

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