ICICI Bank sees 1st quarterly loss of £12 mn

ICICI Bank reported its first ever loss of £12 million for the quarter ended June 2018, as against a profit of £204.9 million in the corresponding quarter of the previous year, due to a doubling of bad loan provisions. In a statement, the bank said, “While the gross additions to non-performing assets at £403.6 million were the lowest in the last 11 quarters, additional provisions on existing NPAs (non-performing assets) resulted in total provisions of £597.1 million and a net loss.” The provisions include those required to be made on ageing of bad loans and on cases that have been referred to the National Company Law Tribunal (NCLT), nudged by the Reserve Bank of India. The losses came at a time when the bank is being examined by Indian and US regulators for issues of governance. CEO Chanda Kochhar has been accused of not disclosing conflict of interest arising out of her husband's business relationships with borrowers of the bank.