ICICI group net plunges 45% as fresh slippages, provisions soar

ICICI Bank board has seven independent directors including chairman and government nominee director

ICICI Bank board has seven independent directors including chairman and government nominee director

"The board did not discuss the issue", she said, termed the board meeting slated for tomorrow as a "routine one" to discuss the growth strategy for the new fiscal year.Kochhar also announced a new strategy revolving around "preserve, change and grow" with targets for March 2020 on various parameters.

Kochhar today confirmed that government nominee Lok Ranjan, a joint secretary in the department of financial services, was not able to attend the board meeting.

At the bank's meeting to approve the March quarter earnings on Monday, shareholders expect its board to clarify on conflict-of-interest allegations raised against Kochhar, Mint reported on Monday.

ICICI Bank, the country's largest private lender reported a 45.17 per cent loss in its consolidated profit for the fourth quarter (Dec '17- March '18) on an year-on-year basis.

Srinivasan said "a bulk" of the impact coming out of the RBI circular has already been taken in the March quarter and added it is targeting to restrict slippages to under Rs 1,200 crore in this current fiscal year. To a question in the post result conference call on whether she should step down as a prudent measure, Kochhar stated that the "bank has supported all investigative authorities and co-operated with them in the past".

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While ICICI Bank's board, including Chairman MK Sharma, has cleared Chanda Kochhar of any wrongd-oing, CBI and SFIO are probing the matter. "We think that growth will only continue to improve", Srinivasan said. The results come against the backdrop of a series of allegations of impropriety in ICICI Bank's extending loans to some companies and enjoying reciprocal benefits by the family members of the lender's CEO Chanda Kochhar.

Shares of ICICI Bank surged almost 9 per cent today even as the company posted 45 per cent decline in consolidated net profit for March quarter.

The development comes nearly a month after the tax authority had asked Deepak Kochhar to furnish all the details regarding personal finances, income tax returns for the past many years, and business dealings with NuPower Renewables.

Net interest margin narrowed down to 3.11 per cent due to a reduction in interest payments from NPA accounts but the bank exuded confidence of pulling it back to historical average of 3.20-3.25 per cent. The Videocon group has since defaulted on the loan. "The retail portfolio constituted about 57 per cent of the loan portfolio of the bank at March 31, 2018", it said.

The bank's scrip fell 2.27 per cent to close at ₹101.15 apiece on the BSE.

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