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".

More news: Man Utd reveal Alex Ferguson is out of intensive care
More news: 6 killed in Indonesia prison riot
More news: Khloe Kardashian reveals plans for first Mother's Day with daughter True

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.

Recommended News

  • Destiny 2 Warmind DLC Available Tomorrow, File Size Revealed

    Destiny 2 Warmind DLC Available Tomorrow, File Size Revealed

    Destiny 2 has spent the bulk of the past few months gearing up for the release of the Warmind DLC, which releases today. If you want to own both the Warmind and the previous Curse of Osiris expansion, you can pick them up for $35.
    Ohio State QB Burrow decides to transfer from Buckeyes

    Ohio State QB Burrow decides to transfer from Buckeyes

    Ohio State Buckeyes quarterback Joe Burrow announced his plans to transfer from the school on Twitter. Haskins spent past year as the backup, replacing an injured Barrett in the Buckeyes' win against MI .
    Katy Perry & Taylor Swift Bad Blood No More?

    Katy Perry & Taylor Swift Bad Blood No More?

    The "Delicate" songstress posted the gift on her Instagram story with the caption "Thank you Katy", alongside a heart emoji. TMZ reports that Perry also wrote she was " deeply sorry " about something, but the outlet wasn't able to read further.
  • NC baseball team celebrating Royal Wedding with bobblehead giveaway

    NC baseball team celebrating Royal Wedding with bobblehead giveaway

    Harry has already become acquainted with Doria, as she even joined the love birds at the Invictus Games in Toronto in September. Their apartment is right next door to Prince Harry and Markle's potential home-the two wings are connected by adjoining doors.
    Customs pact will rip Tories apart, PM told

    Customs pact will rip Tories apart, PM told

    Johnson told the Daily Mail newspaper that the partnership idea was "crazy" and would create a "whole new web of bureaucracy". Mr Duncan Smith also insisted an eventual decision would not be the Prime Minister's, adding: "We run a Cabinet government ".
    Patience is 15th club for Jordan Spieth in Players Championship

    Patience is 15th club for Jordan Spieth in Players Championship

    Unfair? Maybe, but they are all playing the same course. "Last year's results don't really factor much at ( TPC) Sawgrass ". That includes the top five players in the world, all of whom have a mathematical chance to be No. 1 by the end of the week.
  • Israel DEFIANT as US Embassy Opens Monday — MIDEAST ON EDGE

    Every evening at 1830 UTC, DW editors send out a selection of the day's hard news and quality feature journalism. The Trump administration has maintained that it remains committed to forging a peace settlement in the region.
    Jose Mourinho: Michael Carrick can be a good coach for Manchester United

    Jose Mourinho: Michael Carrick can be a good coach for Manchester United

    A few of the people we have, they need to be consistent in their performance, and we want more quality. "I trust some more than others".
    GOP Senate primaries set the stage for November elections

    GOP Senate primaries set the stage for November elections

    IN uses an open primary system, meaning that voters are not required to register with a party to vote in a party primary. Jim Banks (R), though unopposed, officially earned the nomination to keep his congressional seat Tuesday night.
  • The Avengers Will Return For More Films After

    The Avengers Will Return For More Films After "Infinity War" Sequel

    This new explanation for The Hulk definitely adds insight into the character arc for the Strongest Avenger and Bruce Banner. With " Infinity Wars ", however, it seemed the MCU had met its match in terms of build-up.
    Mom and 2 children die after car hits alligator on I-95

    Mom and 2 children die after car hits alligator on I-95

    A mother from Florida and her two young children died after their vehicle hit an alligator on a SC interstate. It is unclear whether the mom and children were trapped in the wreckage of the vehicle , but Sean D.
    Rahane to skipper India in one-off Afghanistan Test

    Rahane to skipper India in one-off Afghanistan Test

    When that series began, the biggest question over the Indian ODI side was the No. 4 spot. That is exactly what Virat Kohli , Ravi Shastri and all of India will be thinking....

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.