ICICI Bank's Q2 Result Subdued as Asset Quality Deteriorates
ICICI Bank's second-quarter result was fairly subdued. The result benefited from a one-off INR 56.8 billion gain for selling its 12.63% stake in its insurance arm, ICICI Life, through an IPO. Excluding the gain, the bank would have posted a quarterly loss from higher provisioning for nonperforming assets, or NPA, which has continued to deteriorate in the second quarter. NPA increased both on an absolute basis and as a percentage of total loans; they now make up 6.8% of total loans, versus 5.8% i...
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