ICICI's overseas loss at $264.34 mn

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New Delhi, March 4:: The Government on Tuesday said ICICI Bank's overseas operations have reported a loss of 264.34 million dollars following the sub-prime crisis.

"Following the sub-prime crisis overseas, ICICI Bank's overseas operations had reported market to market (MTM) losses of 264.34 million dollars on account of its exposure to credit derivatives and investments as on January 31, 2008," Minister of State for Finance P K Bansal told Rajya Sahba in a written reply.

When contacted, ICICI Joint Managing Director and CFO Chanda Kochchar said most of this amount has already been accounted for till December, 2007.

She added the bank will have marked to market losses of around 70 million dollars this quarter.

Kochchar said none of these investments has any direct exposure to sub-prime assets.

In the Rajya Sabha, Bansal also said there is no information about sub-prime crisis in India. ICICI Bank sold gross non-performing assets amounting to Rs 1,438.41 crore in 2005-06 to securitisation and reconstruction companies and impaired housing loans of Rs 381 crore during the quarter ended September, 2007 to asset reconstruction company, he said.

As on March 31, 2007, the gross NPAs of ICICI Bank stood at Rs 4,126 crore, Bansal said. ICICI Bank has reported net profit of Rs 2,540 crore for 2005-06, Rs 3,110 crore for 2006-07 and Rs 1,003 crore for the year ended September, 2007, he said.