Board’s stance clear on Videocon issue, nothing more to add, says ICICI Bank CEO Chanda Kochhar

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Published: May 7, 2018 7:55:48 PM

The board has made its stance very clear and we do not have anything more to add, ICICI Bank CEO Chanda Kochhar said.

ICICI Bank, Chanda Kochhar, Chanda Kochhar brother in law, Rajiv Kochhar, Videocon Group, Venugopal Dhoot, cbi, mumbai, NuPower Renewables, news on ICICI Bank, latest news on ICICI BankICICI Bank today reported 45 percent decline in consolidated net profit. (Reuters)

In her first media interaction since Videocon controversy, ICICI Bank CEO Chanda Kochhar said that the board has made its stand clear on the entire issue and she will continue to cooperate with the investigative agencies. Asked about the silence maintained by her as well as the bank during the Videocon controversy, Kochhar referred to the March 28 statement from the board which stood firmly behind her. “The board has made its stance very clear and we do not have anything more to add,” Kochhar, who was speaking after the announcement of the bank’s full-year results, said “(We are) talking of Q4 results now and we should focus on that. And I think the board has already clarified,” she added.

“Today, there was no discussion at all on this issue,” Kochhar said when asked whether the controversial lending to the Videocon Group was discussed at the board meeting. A huge spike in bad loans was recorded in ICICI Bank’s quarter four results announced today. A lot of stress has already been recognised and bank will focus on its resolution going forward, she said. Slippages into bad loans or gross NPA additions during the quarter was Rs 15,737 crore, constituting Rs 9,968 crore of loans which were under RBI schemes and were classified as standard on December 31, 2017. Gross non-performing assets (NPAs) worsened to 8.84 percent of total loans from 7.82 percent in the December quarter and 7.89 percent in the March quarter last year.

ICICI Bank today reported 45 percent decline in consolidated net profit to Rs 1,142 crore for the fourth quarter ended March 31, 2017-18. It had a net profit of Rs 2,083 crore in the January-March quarter of the preceding fiscal, 2016-17. The bank’s standalone profit declined by 50 per cent to Rs 1,020 crore as against Rs 2,025 crore in the year-ago quarter. 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. The board will meet on Tuesday for strategy and budget planning.

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