With bad loans continuing to be a problem, ICICI Bank is reportedly planning to re-start a special vertical to handle such assets.
With bad loans continuing to be a problem, ICICI Bank is reportedly planning to re-start a special vertical to handle such assets.
The country's largest lender State Bank of India already has such a group called Stressed Assets Management Group to handle high NPAs, which came lower during the December quarter.
ICICI Bank is looking at various options to get a grip over bad loans, which went up to 3.40 percent in the December quarter.
Sources said the special vertical was reportedly shut in 2005, after being operational for five years, and may be restarted soon. It could be headed by Senior General Manager K M Jayarao, who headed the wing in its first avatar as well, they added.
When contacted, an ICICI Bank spokesperson declined comment, saying it does not react to market speculation.
In the past, ICICI Bank Managing Director and Chief Executive Chanda Kochchar had blamed the NPA problem on prolonged tepidness on the macro front, which is forcing recast assets to slip.
During the December quarter earnings, Kochhar had said this trend of restructured assets slipping into NPAs lags the progress on the macro front, and the bank expected it to continue for another two-three quarters more. In the third quarter, the bank had said its gross non-performing assets ratio moved up to 3.40 percent, while fresh slippages rose to Rs 2,279 crore.
Of this, almost a third, or Rs 776 crore, came from restructured loans. The largest private lender restructured Rs 1,755 crore during the quarter, down from Rs 2,300 crore a year ago.
ICICI Bank stock price
On March 10, 2015, at 09:23 hrs ICICI Bank was quoting at Rs 331.65, down Rs 1.05, or 0.32 percent. The 52-week high of the share was Rs 393.30 and the 52-week low was Rs 236.40.
The company's trailing 12-month (TTM) EPS was at Rs 18.81 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 17.63. The latest book value of the company is Rs 126.29 per share. At current value, the price-to-book value of the company is 2.63.
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