Board discussed 2018-19 financial plan, not Videocon issue: ICICI Bank

Private sector lending major ICICI Bank has said that its board met on Tuesday to deliberate upon thhe budget and financial plan for the current fiscal and that the Videocon loan issue was not discussed.

“The Board today met to discuss the budget and the financial plan for the current fiscal,” an ICICI Bank spokesperson said.

“The board meets at the beginning of every year to discuss this agenda. The Videocon loan was not discussed in the meeting.”

On Monday, ICICI Bank MD and CEO Chanda Kochhar had said that the private lender’s Board meeting on Tuesday is a “normal” one to deliberate upon budget and strategy for the current financial year.

The meet comes after the banking major on Monday reported a 50 per cent decline in its stand alone net profit for the quarter ended March 31, 2018 and said that it plans to deploy a “preserve, change and grow” strategy to get back to the growth trajectory.

The bank’s standalone net profit for the fourth quarter of 2017-18 decreased to Rs 1,020 crore from Rs 2,025 crore reported for the corresponding period of the previous fiscal.

However, ICICI Bank’s net interest income inched up to Rs 6,022 crore in the quarter ended March 31, 2018 from Rs 5,962 crore earned in the period ended March 31, 2017.

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