ICICI Bank report 1st Quarterly Loss at Rs. 120 Cr

ICICI Bank slumped to a historic loss in the quarter ended June 2018 due to a rise in provisions as the bank set aside more money to comply with the Reserve Bank of India (RBI) guidelines on old non performing assets referred to the bankruptcy courts.

The bank reported a loss of Rs. 120 crore in June 2018 versus a profit of Rs. 2049 crore a year ago mainly as provisions more than doubled.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/icici-bank-reports-first-quarterly-loss-at-rs-120-crore/articleshow/65172348.cms

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