ICICI Bank of India Sees Profits Shrink

Banking woes aren’t limited to the United States. In India, ICICI Bank saw its profits plummet in the latest quarter. ICICI Bank is India’s largest bank, with more than 1,400 branches, and it’s growing quickly. Soon, the company says it will boast more than 2,000 branches.
In the first quarter of 2009, ICICI Bank posted a profit of about $145 million. In 2008, the first quarter saw the bank post profits of more than $225 million. The total income for the bank also dropped about 10%.
“Given the current scenario,” said ICICI Bank CFO Chanda Kochhar, “the priority is to conserve capital …read more