ICICI Bank sells $275 million of credit derivatives abroad; signs MoU with US Exim
19 Aug 2008
Mumbai: ICICI Bank, the second largest lender in the country, has sold $275 million (Rs1,100 crore) worth of credit derivatives overseas as it tries to limit exposure to volatile CD portfolio and reduce its mark-to-market losses.
''We have sold a portion of our CD portfolio about three weeks back. We have accounted for that already," a bank spokesperson said.
ICICI bank had made mark-to-market provisioning of a total Rs594 crore for April-June amidst a melt-down of its bond and equity portfolios.
The bank saw a near six per cent fall in its net profits during the quarter at Rs728 crore as compared to Rs775 crore in the year-ago period.
ICICI Bank also signed a memorandum of understanding with the Export-Import Bank of United States for $250 million to work together for funding capital goods imports by Indian corporates from United States.
The agreement is an extension of the Indian Infrastructure Facility of the Ex-IM Bank, ICICI, which is also listed in New York, said in a statement.
.jpg "RBI keeps repo rate unchanged as focus remains on inflation")
.jpg "Indian Oil, Panasonic team up for lithium-ion cell production in India")
