K.V. Kamath: ICICI Bank is healthy and fine

K.V. Kamath: ICICI Bank is healthy and fine

Rumors in the market suggested that ICICI Bank was going to take a massive hit from the ongoing global credit turmoil.

Denying these rumors, ICICI Bank CEO K.V. Kamath has come out with a statement saying: “I just want to reiterate ICICI Bank is an extremely healthy institution. We literally doubled our capital last year. It is sitting with us.”

He added that the bank has also made full disclosure of its exposure. Kamath further said that the impact of troubled assets would be minimal on its profit and balance sheets.

He spoke about the effect of global crisis on the banking institutions in India: “Indian banks are in a different position, and indeed ICICI Bank, being an Indian bank with limited exposure to the global market place, a strong balance sheet and a strong capital adequacy position, is different from a global bank.”