ICICI Bank, the country’s largest private sector lender, has decided to sell loans turned sour of about Rs 1,000 crore to asset reconstruction companies (ARCs). The bank had put two accounts, of Falcon Tyres and Tulip Telecom, on sale. The lender has an exposure of Rs 700 crore to Tulip and Rs 300 crore to Falcon.
At end-March, the bank’s gross non-performing assets (NPAs) were Rs 15,095 crore or 3.78 percent of gross advances, compared with Rs 10,505 crore a year ago.
ICICI Bank is India's largest private sector bank with consolidated total assets of $132.17 billion at March 31, 2015. The bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. The bank's presence currently spans 17 countries, including India.
