ICICI Bank faces $264 million credit hit

News

ICICI Bank, the second largest bank in India by assets, has taken total mark-to-market (MtM) losses of $264.3 million in the 10 months to January 31, due to its exposure to credit derivatives and other investments, says ICICI joint managing director Chanda Kochhar.

The bank charged $90 million to the profit-and-loss account in the nine months to December 31, and an additional $70 million will be set aside in the fourth quarter, Kochhar said in the bank's latest earnings statement - ICICI's financ

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