« « Buffet’s Warning: Bad Year Ahead
ICICI Bank: What’s The Subprime Impact? » »

The First Real Subprime Loss: ICICI Bank Gets Hit

4 comments Written on March 4th, 2008 by
Categories: ICICI Bank, Subprime
So it seems ICICI Bank has around 1000 cr. ($260 million) of losses due to US subprime.
ICICI Bank Ltd., India's second- largest bank, had a marked-to-market loss of $264 million as of Jan. 31 on account of exposure to credit derivatives and investments, a minister said.

Following the subprime crisis overseas, ICICI Bank's overseas operations had reported'' the marked-to-market loss, Junior Finance Minister Pawan Kumar Bansal said in a written reply to a question in parliament.

I'd written about this in January, but was surprised to see no news coming in since then. Next in line is SBI, I wonder what the hit there is.
Related Posts Plugin for WordPress, Blogger...

Related posts:

  1. ICICI Bank Experiences Arjun Prabhu's post on bad experiences with ICICI Bank seems...
  2. Subprime Hits India From Rediff: State Bank of India, ICICI Bank , Bank...
  3. ICICI Bank Results – EPS Growth is 2% So ICICI Bank has announced it's 3rd Quarter Results. What...
  4. Exit Balaji Telefilms; Trailing stop loss hit, 84% gains booked Balaji Telefilms is now trading at 230, a drop of...
  5. DLF Goes with 525; ICICI Bank between 885-950 DLF has priced its IPO at Rs. 525, which is...

This entry was posted on Tuesday, March 4th, 2008 at 9:12 AM and is filed under ICICI Bank, Subprime. You can subscribe to any comments to this entry via RSS 2.0. You can leave a response, or trackback from your own site.

About the Author: Deepak Shenoy
http://www.capitalmind.in
The man behind Capital Mind. Deepak is a co-founder at MarketVision, a financial knowledge company in Gurgaon. He also provides data research and consulting services in the financial markets space. Connect with him at deepakshenoy@gmail.com.

4 comments “The First Real Subprime Loss: ICICI Bank Gets Hit”

>I think this matter will get politicised and call for Enquiry/CBI will be raised. Singapore Govt., the main owner of ICICI bank may say finally “enough with India”. (sic)

Anonymous
03.04.08 at 12:08 PM
Permalink Reply

>I love how the loss is quoted in USD so when compared to other banks it doesn’t seem so bad. Make no mistake Rs 1000 CR is a large sum.

manish
03.04.08 at 12:41 PM
Permalink Reply

>The picture is not clear;
1. Minister Bansal says 250 M $
2. ICICI VP says 70
3. What kind of securities? Was it sold by ICICI to their clients for which they were counterparties? or was it securities stuck with ICICI unable to sell in the International markets?

Anonymous
03.04.08 at 2:46 PM
Permalink Reply

>anyone know the full amount of exposure ICICI has to the CDO’s and SIV vehicles??

I read somewhere that it is close to $1.5 Billion…reading through the conference call transcript I didnt even hear anyone mention the subprime stuff. Are the analyst turning deaf ears to this??

OR do you think this is already factored into the stock? Just wanted to know what you guys think….

Hans
05.23.08 at 8:05 PM
Permalink Reply

Leave a Reply