ICICI's Profit Plunges Most in 15 Years as Provisions Surge

Updated on
  • Sets aside 36 billion rupees as buffer for future defaults
  • Difficult to gauge future defaults due to `volatility': CEO

ICICI Bank Ltd., India’s second-largest lender by assets, reported the biggest drop in quarterly profit in at least 15 years after setting aside reserves on top of bad-loan provisions to cushion future defaults.

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