ICICI Bank has cut down its equity investsment in its Canadian and UK subsiidiaries to 5.2% from the current 11%. Of its total assets of Rs 4,09.700 crore, the two units account for close to a quarter of this amount. Recently, currency fluctuation has impacted the bottom lines of these subsidiaries with the Canadian unit reporting a sharp decline and the British unit turning in a marginal increase in profit. Of the total loan book of Rs 4,09,700 crore at the reporting quarter, these two subsidiaries contributed 23.4%, down from 25.7% in the year-ago period when its total assets stood at Rs 3,61,800 crore. In the first quarter of the current fiscal year, the share was 24.2% of Rs 3,99,700 crore. The bank’s total equity investment in ICICI Bank UK and ICICI Bank Canada has come down from 11% of its net worth as of March 2010 to 5.2% as of September 2015, the bank’s CFO N.S. Kannan told analysts recently.
