ICICI Bank's UK, Canada subsidiaries witness flat growth | business | Hindustan Times
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ICICI Bank's UK, Canada subsidiaries witness flat growth

business Updated: Oct 31, 2010 01:46 IST

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Private sector lender ICICI Bank has been witnessing a flat growth from its subsidiaries' operations in the UK and Canada. The bank said it will adopt a measured stance, when it comes to expanding in these markets that are yet to come out of the global economic slowdown.

"Our business has been flat from both the markets (Canada and the United Kingdom)," the bank's Chief Executive Chanda Kochhar told reporters on a conference call after the announcement of the bank's Q2 results.

The bank has earned profits of $8.5-million and $7.5-million from the Canadian and UK subsidiaries, respectively, she said.

In the backdrop of the weak recovery, the bank will be going slow on investments in the markets and also with disbursing advances, Kochhar added.

Commenting on other subsidiaries, the bank said that its life insurance vehicle ICICI Life maintained its position as the largest private sector life insurer with a 10.9 increase in new business premium to Rs 1,344 crore in the July -September reporting quarter.