Private sector lender ICICI Bank has been witnessing a flat growth from its subsidiaries' operations in the UK and Canada and will be adopting 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 USD 8.5-million and USD 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 per cent increase in new business premium to Rs 1,344-crore in the July-September reporting quarter.
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