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ICICI Bank slams report over accounting policy change

ICICI Bank Ltd. decried a media report that alleged the bank kept its bad loan ratio down after an accounting policy change and did not disclose the change to the bank's shareholders.

The media report "is a mischievous and motivated attempt to malign the image of ICICI Bank in the eyes of its investors," ICICI Bank said in a regulatory filing.

A Mint report, citing a note sent by CEO Chanda Kochhar to the board, said a revised accounting policy allowed the India-based bank to write off about 56 billion rupees of unsecured portions of doubtful corporate loans in the fiscal year ended March 31, 2017. The bank did not communicate the accounting policy change to it shareholders, violating India's accounting standards and other regulatory norms.

ICICI Bank made the disclosure in its annual report, its investor presentation and analyst call. "The media report has distorted the facts to discredit the bank's reputation," the bank added.

As of Aug. 8, US$1 was equivalent to 68.66 Indian rupees.