Terming rumours about its financial strength as baseless and malicious, ICICI Bank today said that it has a very strong capital position.In a statement issued to the Bombay Stock Exchange, chief executive KV Kamath said ICICI's banking and non-banking units were well capitalised and the impact of the current market conditions on its investment portfolio would not pose any challenge to its capital position.
Further, the ICICI statement includes its detailed financial position in establishing its sound position with assets of over Rs 4,84,000 crore and a networth of over Rs 47,000 crore.
Kamath said that the bank almost doubled its capital after raising Rs 20,000 crore in June 2007. Also its capital adequacy ratio was 13.4 percent as of June 30, more than the minimum 9 percent required by regulators, he said.
The statement comes at a time when rumours of impact of melt down that triggered panic withdrawls across cities particularly in Karnataka and Andhra Pradesh fearing that ICICI were facing major financial crunch.
