InvestorQ : What is the status of the loss that ICICI Bank had posted on the irrecoverable amount from Hin Leong group of Singapore?
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What is the status of the loss that ICICI Bank had posted on the irrecoverable amount from Hin Leong group of Singapore?

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Anu Biswas answered.
1 year ago
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Singapore based oil trading company Hin Leong Trading has been classified as non-performing asset (NPA) by ICICI Bank for now. ICICI Bank in its latest quarterly result announcement admitted that it had fully provided for the Hin Leong exposure. ICICI Bank had a $100 million exposure to Singapore based oil trading company Hin Leon Trading which had filed for bankruptcy protection in the Singapore court. Hin Leong and its sister company Ocean Tankers, which own more than 100 cargo ships filed for bankruptcy last month which will give banks 30 days to restructure debt. Hin Leong has total debt of close to $4 billion which will have to be restructured. While ICICI Bank did not divulge details of the quantum of provision, it has emphasised that the account had been significantly provided for and did see any further impact on the books. Gross NPAs for the Mar-20 quarter came in at 5.53% compared to 6.70% last year.

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