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'ICICI not hit by economic slowdown'

Financial services firm ICICI Ltd has not been hit by the economic slowdown in the country, its head said on Monday.

"No, we're not affected by the slowdown because we have a diversified portfolio spread over retail and corporate lending," K V Kamath, managing director and CEO of ICICI Ltd, told reporters.

"We run a capital adequacy ratio of 15 per cent and an NPA (non-performing assets) of less than five per cent," Kamath said after inaugurating a technical institute. "But the slowdown in the manufacturing and infrastructure sector continues," he said.

ICICI in July reported net profit rose 13.3 per cent in April-June from the same period a year earlier, exceeding analysts' expectations.

ICICI is 32.65 per cent owned by American Depository Shareholders. Government-controlled insurance companies own another 23.47 per cent while foreign funds and non-resident Indians held 15.11 per cent at end-March. Individual investors owned 10.21 per cent and the Unit Trust of India 6.63 per cent.

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