ICICI Bank Exits NIIT-IFBI With Stake Sale To NIIT Ltd.

ICICI Bank on Wednesday said it has sold its entire 18.8% stake in NIIT Institute of Finance Banking and Insurance Training Ltd. to NIIT Ltd. for ₹61.1 million.

With this transaction, NIIT-IFBI has ceased to be an associate of the bank, effective immediately, ICICI Bank said in an exchange filing.

In the March quarter, the bank reported an 18% on-year rise in net profit to ₹126.30 billion, driven by higher income and a sequential drop in provisions.