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ICICI Bank (ICBK.BO)
Correction: 2Q FY09 Results – A Long Way From Home
 Corrects numbers in Figure 1 on Page 3, as highlighted.
 Trying 2Q: Gets through with 1% profit growth, head seems above water — 2Q
profits were well ahead of our -25% estimate. Balance-sheet quality and degrowth
as well as international business pressures were largely as feared. We
highlight what we believe are fundamental issues for ICBK and the stock.

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