ICICI Bank
ICICI Bank has continued to achieve rapid growth in its deposit base and replace high-cost borrowings with lower cost deposits. With retail assets increasing 68% in fiscal year 2003-2004 and deposits growing 47%, the balance sheet has been significantly diversified.
“Fiscal 2005 was a momentous year for the ICICI group as it marked its 50th anniversary by consolidating its leadership position in various businesses and achieving strong growth in each area of its operations,” says CEO Kundapur Vaman Kamath.
“This was made possible by our focus on building platforms for growth over the past several years. Last year we leveraged our platform to consolidate our market leadership in retail credit, increase our deposit base and diversify and grow our revenue streams across product lines and customer segments.
“On the international front, we have extended our reach to 10 countries and are leveraging our international presence and our India-based technology platforms to offer a unique value proposition to our customers. We believe rural India will be the next dimension of our growth. Our strategy is built around offering a full range of products to meet the needs of various segments of the rural economy, including micro-financial services for low income customers, through a variety of innovative channels.”
