ICICI Bank

ICICI Bank has captured the award for the second consecutive year, following continued strong profit growth and its continual efforts to upgrade its technology and products.

Born out of last year’s merger of ICICI Limited and its commercial banking unit ICICI Bank, the bank increased net profit 60.3% during the year and finished with an ROE of 17.7%. In the first quarter of 2003, net profit has risen more than threefold and the bank’s ROE climbed to 18.3%.

As a result of last year’s merger, ICICI has emerged as India’s biggest privately-owned bank with market leadership in retail credit (5.75 million customers) and in several other key segments of the retail business. Growth in this business – which totalled 25% in 2002 – has been driven by the bank’s retail strategy. The strategy involves, among other things, a full product offering, competitive pricing, technology-led distribution and superior service quality.

On the technology and products front, the development most worthy of mention is the bank’s Enterprise Application Integration initiative for its retail and wholesale banking businesses.

The runner-up was State Bank of India, which had an impressive ROE.

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