Awards and Recognition in FY2023-24:
- ICICI Bank has emerged as the 'Best Company to Work For in India' as per a survey by the 'Business Today' magazine in association with an HR solutions company.
- It has been awarded the 'Best for Family Office Services in India' by Euromoney, a London-based monthly finance magazine from the Daily Mail Group.
- It has been recognized as the 'Model Bank for Reimagining Enterprise Lending Solutions' by Celent, a prominent American research and advisory firm.
- It has been awarded the 'Best Governed Company Award' by the Asian Centre for Corporate Governance & Sustainability for its outstanding commitment to corporate governance.
- It has won the 'Bank of the Year' award at the Business Today - KPMG Best Banks Awards for the fourth year in a row.
- It emerged as the 'Best Bank' in the 'Large Banks' category at the 16th edition of the Mint BFSI Summit and Awards.
Products and Services:
The bank offers various banking products and services which includes following:
Retail: ICICI Bank offers a variety of deposit options, retail loans, and digital banking services, along with third-party products like mutual funds and insurance plans. The bank has digitized its underwriting process for instant loan approvals and continues to enhance its digital platforms for a seamless banking experience.
Rural and Inclusive Banking: The bank offers a wide range of financial products, including working capital loans for crop cultivation and post-harvest funding, term loans for agricultural equipment, financing based on warehouse receipts, loans secured by gold jewelry, personal loans, affordable housing finance, and loans for automobiles and motorcycles. Additionally, the bank provides consumption loans to low-income customers and tailored financial services for microfinance institutions, self-help groups, farmer cooperatives, and small and medium enterprises in agriculture-related ventures.
Small and Medium Enterprises and Business Banking: The SMEs portfolio includes company exposures with a turnover of up to Rs 2.50 billion, while the business banking portfolio consists of small business customers with an average loan ticket size ranging from Rs 10.0-15.0 million.
Wholesale Banking: The Bank caters to a diverse range of wholesale banking clients, including private sector corporations, financial institutions, government entities, MNCs, real estate firms, IT companies, and service providers. It also specializes in serving private equity funds and their portfolio companies, offering customized digital solutions for capital market participants.
International Business: ICICI Bank has a strong international presence with business centers in six overseas locations, representative offices in nine locations outside India, an Offshore Banking Unit (OBU) in Mumbai, and an IFSC Banking Unit (IBU) in GIFT City. The Bank also has wholly-owned subsidiaries in the UK and Canada, with ICICI Bank UK operating a business center in Germany. Its international strategy focuses on the NRI, MNC, trade, and funds ecosystems, covering aspects such as deposits, remittances, investments, and fund flows into India through FPI and FDI routes.
Government Banking: ICICI Bank offers a range of banking services to government departments through physical and digital channels, providing integrated digital solutions to help deliver services to citizens. The bank is also assisting state-level agencies in adopting the Single Nodal Agency (SNA) payment model and DBT payments for managing Government of India scheme funds. ICICI Bank's digital platforms offer online tax payment options and facilitate the collection of central taxes, state taxes, customs duty, and GST payments. Additionally, the bank has integrated its payment services with government e-governance initiatives such as Government e-Marketplace (GeM), e-tendering, and e-treasury.
Key Financials (FY2024):
By the end of the financial year 2024, ICICI Bank's Total Assets amounted to Rs 1,871,514 Cr, with Deposits reaching Rs 1,412,824 Cr and Loans and Advances standing at Rs 1,184,406 Cr. Throughout the year, the Bank experienced a significant 18.1% increase in Total Assets, demonstrating a commendable growth rate of 15.0% over a 3-year period on a CAGR basis. Additionally, Deposits saw a year-on-year growth of 19.6% and a substantial 14.9% growth over 3 years on a CAGR basis. In contrast, Loans and Advances showed an impressive year-on-year growth of 16.2% and a matching 17.3% growth over 3 years on a CAGR basis.
The Bank achieved a Net Interest Income (NII) of Rs 85,408 Cr in FY2024, along with a Net Profit of Rs 40,888 Cr. The NII experienced a growth of 37.5% year-on-year and a 17.3% increase over a 3-year period on a CAGR basis. Conversely, the Net Profit saw a notable increase of 28.1% year-on-year and 36.1% over 3 years on a CAGR basis.
Moreover, the Bank's Capital Adequacy Ratio surpassed the RBI's mandated percentage, reaching 16%. The Gross NPA and Net NPA were reported at 2.16% and 0.42% respectively. The Bank's Net Interest Margins were at 3.97%, while the Net Profit Margin stood at 38.9%. Additionally, the CASA ratio was recorded at 38.9%, slightly below the industry CASA average of 40%.
Future Plan
ICICI Bank is built on core principles of teamwork, fairness, and capital return. The bank aims to enrich customer offerings and engage stakeholders by exploring opportunities throughout the value chain. With new additions like real estate, GIFT City, capital markets, and custody, the bank offers a comprehensive platform for trade transactions. Upholding a customer-centric approach, the bank has successfully reduced its carbon footprint and positively. Embracing digital advancements and evolving cyber security challenges, the bank remains agile and adaptive. Committed to upholding the highest standards of corporate governance, the Board consistently works on enhancing policies and frameworks. ICICI Bank will persist in seizing profitable opportunities and prioritizing value creation for all stakeholders through risk-conscious growth.
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Data Source
- ICICI Bank's website
- ICICI Bank's Annual Report 2022-23, Quarterly Results and Investor's Presentation of FY2023-24
Disclaimer
The content or analysis presented in the Blog is exclusively intended for educational purposes. It is important to note that this should not be considered as a suggestion for investing in stocks or as legal or medical advice. It is highly recommended to seek guidance from an expert before making any decision.