ICICI BankICICI Bank Ltd is the second-largest private-sector bank in India, specialising in retail and corporate banking, foreign exchange and treasury. It also provides investment banking, insurance and financial services to its clients.
ICICI Bank Ltd is the second-largest private-sector bank in India, specialising in retail and corporate banking, foreign exchange and treasury. It also provides investment banking, insurance and financial services to its clients.
In 1955, the Industrial Credit and Investment Corporation of India (ICICI) was established as a government institution while ICICI Bank was established in 1994 as a wholly owned subsidy. ICICI and ICICI Bank merged in 2001. ICICI Bank has a network of 6500+ business centres, 17,000+ ATMs and cash recycling machines, and 550+ insta banking kiosks right across India.
We believe that ICICI Bank is a long-term winner with a strong liability franchise, a stable management team and enough levers to maintain near industry leading asset growth at 16-17% return on equity. ICICI Bank has significantly improved its asset quality and underwriting culture over the past few years, which is reflective in a stronger balance sheet. It also exhibits consistent domestic loan growth, stable margins, positive asset quality and significant growth in CASA (current account savings account). We maintain our high conviction position in ICICI Bank, as we feel it is best placed among the large private banks to gain market share and drive growth, given its wide branch network and technology. More broadly, ICICI Bank should also benefit from the structural growth potential for basic banking services in India.
