ICICI Bank Limited - ADR (IBN): New Analyst Report from Zacks Equity Research - Zacks Equity Research Report

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Summary:
ICICI Bank's impressive fourth-quarter fiscal 2014 (ended Mar 31) results were mainly driven by top-line growth. This was partly offset by rise in both operating expenses and loan loss provisions. We expect continuing synergies from the company's increased dependence on domestic loans, its focus on fee income growth, a stable fund base and market leadership in the insurance business. However, a highly competitive operating environment, persistently rising expenses, deterioration in asset quality and stringent regulatory requirements could dampen its results in the near term.

Overview:

Headquartered in Mumbai, India, ICICI Bank Limited was formed in 1955 at the initiative of the World Bank, the government of India and Indian industry representatives. The principal objective was to create a financial institution for providing medium-term and long-term project financing to Indian businesses.

Until the late 1980s, ICICI Bank primarily focused its activities on project finance, providing long-term funds to a variety of industrial projects. With the liberalization of the Indian financial sector in the 1990s, ICICI Bank transformed its business from an institution offering only project finance to a diversified provider that, along with its subsidiaries and other group companies, provides a wide variety of financial products and services.

ICICI Bank is one of the major private sector banks in India with total assets of about INR5,946.42 billion ($97.69 billion) as of Mar 31, 2014. The bank had a network of 3,753 branches and 11,315 ATMs as of the same date. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers. The company's subsidiaries operate in the areas of investment banking, life and non-life insurance, venture capital and asset management.

ICICI Bank currently has subsidiaries in the U.K., Russia and Canada, branches in the U.S., Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai, International Finance Centre and representative offices in the UAE, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. The company's equity shares are listed in India on the Bombay Stock Exchange and the National Stock Exchange of India Ltd, and its American Depository Receipts (ADR) are listed on the New York Stock Exchange (NYSE).

The bank has seven main business segments: Treasury, Wholesale Banking, Life Insurance, Retail Banking, Other Banking, Other and General Insurance.


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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



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