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.
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
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
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