ICICI Bank 2003 Annual Report Download - page 8
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6
Dear Stakeholders
K.V. Kamath Managing Director & CEO
Fiscal 2003 was a historic year for us, being our first year of operations as an integrated entity
following the merger of ICICI with ICICI Bank. The year commenced with certain challenges – of
effecting the transition quickly and efficiently; and of leveraging the new business model to achieve
leadership in the focus areas that we had identified for ourselves.
It gives us considerable satisfaction that we have successfully met these challenges, and indeed,
even exceeded our expectations in certain areas. We had already complied with the regulatory
requirements for the merger in fiscal 2002 itself; on receiving regulatory approvals in early fiscal 2003,
we were able to seamlessly combine the merging entities into one single operating structure. We had
identified retail credit as a key area of opportunity, since the fundamentals of the Indian economy
provide the basis for sustainable growth in this segment. In fiscal 2003, we rapidly strengthened our
position in the retail credit market, with continuing innovations in product design, marketing and
distribution. We expanded our presence to new locations and increased the depth of our penetration
in existing markets. We swiftly moved ahead of the competition, emerging as the market leader in
retail credit in India. We leveraged our technology-driven distribution network to grow our deposit
base by fifty per cent, about four times the rate of growth in the banking system as a whole. This