ICICI Bank 2009 Annual Report Download - page 5

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3Annual Report 2008-2009
The Power of Belief
The last year has been an exceptionally challenging
year for the global economy and financial sector.
India, while fundamentally in a much stronger
position, has also experienced the impact of these
events as they were transmitted through the trade
and capital channels. I am confident that the Indian
economy’s robust fundamentals and domestic
growth drivers will impart it the resilience to emerge
stronger from this period. I believe the economic
recovery, some signs of which are already visible,
will gather momentum in the coming months
and in due course see India returning to a high
growth trajectory.
ICICI Bank has been able to meet the challenge
posed by these developments due to its strong
capital position and the fundamental strengths
of its franchise. Over the years, we have sought
to build businesses to serve India’s diverse
and growing needs for financial services,
supporting our strategies with capital, technology
and human resources. We have demonstrated
our success over a long period of time. In fiscal
1985, we had a networth of Rs. 1.75 billion, assets
of about Rs. 21.00 billion and profits of Rs. 0.36
billion. In fiscal 2009, we had a networth of about
Rs. 500.00 billion, assets of about Rs. 3,800.00
billion and profits of Rs. 37.58 billion. This
represents over 20% compounded annual
growth over a 24-year period. The ICICI Group
will continue to focus its energies on partnering
India’s growth for the long-term and creating
value for its stakeholders.
With best wishes,
K. V. Kamath
Chairman