ICICI Bank 2010 Annual Report Download - page 6
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CHANDA D. KOCHHAR
Managing Director & CEO
4
Dear Stakeholders,
Fiscal 2010 has been a year of renewal of
confidence and optimism in the Indian
economy, as it has rebounded strongly
from the impact of the global financial crisis
and demonstrated its inherent strength
and growth potential. We believe that we
can look forward to a period of sustained
growth driven by India’s strong domestic
fundamentals.
It is in the context of this evolving economic
scenario that we have set out our growth
strategy. It has been our endeavour to
continuously anticipate economic and
market trends and develop appropriate
strategies for the long-term benefit of our
businesses and all our stakeholders. As
such, over the last two years, given the
pressures in the global economy and their
indirect impact on India, we instituted a Four
Cs strategy of current & savings account
(CASA) deposit growth, cost control,
credit quality improvement and capital
conservation to position ourselves for the
next phase of growth.
It is with pleasure that I inform you of
considerable success in the execution of
this strategy. Our CASA ratio has increased
from 28.7% at March 31, 2009 to 41.7% at
March 31, 2010, resulting in a significantly
enhanced stable low cost deposit base.
As a result of our focus on improving
operating efficiencies, our total operating
expenses have declined by more than 25%
over the last two years. At the same time,
we have doubled our branch network to
over 2,000 branches – the largest branch
network among Indian private sector
banks. We have also achieved considerable
success in improving the quality of our
credit portfolio. Our unsecured retail credit
portfolio reduced from about 8% of our
total loan portfolio at March 31, 2009 to
less than 5% at March 31, 2010. Our net
non-performing asset ratio has reduced
to 1.87% at March 31, 2010. With a focus
on containing risks and conserving capital,
Letter from the Managing Director & CEO