ICICI Bank 2011 Annual Report Download - page 6
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CHANDA KOCHHAR Managing Director & CEO
Letter from
the Managing Director & CEO
Dear Stakeholders,
In 2009, we had clearly set out our strategic
path for the next five years. The first stage of
this strategy was to reposition the balance
sheet for the next phase of growth. To this end,
in fiscal 2010, we focused on rebalancing our
asset and liability mix, improving cost efficiency
and reducing credit costs, while maintaining
a strong capital position. We had shared with
our stakeholders last year, our success in
these efforts. Based on this progress, we had
articulated our move to the next stage of our
strategy. Our strategy for fiscal 2011 was to
resume growth by capitalising on the emerging
opportunities in the Indian economy, while
maintaining and enhancing the more efficient
balance sheet structure that we achieved in
fiscal 2010.
It gives me great pleasure to share with you
that in fiscal 2011, we successfully executed
this strategy, with robust growth in our loan
portfolio; improved profitability; and continued
focus on key operating parameters.
•ICICI Bank’s total advances grew by 19.4% in
fiscal 2011. This was driven mainly by strong
growth in domestic corporate advances, as
well as in the lending to Indian companies
from our international branches. The retail
portfolio also stabilised and started growing
in the second half of the year after several
quarters of decline.
•The net profit after tax for fiscal 2011 was
` 51.51 bn, representing a 28% increase over
4