ICICI Bank 2016 Annual Report Download - page 9

Annual Report 2015-2016 7
given the elevated risks in certain sectors, the Bank on a
prudent basis made a collective contingency and related
reserve towards its exposure to these sectors, thereby
further strengthening the balance sheet.
The ICICI Group franchise is unique in that it extends
beyond banking to outstanding franchises in every
segment of financial services. It is a matter of great
satisfaction that the value created by the insurance
businesses of the Group was demonstrated during the
year through investments in each of the subsidiaries.
This further adds to the Group’s financial strength and its
platform for capitalising on the vast growth potential for
financial services in India.
The Board of Directors is fully committed to maintaining
the highest standards of corporate governance, with a
view to ensuring that the Bank is well-placed to address
risks as well as capitalise on growth opportunities, within
a framework of regulatory compliance and adherence to
the highest ethical standards. The executive management
team led by the Managing Director & CEO has set out
a growth path based on the defined risk appetite and
risk management and capital allocation framework,
while focusing on addressing stress in the portfolio and
maintaining a strong balance sheet. The ICICI Group has
substantial depth of leadership talent, and is well-placed to
execute its strategy. I am confident that the coming years
will see the Group maintain and enhance its strength and
capitalise on the diverse growth opportunities that our
country presents.
With best wishes,
M. K. Sharma