ICICI Bank is India’s second-largest private bank with a loan book size of Rs7.34tn in FY21. It enjoyed a ~6.7% market share in system loans as of FY21. The bank has a strong distribution network of 5,266 branches and 14,136 ATMs. The bank and its specialised subsidiaries offer a wide range of banking products and financial services to corporate and retail customers. The Group is among the top players in life and non-life businesses among private players. Investment banking was set up in 1995 in a JV with JP Morgan.

Investment Rationale
Focus on core operating profits: With its ‘360 degrees’ approach and open architecture initiatives, the Bank is focussing on generating revenues and optimising costs across the ecosystem of customers. This is likely to further accelerate core operating-profit growth, further to which the Bank illustrated multiple examples during the analyst meet.