No! Actually, ICICI Bank is NOT a nationalised bank in India. It never was, and it looks like it never will, at least in the near future. Though one thing you must know is that right now in India, ICICI Bank is actually the 2nd largest private bank by market-cap size. Other than that, it is also doing incredibly well for the expansion of its operation in literally every part of the country.
A Quick Look at ICICI Bank’s History
The ICICI was established in 1955 for the purpose of aiding industrialization in India with support from the World Bank, the Indian government, and some leading industrial houses. And yes, it was later in 1994 when a new separate company, ICICI Bank, was established, and that’s when it all actually got started. And yes, back then also, it had its head office at Vadodara.
In 1998, the bank launched internet banking. It went public within the year as well. And in 2000, ICICI Bank made it to the NYSE, well, kinda becoming the very first Indian financial enterprise to do so.
In 2002, ICICI merged with its banking arm to form a single bank. Over time, ICICI Bank grew phenomenally well and even bought out smaller banks like Bank of Madura and Bank of Rajasthan. Today it also offers insurance, mutual funds, and investment options.
Financial Performance
Without a doubt, as the 2nd largest bank in India right now (by market cap, of course) it has shown kinda phenomenal financial growth, like:
- Net Profit: ₹12,630 crore (18% growth compared to the same quarter last year)
- Loan Book Growth: Around 14%
- Deposit Growth: Nearly 14%
- Net Interest Margin (NIM): 4.41%
- Gross NPA Ratio: 1.67% (a drop, showing better asset quality)
- Full-Year Net Income: ₹51,000+ crore
- Total Revenue: ₹2.95 lakh crore (approx.)
- Total Assets: Over ₹2.1 lakh crore
