Annual Report 2021-22
Independent Auditors’ Report – Financial Statements
Financial Statements of ICICI Bank Limited
Independent Auditors’ Report – Consolidated Financial Statements
Consolidated Financial Statements of ICICI Bank Limited and its Subsidiaries
Managing Director & CEO
In fiscal 2022, we continued to grow our core operating profit, within the guardrails of compliance and risk while strengthening our deposit franchise and expanding our technology and digital offerings. While the challenges posed by the Covid-19 pandemic tapered during the year, we focussed on maintaining a strong balance sheet with prudent provisioning and healthy capital adequacy. Our focus on 360˚ customer-centricity and internal collaboration enabled us to deliver customised solutions in a seamless manner.
The Indian economy presents an exciting landscape of opportunities. The extensive corporate ecosystems, global in-house centres generating high quality employment, increasing digital adoption of financial services and rising aspirations in metros, urban and rural areas provide ample opportunities to increase our market share across customer segments and products. In order to leverage these opportunities we have reorganised our business teams. Cities with large concentrated market opportunities have been organised under ‘city business heads’ covering the full spectrum of ecosystems. We have also focussed on strengthening the workforce by skilling and providing cross-functional opportunities.
Going forward, we will continue to operate within our strategic framework while focussing on micromarkets and ecosystems. The principles of 'Fair to Customer, Fair to Bank' and 'One Bank, One ROE' will guide our operations. We focus on building a culture where every employee in the Bank serves customers with humility and upholds the values of brand ICICI. We aim to be the trusted financial services provider of choice for our customers and deliver sustainable returns to our shareholders.
Executive Director
The Indian corporate sector showed great resilience in fiscal 2022 by overcoming the setback that it suffered during the peak pandemic period. The strong recovery in the economy is encouraging corporates to enhance capacity. There are fresh challenges in the form of inflation and geo-political uncertainties. However, armed with deleveraged balance sheets, the Indian companies are well equipped to weather volatility and capture growth opportunities. Progressive government-led initiatives to create Atmanirbhar Bharat add further fuel to the growth ambitions of the corporate sector. We, at ICICI Bank, stay committed to supporting our clients across all elements of balance sheets and cash flows in a 360° manner through our robust digital platforms, internet banking, Trade Online, structured trade finance, supply chain solutions and retail offerings for their human capital. ICICI Bank has been using the public digital infrastructure in our country to improve efficiency of our clients as well our own. In addition, our vast physical distribution network enables us to understand their needs and offer improved solutions to them.
Executive Director (Designate)
Over the years, we have focussed on enhancing customer experience through digital enablement and streamlining of processes. Our digital platforms and usage of analytics and behavioural sciences underpin our banking solutions. During fiscal 2022, we further sharpened our focus on customer-centricity with the objective of providing 360° offerings to customers. We continue to design our approach based on in-depth profiling of each micromarket and leveraging potential across ecosystems. We were delighted to introduce 'The Orange Book', a monthly digital magazine, to promote financial awareness and provide guidance on financial trends. ‘iMobile Pay’ witnessed significant adoption from non-ICICI Bank account holders during the year. While strengthening our digital offerings for SME and business banking customers, we introduced the new version of InstaBIZ offering a host of services that can now be experienced by non-ICICI Bank account holders too. Building upon our foundation of 'Fair to Customer, Fair to Bank', we continuously strive to provide our customers with a transparent and best-in-class banking experience.
Fiscal 2022 was a year of resurgence from the unprecedented challenges brought forth by the Covid-19 pandemic. Our employees continued to show exceptional commitment to serving customers in this phase of transition to the new normal. As their well-being is of paramount importance to us, we launched a vaccination programme for our employees and their families. We continued to grow our core operating profit during the year within the guardrails of compliance and risk management through 360° customer-centric approach. We have further institutionalised our alignment of Environmental, Social and Governance (ESG) with our business by bringing out an ESG policy and integrating ESG oversight into our governance framework. We continue to strengthen our measures on cybersecurity, data protection and ensuring safe transactions for our customers. Our investment in technology is helping us to transform from a Bank to BankTech. We remain committed to building a sustainable and responsible banking business to create holistic value for all our stakeholders.