Dolat Capital: ICICI Bank - A Strengthening Franchise
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Dolat Capital Report
ICICI Bank Ltd.’s annual report highlights strengthening of digital capabilities and cross functional collaboration, reiterating management’s long-term strategic focus of growing in a risk calibrated and granular manner.
Corporate segment turned profitable in FY20 after making loss over the four years, led by decline in provisions. Provisions in the retail segment saw a sharp rise. Rise in contingent liabilities during FY20 mainly pertain to increased derivative transactions led by market making activities, with limited credit risk.
We continue to like the Bank for its increased conservatism, strong liability profile, and market leading subsidiaries. The onset of Covid will however delay return on equity normalization
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