QUIETLY BUT INEXORABLY, ICICI Bank is getting back its halo. And winning the Bank of the Year in the BT-KPMG Best Banks Survey 202021, for the second year running, simply embellishes the point. At the heart of this turnaround is the softspoken, no-nonsense, humble-toa-fault, delivery-focussed Sandeep Bakhshi. In the three and a half years since Bakhshi, 61, walked into the corner room of the country’s second-largest private sector bank as its MD & CEO, the bank has not only laid to rest the ghosts of a turbulent governance debacle that hurt badly, but also returned impressive numbers to show.
With a three-year extension (till October 2023) in hand, Bakhshi has relentlessly focussed on core operating profits, which have jumped 1.65 times since 2017-18 to ₹31,351 crore in FY21. Net profits for shareholders have increased by 2.4 times to ₹16,100 crore, and consolidated assets have gone from ₹11.24 lakh crore to ₹15.74 lakh crore in the same period. Net interest margins have risen from 3.5 per cent in September 2018 to 3.9 per cent in December 2021 despite tough competition, and in the same period, gross NPAs have dropped from 8.84 per cent to 4.13 per cent. Investors are noticeably enthused. The bank’s stock has delivered 27 per cent returns in a year’s time, outperforming the Sensex’s 13 per cent, and the Bankex’s 9 per cent.
And what does the man behind the performance have to say? “We are [actually] temporary trustees of this institution, and there has to be [only] one strategy, that is, the institution must live more than 100 years from now,” says Bakhshi.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
The EV Craze
The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly
The Storage Boom
Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?
India Beckons
Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before
The Pearls of The Sea
Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it
66.Brand persona should define the core"
I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.
Unwind in Style
Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury
A Lifelong Affair with Inspiration
In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art
Make it Bubbly
Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles
Palatial Splendour
Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers
Of Beaches and Cream
GianChand Single Malt Whisky
