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 March 06, 2022 edition of Business Today.
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 March 06, 2022 edition of Business Today.
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
"Moving to cloud helped us grow❞
What was the problem you were grappling with?
She's Got Time
MORE WOMEN ARE BECOMING WATCH CONNOISSEURS, SEEKING OUT BOTH JEWELLED AND TECHNICAL WATCHES FOR THEIR STYLE AND CRAFTSMANSHIP
RISING STAR
PARUL GULATI IS a name that's been steadily gaining prominence in the Indian entertainment industry after she appeared on season 2 of Shark Tank in 2023. She has become a multifaceted personality who effortlessly transitions between acting and entrepreneurship.
Building on a Legacy
WHEN ZAHABIYA KHORAKIWALA stepped into her role as Managing Director of Wockhardt Hospitals over a decade ago, she confronted formidable challenges that have since turned into achievements.
LEADER IN INNOVATION
AS FEDEX'S PRESIDENT (Middle East, Indian subcontinent and Africa), Kami Viswanathan has a lot on her plate.
WAITING IN THE WINGS
Here are those who missed out as they have not yet completed a year in office; they'll be strong contenders in 2025
A DECENT PROPOSAL
IN TODAY'S WORLD OF TRYING TO CREATE AN EQUITABLE SPACE, BOTH MEN AND WOMEN CONTRIBUTE TO THEIR HOUSEHOLDS. WOMEN ARE ENCOURAGED TO HAVE THEIR OWN SAVINGS POOL AND INVESTMENT ROUTINE. GIVEN THIS, HOW SHOULD FUTURE BRIDES APPROACH FINANCIAL PLANNING?
Women and the STEM Bias
EMPOWERING WOMEN IN STEM WILL NOT ONLY BENEFIT INDIVIDUALS, BUT ALSO STRENGTHEN THE ENTIRE INDUSTRY, DRIVING INNOVATION AND PROGRESS.
ROCKET WOMEN
WOMEN IN INDIA ARE NOT ONLY VENTURING INTO SPACE BUT ARE ALSO STARTING TO SPEARHEAD THE COUNTRY'S EFFORTS IN THE GLOBAL SPACE RACE.
ONE STEP FORWARD
THE NUMBER OF WOMEN INDEPENDENT DIRECTORS IS GROWING STEADILY, BUT IT'S A LONG WAY FROM GENDER PARITY. MUCH MORE NEEDS TO BE DONE TO BREAK THE GLASS CEILING IN BOARDROOMS.