The ICICI Group has always endeavoured to think ahead of the present
and prepare for the future. This philosophy has been deeply inculcated
in our organisation due to the visionary leadership of Mr. N. Vaghul.
In his 24 years as Chairman of the Board of erstwhile ICICI Limited
(ICICI) and ICICI Bank, Mr. Vaghul has been the guide who has helped
the organisation navigate the often turbulent waters of the changing
economy and financial sector. While we have transformed our business,
we have done so based on a strong foundation of core values, which we
owe to Mr. Vaghuls leadership. We salute and thank him as he retires
as Chairman of the Board.
As I lay down my executive responsibilities as Managing Director & CEO
of ICICI Bank, I would like to thank our shareholders, the Board of
Directors, government and regulatory authorities and my colleagues for
their support and goodwill over the last 13 years. I am honoured to
have been appointed as non-executive Chairman of the Board. In my new
role, I will work with the Board and the executive management to
further strengthen the governance and management framework and help the
Bank to meet the expectations of all stakeholders.
We have for many years believed in grooming leadership talent to ensure
a smooth transition whenever there is a change in management
responsibilities. The new Managing Director & CEO, Ms. Chanda Kochhar,
has hands-on experience across every area of the Banks functioning and
is ideally placed to take the organisation forward. I am sure that her
leadership will further strengthen the Bank and the ICICI Group, and
that she would enjoy the support of all stakeholders in this endeavour.
The last year has been an exceptionally challenging year for the global
economy and financial sector. India, while fundamentally in a much
stronger position, has also experienced the impact of these events as
they were transmitted through the trade and capital channels. I am
confident that the Indian economys robust fundamentals and domestic
growth drivers will impart it the resilience to emerge stronger from
this period. I believe the economic recovery, some signs of which are
already visible, will gather momentum in the coming months and in due
course see India returning to a high growth trajectory.
ICICI Bank has been able to meet the challenge posed by these
developments due to its strong capital position and the fundamental
strengths of its franchise. Over the years, we have sought to build
businesses to serve Indias diverse and growing needs for financial
services, supporting our strategies with capital, technology and human
resources. We have demonstrated our success over a long period of time.
In fiscal 1985, we had a networth of Rs. 1.75 billion, assets of about
Rs. 21.00 billion and profits of Rs. 0.36 billion. In fiscal 2009, we
had a networth of about Rs. 500.00 billion, assets of about Rs.
3,800.00 billion and profits of Rs. 37.58 billion. This represents over
20% compounded annual growth over a 24-year period. The ICICI Group
will continue to focus its energies on partnering Indias growth for
the long-term and creating value for its stakeholders.
With best wishes,
K. V. Kamath