ICICI Full Form - Introduction, History, Subsidiaries & Net Worth
ICICI Bank is an Indian-oriented multinational banking and financial services company. Established in the mid-20th century, ICICI began as a development bank that provided long-term funds to various industrial projects. However, it has since evolved into a full-fledged financial institution. It is a familiar name in personal and corporate banking, ultimately standing as a key player in India’s financial evolution. The bank operates a vast network of branches and ATMs nationwide. It has also expanded its presence in international markets, including the United States, the United Kingdom, and Singapore. This all-in-one blog takes a closer look at ICICI Bank, from ICICI Bank’s full form, extensive range of services, history, services, and products to key achievements.
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Reviewed ByWhat is the Full Form of ICICI?
The full form of ICICI is ‘Industrial Credit and Investment Corporation of India.’ This name highlights its original purpose — to provide financial support to industrial projects. Over the years, ICICI has grown far beyond its original framework. It now offers a wide range of financial products and services, catering to the modern needs of its diverse clientele, including retail banking, asset management, and insurance. This expansion reflects its evolution from a specialised development bank to a full-scale universal bank.
History of ICICI Bank
The journey of ICICI Bank began in 1955. Namely, it was born out of a collaboration between the World Bank, the Government of India, and representatives from the Indian business community. As the ICICI full form indicates, the primary mission was strengthening India’s industrial sector. Nevertheless, in the following decades, ICICI expanded its reach and wasn’t just about industrial finance anymore. The institution began offering a wider range of financial services, targeting different segments of the economy.
The pivotal moment came in the 1990s when ICICI embraced the liberalisation of the Indian economy. Following that, in 1994, ICICI established ICICI Bank. This move allowed them to seize new opportunities, enabling the bank to offer banking services to more people. Moreover, 2002 marked another significant milestone when ICICI merged with its two subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited. This merger was a major step towards creating a unified banking entity with a solid foundation in all major financial services. Today, ICICI Bank is a key player in India and has a significant international presence. This demonstrates its remarkable journey from a national development bank to a global banking powerhouse.
Functions of ICICI
In addition to the understanding of ICICI Bank’s full form and history, it’s essential to recognise the key roles the bank plays in the Indian financial landscape:
- Retail Banking: ICICI offers a wide range of services for individuals, including savings accounts, personal loans, credit cards, and mortgages. It helps people manage their finances effectively.
- Corporate Banking: The bank supports various businesses with loans, account services, and treasury and forex solutions. This helps companies grow and manage their financial risks.
- Digital Banking: ICICI Bank leads in digital innovations, providing mobile and online banking solutions. These offerings make banking more accessible and convenient for customers.
- Asset Management and Insurance: The bank offers mutual funds and insurance products through its subsidiaries. These services ideally cater to its clients’ long-term savings and protection needs.
- International Operations: With operations in the US, UK, and Singapore, ICICI facilitates international trade and investments, supporting both domestic and international clients.
Service and Products of ICICI Bank
The following are the applicable services and products the bank offers to its esteemed customers:
- Savings Accounts: ICICI Bank offers a variety of savings accounts to cater to individual preferences and needs. These accounts have features like internet banking, mobile banking apps, and a debit card. They focus on providing user-friendly access and security for daily transactions and savings growth.
- Fixed Deposits: ICICI Bank’s Fixed Deposits provide a safe investment avenue with competitive interest rates. Customers can choose from multiple tenure options to suit their financial plans. These deposits are ideal for earning higher returns on savings without risking the principal amount.
- Personal Loans: ICICI Bank personal loans boast minimal paperwork and fast processing. These unsecured loans can be used for various purposes, such as medical emergencies, education fees, or wedding expenses, providing essential financial support when needed.
- Credit Cards: ICICI Bank offers various credit cards to match different lifestyle and spending needs. Cardholders benefit from features like cashback, reward points, and complimentary access to airport lounges, enhancing their shopping and travel experiences.
- Home Loans: ICICI Bank offers home loans with flexible repayment plans and competitive interest rates to help customers buy or build their dream homes. The bank assists customers throughout the process, from application to disbursement, ensuring a smooth and supportive experience.
- Insurance Products: The bank provides a comprehensive range of insurance products, including life, health, and auto insurance. These products offer financial protection and peace of mind against unexpected events, ensuring customers and their families are well-covered.
- Investment Services: ICICI Bank helps customers grow their wealth with investment options like mutual funds and bonds. Tailored to individual risk profiles and financial goals, these services include professional advice to guide customers through their investment decisions.
ICICI Bank’s Subsidiaries
Let’s examine the key subsidiaries associated with ICICI Bank:
- ICICI Prudential Life Insurance: This branch is dedicated to life insurance and asset management. It provides various life insurance plans to help customers secure their family’s financial future while providing options for wealth creation and savings.
- ICICI Lombard General Insurance: A leading private sector general insurer in India. ICICI Lombard offers health, motor, travel, and home insurance, catering to individuals and corporate clients.
- ICICI Securities: This branch specialises in retail and institutional broking. It handles equities, derivatives, investment banking, and advisory services, helping clients manage their investments effectively.
Financial Overview
ICICI Bank is renowned for its robust financial performance. A detailed look at its balance sheet and annual profit & loss statements showcases a bank growing and effectively managing its assets and liabilities. For a more comprehensive overview, please continue to scroll down. In addition to ICICI’s full form, history, and other pertinent services, Urban Money thoroughly examines its financial health.
ICICI Bank’s Balance Sheet
Following is the ICICI Bank’s Balance Sheet as of March 31, 2024 (in ₹ crores):
| Category | MAR 2024 | MAR 2023 |
| EQUITIES AND LIABILITIES
SHAREHOLDER’S FUNDS |
||
| Equity Share Capital | 1,404.68 | 1,396.78 |
| Total Share Capital | 1,404.68 | 1,396.78 |
| Revaluation Reserve | 0.00 | 3,091.84 |
| Reserves and Surplus | 268,627.58 | 209,248.29 |
| Total Reserves and Surplus | 268,627.58 | 212,340.13 |
| Employees Stock Options | 0.00 | 760.89 |
| Total ShareHolders Funds | 270,032.26 | 214,497.79 |
| Minority Interest | 0.00 | 6,686.75 |
| Policy Holders Funds | 0.00 | 238,867.37 |
| Deposits | 1,443,579.95 | 1,210,832.15 |
| Borrowings | 207,428.00 | 189,061.81 |
| Other Liabilities and Provisions | 443,022.82 | 98,544.63 |
| Total Capital and Liabilities | 2,364,063.03 | 1,958,490.50 |
| ASSETS | ||
| Cash and Balances with Reserve Bank of India | 89,943.02 | 68,648.94 |
| Balances with Banks’ Money at Call and Short Notice | 72,825.88 | 67,807.55 |
| Investments | 827,162.51 | 639,551.97 |
| Advances | 1,260,776.20 | 1,083,866.31 |
| Fixed Assets | 13,240.28 | 11,070.34 |
| Other Assets | 100,115.14 | 87,545.39 |
| Total Assets | 2,364,063.03 | 1,958,490.50 |
| CONTINGENT LIABILITIES, COMMITMENTS | ||
| Bills for Collection | 0.00 | 86,457.67 |
| Contingent Liabilities | 0.00 | 5,035,951.10 |
ICICI Bank’s Annual Profit & Loss
Following are the ICICI Bank’s annual Profit & Loss for the year ending March 31, 2024 and 2023 (in ₹ crores):
| Description | MAR 2024 | MAR 2023 |
| INCOME | ||
| Interest / Discount on Advances / Bills | 116,589.78 | 87,929.24 |
| Income from Investments | 38,107.07 | 27,905.03 |
| Interest on Balance with RBI and Other Inter-Bank funds | 2,649.88 | 2,305.46 |
| Others | 2,169.19 | 2,927.09 |
| Total Interest Earned | 159,515.92 | 121,066.81 |
| Other Income | 76,521.80 | 65,111.99 |
| Total Income | 236,037.72 | 186,178.80 |
| EXPENDITURE | ||
| Interest Expended | 74,108.16 | 50,543.39 |
| Payments to and Provisions for Employees | 19,171.98 | 15,234.17 |
| Depreciation | 0.00 | 1,494.61 |
| Depreciation on Leased Assets | 0.00 | 19.95 |
| Operating Expenses (excludes Employee Cost & Depreciation) | 78,610.81 | 65,690.30 |
| Total Operating Expenses | 97,782.79 | 82,439.02 |
| Provision Towards Income Tax | 15,427.62 | 11,456.44 |
| Provision Towards Deferred Tax | 0.00 | 337.00 |
| Other Provisions and Contingencies | 3,712.41 | 6,939.92 |
| Total Provisions and Contingencies | 19,140.03 | 18,733.36 |
| Total Expenditure | 191,030.98 | 151,715.77 |
| Net Profit/Loss for The Year | 45,006.74 | 34,463.03 |
| Net Profit/Loss After EI & Prior Year Items | 45,006.74 | 34,463.03 |
| Minority Interest | 1,824.14 | -1,424.67 |
| Share Of Profit/Loss Of Associates | 1,073.77 | 998.29 |
| Consolidated Profit/Loss After MI And Associates | 47,904.65 | 34,036.64 |
| Profit/Loss Brought Forward | 0.00 | 50,898.85 |
| Total Profit / Lose Available For Appropriation | 0.00 | 84,935.49 |
| APPROPRIATIONS | ||
| Transfer To / From Statutory Reserve | 0.00 | 7,974.20 |
| Transfer To / From Reserve Fund | 0.00 | 0.00 |
| Transfer To / From Special Reserve | 0.00 | 2,625.40 |
| Transfer To / From Capital Reserve | 0.00 | 87.82 |
| Transfer To / From Investment Reserve | 0.00 | 104.38 |
| Transfer To / From Revenue And Other Reserves | 0.00 | 5,025.57 |
| Equity Share Dividend | 0.00 | 3,479.45 |
| Tax On Dividend | 0.00 | 0.00 |
| Balance Carried Over To Balance Sheet | 0.00 | 65,638.68 |
| Total Appropriations | 0.00 | 84,935.49 |
| OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE |
||
| Basic EPS (Rs.) | 63.00 | 49.00 |
| Diluted EPS (Rs.) | 62.00 | 48.00 |
Samco’s Ratings for ICICI Bank
Samco has rated ICICI Bank shares as having an extremely poor business at a fair price. The last traded share price of ICICI Bank Ltd. was ₹1,146.30, up by 0.37% on the NSE. The stock hit a 52-week high of ₹1,163.45 on April 29, 2024, and a 52-week low of ₹899 on October 26, 2023. The stock price has seen an upward movement of 7% over the last month and 23.66% over the last year. It’s important to note that stock ratings are based on various factors and can change over time. Hence, doing thorough research or consulting a financial advisor before making investment decisions is always a good idea.
Frequently Asked Questions (FAQs)
What is the full form of ICC in ICICI Bank?
The full form of ICICI is ‘Industrial Credit and Investment Corporation of India.’
Who is the owner of ICICI Bank?
Mr Sandeep Bakhshi is the managing director and CEO of ICICI Bank. He has held this position since October 15, 2018.
How do I get recruited by ICICI Bank?
Recruitment at ICICI Bank typically happens through campus placements, online applications on their official career portal, and recruitment agencies.
Is ICICI Bank private or government?
ICICI Bank is a private-sector bank not owned or operated by the Indian government.
How do I open a bank account at ICICI Bank?
Opening a bank account with ICICI Bank can be done online through their website or by visiting any of their branches.
