India's best domestic bank 2022: ICICI Bank
India had a tough time during the pandemic. A sharp decline in consumer spending hit many businesses, which in turn squeezed the banks and led to a 7.3% contraction in the economy in the financial year from April 2020 to March 2021.
At ICICI Bank, chief executive Sandeep Bakhshi not only had to steer the lender through the Covid crisis, but also continue to turn around the firm’s business and reputation.
Bakhshi’s predecessor, Chanda Kochhar, quit in October 2018 over her alleged violation of corporate governance issues. Bakhshi, who has been with the bank since 1986, was tasked with fixing ICICI’s image and improving value for shareholders.
The veteran banker has delivered and so has ICICI, making it Asiamoney’s best domestic bank for 2022. In the year ending March 31, 2022, ICICI’s total deposits grew 14%, year on year, to $140.5 billion, while its profit after tax jumped 44% to $3.1 billion.
ICICI maintained its asset quality, with net non-performing assets declining by 24% to $918 million. The firm’s net NPA ratio was 0.76% by March, compared with 1.14% a year earlier. Standalone return on equity was 14.8%,