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Ratings of major Indian financial institutions/commercial Banks
Extract from Standard & Poor's Ratings- 27th October 2003
ICICI BANK: BB/Negative/B
The affirmation of the foreign currency counterparty credit ratings with
a negative outlook, on ICICI Bank reflects its financial profile as a
result of its conversion to universal banking status in March 2002, from a
development financial institution. After its conversion, ICICI Bank has
improved its liabilities profile and cost of funding, through its ability
to tap low-cost retail deposits, while redeeming its previous high-cost
liabilities during the fiscal year. The bank has also improved the
diversification of its loan portfolio, by gradually moving away from its
traditionally large proportion of project finance exposures, with an
increasing retail loan book, which represented 30% of total loans at March
2003.
This strong growth in the bank's retail exposures can be attributed to
its identified strategic thrust into consumer banking, in particular
housing and auto financing, together with personal loans, where the bank
capitalized on its decisive early-mover advantage. Strong investment in IT
systems has also given the bank a competitive edge in its retail business
strategy, through the mobilization of deposits to customer and business
segmentation, together with augmenting its overall risk and capital
management systems.
The negative outlook on the foreign currency counterparty credit rating
reflects the similar outlook on the Indian sovereign; ICICI Bank conducts
the majority of its business operations in India.
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