ICICI Group: History, Latest Updates, Milestones, Subsidiaries and Share Price

INTRODUCTION

The ICICI Group, a prominent financial institution in India, has played a pivotal role in shaping the country's economic growth since the mid-20th century. Beyond banking, ICICI has demonstrated unwavering commitment, vision, and effort to bolster the Indian economy and uplift its people. The history of ICICI is not merely a financial narrative but a tapestry woven with tales of growth, adaptation, and responsiveness to customer needs.

Standing tall in India's banking and financial services sector, the ICICI Group traces its origins to 1955, when it was established through a collaborative effort involving the World Bank, the Indian Government, and key representatives of India's industry. This initiative aimed to create a robust financial institution dedicated to supporting Indian businesses through the provision of medium to long-term project financing. The journey of ICICI reflects a dynamic evolution, embodying resilience and a commitment to fostering economic development in India.

ICICI Group Moves in 2023:

• ICICI Bank's Profit After Tax (PAT) for Q4-2023 reached Rs 9,122 crore, up from Rs 7,018 crore in the corresponding quarter last year.

• The annual net profit for 2022-23 amounted to Rs 31,896 crore, a significant increase from Rs 23,339 crore in 2021-22.

• Net Interest Income (NII) showed a robust 40.2% year-on-year growth, reaching Rs 17,667 crore in Q4-2023, compared to Rs 12,605 crore in the previous year.

• The Net Interest Margin (NIM) for Q4-2023 was 4.90%, marking an improvement from 4.00% in Q4-2022.

• Deposits as of March 2023 stood at Rs 11.8 lakh crore, reflecting a year-on-year growth of 10.9% from Rs 10.6 lakh crore.

• The Average Current and Savings Account (CASA) ratio for Q4-2023 was 43.6%.

• ICICI Bank's Gross Non-Performing Asset (NPA) ratio declined to 2.81% in the fourth quarter of 2022-23, compared to 3.60% in the previous year.

• The Net NPA ratio also saw a reduction to 0.48% from 0.76% year-on-year.

• The lender's retail loan portfolio expanded by 22.7% year-on-year, constituting 54.7% of the total loan portfolio as of March 31, 2023.

• Business banking portfolio growth stood at 34.9% year-on-year on March 31, 2023, and small and medium enterprises (SME) business increased by 19.2% year-on-year.

• ICICI Bank's rural portfolio experienced 13.8% year-on-year growth and a 5.5% sequential increase on March 31, 2023.

Evolution of the ICICI Group: From Past to Present:

• 1955: ICICI was established with backing from the World Bank, the Indian government, and key industry leaders. Its primary purpose was to finance long-term projects in India.

• Late 1980s: Emerged as a leader in project finance, providing funding for numerous industrial projects throughout India.

• Early 1990s: With the liberalization of India's financial sector, ICICI underwent a transformation into a diversified financial services provider, offering a wide range of products and services.

• 1994: ICICI Bank was founded, expanding the group's service portfolio.

• 1999: Achieved the distinction of becoming the first Indian and non-Japanese Asian bank to be listed on the New York Stock Exchange.

• Late 1990s: Discussions about universal banking in India paved the way for institutions like ICICI to evolve into full-scale commercial banks.

• 2001-2002: ICICI merged with ICICI Bank, consolidating wholesale and retail banking under a single entity.

• 2007: Initiated international expansion by opening branches in the UK, US, and Belgium.

• 2008: ICICI Bank UK launched the "Money2India" service in Canada, and ICICI Bank UK introduced a remittance service to India.

• 2010: Embraced a "Digital First" approach, introducing mobile banking and various digital services.

• 2014-2015: Pioneered digital payments, introducing touch-and-pay and contactless card services.

• 2016: Adopted blockchain technology for transactions.

• 2018: Implemented software robotics, managing over a million daily transactions.

• 2019: Emphasized eco-friendly initiatives by introducing green deposits and loans.

• 2020: Amidst the COVID-19 pandemic, introduce 'ICICIStack,' a digital platform offering comprehensive banking services.

• 2022: Executed a reverse merger, with ICICI Bank absorbing ICICI along with its subsidiaries, namely ICICI Personal Financial Services Limited and ICICI Capital Services Limited.
  

Timeline of the ICICI Group:

Inside ICICI Group: Exploring Subsidiary Ventures 

ICICI Bank Ltd.

Corporate actions: The company recently declared final dividends of Rs.8 on August 9, 2023, Rs.5 on August 8, 2022, and Rs.2 on July 29, 2021, with corresponding ex-dates and record dates. Additionally, dividends of Rs.8 and Rs.5 were declared on August 8 and 9, 2022, respectively. 

Main News: ICICI Bank has unveiled a new feature, allowing customers to make UPI payments through their RuPay Credit Cards. This integration enables seamless online transactions like shopping and bill payments, as well as offline transactions at POS machines, providing added convenience for ICICI Bank users. The declaration was officially issued on the first day of December in the year 2023.

Main News: ICICI Bank has introduced a new capability, enabling customers to make payments to any merchant's QR code using the bank's digital rupee app, called 'Digital Rupee by ICICI Bank.' This functionality is achieved through the app's UPI (Unified Payments Interface) interoperability, allowing for seamless transactions. The declaration was officially issued on the second day of November in the year 2023.

Main News: ICICI Bank has emerged as one of the top gainers following optimistic price targets assigned by analysts. Predictions indicate that the bank's shares could potentially reach up to Rs. 1,350 each within the next year. This positive outlook from leading brokerage firms follows ICICI Bank's robust financial performance, with a notable 35.8% increase in net profit totaling Rs. 10,261 crore for the quarter spanning June to September compared to the corresponding period last year.

ICICI Securities Ltd.

Corporate Action: The company recently conducted a board meeting on October 27, 2023, announcing various corporate actions with a focus on dividends. The declared interim dividend stands at Rs. 12.00 per share, reflecting a significant 240% of the face value. 

Main News: In September 2023, ICICI Securities reported consolidated net sales of Rs. 1,249.00 crore, marking a significant 45.49% year-on-year increase from Rs. 858.46 crore in September 2022. The quarterly net profit for September 2023 also demonstrated robust growth, reaching Rs. 423.63 crore, reflecting a 41.02% rise compared to Rs. 300.41 crore in the same period of 2022.

Main News: ICICI Securities shares hit a 52-week high of Rs. 683 on October 16, surging 8% in early trade. The company reported stellar Q2 results, with a 41% increase in net profit to Rs. 423.6 crore and a 45.5% rise in revenue to Rs. 1,249 crore. Total assets under management also grew by 12% to Rs. 65 lakh crore, and the operating margin expanded to 64.9% from 61% year-on-year.

ICICI Prudential Life Insurance Company Ltd.

Corporate Action: In a recent Board Meeting on July 13, 2023, the company announced a Final Dividend of Rs. 0.60 per share, constituting 6% of the Face Value.

Main News: ICICI Prudential Life Insurance and Ujjivan Small Finance Bank have joined forces in a Bancassurance Partnership. Ujjivan Small Finance Bank will now offer protection, long-term savings, and retirement products through its 700+ branches across 26 states and Union Territories, expanding ICICI Prudential Life Insurance's reach amongst the bank's expansive and increasing clientele

Main News: ICICI Prudential Life Insurance reports a robust performance for H1-FY2024 with a 27% growth in Profit after Tax. The Value of New Business (VNB) reached Rs. 10.15 billion, boasting a margin of 28.8%. The Embedded Value increased by 18%, and the Retail Protection Annual Premium Equivalent (APE) demonstrated substantial growth at 73.7%. Additionally, the 13th-month Persistency improved to 86.9%.

ICICI Lombard General Insurance Company Ltd.

Corporate Action: In a recent Board Meeting on 27th October 2023, the company declared an Interim Dividend of Rs. 5.00 per share, representing 50% of the Face Value. 

Main News: In June 2023, ICICI Lombard reported standalone net sales of Rs. 4,694.40 crore, a 13.68% YoY increase, along with a quarterly net profit of Rs. 390.36 crore, up by 11.84% YoY, and an EBITDA of Rs. 520.01 crore, marking an 11.81% YoY rise.

ICICI Group NSE/BSE: Current Share Prices 

Achievements and Milestones:

• ICICI Bank received the BFSI In-House Team of the Year award at the Asian Legal Business India Law Awards 2023 by the Asian Legal Business (ALB).

• Recognized as the 'Best for Family Office Services in India' at the Asiamoney Private Banking Awards 2023 by Asiamoney, a Hong Kong-based monthly magazine.

• Awarded the 'Model Bank of the Year' at the Celent Model Bank Awards 2023, a top honor from the American research and advisory firm Celent.

• Acknowledged as the 'Best Retail Bank in India' by The Asian Banker, marking the 10th consecutive year of receiving the award.

• ICICI Bank secured two awards at the DigiDhan Awards 2021-22 organized by the Ministry of Electronics and Information Technology (MeitY), for digital payment transactions.

• Named the 'Company of the Year' for 2022 at The Economic Times Awards for Corporate Excellence, it was recognized for strong revenue growth and a robust digital strategy.

• Emerged as the 'Bank of the Year' for 2021-22 at the Business Today - KPMG Best Banks Awards, winning the most prestigious accolade for the third consecutive year. Additionally, received the 'Best in Innovation' award for InstaBIZ, the Bank's business banking application

CONCLUSION

The ICICI Group stands as a prominent figure in India's financial landscape, having played a pivotal role since the 1950s. Evolving over time, the group now provides a diverse array of services encompassing banking and insurance. Touching the lives of numerous Indians through its extensive network of branches and online platforms, ICICI reflects a rich history that underscores its commitment to the nation's progress. With a trusted name and firmly established roots, ICICI is poised to persist in meeting India's financial requirements for many years to come.

Frequently Asked Questions:

1. What is the current ICICI Bank share price on NSE today?

Check out the current ICICI Bank share price today and real-time updates on Enrich Money's stock analysis page.

2. Who owns ICICI Bank and how has the holding changed recently?

The promoter holding decreased from 26.7% (31 December 2022) to 26.66% (30 September 2023). Meanwhile, domestic institutional investors' holdings dropped from 23.35% to 21.03%, and foreign institutional investors' holdings increased from 27.29% to 28.19%. Other investor holdings rose from 22.66% to 24.12% during the same period.

3. What has been the highest ICICI Bank share price in the last 52 weeks?

 The ICICI Bank stock price reached a 52-week high of Rs 1,020.00 and a low of Rs. 1,004.65.

4. What are the key metrics for analyzing ICICI Bank's share price?

PE Ratio: 17.88

Earnings per Share: Rs. 305.26

Price/Sales Ratio: 3.12

Price to Book Ratio: 4.16

5. What is the market capitalization of ICICI Bank?

ICICI Bank's stock has a Market Capitalization of Rs. 713,237.60 crore.

 

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