ICICI Bank to shift focus to SME lending
December 06, 2022
“We see strong opportunity for ICICI Bank in the SME space where it has customised offerings for micro-segments and offered many firsts to clients,” brokerage home Jefferies mentioned in a word. “This segment is growing at 30% YoY and holding-up on asset quality. In the supply chain segment, bank is seeing strong momentum in new client additions across corporates & vendors. In the retail segment, bank is expanding into new markets through branches & suitable products.”
The financial institution is intensifying its presence in excessive potential markets and created 104 Zonal heads, 24 metropolis heads, and 9 state heads. It has merged rural banking centres with retail centres, whereas the retail belongings distribution is totally aligned with liabilities.
“ICICI Bank is geared up for the next growth cycle with a focus to improve the fee income, lower the cost of acquisitions and maintain a healthy portfolio quality to grow pre-provision operating profit in a risk-calibrated manner,” mentioned Nitin Aggarwal, head-BFSI analysis, Motilal Oswal Financial Services. “ICICI Bank appears to be several notches above its peers, when it comes to business transformation, led by tech initiatives and these digital capabilities will enable the bank to deliver superior growth over years to come.”