ICICI started out at the initiative of the World Bank in 1955. The Government of India wanted to build a financial institution for providing Short-term and long-term project financing to Indian businesses. ICICI Bank is spread across various regions of the country. It has over 2200 ATMs and 614 branches across the nation. The bank offers a huge variety of services in investment and retail banking, life and non-life insurance, venture capital, asset management and trading. ICICI is a major source of foreign currency loans to Indian industry. Besides funding from the World Bank and other multi-lateral agencies, ICICI is the first Indian company to raise funds from international markets. To serve global clients the bank looks forward to strengthen its operations internationally and with Rs. 480.00 billion (US$ 10.8 billion) market capitalization ranked third amongst all the companies in 2006.
ICICI Bank has shown annual growth like a clock work. The Bank also supports a network of 1,449 branches and around 4,721 ATMs in India and presence in 18 countries, as well as some 24 million customers. The Bank also offers a wide range of banking products as well as financial services.
ICICI Bank is also the largest issuer of credit cards in ICICI Bank India bought the Shimla and Darjeeling branches that Standard Chartered Bank had inherited when it acquired Grindlays Bank. ICICI bank owns subsidiaries in Canada, Russia and the UK offshore banking units in Bahrain and Singapore, Advisory branch in Dubai, Belgium, Hong Kong and Sri Lanka, and representative offices in Bangladesh, China, Malaysia, Indonesia, South Africa, Thailand, the United Arab Emirates and USA.
According to Latest Profit Analysis Report ICICI reported a 1.15% hike in net profit and 1.29% increase in second quarter September 2008. There are 5697 employees in 395 branches. In the financial year 2009, the company issued over 4 million policies. It is the only company in India, who has a claim disposal 97%, ensuring customer satisfaction and reliability.
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Buy ICICI Bank with target of Rs 940, says Jatinder Sharma, technical analyst, on Zee Business. The stock is currently trading at Rs 908.40, down 0.1% on the BSE.
Buy ICICI Bank with target of Rs 940 and stop loss of Rs 900, says Hitesh Chotalia, technical analyst, on NDTV Profit. The stock is currently trading at Rs 906.30, down 0.3% on the BSE.
Buy ICICI Bank with target of Rs 955 and stop loss of Rs 878, says Shardul Kulkarni of Angel Broking on NDTV Profit. The stock is currently trading at Rs 909.45, up 0.1% on the BSE.
Buy ICICI Bank at Rs 860 with 2-3 day target of Rs 885 and stop loss of Rs 850, says Rajesh Satpute, tehnical analyst, on CNBC Awaaz. The stock is currently trading at Rs 868.45, up 0.7% on the BSE.