The Elephant Learns to Slow Dance ; After Five Years of Breakneck Growth, Icici Bank Eases Its Foot Off the Pedal.
Summary
I'm penning it down because I also have to prepare a note for my team, quips V. Vaidyanathan, Executive Director (Retail & Rural) at ICICI Bank. As he explains to this writer the challenges facing the bank and its strategy to take them head-on, the youngest Executive Director at the country's second-largest bank furiously jots down notes on a loose sheet. In between sipping a protein shake, the 40-year-old philosophises: It's a choice between doing what looks good (loan growth) versus what's the right thing to do (deposit growth). We've got to do what's right.
The first step for this bank that's facing a slowdown in its largest portfolio of retail is to attack operating costs at all levels. In the first quarter of 2008-09, staff expenses were flat at Rs 532 crore on a year-on-year basis. Operating expenses rose by half a percentage point to Rs 1, 913 crore, while direct marketing expenses (DMA) plunged by 40 per cent to Rs 2,280 crore.See the full content of this document
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The Elephant Learns to Slow Dance ; After Five Years of Breakneck Growth, Icici Bank Eases Its Foot Off the Pedal.
Branches will also be used more effectively. Our aim is to make our branches more intelligent. They will deal directly with customers for loans. This move ...
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