In a turbulent year for banks, ICICI Bank expanded its retail loans by 25 per cent, boosted its low-cost deposits and managed a 3 per cent margin on lending for the first time ever. This helped the bank’s net profits jump by 29 per cent in 2012-13.
For this, its latest Annual Report shows, the top management has been well rewarded this year. Chanda Kochhar, Managing Director and CEO, received a bonus of Rs 1.8 crore, a good 38 per cent more than the previous year. This takes her overall compensation package to Rs 5 crore. N.S. Kannan, Executive Director and CFO, also received bonus of Rs 1.2 crore, also a similar increase. All whole-time directors took home higher bonuses.
SUBSIDIARIES
The other highlight of the year was the bank’s subsidiaries chipping in with better numbers. ICICI Bank has arms operating in life insurance, genera l insurance and mutual fund businesses. It also has subsidiaries doing banking business in Canada, Russia and the UK .
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