Maulik Nagri

Valuing ICICI Bank's Subsidiaries

Hello Tootse: IBN reported 35% earnings growth in Q3 FY08 compared to Q3 FY07. India is a highly under-banked country and IBN has many firsts in India to its credit including a solid private equity business and strong international expansion. Economic Times, a reputed Indian business newspaper, suggested that India's banking density is 6.3 branches per 100,000 people compared to Brazil's 14.5. Thus, there is ample scope for expansion in the next 3-5 years.