The past three years have been one of the toughest periods for the Indian economy. With growth slowing for the third consecutive year, to 4.5%, the Indian financial sector has been facing problems on multiple counts, from asset quality issues to slowing credit demand. Inflation remaining elevated has also kept rates close to decade highs. During this period, Indian banks have focused on balance sheet consolidation, cleaning up the books and cost rationalisation to sustain profitability. ICICI Bank has followed the same formula and has transformed itself well during this period. Before looking at the future, it’s important to understand the transformation that has happened at the bank during this period.