Materiality Assessment

Acknowledging Stakeholder Expectations

In fiscal 2022, the Bank conducted its first materiality assessment exercise to identify key material topics for our stakeholders and business. Our five-step approach for assessing material issues involved:

  • Stakeholder Identification: We identified the key stakeholders by mapping their interests with our business and determining their role vis-à-vis our organisation. The external groups identified were customers, investors, vendors/suppliers, NGOs and communities. The internal stakeholders were members from the Management and Employees.
  • Identifying the Universe of Relevant ESG Topics: This was done based on discussions with internal stakeholders, peer review and benchmarking, sector research, media reports and secondary sources. A total of 23 sustainability topics were identified and evaluated for consideration at a strategic level. They were organised into four broad themes: governance, workplace, environmental management, and community engagement. We also ensured that these topics adhere to the sustainability reporting standards and frameworks.
  • Stakeholder Consultation: We developed questionnaires to capture the perspective of the identified set of internal and external stakeholders, on the identified pool of material topics. We made sure that the responses from the diverse stakeholder groups were incorporated into our materiality study. Our survey and questionnaire were designed to bring out the key issues, risks and opportunities from the stakeholders’ point of view. These questionnaires were circulated among our stakeholders as an online survey. We also had meetings with a subset of internal stakeholders, aimed at understanding their concerns and the core areas we need to consider as priority.
  • Data Collection and Analysis: We collated the responses received from the online survey of stakeholders and analysed the data for a visual representation of the level of priority of every material topic with respect to every stakeholder. We circled out the ones that were common to all.
  • Calibration of Results: Based on the analysis of the responses received through the online survey and in-depth discussions with our stakeholders, we developed a materiality matrix to prioritise the topics into high, medium and low category based on the order of preference by the stakeholders.

These issues are of the greatest importance to both stakeholders and ICICI Bank. We have prepared an effective and externally visible management response to these issues for long-term business success sustainability.


These issues are of medium to high importance to stakeholders and to ICICI Bank but since they do not have a major impact on the Bank's operations, therefore they fall in the medium category. We have considered these priority topics in the development of our internal strategy.


These topics have been rated in the order to low priority by the stakeholders of the Bank. We have considered these topics in the long-term aspirational goals and identified these as opportunities for improvement.

Based on the ranking in the materiality matrix and the discussion with the top Management, we were able to identify the top 13 material issues for the Bank. Interestingly, the three environmental issues were rated high by our investors, though in the overall result they were in the low category. The Bank has considered these as material topics.

Management Approach on Top Material Issues

Material Issues How We Are Responding Refer Page Number
Compliance with regulations and other laws

We strive to be a responsible organisation with continued efforts towards embedding a strong risk and compliance culture. The Bank remains vigilant about the evolving regulatory landscape while ensuring that operations follow standards established by regulatory bodies. The Bank's control functions ensure that businesses and operations are aligned with the best practices.

59-62 of this report

Digital innovation/ transformation

We aspire to create digital innovations with rich features and functionalities for customers. The Bank’s digital platforms have transformed to provide seamless digital journeys. The open architecture platforms have enabled us to extend banking services to non-ICICI Bank account holders.

19-25 of ICICI Bank Annual Report 2022-23

Data privacy and cybersecurity

Dealing with cyber risks forms an integral part of the Bank’s enterprise risk management framework. The Bank is committed to working towards aligning itself with the changing landscape and has a dedicated team for cyber/information risk management.

70-74 of this report

Corporate governance and business ethics

We have established effective policies and frameworks that encourage employees to act in accordance with the highest professional and ethical standards. Regular communication and training of employees is also undertaken.

54-76 of this report

Transparency and disclosures

We recognise the criticality of transparency and disclosures, whether about the products we offer, our engagement with stakeholders, or our contribution to society. The Bank aims to maintain robust governance and ethical and transparent relationships with all stakeholders. The Bank also aims to ensure fair and balanced disclosures of its financial performance, with additional relevant disclosures made as and when required.

77-89 of this report

Improving customer experience and satisfaction

Our Customer 360° approach and digital capabilities have strengthened the Bank’s value proposition for customers. Actively listening to our customers has helped improve the Bank’s offerings to customers and reflects in the advocacy scores of the Bank.

69 of this report

Customer fairness and right-selling

The Bank’s philosophy of ‘Fair to Customer, Fair to Bank’ emphasises the need to deliver fair value to customers, including selling products and offering services which meet societal needs and are in the interest of customers.

30-33 of ICICI Bank Annual Report 2022-23

Financial performance

Our strategic focus is on strengthening the core operating profit less provisions (i.e. profit before tax excluding treasury gains) within the guardrails of risk and compliance. We are investing in areas that are critical for improving productivity and operational efficiency.

4-5 of ICICI Bank Annual Report 2022-23

Stability of risk management and risk outcomes

The Bank continuously reviews the operating environment and closely monitors the significant risks that could impact business. The Bank's Enterprise Risk Management and Risk Appetite Framework articulate the risk appetite, and drill down the same into a limit framework for various risk categories under which various business lines operate.

37-43 of ICICI Bank Annual Report 2022-23

Leadership development and succession planning

The Bank has adopted the principle of ‘One Bank, One Team’, and has accordingly structured its human resource management practices, including key performance indicators, providing operating flexibility and accountability to business centres and a shift from grades to functional designations at senior levels. These are aimed at greater agility and synergy across the organisation, and are supporting improved business performance and financial results.

52-57 of ICICI Bank Annual Report 2022-23

Promoting environment positive projects

The Bank has been supporting capacity creation in environment-friendly areas, such as renewable energy, use of electric vehicles, and development of green buildings, with an appropriate risk-return assessment. There is also a focus on promoting biodiversity and protecting our ecology through the Bank’s CSR initiatives.

5-6, 14-21 of this report

Carbon emissions and resource efficiency in the Bank’s own operations

The Bank is committed to minimising the environmental impact of its operations and facilities. It is working towards meeting this objective by adopting the best practices and certifications for green standards in the Bank’s operations.

14-21 of this report

Exposure of the Bank to climate-related risks in its loan portfolio

The Bank has established adequate policies and frameworks for evaluating climate-related risks in the lending book. At the same time, assessment of the portfolio to climate risks has been included as part of stress testing as well as the capital planning exercise.

67 of ICICI Bank Annual Report 2022-23
65-68 of this report