ICICI Bank Limited ADR (IBN)
I purchased this stock years ago when investing in India was just starting, and I have made out like a bandit.
Why? ICICI bank provides loans to foreign investors. India�s growth has been fluctuating recently, but that doesn’t mean you can’t invest now. ICICI Bank is the 2nd largest bank in India. Their balance sheet shows a net income of $20 billion in 2006, up from $8.5 billion in 2005. That type of growth is unheard of. With a booming Indian middle class, Indian residents will continue to invest and save. Growth will not climax anytime soon.
ICICI is also India’s largest provider of private insurance. They are a major online broker, and in conjunction with Prudential, are the number two institutional mutual fund provider in India. ICICI also invests internationally by purchasing banks in Russia.
ICCI is a strong growth stock in an emerging market. Take a look at ICICI’s 5 year chart if you want visual evidence. This stock should be in everyone’s portfolio.
This post was contributed by Ryan Donnell.