FORM
6-K
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report
of Foreign Issuer
Pursuant
to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
For
the
month of October 2007
Commission
File Number: 001-15002
ICICI
Bank Limited
(Translation
of registrant’s name into English)
ICICI
Bank
Towers,
Bandra-Kurla
Complex
Mumbai,
India 400 051
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file
annual
reports under cover Form 20-F or Form 40-F.
|
Form
20-F X
|
|
Form
40-F __
|
Indicate
by check mark if the registrant is submitting the Form 6-K
in
paper
as permitted by Regulation S-T Rule 101(b)(1):
|
Yes __
|
|
No
X
|
Indicate
by check mark if the registrant is submitting the Form 6-K
in
paper
as permitted by Regulation S-T Rule 101(b)(7):
|
Yes __
|
|
No
X
|
Indicate
by check mark whether by furnishing the information
contained
in this Form, the Registrant is also thereby furnishing the
information
to the Commission pursuant to Rule 12g3-2(b)
under
the
Securities Exchange Act of 1934:
|
Yes __
|
|
No
X
|
If
“Yes”
is marked, indicate below the file number assigned to the registrant
in
connection
with Rule 12g 3-2(b): Not Applicable
Table
of Contents
|
Item
|
||
|
1.
|
News
Release dated October 19, 2007
|
|
|
2.
|
Certificate of BSR & Co., statutory auditors of the Bank |
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorised.
|
ICICI
Bank Limited
|
||||||
|
Date:
|
October
19, 2007
|
By:
|
/s/ Nilesh
Trivedi
|
|||
|
Name:
|
Nilesh
Trivedi
|
|||||
|
Title:
|
Assistant
Company Secretary
|
|||||
Item
1
 |
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
|
News
Release
|
October
19,
2007
|
Performance
Review –
Quarter ended September 30, 2007: 33% year-on-year growth in profit after
tax
The
Board of
Directors of ICICI Bank Limited (NYSE: IBN) at its meeting held at Mumbai
today,
approved the audited accounts of the Bank for the quarter ended September
30,
2007 (Q2-2008).
Highlights
|
·
|
Operating
profit excluding treasury income increased 52% in Q2-2008 to
Rs. 1,712
crore (US$ 430 million) from Rs. 1,129 crore (US$ 283 million)
in the
quarter ended September 30, 2006 (Q2-2007).
|
|
·
|
Profit
after
tax for Q2-2008 increased 33% to Rs. 1,003 crore (US$ 252 million)
from
Rs. 755 crore (US$ 189 million) for Q2-2007.
|
|
·
|
Net
interest
income increased 34% to Rs. 1,786 crore (US$ 448 million) for
Q2-2008 from
Rs. 1,334 crore (US$ 335 million) for Q2-2007.
|
|
·
|
Total
advances
increased 33% to Rs. 207,121 crore (US$ 52.0 billion) at September
30,
2007 from Rs. 155,403 crore (US$ 39.0 billion) at September
30,
2006.
|
|
·
|
Current
and
savings account deposits increased 38% to Rs. 57,827 crore
(US$ 14.5
billion) at September 30, 2007 from Rs. 41,997 crore (US$ 10.5
billion) at
September 30, 2006.
|
|
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
Operating
review
Credit
growth
The
Bank’s total
advances increased 33% to Rs. 207,121 crore (US$ 52.0 billion) at September
30,
2007 from Rs. 155,403 crore (US$ 39.0 billion) at September 30, 2006.
The
advances of the Bank’s international branches increased 146% to Rs. 36,994 crore
(US$ 9.3 billion) at September 30, 2007 from Rs. 15,025 crore (US$ 3.8
billion)
at September 30, 2006, reflecting the combination of the Bank’s strong corporate
franchise, and its international presence. This has led to an increase
in the
proportion of advances of the Bank’s international branches in total advances
from 9.7% at September 30, 2006 to 17.9% at September 30, 2007. The Bank’s
retail advances were Rs. 131,014 crore (US$ 32.9 billion) at September
30, 2007
and constituted 63% of total advances. The Bank is also extending its
reach in
the small and medium enterprises segment with advances increasing by
56% to Rs.
5,205 crore (US$ 1.3 billion) at September 30, 2007 from Rs. 3,326 crore
(US$
0.8 billion) at September 30, 2006.
Deposit
growth
The
Bank’s total
deposits increased 20% to Rs. 228,307 crore (US$ 57.3 billion) at September
30,
2007 from Rs. 189,499 crore (US$ 47.6 billion) at September 30, 2006.
During
this period, current and savings account deposits increased 38% to Rs.
57,827
crore (US$ 14.5 billion) at September 30, 2007 from Rs. 41,997 crore
(US$ 10.5
billion) at September 30, 2006. The Bank had 950 branches and extension
counters
and about 3,600 ATMs at September 30, 2007.
International
operations
The
Bank has
wholly-owned subsidiaries, branches and representative offices in 17
countries,
and an offshore banking unit in Mumbai. At September 30, 2007 the Bank’s
international operations accounted for about 22% of its consolidated
banking
assets. The Bank’s remittance business volumes were about Rs. 8,600 crore (US$
2.2 billion) during Q2-2008. ICICI Bank UK’s profit after tax for the six-month
period ended September 30, 2007 (H1-2008) was US$ 36.0 million.
2
|
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
Capital
adequacy
The
Bank’s capital
adequacy at September 30, 2007 was 16.8%1 (including Tier-1 capital
adequacy of 13.0%),
well above RBI’s requirement of total capital adequacy of 9.0%.
Asset
quality
At
September 30,
2007, the Bank’s net non-performing assets constituted 1.4% of customer
assets.
Unaudited
consolidated results
The
unaudited
consolidated profit after tax was Rs. 1,642 crore (US$ 412 million) for
the
six-month period ended September 30, 2007 (H1-2008) compared to Rs. 1,319
crore
(US$ 331 million) for the six-month period ended September 30, 2006
(H1-2007).
ICICI
Prudential
Life Insurance Company (ICICI Life) continued to maintain its market
leadership
among private sector life insurance companies with a market share of
about 26%
on the basis of weighted received new business premium in April-August
2007.
Life insurance companies worldwide make losses in the initial years,
in view of
business gestation and customer acquisition costs as well as reserving
for
actuarial liability. While the growing operations of ICICI Life had a
negative
impact of Rs. 406 crore (US$ 102 million) on the unaudited consolidated
profit
after tax in H1-2008 on account of the above reasons, the company’s unaudited
New Business Profit (NBP) in H1-2008 was Rs. 432 crore (US$ 108 million).
NBP is
a metric for the economic value of the new business written during a
defined
period. It is measured as the present value of all the future profits
for the
shareholders, on account of the new business based on standard assumptions
of mortality, expenses and other parameters. Actual experience could differ
based on variance from these assumptions especially in respect of expense
overruns in the initial years.
ICICI
Lombard
General Insurance Company (ICICI General) maintained its leadership position
with a market share of about 32% among private sector general insurance
companies and an overall market share of about 12% during April-August
2007.
ICICI General’s profit after tax was Rs. 81 crore (US$ 20 million) in
H1-2008.
At
September 30,
2007, ICICI Prudential Asset Management Company (ICICI AMC) had assets
under
management of about Rs. 50,400 crore (US$ 12.6 billion). ICICI AMC’s profit
after tax was Rs. 53 crore (US$ 13 million) in H1-2008.
|
|
|
|
1
Excludes US$
750 million Upper Tier II issue made in January 2007 pending
clarifications required by Reserve Bank of India on the
clauses for
principal and interest payment.
|
3
|
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
|
|
Summary
Profit
and Loss Statement
|
|
|
Rs.
crore
|
|
Q2-2007
|
Q2-2008
|
Growth
over
Q2-2007
|
H1-2007
|
H1-2008
|
FY2007
|
|
|
Net
interest
income1
|
1,334
|
1,786
|
34%
|
2,543
|
3,265
|
5,637
|
|
Non-interest
income (excluding treasury)
|
1,330
|
1,897
|
43%
|
2,590
|
3,653
|
5,915
|
|
-
Fee
income
|
1,185
|
1,486
|
25%
|
2,240
|
2,914
|
5,012
|
|
-
Lease
& other income
|
145
|
411
|
183%
|
350
|
739
|
903
|
|
Less:
|
||||||
|
Operating
expense
|
1,157
|
1,541
|
33%
|
2,237
|
3,020
|
4,979
|
|
Expenses
on
direct market agents (DMAs)
2
|
327
|
385
|
18%
|
718
|
768
|
1,524
|
|
Lease
depreciation
|
51
|
45
|
-12%
|
102
|
88
|
188
|
|
Core
operating
profit
|
1,129
|
1,712
|
52%
|
2,076
|
3,042
|
4,861
|
|
Treasury
income
|
240
|
175
|
-27%
|
258
|
369
|
1,013
|
|
Operating
profit
|
1,369
|
1,887
|
38%
|
2,334
|
3,411
|
5,874
|
|
Less:
Provisions
|
467
|
644
|
38%
|
683
|
1,197
|
2,226
|
|
Profit
before
tax
|
902
|
1,243
|
38%
|
1,651
|
2,215
|
3,648
|
|
Less:
Tax
|
147
|
240
|
63%
|
276
|
437
|
538
|
|
Profit
after
tax
|
755
|
1,003
|
33%
|
1,375
|
1,778
|
3,110
|
|
1.
|
Net
of
premium amortisation on government securities of Rs. 2.43 bn
in Q2-2007,
Rs. 2.10 bn in Q2-2008, Rs. 5.09 bn in H1-2007, Rs. 4.46 bn
in H1-2008 and
Rs. 9.99 bn in FY2007.
|
|
2.
|
Represents
commissions paid to direct marketing agents (DMAs) for origination
of
retail loans. These commissions are expensed
upfront.
|
|
3.
|
Prior
period figures have been regrouped/re-arranged where
necessary.
|
4
|
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
|
|
Summary
Balance Sheet
|
Rs.
crore
|
Sept
30,
2006
|
Sept
30,
2007
|
Growth
over
Sept 30, 2006
|
March
31,
2007
|
|
|
Assets
|
||||
|
Cash
balances
with banks & SLR
|
84,539
|
108,397
|
28%
|
104,489
|
|
-
Cash
& bank balances
|
23,825
|
34,025
|
43%
|
37,121
|
|
-
SLR
investments
|
60,714
|
74,372
|
22%
|
67,368
|
|
Advances
|
155,403
|
207,121
|
33%
|
195,866
|
|
Other
investments
|
22,278
|
27,916
|
25%
|
23,890
|
|
Fixed
&
other assets
|
20,153
|
21,510
|
7%
|
20,413
|
|
Total
|
282,373
|
364,944
|
29%
|
344,658
|
|
Liabilities
|
||||
|
Networth
|
23,550
|
44,752
|
90%
|
24,313
|
|
-
Equity
capital
|
893
|
1,111
|
24%
|
899
|
|
-
Reserves
|
22,657
|
43,641
|
93%
|
23,414
|
|
Preference
capital
|
350
|
350
|
-
|
350
|
|
Deposits
|
189,499
|
228,307
|
20%
|
230,510
|
|
Erstwhile
ICICI borrowings
|
11,400
|
9,917
|
-13%
|
10,837
|
|
Other
borrowings
|
40,201
|
63,668
|
58%
|
59,824
|
|
Other
liabilities
|
17,373
|
17,950
|
3%
|
18,824
|
|
Total
|
282,373
|
364,944
|
29%
|
344,658
|
Except
for the
historical information contained herein, statements in this Release which
contain words or phrases such as 'will', 'would', ‘indicating’, ‘expected to’
etc., and similar expressions or variations of such expressions may constitute
'forward-looking statements'. These forward-looking statements involve
a number
of risks, uncertainties and other factors that could cause actual results
to
differ materially from those suggested by the forward-looking statements.
These
risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, future levels of non-performing
loans, our
growth and expansion in business, the impact of any acquisitions, the
adequacy
of our allowance for credit losses, technological implementation and
changes,
the actual growth in demand for banking products and services, investment
income, cash flow projections, our exposure to market risks as well as
other
risks detailed in the reports filed by us with the United States Securities
and
Exchange Commission. ICICI Bank undertakes no obligation to update
forward-looking statements to reflect events or circumstances after the
date
thereof.
5
|
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
For
further
press queries please call Charudatta Deshpande at 91-22-2653 8208 or
e-mail:
charudatta.deshpande@icicibank.com.
For
investor
queries please call Rakesh Jha at 91-22-2653 6157 or Rupesh Kumar at
91-22-2653
7126 or email at ir@icicibank.com.
1
crore = 10.0
million
US$
amounts
represent convenience translations at US$1= Rs.39.85
6
Item
2
ICICI
Bank
Limited
Registered
Office: Landmark, Race Course Circle, Vadodara - 390 007.
Corporate
Office: ICICI Bank Towers, Bandra-Kurla Complex, Bandra (East), Mumbai
400 051.
Web
site: http://www.icicibank.com
AUDITED
UNCONSOLIDATED FINANCIAL RESULTS
(Rupees
in crore)
|
Sr.
No.
|
Particulars
|
Three
months
ended
|
Half
year
ended
|
Year
ended March
31,
2007
|
||
|
September
30,
2007
|
September
30,
2006
|
September
30,
2007
|
September
30,
2006
|
|||
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
||
|
1.
|
Interest
earned
(a)+(b)+(c)+(d)
|
7,516.47
|
5,226.69
|
14,847.30
|
9,998.79
|
21,995.59
|
|
a) Interest/discount
on
advances/bills
|
5,573.39
|
3,790.18
|
11,022.63
|
7,227.36
|
16,096.31
|
|
|
b) Income
on
investments
|
1,818.57
|
1,242.05
|
3,497.28
|
2,317.99
|
4,989.84
|
|
|
c) Interest
on balances with Reserve
Bank of India
and other interbank
funds
|
132.40
|
158.19
|
284.46
|
404.10
|
808.56
|
|
|
d) Others
|
(7.89)
|
36.27
|
42.93
|
49.34
|
100.88
|
|
|
2.
|
Other
income
|
2,071.94
|
1,570.13
|
4,022.53
|
2,847.69
|
6,927.87
|
|
3.
|
A)
TOTAL INCOME
(1)+(2)
|
9,588.41
|
6,796.82
|
18,869.83
|
12,846.48
|
28,923.46
|
|
4.
|
Interest
expended
|
5,730.47
|
3,892.44
|
11,582.35
|
7,455.79
|
16,358.50
|
|
5.
|
Operating
expenses (e) + (f) +
(g)
|
1,970.80
|
1,535.24
|
3,876.12
|
3,056.72
|
6,690.56
|
|
e) Employee
cost
|
519.91
|
392.96
|
1,041.75
|
749.72
|
1,616.75
|
|
|
f) Direct
marketing
expenses
|
385.43
|
327.11
|
768.09
|
717.95
|
1,523.90
|
|
|
g) Other
operating
expenses
|
1,065.46
|
815.17
|
2,066.28
|
1,589.05
|
3,549.91
|
|
|
6.
|
B)
TOTAL EXPENDITURE
(4)+(5)
(excluding
provisions and contingencies)
|
7,701.27
|
5,427.68
|
15,458.47
|
10,512.51
|
23,049.06
|
|
7.
|
OPERATING
PROFIT
(A-B)
(Profit
before provisions and
contingencies)
|
1,887.14
|
1,369.14
|
3,411.36
|
2,333.97
|
5,874.40
|
|
8.
|
Provisions
(other than tax) and
contingencies
|
644.49
|
466.60
|
1,196.76
|
682.85
|
2,226.36
|
|
9.
|
Exceptional
items
|
..
|
..
|
..
|
..
|
..
|
|
10.
|
PROFIT
/ LOSS FROM ORDINARY
ACTIVITIES BEFORE TAX (7)–(8)–(9)
|
1,242.65
|
902.54
|
2,214.60
|
1,651.12
|
3,648.04
|
|
11.
|
Tax
expense
|
|||||
|
a) Current
period
tax
|
417.72
|
179.95
|
745.33
|
347.03
|
984.25
|
|
|
b)
Deferred tax
adjustment
|
(177.67)
|
(32.42)
|
(308.41)
|
(70.93)
|
(446.43)
|
|
|
12.
|
NET
PROFIT / LOSS FROM ORDINARY
ACTIVITES (10)–(11)
|
1,002.60
|
755.01
|
1,777.68
|
1,375.02
|
3,110.22
|
|
13.
|
Extraordinary
items (net of tax
expense)
|
..
|
..
|
..
|
..
|
..
|
|
14.
|
NET
PROFIT / LOSS FOR THE
PERIOD(12)–(13)
|
1,002.60
|
755.01
|
1,777.68
|
1,375.02
|
3,110.22
|
|
15.
|
Paid-up
equity share capital (face
value Rs. 10/-)
|
1,110.66
|
892.92
|
1,110.66
|
892.92
|
899.34
|
|
16.
|
Reserves
excluding revaluation
reserves
|
43,641.32
|
22,657.47
|
43,641.32
|
22,657.47
|
23,413.92
|
|
17.
|
Analytical
ratios
|
|||||
|
(i)
Percentage of shares held by
Government of India
|
..
|
..
|
..
|
..
|
..
|
|
|
(ii)
Capital adequacy
ratio
|
16.76%
|
14.34%
|
16.76%
|
14.34%
|
11.69%
|
|
|
(iii)
Earnings per share (EPS) for
the period
|
||||||
|
Basic
EPS before and after extraordinary items net of tax expenses (not
annualised for quarter/ period) (in Rs. )
|
9.13
|
8.46
|
17.79
|
15.42
|
34.84
|
|
|
Diluted
EPS before and after
extraordinary items net of tax expenses (not annualised for quarter/
period) (in Rs. )
|
9.08
|
8.39
|
17.68
|
15.30
|
34.64
|
|
|
18.
|
NPA
Ratio
|
|||||
|
i)
Gross non-performing advances
(net of technical write-off)
|
5,931.53
|
2,969.86
|
5,931.53
|
2,969.86
|
4,126.06
|
|
|
ii)
Net non-performing
advances
|
2,970.94
|
1,509.23
|
2,970.94
|
1,509.23
|
1,992.04
|
|
|
iii)
% of gross non-performing
advances (net of technical write-off) to
gross advances (net off
write-off)
|
2.8%
|
1.9%
|
2.8%
|
1.9%
|
2.1%
|
|
|
iv)
% of net non-performing
advances to net advances
|
1.4%
|
1.0%
|
1.4%
|
1.0%
|
1.0%
|
|
|
19.
|
Return
on assets
(annualised)
|
1.12%
|
1.10%
|
1.01%
|
1.02%
|
1.09%
|
|
20.
|
Aggregate
of non-promoter
shareholding
|
|||||
|
· No.
of
shares
|
1,111,912,138
|
892,895,861
|
1,111,912,138
|
892,895,861
|
899,266,672
|
|
|
· Percentage
of
shareholding
|
100
|
100
|
100
|
100
|
100
|
|
|
21.
|
Deposits
|
228,306.63
|
189,499.37
|
228,306.63
|
189,499.37
|
230,510.19
|
|
22.
|
Advances
|
207,121.07
|
155,403.49
|
207,121.07
|
155,403.49
|
195,865.60
|
|
23.
|
Total
assets
|
364,944.21
|
282,372.54
|
364,944.21
|
282,372.54
|
344,658.11
|
CONSOLIDATED
FINANCIAL RESULTS OF ICICI BANK LIMITED AND ITS SUBSIDIARIES
(Rupees
in
crore)
| Sr. No. |
Particulars
|
Three
months
ended
|
Half
year ended
|
Year
ended
March
31,
2007
|
||
|
September
30,
2007
|
September
30,
2006
|
September
30,
2007
|
September
30,
2006
|
|||
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||
|
1.
|
Total
Income
|
13,850.57
|
9,096.50
|
26,580.39
|
17,104.03
|
41,363.79
|
|
2.
|
Net
Profit/(loss) for the
period
|
897.92
|
732.84
|
1,642.29
|
1,319.06
|
2,760.63
|
|
3.
|
Earnings
per share
(EPS)
|
|||||
|
EPS
for the period
(not
annualised for quarter/period) (in
Rs.)(basic)
|
8.18
|
8.21
|
16.44
|
14.79
|
30.92
|
|
|
EPS
for the period
(not
annualised for quarter/period) (in
Rs.)(diluted)
|
8.13
|
8.15
|
16.34
|
14.68
|
30.75
|
|
UNCONSOLIDATED SEGMENTAL
INFORMATION OF
ICICI BANK LIMITED FOR THE
PERIOD
ENDED
SEPTEMBER 30, 2007
(Rupees
in
crore)
|
Sr.
No.
|
Particulars
|
Three
months
ended
|
Half
year ended
|
Year
ended
March
31,
2007
|
||
|
September
30,
2007
|
September
30,
2006
|
September
30,
2007
|
September
30,
2006
|
|||
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
||
|
1.
|
Segment
Revenue
|
|||||
|
a
|
Consumer
and Commercial
Banking
|
7,495.21
|
5,649.27
|
14,930.36
|
10,697.75
|
23,479.37
|
|
b
|
Investment
Banking
|
2,441.89
|
1,654.67
|
4,712.76
|
2,982.26
|
7,066.20
|
|
Total
revenue
|
9,937.10
|
7,303.94
|
19,643.12
|
13,680.01
|
30,545.57
|
|
|
Less:
Inter Segment
Revenue
|
348.69
|
507.12
|
773.29
|
833.53
|
1,622.11
|
|
|
Income
from
Operations
|
9,588.41
|
6,796.82
|
18,869.83
|
12,846.48
|
28,923.46
|
|
|
2.
|
Segmental
Results (i.e. Profit
before tax & provisions)
|
|||||
|
a
|
Consumer
and Commercial
Banking
|
1,211.88
|
1,069.72
|
2,254.84
|
1,883.68
|
4,535.25
|
|
b
|
Investment
Banking
|
684.86
|
309.02
|
1,175.72
|
469.49
|
1,377.55
|
|
Total
profit before tax &
provisions
|
1,896.74
|
1,378.74
|
3,430.56
|
2,353.17
|
5,912.80
|
|
|
3.
|
Provisions
|
|||||
|
a
|
Consumer
and Commercial
Banking
|
623.27
|
474.04
|
1,162.52
|
675.99
|
2,196.86
|
|
b
|
Investment
Banking
|
21.22
|
(7.44)
|
34.24
|
6.86
|
29.50
|
|
Total
provisions
|
644.49
|
466.60
|
1,196.76
|
682.85
|
2,226.36
|
|
|
4.
|
Segment
Results (i.e. Profit
before tax)
|
|||||
|
a
|
Consumer
and Commercial
Banking
|
588.61
|
595.68
|
1,092.32
|
1,207.69
|
2,338.39
|
|
b
|
Investment
Banking
|
663.64
|
316.46
|
1,141.48
|
462.63
|
1,348.05
|
|
Total
profit before
tax
|
1,252.25
|
912.14
|
2,233.80
|
1,670.32
|
3,686.44
|
|
|
Unallocated
|
9.60
|
9.60
|
19.20
|
19.20
|
38.40
|
|
|
Tax
|
240.05
|
147.53
|
436.92
|
276.10
|
537.82
|
|
|
Profit
after
tax
|
1,002.60
|
755.01
|
1,777.68
|
1,375.02
|
3,110.22
|
|
|
5.
|
Capital
Employed (i.e. Segment
Assets – Segment Liabilities excluding inter-segmental funds lent and
borrowed)
|
|||||
|
a
|
Consumer
and Commercial
Banking
|
(28,165.49)
|
(45,179.23)
|
(28,165.49)
|
(45,179.23)
|
(47,842.84)
|
|
b
|
Investment
Banking
|
68,470.67
|
65,489.89
|
68,470.67
|
65,489.89
|
68,079.85
|
|
Total
capital
employed
|
40,305.18
|
20,310.66
|
40,305.18
|
20,310.66
|
20,237.01
|
|
Notes
|
1.
|
The
above
financials results have been prepared in accordance with Accounting
Standard (“AS”) 25 on “Interim Financial
Reporting”.
|
|
2.
|
The
Sangli
Bank Limited (Sangli Bank) has merged with ICICI Bank Limited
effective
April 19, 2007 as per the order of Reserve Bank of India (RBI)
dated April
18, 2007. Pursuant to the merger of Sangli Bank with ICICI
Bank Limited,
the shareholders of Sangli Bank were allotted 3,455,008 equity
shares of
Rs. 10.00 each on May 28, 2007. The merger has been accounted
for as per
the purchase method of accounting in accordance with the scheme
of
amalgamation.
|
|
3.
|
The
Bank
issued 75,686,388 equity shares (including green shoe option)
of Rs. 10.00
each to Qualified Institutional Bidders and Non-Institutional
Bidders at a
price of Rs. 940.00 per share and 32,912,238 equity shares
of Rs. 10.00
each to Retail Bidders and Existing Retail Shareholders at
a price of Rs.
890.00 per share, pursuant to a public issue of equity shares,
aggregating
to Rs. 10,043.71 crore on July 5, 2007. At September 30, 2007,
17,402,172
equity shares are partly paid on which Rs. 500 per share has
been paid up
(Rs. 9.25 towards face value and Rs. 490.75 towards share
premium).
|
|
4.
|
The
Bank has
also issued 49,949,238 American Depositary Shares (ADS) including
green
shoe option of 6,497,462 ADSs at US$ 49.25 per share, representing
99,898,476 underlying equity shares of Rs. 10.00 each, aggregating
to Rs.
9,923.64 crore on July 5, 2007.
|
|
5.
|
During
the
quarter ended September 30, 2007, the Bank allotted 402,758
equity shares
of Rs. 10.00 each pursuant to exercise of employee stock
options.
|
|
6.
|
Status
of
equity investors’ complaints / grievances for the quarter ended September
30, 2007.
|
|
Opening
balance
|
Additions
|
Disposals
|
Closing
balance
|
|
8
|
14,327
|
14,330
|
5
|
|
7.
|
Provision
for
current period tax includes Rs. 11.78 crore towards provision for fringe
benefit tax for the quarter ended September 30, 2007 (Rs. 24.26
crore for
the half year ended September 30,
2007).
|
|
8.
|
USD
750
million (Rs. 2,988.75 crore) of foreign currency bonds raised
for Upper
Tier II capital have been excluded from the above capital adequacy
ratio
(CAR) computation, pending clarification required by RBI regarding
certain
terms of these bonds.
|
|
9.
|
As
required by
RBI general clarification dated July 11, 2007, the Bank has
deducted the
amortisation of premium on government securities, from “Income on
investments” included in “Interest earned” which was earlier included in
“Other income” amounting to Rs. 210.34 crore for quarter ended September
30, 2007 (Rs. 242.74 crore for quarter ended September 30,
2006), Rs.
445.64 crore for half year ended September 30, 2007 (Rs. 509.27
crore for
half year ended September 30, 2006) and Rs. 998.70 crore for
year ended
March 31, 2007. Prior period figures have been reclassified
to conform to
the current classification.
|
|
10.
|
Previous
period / year figures have been regrouped / reclassified where
necessary
to conform to current period
classification.
|
|
11.
|
The
above
financial results have been taken on record by the Board of
Directors at
its meeting held on October 19,
2007.
|
|
12.
|
The
above
unconsolidated financial results are audited by BSR & Co., Chartered
Accountants.
|
|
13.
|
Rs.
1 crore =
Rs. 10 million.
|
| Place |
: Mumbai
|
Chanda
D. Kochhar
|
|
| Date |
:
October 19, 2007
|
Joint
Managing
Director
|