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 April 2008
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.
|
Summarized
audited annual account for the year ended March 31, 2008
|
|
2.
|
Press Release dated April 26, 2008 |
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:
|
April
26, 2008
|
By:
|
/s/ Mehernosh Kapadia | ||
|
Name
:
|
Mehernosh
Kapadia
|
||||
|
Title :
|
General
Manager & Joint
Company
Secretary
|
||||
Item
1
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
|
Year
ended
|
||
|
March
31, 2008
|
March
31, 2007
|
March 31, 2008 |
March
31, 2007
|
||
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
(Audited)
|
||
|
1.
|
Interest
earned (a)+(b)+(c)+(d)
|
8,029.27
|
6,395.93
|
30,788.34
|
21,995.59
|
|
a) Interest/discount
on advances/bills
|
5,826.20
|
4,703.42
|
22,600.99
|
16,096.31
|
|
|
b) Income
on investments
|
2,008.82
|
1,353.05
|
7,466.01
|
4,989.84
|
|
|
c) Interest
on balances with Reserve Bank of India and
other interbank funds
|
116.58
|
292.92
|
611.99
|
808.56
|
|
|
d) Others
|
77.67
|
46.54
|
109.35
|
100.88
|
|
|
2.
|
Other
income
|
2,361.65
|
2,099.59
|
8,810.77
|
6,927.87
|
|
3.
|
A)
TOTAL INCOME (1)+(2)
|
10,390.92
|
8,495.52
|
39,599.11
|
28,923.46
|
|
4.
|
Interest
expended
|
5,949.81
|
4,786.86
|
23,484.24
|
16,358.50
|
|
5.
|
Operating
expenses (e) + (f) + (g)
|
2,150.45
|
1,920.59
|
8,154.18
|
6,690.56
|
|
e) Employee
cost
|
466.64
|
440.81
|
2,078.90
|
1,616.75
|
|
|
f) Direct
marketing expenses
|
358.35
|
422.86
|
1,542.74
|
1,523.90
|
|
|
g) Other
operating expenses
|
1,325.46
|
1,056.92
|
4,532.54
|
3,549.91
|
|
|
6.
|
B)
TOTAL EXPENDITURE (4)+(5)
(excluding provisions and
contingencies)
|
8,100.26
|
6,707.45
|
31,638.42
|
23,049.06
|
|
7.
|
OPERATING
PROFIT (A-B)
(Profit
before provisions and contingencies)
|
2,290.66
|
1,788.07
|
7,960.69
|
5,874.40
|
|
8.
|
Provisions
(other than tax) and contingencies
|
947.49
|
876.34
|
2,904.59
|
2,226.36
|
|
9.
|
Exceptional
items
|
..
|
..
|
..
|
..
|
|
10.
|
PROFIT
/ LOSS FROM ORDINARY ACTIVITIES BEFORE TAX
(7)–(8)–(9)
|
1,343.17
|
911.73
|
5,056.10
|
3,648.04
|
|
11.
|
Tax
expense
|
||||
|
a) Current
period tax
|
375.57
|
271.64
|
1,611.73
|
984.25
|
|
|
b)
Deferred tax adjustment
|
(182.24)
|
(185.03)
|
(713.36)
|
(446.43)
|
|
|
12.
|
NET
PROFIT / LOSS FROM ORDINARY ACTIVITES (10)–(11)
|
1,149.84
|
825.12
|
4,157.73
|
3,110.22
|
|
13.
|
Extraordinary
items (net of tax expense)
|
..
|
..
|
..
|
..
|
|
14.
|
NET
PROFIT / LOSS FOR THE PERIOD(12)–(13)
|
1,149.84
|
825.12
|
4,157.73
|
3,110.22
|
|
15.
|
Paid-up
equity share capital (face value Rs. 10/-)
|
1,112.68
|
899.34
|
1,112.68
|
899.34
|
|
16.
|
Reserves
excluding revaluation reserves
|
45,357.53
|
23,413.92
|
45,357.53
|
23,413.92
|
|
17.
|
Analytical
ratios
|
||||
|
(i)
Percentage of shares held by Government of India
|
..
|
..
|
..
|
..
|
|
|
(ii)
Capital adequacy ratio
|
13.97%
|
11.69%
|
13.97%
|
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.)
|
10.33
|
9.22
|
39.39
|
34.84
|
|
|
Diluted
EPS before and after extraordinary items net of tax expenses (not
annualised for quarter/ period) (in Rs.)
|
10.27
|
9.17
|
39.15
|
34.64
|
|
|
18.
|
NPA
Ratio
|
||||
|
i)
Gross non-performing advances (net of technical
write-off)
|
7,579.54
|
4,126.06
|
7,579.54
|
4,126.06
|
|
|
ii)
Net non-performing advances
|
3,490.55
|
1,992.04
|
3,490.55
|
1,992.04
|
|
|
iii)
% of gross non-performing advances (net of technical write-off) to gross
advances (net of write-off)
|
3.30%
|
2.08%
|
3.30%
|
2.08%
|
|
|
iv)
% of net non-performing advances to net advances
|
1.55%
|
1.02%
|
1.55%
|
1.02%
|
|
|
19.
|
Return
on assets (annualised)
|
1.14%
|
1.04%
|
1.12%
|
1.09%
|
|
20.
|
Aggregate
of non-promoter shareholding
|
||||
|
• No.
of shares
|
1,112,687,495
|
899,266,672
|
1,112,687,495
|
899,266,672
|
|
|
• Percentage
of shareholding
|
100
|
100
|
100
|
100
|
|
|
21.
|
Deposits
|
244,431.05
|
230,510.19
|
244,431.05
|
230,510.19
|
|
22.
|
Advances
|
225,616.08
|
195,865.60
|
225,616.08
|
195,865.60
|
|
23.
|
Total
assets
|
399,795.08
|
344,658.11
|
399,795.08
|
344,658.11
|
CONSOLIDATED
FINANCIAL RESULTS OF ICICI BANK LIMITED AND ITS SUBSIDIARIES
(Rupees
in crore)
|
Sr.
No.
|
Particulars
|
Three
months ended
|
Year
ended
|
||
|
March
31, 2008
|
March
31, 2007
|
March
31, 2008
|
March
31, 2007
|
||
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
(Audited)
|
||
|
1.
|
Interest
earned (a)+(b)+(c)+(d)
|
9,075.15
|
7,046.42
|
34,094.95
|
24,002.55
|
|
a) Interest/discount
on advances/bills
|
6,268.55
|
4,952.36
|
24,068.36
|
16,970.09
|
|
|
b) Income
on investments
|
2,448.63
|
1,627.51
|
8,904.54
|
5,847.37
|
|
|
c) Interest
on balances with Reserve Bank of India and
other interbank funds
|
196.33
|
323.93
|
874.77
|
903.79
|
|
|
d) Others
|
161.64
|
142.62
|
247.28
|
281.30
|
|
|
2.
|
Other
Income
|
8,744.23
|
6,617.02
|
25,958.13
|
17,361.24
|
|
A) TOTAL
INCOME (1) + (2)
|
17,819.38
|
13,663.44
|
60,053.08
|
41,363.79
|
|
|
3.
|
Interest
expended
|
6,502.09
|
5,208.95
|
25,766.97
|
17,675.72
|
|
4.
|
Operating
expenses (e) + (f)
|
9,667.17
|
6,943.17
|
27,043.41
|
18,013.21
|
|
e) Payments
to and provisions for employees
|
1,040.33
|
785.81
|
3,969.80
|
2,636.50
|
|
|
f) Other
operating expenses
|
8,626.84
|
6,157.36
|
23,073.61
|
15,376.71
|
|
|
B) TOTAL
EXPENDITURE (3) + (4)
(excluding provisions and
contingencies)
|
16,169.26
|
12,152.12
|
52,810.38
|
35,688.93
|
|
|
5.
|
OPERATING
PROFIT (A-B)
(Profit
before provisions and contingencies)
|
1,650.12
|
1,511.32
|
7,242.70
|
5,674.86
|
|
6.
|
Other
provisions and contingencies
|
989.50
|
918.19
|
3,017.75
|
2,277.38
|
|
7.
|
Provision
for taxes
|
||||
|
a) Current
period tax
|
403.29
|
339.31
|
2,043.82
|
1,263.07
|
|
|
b)
Deferred tax adjustment
|
(253.98)
|
(237.64)
|
(934.14)
|
(498.99)
|
|
|
8.
|
Share
of (profits)/losses of minority shareholders
|
(124.81)
|
(66.17)
|
(282.96)
|
(127.23)
|
|
9.
|
NET
PROFIT (5-6-7-8)
|
636.12
|
557.63
|
3,398.23
|
2,760.63
|
|
10.
|
Paid-up
equity share capital (face value Rs. 10/-)
|
1,112.68
|
899.34
|
1,112.68
|
899.34
|
|
11.
|
Analytical
Ratios
|
||||
|
Earnings
per share for the period
(not
annualised for quarter) (in Rs.) (basic)
|
5.72
|
6.23
|
32.19
|
30.92
|
|
|
Earnings
per share for the period
(not
annualised for quarter) (in Rs.) (diluted)
|
5.68
|
6.20
|
32.00
|
30.75
|
|
CONSOLIDATED
SEGMENTAL RESULTS OF ICICI BANK LIMITED AND ITS SUBSIDIARIES
(Rupees
in crore)
|
Sr.
No.
|
Particulars
|
Year
ended
|
|
March
31, 2008
|
||
|
(Audited)
|
||
|
1.
|
Segment
Revenue
|
|
|
a
|
Retail
Banking
|
24,418.54
|
|
b
|
Wholesale
Banking
|
24,949.35
|
|
c
|
Treasury
|
29,326.50
|
|
d
|
Other
Banking Business
|
2,815.24
|
|
e
|
Life
Insurance
|
14,396.83
|
|
f
|
General
Insurance
|
2,206.19
|
|
g
|
Others
|
2,708.80
|
|
Total
|
100,821.45
|
|
|
Less:
Inter Segment Revenue
|
40,768.37
|
|
|
Income
from Operations
|
60,053.08
|
|
|
2.
|
Segmental
Results (i.e.
Profit before tax and minority
interest)
|
|
|
a
|
Retail
Banking
|
1,083.84
|
|
b
|
Wholesale
Banking
|
3,624.06
|
|
c
|
Treasury
|
322.45
|
|
d
|
Other
Banking Business
|
153.48
|
|
e
|
Life
Insurance
|
(1,514.18)
|
|
f
|
General
Insurance
|
130.22
|
|
g
|
Others
|
618.00
|
|
Total
segment results
|
4,417.87
|
|
|
Unallocated
expenses
|
192.92
|
|
|
Profit
before tax and
minority interest
|
4,224.95
|
|
|
3.
|
Capital
Employed (i.e.
Segment Assets – Segment Liabilities)
|
|
|
a
|
Retail
Banking
|
(4,045.54)
|
|
b
|
Wholesale
Banking
|
(11,423.26)
|
|
c
|
Treasury
|
47,878.40
|
|
d
|
Other
Banking Business
|
4,005.61
|
|
e
|
Life
Insurance
|
564.81
|
|
f
|
General
Insurance
|
1,011.19
|
|
g
|
Others
|
1,537.99
|
|
h
|
Unallocated
|
5,543.54
|
|
Total
|
45,072.74
|
CONSOLIDATED
SEGMENTAL RESULTS OF ICICI BANK LIMITED AND ITS SUBSIDIARIES
(Rupees in
crore)
|
Sr.
No.
|
Particulars
|
Three
months ended
|
Year
ended
|
|
March
31, 2007
|
March
31, 2007
|
||
|
(Unaudited)
|
(Audited)
|
||
|
1.
|
Segment
Revenue
|
||
|
a
|
Consumer
and Commercial Banking
|
6,799.58
|
24,235.46
|
|
b
|
Investment
Banking
|
3,524.21
|
8,849.59
|
|
c
|
Insurance
|
4,454.72
|
10,141.56
|
|
d
|
Others
|
71.20
|
239.30
|
|
Total
|
14,849.71
|
43,465.91
|
|
|
Less:
Inter Segment Revenue
|
(1,186.27)
|
(2,102.12)
|
|
|
Income
from Operations
|
13,663.44
|
41,363.79
|
|
|
2.
|
Segmental
Results (i.e.
Profit before tax)
|
||
|
a
|
Consumer
and Commercial Banking
|
444.43
|
2,515.42
|
|
b
|
Investment
Banking
|
456.46
|
1,386.65
|
|
c
|
Insurance
|
(247.71)
|
(391.78)
|
|
d
|
Others
|
15.72
|
52.82
|
|
Total
segment results
|
668.90
|
3,563.11
|
|
|
Unallocated
expenses
|
9.60
|
38.40
|
|
|
Profit
before tax
|
659.30
|
3,524.71
|
|
|
3.
|
Capital
Employed (i.e.
Segment Assets – Segment Liabilities)
|
||
|
a
|
Consumer
and Commercial Banking
|
(45,128.03)
|
(45,128.03)
|
|
b
|
Investment
Banking
|
64,232.75
|
64,232.75
|
|
c
|
Insurance
|
1,205.50
|
1,205.50
|
|
d
|
Others
|
(602.63)
|
(602.63)
|
|
Total
|
19,707.59
|
19,707.59
|
Notes
on consolidated segmental results
|
1.
|
The disclosure
on segmental reporting has been modified vide Reserve Bank of India (RBI)
circular no. DBOD.No.BP.BC.81/21.04.018/2006-07 dated April 18, 2007 on
guidelines on enhanced disclosure on “Segmental Reporting” which is
effective for the reporting period ended March 31, 2008. The consolidated
segmental results for the previous year are not comparable due to this
change. Due to the revised guidelines, the figures for the three months
ended March 31, 2008 have not been
provided.
|
|
2.
|
“Retail
Banking” includes exposures of ICICI Bank Limited (‘the Bank’) which
fulfill the four criteria of orientation, product, granularity and low
value of individual exposures for retail exposures laid down in the Basel
Committee on Banking Supervision document “International Convergence of
Capital Measurement and Capital Standards”, as per the RBI guidelines for
the Bank.
|
|
3.
|
“Wholesale
Banking” includes all advances to trusts, partnership firms, companies and
statutory bodies, by the Bank which are not included under the “Retail
Banking” segment, as per the RBI
guidelines.
|
|
4.
|
“Treasury”
includes the entire investment portfolio of the Bank, ICICI Eco-net
Internet and Technology Fund, ICICI Equity Fund, ICICI Emerging Sectors
Fund and ICICI Strategic Investments
Fund.
|
|
5.
|
“Other Banking
business” comprises the Bank’s banking subsidiaries i.e. ICICI Bank UK
PLC., ICICI Bank Canada and ICICI Bank Eurasia LLC. and ICICI Wealth
Management Inc.
|
|
6.
|
“Life
Insurance” represents ICICI Prudential Life Insurance Company
Limited.
|
|
7.
|
“General
Insurance” represents ICICI Lombard General Insurance Company
Limited.
|
|
8.
|
“Others”
comprises the consolidated entities of the Bank, not covered in any of the
segments above.
|
Notes
|
1.
|
The Sangli
Bank Limited (Sangli Bank) has merged with ICICI Bank Limited effective
April 19, 2007 as per the order of 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.
|
|
2.
|
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. During the year ended March 31,
2008 the Bank allotted 36,675,326 partly paid shares of which 35,644,107
shares have become fully paid after receipt of call
money.
|
|
3.
|
The Bank
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.
|
|
4.
|
During the
three months ended March 31, 2008, the Bank allotted 146,697 equity shares
of Rs. 10.00 each pursuant to exercise of employee stock
options.
|
|
5.
|
Status of
equity investors’ complaints / grievances for the three months ended March
31, 2008.
|
|
Opening
balance
|
Additions
|
Disposals
|
Closing
balance
|
|
4
|
668
|
665
|
7
|
|
6.
|
Provision for
current period tax includes Rs. 6.22 crore towards provision for fringe
benefit tax for the quarter ended March 31, 2008 (Rs. 39.20 crore for the
year ended March 31, 2008).
|
|
7.
|
RBI vide its
circular DBOD.No.BP.1658/21.04.118/2005-06 dated May 30, 2006 had advised
banks having operational presence outside India to compute capital
adequacy ratio (CAR) as per the revised capital adequacy framework (Basel
II) effective March 31, 2008. As per the current CAR framework, CAR as on
March 31, 2008 was at 14.92% of which Tier I was 11.32%. Due to the
revised guidelines, previous year CAR figures are not
comparable.
|
|
8.
|
As required by
RBI general clarification dated July 11, 2007, the Bank has deducted the
amortisation of premium on government securities, which was earlier
deducted from “Other income”, from “Income on investments” included in
“Interest earned”, amounting to Rs. 239.94 crore for the quarter ended
March 31, 2008 (Rs. 265.65 crore for the quarter ended March 31, 2007),
Rs. 897.62 crore for the year ended March 31, 2008 (Rs. 998.70 crore for
the year ended March 31, 2007). Prior period figures have been
reclassified to conform to the current
classification.
|
|
9.
|
The Board of
Directors have recommended a dividend of Rs. 11.00 per equity share (110%)
for the year ended March 31, 2008 (previous year dividend Rs. 10.00 per
equity share). The declaration and payment of dividend is subject to
requisite approvals. The Board of Directors have also recommended a
dividend of 0.001 percent, i.e., Rs. 100 per preference share on 350
preference shares of the face value of Rs. 1 crore each for the year ended
March 31, 2008.
|
|
10.
|
Previous
period / year figures have been regrouped / reclassified where necessary
to conform to current period
classification.
|
|
11.
|
The above
financial results have been approved by the Board of Directors at its
meeting held on April 26, 2008.
|
|
12.
|
The above
unconsolidated and consolidated financial results for the year ended March
31, 2008 have been audited by the statutory auditors, BSR & Co.,
Chartered Accountants.
|
|
13.
|
Rs. 1 crore =
Rs. 10 million.
|
|
Place
: Mumbai
|
Chanda
D. Kochhar
|
|
Date :
April 26, 2008
|
Joint
Managing Director &
CFO
|
Item
2
 |
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
|
|
|
|
News
Release
|
April
26, 2008
|
Performance
Review – Year ended March 31, 2008: ICICI Bank’s profit after tax crosses US$
1.0 billion
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 year ended March 31, 2008
(FY2008).
Highlights
|
·
|
Profit after
tax for the quarter ended March 31, 2008 (Q4-2008) increased 39% to
Rs. 1,150 crore (US$ 287 million) from Rs. 825 crore (US$ 206 million) for
the quarter ended March 31, 2007
(Q4-2007).
|
|
·
|
Profit after
tax for FY2008 increased 34% to Rs. 4,158 crore (US$ 1.0 billion) from Rs.
3,110 crore (US$ 775 million) for the year ended March 31, 2007
(FY2007).
|
|
·
|
Net interest
income increased 30% to Rs. 7,304 crore (US$ 1.8 billion) for FY2008 from
Rs. 5,637 crore (US$ 1.4 billion) for
FY2007.
|
|
·
|
Fee income
increased 32% to Rs. 6,627 crore (US$ 1.7 billion) for FY2008 from Rs.
5,012 (US$ 1.2 billion) for FY2007.
|
|
·
|
Current and
savings account (CASA) deposits ratio increased to 26% at March 31, 2008
from 22% at March 31, 2007.
|
|
·
|
At March 31,
2008, ICICI Bank and its subsidiaries had consolidated total assets of Rs.
485,830 crore (US$ 121.1 billion).
|
Dividend
on equity shares
The Board has
recommended a dividend of 110% for FY2008 i.e. Rs. 11 per equity share
(equivalent to US$ 0.55 per ADS) as compared to 100% for FY2007. The declaration
and payment of dividend is subject to requisite approvals. The record/book
closure dates shall be announced in due course.
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
|
|
|
Operating
review
Deposit
growth
Current and savings
account deposits increased 27% to Rs. 63,781 crore (US$ 15.9 billion) at March
31, 2008 from Rs. 50,214 crore (US$ 12.5 billion) at March 31, 2007 and
constituted 26% of total deposits at March 31, 2008 compared to 22% at March 31,
2007. The Bank is significantly expanding its branch network to expand its reach
and further enhance its deposit franchise. At April 23, 2008 the Bank had 1,308
branches and extension counters as compared to 755 branches and extension
counters at March 31, 2007. This increase of 553 branches and extension counters
includes about 190 branches on account of the merger of Sangli Bank. The Bank
had 3,950 ATMs at April 23, 2008.
Credit
growth
Consolidated
advances of the Bank and its overseas banking subsidiaries and ICICI Home
Finance Company increased 19% to Rs. 252,071 crore (US$ 62.8 billion) at March
31, 2008 from Rs. 211,660 crore (US$ 52.8 billion) at March 31, 2007. This
reflects robust growth in the loan book of the Bank’s international branches,
its international subsidiaries and ICICI Home Finance Company.
International
operations
ICICI Bank’s
international business is focused on:
|
·
|
Building a
retail deposit base which gives the Bank access to low cost deposits on
sustainable basis: Aggregate retail deposits of ICICI Bank UK and Canada
increased 90% from Rs. 15,740 crore (US$ 3.9 billion) at March 31, 2007 to
Rs. 29,861 crore (US$ 7.4 billion) at March 31,
2008.
|
|
·
|
Building a
global syndication network which enables the Bank to syndicate its foreign
currency assets across a wide variety of investors: The Bank was ranked #1
in offshore loan syndications of Indian corporates in
2007.
|
|
·
|
Being the
preferred advisor and financier for overseas acquisitions of Indian
corporates
|
|
·
|
Achieving the
status of the preferred bank for non-resident Indians in key markets of UK
and Canada.
|
2
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
|
|
|
ICICI Bank UK PLC
achieved profit after tax of Rs. 155 crore (US$ 38.4 million) for FY2008 and
increased its balance sheet by 80% to Rs. 35,300 crore (US$ 8.8 billion) at
March 31, 2008. Its retail deposit base almost doubled to Rs. 17,250 crore (US$
4.3 billion) on the back of the successful internet savings product and a 25%
penetration in the bankable Indian community.
At March 31, 2008
the Bank’s international operations accounted for about 25% of its consolidated
banking assets.
Capital
adequacy
The Bank’s capital
adequacy at March 31, 2008 as per Reserve Bank of India’s revised guidelines on
Basel II norms was 13.97% (including Tier-1 capital adequacy of 11.76%), well
above RBI’s requirement of total capital adequacy of 9.0%. At March 31, 2008,
the capital adequacy ratios of ICICI Bank’s UK and Canada subsidiaries were
18.6% and 22.9% respectively.
Asset
quality
At March 31, 2008,
the Bank’s net non-performing assets constituted 1.49% of net customer
assets.
Performance
highlights of key non-banking subsidiaries
ICICI Prudential
Life Insurance Company (ICICI Life) significantly increased its overall market
share from 9.9% in FY2007 to 13.1% during April-February 2008 on the basis of
retail new business weighted received premiums. ICICI Life’s new business
weighted received premium increased by 68% in FY2008 compared to industry growth
of 37% during April-February 2008. The growing operations of ICICI Life had a
negative impact of Rs. 1,032 crore (US$ 257 million) on the consolidated profit
after tax of ICICI Bank in FY2008. However, ICICI Life’s unaudited New Business
Profit (NBP) in FY2008 was Rs. 1,254 crore (US$ 313 million). The assets held by
ICICI Life increased from about Rs. 15,818 crore (US$ 3.9 billion) at March 31,
2007 to Rs. 28,578 crore (US$ 7.1 billion) at March 31, 2008.
ICICI Lombard
General Insurance Company (ICICI General) maintained its overall market share of
12.3% during April-February 2008. ICICI General’s premiums increased 11.4% to
Rs. 3,345 crore (US$ 834 million) in FY2008 despite the impact of de-tariffing.
ICICI General’s profit after tax increased by 51% to Rs. 103 crore (US$ 26
million) in FY2008 from Rs. 68 crore (US$ 17 million) in FY2007.
3
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
|
|
|
ICICI Securities’
unconsolidated revenues and profit after tax for FY2008 were Rs. 750 crore (US$
187 million) and Rs. 150 crore (US$ 37 million) respectively. ICICI Securities
Primary Dealership’s profit after tax for FY2008 was Rs. 140 crore (US$ 35
million).
ICICI Prudential
Asset Management Company‘s (ICICI AMC) average mutual fund assets under
management was Rs. 54,355 crore (US$ 13.5 billion) in March 2008. ICICI AMC’s
profit after tax increased by 70% to Rs. 82 crore (US$ 20 million) in FY2008
from Rs. 48 crore (US$ 12 million) in FY2007.
ICICI Venture Funds
Management Company (ICICI Venture) is the largest Indian private equity company
with assets under management of about Rs. 9,550 crore (US$ 2.4 billion). ICICI
Venture’s profit after tax for the year ended March 31, 2008 was Rs. 90 crore
(US$ 22 million).
Summary
Profit and Loss Statement (as per unconsolidated Indian GAAP
accounts)
Rs. crore
|
Q4-2007
|
Q4-2008
|
Growth
over
Q4-2007
|
FY2007
|
FY2008
|
Growth
over
FY2007
|
|
|
Net interest income1
|
1,609
|
2,079
|
29%
|
5,637
|
7,304
|
30%
|
|
Non-interest
income
|
2,099
|
2,362
|
13%
|
6,928
|
8,811
|
27%
|
|
- Fee
income
|
1,427
|
1,928
|
35%
|
5,012
|
6,627
|
32%
|
|
- Treasury
income
|
445
|
164
|
-63%
|
1,013
|
815
|
-20%
|
|
- Other
income
|
227
|
270
|
19%
|
903
|
1,369
|
52%
|
|
Total
income
|
3,708
|
4,441
|
20%
|
12,565
|
16,115
|
28%
|
|
Less:
|
||||||
|
Operating
expense
|
1,454
|
1,746
|
20%
|
4,979
|
6,429
|
29%
|
|
Expenses on direct market agents
(DMAs) 2
|
423
|
358
|
-15%
|
1,524
|
1,543
|
1%
|
|
Lease
depreciation
|
44
|
46
|
5%
|
188
|
182
|
-3%
|
|
Operating
profit
|
1,788
|
2,291
|
28%
|
5,874
|
7,961
|
36%
|
|
Less:
Provisions
|
876
|
948
|
8%
|
2,226
|
2,905
|
31%
|
|
Profit before
tax
|
912
|
1,343
|
47%
|
3,648
|
5,056
|
39%
|
|
Less: Tax
|
87
|
193
|
123%
|
538
|
898
|
67%
|
|
Profit after
tax
|
825
|
1,150
|
39%
|
3,110
|
4,158
|
34%
|
|
1.
|
Net
of premium amortisation on government securities of Rs. 2.66 bn in
Q4-2007, Rs. 2.40 bn in Q4-2008, Rs. 9.99 bn in FY2007 and Rs. 8.98 bn in
FY2008.
|
|
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
|
||
|
Mar 31,
2007
|
Mar 31,
2008
|
|
|
Assets
|
||
|
Cash balances
with banks & SLR
|
104,489
|
113,072
|
|
-
Cash & bank balances
|
37,121
|
38,041
|
|
-
SLR investments
|
67,368
|
75,031
|
|
Advances1
|
195,866
|
225,616
|
|
Other
investments
|
23,890
|
36,423
|
|
Fixed &
other assets
|
20,413
|
24,684
|
|
Total
|
344,658
|
399,795
|
|
Liabilities
|
||
|
Networth
|
24,313
|
46,470
|
|
-
Equity capital
|
899
|
1,113
|
|
-
Reserves
|
23,414
|
45,358
|
|
Preference
capital
|
350
|
350
|
|
Deposits
|
230,510
|
244,431
|
|
Other
borrowings
|
70,661
|
86,399
|
|
Other
liabilities
|
18,824
|
22,145
|
|
Total
|
344,658
|
399,795
|
1.
Consolidated advances of the Bank and its overseas banking subsidiaries and
ICICI HFC increased 19% to Rs. 252,071 crore at March 31, 2008 from Rs. 211,660
crore at March 31, 2007.
Except
for the historical information contained herein, statements in this release
which contain words or phrases such as 'will', ‘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, opportunities
and growth potential to differ materially from those suggested by the
forward-looking statements. These risks and uncertainties include, but are not
limited to, the actual growth in demand for banking and other financial products
and services in the countries that we operate or where a material number of our
customers reside, our ability to successfully implement our strategy, including
our use of the Internet and other technology and our rural expansion, our
ability to integrate recent or future mergers or acquisitions into our
operations, our ability to manage the increased complexity of the risks we face
following our rapid international growth, future levels of impaired loans, our
growth and expansion in domestic and overseas markets, the adequacy of our
allowance for credit and investment losses, technological changes, investment
income, our ability to market new products, cash flow projections, the outcome
of any legal, tax or regulatory proceedings in India and in other jurisdictions
we are or become a party to, the future impact of new accounting standards, our
ability to implement our dividend policy, the impact of changes in banking
regulations and other regulatory changes in India and other jurisdictions on us,
including on the assets and liabilities of ICICI, a former financial institution
not subject to Indian banking regulations, the bond and loan market
5
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
|
|
|
conditions
and availability of liquidity amongst the investor community in these markets,
the nature of credit spreads, interest spreads from time to time, including the
possibility of increasing credit spreads or interest rates, our ability to roll
over our short-term funding sources and our exposure to credit, market and
liquidity risks as well as other risks that are 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.
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 Pankaj Jain at 91-22-2653 6379 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. 40.12
6