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 July 2007
Commission File Number:
001-15002
ICICI Bank
Limited
(Translation of registrants 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 12g3-2(b): Not Applicable
TABLE OF CONTENTS
Item | |
1. | News Release dated July 21, 2007 |
2. | Audited Financial Results for the quarter ended June 30, 2007 |
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 authorized.
ICICI Bank Limited | ||
Date: July 21, 2007 | By: | /s/ Nilesh Trivedi |
Name: Title: |
Nilesh
Trivedi Assistant Company Secretary |
Item 1 | ||
ICICI Bank
Limited ICICI Bank Towers Bandra Kurla Complex Mumbai 400 051 |
||
News Release | July 21, 2007 |
Performance Review Quarter ended June 30, 2007: 25% year-on-year growth in profit after tax
The Board of Directors of ICICI Bank Limited (NYSE: IBN) at its meeting held at Vadodara today, approved the audited accounts of the Bank for the quarter ended June 30, 2007 (Q1-2008).
Highlights
| Operating profit increased 58% to Rs. 1,524 crore (US$ 374 million) in Q1-2008 from Rs. 965 crore (US$ 237 million) in Q1-2007. |
| Profit after tax increased 25% to Rs. 775 crore (US$ 190 million) in Q1- 2008 from Rs. 620 crore (US$ 152 million) in Q1-2007. |
| Fee income increased 35% to Rs. 1,428 crore (US$ 351 million) during Q1-2008 from Rs. 1,055 crore (US$ 259 million) in Q1-2007. |
| Net interest income increased 16% to Rs. 1,714 crore (US$ 421 million) from Rs. 1,475 crore (US$ 362 million) in Q1-2007. |
| Profit before tax increased 30% to Rs. 972 crore (US$ 239 million) in Q1-2008 from Rs. 749 crore (US$ 184 million) in Q1-2007. |
| Total advances increased 35% to Rs. 198,277 crore (US$ 48.7 billion) at June 30, 2007 from Rs. 147,184 crore (US$ 36.2 billion) at June 30, 2006. |
| Deposits increased 26% to Rs. 230,788 crore (US$ 56.7 billion) at June 30, 2007 from Rs. 183,006 crore (US$ 45.0 billion) at June 30, 2006. |
Capital raising
The Bank successfully undertook a capital raising exercise of about Rs. 20,000 crore (US$ 4.9 billion)1 through a simultaneous public issue in India and issue of American Depositary Shares (ADS) in the United States. This was the largest capital raising exercise by an Indian company. The domestic offering was subscribed 11.5 times.
1 Assuming exercise of the green shoe option in the public issue in India. The green shoe option in the American Depositary Share Offering has been exercised.
ICICI Bank
Limited ICICI Bank Towers Bandra Kurla Complex Mumbai 400 051 |
||
Operating review
Credit growth
The Banks total advances increased 35% to Rs. 198,277 crore (US$ 48.7 billion) at June 30, 2007 from Rs. 147,184 crore (US$ 36.2 billion) at June 30, 2006. The Banks retail advances increased by 29% to Rs. 127,416 crore (US$ 31.3 billion) at June 30, 2007 from Rs. 98,684 crore (US$ 24.2 billion) at June 30, 2006 after sell-down of about Rs. 3,850 crore (US$ 946 million) of retail loans during Q1-2008. Retail advances constituted 64% of advances at June 30, 2007. The proportion of advances of the Banks international branches in total advances increased from 9.1% at June 30, 2006 to 16.4% at June 30, 2007. The Bank is focusing on fee based products and services, as well as utilising opportunities presented by the domestic and international expansion of Indian companies. The Banks rural portfolio increased by 24% to about Rs. 14,136 crore (US$ 3.5 billion) at June 30, 2007 from Rs. 11,368 crore (US$ 2.8 bn) at June 30, 2006. The Bank is also extending its reach in the small and medium enterprises segment.
Deposit growth
The Banks total deposits increased 26% to Rs. 230,788 crore (US$ 56.7 billion) at June 30, 2007 from Rs. 183,006 crore (US$ 45.0 billion) at June 30, 2006. During this period, savings deposits increased by 33% to Rs. 32,121 crore (US$ 7.9 billion) from Rs. 24,217 crore (US$ 5.9 billion). The Bank added 198 ATMs during the quarter, taking the number of ATMs to 3,469. The Bank had 950 branches (including 48 extension counters) at June 30, 2007.
International operations
The Bank has wholly-owned subsidiaries, branches and representative offices in 17 countries, and an offshore banking unit in Mumbai. The total assets of the Banks international branches increased to about Rs. 53,550 crore (US$ 13.2 billion) at June 30, 2007 from about Rs. 32,000 crore (US$ 7.9 billion) at June 30, 2006. The total assets of the Banks international banking subsidiaries increased to about Rs. 36,100 crore (US$ 8.9 billion) at June 30, 2007 from about Rs. 16,500 crore (US$ 4.1 billion) at June 30, 2006. The Banks remittance business volumes were about Rs. 8,500 crore (US$ 2.1 billion) during Q1-2008. ICICI Bank UKs profit after tax for Q1-2008 was US$ 18.7 million. At June 30, 2007 the Banks international operations accounted for about 20% of its consolidated banking assets.
2
ICICI Bank
Limited ICICI Bank Towers Bandra Kurla Complex Mumbai 400 051 |
||
Capital adequacy
The Banks capital adequacy at June 30, 2007 was 11.0% 2, including Tier-1 capital adequacy of 7.1% . The impact of the equity capital raised in June 2007 will be reflected from the next quarter onwards.
Asset quality
At June 30, 2007, the Banks net non-performing assets constituted 1.3% of net customer assets.
Insurance and asset management subsidiaries
ICICI Prudential Life Insurance Company (ICICI Life) continued to maintain its market leadership among private sector life insurance companies with a market share of 25% on the basis of weighted received new business premium in April-May 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 resulted in an accounting loss of Rs. 242 crore (US$ 59 million) in Q1-2008 on account of the above reasons, the companys unaudited New Business Achieved Profit (NBAP) in Q1-2008 was Rs. 165 crore (US$ 41 million). NBAP 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-May 2007. ICICI Generals profit after tax was Rs. 45 crore (US$ 11 million) in Q1-2008.
At June 30, 2007, ICICI Prudential Asset Management Company (ICICI AMC) was among the top two-asset management companies in India with assets under management of about Rs. 43,650 crore (US$ 10.7 billion). ICICI AMCs profit after tax was Rs. 28 crore (US$ 7 million) in Q1-2008.
2 USD 750 million 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 Reserve Bank of India regarding certain terms of these bonds. If these bonds were considered as Tier II capital, the CAR would be 12.1% .
3
ICICI Bank
Limited ICICI Bank Towers Bandra Kurla Complex Mumbai 400 051 |
||
Summary Profit and Loss Statement
Rs. crore |
Q1-2007 | Q1-2008 |
Growth over Q1-2007 |
FY2007 | |
Net interest income | 1,475 | 1,714 | 16% | 6,636 |
Non-interest income (excluding treasury) |
1,260 | 1,755 | 39% | 5,914 |
- Fee income 1 | 1,055 | 1,428 | 35% | 5,012 |
- Lease & other income (includes dividend from subsidiaries) |
205 | 327 | 60% | 902 |
Less: | ||||
Operating expense | 1,080 | 1,479 | 37% | 4,979 |
Expenses on direct marketing agents (DMAs) |
391 | 383 | -2% | 1,524 |
Lease depreciation | 50 | 43 | -14% | 188 |
Core operating profit | 1,214 | 1,564 | 29% | 5,859 |
Treasury gains | 18 | 195 | - | 1,014 |
Less: Premium amortisation on SLR securities |
267 | 235 | -12% | 999 |
Operating profit | 965 | 1,524 | 58% | 5,874 |
Provisions | 216 | 5522 | 156% | 2,2263 |
Profit before tax | 749 | 972 | 30% | 3,648 |
Less: Tax | 129 | 197 | 53% | 538 |
Profit after tax | 620 | 775 | 25% | 3,110 |
1. | Includes income from treasury products and services. |
2. | Includes impact of higher proportion of non-collateralised loans in the retail portfolio and seasoning of the retail portfolio. |
3. | Includes impact of about Rs. 555 crore (US$ 136 million) due to increase in general provisioning requirement stipulated by RBI during the year. |
4. | 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 |
June 30, 2006 |
June 30, 20071 |
Growth over Q1-2007 |
FY2007 |
|
Assets | ||||
Cash balances with banks & SLR |
81,076 | 106,069 | 31% | 104,489 |
- Cash & bank balances | 20,563 | 29,649 | 44% | 37,121 |
- SLR investments | 60,513 | 76,420 | 26% | 67,368 |
Advances | 147,184 | 198,277 | 35% | 195,866 |
Other investments | 20,827 | 33,081 | 59% | 23,890 |
Fixed & other assets | 17,178 | 19,505 | 14% | 20,413 |
Total assets | 266,265 | 356,932 | 34% | 344,658 |
Liabilities | ||||
Networth | 22,770 | 24,686 | 8% | 24,313 |
- Equity capital | 892 | 903 | 1% | 899 |
- Reserves | 21,878 | 23,783 | 9% | 23,414 |
Preference capital | 350 | 350 | - | 350 |
Deposits | 183,006 | 230,788 | 26% | 230,510 |
Borrowings - domestic | 33,426 | 36,256 | 9% | 38,517 |
Borrowings - overseas branches |
13,417 | 34,025 | 154% | 32,144 |
Other liabilities | 13,296 | 30,827 | 132% | 18,824 |
Total liabilities | 266,265 | 356,932 | 34% | 344,658 |
1. | Sangli Bank has merged with ICICI Bank 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. |
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. 40.71
6
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 FINANCIAL RESULTS
(Rs. in crore) |
Sr. No. |
Particulars | Three months ended |
Year ended March 31, 2007 |
|
June 30, 2007 | June 30, 2006 | |||
1. | Interest earned (a)+(b)+(c)+(d) | 7,566.13 | 5,038.63 | 22,994.29 |
a) Interest/discount on advances/bills | 5,449.24 | 3,437.18 | 16,096.31 | |
b) Income on investments | 1,914.01 | 1,342.47 | 5,988.54 | |
c) Interest on balances with Reserve Bank of India and other interbank funds | 152.06 | 245.91 | 808.56 | |
d) Others | 50.82 | 13.07 | 100.88 | |
2. | Other income | 1,715.29 | 1,011.03 | 5,929.17 |
A) TOTAL INCOME (1) + (2) | 9,281.42 | 6,049.66 | 28,923.46 | |
3. | Interest expended | 5,851.88 | 3,563.35 | 16,358.50 |
4. | Operating expenses (e) + (f) + (g) | 1,905.32 | 1,521.48 | 6,690.56 |
e) Payments to and provisions for employees | 521.84 | 356.76 | 1,616.75 | |
f) Direct marketing agency expenses | 382.66 | 390.84 | 1,523.90 | |
g) Other operating expenses | 1,000.82 | 773.88 | 3,549.91 | |
B) TOTAL EXPENDITURE
(3) + (4) (excluding provisions and contingencies) |
7,757.20 | 5,084.83 | 23,049.06 | |
5. |
OPERATING PROFIT (A-B) (Profit before provisions and contingencies) |
1,524.22 | 964.83 | 5,874.40 |
6. | Other provisions and contingencies | 552.27 | 216.25 | 2,226.36 |
7. | Provision for taxes | |||
a) Current period tax | 327.61 | 167.08 | 984.25 | |
b) Deferred tax adjustment | (130.74) | (38.51) | (446.43) | |
8. | NET PROFIT (5-6-7) | 775.08 | 620.01 | 3,110.22 |
9. | Paid-up equity share capital (face value Rs. 10/-) | 903.09 | 891.92 | 899.34 |
10. | Reserves excluding revaluation reserves | 23,783.34 | 21,878.76 | 23,413.92 |
11. | Analytical ratios | |||
(i) Percentage of shares held by Government of India | .. | .. | .. | |
(ii) Capital adequacy ratio | 11.03% | 12.46% | 11.69% | |
(iii) Earnings per share for the period (not annualised for quarter/period) (in Rs.) (basic) | 8.61 | 6.96 | 34.84 | |
(iv) Earnings per share for the period (not annualised for quarter/period) (in Rs.) (diluted) | 8.54 | 6.90 | 34.64 | |
12. | Aggregate of non-promoter shareholding | |||
No. of shares | 903,012,278 | 891,895,485 | 899,266,672 | |
Percentage of shareholding | 100 | 100 | 100 | |
13. | Deposits | 230,788.35 | 183,006.49 | 230,510.19 |
14. | Advances | 198,277.30 | 147,184.15 | 195,865.60 |
15. | Total assets | 356,932.24 | 266,265.18 | 344,658.11 |
1. | The financials 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 61,923,519 equity shares 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. 8,750.00 crore on July 5, 2007. The green shoe option in this public issue of equity shares has not yet been exercised. |
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 June 30, 2007, the Bank allotted 290,598 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 June 30, 2007. |
Opening balance | Additions | Disposals | Closing balance |
2 | 149 | 143 | 8 |
7. | Provision for current period tax includes Rs. 12.48 crore towards provision for fringe benefit tax for the quarter ended June 30, 2007. |
8. | USD 750 million (Rs. 3,052.87 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. If these bonds were considered as Tier II capital, the CAR would be 12.06%. |
9. | As required by RBI circular no. DBOD.BP.BC.87/21.04.141/2006-07 dated April 20, 2007, the Bank has deducted the amortisation of premium on government securities, which was earlier included in Other provisions and contingencies, from Other income. 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 July 21, 2007. |
Place : Vadodara | Chanda D. Kochhar | |
Date : July 21, 2007 | Deputy Managing Director |
SEGMENTAL INFORMATION OF ICICI BANK LIMITED FOR THE QUARTER ENDED JUNE 30, 2007
(Rs. in crore) |
Sr. No. |
Particulars | Three months ended |
Year ended March 31, 2007 |
|
June 30, 2007 | June 30, 2006 | |||
1. | Segment Revenue | |||
a | Consumer and Commercial Banking | 7,435.15 | 5,048.48 | 23,479.37 |
b | Investment Banking | 2,270.87 | 1,327.59 | 7,066.20 |
Total revenue | 9,706.02 | 6,376.07 | 30,545.57 | |
Less: Inter Segment Revenue | 424.60 | 326.41 | 1,622.11 | |
Income from Operations | 9,281.42 | 6,049.66 | 28,923.46 | |
2. | Segmental Results (i.e. Profit before tax & provisions) | |||
a | Consumer and Commercial Banking | 1,042.96 | 813.96 | 4,535.25 |
b | Investment Banking | 490.86 | 160.47 | 1,377.55 |
Total profit before tax & provisions | 1,533.82 | 974.43 | 5,912.80 | |
3. | Provisions | |||
a | Consumer and Commercial Banking | 539.25 | 201.95 | 2,196.86 |
b | Investment Banking | 13.02 | 14.30 | 29.50 |
Total provisions | 552.27 | 216.25 | 2,226.36 | |
4. | Segment Results (i.e. Profit before tax) | |||
a | Consumer and Commercial Banking | 503.71 | 612.01 | 2,338.39 |
b | Investment Banking | 477.84 | 146.17 | 1,348.05 |
Total profit before tax | 981.55 | 758.18 | 3,686.44 | |
Unallocated | 9.60 | 9.60 | 38.40 | |
Tax | 196.87 | 128.57 | 537.82 | |
Profit after tax | 775.08 | 620.01 | 3,110.22 | |
5. | Capital Employed (i.e. Segment Assets Segment Liabilities excluding inter-segmental funds lent and borrowed) | |||
a | Consumer and Commercial Banking | (45,161.59) | (44,211.46) | (47,842.84) |
b | Investment Banking | 65,661.29 | 64,133.54 | 68,079.85 |
Total capital employed | 20,499.70 | 19,922.08 | 20,237.01 |