Form
20-F X
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Form
40-F
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Yes
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No X
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Yes
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No X
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Yes
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No X
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Item
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1.
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News
Release dated July 26, 2008
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Date:
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July
26, 2008
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||||
ICICI
Bank Limited
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||||||
By:
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/s/ Mehernosh Kapadia | |||||
Name
:
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Mr.
Mehernosh Kapadia
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|||||
Title
:
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General
Manager & Joint Company Secretary
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
News
Release
|
July
26, 2008
|
• |
Core operating profit (operating profit
excluding treasury) for Q12009 increased 74% to Rs. 2,308 crore (US$ 536
million) from Rs. 1,330 crore (US$ 309 million) for the quarter ended June
30, 2007 (Q1-2008).
|
• |
Net interest income increased 41%
to Rs. 2,090 crore
(US$ 486 million) for Q1-2009 from Rs. 1,479 crore (US$ 344 million) for
Q1-2008.
|
• |
Fee income increased 37% to Rs.
1,958 crore (US$ 455 million) for Q1-2009 from Rs. 1,428 crore (US$ 332
million) for Q1-2008.
|
• |
Sharp increase in interest rates
and adverse market
conditions during the quarter had a negative impact of Rs. 594 crore (US$
138 million) on the Bank’s trading portfolio and Statutory
Liquidity Ratio (SLR) securities portfolio, and its treasury income in
Q1-2009.
|
• |
Despite the negative impact
on the
Bank’s treasury income, profit after
tax for Q1-2009 was Rs. 728 crore (US$ 169 million) compared to Rs. 775
crore (US$ 180 million) for Q1-2008.
|
• |
At June 30, 2008, ICICI Bank and
its subsidiaries had consolidated total assets of Rs. 484,643
crore (US$ 112.6
billion).
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
• |
Building a
retail deposit base which gives the Bank access to low cost deposits on a
sustainable basis: ICICI Bank UK Plc and ICICI Bank Canada raised about
US$ 1.5 billion of retail deposits in Q1-2009.
|
• |
Being the
preferred financier and adviser for overseas acquisitions by Indian
corporates and strengthening the global syndication network: The Bank was
ranked #1 in offshore loan syndications of Indian corporates during
January-June 2008.
|
• |
Being the
preferred bank for non-resident Indians: The Bank’s remittance volumes
increased by 35% in Q1-2009 to about Rs. 11,400 crore (US$ 2.6 billion)
compared to Q1-2008.
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
Q1-2008
|
Q1-2009
|
FY2008
|
|||
Net interest
income 1
|
1,479
|
2,090
|
7,304
|
||
Non-interest
income
|
1,756
|
2,132
|
7,997
|
||
- Fee
income
|
1,428
|
1,958
|
6,627
|
||
- Lease and
other income
|
328
|
174
|
1,369
|
||
Less:
|
|||||
Operating
expense
|
1,479
|
1,634
|
6,429
|
||
Expenses on direct
market agents (DMAs)
2
|
383
|
228
|
1,543
|
||
Lease
depreciation
|
44
|
51
|
182
|
||
Core operating
profit
|
1,330
|
2,308
|
7,147
|
||
Treasury
income
|
195
|
(594)
|
815
|
||
Operating
profit
|
1,524
|
1,714
|
7,961
|
||
Less:
Provisions
|
552
|
792
|
2,905
|
||
Profit before
tax
|
972
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922
|
5,056
|
||
Less: Tax
|
197
|
194
|
898
|
||
Profit after
tax
|
775
|
728
|
4,158
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
June 30,
2007
|
June 30,
2008
|
March 31,
2008
|
|
Assets
|
|||
Cash balances with banks &
SLR
|
106,068
|
107,558
|
113,072
|
- Cash & bank
balances
|
29,648
|
35,551
|
38,041
|
- SLR
investments
|
76,420
|
72,007
|
75,031
|
Advances
1
|
198,277
|
224,146
|
225,616
|
Other
investments
|
33,081
|
35,998
|
36,423
|
Fixed & other
assets
|
19,505
|
26,454
|
24,684
|
Total
|
356,932
|
394,156
|
399,795
|
Liabilities
|
|||
Networth
|
24,686
|
47,394
|
46,470
|
- Equity
capital
|
903
|
1,113
|
1,113
|
-
Reserves
|
23,783
|
46,281
|
45,358
|
Preference
capital
|
350
|
350
|
350
|
Deposits
|
230,788
|
234,461
|
244,431
|
Borrowings
|
70,281
|
93,823
|
86,399
|
Other
liabilities
|
30,826
|
18,128
|
22,145
|
Total
|
356,932
|
394,156
|
399,795
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
Sr.
|
Particulars
|
Three months
ended
|
Year
ended
|
|
No.
|
June 30,
2008
|
June 30,
2007
|
March 31,
2008
|
|
(Audited)
|
(Audited)
|
(Audited)
|
||
1.
|
Interest earned
(a)+(b)+(c)+(d)
|
7,891.80
|
7,330.83
|
30,788.34
|
a) Interest/discount on
advances/bills
|
5,754.16
|
5,449.24
|
22,600.99
|
|
b) Income on
investments
|
1,888.22
|
1,678.71
|
7,466.01
|
|
c) Interest on balances with
Reserve Bank of India and other interbank funds
|
128.95
|
152.06
|
611.99
|
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d) Others
|
120.47
|
50.82
|
109.35
|
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2.
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Other
income
|
1,538.18
|
1,950.59
|
8,810.77
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3.
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A) TOTAL INCOME
(1)+(2)
|
9,429.98
|
9,281.42
|
39,599.11
|
4.
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Interest
expended
|
5,802.05
|
5,851.88
|
23,484.24
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5.
|
Operating expenses (e) + (f) +
(g)
|
1,913.91
|
1,905.32
|
8,154.18
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e) Employee
cost
|
523.22
|
521.84
|
2,078.90
|
|
f) Direct marketing
expenses
|
228.33
|
382.66
|
1,542.74
|
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g) Other operating
expenses
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1,162.36
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1,000.82
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4,532.54
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6.
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B) TOTAL
EXPENDITURE (4)+(5) (excluding provisions and
contingencies)
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7,715.96
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7,757.20
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31,638.42
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7.
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OPERATING
PROFIT (A-B) (Profit before provisions and
contingencies)
|
1,714.02
|
1,524.22
|
7,960.69
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8.
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Provisions (other than tax) and
contingencies
|
792.49
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552.27
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2,904.59
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9.
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Exceptional
items
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..
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..
|
..
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10.
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PROFIT
/ LOSS FROM ORDINARY ACTIVITIES BEFORE TAX (7)–(8)–(9)
|
921.53
|
971.95
|
5,056.10
|
11.
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Tax expense (a) +
(b)
|
193.52
|
196.87
|
898.37
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a) Current period
tax
|
364.64
|
327.61
|
1,611.73
|
|
b) Deferred tax
adjustment
|
(171.12)
|
(130.74)
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(713.36)
|
|
12.
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NET
PROFIT / LOSS FROM ORDINARY ACTIVITES (10)–(11)
|
728.01
|
775.08
|
4,157.73
|
13.
|
Extraordinary items (net of tax
expense)
|
..
|
..
|
..
|
14.
|
NET
PROFIT / LOSS FOR THE PERIOD(12)–(13)
|
728.01
|
775.08
|
4,157.73
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15.
|
Paid-up equity share capital (face
value Rs. 10/-)
|
1,113.12
|
903.09
|
1,112.68
|
16.
|
Reserves excluding revaluation
reserves
|
46,280.97
|
23,783.34
|
45,357.53
|
17.
|
Analytical
ratios
|
|||
(i) Percentage of shares held by
Government of India
|
..
|
..
|
..
|
|
(ii) Capital adequacy
ratio
|
13.42%
|
11.03%
|
13.97%
|
|
(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.)
|
6.54
|
8.61
|
39.39
|
|
Diluted EPS before and after
extraordinary items net of tax expenses (not annualised for quarter/
period) (in Rs.)
|
6.51
|
8.54
|
39.15
|
|
18.
|
NPA Ratio
|
|||
i) Gross non-performing advances
(net of technical write-off)
|
8,511.36
|
5,292.04
|
7,579.54
|
|
ii) Net non-performing
advances
|
4,033.57
|
2,674.19
|
3,490.55
|
|
iii) % of gross non-performing
advances (net of technical write-off) to gross advances (net of
write-off)
|
3.72%
|
2.63%
|
3.30%
|
|
iv)
% of net non-performing advances to net advances1
|
1.80%
|
1.35%
|
1.55%
|
|
19.
|
Return on assets
(annualised)
|
0.73%
|
0.90%
|
1.12%
|
20.
|
Aggregate of non-promoter
shareholding
|
|||
• No. of shares
|
1,113,092,261
|
903,012,278
|
1,112,687,495
|
|
• Percentage of shareholding
|
100
|
100
|
100
|
|
21.
|
Deposits
|
234,460.77
|
230,788.35
|
244,431.05
|
22.
|
Advances
|
224,145.92
|
198,277.30
|
225,616.08
|
23.
|
Total
assets
|
394,156.03
|
356,932.24
|
399,795.08
|
Sr.
|
Particulars
|
Three months
ended
|
Year
ended
|
|
No.
|
June 30,
2008
|
June 30,
2007
|
March 31,
2008
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||
1.
|
Total
income
|
14,644.30
|
12,729.82
|
60,053.08
|
2.
|
Net profit
|
617.27
|
744.37
|
3,398.23
|
3.
|
Earnings per share
(EPS)
|
|||
Earnings per share for the period
(not annualised for quarter/period) (in Rs.)
(basic)
|
5.55
|
8.19
|
32.19
|
|
Earnings per share for the period
(not annualised for quarter/period) (in Rs.)
(diluted)
|
5.52
|
8.13
|
32.00
|
Sr.
No.
|
Particulars
|
Three months
ended
|
Year
ended
|
June 30,
2008
|
March 31,
2008
|
||
(Audited)
|
(Audited)
|
||
1.
|
Segment
Revenue
|
||
a
|
Retail
Banking
|
6,077.58
|
24,418.54
|
b
|
Wholesale
Banking
|
6,688.98
|
24,949.35
|
c
|
Treasury
|
6,777.85
|
29,098.26
|
d
|
Other
Banking
|
76.17
|
274.92
|
Total
revenue
|
19,620.58
|
78,741.07
|
|
Less: Inter Segment
Revenue
|
10,190.60
|
39,141.96
|
|
Income from
Operations
|
9,429.98
|
39,599.11
|
|
2.
|
Segmental Results (i.e. Profit
before tax)
|
||
a
|
Retail
Banking
|
135.45
|
1,083.84
|
b
|
Wholesale
Banking
|
1,193.10
|
3,624.06
|
c
|
Treasury
|
(409.22)
|
515.92
|
d
|
Other
Banking
|
11.80
|
25.21
|
Total segment
results
|
931.13
|
5,249.03
|
|
Unallocated
expenses
|
9.60
|
192.93
|
|
Profit before
tax
|
921.53
|
5,056.10
|
|
3.
|
Capital Employed (i.e. Segment
Assets – Segment Liabilities)
|
||
a
|
Retail
Banking
|
(3,638.20)
|
(4,045.54)
|
b
|
Wholesale
Banking
|
(1,508.52)
|
(11,423.26)
|
c
|
Treasury
|
46,579.82
|
56,694.99
|
d
|
Other
Banking
|
1,058.02
|
669.30
|
e
|
Unallocated
|
5,252.97
|
4,924.72
|
Total
|
47,744.09
|
46,820.21
|
Sr.
No.
|
Particulars
|
Three months
ended
|
June 30,
2007
|
||
(Audited)
|
||
1.
|
Segment
Revenue
|
|
a
|
Consumer and Commercial
Banking
|
7,435.15
|
b
|
Investment
Banking
|
2,270.87
|
Total
revenue
|
9,706.02
|
|
Less: Inter Segment
Revenue
|
424.60
|
|
Income from
Operations
|
9,281.42
|
|
2.
|
Segment Results (i.e. Profit
before tax)
|
|
a
|
Consumer and Commercial
Banking
|
503.71
|
b
|
Investment
Banking
|
477.84
|
Total segment
results
|
981.55
|
|
Unallocated
expenses
|
9.60
|
|
Profit before
tax
|
971.95
|
|
3.
|
Capital Employed (i.e. Segment
Assets – Segment Liabilities)
|
|
a
|
Consumer and Commercial
Banking
|
(45,161.59)
|
b
|
Investment
Banking
|
65,661.29
|
Total capital
employed
|
20,499.70
|
1.
|
The disclosure
on segmental reporting has been modified pursuant to Reserve Bank of India
(RBI) circular no. DB0D.No.BP.BC.81/21.04.018/2006-07 dated April 18, 2007
on guidelines on enhanced disclosure on ”Segmental Reporting” which is
effective from the reporting period ended March 31, 2008. The segmental
results for three months ended June 30, 2007 are not comparable due to
this change. The figures for the three months ended June 30, 2007 based on
the revised guidelines have not been provided.
|
2.
|
“Retail
Banking” includes exposures which satisfy the four criteria of
orientation, product, granularity and low value of individual exposures
for retail exposures laid down in Basel Committee on Banking Supervision
document “International Convergence of Capital Measurement and Capital
Standards: A Revised Framework”.
|
3.
|
“Wholesale
Banking” includes all advances to trusts, partnership firms, companies and
statutory bodies, which are not included under Retail
Banking.
|
4.
|
“Treasury“
includes the entire investment portfolio of the Bank.
|
5.
|
“Other
Banking” includes hire purchase and leasing operations and also includes
gain/loss on sale of banking & non-banking assets and other items not
attributable to any particular business
segment.
|
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 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 follow on public issue of equity shares,
aggregating to Rs. 10,043.71 crore on July 5, 2007. During the three
months ended June 30, 2008, 479,018 partly paid shares were converted into
fully paid shares after receipt of call money.
|
4.
|
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.
|
5.
|
During the
three months ended June 30, 2008, the Bank allotted 404,766 equity shares
of Rs. 10.00 each pursuant to exercise of employee stock
options.
|
6.
|
Status of
equity investors’ complaints / grievances for the three months ended June
30, 2008:
|
Opening
|
Additions
|
Disposals
|
Closing
|
balance
|
balance
|
||
7
|
340
|
342
|
5
|
7.
|
Provision for
current period tax includes Rs. 12.49 crore towards provision for fringe
benefit tax for the three months ended June 30, 2008 (Rs. 39.20 crore for
the year ended March 31, 2008).
|
8.
|
RBI vide its
circular DBOD.No.BP.BC.90/20.06.001/2006-07 dated April 27, 2007 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. Accordingly, the CAR for June 30, 2008 and
March 31, 2008 is as per Basel II framework and for June 30, 2007, is as
per the earlier framework.
|
9.
|
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. 218.93 crore for the three months
ended June 30, 2008 (Rs. 897.62 crore for the year ended March 31, 2008
and Rs. 235.30 crore for the three months ended June 30, 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 approved by the Board of Directors at its
meeting held on July 26, 2008.
|
12.
|
The above
financial results are audited by the statutory auditors, B S R & Co.,
Chartered Accountants.
|
13.
|
Rs. 1 crore =
Rs. 10 million.
|
Place
: Vadodara
|
Chanda
D. Kochhar
|
Date
: July 26, 2008
|
Joint
Managing Director & CFO
|