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 January 2010
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 January 21, 2010 announcing the Bank’s Financial
Results
|
|
2.
|
Report
of B S R & Co., statutory auditors of the
Bank
|
| 3. |
Financial
Results for the three-month and nine-month periods ended December 31,
2009
|
| 4. |
News
Release dated January 21, 2010 relating to changes in the Board of
Directors of the Bank
|
Item
1
 |
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
| News Release | January 21, 2010 |
Performance Review
– Quarter ended December 31, 2009
|
·
|
6% sequential
increase in standalone profit after tax to Rs. 1,101 crore for the quarter
ended December 31, 2009 from Rs. 1,040 crore for the quarter ended
September 30, 2009
|
|
·
|
Net interest
margin increased to 2.6% for the quarter ended December 31, 2009 from 2.4%
for the quarter ended December 31, 2008 and 2.5% for the quarter ended
September 30, 2009
|
|
·
|
Current and
savings account (CASA) deposits increased by Rs. 15,579 crore during the
nine months ended December 31, 2009
|
|
·
|
CASA ratio
increased to 39.6% at December 31, 2009 from 27.4% at December 31, 2008
and 36.9% at September 30, 2009
|
|
·
|
Strong
capital adequacy ratio of 19.4% and Tier-1 capital adequacy ratio of
14.2%; Tier-1 capital adequacy ratio highest among large Indian
banks
|
The Board of
Directors of ICICI Bank Limited (NYSE: IBN) at its meeting held at Mumbai today,
approved the audited unconsolidated accounts and the unaudited consolidated
accounts of the Bank for the quarter ended December 31, 2009.
Profit & loss
account
|
·
|
Profit after
tax increased by 6% sequentially to Rs. 1,101 crore (US$ 237 million) for
the quarter ended December 31, 2009 (Q3-2010) from Rs. 1,040 crore (US$
224 million) for the quarter ended September 30, 2009 (Q2-2010). Profit
after tax was lower than Rs. 1,272 crore (US$ 273 million) for the quarter
ended December 31, 2008 (Q3-2009) due to absence of treasury income in
Q3-2010 compared to treasury income of Rs. 976 crore (US$ 210 million) in
Q3-2009, on account of increase in yields on government securities in
Q3-2010 compared to decline in yields in
Q3-2009.
|
|
·
|
Profit after
tax for the nine months ended December 31, 2009 (9M-2010) was Rs. 3,019
crore (US$ 649 million) compared to Rs. 3,014 crore (US$ 648 million) for
the nine months ended December 31, 2008
(9M-2009).
|
| |
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
|
·
|
Net interest
margin increased to 2.6% in Q3-2010 from 2.4% in Q3-2009 and 2.5% in
Q2-2010. Net interest income increased sequentially to Rs. 2,058 crore
(US$ 442 million) in Q3-2010 from Rs. 2,036 crore (US$ 438 million) in
Q2-2010. Net interest income increased by 3% from Rs. 1,990 crore (US$ 428
million) in Q3-2009 despite a decrease in loan
book.
|
|
·
|
Fee income
increased to Rs. 1,422 crore (US$ 306 million) in Q3-2010 from Rs. 1,387
crore (US$ 298 million) in Q2-2010. Fee income increased by 6% from Rs.
1,347 crore (US$ 289 million) in
Q3-2009.
|
|
·
|
Operating
expenses (including direct marketing agency expenses) decreased by 3% to
Rs. 1,342 crore (US$ 288 million) in Q3-2010 from Rs. 1,379 crore (US$ 296
million) in Q2-2010. Operating expenses decreased by 20% from Rs. 1,680
crore (US$ 361 million) in Q3-2009.
|
|
·
|
Total
provisions decreased to Rs. 1,002 crore (US$ 215 million) in Q3-2010 from
Rs. 1,071 crore (US$ 230 million) in Q2-2010. Provisions were Rs. 1,008
crore (US$ 217 million) in Q3-2009.
|
Balance
sheet
The Bank has made
further progress in its strategy of strengthening its deposit franchise. This is
reflected in the continued growth in savings and current account deposits and
increase in the CASA ratio. The Bank continues to invest in expansion of its
branch network to enhance its deposit franchise and create an integrated
distribution network for both asset and liability products.
CASA deposits grew
by 36% from Rs. 57,382 crore (US$ 12.3 billion) at December 31, 2008 to Rs.
78,247 crore (US$ 16.8 billion) at December 31, 2009 and the CASA ratio at
December 31, 2009 was 39.6%. Total deposits of the Bank were Rs. 197,653 crore
(US$ 42.5 billion) at December 31, 2009, compared to Rs. 197,832 crore (US$ 42.5
billion) at September 30, 2009.
The branch network
of the Bank stood at 1,626 at January 21, 2010. The Bank is in the process of
implementing the 580 branch licenses received from Reserve Bank of India which
would expand the branch network to about 2,000 branches, giving the Bank a wide
distribution reach in the country.
The loan book of
the Bank decreased to Rs. 179,269 crore (US$ 38.5 billion) at December 31, 2009
from Rs. 190,860 crore (US$ 41.0 billion) at September 30, 2009 mainly due to
the repayments from the retail loan portfolio and the loan portfolio of overseas
branches.
2
| |
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
Capital
adequacy
The Bank’s capital
adequacy at December 31, 2009 as per Reserve Bank of India’s Basel II norms was
19.4% and Tier-1 capital adequacy was 14.2%, well above RBI’s requirement of
total capital adequacy of 9.0% and Tier-1 capital adequacy of 6.0%.
Asset
quality
Net non-performing
assets decreased to Rs. 4,416 crore (US$ 949 million) at December 31, 2009 from
Rs. 4,558 crore (US$ 980 million) at September 30, 2009. At December 31, 2009,
the Bank’s net non-performing asset ratio was at the same level as September 30,
2009 at 2.19%.
Consolidated
profits
Consolidated profit
after tax of the Bank increased by 18% to Rs. 3,328 crore (US$ 715 million) for
9M-2010 from Rs. 2,829 crore (US$ 608 million) for 9M-2009.
Overseas banking
subsidiaries
ICICI Bank Canada’s
profit after tax for Q3-2010 was CAD 4.8 million. ICICI Bank Canada’s capital
position continued to be strong with a capital adequacy ratio of 23.5% at
December 31, 2009. ICICI Bank UK’s profit after tax for Q3-2010 was USD 7.3
million. ICICI Bank UK’s capital position continued to be strong with a capital
adequacy ratio of 17.0% at December 31, 2009.
Insurance
subsidiaries
ICICI Prudential
Life Insurance Company (ICICI Life) maintained its position as the largest
private sector life insurer based on retail new business weighted received
premium during 9M-2010. ICICI Life’s new business annualised premium equivalent
(APE) increased by 49% to Rs. 1,495 crore (US$ 321 million) in Q3-2010 from Rs.
1,002 crore (US$ 215 million) in Q3-2009. Renewal premium in Q3-2010 increased
by 20% compared to Q3-2009, reflecting the long term sustainability of the
business. ICICI Life’s unaudited New Business Profit (NBP) increased by 48% to
Rs. 282 crore (US$ 61 million) in Q3-2010 from Rs. 190 crore (US$ 41 million) in
Q3-2009. Assets held increased 89% to Rs. 53,619 crore (US$ 11.5 billion) at
December 31, 2009 from Rs. 28,445 crore (US$ 6.1 billion) at December 31,
2008.
3
| |
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
ICICI Lombard
General Insurance Company (ICICI General) maintained its leadership in the
private sector during 9M-2010. ICICI General’s premium in Q3-2010 was Rs. 833
crore (US$ 179 million). ICICI General’s profit after tax for Q3-2010 was Rs. 43
crore (US$ 9 million).
Securities and
asset management
ICICI Prudential
Asset Management Company’s profit after tax for Q3-2010 was Rs. 40 crore (US$ 9
million) and ICICI Securities’ profit after tax for Q3-2010 was Rs. 37 crore
(US$ 8 million).
Summary Profit and
Loss Statement (as per unconsolidated Indian GAAP accounts)
Rs. crore
|
FY 2009
|
Q3-2009
|
9M-2009
|
Q2-2010
|
Q3-2010
|
9M-2010
|
||
|
Net interest
income
|
8,367
|
1,990
|
6,228
|
2,036
|
2,058
|
6,079
|
|
|
Non-interest
income
|
7,603
|
2,515
|
5,930
|
1,824
|
1,673
|
5,587
|
|
|
- Fee
income
|
6,524
|
1,347
|
5,181
|
1,387
|
1,422
|
4,128
|
|
|
- Lease and other
income
|
636
|
192
|
520
|
140
|
2771
|
4741
|
|
|
- Treasury
income
|
443
|
976
|
229
|
297
|
(26)
|
985
|
|
|
Less:
|
|||||||
|
Operating
expense
|
6,306
|
1,577
|
4,754
|
1,358
|
1,311
|
4,134
|
|
|
Direct market agent
(DMA)2
expense
|
529
|
103
|
476
|
21
|
31
|
80
|
|
|
Lease
depreciation
|
210
|
54
|
158
|
46
|
20
|
119
|
|
|
Operating
profit
|
8,925
|
2,771
|
6,770
|
2,435
|
2,369
|
7,333
|
|
|
Less:
Provisions
|
3,808
|
1,008
|
2,724
|
1,071
|
1,002
|
3,397
|
|
|
Profit before
tax
|
5,117
|
1,763
|
4,046
|
1,364
|
1,367
|
3,936
|
|
|
Less: Tax
|
1,359
|
491
|
1,032
|
324
|
266
|
917
|
|
|
Profit after
tax
|
3,758
|
1,272
|
3,014
|
1,040
|
1,101
|
3,019
|
|
1.
|
Includes
profit of Rs. 203 crore related to transfer of merchant acquiring
operations to new entity 81% owned by First
Data.
|
|
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 re-grouped/re-arranged where
necessary.
|
4
| |
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
Summary Balance
Sheet
Rs.
crore
|
March 31,
2009
|
December 31, 2008
|
December 31, 2009
|
|
|
Assets
|
|||
|
Cash & bank
balances
|
29,966
|
27,083
|
30,578
|
|
Advances
|
218,311
|
212,521
|
179,269
|
|
Investments
|
103,058
|
106,538
|
123,409
|
|
Fixed & other
assets
|
27,966
|
28,268
|
22,972
|
|
Total
|
379,301
|
374,410
|
356,228
|
|
Liabilities
|
|||
|
Networth
|
49,533
|
50,035
|
52,240
|
|
- Equity
capital
|
1,113
|
1,113
|
1,114
|
|
- Reserves
|
48,420
|
48,922
|
51,126
|
|
Preference
capital
|
350
|
350
|
350
|
|
Deposits
|
218,348
|
209,065
|
197,653
|
|
CASA ratio
|
28.7%
|
27.4%
|
39.6%
|
|
Borrowings
|
92,805
|
99,069
|
91,479
|
|
Other
liabilities
|
18,265
|
15,891
|
14,506
|
|
Total
|
379,301
|
374,410
|
356,228
|
All financial and other information
in this press release, other than financial and other information for specific
subsidiaries where specifically mentioned, is on an unconsolidated basis for
ICICI Bank Limited only unless specifically stated to be on a consolidated basis
for ICICI Bank Limited and its subsidiaries. Please also refer to the statement
of unconsolidated, consolidated and segmental results required by Indian
regulations that has, along with this release, been filed with the stock
exchanges in India where ICICI Bank’s equity shares are listed and with the New
York Stock Exchange and the US Securities Exchange Commission, and is available
on our website www.icicibank.com.
Except
for the historical information contained herein, statements in this release
which contain words or phrases such as will” , “would”, “aim”,
“aimed”, “will likely result”, “is likely”, “are likely”, “believe”, “expect”,
“expected to”, “will continue”, “will achieve”, “anticipate”, “estimate”,
“estimating”, “intend”, “plan”, “contemplate”, “seek to”, “seeking to”, “trying
to”, “target”, “propose to”, “future”, “objective”, “goal”, “project”, “should”,
“can”, “could”, “may”, “will pursue”, 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 in or where a material number of our customers reside, our
ability to successfully implement our strategy, including our retail deposit
growth strategy, our use of the internet and other technology, our rural
expansion, our exploration of merger and acquisition opportunities, our ability
to integrate recent or future mergers or acquisitions into our operations and
manage
5
| |
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
the
risks associated with such acquisitions to achieve our strategic and financial
objectives, our ability to manage the increased complexity of the risks we face
following our rapid international growth, future levels of non performing and
restructured 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
state of the global financial system and systemic risks, the bond and loan
market conditions and availability of liquidity amongst the investor community
in these markets, the nature of credit spreads and 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 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. 46.53
6
Item
2
|
B S R &
Co.
(Registered)
Chartered
Accountants
|
KPMG
House
Kamala Mills
Compound
448, Senapati
Bapat Marg
Lower Parel,
Mumbai - 400 013
India
|
Telephone
Fax
|
+91(22) 3044
0800
+91(22) 3044
0900
|
Auditors’
Report on Quarterly Financial Results of ICICI Bank Limited pursuant to Clause
41 of the Listing Agreement
To the
Board of Directors
ICICl
Bank Limited
|
1.
|
We
have audited the quarterly condensed financial results of ICICI Bank
Limited (‘the Bank’) for the quarter ended 31 December 2009 and the year
to date results for the period 1 April 2009 to 31 December 2009, attached
herewith, being submitted by the Bank pursuant to the requirement of
clause 41 of the listing agreement. These quarterly condensed financial
results as well as the year to date condensed financial results have been
prepared from interim financial statements, which are the responsibility
of the Bank’s management. Our responsibility is to express an opinion on
these condensed financial results based on our audit of such interim
condensed financial statements, which have been prepared in accordance
with the recognition and measurement principles laid down in Accounting
Standard (AS) 25, Interim Financial Reporting, issued pursuant to the
Companies (Accounting Standards) Rules, 2006 as per Section 211(3C) of the
Companies Act, 1956.
|
|
2.
|
We
conducted our audit in accordance with the auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial results
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts disclosed as financial results. An
audit also includes assessing the accounting principles used and
significant estimates made by management. We believe that our audit
provides a reasonable basis for our
opinion.
|
|
3.
|
We
did not audit the financial statements of the Singapore, Bahrain and Hong
Kong branches of the Bank, whose financial statements reflect total assets
of Rs 778,824.0 million as at 31 December 2009 and total revenues of Rs
9,027.9 million for the three months then ended and total revenues of Rs
32,968.1 million for nine months then ended. These financial statements
have been audited by other auditors, duly qualified to act as auditors in
the country of incorporation of the said branches, whose reports have been
furnished to us, and which were relied upon by us for our opinion on the
condensed financial statements of the
Bank.
|
In our
opinion and to the best of our information and according to the explanations
given to us these quarterly condensed financial results:
|
a)
|
have
been presented in accordance with the requirements of clause 41 of the
Listing Agreement in this regard;
and
|
|
b)
|
give
a true and fair view of the net profit for the quarter ended 31 December
2009 as well as the year to date results for the period from 1 April 2009
to 31 December 2009.
|
|
B S R &
Co.
|
Further,
we also report that we have, on the basis of the books of account and other
records and information and explanations given to us by management of the Bank,
also verified the number of shares as well as percentage of shareholdings in
respect of aggregate amount of non promoter shareholdings, as furnished by the
Bank in terms of clause 35 of the listing agreement and found the same to be
correct.
For B S R & Co.
Chartered
Accountants
/s/ Akeel
Master
Akeel
Master
Partner
Membership
No: 046768
Mumbai
21
January 2010
Item
3
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
|
Nine months
ended
|
Year
ended
|
||
|
December 31,
2009
|
December 31,
2008
|
December 31,
2009
|
December 31,
2008
|
March 31,
2009
|
||
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
||
|
1.
|
Interest earned
(a)+(b)+(c)+(d)
|
6,089.57
|
7,836.08
|
19,879.95
|
23,562.86
|
31,092.55
|
|
a) Interest/discount on
advances/bills
|
3,976.36
|
5,658.44
|
13,555.95
|
17,123.99
|
22,323.83
|
|
|
b) Income on
investments
|
1,691.33
|
1,846.80
|
4,895.42
|
5,529.08
|
7,403.06
|
|
|
c) Interest on balances with Reserve
Bank of India and other inter-bank
funds
|
108.08
|
148.29
|
494.48
|
413.33
|
518.71
|
|
|
d) Others
|
313.80
|
182.55
|
934.10
|
496.46
|
846.95
|
|
|
2.
|
Other
income
|
1,673.14
|
2,514.54
|
5,586.81
|
5,930.05
|
7,603.72
|
|
3.
|
TOTAL INCOME
(1)+(2)
|
7,762.71
|
10,350.62
|
25,466.76
|
29,492.91
|
38,696.27
|
|
4.
|
Interest
expended
|
4,031.48
|
5,845.67
|
13,800.53
|
17,335.08
|
22,725.93
|
|
5.
|
Operating expenses
(e)+(f)+(g)
|
1,362.39
|
1,734.11
|
4,332.94
|
5,388.06
|
7,045.11
|
|
e) Employee
cost
|
427.02
|
503.00
|
1,343.09
|
1,514.28
|
1,971.70
|
|
|
f) Direct
marketing expenses
|
31.31
|
102.96
|
79.71
|
475.79
|
528.92
|
|
|
g) Other
operating expenses
|
904.06
|
1,128.15
|
2,910.14
|
3,397.99
|
4,544.49
|
|
|
6.
|
TOTAL EXPENDITURE
(4)+(5)
(excluding provisions and
contingencies)
|
5,393.87
|
7,579.78
|
18,133.47
|
22,723.14
|
29,771.04
|
|
7.
|
OPERATING PROFIT
(3)–(6)
(Profit before provisions and
contingencies)
|
2,368.84
|
2,770.84
|
7,333.29
|
6,769.77
|
8,925.23
|
|
8.
|
Provisions (other than tax) and
contingencies
|
1,002.16
|
1,007.70
|
3,397.11
|
2,723.72
|
3,808.26
|
|
9.
|
Exceptional
items
|
..
|
..
|
..
|
..
|
..
|
|
10.
|
PROFIT/(LOSS) FROM ORDINARY
ACTIVITIES BEFORE TAX (7)–(8)–(9)
|
1,366.68
|
1,763.14
|
3,936.18
|
4,046.05
|
5,116.97
|
|
11.
|
Tax expense
(h)+(i)
|
265.62
|
490.99
|
916.77
|
1,031.68
|
1,358.84
|
|
h) Current period
tax
|
463.13
|
504.15
|
1,258.47
|
1,448.42
|
1,830.51
|
|
|
i) Deferred tax
adjustment
|
(197.51)
|
(13.16)
|
(341.70)
|
(416.74)
|
(471.67)
|
|
|
12.
|
NET PROFIT/(LOSS) FROM ORDINARY
ACTIVITIES (10)–(11)
|
1,101.06
|
1,272.15
|
3,019.41
|
3,014.37
|
3,758.13
|
|
13.
|
Extraordinary items (net of tax
expense)
|
..
|
..
|
..
|
..
|
..
|
|
14.
|
NET PROFIT/(LOSS) FOR THE
PERIOD (12)–(13)
|
1,101.06
|
1,272.15
|
3,019.41
|
3,014.37
|
3,758.13
|
|
15.
|
Paid-up equity share capital (face
value Rs. 10/-)
|
1,114.17
|
1,113.29
|
1,114.17
|
1,113.29
|
1,113.29
|
|
16.
|
Reserves excluding revaluation
reserves
|
51,126.33
|
48,922.00
|
51,126.33
|
48,922.00
|
48,419.73
|
|
17.
|
Analytical
ratios
|
|||||
|
i) Percentage of shares
held by Government of India
|
..
|
..
|
..
|
..
|
..
|
|
|
ii) Capital adequacy
ratio
|
19.40%
|
15.58%
|
19.40%
|
15.58%
|
15.53%
|
|
|
iii) Earnings per share
(EPS)
|
||||||
|
a) Basic EPS before and after
extraordinary items, net of tax expenses (not annualised for
quarter/period) (in Rs.)
|
9.89
|
11.43
|
27.12
|
27.08
|
33.76
|
|
|
b) Diluted EPS before and after
extraordinary items, net of tax expenses (not annualised for
quarter/period) (in Rs.)
|
9.84
|
11.42
|
27.01
|
27.01
|
33.70
|
|
(Rupees in
crore)
|
Sr. No.
|
Particulars
|
Three months
ended
|
Nine months
ended
|
Year
ended
|
||
|
December 31,
2009
|
December 31,
2008
|
December 31,
2009
|
December 31,
2008
|
March 31,
2009
|
||
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
||
|
18.
|
NPA Ratio1,2
|
|||||
|
i) Gross non-performing advances
(net of write-off)
|
8,925.55
|
8,988.08
|
8,925.55
|
8,988.08
|
9,649.31
|
|
|
ii) Net non-performing
advances
|
4,356.83
|
4,400.23
|
4,356.83
|
4,400.23
|
4,553.94
|
|
|
iii) % of gross non-performing
advances (net of write-off) to gross advances
|
4.84%
|
4.14%
|
4.84%
|
4.14%
|
4.32%
|
|
|
iv) % of net non-performing
advances to net advances
|
2.43%
|
2.07%
|
2.43%
|
2.07%
|
2.09%
|
|
|
19.
|
Return on assets
(annualised)
|
1.27%
|
1.36%
|
1.13%
|
1.04%
|
0.98%
|
|
20.
|
Public
shareholding
|
|||||
|
i) No. of
shares
|
1,114,131,968
|
1,113,250,642
|
1,114,131,968
|
1,113,250,642
|
1,113,250,642
|
|
|
ii) Percentage of
shareholding
|
100
|
100
|
100
|
100
|
100
|
|
|
21.
|
Promoter and promoter group
shareholding
|
|||||
|
i)
Pledged/encumbered
|
||||||
|
a) No. of
shares
|
..
|
..
|
..
|
..
|
..
|
|
|
b) Percentage of shares (as a % of
the total shareholding of promoter and promoter
group)
|
..
|
..
|
..
|
..
|
..
|
|
|
c) Percentage of shares (as a % of
the total share capital of the bank)
|
..
|
..
|
..
|
..
|
..
|
|
|
ii)
Non-encumbered
|
||||||
|
a) No. of
shares
|
..
|
..
|
..
|
..
|
..
|
|
|
b) Percentage of shares (as a % of
the total shareholding of promoter and promoter
group)
|
..
|
..
|
..
|
..
|
..
|
|
|
c) Percentage of shares (as a % of
the total share capital of the bank)
|
..
|
..
|
..
|
..
|
..
|
|
|
22.
|
Deposits
|
197,652.94
|
209,065.03
|
197,652.94
|
209,065.03
|
218,347.82
|
|
23.
|
Advances
|
179,269.09
|
212,521.34
|
179,269.09
|
212,521.34
|
218,310.85
|
|
24.
|
Total
assets
|
356,228.35
|
374,409.94
|
356,228.35
|
374,409.94
|
379,300.96
|
|
1.
|
At September
30, 2009, the gross non-performing advances (net of write-off) were Rs.
9,200.89 crore and the net non-performing advances were Rs. 4,499.05
crore. The percentage of gross non-performing advances (net of write-off)
to gross advances was 4.69% and percentage of net non-performing advances
to net advances was 2.36% at September 30,
2009.
|
|
2.
|
The
percentage of gross non-performing customer assets to gross customer
assets was 4.39% and net non-performing customer assets to net customer
assets was 2.19% at December 31, 2009. Customer assets include advances
and credit substitutes.
|
CONSOLIDATED
FINANCIAL RESULTS
(Rupees in
crore)
|
Sr. No.
|
Particulars
|
Three months
ended
|
Nine months
ended
|
Year
ended
|
||
|
December 31,
2009
|
December 31,
2008
|
December 31,
2009
|
December 31,
2008
|
March 31,
2009
|
||
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||
|
1.
|
Total
income
|
14,176.84
|
16,922.73
|
43,387.75
|
47,157.49
|
64,153.08
|
|
2.
|
Net profit
|
1,148.66
|
1,559.76
|
3,328.49
|
2,828.51
|
3,576.95
|
|
3.
|
Earnings per share
(EPS)
|
|||||
|
a) Basic EPS (not annualised for
quarter/period) (in Rs.)
|
10.31
|
14.01
|
29.89
|
25.41
|
32.13
|
|
|
b) Diluted EPS (not annualised for
quarter/period) (in Rs.)
|
10.26
|
14.00
|
29.75
|
25.35
|
32.07
|
|
UNCONSOLIDATED
SEGMENTAL RESULTS OF ICICI BANK LIMITED
(Rupees in
crore)
|
Sr. No.
|
Particulars
|
Three months
ended
|
Nine months
ended
|
Year
ended
|
||
|
December 31,
2009
|
December 31,
2008
|
December 31,
2009
|
December 31,
2008
|
March 31,
2009
|
||
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
||
|
1.
|
Segment
revenue
|
|||||
|
a
|
Retail
Banking
|
4,272.94
|
5,683.45
|
13,706.20
|
17,839.30
|
23,015.21
|
|
b
|
Wholesale
Banking
|
4,378.46
|
6,051.51
|
15,013.62
|
19,154.92
|
24,807.71
|
|
c
|
Treasury
|
5,556.84
|
8,291.39
|
19,323.85
|
22,089.57
|
29,590.87
|
|
d
|
Other
Banking
|
68.50
|
202.68
|
307.62
|
480.70
|
612.57
|
|
Total segment
revenue
|
14,276.74
|
20,229.03
|
48,351.29
|
59,564.49
|
78,026.36
|
|
|
Less: Inter segment
revenue
|
6,514.03
|
9,878.41
|
22,884.53
|
30,071.58
|
39,330.09
|
|
|
Income from
operations
|
7,762.71
|
10,350.62
|
25,466.76
|
29,492.91
|
38,696.27
|
|
|
2.
|
Segmental results (i.e. Profit
before tax)
|
|||||
|
a
|
Retail
Banking
|
(231.97)
|
85.73
|
(991.19)
|
491.12
|
58.05
|
|
b
|
Wholesale
Banking
|
1,067.92
|
587.67
|
2,593.55
|
2,884.45
|
3,413.31
|
|
c
|
Treasury
|
469.72
|
920.02
|
2,167.42
|
379.11
|
1,284.35
|
|
d
|
Other
Banking
|
61.01
|
169.72
|
166.40
|
291.37
|
361.26
|
|
Total segment
results
|
1,366.68
|
1,763.14
|
3,936.18
|
4,046.05
|
5,116.97
|
|
|
Unallocated
expenses
|
..
|
..
|
..
|
..
|
..
|
|
|
Profit before
tax
|
1,366.68
|
1,763.14
|
3,936.18
|
4,046.05
|
5,116.97
|
|
|
3.
|
Capital employed (i.e. Segment
assets – Segment liabilities)
|
|||||
|
a
|
Retail
Banking
|
(41,176.77)
|
(2,617.58)
|
(41,176.77)
|
(2,617.58)
|
(15,889.85)
|
|
b
|
Wholesale
Banking
|
25,695.90
|
13,247.01
|
25,695.90
|
13,247.01
|
24,549.79
|
|
c
|
Treasury
|
61,635.48
|
33,856.37
|
61,635.48
|
33,856.37
|
36,988.70
|
|
d
|
Other
Banking
|
637.38
|
900.90
|
637.38
|
900.90
|
572.04
|
|
e
|
Unallocated
|
5,798.51
|
4,998.59
|
5,798.51
|
4,998.59
|
3,662.34
|
|
Total
|
52,590.50
|
50,385.29
|
52,590.50
|
50,385.29
|
49,883.02
|
|
Notes on segmental
results:
|
1.
|
The
disclosure on segmental reporting has been prepared in accordance with
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 disclosures on ”Segmental Reporting” which is effective from the
reporting period ended March 31,
2008.
|
|
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 other items not
attributable to any particular business
segment.
|
Notes:
|
1.
|
The financial
statements have been prepared in accordance with Accounting Standard (AS)
25 on ‘Interim Financial
Reporting’.
|
|
2.
|
During the
three months ended December 31, 2009, the Bank and First Data, a global
leader in electronic commerce and payment services, formed a merchant
acquiring alliance and a new entity, 81% owned by First Data, was formed,
which has acquired ICICI Bank’s merchant acquiring operations through
transfer of assets, primarily comprising fixed assets and receivables, and
assumption of liabilities, for a total consideration of Rs. 374.40 crore.
The Bank realised a profit of Rs. 202.90 crore from this transaction,
which is included in ‘Other
income’.
|
|
3.
|
During the
three months ended December 31, 2009, the Bank has allotted 567,823 equity
shares of Rs. 10.00 each pursuant to exercise of employee stock
options.
|
|
4.
|
Status of
equity investors’ complaints/grievances for the three months ended
December 31, 2009:
|
|
Opening
balance
|
Additions
|
Disposals
|
Closing
balance
|
|
0
|
6
|
6
|
0
|
|
5.
|
Previous
period/year figures have been re-grouped/re-classified where necessary to
conform to current period
classification.
|
|
6.
|
The above
financial results have been approved by the Board of Directors at its
meeting held on January 21, 2010.
|
|
7.
|
The above
unconsolidated financial results are audited by the statutory auditors, B
S R & Co., Chartered
Accountants.
|
|
8.
|
Rs. 1 crore =
Rs. 10 million.
|
| Place : Mumbai | N. S. Kannan |
| Date : January 21, 2010 | Executive Director & CFO |
Item
4
| |
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
| News Release | January 21, 2010 |
The Board of
Directors of ICICI Bank Limited (NYSE: IBN) has appointed Mr. Homi R. Khusrokhan
and Mr. V. Sridar as non-executive Directors.
Mr. Homi R.
Khusrokhan retired as the Managing Director of Tata Chemicals Limited in 2008.
He has over 40 years experience in the corporate sector. He has earlier been the
Managing Director of Tata Tea Limited and Glaxo India Limited. He has experience
and expertise in agriculture related businesses, international business and
mergers & acquisitions.
Mr. V. Sridar
retired as Chairman & Managing Director of UCO Bank in 2007. He has over 35
years of experience in the Indian banking sector. He started his career with
Union Bank of India. Prior to becoming Chairman & Managing Director of UCO
Bank, he was Chairman of the National Housing Bank and Executive Director of UCO
Bank.
Mr. Homi R.
Khusrokhan and Mr. V. Sridar would hold office up to the date of the next Annual
General Meeting, when their appointment would be considered by the shareholders
of ICICI Bank.
Mr. P. M. Sinha,
non-executive Director of ICICI Bank, today retired from the Board on completion
of the maximum tenure of eight years permitted for non-executive Directors of
banks under the Banking Regulation Act. Mr. Sinha joined the Board of ICICI Bank
in January 2002, and his guidance has been invaluable to the Bank during a
period of growth and transformation. The Board of Directors placed on its record
its deep appreciation of Mr. Sinha’s contribution to the Bank.
For
further press queries please call Charudatta Deshpande at 91-22-2653 8208 or
e-mail: charudatta.deshpande@icicibank.com.
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.
|
For
ICICI Bank Limited
|
||||||
|
Date:
|
January
21, 2010
|
By:
|
/s/ Ranganath
Athreya
|
|||
|
Name
:
|
Ranganath
Athreya
|
|||||
|
Title :
|
General
Manager –
Joint
Company Secretary &
Head
Compliance –
Non
Banking Subsidiaries
|
|||||