FORM
6-K
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report
of Foreign Issuer
Pursuant
to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
For the
month of October 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.
2.
|
Press
Release dated October 27, 2008
Summarized audited financial
results for the period ended September
30, 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:
|
October
27, 2008
|
By:
|
/s/ Mehernosh
Kapadia
|
|||
|
Name
:
|
Mehernosh
Kapadia
|
|||||
|
Title :
|
General
Manager
&
Joint
Company Secretary
|
|||||
 |
ICICI Bank
Towers
Bandra Kurla
Complex
Mumbai 400
051
|
| News Release |
October 27,
2008
|
Performance
Review – Quarter ended September 30, 2008
|
•
|
Profit
after tax of Rs. 1,014 crore; 39% increase over first
quarter
|
|
•
|
42%
year-on-year increase in core operating
profit
|
|
•
|
12%
year-on-year reduction in costs due to cost rationalization
measures
|
|
•
|
Capital
adequacy of 14.01%
|
|
•
|
CASA
ratio increased to 30% from 25% a year
ago
|
The Board of
Directors of ICICI Bank Limited (NYSE: IBN) at its meeting held at Mumbai today,
approved the audited accounts of the Bank for the quarter ended September 30,
2008 (Q2-2009).
Highlights
|
•
|
The profit
after tax for Q2-2009 was Rs. 1,014 crore (US$ 216 million) compared to
the profit after tax of Rs. 1,003 crore (US$ 214 million) for the quarter
ended September 30, 2007 (Q2-2008).
|
|
•
|
The profit
after tax for Q2-2009 represents an increase of 39% over the profit after
tax of Rs. 728 crore (US$ 155 million) in the quarter ended June 30, 2008
(Q1-2009).
|
|
•
|
Core operating
profit (operating profit excluding treasury) increased 42% to Rs. 2,437
crore (US$ 519 million) for Q2-2009 from Rs. 1,712 crore (US$ 365 million)
for Q2-2008.
|
|
•
|
Net interest
income increased 20% to Rs. 2,148 crore (US$ 457 million) for Q2-2009 from
Rs. 1,786 crore (US$ 380 million) for Q2-
2008.
|
|
•
|
Fee income
increased 26% to Rs. 1,876 crore (US$ 399 million) for Q2-2009 from Rs.
1,486 crore (US$ 316 million) for
Q2-2008.
|
|
ICICI Bank
Towers
Bandra Kurla
Complex
Mumbai 400
051
|
|
•
|
Operating
expenses1
decreased 12% to Rs. 1,688 crore (US$ 359 million) for Q2-2009 from Rs.
1,926 crore (US$ 410 million) for Q2- 2008 due to the Bank’s focus on
efficiency improvement and cost rationalization. The cost/average asset
ratio for Q2-2009 was 1.7% compared to 2.1% for Q2-2008, and the
cost/income ratio for Q2- 2009 was 42.5% compared to 50.5% for
Q2-2008.
|
Operating
review
Deposit
growth
The Bank has adopted
a conscious strategy of focusing on current and savings account deposits and
reducing its wholesale term deposit base. Current and savings account deposits
increased 16% to Rs. 66,914 crore (US$ 14.2 billion) at September 30, 2008 from
Rs. 57,827 crore (US$ 12.3 billion) at September 30, 2007. Current and savings
account (CASA) deposits constituted 30% of total deposits at September 30, 2008
compared to 25% at September 30, 2007. Total deposits declined marginally on a
year-on-year basis due to the reduction in term deposits pursuant to the
strategy adopted by the Bank. The Bank has significantly expanded its branch
network to expand its reach and further enhance its deposit franchise. At
October 22, 2008, the Bank had 1,400 branches and 4,530 ATMs.
Credit
growth
Consolidated
advances of the Bank and its banking subsidiaries and ICICI Home Finance Company
increased 16% to Rs. 264,665 crore (US$ 56.4 billion) at September 30, 2008 from
Rs. 227,583 crore (US$ 48.5 billion) at September 30, 2007.
International
operations
ICICI Bank’s
international business continued to focus on:
|
•
|
Building a
retail deposit base which gives the Bank access to low cost deposits on a
sustainable basis.
|
|
•
|
Being the
preferred financier and adviser for overseas expansion of Indian
corporates and strengthening the global syndication
network.
|
1 Including direct market agency
expenses.
2
|
ICICI Bank
Towers
Bandra Kurla
Complex
Mumbai 400
051
|
|
•
|
Being the
preferred bank for non-resident Indians: The Bank’s remittance volumes
increased by 38.2% in Q2-2009 to about Rs. 11,946 crore (US$ 2.5 billion)
compared to Q2-2008.
|
ICICI Bank Canada’s
profit after tax for the six months ended September 30, 2008 (H1-2009) was CAD
22 million. ICICI Bank Canada’s capital position continued to be strong with a
capital adequacy ratio of 15.4% at September 30, 2008. ICICI Bank Canada’s
deposit base increased by over CAD 1.0 billion during the quarter to CAD 4.85
billion at September 30, 2008, of which 86% was term deposits.
ICICI Bank UK’s
profit before mark to market impact and provision on investments was US$ 43
million for H1-2009. After the required provisioning charge in respect of its
investment portfolio (including the mark-to-market impact of credit spread
widening during the period), ICICI Bank UK reported a net loss of US$ 35
million. ICICI Bank UK’s capital position continued to be strong with a capital
adequacy ratio of 18.4% at September 30, 2008. ICICI Bank UK’s deposit base was
US$ 4.9 billion at September 30, 2008, of which 39% was term deposits. At
September 30, 2008, ICICI Bank UK had zero net non-performing
assets.
The Bank and its
subsidiaries have entirely exited their non-India linked credit derivatives
portfolio at no incremental loss over and above the provisions already
held.
The
Bank’s capital adequacy at September 30, 2008 as per Reserve Bank of India’s
revised guidelines on Basel II norms was 14.01% and Tier-1 capital adequacy was
11.03%, well above RBI’s requirement of total capital adequacy of 9.0% and
Tier-1 capital adequacy of 6.0%.
Asset
quality
At September 30, 2008, the Bank’s net
non-performing asset ratio was 1.8% on an unconsolidated basis.
The consolidated net NPA ratio of the Bank and its subsidiaries was 1.6%. The
specific provisions for non- performing assets (excluding the impact of farm
loan waiver) were Rs. 868 crore (US$ 185 million) in Q2-2009 compared to Rs. 878
crore (US$ 187 million) in Q1-2009.
3
|
ICICI Bank
Towers
Bandra Kurla
Complex
Mumbai 400
051
|
Performance
highlights of insurance subsidiaries
ICICI Prudential Life Insurance Company
(ICICI Life) increased its overall market share in retail new business weighted
received premiums from 12.7% in the year ended March 31, 2008 (FY2008) to 13.7%
during April- August 2008. New business weighted received premium increased by
22% in H1-2009 to Rs. 2,650 crore (US$ 564 million). While ICICI Life’s results
reduced the consolidated profit after tax of ICICI Bank by Rs. 466 crore (US$ 99
million) in H1-2009, ICICI Life’s unaudited New Business Profit
(NBP)2 in H1-2009 was Rs. 522 crore (US$ 111
million). Assets held increased to Rs. 30,107 crore (US$ 6.4 billion) at
September 30, 2008.
ICICI Lombard
General Insurance Company (ICICI General) increased its overall market share
from 11.9% in FY2008 to 12.5% during April-August 2008. ICICI General’s premiums
increased 12.2% on a year-on-year basis to Rs. 1,925 crore (US$ 410 million) in
H1-2009.
2 Life insurance companies worldwide make
accounting losses in initial years due to business set-up and customer acquisition
costs in the initial years and reserving for actuarial liability. Further, in
India, amortization of acquisition costs is not permitted. These factors have
resulted in statutory losses for ICICI Life since the company’s inception, as
its business has grown rapidly year on year. If properly priced, life insurance
policies are profitable over the life of the policy, but at the time of sale,
there is a loss on account of non-amortized expenses and commissions, generally
termed as new business strain that emerges out of new business written during
the year. New Business Profit (NBP) is an alternate measure of the underlying
business profitability (as opposed to the statutory profit or loss) and relevant
in the case of fast expanding companies like ICICI Life. NBP is the present
value of the profits of the new business written during the year. It is based on
standard economic and non-economic assumptions including risk discount rates,
investment returns, mortality, expenses and persistency assumptions. Disclosure
on economic assumptions are available in the annual report for the year ended
March 31, 2008.
4
|
ICICI Bank
Towers
Bandra Kurla
Complex
Mumbai 400
051
|
Summary
Profit and Loss Statement (as per unconsolidated Indian GAAP
accounts)
Rs.
crore
|
Q2-2008
|
Q1-2009
|
Q2-2009
|
FY2008
|
|
|
Net interest income1
|
1,786
|
2,090
|
2,148
|
7,304
|
|
Non-interest
income
|
1,897
|
2,132
|
2,030
|
7,997
|
|
-
Fee income
|
1,486
|
1,958
|
1,876
|
6,627
|
|
-
Lease and other income
|
411
|
174
|
154
|
1,369
|
|
Less:
|
||||
|
Operating
expense
|
1,541
|
1,634
|
1,543
|
6,429
|
|
Expenses on
direct market
agents (DMAs) 2
|
385
|
228
|
145
|
1,543
|
|
Lease
depreciation
|
45
|
51
|
53
|
182
|
|
Core
operating profit
|
1,712
|
2,308
|
2,437
|
7,147
|
|
Treasury
income
|
175
|
(594)
|
(153)
|
815
|
|
Operating
profit
|
1,887
|
1,714
|
2,285
|
7,961
|
|
Less:
Provisions
|
644
|
7923
|
9244
|
2,905
|
|
Profit
before tax
|
1,243
|
922
|
1,361
|
5,056
|
|
Less:
Tax
|
240
|
194
|
347
|
898
|
|
Profit
after tax
|
1,003
|
728
|
1,014
|
4,158
|
|
1.
|
Net
of premium amortisation on government securities of Rs. 210 crore in Q2-
2008, Rs. 175 crore in Q2-2009 and Rs. 898 crore in
FY2008.
|
|
2.
|
Represents
commissions paid to direct marketing agents (DMAs) for origination of
retail loans. These commissions are expensed
upfront.
|
|
3.
|
Includes
specific provision of Rs. 878 crore (with the total provisions being lower
due to general provision write-back and farm loan waiver-related write-
back of Rs. 85 crore).
|
|
4.
|
Includes
specific provision for non-performing assets (excluding the impact of farm
loan waiver) of Rs. 868 crore.
|
|
5.
|
Prior
period figures have been regrouped/re-arranged where
necessary.
|
5
|
ICICI Bank
Towers
Bandra Kurla
Complex
Mumbai 400
051
|
Summary
Balance Sheet
Rs.
crore
|
September
|
September
|
March
|
|
|
30,
2007
|
30,
2008
|
31,
2008
|
|
|
Assets
|
|||
|
Cash &
bank
|
|||
|
balances
|
34,025
|
35,613
|
38,041
|
|
Advances1
|
207,121
|
221,985
|
225,616
|
|
Investments
|
102,288
|
97,148
|
111,454
|
|
Fixed &
other assets
|
21,510
|
30,225
|
24,684
|
|
Total
|
364,944
|
384,970
|
399,795
|
|
Liabilities
|
|||
|
Networth
|
44,752
|
48,645
|
46,470
|
|
-
Equity capital
|
1,111
|
1,113
|
1,113
|
|
-
Reserves
|
43,641
|
47,532
|
45,358
|
|
Preference
capital
|
350
|
350
|
350
|
|
Deposits
|
228,307
|
223,402
|
244,431
|
|
CASA
ratio
|
25%
|
30%
|
26%
|
|
Borrowings
|
73,585
|
94,849
|
86,399
|
|
Other
liabilities
|
17,950
|
17,724
|
22,145
|
|
Total
|
364,944
|
384,970
|
399,795
|
1.
Consolidated advances of the Bank and its overseas banking subsidiaries and
ICICI Home Finance Company increased 16.3% to Rs. 264,665 crore at September 30,
2008 from Rs. 227,583 crore at September 30, 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, 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 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 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
6
|
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 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. 46.965
7
ICICI
Bank Limited
Registered Office:
Landmark, Race Course Circle, Vadodara - 390 007.
Corporate Office:
ICICI Bank Towers, Bandra-Kurla Complex, Bandra (East), Mumbai 400
051.
Web site: http://www.icicibank.com
AUDITED
UNCONSOLIDATED FINANCIAL RESULTS
(Rupees
in crore)
|
Sr.
No.
|
Particulars
|
Three
months ended
|
Half
year ended
|
Year
ended
March
31, 2008
|
|||
|
September 30,
2008 |
September 30,
2007 |
September 30,
2008 |
September 30,
2007 |
||||
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
|||
|
1.
|
Interest
earned (a)+(b)+(c)+(d)
|
7,834.98
|
7,516.47
|
15,726.78
|
14,847.30
|
30,788.34
|
|
|
a)
|
Interest/discount
on advances/bills
|
5,711.39
|
5,573.39
|
11,465.55
|
11,022.63
|
22,600.99
|
|
|
b)
|
Income on
investments
|
1,794.06
|
1,818.57
|
3,682.28
|
3,497.28
|
7,466.01
|
|
|
c)
|
Interest on
balances with Reserve Bank
|
||||||
|
of India and
other inter-bank funds
|
136.09
|
132.40
|
265.04
|
284.46
|
611.99
|
||
|
d)
|
Others
|
193.44
|
(7.89)
|
313.91
|
42.93
|
109.35
|
|
|
2.
|
Other
income
|
1,877.33
|
2,071.94
|
3,415.51
|
4,022.53
|
8,810.77
|
|
|
3.
|
A)
TOTAL INCOME (1)+(2)
|
9,712.31
|
9,588.41
|
19,142.29
|
18,869.83
|
39,599.11
|
|
|
4.
|
Interest
expended
|
5,687.36
|
5,730.47
|
11,489.41
|
11,582.35
|
23,484.24
|
|
|
5.
|
Operating
expenses (e) + (f) + (g)
|
1,740.04
|
1,970.80
|
3,653.95
|
3,876.12
|
8,154.18
|
|
|
e)
|
Employee
cost
|
488.06
|
519.91
|
1,011.28
|
1,041.75
|
2,078.90
|
|
|
f)
|
Direct
marketing expenses
|
144.50
|
385.43
|
372.83
|
768.09
|
1,542.74
|
|
|
g)
|
Other
operating expenses
|
1,107.48
|
1,065.46
|
2,269.84
|
2,066.28
|
4,532.54
|
|
|
contingencies)
|
7,427.40
|
7,701.27
|
15,143.36
|
15,458.47
|
31,638.42
|
||
|
7.
|
OPERATING
PROFIT (A-B)
|
||||||
|
(Profit
before provisions and
|
|||||||
|
contingencies)
|
2,284.91
|
1,887.14
|
3,998.93
|
3,411.36
|
7,960.69
|
||
|
8.
|
Provisions
(other than tax) and contingencies
|
923.53
|
644.49
|
1,716.02
|
1,196.76
|
2,904.59
|
|
|
9.
|
Exceptional
items
|
..
|
..
|
..
|
..
|
..
|
|
|
10.
|
PROFIT
/ LOSS FROM ORDINARY
|
||||||
|
ACTIVITIES
BEFORE TAX (7)–(8)–(9)
|
1,361.38
|
1,242.65
|
2,282.91
|
2,214.60
|
5,056.10
|
||
|
11.
|
Tax expense
(a) + (b)
|
347.17
|
240.05
|
540.69
|
436.92
|
898.37
|
|
|
a) Current
period tax
|
579.63
|
417.72
|
944.27
|
745.33
|
1,611.73
|
||
|
b) Deferred
tax adjustment
|
(232.46)
|
(177.67)
|
(403.58)
|
(308.41)
|
(713.36)
|
||
|
12.
|
NET
PROFIT / LOSS FROM ORDINARY
|
||||||
|
ACTIVITES
(10)–(11)
|
1,014.21
|
1,002.60
|
1,742.22
|
1,777.68
|
4,157.73
|
||
|
13.
|
Extraordinary
items (net of tax expense)
|
..
|
..
|
..
|
..
|
..
|
|
|
NET
PROFIT / LOSS FOR THE PERIOD(12)–
|
|||||||
|
14.
|
(13)
|
1,014.21
|
1,002.60
|
1,742.22
|
1,777.68
|
4,157.73
|
|
|
15.
|
Paid-up equity
share capital (face value Rs. 10/-)
|
1,113.29
|
1,110.66
|
1,113.29
|
1,110.66
|
1,112.68
|
|
|
16.
|
Reserves
excluding revaluation reserves
|
47,531.95
|
43,641.32
|
47,531.95
|
43,641.32
|
45,357.53
|
|
|
17.
|
Analytical
ratios
|
||||||
|
(i) Percentage
of shares held by Government of
|
|||||||
|
India
|
..
|
..
|
..
|
..
|
..
|
||
|
(ii) Capital
adequacy ratio
|
14.01%
|
16.76%
|
14.01%
|
16.76%
|
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.)
|
9.11
|
9.13
|
15.65
|
17.79
|
39.39
|
||
|
Diluted EPS
before and after extraordinary
|
|||||||
|
items net of
tax expenses (not annualised for
|
|||||||
|
quarter/
period) (in Rs.)
|
9.09
|
9.08
|
15.60
|
17.68
|
39.15
|
||
|
18.
|
NPA
Ratio
|
||||||
|
i) Gross
non-performing advances (net of
|
|||||||
|
technical write-off)1
|
9,501.48
|
5,931.53
|
9,501.48
|
5,931.53
|
7,579.54
|
||
|
ii) Net non-performing
advances1
|
4,232.93
|
2,970.94
|
4,232.93
|
2,970.94
|
3,490.55
|
||
|
iii) % of
gross non-performing advances (net
|
|||||||
|
of technical
write-off) to gross advances (net
|
|||||||
|
of
write-off)
|
4.18%
|
2.82%
|
4.18%
|
2.82%
|
3.30%
|
||
|
iv) % of net
non-performing advances to net
|
|||||||
|
advances2
|
1.91%
|
1.43%
|
1.91%
|
1.43%
|
1.55%
|
||
|
19.
|
Return on
assets (annualised)
|
1.05%
|
1.12%
|
0.89%
|
1.01%
|
1.12%
|
|
|
20.
|
Aggregate of
non-promoter shareholding
|
||||||
|
1.
|
No. of
shares
|
1,113,249,042
|
1,111,912,138
|
1,113,249,042
|
1,111,912,138
|
1,112,687,495
|
|
|
2.
|
Percentage of
shareholding
|
100
|
100
|
100
|
100
|
100
|
|
|
21.
|
Deposits
|
223,401.72
|
228,306.63
|
223,401.72
|
228,306.63
|
244,431.05
|
|
|
22.
|
Advances
|
221,984.67
|
207,121.07
|
221,984.67
|
207,121.07
|
225,616.08
|
|
|
23.
|
Total
assets
|
384,970.39
|
364,944.21
|
384,970.39
|
364,944.21
|
399,795.08
|
|
|
1.
|
At June 30,
2008 the gross non performing advances (net of technical write-off) were
Rs. 8,511.36 crore and the net non performing advances were Rs. 4,033.57
crore.
|
|
2.
|
The percentage
of net non-performing customer assets to net customer assets (includes
advances and credit substitutes) was 1.83% at September 30,
2008.
|
CONSOLIDATED
FINANCIAL RESULTS
(Rupees
in crore)
|
Three
months ended
|
Half
year ended
|
|||||
|
Sr.
No.
|
Particulars
|
September 30,
2008 |
September 30,
2007 |
September 30,
2008 |
September 30,
2007 |
Year
ended
March
31, 2008
|
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
||
|
1.
|
Total Income |
15,590.46
|
13,850.57
|
30,234.76
|
26,580.39
|
60,053.08
|
|
2.
|
Net Profit/(loss) for the period |
651.48
|
897.92
|
1,268.75
|
1,642.29
|
3,398.23
|
|
3.
|
Earnings per share (EPS) | |||||
|
EPS for the
period
|
||||||
|
(not
annualised for quarter/period) (in Rs.)(basic)
|
5.85
|
8.18
|
11.40
|
16.44
|
32.19
|
|
|
EPS for the
period
|
||||||
|
(not
annualised for quarter/period) (in Rs.)(diluted)
|
5.84
|
8.13
|
11.36
|
16.34
|
32.00
|
|
The consolidated
financial results include results of ICICI Bank Limited and its subsidiaries and
other consolidating entities of which for the half year ended September 30,
2008, the results of following have been audited: ICICI Bank Limited, ICICI Bank
UK PLC., ICICI Prudential Life Insurance Company Limited, ICICI International
Limited, ICICI Securities Limited, ICICI Prudential Asset Management Company
Limited, ICICI Securities Primary Dealership Limited, ICICI Eco-Net Internet
& Technology Fund,
ICICI Equity Fund, ICICI Emerging Sectors Fund, ICICI Venture Funds Management
Company Limited and ICICI Strategic Investments Fund.
SEGMENTAL
RESULTS OF ICICI BANK LIMITED FOR THE PERIOD ENDED SEPTEMBER 30,
2008
(Rupees in
crore)
|
Sr. No. |
Particulars
|
Three
months ended
|
Half
year ended
|
Year
ended
|
|
September
30, 2008
|
September
30, 2008
|
March
31, 2008
|
||
|
(Audited)
|
(Audited)
|
(Audited)
|
||
|
1.
|
Segment
Revenue
|
|||
|
a
|
Retail
Banking
|
6,078.27
|
12,155.85
|
24,418.54
|
|
b
|
Wholesale
Banking
|
6,414.43
|
13,103.41
|
24,949.35
|
|
c
|
Treasury
|
7,020.33
|
13,798.18
|
29,098.26
|
|
d
|
Other
Banking
|
201.85
|
278.02
|
274.92
|
|
Total
revenue
|
19,714.88
|
39,335.46
|
78,741.07
|
|
|
Less: Inter
Segment Revenue
|
10,002.57
|
20,193.17
|
39,141.96
|
|
|
Income
from Operations
|
9,712.31
|
19,142.29
|
39,599.11
|
|
|
2.
|
Segmental
Results (i.e. Profit before tax)
|
|||
|
a
|
Retail
Banking
|
276.69
|
405.39
|
947.24
|
|
b
|
Wholesale
Banking
|
1,106.15
|
2,296.78
|
3,574.68
|
|
c
|
Treasury
|
(131.58)
|
(540.91)
|
513.49
|
|
d
|
Other
Banking
|
110.12
|
121.65
|
20.69
|
|
Total
segment results
|
1,361.38
|
2,282.91
|
5,056.10
|
|
|
Unallocated
expenses
|
..
|
..
|
..
|
|
|
Profit
before tax
|
1,361.38
|
2,282.91
|
5,056.10
|
|
|
3.
|
Capital
Employed (i.e. Segment Assets – Segment Liabilities)
|
|||
|
a
|
Retail
Banking
|
(8,860.48)
|
(8,860.48)
|
(4,045.54)
|
|
b
|
Wholesale
Banking
|
15,708.43
|
15,708.43
|
(11,423.26)
|
|
c
|
Treasury
|
36,626.76
|
36,626.76
|
56,694.99
|
|
d
|
Other
Banking
|
1,032.38
|
1,032.38
|
669.30
|
|
e
|
Unallocated
|
4,488.15
|
4,488.15
|
4,924.72
|
|
Total
|
48,995.24
|
48,995.24
|
46,820.21
|
SEGMENTAL
RESULTS OF ICICI BANK LIMITED FOR THE PERIOD ENDED SEPTEMBER 30,
2007
(Rupees in
crore)
|
Sr. No. |
Particulars
|
Three
months ended
|
Half
year ended
|
|
September
30, 2007
|
September
30, 2007
|
||
|
1.
|
Segment
Revenue
|
(Audited)
|
(Audited)
|
|
a
|
Consumer and
Commercial Banking
|
7,495.21
|
14,930.36
|
|
b
|
Investment
Banking
|
2,441.89
|
4,712.76
|
|
Total
revenue
|
9,937.10
|
19,643.12
|
|
|
Less: Inter
Segment Revenue
|
348.69
|
773.29
|
|
|
Income
from Operations
|
9,588.41
|
18,869.83
|
|
|
2.
|
Segment
Results (i.e. Profit before tax)
|
||
|
a
|
Consumer and
Commercial Banking
|
588.61
|
1,092.32
|
|
b
|
Investment
Banking
|
663.64
|
1,141.48
|
|
Total
segment results
|
1,252.25
|
2,233.80
|
|
|
Unallocated
expenses
|
9.60
|
19.20
|
|
|
Profit
before tax
|
1,242.65
|
2,214.60
|
|
|
3.
|
Capital
Employed (i.e. Segment Assets – Segment Liabilities)
|
||
|
a
|
Consumer and
Commercial Banking
|
(28,165.49)
|
(28,165.49)
|
|
b
|
Investment
Banking
|
68,470.67
|
68,470.67
|
|
Total
capital employed
|
40,305.18
|
40,305.18
|
Notes
on segmental results
|
1.
|
The disclosure
on segmental reporting has been modified pursuant to 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 from the reporting period ended March 31, 2008. The segmental
results for three months ended September 30, 2007 and for the half year
ended September 30, 2007 as per the revised guidelines have not been
prepared and hence are not
comparable.
|
|
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.
|
Notes
|
1.
|
The financials
have been prepared in accordance with Accounting Standard (“AS”) 25 on
“Interim Financial Reporting”.
|
|
2.
|
During the
three months ended September 30, 2008, the Bank allotted 1,56,781 equity
shares of Rs. 10.00 each pursuant to exercise of employee stock
options.
|
|
3.
|
Status of
equity investors’ complaints / grievances for the three months ended
September 30, 2008:
|
|
Opening
|
Additions
|
Disposals
|
Closing
balance
|
|
balance
|
|||
|
5
|
447
|
448
|
4
|
|
4.
|
Provision for
current period tax includes Rs. 9.28 crore towards provision for fringe
benefit tax for the three months ended September 30, 2008 (Rs. 21.77 crore
for the half-year ended September 30,
2008).
|
|
5.
|
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 September 30, 2008
and March 31, 2008 is as per Basel II framework and for September 30,
2007, is as per the earlier
framework.
|
|
6.
|
Pursuant to
the RBI clarification, USD 750 million of foreign currency bonds raised in
January 2007 for Upper Tier II capital have been included in CAR
computation as at September 30,
2008.
|
|
7.
|
Previous
period / year figures have been regrouped / reclassified where necessary
to conform to current period
classification.
|
|
8.
|
The above
financial results have been approved by the Board of Directors at its
meeting held on October 27, 2008.
|
|
9.
|
The above
financial results are audited by the statutory auditors, B S R & Co.,
Chartered Accountants.
|
|
10.
|
Rs. 1 crore =
Rs. 10 million.
|
|
Place
: Mumbai
|
Chanda
D. Kochhar
|
|
Date :
October 27, 2008
|
Joint
Managing Director & CFO
|