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 September 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
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Form
40-F
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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):
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Yes
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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
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No X
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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
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No X
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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
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Item
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1.
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Press
release dated September 30,
2008
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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 | ||||||
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Date:
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September 30,
2008
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By:
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/s/
Mehernosh
Kapadia
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Name:
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Mehernosh
Kapadia
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|||||
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Title:
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General
Manager &
Joint
Company Secretary
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Item
1
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ICICI Bank
Limited
ICICI Bank
Towers
Bandra Kurla
Complex
Mumbai 400
051
|
|
Release
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September
30, 2008
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ICICI
Bank's financial position sound; rumours baseless and malicious:
K.
V. Kamath, Managing Director & CEO
ICICI Bank Limited
(NYSE: IBN) is aware that rumours are being repeatedly circulated in certain
centres regarding the financial strength of the Bank. The Bank states that these
rumours are baseless and malicious. As these rumours could create concern among
the Bank's customers, the Bank reiterates that:
• ICICI
Bank has a very strong capital position, having proactively raised Rs. 20,000
crore (about US$ 5 billion) in June 2007, almost doubling its capital base. It
has a networth of over Rs. 47,000 crore (i.e. over US$ 10 billion) and a capital
adequacy ratio of 13.4% at June 30, 2008, as against the regulatory requirement
of 9.0%. This is among the highest levels of capital adequacy in large Indian
banks. This reflects the healthy capital position and comfortable
level of leverage. Its banking and non-banking subsidiaries are also
well-capitalised.
• ICICI Bank has
consolidated total assets of over Rs. 484,000 crore (over US$ 105 billion),
which is diversified across a wide range of asset classes in India and
overseas.
• ICICI Bank is
profitable. It made a profit after tax of Rs. 4,158 crore (over US$ 900 million)
in FY2008 and Rs. 728 crore (over US$ 155 million) in the first quarter of this
year. This was due to
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ICICI Bank
Limited
ICICI Bank
Towers
Bandra Kurla
Complex
Mumbai 400
051
|
the strong core
performance, which more than offset the impact of adverse debt and equity market
conditions in India and globally since the second half
of FY2008.
• ICICI Bank's
wholly-owned subsidiary, ICICI Bank UK PLC has, as part of its normal treasury
operations, a diversified investment portfolio. IClCI Bank UK PLC has zero
exposure to US sub-prime credit, and zero non-performing loans. About 98% of its
non-India investment book of US$ 3.5 billion is rated investment grade and
above, with about 89% rated A- and above. In addition, ICICI Bank UK PLC holds
cash equivalent instruments (inter-bank placements and certificates of deposit)
of USD 1.1 billion. As on the last balance sheet date of June 30, 2008, ICICI
Bank UK PLC had a capital adequacy ratio of 17.4%
• The absorption of the impact of current market conditions on investment portfolio valuation will not pose any challenge to ICICI Bank's capital position.
Our
financial performance is subject to 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
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2
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ICICI Bank
Limited
ICICI Bank
Towers
Bandra Kurla
Complex
Mumbai 400
051
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become a party
to, the future impact of new accounting standards, our ability to implement our
dividend policy, the impact of changes in banking regulations and other
regulatory changes in India and other jurisdictions on us, including on the
assets and liabilities of ICICI, a former financial institution not subject to
Indian banking regulations, the bond and loan market conditions and availability
of liquidity amongst the investor community in these markets, credit spreads and
interest spreads prevailing from time to time, including the possibility of
increasing credit spreads or interest rates, our ability to rollover 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
Rakesh Jha at 91-22-2653
6157 or Rupesh Kumar at 91-22-2653 7126 or
email at ir@icicibank.com.
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