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 April 2009
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.
|
Summarized
audited annual accounts for the year ended March 31,
2009
|
|
2.
|
Press Release on Performance
Review dated April 25, 2009
|
|
3.
|
Press Release on changes to
the Board of Directors dated April
25, 2009
|
|
4.
|
Investor presentation
on ICICI Bank's Q4-2009
results
|
Item
1
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.
|
Three
months ended
|
Year
ended
|
|||
|
No.
|
Particulars
|
March
31, 2009
|
March
31, 2008
|
March
31, 2009
|
March
31, 2008
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
(Audited)
|
||
|
1.
|
Interest
earned (a)+(b)+(c)+(d)
|
7,529.69
|
8,029.27
|
31,092.55
|
30,788.34
|
|
a)
Interest/discount on advances/bills
|
5,199.84
|
5,826.20
|
22,323.83
|
22,600.99
|
|
|
b)
Income on investments
|
1,873.98
|
2,008.82
|
7,403.06
|
7,466.01
|
|
|
c)
Interest on balances with Reserve Bank of India
|
|||||
|
and other
inter-bank funds
|
105.38
|
116.58
|
518.71
|
611.99
|
|
|
d) Others
|
350.49
|
77.67
|
846.95
|
109.35
|
|
|
2.
|
Other
income
|
1,673.67
|
2,361.65
|
7,603.72
|
8,810.77
|
|
3.
|
TOTAL
INCOME (1)+(2)
|
9,203.36
|
10,390.92
|
38,696.27
|
39,599.11
|
|
4.
|
Interest
expended
|
5,390.85
|
5,949.81
|
22,725.93
|
23,484.24
|
|
5.
|
Operating
expenses (e) + (f) + (g)
|
1,657.05
|
2,150.45
|
7,045.11
|
8,154.18
|
|
e) Employee
cost
|
457.42
|
466.64
|
1,971.70
|
2,078.90
|
|
|
f)
Direct marketing expenses
|
53.13
|
358.35
|
528.92
|
1,542.74
|
|
|
g)
Other operating expenses
|
1,146.50
|
1,325.46
|
4,544.49
|
4,532.54
|
|
|
6.
|
TOTAL
EXPENDITURE (4)+(5)
|
||||
|
(excluding
provisions and contingencies)
|
7,047.90
|
8,100.26
|
29,771.04
|
31,638.42
|
|
|
7.
|
OPERATING
PROFIT (3) – (6)
|
||||
|
(Profit
before provisions and
|
|||||
|
contingencies)
|
2,155.46
|
2,290.66
|
8,925.23
|
7,960.69
|
|
|
8.
|
Provisions
(other than tax) and contingencies
|
1,084.54
|
947.49
|
3,808.26
|
2,904.59
|
|
9.
|
Exceptional
items
|
..
|
..
|
..
|
..
|
|
10.
|
PROFIT
/ (LOSS) FROM ORDINARY
|
||||
|
ACTIVITIES
BEFORE TAX (7)–(8)–(9)
|
1,070.92
|
1,343.17
|
5,116.97
|
5,056.10
|
|
|
11.
|
Tax expense
(h) + (i)
|
327.16
|
193.33
|
1,358.84
|
898.37
|
|
h)
Current period tax
|
382.09
|
375.57
|
1,830.51
|
1,611.73
|
|
|
i)
Deferred tax adjustment
|
(54.93)
|
(182.24)
|
(471.67)
|
(713.36)
|
|
|
12.
|
NET
PROFIT / (LOSS) FROM ORDINARY
|
||||
|
ACTIVITIES
(10) – (11)
|
743.76
|
1,149.84
|
3,758.13
|
4,157.73
|
|
|
13.
|
Extraordinary
items (net of tax expense)
|
..
|
..
|
..
|
..
|
|
14.
|
NET
PROFIT / (LOSS) FOR THE PERIOD
|
||||
|
(12)
– (13)
|
743.76
|
1,149.84
|
3,758.13
|
4,157.73
|
|
|
15.
|
Paid-up
equity share capital (face value Rs. 10/-)
|
1,113.29
|
1,112.68
|
1,113.29
|
1,112.68
|
|
16.
|
Reserves
excluding revaluation reserves
|
48,419.73
|
45,357.53
|
48,419.73
|
45,357.53
|
|
17.
|
Analytical
ratios
|
||||
|
i)
Percentage of shares held by Government of
|
|||||
|
India
|
..
|
..
|
..
|
..
|
|
|
ii)
Capital adequacy ratio
|
15.53%
|
13.97%
|
15.53%
|
13.97%
|
|
|
iii)
Earnings per share (EPS) for the period
|
|||||
|
a) Basic EPS
before and after extraordinary
|
|||||
|
items
net of tax expenses (not annualised for
|
|||||
|
quarter)
(in Rs.)
|
6.68
|
10.33
|
33.76
|
39.39
|
|
|
b)
Diluted EPS before and after extraordinary
|
|||||
|
items
net of tax expenses (not annualised for
|
|||||
|
quarter)
(in Rs.)
|
6.68
|
10.27
|
33.70
|
39.15
|
|
|
Sr.
|
|
Three
months ended
|
Year
ended
|
||
|
No.
|
Particulars
|
March
31, 2009
|
March
31, 2008
|
March
31, 2009
|
March
31, 2008
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
(Audited)
|
||
|
18.
|
NPA
Ratio
|
||||
|
i)
Gross non-performing advances (net of
|
|||||
|
technical write-off)1
|
9,649.31
|
7,579.54
|
9,649.31
|
7,579.54
|
|
|
ii) Net
non-performing advances1
|
4,553.94
|
3,490.55
|
4,553.94
|
3,490.55
|
|
|
iii) %
of gross non-performing advances (net of
|
|||||
|
technical write-off) to
gross advances (net of
write-off)
|
4.32%
|
3.30%
|
4.32%
|
3.30%
|
|
|
iv) %
of net non-performing advances to net
|
|||||
|
advances2
|
2.09%
|
1.55%
|
2.09%
|
1.55%
|
|
|
19.
|
Return on
assets (annualised)
|
0.80%
|
1.14%
|
0.98%
|
1.12%
|
|
20.
|
Public
shareholding
|
||||
|
i)
No. of shares
|
1,113,250,642
|
1,112,687,495
|
1,113,250,642
|
1,112,687,495
|
|
|
ii)
Percentage of shareholding
|
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
|
218,347.82
|
244,431.05
|
218,347.82
|
244,431.05
|
|
23.
|
Advances
|
218,310.85
|
225,616.08
|
218,310.85
|
225,616.08
|
|
24.
|
Total
assets
|
379,300.96
|
399,795.08
|
379,300.96
|
399,795.08
|
|
1.
|
At December
31, 2008, the gross non performing advances (net of technical write-off)
were Rs. 8,988.08 crore and the net non performing advances were Rs.
4,400.23 crore.
|
|
2.
|
The percentage
of gross non-performing customer assets to gross customer assets (includes
advances and credit substitutes) was 4.06% and net non-performing customer
assets to net customer assets (includes advances and credit substitutes)
was 1.96% at March 31, 2009.
|
CONSOLIDATED
FINANCIAL RESULTS
|
(Rupees in
crore)
|
|
Sr.
|
Three
months ended
|
Year
ended
|
||||
|
No.
|
|
Particulars
|
March
31, 2009
|
March
31, 2008
|
March
31, 2009
|
March
31, 2008
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
(Audited)
|
|||
|
1.
|
Interest
earned (a)+(b)+(c)+(d)
|
8,968.84
|
9,075.15
|
36,250.71
|
34,094.95
|
|
|
a)
|
Interest/discount
on advances/bills
|
6,027.08
|
6,268.55
|
25,190.72
|
24,068.36
|
|
|
b)
|
Income on
investments
|
2,315.21
|
2,448.63
|
9,369.03
|
8,904.54
|
|
|
c)
Interest on balances with Reserve Bank of
|
||||||
|
India and
other interbank funds
|
139.84
|
196.33
|
768.54
|
874.77
|
||
|
d)
|
Others
|
486.71
|
161.64
|
922.42
|
247.28
|
|
|
2.
|
Other
Income
|
8,026.75
|
8,744.23
|
27,902.37
|
25,958.13
|
|
|
3.
|
TOTAL
INCOME (1) + (2)
|
16,995.59
|
17,819.38
|
64,153.08
|
60,053.08
|
|
|
4.
|
Interest
expended
|
6,251.19
|
6,502.09
|
26,487.25
|
25,766.97
|
|
|
5.
|
Operating
expenses (e) + (f)
|
8,506.63
|
9,667.17
|
28,185.79
|
27,043.41
|
|
|
e)
Payments to and provisions for employees
|
854.88
|
1,040.33
|
3,904.30
|
3,969.80
|
||
|
f)
|
Other
operating expenses
|
7,651.75
|
8,626.84
|
24,281.49
|
23,073.61
|
|
|
TOTAL
EXPENDITURE (4)+(5)
|
||||||
|
6.
|
(excluding
provisions and contingencies)
|
14,757.82
|
16,169.26
|
54,673.04
|
52,810.38
|
|
|
7.
|
OPERATING
PROFIT (3) - (6)
|
2,237.77
|
1,650.12
|
9,480.04
|
7,242.70
|
|
|
(Profit
before provisions and contingencies)
|
||||||
|
8.
|
Provisions
(other than tax) and contingencies
|
1,308.37
|
989.50
|
4,511.69
|
3,017.75
|
|
|
9.
|
Exceptional
items
|
..
|
..
|
..
|
..
|
|
|
PROFIT
/ (LOSS) FROM ORDINARY
|
||||||
|
10.
|
ACTIVITIES
BEFORE TAX (7)–(8)–(9)
|
929.40
|
660.62
|
4,968.35
|
4,224.95
|
|
|
11.
|
Tax expense
(g) + (h)
|
193.47
|
149.31
|
1,588.93
|
1,109.68
|
|
|
g)
Current period tax
|
383.21
|
403.29
|
2,207.78
|
2,043.82
|
||
|
h)
Deferred tax adjustment
|
(189.74)
|
(253.98)
|
(618.85)
|
(934.14)
|
||
|
12.
|
Share of
(profits)/losses of minority shareholders
|
(12.51)
|
(124.81)
|
(197.53)
|
(282.96)
|
|
|
13.
|
NET
PROFIT / (LOSS) FROM ORDINARY
|
|||||
|
ACTIVITIES
(10) – (11) – (12)
|
748.44
|
636.12
|
3,576.95
|
3,398.23
|
||
|
14.
|
Extraordinary
items (net of tax expense)
|
..
|
..
|
..
|
..
|
|
|
15.
|
NET
PROFIT / LOSS FOR THE PERIOD (13)–(14)
|
748.44
|
636.12
|
3,576.95
|
3,398.23
|
|
|
16.
|
Paid-up
equity share capital (face value Rs. 10/-)
|
1,113.29
|
1,112.68
|
1,113.29
|
1,112.68
|
|
|
17.
|
Analytical
Ratios
|
|||||
|
Earnings per
share for the period
|
||||||
|
(not
annualised for quarter) (in Rs.) (basic)
|
6.72
|
5.72
|
32.13
|
32.19
|
||
|
Earnings per
share for the period
|
||||||
|
(not
annualised for quarter) (in Rs.) (diluted)
|
6.72
|
5.68
|
32.07
|
32.00
|
||
(Rupees in
crore)
| Sr. |
Particulars
|
Three
months ended |
Year
ended
|
|
|
No.
|
March
31, 2009
|
March
31, 2009
|
March
31, 2008
|
|
|
(Unaudited)
|
(Audited)
|
(Audited)
|
||
|
1.
|
Segment
Revenue
|
|||
|
a
|
Retail
Banking
|
5,175.91
|
23,015.21
|
24,418.54
|
|
b
|
Wholesale
Banking
|
5,652.79
|
24,807.71
|
24,949.35
|
|
c
|
Treasury
|
7,603.42
|
29,742.13
|
29,326.50
|
|
d
|
Other
Banking
|
1,036.74
|
4,528.09
|
2,815.24
|
|
e
|
Life
Insurance
|
5,744.18
|
16,507.43
|
14,396.83
|
|
f
|
General
Insurance
|
706.79
|
2,662.40
|
2,206.19
|
|
g
|
Venture Fund
Management
|
49.26
|
345.65
|
271.54
|
|
h
|
Others
|
548.59
|
3,216.00
|
2,437.26
|
|
Total
|
26,517.68
|
104,824.62
|
100,821.45
|
|
|
Less: Inter
Segment Revenue
|
9,522.09
|
40,671.54
|
40,768.37
|
|
|
Income
from Operations
|
16,995.59
|
64,153.08
|
60,053.08
|
|
|
2.
|
Segmental Results
(Profit before tax and minority interest)
|
|||
|
a
|
Retail
Banking
|
(433.07)
|
58.05
|
947.24
|
|
b
|
Wholesale
Banking
|
528.86
|
3,413.31
|
3,574.68
|
|
c
|
Treasury
|
929.85
|
1,306.94
|
536.64
|
|
d
|
Other
Banking
|
116.41
|
607.91
|
148.95
|
|
e
|
Life
Insurance
|
(106.71)
|
(859.56)
|
(1,514.18)
|
|
f
|
General
Insurance
|
(7.54)
|
0.27
|
130.22
|
|
g
|
Venture Fund
Management
|
8.46
|
202.08
|
127.12
|
|
h
|
Others
|
(75.59)
|
589.35
|
655.21
|
|
Total
segment results
|
960.67
|
5,318.35
|
4,605.88
|
|
|
Less: Inter
segment adjustment
|
31.27
|
350.00
|
380.93
|
|
|
Unallocated
expenses
|
..
|
..
|
..
|
|
|
Profit
before tax and minority interest
|
929.40
|
4,968.35
|
4,224.95
|
|
|
3.
|
Capital Employed
(Segment Assets – Segment Liabilities)
|
|||
|
a
|
Retail
Banking
|
(15,889.85)
|
(15,889.85)
|
(4,045.54)
|
|
b
|
Wholesale
Banking
|
24,549.79
|
24,549.79
|
(11,423.26)
|
|
c
|
Treasury
|
22,688.03
|
22,688.03
|
47,135.31
|
|
d
|
Other
Banking
|
6,432.87
|
6,432.87
|
4,005.61
|
|
e
|
Life
Insurance
|
1,455.33
|
1,455.33
|
1,307.90
|
|
f
|
General
Insurance
|
1,429.25
|
1,429.25
|
1,011.19
|
|
g
|
Venture Fund
Management
|
71.90
|
71.90
|
23.44
|
|
h
|
Others
|
1,816.53
|
1,816.53
|
1,514.55
|
|
i
|
Unallocated
|
4,573.68
|
4,573.68
|
5,543.54
|
|
Total
|
47,127.53
|
47,127.53
|
45,072.74
|
|
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 disclosure on ”Segmental Reporting”
which is effective from the reporting period ended March 31, 2008.
Segmental results for the three months ended March 31, 2008 as per these
revised guidelines have not been
prepared.
|
|
2.
|
“Retail
Banking” includes exposures of ICICI Bank Limited (“the Bank”) 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, by the Bank which are not included under Retail
Banking.
|
|
4.
|
“Treasury“
includes the entire investment portfolio of the Bank, ICICI Eco-net
Internet and Technology Fund, ICICI Equity Fund, ICICI Emerging Sectors
Fund and ICICI Strategic Investments
Fund.
|
|
5.
|
“Other
Banking” includes hire purchase and leasing operations and other items not
attributable to any particular business segment of the Bank. Further, it
includes the Bank’s banking subsidiaries i.e. ICICI Bank UK PLC, ICICI
Bank Canada and its subsidiary, namely ICICI Wealth Management Inc. and
ICICI Bank Eurasia LLC.
|
|
6.
|
“Life
Insurance” represents ICICI Prudential Life Insurance Company
Limited.
|
|
7.
|
“General
Insurance” represents ICICI Lombard General Insurance Company
Limited.
|
|
8.
|
“Venture Fund
Management” represents ICICI Venture Funds Management Company
Limited.
|
|
9.
|
“Others”
comprises the consolidated entities of the Bank, not covered in any of the
segments above.
|
|
10.
|
Capital
employed of life insurance segment includes restricted reserve of Rs.
717.33 crore (March 31, 2008 : Rs. 537.85
crore.
|
|
1.
|
During the
three months ended March 31, 2009, the Bank has not allotted any equity
shares.
|
|
2.
|
Status of
equity investors’ complaints / grievances for the three months ended March
31, 2009:
|
|
Opening
balance
|
Additions
|
Disposals
|
Closing
balance
|
|
0
|
52
|
52
|
0
|
|
3.
|
Provision for
current period tax includes Rs. 4.98 crore towards provision for fringe
benefit tax for the three months ended March 31, 2009 (Rs. 34.20 crore for
the year ended March 31, 2009).
|
|
4.
|
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.
|
|
5.
|
ICICI Bank UK
PLC, a subsidiary of the Bank, has reclassified certain investments from
the ‘held for trading’ category to the ‘available for sale’ category and
from ‘available for sale’ category to ‘loans and receivables’ category, in
accordance with amendments made to the applicable accounting standards in
October 2008. If these reclassifications had not been made, ICICI Bank
UK’s pre-tax profit would have been lower by USD 58.5 million (Rs. 268.77
crore) and unrealised losses, as deducted from reserves (pre-tax), on
‘available for sale’ securities would have increased by USD 10.5 million
(Rs. 53.26 crore).
|
|
6.
|
The Board of
Directors has recommended a dividend of Rs. 11.00 per equity share for the
year ended March 31, 2009 (previous year dividend Rs. 11.00 per equity
share). The declaration and payment of dividend is subject to requisite
approvals. The Board of Directors has also recommended a dividend of Rs.
100 per preference share on 350 preference shares of the face value of Rs.
1 crore each for the year ended March 31,
2009.
|
|
7.
|
Previous
period / year figures have been regrouped / reclassified where necessary
to conform to current period/year
classification.
|
|
8.
|
The above
financial results have been approved by the Board of Directors at its
meeting held on April 25, 2009.
|
|
9.
|
The above
unconsolidated and consolidated 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
: April 25, 2009
|
Joint
Managing Director & CFO
|
Item
2
 |
|
| News Release | April 25, 2009 |
Performance
Review – Year ended March 31, 2009
|
•
|
Dividend
of Rs. 11 per share proposed, same as previous year
|
|
•
|
Profit
before tax of Rs. 5,117 crore for the year ended March 31, 2009 compared
to Rs. 5,056 crore for the year ended March 31, 2008
|
|
•
|
12%
year-on-year increase in operating profit for the year ended March 31,
2009
|
|
•
|
14%
year-on-year reduction in costs due to cost rationalization
measures
|
|
•
|
Current
and savings account (CASA) ratio increased to 28.7% at March 31, 2009 from
26.1% at March 31, 2008
|
|
•
|
Increase
of Rs. 5,286 crore in CASA deposits in quarter ended March 31,
2009
|
|
•
|
Strong
capital adequacy ratio of 15.5% and Tier-1 capital adequacy ratio of 11.8%
after proposed dividend; 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 accounts of the Bank for the year ended March 31,
2009.
Profit
& loss account
|
•
|
Profit before
tax for the year ended March 31, 2009 (FY2009) was Rs. 5,117 crore (US$
1,009 million), compared to Rs. 5,056 crore (US$ 997 million) for the year
ended March 31, 2008 (FY2008).
|
|
•
|
Profit after
tax for FY2009 was Rs. 3,758 crore (US$ 741 million) compared to Rs. 4,158
crore (US$ 820 million) for FY2008 due to the higher effective tax rate on
account of lower proportion of income taxable as dividends and capital
gains.
|
|
•
|
Net interest
income increased 15% from Rs. 7,304 crore (US$ 1,440 million) for FY2008
to Rs. 8,367 crore (US$ 1,650 million) for FY2009. While the advances
declined marginally year-on-year, the net interest income increased due to
improvement in net interest margin from 2.2% in FY2008 to 2.4% in
FY2009.
|
|
|
|
•
|
Operating
expenses (including direct marketing agency expenses) decreased 14% to Rs.
6,835 crore (US$ 1,348 million) in FY2009 from Rs. 7,972 crore (US$ 1,572
million) in FY2008. The cost/average asset ratio for FY2009 was 1.8%
compared to 2.2% for FY2008.
|
|
•
|
Profit before
tax for the quarter ended March 31, 2009 (Q4-2009) was Rs. 1,071 crore
(US$ 211 million) compared to Rs. 1,343 crore (US$ 265 million) for the
quarter ended March 31, 2008 (Q4-2008), primarily due to lower level of
fee income at Rs. 1,343 crore (US$ US$ 265 million) in Q4-2009 compared to
Rs. 1,928 crore (US$ 380 million) in Q4-2008, partly offset by lower
operating expenses and higher net interest income. The lower level of fee
income was due to reduced investment and acquisition financing activity in
the corporate sector and lower level of fees from distribution of retail
financial products, reflecting the adverse conditions in global and Indian
financial markets.
|
|
•
|
Profit after
tax for Q4-2009 was Rs. 744 crore (US$ 147 million) compared to Rs. 1,150
crore (US$ 227 million) for
Q4-2008.
|
Balance
sheet
During the year,
the Bank has pursued a strategy of prioritizing capital conservation, liquidity
management and risk containment given the challenging economic environment. This
is reflected in the Bank’s strong capital adequacy and its focus on reducing its
wholesale term deposit base and increasing its CASA ratio. The Bank is
maintaining excess liquidity on an ongoing basis. The Bank has also placed
strong emphasis on efficiency improvement and cost rationalization. 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.
In line with the
above strategy, the total deposits of the Bank were Rs. 218,348 crore (US$ 43.0
billion) at March 31, 2009, compared to Rs. 244,431 crore (US$ 48.2 billion) at
March 31, 2008. The reduction in term deposits by Rs. 24,970 crore (US$ 4.9
billion) was primarily due to the Bank’s conscious strategy of paying off
wholesale deposits. During Q4- 2009, total deposits increased by Rs. 9,283 crore
(US$ 1.8 billion), of which Rs. 5,286 crore (US$ 1.0 billion), or about 57%, was
in the form of CASA deposits. The CASA ratio improved to 28.7% of total deposits
at March 31, 2009 from 26.1% at March 31, 2008.
2
|
|
The branch network
of the Bank has increased from 755 branches at March 31, 2007 to 1,438 branches
at April 24, 2009. The Bank is also in the process of opening 580 new branches
which would expand the branch network to about 2,000 branches, giving the Bank a
wide distribution reach in the country.
In line with the
strategy of prioritizing capital conservation and risk containment, the loan
book of the Bank decreased marginally to Rs. 218,311 crore (US$ 43.0 billion) at
March 31, 2009 from Rs. 225,616 crore (US$ 44.5 billion) at March 31,
2008.
Capital
adequacy
The Bank’s capital
adequacy at March 31, 2009 as per Reserve Bank of India’s revised guidelines on
Basel II norms was 15.5% and Tier-1 capital adequacy was 11.8%, well above RBI’s
requirement of total capital adequacy of 9.0% and Tier-1 capital adequacy of
6.0%. The above capital adequacy takes into account the impact of dividend
recommended by the Board.
Asset
quality
At March 31, 2009,
the Bank’s net non-performing asset ratio was 1.96%. During the year the Bank
restructured loans aggregating to Rs. 1,115 crore (US$ 220
million).
Dividend
on equity shares
The Board has
recommended a dividend of Rs. 11 per equity share (equivalent to US$ 0.43 per
ADS) for FY2009. The declaration and payment of dividend is subject to requisite
approvals. The record/book closure dates will be announced in due
course.
Overseas
banking subsidiaries
ICICI Bank Canada
saw an increase of about CAD 1.75 billion in term deposits during FY2009 while
its customer accounts increased from about 200,000 at March 31, 2008 to over
280,000 at March 31, 2009. ICICI Bank Canada continued to maintain liquidity of
about CAD 850.0 million. ICICI Bank Canada’s profit after tax for FY2009 was CAD
33.9 million. ICICI Bank Canada’s capital position continued to be strong with a
capital adequacy ratio of 19.9% at March 31, 2009.
ICICI Bank UK saw
an increase of about USD 1.80 billion in retail term deposits during FY2009 due
to which the proportion of retail term
deposits in total
deposits increased from 16% at March 31, 2008 to 58% at March 31, 2009. ICICI
Bank UK’s customer base increased from about 210,000 at March 31, 2008 to over
310,000 customers at March 31, 2009. ICICI Bank UK continued to maintain
liquidity of about USD 1.0 billion. After accounting for the gains on buyback of
bonds and mark-to-market and impairment provisions on the investment portfolio,
ICICI Bank UK’s profit after tax for FY2009 was USD 6.8 million. ICICI Bank UK’s
capital position continued to be strong with a capital adequacy ratio of 18.4%
at March 31, 2009.
Insurance
subsidiaries
ICICI Prudential Life Insurance Company
(ICICI Life) maintained its market leadership in the private sector with an
overall market share of 11.8% based on retail new business weighted received
premium during April 2008-February 2009. ICICI Life’s total premium increased by
13% to Rs. 15,356 crore (US$ 3.0 billion) in FY2009. ICICI Life’s renewal
premium increased by 61%, reflecting the long term sustainability of the
business. ICICI Life’s unaudited New Business Profit (NBP) in FY2009 was Rs.
1,004 crore (US$ 198 million). Due to the business set-up and customer
acquisition costs, which are not amortised, and reserving for actuarial
liability, ICICI Life’s statutory accounting results reduced the consolidated
profit after tax of ICICI Bank by Rs. 577 crore (US$ 114 million) in
FY20091 (compared to Rs. 1,032 crore (US$ 203
million) in FY2008). The expense ratio has decreased from 14.9% in FY2008 to
11.8% in FY2009. Assets held at March 31, 2009 were Rs. 32,788 crore (US$ 6.5
billion) compared to Rs. 28,578 crore (US$ 5.6 billion) at March 31,
2008.
ICICI Lombard
General Insurance Company (ICICI General) maintained its leadership in the
private sector with an overall market share of 11.7% during April 2008-February
2009. ICICI General’s premiums increased 3% on a year-on-year basis to Rs. 3,457
crore (US$ 682 million) in FY2009. ICICI General’s profit after tax for FY2009
was Rs. 24 crore (US$ 5 million).
1 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 is available in the
annual report for the year ended March 31, 2008.
4
|
|
Consolidated profit
after tax of the Bank increased by 18% from Rs. 636 crore (US$ 125 million) in
Q4-2008 to Rs. 748 crore (US$ 147 million) in Q4-2009 and by 5% from Rs. 3,398
crore (US$ 670 million) in FY2008 to Rs. 3,577 crore (US$ 705 million) at
FY2009.
Summary
Profit and Loss Statement (as per unconsolidated Indian GAAP
accounts)
| Rs. crore |
| Q4-2008 | Q4-2009 |
FY2008
|
FY2009
|
|||||||||||||
|
Net interest income1
|
2,079 | 2,139 | 7,304 | 8,367 | ||||||||||||
|
Non-interest
income
|
2,362 | 1,674 | 8,811 | 7,604 | ||||||||||||
|
-
Fee income
|
1,928 | 1,343 | 6,627 | 6,524 | ||||||||||||
|
-
Lease and other income
|
270 | 117 | 1,369 | 637 | ||||||||||||
|
-
Treasury income
|
164 | 214 | 815 | 443 | ||||||||||||
|
Less:
|
||||||||||||||||
|
Operating
expense
|
1,746 | 1,552 | 6,429 | 6,306 | ||||||||||||
|
Expenses on
direct market
|
||||||||||||||||
|
agents (DMAs) 2
|
358 | 53 | 1,543 | 529 | ||||||||||||
|
Lease
depreciation
|
46 | 52 | 182 | 210 | ||||||||||||
|
Operating
profit
|
2,291 | 2,156 | 7,961 | 8,925 | ||||||||||||
|
Less:
Provisions
|
948 | 1,085 | 2,905 | 3,808 | ||||||||||||
|
Profit
before tax
|
1,343 | 1,071 | 5,056 | 5,117 | ||||||||||||
|
Less:
Tax
|
193 | 327 | 898 | 1,359 | ||||||||||||
|
Profit
after tax
|
1,150 | 744 | 4,158 | 3,758 | ||||||||||||
|
1.
|
Net
of premium amortisation on government securities of Rs. 240 crore in Q4-
2008, Rs. 898 crore in FY2008, Rs. 162 crore in Q4-2009 and Rs. 725 crore
in FY2009.
|
|
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 regrouped/re-arranged where
necessary.
|
Summary
Balance Sheet
|
Rs.
crore
|
|
March
31,
|
March
31,
|
|||||||
|
2008
|
2009
|
|||||||
|
Assets
|
||||||||
|
Cash &
bank balances
|
38,041 | 29,966 | ||||||
|
Advances
|
225,616 | 218,311 | ||||||
|
Investments
|
111,454 | 103,058 | ||||||
|
Fixed &
other assets
|
24,684 | 27,966 | ||||||
|
Total
|
399,795 | 379,301 | ||||||
|
Liabilities
|
||||||||
|
Networth
|
46,470 | 49,533 | ||||||
|
-
Equity capital
|
1,113 | 1,113 | ||||||
|
-
Reserves
|
45,357 | 48,420 | ||||||
|
Preference
capital
|
350 | 350 | ||||||
|
Deposits
|
244,431 | 218,348 | ||||||
|
CASA
ratio
|
26.1% | 28.7% | ||||||
|
Borrowings
|
86,399 | 92,805 | ||||||
|
Other
liabilities
|
22,145 | 18,265 | ||||||
|
Total
|
399,795 | 379,301 | ||||||
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 audited 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', ‘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 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, the nature of credit spreads, 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. 50.72
7
Item
3
|
|
| News Release | April 25, 2009 |
As previously
announced, Mr. N. Vaghul would retire as non-executive Chairman of the Board of
Directors of ICICI Bank Limited (NYSE: IBN) on April 30, 2009. Mr. K. V. Kamath
would retire as the Managing Director & CEO of ICICI Bank on April 30, 2009
and assume office as non-executive Chairman of the Board effective May 1, 2009.
Ms. Chanda Kochhar would assume office as Managing Director & CEO of ICICI
Bank effective May 1, 2009. Approvals of Reserve Bank of India and the
shareholders of the Bank have been received for these appointments.
Ms. Chanda Kochhar
has also been appointed as non-executive Chairperson of ICICI Prudential Life
Insurance Company (ICICI Life), ICICI Lombard General Insurance Company (ICICI
General), ICICI Prudential Asset Management Company (ICICI AMC), ICICI
Securities, ICICI Bank UK PLC and ICICI Bank Canada.
The Board of
Directors of ICICI Bank and the Boards of Directors of ICICI Life and ICICI
General at their respective meetings held at Mumbai today, approved the
following appointments:
|
•
|
Mr. V.
Vaidyanathan, Executive Director, ICICI Bank has been appointed as
Managing Director & CEO of ICICI Life.
|
|
Ms. Shikha
Sharma has tendered her resignation as Managing Director & CEO of
ICICI Life and would step down on April 30, 2009. The Boards of ICICI Bank
and ICICI Life placed on record their deep appreciation of Ms. Sharma’s
contribution to the ICICI Group and in particular her leadership of ICICI
Life, which has consistently been the number one private sector life
insurer in India.
|
|
|
•
|
Mr. Sandeep
Bakhshi, Managing Director & CEO, ICICI General has been appointed as
Executive Director of ICICI Bank. He will be responsible for retail and
rural banking.
|
|
•
|
Mr. Bhargav
Dasgupta, Executive Director, ICICI Life has been appointed as Managing
Director & CEO of ICICI General
|
The appointments of
Mr. Vaidyanathan, Mr. Bakhshi and Mr. Dasgupta would be effective May 1, 2009
and would be subject to necessary approvals.
The Board of
Directors of ICICI Bank has appointed Mr. M. S. Ramachandran (former Chairman of
Indian Oil Corporation) as a non- executive Director. Mr. Ramachandran joined
Indian Oil Corporation in 1969 and worked in several areas before being
appointed Director (Planning & Business Development) in 2000. He was
Chairman of Indian Oil Corporation from 2002 to 2005.
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.
Item
4
 |
[GRAPHIC OMITTED] Performance Review: FY2009 April 25, 2009 |
 |
Certain statements in these slides are forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due toa variety of factors. More information about these factors is contained in ICICI Bank's filings with the Securities and Exchange Commission. All financial and other information in these slides, 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 statementof audited unconsolidated, consolidated and segmental results required by Indian regulations that has, along with these slides, 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. Further details will be published as a part of our annual reportfor the financial year 2009 [GRAPHIC OMITTED] |
 |
[GRAPHIC OMITTED] |
 |
[GRAPHIC OMITTED]
Overview: FY2009
o Profit before tax for FY2009 was Rs. 51.17 bn compared to Rs. 50.56 bn for
FY2008
o Profit after tax for FY2009 was Rs. 37.58 bn compared to Rs. 41.58 bn
for FY2008 due to the higher effective tax rate on account of lower
proportion of income taxable as dividends and capital gains
o 15% increase in net interest income from Rs. 73.04 bn in FY2008 to Rs. 83.67
bn in FY2009
o NIM increased from 2.2% in FY2008 to 2.4% in FY2009
o Fee income decreased marginally from Rs. 66.27 bn in FY2008 to Rs. 65.24 bn
in FY2009
o Lower corporate fees in H2-2009 due to slowdown in corporate activity
o Reduced third party distribution and low disbursals impacted retail fees
|
 |
Overview: FY2009
o Operating expenses (including direct marketing agency expenses) decreased
14% to Rs. 68.35 bn in FY2009 from Rs. 79.72 bn in FY2008
o The cost/average asset ratio for FY2009 was 1.8% compared to 2.2% for
FY2008
o Operating profit increased 12% from Rs. 79.61 bn in FY2008 to Rs. 89.25 bn
in FY2009 as lower treasury & other income were offset by higher net
interest income and lower operating & DMA expenses
|
 |
Q4-2009 operating trends
o 7% increase in net interest income to Rs. 21.39 bn in Q4-2009 from Rs. 19.91
bn in Q3-2009
o Net interest margin at 2.6%
o Increase in deposit base by Rs. 92.83 bn in Q4-2009,of which Rs. 52.86 bn
was CASA
o CASA ratio improved by 130 bps to 28.7%
o Fee income in Q4-2009 at same level as Q3-2009
o 4% decrease in operating & DMA expensescompared to Q3-2009
o 8% quarter-on-quarter increase in operating profitbefore treasury
o Profit after tax of Rs. 7.44 bn in Q4-2009
|
 |
Balance sheet highlights
o Continued focus on capital, liquidity and risk containment
o Total capital adequacy of 15.5% and Tier-1 capital adequacy of 11.8% as
per RBI's revised Basel II framework
o Maintained high liquidity levels in domestic business and overseas
subsidiaries
o Decrease in loan book by 3.2% (decline of 8.4% excluding impact of
exchange rates)
o Increase in CASA ratio to 28.7% at March 31, 2009 compared to 27.4% at
December 31, 2008 and 26.1% at March 31, 2008
o Net NPA ratio of 1.96% at March 31, 2009 compared to 1.95% at December 31,
2008
|
 |
Focus for the year ahead
o Increasing CASA ratio and rebalancing funding mix
o Selective lending and proactive management of existing portfolio
o Leveraging expanded branch network as integrated channel for deposit
mobilisation, selected retail asset origination and fee income
o Continuing emphasis on cost efficiency
o Maintaining high capitalisation levels
Positioning the balance sheet for next phase of growth
|
 |
Unconsolidated Financials
|
 |
Profit & loss statement
(Rs. in billion)
--------------------------- -------- ---------- ------------ --------- ----------- ----------
Q4 Q4 Q4-o-Q4 FY FY Y-o-Y
2008 2009 Growth 2008 2009 Growth
--------------------------- -------- ---------- ------------ --------- ----------- ----------
NII 20.79 21.39 2.9% 73.04 83.67 14.6%
--------------------------- -------- ---------- ------------ --------- ----------- ----------
Non-interest inc. 23.62 16.74 (29.1)% 88.11 76.04 (13.7)%
--------------------------- -------- ---------- ------------ --------- ----------- ----------
-Fee income 19.28 13.43 (30.3)% 66.27 65.24 (1.6)%
--------------------------- -------- ---------- ------------ --------- ----------- ----------
-Treasury income 1.64 2.14 30.5% 8.15 4.43 (45.6)%
--------------------------- -------- ---------- ------------ --------- ----------- ----------
-Dividend income1 2.61 0.61 (76.6)% 11.52 3.35 (70.9)%
--------------------------- -------- ---------- ------------ --------- ----------- ----------
-Others 0.09 0.56 - 2.17 3.02 39.2%
--------------------------- -------- ---------- ------------ --------- ----------- ----------
Total income 44.41 38.13 (14.1)% 161.15 159.70 (0.9)%
--------------------------- -------- ---------- ------------ --------- ----------- ----------
Operating expenses 17.46 15.52 (11.1)% 64.29 63.06 (1.9)%
--------------------------- -------- ---------- ------------ --------- ----------- ----------
DMA expenses 3.58 0.53 (85.2)% 15.43 5.29 (65.7)%
--------------------------- -------- ---------- ------------ --------- ----------- ----------
Lease depreciation 0.46 0.52 13.0% 1.82 2.10 15.4%
--------------------------- -------- ---------- ------------ --------- ----------- ----------
Operating profit 22.91 21.56 (5.9)% 79.61 89.25 12.1%
--------------------------- -------- ---------- ------------ --------- ----------- ----------
1. Includes Rs. 1.67 bn and Rs. 7.88 bn of income from funds managed by ICICI Venture in Q4-2008 and
FY2008 respectively
|
 |
Profit & loss statement
(Rs. in billion)
---------------------- -------- -------- ---------------- --------------- ------------ ---------------
Q42008 Q42009 Q4-o-Q4 Growth FY 2008 FY 2009 Y-o-Y Growth
---------------------- -------- -------- ---------------- --------------- ------------ ---------------
Operating profit 22.91 21.56 (5.9)% 79.61 89.25 12.1%
---------------------- -------- -------- ---------------- --------------- ------------ ---------------
Provisions 9.48 10.85 14.5% 29.05 38.08 31.1%
---------------------- -------- -------- ---------------- --------------- ------------ ---------------
Profit before tax 13.43 10.71 (20.3)% 50.56 51.17 1.2%
---------------------- -------- -------- ---------------- --------------- ------------ ---------------
Tax 1.93 3.27 69.4% 8.98 13.59 51.3%
---------------------- -------- -------- ---------------- --------------- ------------ ---------------
Profit after tax 11.50 7.44 (35.3)% 41.58 37.58 (9.6)%
---------------------- -------- -------- ---------------- --------------- ------------ ---------------
|
 |
Balance sheet: Assets
(Rs. in billion)
--------------------------- --------------- --------------- ---------------- ----------------
Mar 31, 2008 Dec 31, 2008 Mar 31, 2009 Y-o-Y growth
--------------------------- --------------- --------------- ---------------- ----------------
Cash & bank balances 380.41 270.83 299.66 (21.2)%
--------------------------- --------------- --------------- ---------------- ----------------
Investments 1,114.54 1,065.38 1,030.581 (7.5)%
--------------------------- --------------- --------------- ---------------- ----------------
-SLR investments 750.31 684.84 633.87 (15.5)%
--------------------------- --------------- --------------- ---------------- ----------------
-Equity investment in
subsidiaries 81.34 111.02 120.97 48.7%
--------------------------- --------------- --------------- ---------------- ----------------
Advances 2,256.16 2,125.21 2,183.11 (3.2)%
--------------------------- --------------- --------------- ---------------- ----------------
Fixed & other assets 246.84 282.67 279.66 13.3%
--------------------------- --------------- --------------- ---------------- ----------------
Total assets 3,997.95 3,744.10 3,793.01 (5.1)%
--------------------------- --------------- --------------- ---------------- ----------------
1. Net investment in security receipts of asset reconstruction companies at
March 31, 2009 was Rs. 32.18 bn
Credit derivative exposure (including off balance sheet exposure) of Rs.
57.12 bn at March 31, 2009 (underlying comprises Indian corporate credits)
Including impact of exchange rate movement [GRAPHIC OMITTED]
|
 |
Composition of loan book: Mar 31, 2009
STPL 0.4%
Credit cards 7%
Home 54%
Overseas branches 25%
Rural 10%
corporate 12%
Total loan book: Rs. 2,183 bn Total retail loan book: Rs. 1,062 bn
1. STPL: Small ticket personal loans
2. Vehicle loans includes auto loans 13%, commercial business 14% and two
wheelers 2%
3. Retail business group includes builder loans and dealer funding of Rs. 32.83
bn
|
 |
Equity investment in subsidiaries
----------------------------------------------- ------------------ ------------------
Rs. bn Mar-08 Mar-09
----------------------------------------------- ------------------ ------------------
ICICI Prudential Life Insurance 27.82 35.90
----------------------------------------------- ------------------ ------------------
ICICI Lombard General Insurance 7.17 10.96
----------------------------------------------- ------------------ ------------------
ICICI Bank Canada 13.53 33.50
----------------------------------------------- ------------------ ------------------
ICICI Bank UK 18.55 23.25
----------------------------------------------- ------------------ ------------------
ICICI Home Finance 7.97 11.12
----------------------------------------------- ------------------ ------------------
ICICI Bank Eurasia LLC 3.00 3.00
----------------------------------------------- ------------------ ------------------
ICICI Securities Primary Dealership 1.64 1.58
----------------------------------------------- ------------------ ------------------
ICICI Securities Limited 0.87 0.87
----------------------------------------------- ------------------ ------------------
ICICI AMC 0.61 0.61
----------------------------------------------- ------------------ ------------------
ICICI Venture Funds 0.05 0.05
----------------------------------------------- ------------------ ------------------
Others 0.14 0.14
----------------------------------------------- ------------------ ------------------
Total 81.34 120.97
----------------------------------------------- ------------------ ------------------
|
 |
Balance sheet: Liabilities
(Rs. in billion)
--------------------------- ---------------- ---------------- ------------------ ---------------
Mar 31, 2008 Dec 31, 2008 Mar 31, 2009 Y-o-Y growth
--------------------------- ---------------- ---------------- ------------------ ---------------
Net worth 464.70 500.35 495.33 6.6%
--------------------------- ---------------- ---------------- ------------------ ---------------
-Equity capital 11.13 11.13 11.13 -
--------------------------- ---------------- ---------------- ------------------ ---------------
-Reserves 453.57 489.22 484.20 6.8%
--------------------------- ---------------- ---------------- ------------------ ---------------
Preference capital 3.50 3.50 3.50 -
--------------------------- ---------------- ---------------- ------------------ ---------------
Deposits 2,444.31 2,090.65 2,183.48 (10.7)%
--------------------------- ---------------- ---------------- ------------------ ---------------
-Savings 390.89 385.72 410.36 5.0%
--------------------------- ---------------- ---------------- ------------------ ---------------
-Current 246.91 188.10 216.32 (12.4)%
--------------------------- ---------------- ---------------- ------------------ ---------------
Borrowings 863.99 990.69 928.05 7.4%
--------------------------- ---------------- ---------------- ------------------ ---------------
Other liabilities 221.45 158.91 182.65 (17.5)%
--------------------------- ---------------- ---------------- ------------------ ---------------
Total liabilities 3,997.95 3,744.10 3,793.01 (5.1)%
--------------------------- ---------------- ---------------- ------------------ ---------------
Figures include impact of exchange rate movement
|
 |
Composition of borrowings
(Rs. in billion)
------------------------- ---------------------- ----------------------- ----------------------
Mar 31, 2008 Dec 31, 2008 Mar 31, 2009
------------------------- ---------------------- ----------------------- ----------------------
Domestic 349.17 426.34 376.21
------------------------- ---------------------- ----------------------- ----------------------
-Capital instruments 193.94 225.46 237.66
------------------------- ---------------------- ----------------------- ----------------------
-Other borrowings 155.23 200.88 138.55
------------------------- ---------------------- ----------------------- ----------------------
Overseas 514.82 564.35 551.84
------------------------- ---------------------- ----------------------- ----------------------
-Capital instruments 13.56 16.48 17.16
------------------------- ---------------------- ----------------------- ----------------------
-Other borrowings 501.26 547.87 534.68
------------------------- ---------------------- ----------------------- ----------------------
Total borrowings 863.99 990.69 928.05
------------------------- ---------------------- ----------------------- ----------------------
o Credit/deposit of 79% on the domestic balance sheet at March 31, 2009
o Capital instruments contribute 63.2% of domestic borrowings
Figures include impact of exchange rate movement
|
 |
Capital adequacy (Basel II)
----------------------- --------------------------- ---------------------------- ----------------------------
Rs. billion except % Mar 31, 2008 Dec 31, 2008 Mar 31, 2009
----------------------- ----------- --------------- ------------ --------------- ------------ --------------
Total Capital 500.59 14.0% 558.51 15.6% 553.69 15.5%
----------------------- ----------- --------------- ------------ --------------- ------------ --------------
-Tier I 421.72 11.8% 433.57 12.1% 422.11 11.8%
----------------------- ----------- --------------- ------------ --------------- ------------ --------------
-Tier II 78.86 2.2% 124.94 3.5% 131.59 3.7%
----------------------- ----------- --------------- ------------ --------------- ------------ --------------
Total RWA 3,584.56 3,585.29 3,564.63
----------------------- ----------- --------------- ------------ --------------- ------------ --------------
-On b/s 2,770.45 2,710.07 2,758.15
----------------------- ----------- --------------- ------------ --------------- ------------ --------------
-Off b/s 814.11 875.22 806.48
----------------------- ----------- --------------- ------------ --------------- ------------ --------------
As per Reserve Bank of India�s revised Basel II guidelines
|
 |
Key ratios
(Percent)
------------------------------------------------- --------- ---------- --------------- ---------------
Q42008 Q42009 FY 2008 FY 2009
------------------------------------------------- --------- ---------- --------------- ---------------
Return on average networth1 10.0 6.1 11.1 7.7
------------------------------------------------- --------- ---------- --------------- ---------------
Weighted avg EPS (Rs.) 41.6 27.1 39.4 33.8
------------------------------------------------- --------- ---------- --------------- ---------------
Book value (Rs.) 418 445 418 445
------------------------------------------------- --------- ---------- --------------- ---------------
Net interest margin 2.4 2.6 2.2 2.4
------------------------------------------------- --------- ---------- --------------- ---------------
Cost to income (incl. DMA expenses) 47.9 42.7 50.0 43.4
------------------------------------------------- --------- ---------- --------------- ---------------
Cost to average assets (incl. DMA expenses) 2.2 1.8 2.2 1.8
------------------------------------------------- --------- ---------- --------------- ---------------
CASA ratio 26.1% 28.7%
------------------------------------------------- --------- ---------- --------------- ---------------
1. Based on quarterly average net worth
|
 |
Asset quality and provisioning
(Rs. in billion)
-------------------------------- ------------------ ------------------ ----------------
Mar 31, 2008 Dec 31, 2008 Mar 31, 2009
-------------------------------- ------------------ ------------------ ----------------
Gross NPAs 83.50 96.40 99.29
-------------------------------- ------------------ ------------------ ----------------
Less: Cumulative provisions 47.86 51.75 53.10
-------------------------------- ------------------ ------------------ ----------------
Net NPAs 35.64 44.65 46.19
-------------------------------- ------------------ ------------------ ----------------
Net NPA ratio 1.49% 1.95% 1.96%
-------------------------------- ------------------ ------------------ ----------------
o Gross retail NPLs at Rs. 71.42 bn and net retail NPLs at Rs. 31.26 bn at
March 31, 2009
o 55% of net retail NPLs are from unsecured products
o Assets restructured during FY2009 amounted to Rs. 11.15 bn
o In addition, applications for restructuring of loans aggregating to Rs.
20.03 bn had been received up to March 31, 2009
1. Gross NPAs and cumulative provisions include technical write-offs of Rs.
1.26 bn at March 31, 2009
|
 |
Overseas subsidiaries
|
 |
ICICI Bank UK
o Net profit of USD 6.8 million in FY2009
o Net MTM impact of USD 163.9 million (post-tax) in reserves in FY2009
o Capital adequacy ratio at 18.4%
o Certain investments were reclassified from the 'held for trading' (HFT)
category to the 'available for sale' (AFS) category and from AFS category to
'loans and receivables' category, in accordance with amendments made to the
applicable accounting standards in October 2008
o If these reclassifications had not been made, pre-tax profit would have
been lower by USD 58.5 million and unrealised losses, as deducted from
reserves (pre-tax), on AFS securities would have increased by USD 10.5
million
|
 |
ICICI Bank UK asset profile Other assets & investments 4 Cash & liquid 1 Asset backed 4% Total assets: USD 7.3 billion 4% 1. Includes cash & advances to banks and certificates of deposit 2. Includes US$ 154 mn of India-linked credit derivatives 3. Includes securities reclassified to loans & advances 4. Does not include US$ 147.1 mn of ABS reclassified as loans & receivable |
 |
ICICI Bank UK liability profile
Total liabilities: USD 7.3 billion
38%
o Proportion of retail term deposits in total deposits increased from 16% at
March 31, 2008 to 58% at March 31, 2009
|
 |
ICICI Bank Canada Other assets & investments 3% Asset backed securities 2% Cash & liquid securities 14% India linked investments 3% Net profit of CAD 33.9 million in FY2009 Capital adequacy ratio at 19.9% Federally insured mortgage ` 14% Loans to customers64% Total assets: CAD 6.4 billion 1. Includes cash & advances to banks, government securities and banker�s acceptances/depository notes 2. Includes CAD 149 mn of India-linked credit derivatives |
 |
ICICI Bank Canada liability profile
Networth 15%
Other liabilities 4%
Borrowings 1%
Demand deposits 10%
Total liabilities: CAD 6.4 billion
o ICICI Bank Canada balance sheet funded largely out of retail term deposits
|
 |
ICICI Bank Eurasia
o Total assets of USD 441 million at March 31, 2009 compared to USD 772
million at December 31, 2007
o Total borrowings of USD 357 million at March 31, 2009
o Capital adequacy of 15.1% as on March 31, 2009
o Net profit of USD 2.0 million for the year ended December 31, 2008
As per IFRS
Figures include impact of exchange rate movement
|
 |
ICICI Bank Eurasia asset profile
Other assets 3%
Retail loans 18%
Loans to corporates & banks 51%
Total assets: USD 441 million
Cash & liquid securities 20%
Corporate bonds 8%
1. Includes cash & advances to banks, balances with central bank and nostro
balances
|
 |
Key non-banking subsidiaries
|
 |
ICICI Life
(Rs. in billion)
---------------------------------- --------------- -------------
FY2008 FY2009
---------------------------------- --------------- -------------
APE 65.16 53.02
---------------------------------- --------------- -------------
Renewal premium 55.26 88.72
---------------------------------- --------------- -------------
Total premium 135.61 153.56
---------------------------------- --------------- -------------
New Business Profit (NBP) 12.54 10.04
---------------------------------- --------------- -------------
NBP margin 19.2% 18.9%
---------------------------------- --------------- -------------
Statutory Loss (13.95) (7.80)
---------------------------------- --------------- -------------
Assets Under Management 285.78 327.88
---------------------------------- --------------- -------------
Expense ratio 14.9% 11.8%
---------------------------------- --------------- -------------
o Continued market leadership in private sector with overall market share of
11.8%1
1. For the period April 2008 -February 2009 on new business weighted received
premium basis
|
 |
ICICI General
(Rs. in billion)
-------------------------- ----------------------- ---------------------
FY 2008 FY2009
-------------------------- ----------------------- ---------------------
Gross premium 33.45 34.57
-------------------------- ----------------------- ---------------------
Net earned premium 14.39 16.99
-------------------------- ----------------------- ---------------------
PBT 1.30 -
-------------------------- ----------------------- ---------------------
PAT1 1.03 0.24
-------------------------- ----------------------- ---------------------
o Leadership in private sector with overall market share of 11.7%2
o Continued impact of motor pool & de-tariffing in the industry
1. Includes impact of deferred tax
2. For the period April 2008 - February 2009
|
 |
Other subsidiaries
(Rs. billion)
----------------------------------------------- ----------------- --------------
Profit after tax FY2008 FY2009
----------------------------------------------- ----------------- --------------
ICICI Securities Ltd. 1.50 0.04
----------------------------------------------- ----------------- --------------
ICICI Securities PD 1.40 2.72
----------------------------------------------- ----------------- --------------
ICICI Venture 0.90 1.48
----------------------------------------------- ----------------- --------------
ICICI Prudential Asset Management Company 0.82 0.01
----------------------------------------------- ----------------- --------------
ICICI Home Finance Company 0.70 1.43
----------------------------------------------- ----------------- --------------
Consolidated profit after tax increased by 5% to Rs. 35.77 billion in FY2009
compared to Rs. 33.98 billion in FY2008
|
 |
Thank you
|
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: April 25, 2009 |
By:
|
/s/ Ranganath
Athreya
|
|||
|
Name:
|
Ranganath
Athreya
|
||||
|
Title:
|
General
Manager
Joint Company
Secretary
& Head
Compliance for Non Banking Subsidiaries
|
||||
2