FORM
6-K
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report
of Foreign Issuer
Pursuant
to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
For
the
month of January 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.
|
News
Release dated January 19, 2008 –
Performance
Review –
Quarter
ended December 31, 2007
|
|
2.
|
News Release dated January 19, 2008 – Proposed initial public offering of equity shares by ICICI Securities |
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorised.
|
For
ICICI Bank Limited
|
||||||
|
Date:
January
19, 2008
|
By:
|
/s/ Nilesh
Trivedi
|
||||
|
Name:
|
Nilesh
Trivedi
|
|||||
|
Title:
|
Assistant
Company Secretary
|
|||||
 |
Item
1
ICICI
Bank
Limited
ICICI Bank Towers Bandra Kurla Complex Mumbai 400 051 |
|
News
Release
|
January
19,
2008
|
Performance
Review –
Quarter ended December 31, 2007: 35%
year-on-year growth in profit after tax
The
Board of Directors of ICICI Bank
Limited (NYSE: IBN) at its meeting held at Mumbai today, approved the audited
unconsolidated Indian GAAP accounts of the Bank for the quarter ended December
31, 2007 (Q3-2008).
Highlights
|
·
|
Profit
after tax for
Q3-2008 increased
35%
to Rs. 1,230 crore (US$ 312 million) from Rs. 910 crore (US$
231 million)
for the quarter ended December 31, 2006
(Q3-2007).
|
|
·
|
Operating
profit excluding
treasury income increased 37% in Q3-2008 to Rs. 1,977 crore (US$
502
million) from Rs.
1,442 crore (US$ 366 million) for the quarter ended December
31, 2006
(Q3-2007).
|
|
·
|
Net
interest income increased 32%
to Rs. 1,960 crore (US$ 497 million) for Q3-2008 from Rs. 1,485
crore (US$
377 million) for Q3-2007.
|
|
·
|
Fee
income increased 33% to
Rs. 1,785
crore (US$
453 million) for Q3-2008 from Rs. 1,345 (US$ 341 million) for
Q3-2007.
|
|
·
|
Current
and savings account
deposits increased 33% to Rs. 62,494 crore (US$ 15.9 billion)
at December
31, 2007 from Rs. 47,062 crore (US$ 11.9 billion) at December
31, 2006
resulting in an increase
in CASA ratio to 27% at December 31,
2007.
|
|
·
|
Total
advances increased 25% to
Rs. 215,517 crore (US$ 54.7 billion) at December 31, 2007 from
Rs. 172,763
crore (US$ 43.8 billion) at December 31,
2006.
|
|
·
|
Profit
after tax for the nine
months ended December
31, 2007 (9M-2008) increased 32% to Rs. 3,008 crore (US$ 763
million) from
Rs. 2,285 crore (US$ 580 million) for the nine months ended December
31,
2006 (9M-2007).
|
| |
ICICI
Bank
Limited
ICICI Bank Towers Bandra Kurla Complex Mumbai 400 051 |
Operating
review
Deposit
growth
Current
and savings account deposits
increased 33% to Rs. 62,494 crore (US$ 15.9 billion) at December 31, 2007
from
Rs. 47,062 crore (US$ 11.9 billion) at December 31, 2006. During this period,
the Bank’s
total deposits increased 17% to Rs.
229,779 crore (US$
58.3 billion) at December 31, 2007
from Rs. 196,893 crore (US$ 49.9 billion) at December 31, 2006. The Bank
had 955
branches and extension counters and about 3,687 ATMs at December 31,
2007.
Credit
growth
The
Bank’s total
advances increased 25% to Rs. 215,517 crore (US$ 54.7 billion) at December
31,
2007 from Rs. 172,763 crore (US$ 43.8 billion) at December 31, 2006. The
proportion of advances of the Bank’s international branches in total advances
increased from 12% at December 31, 2006 to 21% at December 31, 2007, reflecting
effective synergies between
the Bank’s strong corporate franchise and its international presence. The Bank’s
retail advances were Rs. 132,311 crore (US$ 33.6 billion) at December 31,
2007
and constituted 61% of total advances.
International
operations
The
Bank is present
in 18 countries through wholly-owned subsidiaries, branches and representative offices. At December
31, 2007
the Bank’s
international operations accounted for
about 23% of its consolidated banking assets.
ICICI
Bank UK plc opened two additional
branches in UK in Coventry and London taking the number of retail
locations to nine. ICICI Bank Canada opened its seventh branch in Canada
in the
Greater Toronto Area.
Capital
adequacy
The
Bank’s capital adequacy at December
31,
2007 was 15.8%1
(including Tier-1 capital adequacy of 12.1%), well above RBI’s requirement of
total capital adequacy of 9.0%.
1
Excludes
US$
750 million Upper Tier
II
issue made in January 2007 pending clarifications required by Reserve Bank
of
India on the clauses for principal and interest payment.
2
| |
ICICI
Bank
Limited
ICICI Bank Towers Bandra Kurla Complex Mumbai 400 051 |
Asset
quality
At
December 31,
2007, the Bank’s net non-performing assets constituted 1.47% of net customer
assets.
International
funding plan
At
December 31,
2007, ICICI Bank’s consolidated balance sheet size was USD 115 billion. From
January to December 2007, ICICI Bank and ICICI Bank UK plc raised USD 6.7
billion in the international bond markets in dollar, euro and sterling
currencies. This is used primarily for financing the expansion of
Indian businesses, including their organic and inorganic growth internationally
and their large investment plans in India. Going forward, the Bank seeks
to
continue to capitalize on these growth opportunities. Based upon an evaluation
of funding opportunities and returns thereof, the Bank currently expects
to
raise approximately the same amount through bond issuances during calendar
year
2008 subject to market conditions. The Bank currently expects to continue
to
diversify and evaluate alternative markets to complement its dollar, euro
and
sterling bond issuances. The balance international funding is likely to
come
from retail and corporate deposits, bank loan markets, multilateral sources
and
trade financing.
Performance
highlights of key subsidiaries
ICICI
Bank’s
unaudited consolidated profit after tax was Rs. 2,762 crore (US$ 701 million)
for 9M-2008 compared to Rs. 2,203 crore (US$ 559 million) for the
9M-2007.
ICICI
Prudential
Life Insurance Company (ICICI Life) continued to maintain its market leadership
among private sector life insurance companies with a private market share
of
25.8% and an overall market share of 11.8% on the basis of new business
weighted
received premium. During April-November ICICI Life’s new business weighted
received premium increased by 67% as compared to industry growth of 14%.
The
growing operations of ICICI Life had a negative impact of Rs. 674 crore
(US$ 171
million) on the unaudited consolidated profit after tax of ICICI Bank in
9M-2008. However, ICICI Life’s unaudited New Business Profit (NBP) in
9M-
3
| |
ICICI
Bank
Limited
ICICI Bank Towers Bandra Kurla Complex Mumbai 400 051 |
2008
was Rs. 748
crore (US$ 190 million)2. The
assets held by
ICICI Life increased from about Rs. 15,818 crore (US$ 4.0 billion) at March
31,
2007 to Rs. 28,409 crore (US$ 7.2 billion) at December 31, 2007.
ICICI
Lombard
General Insurance Company (ICICI General) maintained its leadership position
with a market share of 31.9% among private sector general insurance companies
and an overall market share of 12.7% during April-November 2007. ICICI
General’s
premiums increased 17% to Rs. 2,722 crore (US$ 691 million) in 9M-2008
despite
the impact of detariffication. ICICI General’s profit after tax increased by
134% to Rs. 115 crore (US$ 29 million) in 9M-2008 from Rs. 49 crore (US$
12
million) in 9M-2007.
ICICI
Securities’
revenues for Q3-2008 and 9M-2008 were Rs. 257 crore (US$ 65 million) and
Rs. 527
crore (US$ 134 million) respectively. The company’s profit after tax for Q3-2008
and 9M-2008 was Rs. 71 crore (US$ 18 million) and Rs. 108 crore (US$ 27
million)
respectively.
ICICI
Prudential
Asset Management Company‘s (ICICI AMC) assets under management (including
portfolio management services and advisory assets) increased by 59% to
Rs.
69,230 crore (US$ 17.6 billion) at December 31, 2007 from Rs. 43,440 crore
(US$
11.0 billion) at March 31, 2007. ICICI AMC’s profit after tax increased by 127%
to Rs. 75 crore (US$ 19 million) in 9M-2008 from Rs. 33 crore (US$ 8 million)
in
9M-2007.
ICICI
Venture Fund
Management Company (ICICI Venture) is the largest private equity company
in
India with assets under management of about Rs. 9,600 crore (US$ 2.4 billion).
ICICI Venture’s profit after tax for 9M-2008 was Rs. 52 crore (US$ 13
million).
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, 2007.
4
| |
ICICI
Bank
Limited
ICICI Bank Towers Bandra Kurla Complex Mumbai 400 051 |
Summary
Profit and Loss Statement (as per unconsolidated Indian GAAP
accounts)
|
Rs.
crore
|
|
Q3-2007
|
Q3-2008
|
Growth
over
Q3-2007
|
9M2007
|
9M2008
|
FY2007
|
|
|
Net
interest income1
|
1,485
|
1,960
|
32%
|
4,028
|
5,225
|
5,637
|
|
Non-interest
income (excluding
treasury)
|
1,671
|
2,145
|
28%
|
4,260
|
5,798
|
5,915
|
|
-
Fee
income
|
1,345
|
1,785
|
33%
|
3,585
|
4,699
|
5,012
|
|
-
Lease
&
other
income
|
326
|
360
|
10%
|
675
|
1,099
|
903
|
|
Less:
|
||||||
|
Operating
expense
|
1,288
|
1,665
|
29%
|
3,525
|
4,684
|
4,979
|
|
Expenses
on direct market agents
(DMAs)
2
|
383
|
416
|
9%
|
1,101
|
1,184
|
1,524
|
|
Lease
depreciation
|
42
|
47
|
12%
|
144
|
136
|
188
|
|
Core
operating
profit
|
1,442
|
1,977
|
37%
|
3,518
|
5,019
|
4,861
|
|
Treasury
income
|
310
|
282
|
-9%
|
568
|
651
|
1,013
|
|
Operating
profit
|
1,752
|
2,259
|
29%
|
4,086
|
5,670
|
5,874
|
|
Less:
Provisions
|
667
|
760
|
14%
|
1,350
|
1,957
|
2,226
|
|
Profit
before
tax
|
1,085
|
1,498
|
38%
|
2,736
|
3,713
|
3,648
|
|
Less:
Tax
|
175
|
268
|
53%
|
451
|
705
|
538
|
|
Profit
after
tax
|
910
|
1,230
|
35%
|
2,285
|
3,008
|
3,110
|
|
1.
|
Net
of
premium amortisation on government securities of Rs. 2.24 bn
in Q3-2007,
Rs. 2.12 bn in Q3-2008, Rs. 7.33 bn in 9M-2007, Rs. 6.58 bn in
9M-2008 and
Rs. 9.99 bn in FY2007.
|
|
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.
|
5
| |
ICICI
Bank
Limited
ICICI Bank Towers Bandra Kurla Complex Mumbai 400 051 |
Summary
Balance Sheet
|
Rs.
crore
|
|
Dec
31,
2006
|
Dec
31, 2007
|
Growth
over Dec 31,
2006
|
March
31,
2007
|
|
|
Assets
|
||||
|
Cash
balances with banks &
SLR
|
82,428
|
107,362
|
30%
|
104,489
|
|
-
Cash
&
bank
balances
|
24,819
|
31,002
|
25%
|
37,121
|
|
-
SLR
investments
|
57,609
|
76,360
|
33%
|
67,368
|
|
Ad
vances
|
172,763
|
215,517
|
25%
|
195,866
|
|
Other
investments
|
21,924
|
28,952
|
32%
|
23,890
|
|
Fixed
&
other
assets
|
18,717
|
24,869
|
33%
|
20,413
|
|
Total
|
295,832
|
376,700
|
27%
|
344,658
|
|
Liabilities
|
||||
|
Networth
|
24,445
|
46,514
|
90%
|
24,313
|
|
-
Equity
capital
|
894
|
1,112
|
24%
|
899
|
|
-
Reserves
|
23,551
|
45,401
|
93%
|
23,414
|
|
Preference
capital
|
350
|
350
|
0%
|
350
|
|
Deposits
|
196,893
|
229,779
|
17%
|
230,510
|
|
Erstwhile
ICICI & other
borrowings
|
58,819
|
81,627
|
39%
|
70,661
|
|
Other
liabilities
|
15,325
|
18,430
|
20%
|
18,824
|
|
Total
|
295,832
|
376,700
|
27%
|
344,658
|
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 materia [Missing Graphic Reference] y 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 and
our
rural expansion, our ability to integrate recent or future mergers or
acquisitions into our operations, 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
6
| |
ICICI
Bank
Limited
ICICI Bank Towers Bandra Kurla Complex Mumbai 400 051 |
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 Rakesh Jha at 91-22-2653 6157 or 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. 39.42
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
|
Nine
months
ended
|
Year
ended March 31,
2007
|
||
|
December
31,
2007
|
December
31,
2006
|
December
31, 2007
|
December
31,
2006
|
|||
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
||
|
1.
|
Interest
earned
(a)+(b)+(c)+(d)
|
7,911.77
|
5,600.87
|
22,759.07
|
15,599.66
|
21,995.59
|
|
a)
Interest/discount on
advances/bills
|
5,752.16
|
4,165.53
|
16,774.79
|
11,392.89
|
16,096.31
|
|
|
b)
Income on
investments
|
1,959.91
|
1,318.80
|
5,457.19
|
3,636.79
|
4,989.84
|
|
|
c)
Interest on balances with
Reserve Bank of India and other interbank funds
|
210.95
|
111.54
|
495.41
|
515.64
|
808.56
|
|
|
d)
Others
|
(11.25)
|
5.00
|
31.68
|
54.34
|
100.88
|
|
|
2.
|
Other
income
|
2,426.59
|
1,980.59
|
6,449.12
|
4,828.28
|
6,927.87
|
|
3.
|
A)
TOTAL INCOME
(1)+(2)
|
10,338.36
|
7,581.46
|
29,208.19
|
20,427.94
|
28,923.46
|
|
4.
|
Interest
expended
|
5,952.08
|
4,115.85
|
17,534.43
|
11,571.64
|
16,358.50
|
|
5.
|
Operating
expenses (e) + (f) +
(g)
|
2,127.61
|
1,713.25
|
6,003.73
|
4,769.97
|
6,690.56
|
|
e)
Employee
cost
|
570.51
|
426.22
|
1,612.26
|
1,175.94
|
1,616.75
|
|
|
f)
Direct
marketing
expenses
|
416.30
|
383.09
|
1,184.39
|
1,101.04
|
1,523.90
|
|
|
g)
Other
operating
expenses
|
1,140.80
|
903.94
|
3,207.08
|
2,492.99
|
3,549.91
|
|
|
6.
|
B)
TOTAL EXPENDITURE
(4)+(5) (excluding provisions and
contingencies)
|
8,079.69
|
5,829.10
|
23,538.16
|
16,341.61
|
23,049.06
|
|
7.
|
OPERATING
PROFIT (A-B) (Profit
before provisions and contingencies)
|
2,258.67
|
1,752.36
|
5,670.03
|
4,086.33
|
5,874.40
|
|
8.
|
Provisions
(other than tax) and
contingencies
|
760.34
|
667.17
|
1,957.10
|
1,350.02
|
2,226.36
|
|
9.
|
Exceptional
items
|
..
|
..
|
..
|
..
|
..
|
|
10.
|
PROFIT
/ LOSS FROM ORDINARY
ACTIVITIES BEFORE TAX (7)–(8)–(9)
|
1,498.33
|
1,085.19
|
3,712.93
|
2,736.31
|
3,648.04
|
|
11.
|
Tax
expense
|
|||||
|
a)
Current period
tax
|
490.83
|
365.58
|
1,236.16
|
712.61
|
984.25
|
|
|
b)
Deferred tax
adjustment
|
(222.71)
|
(190.47)
|
(531.12)
|
(261.40)
|
(446.43)
|
|
|
12.
|
NET
PROFIT / LOSS FROM ORDINARY
ACTIVITES (10)–(11)
|
1,230.21
|
910.08
|
3,007.89
|
2,285.10
|
3,110.22
|
|
13.
|
Extraordinary
items (net of tax
expense)
|
..
|
..
|
..
|
..
|
..
|
|
14.
|
NET
PROFIT / LOSS FOR THE
PERIOD(12)–(13)
|
1,230.21
|
910.08
|
3,007.89
|
2,285.10
|
3,110.22
|
|
15.
|
Paid-up
equity share capital (face
value Rs. 10/-)
|
1,112.27
|
894.08
|
1,112.27
|
894.08
|
899.34
|
|
16.
|
Reserves
excluding revaluation
reserves
|
45,401.25
|
23,550.80
|
45,401.25
|
23,550.80
|
23,413.92
|
|
17.
|
Analytical
ratios
|
|||||
|
(i)
Percentage of shares held by
Government of India
|
..
|
..
|
..
|
..
|
..
|
|
|
(ii)
Capital adequacy
ratio
|
15.82%
|
13.37%
|
15.82%
|
13.37%
|
11.69%
|
|
|
(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. )
|
11.07
|
10.18
|
29.01
|
25.61
|
34.84
|
|
|
Diluted
EPS before and after
extraordinary items net
of tax expenses (not
annualised for quarter/ period) (in
Rs.
)
|
10.99
|
10.10
|
28.84
|
25.39
|
34.64
|
|
|
18.
|
NPA
Ratio
|
|||||
|
i)
Gross non-performing advances
(net of technical write-off)
|
6,474.84
|
3,625.74
|
6,474.84
|
3,625.74
|
4,126.06
|
|
|
ii)
Net non-performing
advances
|
3,227.82
|
1,824.82
|
3,227.82
|
1,824.82
|
1,992.04
|
|
|
iii)
% of gross non-performing
advances (net of technical write-off)
to gross
advances (net of write-off)
|
3.0%
|
2.1%
|
3.0%
|
2.1%
|
2.1%
|
|
|
iv)
% of net non-performing
advances to net advances
|
1.5%
|
1.1%
|
1.5%
|
1.1%
|
1.0%
|
|
|
19.
|
Return
on assets
(annualised)
|
1.30%
|
1.28%
|
1.11%
|
1.11%
|
1.09%
|
|
20.
|
Aggregate
of non-promoter
shareholding
|
|||||
|
• No.
of
shares
|
1,112,540,798
|
894,002,943
|
1,112,540,798
|
894,002,943
|
899,266,672
|
|
|
• Percentage
of
shareholding
|
100
|
100
|
100
|
100
|
100
|
|
|
21.
|
Deposits
|
229,779.03
|
196,892.76
|
229,779.03
|
196,892.76
|
230,510.19
|
|
22.
|
Advances
|
215,516.55
|
172,763.08
|
215,516.55
|
172,763.08
|
195,865.60
|
|
23.
|
Total
assets
|
376,699.54
|
295,832.05
|
376,699.54
|
295,832.05
|
344,658.11
|
CONSOLIDATED
FINANCIAL RESULTS OF ICICI BANK LIMITED AND ITS
SUBSIDIARIES
|
(Rupees
in
crore)
|
|
Sr.
No.
|
Three
months
ended
|
Nine
months
ended
|
Year
ended March 31,
2007
|
|||
|
Particulars
|
December
31,
2007
|
December
31,
2006
|
December
31,
2007
|
December
31,
2006
|
||
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||
|
1.
|
Total
Income
|
15,653.31
|
10,596.31
|
42,233.70
|
27,700.34
|
41,363.79
|
|
2.
|
Net
Profit/(loss) for the
period
|
1,119.82
|
883.92
|
2,762.11
|
2,202.98
|
2,760.63
|
|
3.
|
Earnings
per share
(EPS)
|
|||||
|
EPS
for the period (not annualised
for quarter/period) (in Rs.)(basic)
|
10.08
|
9.89
|
26.64
|
24.69
|
30.92
|
|
|
EPS
for the period (not
annualised for quarter/period) (in Rs.)(diluted)
|
10.01
|
9.81
|
26.48
|
24.48
|
30.75
|
|
UNCONSOLIDATED
SEGMENT RESULTS OF ICICI BANK LIMITED FOR THE NINE MONTHS ENDED DECEMBER 31,
2007
|
(Rupees
in
crore)
|
|
Sr.
No.
|
Particulars
|
Three
months
ended
|
Nine
months
ended
|
Year
ended March 31,
2007
|
||
|
December
31,
2007
|
December
31,
2006
|
December
31,
2007
|
December
31,
2006
|
|||
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
||
|
1.
|
Segment
Revenue
|
|||||
|
a
|
Consumer
and Commercial
Banking
|
8,065.84
|
5,944.10
|
22,996.20
|
16,641.85
|
23,479.37
|
|
b
|
Investment
Banking
|
2,852.97
|
1,940.77
|
7,565.73
|
4,923.03
|
7,066.20
|
|
Total
revenue
|
10,918.81
|
7,884.87
|
30,561.93
|
21,564.88
|
30,545.57
|
|
|
Less:
Inter Segment
Revenue
|
580.45
|
303.41
|
1,353.74
|
1,136.94
|
1,622.11
|
|
|
Income
from
Operations
|
10,338.36
|
7,581.46
|
29,208.19
|
20,427.94
|
28,923.46
|
|
|
2.
|
Segment
Results (i.e. Profit
before tax & provisions)
|
|||||
|
a
|
Consumer
and Commercial
Banking
|
1,420.79
|
1,325.83
|
3,675.63
|
3,209.51
|
4,535.25
|
|
b
|
Investment
Banking
|
847.48
|
436.13
|
2,023.20
|
905.62
|
1,377.55
|
|
Total
profit before tax &
provisions
|
2,268.27
|
1,761.96
|
5,698.83
|
4,115.13
|
5,912.80
|
|
|
3.
|
Provisions
|
|||||
|
a
|
Consumer
and Commercial
Banking
|
721.17
|
612.70
|
1,883.69
|
1,288.68
|
2,196.86
|
|
b
|
Investment
Banking
|
39.17
|
54.47
|
73.41
|
61.34
|
29.50
|
|
Total
provisions
|
760.34
|
667.17
|
1,957.10
|
1,350.02
|
2,226.36
|
|
|
4.
|
Segment
Results (i.e. Profit
before tax and
unallocated expenses)
|
|||||
|
a
|
Consumer
and Commercial
Banking
|
699.62
|
713.13
|
1,791.94
|
1,920.83
|
2,338.39
|
|
b
|
Investment
Banking
|
808.31
|
381.66
|
1,949.79
|
844.28
|
1,348.05
|
|
Total
profit before tax and
unallocated expenses
|
1,507.93
|
1,094.79
|
3,741.73
|
2,765.11
|
3,686.44
|
|
|
Unallocated
expenses
|
9.60
|
9.60
|
28.80
|
28.80
|
38.40
|
|
|
Tax
|
268.12
|
175.11
|
705.04
|
451.21
|
537.82
|
|
|
Profit
after
tax
|
1,230.21
|
910.08
|
3,007.89
|
2,285.10
|
3,110.22
|
|
|
5.
|
Capital
Employed (i.e. Segment
Assets –
Segment Liabilities excluding
inter-segmental funds
lent and borrowed)
|
|||||
|
a
|
Consumer
and Commercial
Banking
|
(23,725.45)
|
(32,047.03)
|
(23,725.45)
|
(32,047.03)
|
(47,842.84)
|
|
b
|
Investment
Banking
|
65,488.95
|
53,061.23
|
65,488.95
|
53,061.23
|
68,079.85
|
|
Total
capital
employed
|
41,763.50
|
21,014.20
|
41,763.50
|
21,014.20
|
20,237.01
|
|
Notes
|
1.
|
The
above
financials results have been prepared in accordance with Accounting
Standard (“AS”) 25 on “Interim Financial Reporting”.
|
|
2.
|
The
Sangli
Bank Limited (Sangli Bank) has merged with ICICI Bank Limited effective
April 19, 2007 as per the order of Reserve Bank of India (RBI) dated
April
18, 2007. Pursuant to the merger of Sangli Bank with ICICI Bank Limited,
the shareholders of Sangli Bank were allotted 3,455,008 equity shares
of
Rs. 10.00 each on May 28, 2007. The merger has been accounted for
as per
the purchase method of accounting in accordance with the scheme of
amalgamation.
|
|
3.
|
The
Bank
issued 75,686,388 equity shares (including green shoe option) of
Rs. 10.00
each to Qualified Institutional Bidders and Non-Institutional Bidders
at a
price of Rs. 940.00 per share and 32,912,238 equity shares of Rs.
10.00
each to Retail Bidders and Existing Retail Shareholders at a price
of Rs.
890.00 per share, pursuant to a public issue of equity shares, aggregating
to Rs. 10,043.71 crore on July 5, 2007. The Bank had issued, allotted
and
listed 17,402,172 partly paid equity shares, on which Rs. 500/- had
been
paid on application and allotment. The balance amount of Rs. 390/-
was
payable on call. A call notice dated November 26, 2007 was sent to
the
holders of partly paid-up equity shares and the last date of payment
of
call money was December 22, 2007. Consequently, on receipt of the
call
money, 13,649,506 equity shares were credited and listed on the Stock
Exchanges as fully paid on January 11, 2008.
|
|
4.
|
The
Bank has
also issued 49,949,238 American Depositary Shares (ADS) including
green
shoe option of 6,497,462 ADSs at US$ 49.25 per share, representing
99,898,476 underlying equity shares of Rs. 10.00 each, aggregating
to Rs.
9,923.64 crore on July 5, 2007.
|
|
5.
|
During
the
quarter ended December 31, 2007, the Bank allotted 628,660 equity
shares
of Rs. 10.00 each pursuant to exercise of employee stock
options.
|
|
6.
|
Status
of
equity investors’ complaints / grievances for the quarter ended December
31, 2007.
|
|
Opening
balance
|
Additions
|
Disposals
|
Closing
balance
|
|
5
|
4,104
|
4,105
|
4
|
|
7.
|
Provision
for
current period tax includes Rs. 8.72 crore towards provision for
fringe
benefit tax for the quarter ended December 31, 2007 (Rs. 32.98 crore
for
the nine months period ended December 31, 2007).
|
|
8.
|
USD
750
million (Rs. 2,956.13 crore) of foreign currency bonds raised for
Upper
Tier II capital have been excluded from the above capital adequacy
ratio
(CAR) computation, pending clarification required by RBI regarding
certain
terms of these bonds.
|
|
9.
|
As
required by
RBI general clarification dated July 11, 2007, the Bank has deducted
the
amortisation of premium on government securities, from “Income on
investments” included in “Interest earned” which was earlier included in
“Other income” amounting to Rs. 212.04 crore for quarter ended December
31, 2007 (Rs. 223.78 crore for quarter ended December 31, 2006),
Rs.
657.68 crore for nine months period ended December 31, 2007 (Rs.
733.05
crore for nine months period ended December 31, 2006) and Rs. 998.70
crore
for year ended March 31, 2007. Prior period figures have been reclassified
to conform to the current classification.
|
|
10.
|
At
September
30, 2007 the gross non performing advances (net of technical write-off)
were Rs. 5,931.53 crore and the net non performing advances were
Rs.
2,970.94 crore.
|
|
11.
|
Previous
period / year figures have been regrouped / reclassified where necessary
to conform to current period classification.
|
|
12.
|
The
above
financial results have been approved by the Board of Directors at
its
meeting held on January 19, 2008.
|
|
13.
|
The
above
unconsolidated financial results are audited by BSR & Co., Chartered
Accountants.
|
|
14.
|
Rs.
1 crore =
Rs. 10 million.
|
|
Place
: Mumbai
|
Chanda
D. Kochhar
|
|
Date
:
January 19, 2008
|
Joint
Managing Director &
CFO
|
Item
2
 |
|
ICICI
Centre, H.T.Parekh Marg,
Churchgate, Mumbai 400
020 Phone:
+91
22 288
2460 /
70
|
|
News
Release
|
January
19,
2008
|
Proposed
initial public offering of
equity shares by ICICI Securities
The
Board of Directors
of ICICI Securities Limited (ICICI Securities),
a wholly-owned
subsidiary of ICICI Bank
Limited (NYSE:
IBN), at its meeting held
at Mumbai
today approved
an initial public
offering of equity shares,
as well a private placement of
equity shares to one or
more institutional
investors. The Board
of Directors of ICICI
Bank has also
today
approved the proposed capital
raising. The maximum dilution
of ICICI Bank’s
holding in ICICI Securities through
the proposed public
offering
and private
placement would
be up to 15.0% of the
post-issue capital base
of ICICI Securities.
ICICI
Securities’
operations primarily encompass retail
broking, institutional
broking, distribution of retail financial products,
wealth management
and equity capital markets, including advisory services.
The above equity
offering would be subject to necessary regulatory, statutory and other
approvals
and procedures.
ICICI
Securities is contemplating,
subject to market conditions and regulatory approvals, an initial public
offering of equity shares, which may include an offer for sale by the
promoter.
The draft red herring prospectus will be filed with Securities and
Exchange Board of India
in due course.
This
release does not constitute an
offer of securities for sale in the United States. Securities may not
be offered
or sold in the United States unless they are registered under applicable
law or
exempt from registration.
Any public offering
of securities to be made in the United
States will be made by means of a prospectus that may be obtained from
ICICI
Securities Limited and will contain detailed information about ICICI Securities
Limited and its
management, as well as financial statements. No money, securities or
other
consideration is being solicited, and, if sent in response to the information
contained herein, will not be accepted. ICICI Securities Limited does
not intend to make an offering of
registered securities in the United States.
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 future demand for the products and services of ICICI Securities,
which may be impacted by, among other factors, economic conditions
in India and globally and the returns
and volatility in Indian stock markets, its ability to successfully implement
its strategy, including its use of the Internet and other technology,
its
ability to integrate recent or future mergers or acquisitions into
its operations, its growth and
expansion in domestic and overseas markets, the adequacy of its allowance
for
losses, technological changes, investment income, its ability to market
new
products, cash flow projections, the outcome of any legal or regulatory
proceedings it is or becomes a party
to, the future impact of new accounting standards, its dividend policy
and its
ability to implement this policy, the impact of Indian banking & securities
regulations
1
|
|
|
ICICI
Centre, H.T.Parekh Marg,
Churchgate, Mumbai 400
020 Phone:
+91
22 288
2460 /
70
|
on
it, and its exposure to market risks
as well as other risks that will be described in the offering document for the
proposed equity offering
by ICICI Securities.
The
information provided herein is not
an offer or solicitation for any application or subscription to any products
or
services and is not intended for distribution to, or use by, any person
in
any jurisdiction
where such
distribution or use would (by reason of that person's nationality, residence
or
otherwise) be contrary to law or regulation or would subject ICICI Bank,
ICICI
Securities or its / our affiliates to any licensing or registration requirements.
The information contained
in this document is not intended to nor should it be construed to represent
that
ICICI Bank, ICICI Securities or its / our affiliates provides any product
or
service in jurisdictions where it is not licensed or registered
to do so. Any products offered by
ICICI Bank or ICICI Securities or its or our affiliates are subject to
the terms
and conditions of that product. Any person interested in any of those
products
should get himself/herself acquainted with the terms and conditions
of such
product.
ICICI
Bank, ICICI Securities or its or
our affiliates are subject to a wide variety of banking and financial
services
laws and regulations and a large number of regulatory and enforcement
authorities in each of the jurisdictions in which ICICI
Bank, ICICI Securities
or its / our affiliates operate. The laws and regulations governing the
banking
and financial services industry are complex governing a wide variety
of issues
with sometimes overlapping jurisdictional or enforcement authorities.
Failure to comply with
applicable regulations in various jurisdictions, including unauthorized
actions
by employees, representatives, agents and third parties, suspected or
perceived
failures and media reports, and ensuing inquiries or investigations
by regulatory and enforcement
authorities, may result in regulatory action including financial penalties
and
restrictions on or suspension of the related business operations. ICICI
Bank or
ICICI Securities undertakes no obligation to update forward-looking
statements to reflect events or
circumstances after the date thereof.
For
further press queries please
call
S.
Mukherji, Managing Director &
CEO, ICICI Securities at 91-22-6637 7403 or e-mail:
subrata_mukherji@isecltd.com
For
investor queries please call ICICI
Bank’s
investor relations team: Rakesh Jha at
91-22-2653 6157 or Rupesh Kumar at 91-22-2653 7126 or email at
ir@icicibank.com.
2