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 July 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 July 26, 2008
|
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorised.
|
Date:
|
July
26, 2008
|
|
||||
|
ICICI
Bank Limited
|
||||||
|
By:
|
/s/ Mehernosh Kapadia | |||||
|
Name
:
|
Mr.
Mehernosh Kapadia
|
|||||
|
Title
:
|
General
Manager & Joint Company Secretary
|
|||||
Item
1
 |
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
|
News
Release
|
July
26, 2008
|
Performance
Review – Quarter
ended June 30, 2008
The Board of Directors of ICICI Bank
Limited (NYSE: IBN) at its meeting held at Vadodara today, approved the audited
accounts of the Bank for the quarter ended June 30, 2008
(Q1-2009).
Highlights
| • |
Core operating profit (operating profit
excluding treasury) for Q12009 increased 74% to Rs. 2,308 crore (US$ 536
million) from Rs. 1,330 crore (US$ 309 million) for the quarter ended June
30, 2007 (Q1-2008).
|
| • |
Net interest income increased 41%
to Rs. 2,090 crore
(US$ 486 million) for Q1-2009 from Rs. 1,479 crore (US$ 344 million) for
Q1-2008.
|
| • |
Fee income increased 37% to Rs.
1,958 crore (US$ 455 million) for Q1-2009 from Rs. 1,428 crore (US$ 332
million) for Q1-2008.
|
| • |
Sharp increase in interest rates
and adverse market
conditions during the quarter had a negative impact of Rs. 594 crore (US$
138 million) on the Bank’s trading portfolio and Statutory
Liquidity Ratio (SLR) securities portfolio, and its treasury income in
Q1-2009.
|
| • |
Despite the negative impact
on the
Bank’s treasury income, profit after
tax for Q1-2009 was Rs. 728 crore (US$ 169 million) compared to Rs. 775
crore (US$ 180 million) for Q1-2008.
|
| • |
At June 30, 2008, ICICI Bank and
its subsidiaries had consolidated total assets of Rs. 484,643
crore (US$ 112.6
billion).
|
|
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
Operating
review
Deposit
growth
Savings account deposits increased 35%
to Rs. 43,465 crore (US$ 10.1 billion) at June 30, 2008 from Rs. 32,121 crore (US$ 7.5
billion) at June 30, 2007. Current and savings account (CASA) deposits
constituted 27.6% of total deposits at June 30, 2008 compared to 22.4% at June
30, 2007. The Bank has significantly expanded its branch network to expand its reach and further enhance
its deposit franchise. At July 21, 2008, the Bank had 1,388 branches and
extension counters and 4,233 ATMs.
Credit
growth
Consolidated
advances of the Bank and its overseas banking subsidiaries and ICICI Home
Finance Company increased 20% to Rs. 257,287 crore (US$ 59.8 billion) at June
30, 2008 from Rs. 215,293 crore (US$ 50.0 billion) at June 30,
2007.
International
operations
ICICI Bank’s
international business continued to focus on:
| • |
Building a
retail deposit base which gives the Bank access to low cost deposits on a
sustainable basis: ICICI Bank UK Plc and ICICI Bank Canada raised about
US$ 1.5 billion of retail deposits in Q1-2009.
|
| • |
Being the
preferred financier and adviser for overseas acquisitions by Indian
corporates and strengthening the global syndication network: The Bank was
ranked #1 in offshore loan syndications of Indian corporates during
January-June 2008.
|
| • |
Being the
preferred bank for non-resident Indians: The Bank’s remittance volumes
increased by 35% in Q1-2009 to about Rs. 11,400 crore (US$ 2.6 billion)
compared to Q1-2008.
|
Capital
adequacy
The Bank’s capital
adequacy at June 30, 2008 as per Reserve Bank of India’s revised guidelines on
Basel II norms was 13.42% (including Tier-1 capital adequacy of 11.29%), well
above RBI’s requirement of total capital adequacy of 9.0%.
2
|
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
Asset
quality
At June 30, 2008,
the Bank’s net non-performing assets constituted 1.74% of net customer
assets1.
Performance
highlights of insurance subsidiaries
ICICI Prudential
Life Insurance Company (ICICI Life) increased its overall market share from
12.7% in FY2008 to 13.8% during April-May 2008 on the basis of retail new
business weighted received premiums. ICICI Life’s new business weighted received
premium increased by 46% in Q1-2009 to Rs. 1,178 crore (US$ 274 million). ICICI
Life continued to grow its operations and new business volumes and expand its
distribution infrastructure. While this resulted in the reduction of the
consolidated profit after tax of ICICI Bank by Rs. 238 crore (US$ 55 million) in
Q1-2009, ICICI Life’s unaudited New Business Profit (NBP)2 in
Q1-2009 was Rs. 240 crore (US$ 56 million). This translates into an NBP margin
of 19.1%. The assets held by ICICI Life were Rs. 26,967 crore (US$ 6.3 billion)
at June 30, 2008.
ICICI Lombard
General Insurance Company (ICICI General) increased its overall market share
from 11.9% in FY2008 to 13.3% during April-May 2008. ICICI General’s premiums
increased 21% on a year-on-year basis to Rs. 1,077 crore (US$ 250 million) in
Q1-2009. Despite pressure on pricing in the de-tariffed environment and
continuing investment in distribution, the company maintained financial
breakeven.
1 Customer
assets include loans and credit substitutes
2
Life insurance
companies worldwide make accounting losses in initial years due to business
set-up and customer acquisition costs in the initial years and reserving for
actuarial liability. Further, in India, amortization of acquisition costs is not
permitted. These factors have resulted in statutory losses for ICICI Life since
the company’s inception, as its business has grown rapidly year on year. If
properly priced, life insurance policies are profitable over the life of the
policy, but at the time of sale, there is a loss on account of non-amortized
expenses and commissions, generally termed as new business strain that emerges
out of new business written during the year. New Business Profit (NBP) is an
alternate measure of the underlying business profitability (as opposed to the
statutory profit or loss) and relevant in the case of fast expanding companies
like ICICI Life. NBP is the present value of the profits of the new business
written during the year. It is based on standard economic and non-economic
assumptions including risk discount rates, investment returns, mortality,
expenses and persistency assumptions. Disclosure on economic assumptions are
available in the annual report for the year ended March 31,
2008.
3
|
|
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
|
Q1-2008
|
Q1-2009
|
FY2008
|
|||
|
Net interest
income 1
|
1,479
|
2,090
|
7,304
|
||
|
Non-interest
income
|
1,756
|
2,132
|
7,997
|
||
|
- Fee
income
|
1,428
|
1,958
|
6,627
|
||
|
- Lease and
other income
|
328
|
174
|
1,369
|
||
|
Less:
|
|||||
|
Operating
expense
|
1,479
|
1,634
|
6,429
|
||
|
Expenses on direct
market agents (DMAs)
2
|
383
|
228
|
1,543
|
||
|
Lease
depreciation
|
44
|
51
|
182
|
||
|
Core operating
profit
|
1,330
|
2,308
|
7,147
|
||
|
Treasury
income
|
195
|
(594)
|
815
|
||
|
Operating
profit
|
1,524
|
1,714
|
7,961
|
||
|
Less:
Provisions
|
552
|
792
|
2,905
|
||
|
Profit before
tax
|
972
|
922
|
5,056
|
||
|
Less: Tax
|
197
|
194
|
898
|
||
|
Profit after
tax
|
775
|
728
|
4,158
|
1. Net
of premium amortisation on government securities of Rs. 235 crore in Q1-2008,
Rs. 219 crore in Q1-2009 and Rs. 898 crore in FY2008.
2. Represents
commissions paid to direct marketing agents (DMAs) for origination of retail
loans. These commissions are expensed upfront.
3. Prior
period figures have been regrouped/re-arranged where
necessary.
4
|
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
Summary
Balance Sheet
Rs.
crore
|
June 30,
2007
|
June 30,
2008
|
March 31,
2008
|
|
|
Assets
|
|||
|
Cash balances with banks &
SLR
|
106,068
|
107,558
|
113,072
|
|
- Cash & bank
balances
|
29,648
|
35,551
|
38,041
|
|
- SLR
investments
|
76,420
|
72,007
|
75,031
|
|
Advances
1
|
198,277
|
224,146
|
225,616
|
|
Other
investments
|
33,081
|
35,998
|
36,423
|
|
Fixed & other
assets
|
19,505
|
26,454
|
24,684
|
|
Total
|
356,932
|
394,156
|
399,795
|
|
Liabilities
|
|||
|
Networth
|
24,686
|
47,394
|
46,470
|
|
- Equity
capital
|
903
|
1,113
|
1,113
|
|
-
Reserves
|
23,783
|
46,281
|
45,358
|
|
Preference
capital
|
350
|
350
|
350
|
|
Deposits
|
230,788
|
234,461
|
244,431
|
|
Borrowings
|
70,281
|
93,823
|
86,399
|
|
Other
liabilities
|
30,826
|
18,128
|
22,145
|
|
Total
|
356,932
|
394,156
|
399,795
|
1.
Consolidated advances of the Bank and its overseas banking subsidiaries and
ICICI Home Finance Company increased 20% to Rs. 257,287 crore at June 30, 2008
from Rs. 215,293 crore at June 30, 2007.
Except
for the historical information contained herein, statements in this release
which contain words or phrases such as 'will', ‘expected to’, etc., and similar
expressions or variations of such expressions may constitute 'forward-looking
statements'. These forward-looking statements involve a number of risks,
uncertainties and other factors that could cause actual results, opportunities
and growth potential to differ 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, 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
5
|
|
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
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 Pankaj Jain at 91-22-2653 6379 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. 43.035
6
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.
|
Particulars
|
Three months
ended
|
Year
ended
|
|
|
No.
|
June 30,
2008
|
June 30,
2007
|
March 31,
2008
|
|
|
(Audited)
|
(Audited)
|
(Audited)
|
||
|
1.
|
Interest earned
(a)+(b)+(c)+(d)
|
7,891.80
|
7,330.83
|
30,788.34
|
|
a) Interest/discount on
advances/bills
|
5,754.16
|
5,449.24
|
22,600.99
|
|
|
b) Income on
investments
|
1,888.22
|
1,678.71
|
7,466.01
|
|
|
c) Interest on balances with
Reserve Bank of India and other interbank funds
|
128.95
|
152.06
|
611.99
|
|
|
d) Others
|
120.47
|
50.82
|
109.35
|
|
|
2.
|
Other
income
|
1,538.18
|
1,950.59
|
8,810.77
|
|
3.
|
A) TOTAL INCOME
(1)+(2)
|
9,429.98
|
9,281.42
|
39,599.11
|
|
4.
|
Interest
expended
|
5,802.05
|
5,851.88
|
23,484.24
|
|
5.
|
Operating expenses (e) + (f) +
(g)
|
1,913.91
|
1,905.32
|
8,154.18
|
|
e) Employee
cost
|
523.22
|
521.84
|
2,078.90
|
|
|
f) Direct marketing
expenses
|
228.33
|
382.66
|
1,542.74
|
|
|
g) Other operating
expenses
|
1,162.36
|
1,000.82
|
4,532.54
|
|
|
6.
|
B) TOTAL
EXPENDITURE (4)+(5) (excluding provisions and
contingencies)
|
7,715.96
|
7,757.20
|
31,638.42
|
|
7.
|
OPERATING
PROFIT (A-B) (Profit before provisions and
contingencies)
|
1,714.02
|
1,524.22
|
7,960.69
|
|
8.
|
Provisions (other than tax) and
contingencies
|
792.49
|
552.27
|
2,904.59
|
|
9.
|
Exceptional
items
|
..
|
..
|
..
|
|
10.
|
PROFIT
/ LOSS FROM ORDINARY ACTIVITIES BEFORE TAX (7)–(8)–(9)
|
921.53
|
971.95
|
5,056.10
|
|
11.
|
Tax expense (a) +
(b)
|
193.52
|
196.87
|
898.37
|
|
a) Current period
tax
|
364.64
|
327.61
|
1,611.73
|
|
|
b) Deferred tax
adjustment
|
(171.12)
|
(130.74)
|
(713.36)
|
|
|
12.
|
NET
PROFIT / LOSS FROM ORDINARY ACTIVITES (10)–(11)
|
728.01
|
775.08
|
4,157.73
|
|
13.
|
Extraordinary items (net of tax
expense)
|
..
|
..
|
..
|
|
14.
|
NET
PROFIT / LOSS FOR THE PERIOD(12)–(13)
|
728.01
|
775.08
|
4,157.73
|
|
15.
|
Paid-up equity share capital (face
value Rs. 10/-)
|
1,113.12
|
903.09
|
1,112.68
|
|
16.
|
Reserves excluding revaluation
reserves
|
46,280.97
|
23,783.34
|
45,357.53
|
|
17.
|
Analytical
ratios
|
|||
|
(i) Percentage of shares held by
Government of India
|
..
|
..
|
..
|
|
|
(ii) Capital adequacy
ratio
|
13.42%
|
11.03%
|
13.97%
|
|
|
(iii) Earnings per share (EPS) for
the period
|
||||
|
Basic EPS before and after
extraordinary items net of tax expenses (not annualised for quarter/
period) (in Rs.)
|
6.54
|
8.61
|
39.39
|
|
|
Diluted EPS before and after
extraordinary items net of tax expenses (not annualised for quarter/
period) (in Rs.)
|
6.51
|
8.54
|
39.15
|
|
|
18.
|
NPA Ratio
|
|||
|
i) Gross non-performing advances
(net of technical write-off)
|
8,511.36
|
5,292.04
|
7,579.54
|
|
|
ii) Net non-performing
advances
|
4,033.57
|
2,674.19
|
3,490.55
|
|
|
iii) % of gross non-performing
advances (net of technical write-off) to gross advances (net of
write-off)
|
3.72%
|
2.63%
|
3.30%
|
|
|
iv)
% of net non-performing advances to net advances1
|
1.80%
|
1.35%
|
1.55%
|
|
|
19.
|
Return on assets
(annualised)
|
0.73%
|
0.90%
|
1.12%
|
|
20.
|
Aggregate of non-promoter
shareholding
|
|||
|
• No. of shares
|
1,113,092,261
|
903,012,278
|
1,112,687,495
|
|
|
• Percentage of shareholding
|
100
|
100
|
100
|
|
|
21.
|
Deposits
|
234,460.77
|
230,788.35
|
244,431.05
|
|
22.
|
Advances
|
224,145.92
|
198,277.30
|
225,616.08
|
|
23.
|
Total
assets
|
394,156.03
|
356,932.24
|
399,795.08
|
1.
The percentage of net non-performing customer assets to net customer
assets (includes advances and credit substitutes) was 1.74% at June 30,
2008.
CONSOLIDATED
FINANCIAL RESULTS OF ICICI BANK LIMITED AND ITS SUBSIDIARIES
(Rupees in
crore)
|
Sr.
|
Particulars
|
Three months
ended
|
Year
ended
|
|
|
No.
|
June 30,
2008
|
June 30,
2007
|
March 31,
2008
|
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||
|
1.
|
Total
income
|
14,644.30
|
12,729.82
|
60,053.08
|
|
2.
|
Net profit
|
617.27
|
744.37
|
3,398.23
|
|
3.
|
Earnings per share
(EPS)
|
|||
|
Earnings per share for the period
(not annualised for quarter/period) (in Rs.)
(basic)
|
5.55
|
8.19
|
32.19
|
|
|
Earnings per share for the period
(not annualised for quarter/period) (in Rs.)
(diluted)
|
5.52
|
8.13
|
32.00
|
|
SEGMENTAL
RESULTS OF ICICI BANK LIMITED FOR THE PERIOD ENDED JUNE 30, 2008
(Rupees in
crore)
|
Sr.
No.
|
Particulars
|
Three months
ended
|
Year
ended
|
|
June 30,
2008
|
March 31,
2008
|
||
|
(Audited)
|
(Audited)
|
||
|
1.
|
Segment
Revenue
|
||
|
a
|
Retail
Banking
|
6,077.58
|
24,418.54
|
|
b
|
Wholesale
Banking
|
6,688.98
|
24,949.35
|
|
c
|
Treasury
|
6,777.85
|
29,098.26
|
|
d
|
Other
Banking
|
76.17
|
274.92
|
|
Total
revenue
|
19,620.58
|
78,741.07
|
|
|
Less: Inter Segment
Revenue
|
10,190.60
|
39,141.96
|
|
|
Income from
Operations
|
9,429.98
|
39,599.11
|
|
|
2.
|
Segmental Results (i.e. Profit
before tax)
|
||
|
a
|
Retail
Banking
|
135.45
|
1,083.84
|
|
b
|
Wholesale
Banking
|
1,193.10
|
3,624.06
|
|
c
|
Treasury
|
(409.22)
|
515.92
|
|
d
|
Other
Banking
|
11.80
|
25.21
|
|
Total segment
results
|
931.13
|
5,249.03
|
|
|
Unallocated
expenses
|
9.60
|
192.93
|
|
|
Profit before
tax
|
921.53
|
5,056.10
|
|
|
3.
|
Capital Employed (i.e. Segment
Assets – Segment Liabilities)
|
||
|
a
|
Retail
Banking
|
(3,638.20)
|
(4,045.54)
|
|
b
|
Wholesale
Banking
|
(1,508.52)
|
(11,423.26)
|
|
c
|
Treasury
|
46,579.82
|
56,694.99
|
|
d
|
Other
Banking
|
1,058.02
|
669.30
|
|
e
|
Unallocated
|
5,252.97
|
4,924.72
|
|
Total
|
47,744.09
|
46,820.21
|
SEGMENTAL
RESULTS OF ICICI BANK LIMITED FOR THE PERIOD ENDED JUNE 30, 2007
(Rupees in
crore)
|
Sr.
No.
|
Particulars
|
Three months
ended
|
|
June 30,
2007
|
||
|
(Audited)
|
||
|
1.
|
Segment
Revenue
|
|
|
a
|
Consumer and Commercial
Banking
|
7,435.15
|
|
b
|
Investment
Banking
|
2,270.87
|
|
Total
revenue
|
9,706.02
|
|
|
Less: Inter Segment
Revenue
|
424.60
|
|
|
Income from
Operations
|
9,281.42
|
|
|
2.
|
Segment Results (i.e. Profit
before tax)
|
|
|
a
|
Consumer and Commercial
Banking
|
503.71
|
|
b
|
Investment
Banking
|
477.84
|
|
Total segment
results
|
981.55
|
|
|
Unallocated
expenses
|
9.60
|
|
|
Profit before
tax
|
971.95
|
|
|
3.
|
Capital Employed (i.e. Segment
Assets – Segment Liabilities)
|
|
|
a
|
Consumer and Commercial
Banking
|
(45,161.59)
|
|
b
|
Investment
Banking
|
65,661.29
|
|
Total capital
employed
|
20,499.70
|
Notes
on segmental results
|
1.
|
The disclosure
on segmental reporting has been modified pursuant to Reserve Bank of India
(RBI) circular no. DB0D.No.BP.BC.81/21.04.018/2006-07 dated April 18, 2007
on guidelines on enhanced disclosure on ”Segmental Reporting” which is
effective from the reporting period ended March 31, 2008. The segmental
results for three months ended June 30, 2007 are not comparable due to
this change. The figures for the three months ended June 30, 2007 based on
the revised guidelines have not been provided.
|
|
2.
|
“Retail
Banking” includes exposures which satisfy the four criteria of
orientation, product, granularity and low value of individual exposures
for retail exposures laid down in Basel Committee on Banking Supervision
document “International Convergence of Capital Measurement and Capital
Standards: A Revised Framework”.
|
|
3.
|
“Wholesale
Banking” includes all advances to trusts, partnership firms, companies and
statutory bodies, which are not included under Retail
Banking.
|
|
4.
|
“Treasury“
includes the entire investment portfolio of the Bank.
|
|
5.
|
“Other
Banking” includes hire purchase and leasing operations and also includes
gain/loss on sale of banking & non-banking assets and other items not
attributable to any particular business
segment.
|
Notes
|
1.
|
The financials
have been prepared in accordance with Accounting Standard (“AS”) 25 on
“Interim Financial Reporting”.
|
|
2.
|
The Sangli
Bank Limited (Sangli Bank) has merged with ICICI Bank Limited effective
April 19, 2007 as per the order of 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 follow on public issue of equity shares,
aggregating to Rs. 10,043.71 crore on July 5, 2007. During the three
months ended June 30, 2008, 479,018 partly paid shares were converted into
fully paid shares after receipt of call money.
|
|
4.
|
The Bank
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
three months ended June 30, 2008, the Bank allotted 404,766 equity shares
of Rs. 10.00 each pursuant to exercise of employee stock
options.
|
|
6.
|
Status of
equity investors’ complaints / grievances for the three months ended June
30, 2008:
|
|
Opening
|
Additions
|
Disposals
|
Closing
|
|
balance
|
balance
|
||
|
7
|
340
|
342
|
5
|
|
7.
|
Provision for
current period tax includes Rs. 12.49 crore towards provision for fringe
benefit tax for the three months ended June 30, 2008 (Rs. 39.20 crore for
the year ended March 31, 2008).
|
|
8.
|
RBI vide its
circular DBOD.No.BP.BC.90/20.06.001/2006-07 dated April 27, 2007 had
advised banks having operational presence outside India to compute capital
adequacy ratio (CAR) as per the revised capital adequacy framework (Basel
II) effective March 31, 2008. Accordingly, the CAR for June 30, 2008 and
March 31, 2008 is as per Basel II framework and for June 30, 2007, is as
per the earlier framework.
|
|
9.
|
As required by
RBI general clarification dated July 11, 2007, the Bank has deducted the
amortisation of premium on government securities, which was earlier
deducted from “Other income”, from “Income on investments” included in
“Interest earned”, amounting to Rs. 218.93 crore for the three months
ended June 30, 2008 (Rs. 897.62 crore for the year ended March 31, 2008
and Rs. 235.30 crore for the three months ended June 30, 2007). Prior
period figures have been reclassified to conform to the current
classification.
|
|
10.
|
Previous
period / year figures have been regrouped / reclassified where necessary
to conform to current period classification.
|
|
11.
|
The above
financial results have been approved by the Board of Directors at its
meeting held on July 26, 2008.
|
|
12.
|
The above
financial results are audited by the statutory auditors, B S R & Co.,
Chartered Accountants.
|
|
13.
|
Rs. 1 crore =
Rs. 10 million.
|
|
Place
: Vadodara
|
Chanda
D. Kochhar
|
|
Date
: July 26, 2008
|
Joint
Managing Director & CFO
|