FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of October 2010
Commission File Number: 001-15002
ICICI Bank Limited
(Translation of registrant’s name into English)
ICICI Bank Towers,
Bandra-Kurla Complex
Mumbai, India 400 051
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.
|
Form 20-F X
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Form 40-F
|
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
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No X
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If “Yes” is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g 3-2(b): Not Applicable
Table of Contents
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Item
|
||
|
1.
|
Financial results for the quarter and half-year ended September 30, 2010
|
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.
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For ICICI Bank Limited
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||||||
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Date:
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November 3, 2010
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By:
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/s/ Shanthi Venkatesan
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|||
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Name :
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Shanthi Venkatesan
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|||||
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Title :
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Assistant General Manager
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|||||
Item 1
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
(` in crore)
|
Sr. No.
|
Particulars
|
Three months ended
|
Half year ended
|
Year ended
|
||
|
September 30,
2010
|
September 30,
2009
|
September 30,
2010
|
September 30,
2009
|
March 31,
2010
|
||
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
||
|
1.
|
Interest earned (a)+(b)+(c)+(d)
|
6,309.10
|
6,656.94
|
12,121.64
|
13,790.38
|
25,706.93
|
|
a) Interest/discount on advances/bills
|
3,949.17
|
4,493.03
|
7,727.70
|
9,579.59
|
17,372.73
|
|
|
b) Income on investments
|
1,916.13
|
1,627.99
|
3,574.68
|
3,204.09
|
6,466.35
|
|
|
c) Interest on balances with Reserve Bank of India and other inter-bank funds
|
82.30
|
185.68
|
180.36
|
386.40
|
624.99
|
|
|
d) Others
|
361.50
|
350.24
|
638.90
|
620.30
|
1,242.86
|
|
|
2.
|
Other income
|
1,577.93
|
1,823.79
|
3,258.44
|
3,913.67
|
7,477.65
|
|
3.
|
TOTAL INCOME (1)+(2)
|
7,887.03
|
8,480.73
|
15,380.08
|
17,704.05
|
33,184.58
|
|
4.
|
Interest expended
|
4,104.72
|
4,620.87
|
7,926.21
|
9,769.05
|
17,592.57
|
|
5.
|
Operating expenses (e)+(f)+(g)
|
1,570.37
|
1,424.53
|
3,053.86
|
2,970.55
|
5,859.83
|
|
e) Employee cost
|
624.26
|
449.55
|
1,199.85
|
916.07
|
1,925.79
|
|
|
f) Direct marketing expenses
|
35.48
|
20.90
|
71.29
|
48.40
|
125.48
|
|
|
g) Other operating expenses
|
910.63
|
954.08
|
1,782.72
|
2,006.08
|
3,808.56
|
|
|
6.
|
TOTAL EXPENDITURE (4)+(5)
(excluding provisions and contingencies)
|
5,675.09
|
6,045.40
|
10,980.07
|
12,739.60
|
23,452.40
|
|
7.
|
OPERATING PROFIT (3)–(6)
(Profit before provisions and contingencies)
|
2,211.94
|
2,435.33
|
4,400.01
|
4,964.45
|
9,732.18
|
|
8.
|
Provisions (other than tax) and contingencies
|
641.14
|
1,071.30
|
1,438.96
|
2,394.95
|
4,386.86
|
|
9.
|
Exceptional items
|
..
|
..
|
..
|
..
|
..
|
|
10.
|
PROFIT/(LOSS) FROM ORDINARY ACTIVITIES BEFORE TAX (7)–(8)–(9)
|
1,570.80
|
1,364.03
|
2,961.05
|
2,569.50
|
5,345.32
|
|
11.
|
Tax expense (h)+(i)
|
334.53
|
323.90
|
698.80
|
651.15
|
1,320.34
|
|
h) Current period tax
|
495.10
|
402.29
|
1,010.20
|
795.34
|
1,600.78
|
|
|
i) Deferred tax adjustment
|
(160.57)
|
(78.39)
|
(311.40)
|
(144.19)
|
(280.44)
|
|
|
12.
|
NET PROFIT/(LOSS) FROM ORDINARY ACTIVITIES (10)–(11)
|
1,236.27
|
1,040.13
|
2,262.25
|
1,918.35
|
4,024.98
|
|
13.
|
Extraordinary items (net of tax expense)
|
..
|
..
|
..
|
..
|
..
|
|
14.
|
NET PROFIT/(LOSS) FOR THE PERIOD (12)–(13)
|
1,236.27
|
1,040.13
|
2,262.25
|
1,918.35
|
4,024.98
|
|
15.
|
Paid-up equity share capital (face value ` 10/-)
|
1,150.83
|
1,113.60
|
1,150.83
|
1,113.60
|
1,114.89
|
|
16.
|
Reserves excluding revaluation reserves
|
52,824.02
|
50,144.66
|
52,824.02
|
50,144.66
|
50,503.48
|
|
17.
|
Analytical ratios
|
|||||
|
i) Percentage of shares held by Government of India
|
..
|
..
|
..
|
..
|
..
|
|
|
ii) Capital adequacy ratio
|
20.23%
|
17.69%
|
20.23%
|
17.69%
|
19.41%
|
|
|
iii) Earnings per share (EPS)
|
||||||
|
a) Basic EPS before and after extraordinary items, net of tax expenses (not annualised for quarter/period) (in `)
|
10.91
|
9.34
|
20.11
|
17.23
|
36.14
|
|
|
b) Diluted EPS before and after extraordinary items, net of tax expenses (not annualised for quarter/period) (in `)
|
10.86
|
9.30
|
20.03
|
17.17
|
35.99
|
|
(` in crore)
|
Sr. No.
|
Particulars
|
Three months ended
|
Half year ended
|
Year ended
|
||
|
September 30,
2010
|
September 30,
2009
|
September 30,
2010
|
September 30,
2009
|
March 31,
2010
|
||
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
||
|
18.
|
NPA Ratio1,2
|
|||||
|
i) Gross non-performing advances (net of write-off)
|
10,141.16
|
9,200.89
|
10,141.16
|
9,200.89
|
9,480.65
|
|
|
ii) Net non-performing advances
|
3,145.23
|
4,499.05
|
3,145.23
|
4,499.05
|
3,841.11
|
|
|
iii) % of gross non-performing advances
(net of write-off) to gross advances
|
5.03%
|
4.69%
|
5.03%
|
4.69%
|
5.06%
|
|
|
iv) % of net non-performing advances to net advances
|
1.62%
|
2.36%
|
1.62%
|
2.36%
|
2.12%
|
|
|
19.
|
Return on assets (annualised)
|
1.31%
|
1.17%
|
1.23%
|
1.06%
|
1.13%
|
|
20.
|
Public shareholding
|
|||||
|
i) No. of shares
|
1,147,919,537
|
1,113,564,145
|
1,147,919,537
|
1,113,564,145
|
1,114,845,314
|
|
|
ii) Percentage of shareholding
|
100
|
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)
|
..
|
..
|
..
|
..
|
..
|
|
|
1.
|
At June 30, 2010, the gross non-performing advances (net of write-off) were ` 9,829.03 crore and the net non-performing advances were ` 3,456.18 crore. The percentage of gross non-performing advances (net of write-off) to gross advances (net of write-off) was 5.14% and percentage of net non-performing advances to net advances was 1.87% at June 30, 2010.
|
|
2.
|
The percentage of gross non-performing customer assets to gross customer assets was 4.24% and net non-performing customer assets to net customer assets was 1.37% at September 30, 2010. Customer assets include advances and credit substitutes.
|
SUMMARISED UNCONSOLIDATED BALANCE SHEET
(` in crore)
|
Particulars
|
At
|
||
|
September 30,
2010
|
September 30,
2009
|
March 31,
2010
|
|
|
(Audited)
|
(Audited)
|
(Audited)
|
|
|
Capital and Liabilities
|
|||
|
Capital
|
1,150.83
|
1,113.60
|
1,114.89
|
|
Reserves and surplus
|
52,824.02
|
50,144.66
|
50,503.48
|
|
Deposits
|
223,094.12
|
197,832.05
|
202,016.60
|
|
Borrowings (includes preference shares and subordinated debt)
|
97,009.75
|
100,123.15
|
94,263.57
|
|
Other liabilities
|
15,919.28
|
17,160.68
|
15,501.17
|
|
Total Capital and Liabilities
|
389,998.00
|
366,374.14
|
363,399.71
|
|
Assets
|
|||
|
Cash and balances with Reserve Bank of India
|
22,867.21
|
20,038.84
|
27,514.29
|
|
Balances with banks and money at call and short notice
|
11,980.60
|
9,227.80
|
11,359.40
|
|
Investments
|
136,275.51
|
119,964.82
|
120,892.80
|
|
Advances
|
194,200.72
|
190,860.18
|
181,205.60
|
|
Fixed assets
|
4,780.83
|
3,551.57
|
3,212.69
|
|
Other assets
|
19,893.13
|
22,730.93
|
19,214.93
|
|
Total Assets
|
389,998.00
|
366,374.14
|
363,399.71
|
CONSOLIDATED FINANCIAL RESULTS
(` in crore)
|
Sr. No.
|
Particulars
|
Three months ended
|
Half year ended
|
Year ended
|
||
|
September 30,
2010
|
September 30,
2009
|
September 30,
2010
|
September 30,
2009
|
March 31,
2010
|
||
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||
|
1.
|
Total income
|
14,464.55
|
14,595.85
|
27,999.86
|
29,210.91
|
59,599.77
|
|
2.
|
Net profit
|
1,394.94
|
1,144.57
|
2,485.94
|
2,179.83
|
4,670.29
|
|
3.
|
Earnings per share (EPS)
|
|||||
|
a) Basic EPS (not annualised for quarter/period) (in `)
|
12.31
|
10.28
|
22.10
|
19.58
|
41.93
|
|
|
b) Diluted EPS (not annualised for quarter/period) (in `)
|
12.23
|
10.23
|
21.98
|
19.49
|
41.72
|
|
UNCONSOLIDATED SEGMENTAL RESULTS OF ICICI BANK LIMITED
(` in crore)
|
Sr. No.
|
Particulars
|
Three months ended
|
Half year ended
|
Year ended
|
||
|
September 30,
2010
|
September 30,
2009
|
September 30,
2010
|
September 30,
2009
|
March 31,
2010
|
||
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
||
|
1.
|
Segment revenue
|
|||||
|
a
|
Retail Banking
|
3,943.78
|
4,497.08
|
7,771.56
|
9,433.26
|
17,724.41
|
|
b
|
Wholesale Banking
|
4,625.18
|
5,041.26
|
8,840.07
|
10,635.16
|
19,254.13
|
|
c
|
Treasury
|
5,597.34
|
6,403.42
|
11,116.14
|
13,767.01
|
24,797.80
|
|
d
|
Other Banking
|
130.73
|
185.21
|
204.48
|
239.12
|
437.57
|
|
Total revenue
|
14,297.03
|
16,126.97
|
27,932.25
|
34,074.55
|
62,213.91
|
|
|
Less: Inter segment revenue
|
6,410.00
|
7,646.24
|
12,552.17
|
16,370.50
|
29,029.33
|
|
|
Income from operations
|
7,887.03
|
8,480.73
|
15,380.08
|
17,704.05
|
33,184.58
|
|
|
2.
|
Segmental results (i.e. Profit before tax)
|
|||||
|
a
|
Retail Banking
|
(116.74)
|
(321.89)
|
(334.07)
|
(759.22)
|
(1,333.51)
|
|
b
|
Wholesale Banking
|
1,210.68
|
948.98
|
2,140.52
|
1,525.63
|
3,645.10
|
|
c
|
Treasury
|
430.97
|
599.71
|
1,087.12
|
1,697.70
|
2,788.64
|
|
d
|
Other Banking
|
45.89
|
137.23
|
67.48
|
105.39
|
245.09
|
|
Total segment results
|
1,570.80
|
1,364.03
|
2,961.05
|
2,569.50
|
5,345.32
|
|
|
Unallocated expenses
|
..
|
..
|
..
|
..
|
..
|
|
|
Profit before tax
|
1,570.80
|
1,364.03
|
2,961.05
|
2,569.50
|
5,345.32
|
|
|
3.
|
Capital employed
(i.e. Segment assets – Segment liabilities)
|
|||||
|
a
|
Retail Banking
|
(72,171.99)
|
(36,027.33)
|
(72,171.99)
|
(36,027.33)
|
(44,905.31)
|
|
b
|
Wholesale Banking
|
45,168.68
|
32,727.46
|
45,168.68
|
32,727.46
|
26,929.31
|
|
c
|
Treasury
|
74,327.81
|
48,520.41
|
74,327.81
|
48,520.41
|
63,238.40
|
|
d
|
Other Banking
|
724.74
|
606.56
|
724.74
|
606.56
|
470.63
|
|
e
|
Unallocated
|
5,925.61
|
5,431.16
|
5,925.61
|
5,431.16
|
5,885.34
|
|
Total
|
53,974.85
|
51,258.26
|
53,974.85
|
51,258.26
|
51,618.37
|
|
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 disclosures on ”Segmental Reporting” which is effective from the reporting period ended March 31, 2008.
|
|
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 other items not attributable to any particular business segment.
|
Notes:
|
1.
|
The financial statements have been prepared in accordance with Accounting Standard (AS) 25 on ‘Interim Financial Reporting’.
|
|
2.
|
The Bank of Rajasthan Limited (Bank of Rajasthan), a banking company incorporated under the Companies Act, 1956 and licensed by RBI under the Banking Regulation Act, 1949 was amalgamated with ICICI Bank Limited (ICICI Bank) with effect from close of business of August 12, 2010 in terms of the Scheme of Amalgamation (the Scheme) approved by RBI vide its order DBOD No. PSBD 2603/16.01.128/2010-11 dated August 12, 2010 under sub section (4) of section 44A of the Banking Regulation Act, 1949. The consideration for the amalgamation was 25 equity shares of ICICI Bank of the face value of ` 10/- each fully paid-up for every 118 equity shares of ` 10/- each of Bank of Rajasthan. Accordingly, on August 26, 2010, ICICI Bank allotted 31,323,951 equity shares to the shareholders of Bank of Rajasthan and 2,860,170 equity shares have been kept in abeyance pending civil appeal and regulatory direction, which have been included in paid-up capital of the Bank.
|
|
3.
|
The net loss of ICICI Prudential Life Insurance Company (ICICI Life) for the half year ended September 30, 2010 (H1-2011) was ` 100.99 crore and the net profit after tax for the quarter ended September 30, 2010 (Q2-2011) was ` 14.90 crore. In the non-participating policyholders’ funds, there was a surplus of ` 488.88 crore, net of deferred tax, for H1-2011 and ` 254.17 crore, net of deferred tax, for Q2-2011. The surplus in the non-participating funds would be transferred at the end of the financial year based on the appointed actuary’s recommendation. If this surplus were transferred, the net profit after tax of ICICI Life would have been ` 387.89 crore for H1-2011 and ` 269.07 crore for Q2-2011 and the Bank's consolidated net profit after tax would have been ` 2,847.17 crore for H1-2011 and ` 1,582.75 crore for Q2-2011.
|
|
4.
|
The provision coverage ratio of the Bank at September 30, 2010, computed as per the RBI circular dated December 1, 2009, is 69.0% (June 30, 2010: 64.8% and March 31, 2010: 59.5%). The Bank has been permitted by RBI to achieve the stipulated level of 70% in a phased manner by March 31, 2011.
|
|
5.
|
During the three months ended September 30, 2010, the Bank has allotted 1,137,103 equity shares of ` 10/- each pursuant to exercise of employee stock options.
|
|
6.
|
Status of equity investors’ complaints/grievances for the three months ended September 30, 2010:
|
|
Opening balance
|
Additions
|
Disposals
|
Closing balance
|
|
3
|
20
|
23
|
0
|
|
7.
|
Previous period/year figures have been re-grouped/re-classified where necessary to conform to current period classification.
|
|
8.
|
The above financial results have been approved by the Board of Directors at its meeting held on October 29, 2010.
|
|
9.
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The above unconsolidated financial results for the three months and the half year ended September 30, 2010 are audited by the statutory auditors, S.R. Batliboi & Co., Chartered Accountants. The unconsolidated financial results for the year ended March 31, 2010 have been audited by another firm of chartered accountants.
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10.
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` 1 crore = ` 10 million.
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Place : Mumbai
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N. S. Kannan
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Date : October 29, 2010
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Executive Director & CFO
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