o |
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
|
OR
|
|
x |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
for the fiscal year ended March 31, 2010
|
OR
|
|
o |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
OR
|
|
o |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Title of Each Class
|
Name of Each Exchange
on Which Registered
|
|
Equity Shares of ICICI Bank Limited(1)
|
New York Stock Exchange
|
|
American Depositary Shares, each representing two Equity Shares of ICICI Bank Limited, par value Rs. 10 per share
|
New York Stock Exchange
|
(1)
|
Not for trading, but only in connection with the registration of American Depositary Shares representing such Equity Shares pursuant to the requirements of the Securities and Exchange Commission.
|
Page
|
|
ii
|
|
1
|
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2
|
|
3
|
|
5
|
|
7
|
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27
|
|
27
|
|
28
|
|
29
|
|
30
|
|
31
|
|
45
|
|
48
|
|
66
|
|
72
|
|
80
|
|
83
|
|
85
|
|
86
|
|
88
|
|
88
|
|
92
|
|
94
|
|
100
|
|
172
|
|
187
|
|
200
|
|
231
|
|
234
|
|
237
|
|
238
|
|
245
|
|
246
|
|
F-1
|
|
Exh-1
|
Form 20-F
|
Item Number and Caption
|
Location
|
Page
|
|||
Part – I
|
||||||
1
|
Identity of Directors, Senior Management and Advisers
|
Not applicable
|
||||
2
|
Offer Statistics and Expected Timetable
|
Not applicable
|
||||
3
|
Key Information
|
Selected Consolidated Financial and Operating Data
|
94
|
|||
Exchange Rates
|
3
|
|||||
Risk Factors
|
7
|
|||||
4
|
Information on the Company
|
Business
|
27
|
|||
Operating and Financial Review and Prospects—Capital Expenditure
|
143
|
|||||
Operating and Financial Review and Prospects—Effect of Other Acquisitions
|
106
|
|||||
Operating and Financial Review and Prospects—Segment Revenues and Assets
|
145
|
|||||
Overview of the Indian Financial Sector
|
187
|
|||||
Supervision and Regulation
|
200
|
|||||
Business—Properties
|
88
|
|||||
4A
|
Unresolved Staff Comments
|
None
|
||||
5
|
Operating and Financial Review and Prospects
|
Operating and Financial Review and Prospects
|
100
|
|||
Business—Risk Management
|
48
|
|||||
Business—Funding
|
45
|
|||||
6
|
Directors, Senior Management and Employees
|
Management
|
172
|
|||
Business—Employees
|
86
|
|||||
7
|
Major Shareholders and Related Party Transactions
|
Business—Shareholding Structure and Relationship with the Government of India
|
29
|
|||
Operating and Financial Review and Prospects—Related Party Transactions
|
159
|
|||||
Management—Compensation and Benefits to Directors and Officers—Loans
|
185
|
|||||
Schedule 19A. Note 2 in Notes to Consolidated Financial Statements
|
F-39
|
|||||
8
|
Financial Information
|
Report of Independent Registered Public Accounting Firm
|
F-2
|
|||
Consolidated Financial Statements and the Notes thereto
|
F-4
|
|||||
Operating and Financial Review and Prospects—Introduction
|
100
|
Form 20-F
|
Item Number and Caption
|
Location
|
Page
|
|||
Business—Legal and Regulatory Proceedings
|
88
|
|||||
Dividends
|
237
|
|||||
9
|
The Offer and Listing
|
Market Price Information
|
5
|
|||
10
|
Additional Information
|
Additional Information
|
246
|
|||
Exchange Controls
|
231
|
|||||
Taxation
|
238
|
|||||
Restriction on Foreign Ownership of Indian Securities
|
234
|
|||||
Dividends
|
237
|
|||||
Business—Subsidiaries and Joint Ventures
|
80
|
|||||
11
|
Quantitative and Qualitative Disclosures About Market Risk
|
Business—Risk Management—Quantitative and Qualitative Disclosures About Market Risk
|
54
|
|||
12
|
Description of Securities Other than Equity Securities
|
Not applicable
|
||||
Part – II
|
||||||
13
|
Defaults, Dividend Arrearages and Delinquencies
|
Not applicable
|
||||
14
|
Material Modifications to the Rights of Security Holders and Use of Proceeds
|
Not applicable
|
||||
15
|
Controls and Procedures
|
Business—Risk Management—Controls and Procedures
|
65
|
|||
16
|
[Reserved]
|
Not applicable
|
||||
16A
|
Audit Committee Financial Expert
|
Management—Corporate Governance—Audit Committee
|
178
|
|||
16B
|
Code of Ethics
|
Management—Corporate Governance—Code of Ethics
|
180
|
|||
16C
|
Principal Accountant Fees and Services
|
Management—Corporate Governance—Principal Accountant Fees and Services
|
180
|
|||
16D
|
Exemptions from the Listing Standards for Audit Committees
|
Not applicable
|
Form 20-F
|
Item Number and Caption
|
Location
|
Page
|
|||
16E
|
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
|
Business—Shareholding Structure and Relationship with the Government of India
|
29
|
|||
Part – III
|
||||||
17
|
Financial Statements
|
See Item 18
|
||||
18
|
Financial Statements
|
Report of Independent Registered Public Accounting Firm
|
F-2
|
|||
Consolidated Financial Statements and the Notes Thereto
|
||||||
19
|
Exhibits
|
Exhibit Index and Attached Exhibits
|
Exh-1
|
Fiscal Year
|
Period End(1)
|
Average(1)(2)
|
||||||
2006
|
44.48 | 44.20 | ||||||
2007
|
43.10 | 45.06 | ||||||
2008
|
40.02 | 40.13 | ||||||
2009
|
50.87 | 46.32 | ||||||
2010
|
44.95 | 47.18 | ||||||
2011 (through August 31, 2010)
|
47.02 | 46.06 |
Month
|
High
|
Low
|
||||||
March 2009
|
51.96 | 50.21 | ||||||
April 2009
|
50.48 | 49.55 | ||||||
May 2009
|
49.75 | 46.95 | ||||||
June 2009
|
48.50 | 46.78 | ||||||
July 2009
|
49.16 | 47.75 | ||||||
August 2009
|
48.90 | 47.27 | ||||||
September 2009
|
49.05 | 47.75 | ||||||
October 2009
|
47.72 | 46.00 | ||||||
November 2009
|
47.37 | 46.06 | ||||||
December 2009
|
46.85 | 46.00 | ||||||
January 2010
|
46.35 | 45.35 | ||||||
February 2010
|
46.79 | 45.97 | ||||||
March 2010
|
46.01 | 44.94 | ||||||
April 2010
|
44.79 | 44.10 | ||||||
May 2010
|
47.49 | 44.46 | ||||||
June 2010
|
47.08 | 45.64 |
Month
|
High
|
Low
|
||||||
July 2010
|
47.23 | 46.25 | ||||||
August 2010 (through August 31, 2010)
|
47.02 | 45.70 |
(1)
|
The exchange rate at each period end and the average rate for each period differed from the exchange rates used in the preparation of our financial statements.
|
(2)
|
Represents the average of the exchange rate on the last day of each month during the period.
|
|
·
|
the reported high and low closing prices quoted in rupees for our equity shares on the NSE; and
|
|
·
|
the reported high and low closing prices for our equity shares, translated into US dollars, based on (i) the noon buying rates as reported by the Federal Reserve Bank of New York for periods prior to January 1, 2009 and (ii) the exchange rate as set forth in the H.10 statistical release of the Federal Reserve Board, on the last business day of each period presented.
|
Price per equity share(1)
|
||||||||||||||||
High
|
Low
|
High
|
Low
|
|||||||||||||
Annual prices:
|
||||||||||||||||
Fiscal 2006
|
Rs. | 628.75 | Rs. | 359.95 | US$ | 14.14 | US$ | 8.09 | ||||||||
Fiscal 2007
|
999.70 | 451.20 | 23.19 | 10.47 | ||||||||||||
Fiscal 2008
|
1,435.00 | 759.95 | 35.86 | 18.99 | ||||||||||||
Fiscal 2009
|
942.85 | 262.95 | 18.53 | 5.17 | ||||||||||||
Fiscal 2010
|
963.65 | 349.35 | 21.44 | 7.77 | ||||||||||||
Quarterly prices:
|
||||||||||||||||
Fiscal 2009:
|
||||||||||||||||
First Quarter
|
Rs. | 942.85 | Rs. | 630.20 | US$ | 21.96 | US$ | 14.68 | ||||||||
Second Quarter
|
771.15 | 493.30 | 16.60 | 10.62 | ||||||||||||
Third Quarter
|
550.90 | 308.50 | 11.34 | 6.35 | ||||||||||||
Fourth Quarter
|
523.45 | 262.95 | 10.29 | 5.17 | ||||||||||||
Fiscal 2010:
|
||||||||||||||||
First Quarter
|
Rs. | 756.15 | Rs. | 349.35 | US$ | 15.84 | US$ | 7.32 | ||||||||
Second Quarter
|
907.60 | 628.85 | 18.87 | 13.08 | ||||||||||||
Third Quarter
|
959.10 | 771.75 | 20.67 | 16.63 | ||||||||||||
Fourth Quarter
|
963.65 | 787.30 | 21.44 | 17.52 | ||||||||||||
Fiscal 2011 (through August 31, 2010):
|
1,013.00 | 809.35 | 21.54 | 17.21 | ||||||||||||
Monthly prices:
|
||||||||||||||||
November 2009
|
Rs. | 924.50 | Rs. | 786.30 | US$ | 19.91 | US$ | 16.93 | ||||||||
December 2009
|
893.55 | 809.35 | 19.26 | 17.44 | ||||||||||||
January 2010
|
894.85 | 787.30 | 19.42 | 17.09 | ||||||||||||
February 2010
|
872.15 | 798.15 | 18.94 | 17.33 | ||||||||||||
March 2010
|
963.65 | 897.15 | 21.44 | 19.96 | ||||||||||||
April 2010
|
997.80 | 918.00 | 22.57 | 20.77 | ||||||||||||
May 2010
|
936.90 | 809.35 | 20.23 | 17.48 | ||||||||||||
June 2010
|
900.40 | 817.50 | 19.40 | 17.61 | ||||||||||||
July 2010
|
928.70 | 840.05 | 20.04 | 18.12 | ||||||||||||
August 2010
|
1,013.00 | 939.55 | 21.54 | 20.16 |
(1)
|
Data from the NSE. The prices quoted on the BSE may be different.
|
Price per ADS
|
||||||||
High
|
Low
|
|||||||
Annual prices:
|
||||||||
Fiscal 2006
|
US$ | 32.26 | US$ | 18.08 | ||||
Fiscal 2007
|
46.74 | 21.25 | ||||||
Fiscal 2008
|
72.88 | 35.16 | ||||||
Fiscal 2009
|
47.20 | 9.96 | ||||||
Fiscal 2010
|
43.43 | 14.36 | ||||||
Quarterly prices:
|
||||||||
Fiscal 2009:
|
||||||||
First Quarter
|
US$ | 47.20 | US$ | 28.76 | ||||
Second Quarter
|
36.82 | 21.83 | ||||||
Third Quarter
|
24.50 | 11.33 | ||||||
Fourth Quarter
|
22.00 | 9.96 | ||||||
Fiscal 2010:
|
||||||||
First Quarter
|
US$ | 32.62 | US$ | 14.36 | ||||
Second Quarter
|
38.56 | 26.04 | ||||||
Third Quarter
|
41.24 | 31.45 | ||||||
Fourth Quarter
|
43.43 | 33.47 | ||||||
Fiscal 2011 (through August 31, 2010):
|
45.79 | 34.85 | ||||||
Monthly prices:
|
||||||||
November 2009
|
US$ | 40.68 | US$ | 32.80 | ||||
December 2009
|
38.39 | 34.21 | ||||||
January 2010
|
39.31 | 33.47 | ||||||
February 2010
|
38.25 | 33.54 | ||||||
March 2010
|
43.43 | 38.89 | ||||||
April 2010
|
45.79 | 40.81 | ||||||
May 2010
|
42.43 | 34.85 | ||||||
June 2010
|
38.97 | 34.96 | ||||||
July 2010
|
39.36 | 35.77 | ||||||
August 2010
|
42.68 | 40.73 |
Percentage of total equity shares outstanding
|
Number of equity shares held
|
|||||||
Government-controlled shareholders:
|
||||||||
Life Insurance Corporation of India
|
10.3 | % | 118,269,760 | |||||
General Insurance Corporation of India and government-owned general insurance companies
|
2.5 | 28,853,689 | ||||||
UTI and UTI Mutual Fund
|
0.9 | 9,724,684 | ||||||
Other government-controlled institutions, mutual funds, corporations and banks
|
0.1 | 994,857 | ||||||
Total government-controlled shareholders
|
13.8 | 157,842,990 | ||||||
Other Indian investors:
|
||||||||
Individual domestic investors(1)(2)
|
5.8 | 67,034,254 | ||||||
Mutual funds and banks (other than government-controlled mutual funds and banks)
|
5.4 | 62,212,241 | ||||||
Indian corporates and others
|
7.9 | 90,033,680 | ||||||
Total other Indian investors
|
19.1 | 219,280,175 | ||||||
Total Indian investors
|
32.9 | 377,123,165 | ||||||
Foreign investors:
|
— | |||||||
Deutsche Bank Trust Company Americas, as depositary for American Depositary Share holders
|
27.8 | 318,965,232 | ||||||
Allamanda Investments Pvt. Limited(3)
|
5.6 | 64,113,201 | ||||||
Other foreign institutional investors, foreign banks, overseas corporate bodies, foreign companies, foreign nationals, foreign institutional investors and non-resident Indians(1)(2)
|
33.7 | 387,122,487 | ||||||
Total foreign investors
|
67.1 | 770,200,920 | ||||||
Total
|
100.0 | 1,147,324,085 |
(1)
|
Executive officers and directors as a group held around 0.1% of the equity shares as of this date.
|
(2)
|
No single shareholder in this group owned 5.0% or more of ICICI Bank’s equity shares as of this date.
|
(3)
|
A subsidiary of Temasek Holdings Private Limited, Singapore.
|
(4)
|
Shareholding as on September 3, 2010 includes shares allotted to shareholders of the erstwhile Bank of Rajasthan.
|
|
·
|
focus on quality growth opportunities by:
|
|
·
|
enhancing our retail and corporate franchise in both domestic and international markets;
|
|
·
|
increasing the proportion of current and savings account and retail term deposits in our domestic deposit base;
|
|
·
|
building a rural banking franchise; and
|
|
·
|
strengthening our insurance, asset management and securities businesses,
|
|
·
|
emphasize conservative risk management practices and enhance asset quality;
|
|
·
|
use technology for competitive advantage; and
|
|
·
|
attract and retain talented professionals.
|
At March 31,
|
||||||||||||||||
2008
|
2009
|
2010
|
2010
|
|||||||||||||
(Rupees in billions)
|
(US$ in millions)
|
|||||||||||||||
Home loans(1)
|
Rs. | 773.7 | Rs. | 733.3 | Rs. | 619.8 | US$ |
13,788
|
||||||||
Automobile loans
|
174.8 | 133.2 | 85.2 | 1,895 | ||||||||||||
Commercial business
|
203.9 | 164.4 | 136.8 | 3,043 | ||||||||||||
Personal loans
|
144.3 | 108.8 | 57.2 | 1,273 | ||||||||||||
Credit card receivables
|
96.5 | 90.2 | 59.4 | 1,321 | ||||||||||||
Two-wheeler loans
|
29.8 | 16.9 | 4.6 | 102 | ||||||||||||
Others(2)
|
34.6 | 13.1 | 13.5 | 300 | ||||||||||||
Total retail finance portfolio
|
Rs. | 1,457.6 | Rs. | 1,259.9 | Rs. | 976.5 | US$ |
21,722
|
(1)
|
Includes developer financing of Rs. 40.7 billion at year-end fiscal 2010, Rs. 39.5 billion at year-end fiscal 2009 and Rs. 27.8 billion at year-end fiscal 2008.
|
(2)
|
Includes dealer financing of Rs. 7.7 billion at year-end fiscal 2010, Rs. 8.8 billion at year-end fiscal 2009 and Rs. 24.1 billion at year-end fiscal 2008.
|
|
·
|
Money2India remittance services: Remittances into India increased during this decade, from US$ 13 billion in fiscal 2001 to US$ 47 billion in fiscal 2009. We recognized the remittance opportunity early on in the decade and started offering a host of remittance services tailored to meet the needs of diverse customer segments. We have a market share of over 15% of the migrant remittances into India. To facilitate easy transfer of funds to India, we offer a suite of online as well as offline money transfer products as featured on our website www.money2India.com. These innovative, cost effective and convenient products enable non-resident Indians to send money to any beneficiary in India with a wide choice of delivery channels like electronic transfers to accounts with over 50,000 bank branches. None of the content of the website www.money2India.com is incorporated in this annual report.
|
|
·
|
TradeWay: an Internet-based document collection product to provide correspondent banks access to real-time online information on the status of their export bills collections routed through us.
|
|
·
|
Remittance Tracker: an Internet-based application that allows a correspondent bank to check on the status of its payment instructions and to get various information reports online.
|
|
·
|
Offshore banking deposits: multi-currency deposit products in US dollar, pound sterling and euro.
|
|
·
|
Foreign currency non-resident deposits: foreign currency deposits offered in six main currencies — US dollar, pound sterling, euro, yen, Canadian dollar and Australian dollar.
|
|
·
|
Non-resident external fixed deposits: deposits maintained in Indian rupees.
|
|
·
|
Non-resident external savings account: savings accounts maintained in Indian rupees.
|
|
·
|
Non-resident ordinary savings accounts and non-resident ordinary fixed deposits.
|
At March 31, 2010
|
||||||||
Number of branches and extension counters
|
% of total
|
|||||||
Metropolitan/urban
|
976 | 57.2 | % | |||||
Semi-urban/rural
|
731 | 42.8 | % | |||||
Total branches and extension counters
|
1,707 | 100.0 | % |
At March 31(1)
|
||||||||||||||||
2008
|
2009
|
2010
|
2010
|
|||||||||||||
(in millions)
|
||||||||||||||||
Government securities
|
Rs. | 77,382 | Rs. | 67,895 | Rs. | 48,307 | US$ |
1,075
|
||||||||
Securities purchased under agreement to resell
|
— | 1,348 | — | — | ||||||||||||
Bonds and debentures
|
41,501 | 24,237 | 30,989 | 689 | ||||||||||||
Equity shares
|
6,541 | 2,424 | 7,209 | 160 | ||||||||||||
Mutual funds
|
14,567 | 32,306 | 38,652 | 860 | ||||||||||||
Other securities (2)
|
49,094 | 21,828 | 67,285 | 1,497 | ||||||||||||
Total
|
Rs. | 189,085 | Rs. | 150,038 | Rs. | 192,442 | US$ |
4,281
|
(1)
|
Excludes assets held to cover linked liabilities of our life insurance business amounting to Rs. 514.7 billion at year-end fiscal 2010, Rs. 286.6 billion at year-end fiscal 2009 and Rs. 250.2 billion for fiscal 2008.
|
(2)
|
Includes certificates of deposits, commercial papers, collateralized borrowings and lending obligation investments, application money, asset-backed commercial papers, master asset vehicles portfolio, bankers' acceptances, funded credit derivatives and venture capital units.
|
Year ended March 31,
|
||||||||||||||||
2008
|
2009
|
2010
|
2010
|
|||||||||||||
(in millions)
|
||||||||||||||||
Interest and dividends on trading portfolio
|
Rs. | 12,115 | Rs. | 14,881 | Rs. | 14,471 | US$ |
322
|
||||||||
Realized gain/(loss) on sale of trading portfolio
|
2,522 | 7,799 | (846 | ) | (19 | ) | ||||||||||
Unrealized gain/(loss) on trading portfolio
|
(5,357 | ) | (1,053 | ) | 1,760 | 39 | ||||||||||
Total
|
Rs. | 9,280 | Rs. | 21,627 | Rs. | 15,385 | US$ |
342
|
At March 31, 2008
|
||||||||||||||||
Amortized cost
|
Gross
unrealized gain
|
Gross
unrealized loss
|
Fair value
|
|||||||||||||
(in millions)
|
||||||||||||||||
Corporate debt securities
|
Rs. | 148,950 | Rs. | 100 | Rs. | (6,280 | ) | Rs. | 142,771 | |||||||
Government securities
|
111,590 | 262 | (315 | ) | 111,537 | |||||||||||
Other securities(1)
|
93,278 | 1,102 | (898 | ) | 93,481 | |||||||||||
Total debt securities
|
353,818 | 1,464 | (7,493 | ) | 347,789 | |||||||||||
Equity shares
|
32,511 | 7,767 | (6,219 | ) | 34,059 | |||||||||||
Other investments(2)
|
104,700 | 1,957 | (3,414 | ) | 103,243 | |||||||||||
Total
|
Rs. | 491,029 | Rs. | 11,188 | Rs. | (17,126 | ) | Rs. | 485,091 |
(1)
|
Includes credit linked notes.
|
(2)
|
Includes preference shares, mutual fund units, venture fund units and security receipts.
|
At March 31, 2009
|
||||||||||||||||
|
Amortized cost
|
Gross
unrealized gain
|
Gross
unrealized loss
|
Fair value
|
||||||||||||
(in millions)
|
||||||||||||||||
Corporate debt securities
|
Rs. | 196,305 | Rs. | 656 | Rs. | (18,671 | ) | Rs. | 178,291 | |||||||
Government securities
|
98,698 | 696 | (1,988 | ) | 97,406 | |||||||||||
Other securities(1)
|
83,338 | 1,237 | (2,773 | ) | 81,802 | |||||||||||
Total debt investments
|
378,341 | 2,589 | (23,432 | ) | 357,499 | |||||||||||
Equity shares
|
26,693 | 2,845 | (9,293 | ) | 20,245 | |||||||||||
Other investments(2)
|
64,882 | 1,982 | (5,292 | ) | 61,571 | |||||||||||
Total
|
Rs. | 469,916 | Rs. | 7,416 | Rs. | (38,017 | ) | Rs. | 439,315 |
(1)
|
Includes credit linked notes.
|
(2)
|
Includes preference shares, mutual fund units, venture fund units and security receipts.
|
At March 31, 2010
|
||||||||||||||||
Amortized cost
|
Gross
unrealized gain
|
Gross
unrealized loss
|
Fair value
|
|||||||||||||
(in millions)
|
||||||||||||||||
Corporate debt securities
|
Rs. | 113,191 | Rs. | 1,917 | Rs. | (2,219 | ) | Rs. | 112,889 | |||||||
Government securities
|
214,649 | 178 | (277 | ) | 214,550 | |||||||||||
Other securities(1)
|
108,386 | 1,205 | (1,679 | ) | 107,912 | |||||||||||
Total debt investments
|
436,226 | 3,300 | (4,175 | ) | 435,351 | |||||||||||
Equity shares
|
26,100 | 5,739 | (3,286 | ) | 28,553 | |||||||||||
Other investments(2)
|
57,593 | 3,320 | (7,761 | ) | 53,152 | |||||||||||
Total
|
Rs. | 519,919 | Rs. | 12,359 | Rs. | (15,222 | ) | Rs. | 517,056 |
(1)
|
Includes credit linked notes.
|
(2)
|
Includes preference shares, mutual fund units, venture fund units and security receipts.
|
Year ended March 31,
|
||||||||||||||||
2008
|
2009
|
2010
|
2010
|
|||||||||||||
(in millions)
|
||||||||||||||||
Interest
|
Rs. | 14,073 | Rs. | 24,057 | Rs. | 20,048 | US$ |
446
|
||||||||
Dividend
|
4,500 | 2,893 | 2,160 | 48 | ||||||||||||
Total
|
Rs. | 18,573 | Rs. | 26,950 | Rs. | 22,208 | US$ |
494
|
||||||||
Gross realized gain
|
Rs. | 27,816 | Rs. | 10,779 | Rs. | 10,343 | US$ |
230
|
||||||||
Gross realized loss
|
(1,773 | ) | (10,790 | ) | (5,552 | ) | (124 | ) | ||||||||
Total
|
Rs. | 26,043 | Rs. | (11 | ) | Rs. | 4,791 | US$ |
106
|
At March 31, 2010
|
||||||||||||||||||||||||||||||||
Up to one year
|
One to five years
|
Five to ten years
|
More than ten years
|
|||||||||||||||||||||||||||||
Amount
|
Yield
|
Amount
|
Yield
|
Amount
|
Yield
|
Amount
|
Yield
|
|||||||||||||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||||||||||||||
Corporate debt securities
|
Rs. | 14,332 | 2.7 | % | Rs. | 76,432 | 3.5 | % | Rs. | 19,614 | 7.6 | % | Rs. | 2,813 | 7.7 | % | ||||||||||||||||
Government securities
|
119,629 | 3.8 | % | 92,916 | 5.2 | % | 2,104 | 7.4 | % | — | 8.1 | % | ||||||||||||||||||||
Other securities
|
54,127 | 7.8 | % | 39,170 | 6.5 | % | 4,972 | 6.4 | % | 10,117 | 4.7 | % | ||||||||||||||||||||
Total amortized cost of interest-earning securities(1)
|
Rs. | 188,0881 | 4.9 | % | Rs. | 208,518 | 4.8 | % | Rs. | 26,690 | 7.4 | % | Rs. | 12,930 | 5.3 | % | ||||||||||||||||
Total fair value
|
Rs. | 188,172 | Rs. | 207,988 | Rs. | 27,091 | Rs. | 12,100 |
(1)
|
Includes securities denominated in different currencies.
|
At March 31, 2010
|
|||||||||||||||||||||||||||||||||||||||||
Asset backed securities and
funded credit
derivatives (1)(2)
|
Bonds(2)
|
Others
|
Total
|
Mark-to-market gain/ (loss) in fiscal 2010
|
Realized gain/(loss)/ Impairment (loss) in income statement for fiscal 2010
|
Mark-to-market gain/ (loss) at March 31, 2010
|
|||||||||||||||||||||||||||||||||||
Trading
|
Available for sale and held to maturity
|
Trading
|
Available for sale and held to maturity
|
Trading
|
Available for sale and held to maturity
|
Trading
|
Available for sale and held to maturity
|
||||||||||||||||||||||||||||||||||
(Rs. in millions)
|
|||||||||||||||||||||||||||||||||||||||||
US
|
— | 1,122 | — | 17,872 | — | 449 | — | 19,443 | 4,399 | 726 | (372 | ) | |||||||||||||||||||||||||||||
Canada
|
640 | 1,573 | 2,003 | 10,766 | — | 659 | 2,643 | 12,998 | 463 | (93 | ) | (1,437 | ) | ||||||||||||||||||||||||||||
Europe
|
— | 11,826 | — | 23,521 | — | 1,840 | — | 37,187 | 3,768 | (425 | ) | (4,695 | ) | ||||||||||||||||||||||||||||
India
|
5,054 | 22,586 | 779 | 25,393 | — | — | 5,833 | 47,979 | 3,479 | 123 | (662 | ) | |||||||||||||||||||||||||||||
Rest of Asia
|
— | — | — | 10,541 | — | — | — | 10,541 | 1,259 | (155 | ) | (346 | ) | ||||||||||||||||||||||||||||
Others
|
— | — | — | 7,318 | — | — | — | 7,318 | 281 | 20 | (66 | ) | |||||||||||||||||||||||||||||
Total portfolio
|
5,694 | 37,107 | 2,782 | 95,411 |
—
|
2,948 | 8,476 | 135,466 | 13,649 | 196 | (7,578 | ) |
(1)
|
Includes residential mortgage backed securities, commercial mortgage backed securities, other asset backed securities and collateralized loan obligations. Excludes unfunded credit derivative exposure of Rs. 32.9 billion.
|
(2)
|
Includes asset backed securities and bonds transferred in fiscal 2009 from investment to loans and receivables by our UK subsidiary pursuant to Accounting Standard Board issuing amendments to “FRS 26 – ‘Financial Instruments: Recognition and Measurement’ which permitted reclassification of financial assets in certain circumstances from ‘held for trading’ and ‘available for sale categories’ to the ‘loans and receivables’ category.
|
At March 31
|
||||||||
2009
|
2010
|
|||||||
Category
|
(in millions)
|
|||||||
Bonds
|
||||||||
Banks and financial institutions
|
Rs. | 109,612 | Rs. | 74,816 | ||||
Corporate
|
20,506 | 23,377 | ||||||
Total bonds
|
130,118 | 98,193 | ||||||
Asset backed securities and funded credit derivatives
|
56,411 | 42,801 | ||||||
Others(1)
|
19,407 | 2,948 | ||||||
Total
|
Rs. | 205,936 | Rs. | 143,942 |
(1)
|
Includes investments in certificates of deposits.
|
At March 31,
|
||||||||||||||||||||||||
2008
|
2009
|
2010
|
||||||||||||||||||||||
Amount
|
% to total
|
Amount
|
% to total
|
Amount
|
% to total
|
|||||||||||||||||||
(in billions, except percentages)
|
||||||||||||||||||||||||
Current account deposits
|
Rs. | 249.8 | 9.0 | % | Rs. | 222.6 | 8.5 | % | Rs. | 315.5 | 13.0 | % | ||||||||||||
Savings deposits
|
537.6 | 19.4 | 515.2 | 19.7 | 622.2 | 25.8 | ||||||||||||||||||
Time deposits
|
1,982.5 | 71.6 | 1,880.8 | 71.8 | 1478.0 | 61.2 | ||||||||||||||||||
Total deposits
|
Rs. | 2,769.9 | 100.0 | % | Rs. | 2,618.6 | 100 | % | Rs. | 2,415.7 | 100 | % |
Year ended March 31, (1)
|
||||||||||||||||||||||||||||
2008
|
2009
|
2010
|
||||||||||||||||||||||||||
Amount
|
Cost(2)
|
Amount
|
Cost(2)
|
Amount
|
Amount
|
Cost(2)
|
||||||||||||||||||||||
(in billions, except percentages)
|
||||||||||||||||||||||||||||
Interest-bearing deposits:
|
||||||||||||||||||||||||||||
Savings deposits
|
Rs. | 462.7 | 3.4 | % | Rs. | 532.7 | 3.8 | % | Rs. | 554.4 | US$ | 12.3 | 2.8 | % | ||||||||||||||
Time deposits
|
1,846.3 | 9.3 | 1,854.5 | 8.7 | 1,656.6 | 36.9 | 7.3 | |||||||||||||||||||||
Non-interest-bearing deposits:
|
||||||||||||||||||||||||||||
Other demand deposits
|
229.2 | — | 190.5 | — | 194.6 | 4.3 | — | |||||||||||||||||||||
Total deposits
|
Rs. | 2,538.2 | 7.4 | % | Rs. | 2,577.7 | 7.1 | % | Rs. | 2,404.6 | US$ | 53.5 | 5.6 | % |
(1)
|
For fiscal year 2008, the average balances are the average of quarterly balances outstanding at the end of March of the previous fiscal year and June, September, December and March of that fiscal year. For fiscal years 2009 and 2010, the average balances are the sum of daily average balances outstanding for ICICI Bank, except for the averages of foreign branches which are calculated on a monthly basis and the average of quarterly balances outstanding at the end of March of the previous fiscal year and June, September, December and March that fiscal year for subsidiaries.
|
(2)
|
Represents interest expense divided by the average balances.
|
At March 31, 2010
|
||||||||||||||||
Up to one year
|
After one year
and within
three years
|
After three years
|
Total
|
|||||||||||||
(in millions)
|
||||||||||||||||
Interest-bearing deposits:
|
||||||||||||||||
Savings deposits
|
Rs. | 622,222 | Rs. | – | Rs. | – | Rs. | 622,222 | ||||||||
Time deposits
|
1,071,956 | 352,716 | 53,305 | 1,477,977 | ||||||||||||
Non-interest-bearing deposits:
|
||||||||||||||||
Other demand deposits
|
315,524 | – | – | 315,524 | ||||||||||||
Total deposits
|
Rs. | 2,009,702 | Rs. | 352,716 | Rs. | 53,305 | Rs. | 2,415,723 |
At March 31,(1)
|
||||||||||||||||||||||||||||
2008
|
2009
|
2010
|
||||||||||||||||||||||||||
Amount
|
% to total
|
Amount
|
% to total
|
Amount
|
Amount
|
% to total
|
||||||||||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||||||||||
Statutory liquidity ratio bonds(2)
|
Rs. | 14,815 | 4.0 | % | Rs. | 13,426 | 2.6 | % | Rs. | 10,311 |
US$ 229
|
1.6 | % | |||||||||||||||
Borrowings from Indian government(3)
|
1,889 | 0.5 | 1,360 | 0.3 | 909 | 20 | 0.1 | |||||||||||||||||||||
Other borrowings(4)(5)
|
357,420 | 95.5 | 500,554 | 97.1 | 615,208 | 13,687 | 98.3 | |||||||||||||||||||||
Total
|
Rs. | 374,124 | 100.0 | % | Rs. | 515,340 | 100.0 | % | Rs. | 626,428 |
US$13,936
|
100.0 | % |
(1)
|
For fiscal 2008, the average balances are the average of quarterly balances outstanding at the end of March of the previous fiscal year and June, September, December and March of that fiscal year. For fiscal 2009 and fiscal 2010, the average balances are the sum of daily average balances outstanding for ICICI Bank, and the average of quarterly balances outstanding at the end of March of the previous fiscal year and June, September, December and March that fiscal year for subsidiaries.
|
(2)
|
With an average cost of 11.6% in fiscal 2008, 11.6% in fiscal 2009 and 11.6% in fiscal 2010.
|
(3)
|
With an average cost of 12.2% in fiscal 2008, 12.3% in fiscal 2009 and 12.3% in fiscal 2010.
|
(4)
|
With an average cost of 9.9% in fiscal 2008, 9.2% in fiscal 2009 and 7.1% in fiscal 2010.
|
(5)
|
Includes publicly and privately placed bonds, borrowings from institutions, inter-bank overnight borrowings and inter-corporate deposits.
|
At March 31,
|
||||||||||||||||
2009
|
2010
|
% of total
deposits
|
||||||||||||||
(in millions, except percentages) | ||||||||||||||||
Less than three months
|
Rs. | 452,245 | Rs. | 315,518 | US$ |
7,019
|
13.1 | % | ||||||||
Above three months and less than six months
|
299,490 | 147,594 | 3,284 | 6.1 | ||||||||||||
Above six months and less than 12 months
|
411,984 | 208,404 | 4,636 | 8.6 | ||||||||||||
More than 12 months
|
43,101 | 134,264 | 2,987 | 5.6 | ||||||||||||
Total deposits of Rs. 10 million and more
|
Rs. | 1,206,820 | Rs. | 805,780 | US$ |
17,926
|
33.4 | % |
|
At March 31,(1)
|
|||||||||||
2008
|
2009
|
2010
|
||||||||||
(in millions, except percentages)
|
||||||||||||
Year-end balance
|
Rs. | 123,614 | Rs. | 186,501 | Rs. | 103,302 | ||||||
Average balance during the year (2)
|
142,270 | 158,519 | 132,352 | |||||||||
Maximum quarter-end balance
|
195,366 | 211,919 | 217,208 | |||||||||
Average interest rate during the year (3)
|
10.5 | % | 10.6 | % | 6.7 | % | ||||||
Average interest rate at year-end (4)
|
9.3 | % | 7.9 | % | 5.8 | % |
(1)
|
Short-term borrowings includes borrowings in the call market and repurchase agreements.
|
(2)
|
Average of quarterly balances at the end of March of the previous fiscal year, June, September, December and March of that fiscal year for each of fiscal 2008, 2009 and 2010.
|
(3)
|
Represents the ratio of interest expense on short-term borrowings to the average of quarterly balances of short-term borrowings.
|
(4)
|
Represents the weighted average rate of the short-term borrowings outstanding at fiscal year-end.
|
For year ended March 31, (1)
|
||||||||||||||||||||||||||||
2008
|
2009
|
2010
|
||||||||||||||||||||||||||
Amount
|
%
to total
|
Amount
|
%
to total
|
Amount
|
Amount
|
%
to total
|
||||||||||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||||||||||
Commercial borrowings (2)
|
Rs. | 569,624 | 96.4 | % | Rs. | 763,701 | 97.2 | % | Rs. | 661,343 | US$ |
14,713
|
96.9 | % | ||||||||||||||
Multilateral borrowings (3)
|
21,110 | 3.6 | 22,152 | 2.8 | 21,052 | 468 | 3.1 | |||||||||||||||||||||
Total
|
Rs. | 590,734 | 100.0 | % | Rs. | 785,853 | 100.0 | % | Rs. | 682,395 | US$ |
15,181
|
100.0 | % |
(1)
|
For fiscal 2008, the average balances are the average of quarterly balances outstanding at the end of March of the previous fiscal year and June, September, December and March of that fiscal year. For fiscal 2009 and 2010, the average balances are the sum of daily average balances outstanding for ICICI Bank, and the average of quarterly balances outstanding at the end of March of the previous fiscal year and June, September, December and March that fiscal year for subsidiaries.
|
(2)
|
With an average cost of 5.7% in fiscal 2008, 4.4% in fiscal 2009 and 4.1% in fiscal 2010.
|
(3)
|
With an average cost of 5.2% in fiscal 2008, 4.2% in fiscal 2009 and 3.1% in fiscal 2010.
|
|
·
|
The board of directors has oversight of all the risks assumed by the Bank.
|
|
·
|
Specific committees of the board have been constituted to facilitate focused oversight of various risks.
|
|
·
|
The Risk Committee reviews risk management policies in relation to various risks (including portfolio, liquidity, interest rate, operational, investment policies and strategy and regulatory and compliance issues in relation thereto), key risk indicators and risk profile templates (covering areas including credit risk, interest rate risk, liquidity risk, foreign exchange risk and operational risk) and the limits framework, including stress test limits for various risks. The Risk Committee also assesses the capital adequacy position of the Bank, based on the risk profile of our balance sheet and reviews the implementation status of Basel II norms.
|
|
·
|
The Credit Committee reviews the credit quality of the major portfolios on a periodic basis, reviews developments in key industrial sectors and exposure to these sectors as well as exposure to large borrower accounts in addition to approving certain exposures as per the credit approval authorization policy approved by the Board of Directors.
|
|
·
|
The Audit Committee provides direction to and monitors the quality of the compliance and internal audit function.
|
|
·
|
The Fraud Monitoring Committee reviews frauds above certain values, suggests corrective measures to mitigate fraud risks and monitors the efficacy of remedial actions.
|
|
·
|
Policies approved from time to time by the board of directors form the governing framework for each type of risk. The business activities are undertaken within this policy framework.
|
|
·
|
Independent groups and sub-groups have been constituted across the Bank to facilitate independent evaluation, monitoring and reporting of various risks. These groups function independently of the business groups/sub-groups.
|
|
·
|
the risks and prospects associated with the industry in which the borrower is operating (industry risk);
|
|
·
|
the financial position of the borrower by analyzing the quality of its financial statements, its past financial performance, its financial flexibility in terms of ability to raise capital and its cash flow adequacy (financial risk);
|
|
·
|
the borrower’s relative market position and operating efficiency (business risk); and
|
|
·
|
the quality of management by analyzing their track record, payment record and financial conservatism (management risk).
|
|
·
|
carrying out a detailed analysis of cash flows to forecast the amounts that will be paid and the timing of the payments based on an exhaustive analysis of historical data;
|
|
·
|
conducting due diligence on the underlying business systems, including a detailed evaluation of the servicing and collection procedures and the underlying contractual arrangements; and
|
|
·
|
paying particular attention to the legal, accounting and tax issues that may impact the structure.
|
|
·
|
assessment of the industry structure in the target’s host country and the complexity of the business operations of the target;
|
|
·
|
financial, legal, tax, technical due diligence (as applicable) of the target;
|
|
·
|
appraisal of potential synergies and likelihood of their being achieved;
|
|
·
|
assessment of the target company’s valuation by comparison with its peer group and other transactions in the industry;
|
|
·
|
analysis of regulatory and legal framework of the overseas geographies with regard to security creation, enforcement and other aspects;
|
|
·
|
assessment of country risk aspects and the need for political insurance; and
|
|
·
|
the proposed management structure of the target post takeover and the ability and past experience of the acquirer in completing post merger integration.
|
At March 31, 2010(1)
|
||||||||||||||||
Less than or equal to one year
|
Greater than one year and up to five years
|
Greater than five years
|
Total
|
|||||||||||||
(in millions)
|
||||||||||||||||
Loans, net
|
Rs. | 1,806,684 | Rs. | 323,849 | Rs. | 127,248 | Rs. | 2,257,781 | ||||||||
Investments
|
545,819 | 449,827 | 867,552 | 1,863,198 | ||||||||||||
Fixed assets
|
544 | 2,776 | 35,303 | 38,623 | ||||||||||||
Other assets(2)
|
164,869 | 949 | 568,053 | 733,871 | ||||||||||||
Total assets
|
2,517,916 | 777,401 | 1,598,156 | 4,893,473 | ||||||||||||
Stockholders’ equity and preference share capital
|
– | – | 512,965 | 512,965 | ||||||||||||
Borrowings
|
560,065 | 309,003 | 287,915 | 1,156,983 | ||||||||||||
Deposits
|
1,604,645 | 374,199 | 436,879 | 2,415,723 | ||||||||||||
Other liabilities(2)
|
– | – | 807,802 | 807,802 | ||||||||||||
Total liabilities
|
2,164,710 | 683,202 | 2,045,561 | 4,893,473 | ||||||||||||
Total gap before risk management positions
|
353,206 | 94,199 | (447,405 | ) | 0 | |||||||||||
Risk management positions(3)
|
(236,427 | ) | 188,642 | 48,950 | 1,165 | |||||||||||
Total gap after risk management positions
|
Rs. | 116,778 | Rs. | 282,841 | Rs. | (398,455 | ) | Rs. | 1,165 |
(1)
|
Assets and liabilities are classified into the applicable categories based on residual maturity or repricing whichever is earlier. Classification methodologies are generally based on Asset Liability Management Guidelines issued by the Reserve Bank of India, effective April 1, 1999 and as revised time to time and pre-payment assumptions applied, based on behavioral studies done. Items that neither mature nor reprice are included in the “greater than five years” category. This includes equity share capital and a substantial part of fixed assets. Impaired loans are classified in “greater than one year and up to five years” and “greater than five years” categories based on their classification, as per local regulators norms. of the entities.
|
(2)
|
The categorization for these items is different from that reported in the financial statements.
|
(3)
|
The risk management positions comprise foreign currency and rupee swaps.
|
At March 31, 2010
|
||||||||||||
Fixed
rate loans
|
Variable
rate loans
|
Total
|
||||||||||
(in millions)
|
||||||||||||
Loans
|
Rs. | 361,996 | Rs. | 1,072,114 | Rs. | 1,434,110 |
At March 31, 2010
|
|||||||||||||||||
Change in interest rates
(in basis points)
|
|||||||||||||||||
(100) | (50) | 50 | 100 | ||||||||||||||
(in millions, except percentages)
|
|||||||||||||||||
Rupee portfolio
|
Rs. | (1,156 | ) | Rs. | (578 | ) | Rs. | 578 | Rs. | 1,156 | |||||||
Foreign currency portfolio
|
(1,110 | ) | (555 | ) | 555 | 1,110 | |||||||||||
Total
|
Rs. | (2,266 | ) | Rs. | (1,133 | ) | Rs. | 1,133 | Rs. | 2,266 |
At March 31, 2010
|
||||||||||||||||||||
Change in interest rates
(in basis points)
|
||||||||||||||||||||
|
Portfolio Size
|
(100) | (50) | 50 | 100 | |||||||||||||||
(in millions)
|
||||||||||||||||||||
Government of India securities
|
Rs. | 17,072 | Rs. | 667 | Rs. | 333 | Rs. | (333 | ) | Rs. | (667 | ) | ||||||||
Corporate debt securities
|
66,151 | 289 | 145 | (145 | ) | (289 | ) | |||||||||||||
Total
|
Rs. | 83,223 | Rs. | 956 | Rs. | 478 | Rs. | (478 | ) | Rs. | (956 | ) |
|
·
|
pertain to the maintenance of records that accurately and fairly reflect in reasonable detail the transactions and dispositions of our assets;
|
|
·
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are made only in accordance with authorizations of management and the executive directors; and
|
|
·
|
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.
|
At March 31,
|
||||||||||||||||||||||||
2006
|
2007
|
2008
|
2009
|
2010
|
2010
|
|||||||||||||||||||
(in millions)
|
||||||||||||||||||||||||
Consumer loans and credit card receivables(1)
|
Rs. | 910,871 | Rs. | 1,276,977 | Rs. | 1,408,271 | Rs. | 1,228,337 | Rs. | 954,245 | US$ | 21,229 | ||||||||||||
Rupee
|
895,116 | 1,248,484 | 1,365,595 | 1,181,368 | 923,831 | 20,552 | ||||||||||||||||||
Foreign currency
|
15,755 | 28,493 | 42,676 | 46,969 | 30,414 | 677 | ||||||||||||||||||
Commercial, financial, agricultural and others(2)
|
665,549 | 859,562 | 1,147,276 | 1,486,380 | 1,367,175 | 30,415 |
At March 31,
|
||||||||||||||||||||||||
2006
|
2007
|
2008
|
2009
|
2010
|
2010
|
|||||||||||||||||||
(in millions)
|
||||||||||||||||||||||||
Rupee
|
449,160 | 495,464 | 475,796 | 587,644 | 565,990 | 12,591 | ||||||||||||||||||
Foreign currency
|
216,389 | 364,098 | 671,480 | 898,736 | 801,185 | 17,824 | ||||||||||||||||||
Leasing and related activities(3)
|
736 | 569 | 329 | 175 | 17 | 0 | ||||||||||||||||||
Rupee
|
695 | 569 | 329 | 175 | 17 | 0 | ||||||||||||||||||
Foreign currency
|
41 | – | – | – | – | – | ||||||||||||||||||
Gross loans
|
1,577,156 | 2,137,108 | 2,555,876 | 2,714,892 | 2,321,437 | 51,644 | ||||||||||||||||||
Rupee
|
1,344,971 | 1,744,517 | 1,841,719 | 1,769,187 | 1,489,838 | 33,069 | ||||||||||||||||||
Foreign currency
|
232,185 | 392,591 | 714,156 | 945,705 | 831,599 | 18,575 | ||||||||||||||||||
Total gross loans
|
1,577,156 | 2,137,108 | 2,555,876 | 2,714,892 | 2,321,437 | 51,644 | ||||||||||||||||||
Allowance for loan losses
|
(14,553 | ) | (23,114 | ) | (41,859 | ) | (53,587 | ) | (63,656 | ) | (1,416 | ) | ||||||||||||
Net loans
|
Rs. | 1,562,603 | Rs. | 2,113,994 | Rs. | 2,514,017 | Rs. | 2,661,305 | Rs. | 2,257,781 | US$ | 50,228 |
(1)
|
Includes home loans, automobile loans, commercial business loans, two-wheeler loans, personal loans, credit card receivables and farm equipment loans.
|
(2)
|
Includes builder financing and dealer financing.
|
(3)
|
Leasing and related activities includes leasing and hire purchase.
|
At March 31,
|
||||||||||||||||||||||||||||||||||||||||||||
2006
|
2007
|
2008
|
2009
|
2010
|
||||||||||||||||||||||||||||||||||||||||
Amount
|
As a %
|
Amount
|
As a %
|
Amount
|
As a %
|
Amount
|
As a %
|
Amount
|
Amount
|
As a %
|
||||||||||||||||||||||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||||||||||||||||||||||||||
Retail finance(1)
|
Rs. | 981,550 | 62.2 | % | Rs. | 1,364,472 | 63.8 | % | Rs. | 1,457,548 | 57.0 | % | Rs. | 1,259,908 | 46.4 | % | Rs. | 976,481 | US$ | 21,7244 | 42.1 | % | ||||||||||||||||||||||
Services — non finance
|
47,289 | 3.0 | 64,342 | 3.0 | 168,139 | 6.6 | 244,367 | 9.0 | 223,535 | 4,973 | 9.6 | |||||||||||||||||||||||||||||||||
Crude petroleum/refining & petrochemicals
|
46,185 | 2.9 | 49,656 | 2.3 | 65,136 | 2.6 | 163,027 | 6.0 | 150,170 | 3,341 | 6.5 | |||||||||||||||||||||||||||||||||
Road, port, telecom, urban development & other infrastructure
|
30,114 | 1.9 | 29,873 | 1.4 | 57,707 | 2.3 | 116,138 | 4.3 | 112,339 | 2,499 | 4.8 | |||||||||||||||||||||||||||||||||
Iron & steel and products
|
51,717 | 3.3 | 52,071 | 2.5 | 100,441 | 3.9 | 113,931 | 4.2 | 89,673 | 1,995 | 3.9 | |||||||||||||||||||||||||||||||||
Services — finance
|
74,356 | 4.7 | 111,500 | 5.2 | 65,373 | 2.6 | 88,432 | 3.3 | 69,483 | 1,546 | 3.0 | |||||||||||||||||||||||||||||||||
Food & beverages
|
41,491 | 2.6 | 50,863 | 2.4 | 76,802 | 3.0 | 73,218 | 2.7 | 84,888 | 1,888 | 3.7 | |||||||||||||||||||||||||||||||||
Electronics & engineering
|
24,129 | 1.5 | 21,863 | 1.0 | 39,294 | 1.5 | 51,473 | 1.9 | 45,205 | 1,006 | 1.9 | |||||||||||||||||||||||||||||||||
Chemicals & fertilizers
|
32,241 | 2.1 | 53,768 | 2.5 | 43,346 | 1.7 | 61,758 | 2.3 | 55,627 | 1,237 | 2.4 | |||||||||||||||||||||||||||||||||
Power
|
28,127 | 1.8 | 41,917 | 2.0 | 62,479 | 2.4 | 59,105 | 2.2 | 82,171 | 1,828 | 3.5 | |||||||||||||||||||||||||||||||||
Drugs & pharmaceuticals
|
4,968 | 0.3 | 10,014 | 0.5 | 26,568 | 1.0 | 37,495 | 1.4 | 31,377 | 698 | 1.4 | |||||||||||||||||||||||||||||||||
Construction
|
9,822 | 0.6 | 15,285 | 0.7 | 30,340 | 1.2 | 35,820 | 1.3 | 23,269 | 517 | 1.0 | |||||||||||||||||||||||||||||||||
Wholesale/retail trade
|
14,842 | 1.0 | 28,625 | 1.3 | 26,728 | 1.0 | 28,187 | 1.0 | 49,683 | 1,106 | 2.1 |
At March 31,
|
||||||||||||||||||||||||||||||||||||||||||||
2006
|
2007
|
2008
|
2009
|
2010
|
||||||||||||||||||||||||||||||||||||||||
Amount
|
As a %
|
Amount
|
As a %
|
Amount
|
As a %
|
Amount
|
As a %
|
Amount
|
Amount
|
As a %
|
||||||||||||||||||||||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||||||||||||||||||||||||||
Metal & products (excluding iron & steel)
|
19,335 | 1.2 | 1,462 | 0.1 | 28,925 | 1.2 | 23,642 | 0.8 | 35,993 | 801 | 1.5 | |||||||||||||||||||||||||||||||||
Others(2)
|
171,216 | 10.9 | 241,904 | 11.3 | 308,517 | 12.0 | 358,391 | 13.2 | 291,544 | 6,486 | 12.6 | |||||||||||||||||||||||||||||||||
Gross loans
|
1,577,382 | 100.0 | 2,137,615 | 100.0 | 2,557,343 | 100.0 | 2,714,892 | 100.0 | 2,321,438 | 51,645 | 100.0 | |||||||||||||||||||||||||||||||||
Allowance for loan losses and interest suspense
|
(14,778 | ) | (23,621 | ) | (43,327 | ) | (53,587 | ) | (63,655 | ) | (1,416 | ) | ||||||||||||||||||||||||||||||||
Net loans
|
Rs. | 1,562,604 | Rs. | 2,113,994.4 | Rs. | 2,514,016 | Rs. | 2,661,305 | Rs. | 2,257,783 | US$ | 50,229 |
(1)
|
Includes home loans, automobile loans, commercial business loans, two wheeler loans, personal loans, credit cards receivables, dealer funding, developer financing and overdraft products loans.
|
(2)
|
Other industries primarily include automobiles, cement, agriculture and allied activities, fast-moving consumer goods, gems and jewelry, manufacturing products excluding metal, mining, shipping, textiles etc.
|
At March 26, 2010
|
||||||||||||||||
Amount
|
% of total priority sector lending
|
% of residual adjusted
net bank credit
|
||||||||||||||
(in billion, except percentages)
|
||||||||||||||||
Agricultural sector(1)
|
Rs. | 228.3 | US$ | 5.1 | 36.4 | % | 18.7 | % | ||||||||
Small enterprises(2)
|
78.1 | 1.7 | 12.5 | 6.4 | ||||||||||||
Others including residential mortgage less than Rs. 2 million
|
320.6 | 7.2 | 51.1 | 26.2 | ||||||||||||
Total
|
Rs. | 627.0 | US$ | 14.0 | 100.0 | % | 51.3 | % |
(1)
|
Includes direct agriculture lending of Rs. 173.3 billion constituting 14.2% of our residual adjusted net bank credit against the requirement of 13.5%.
|
(2)
|
Small enterprises include enterprises engaged in manufacturing/processing and whose investment in plant and machinery does not exceed Rs. 50 million and enterprises engaged in providing/rendering of services and whose investment in equipment does not exceed Rs. 20 million.
|
Standard assets:
|
Assets that do not disclose any problems or which do not carry more than normal risk attached to the business are classified as standard assets.
|
|
Sub-standard assets:
|
Sub-standard assets comprise assets that are non-performing for a period not exceeding 12 months.
|
|
Doubtful assets:
|
Doubtful assets comprise assets that are non-performing for more than 12 months.
|
|
Loss assets:
|
Loss assets comprise assets (i) the losses on which are identified or (ii) that are considered uncollectible.
|
Standard assets:
|
As per the Reserve Bank of India guidelines issued in September 2005, banks were required to make general provision at 0.40% on standard loans (excluding loans to the agriculture sector and to small and medium enterprises). As per the Reserve Bank of India guidelines issued in May 2006, the general provisions for personal loans, loans and advances qualifying as capital market exposure, residential housing loans beyond Rs. 2 million and commercial real estate loans was increased to 1.00% from 0.40%.
In January 2007, the Reserve Bank of India increased the provisioning requirement in respect of the loans to the real estate sector (excluding residential housing loans), outstanding credit card receivables, loans and advances qualifying as capital market exposure, personal loans and exposures to systemically important non-deposit taking non-banking financial companies to 2.00%.
In November 2008, the Reserve Bank of India reinstated the provisioning for standard assets to a uniform rate of 0.40% for all types of standard assets except in the case of direct advances to the agricultural and small and medium enterprise sectors, which continue to attract a provisioning of 0.25%, as was previously the case. The revised norms were effective prospectively but the provisions held by banks could not be reversed. In November 2009, the Reserve Bank of India increased the provisioning rate on standard assets in the commercial real estate sector to 1.0%.
|
Sub-standard assets:
|
A provision of 10% is required for all sub-standard assets. An additional provision of 10% is required for accounts that are ab initio unsecured. In April 2010, an exception was given to unsecured infrastructure loan accounts classified as sub-standard, which attract a provisioning of 15%.
|
|
Doubtful assets:
|
A 100% provision/write-off is required in respect of the unsecured portion of the doubtful asset. A 100% provision is required to be made for the secured portion of assets classified as doubtful for more than three years in a phased manner.
|
|
Loss assets:
|
The entire asset is required to be written off or provided for.
|
|
Restructured loans:
|
Until August 27, 2008, a provision equal to the difference between the present value of the future interest as per the original loan agreement and the present value of future interest on the basis of rescheduled terms at the time of restructuring, was required to be made.
For loans restructured after August 27, 2008, a provision equal to the difference between the fair value of the loan before and after restructuring is required to be made. The fair value of the loan before restructuring is computed as the present value of cash flows representing the interest at the existing rate charged on the loan before restructuring and the principal. The fair value of the loan after restructuring is computed as the present value of cash flows representing the interest at the rate charged on the loan on restructuring and the principal. Both sets of cash flows are discounted by the bank’s Benchmark Prime Lending Rate as on the date of restructuring plus the appropriate term premium and credit risk premium for the borrower category on the date of restructuring.
|
At March 31,
|
||||||||||||||||||||||||
2006
|
2007
|
2008
|
2009
|
2010
|
||||||||||||||||||||
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
|||||||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||||||
Consumer loans & credit card receivables
|
Rs. | – | Rs. | – | Rs. | – | Rs. | 1,933 | Rs. | 3,704 | US$ | 83 | ||||||||||||
Rupee
|
– | – | – | 1,933 | 3,704 | 83 | ||||||||||||||||||
Foreign currency
|
– | – | – | – | – | – | ||||||||||||||||||
Commercial, financial, agricultural and others (1)
|
55,463 | 50,407 | 48,411 | 59,435 | 58,958 | 1,313 | ||||||||||||||||||
Rupee
|
49,582 | 45,965 | 45,535 | 53,713 | 38,824 | 865 | ||||||||||||||||||
Foreign currency
|
5,881 | 4,442 | 2,876 | 5,722 | 20,134 | 448 | ||||||||||||||||||
Total restructured loans
|
55,463 | 50,407 | 48,411 | 61,368 | 62,662 | 1,396 | ||||||||||||||||||
Rupee
|
49,582 | 45,965 | 45,535 | 55,646 | 42,528 | 948 | ||||||||||||||||||
Foreign currency
|
5,881 | 4,442 | 2,876 | 5,722 | 20,134 | 448 | ||||||||||||||||||
Gross restructured loans(2)
|
55,463 | 50,407 | 48,411 | 61,368 | 62,662 | 1,396 | ||||||||||||||||||
Provision for loan losses
|
(2,305 | ) | (1,581 | ) | (1,572 | ) | (1,736 | ) | (2,758 | ) | (62 | ) | ||||||||||||
Net restructured loans
|
Rs. | 53,158 | Rs. | 48,826 | Rs. | 46,839 | Rs. | 59,632 | Rs. | 59,904 | US$ | 1,334 | ||||||||||||
Gross customer assets (2)
|
Rs. | 1,638,525 | Rs. | 2,234,339 | Rs. | 2,687,999 | Rs. | 2,892,808 | Rs. | 2,601,135 | US$ | 57,932 | ||||||||||||
Net customer assets .
|
Rs. | 1,622,675 | Rs. | 2,209,078 | Rs. | 2,642,697 | Rs. | 2,836,439 | Rs. | 2,536,941 | US$ | 56,502 | ||||||||||||
Gross restructured loans as a percentage of gross customer assets
|
3.4 | % | 2.3 | % | 1.8 | % | 2.1 | % | 2.4 | % | ||||||||||||||
Net restructured loans as a percentage of net customer assets
|
3.3 | % | 2.2 | % | 1.8 | % | 2.1 | % | 2.4 | % |
(1)
|
Includes working capital finance.
|
(2)
|
Includes loans of ICICI Bank and its subsidiaries and credit substitutes of ICICI Bank, net of write-offs.
|
At March 31,
|
||||||||||||||||||||||||||||||||||||||||||||
2006
|
2007
|
2008
|
2009
|
2010
|
||||||||||||||||||||||||||||||||||||||||
Amount
|
As a percentage of loans
|
Amount
|
As a percentage of loans
|
Amount
|
As a percentage of loans
|
Amount
|
As a percentage of loans
|
Amount
|
Amount
|
As a percentage of loans
|
||||||||||||||||||||||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||||||||||||||||||||||||||
Power
|
1,703 | 3.1 | – | – | 14,971 | 30.9 | 16,059 | 26.2 | Rs. | 16,993 | US$ | 378 | 27.1 | % | ||||||||||||||||||||||||||||||
Road, port, telecom, urban development & other infrastructure
|
18,733 | 33.8 | 17,790 | 35.3 | 8,117 | 16.8 | 10,438 | 17.0 | 8,631 | 192 | 13.8 | |||||||||||||||||||||||||||||||||
Services-non finance
|
– | – | – | – | – | – | – | – | 11,778 | 262 | 18.9 | |||||||||||||||||||||||||||||||||
Textiles
|
344 | 0.6 | 86 | 0.1 | 71 | 0.1 | 993 | 1.6 | 3,702 | 82 | 5.9 | |||||||||||||||||||||||||||||||||
Iron/steel & products
|
4,834 | 8.7 | 4,922 | 9.8 | – | – | – | – | 2,788 | 62 | 4.4 | |||||||||||||||||||||||||||||||||
Automobile (including trucks)
|
391 | 0.7 | 151 | 0.3 | 106 | 0.2 | 2,955 | 4.8 | 2,785 | 62 | 4.4 | |||||||||||||||||||||||||||||||||
Food & beverages
|
220 | 0.4 | – | – | 120 | 0.3 | 456 | 0.7 | 2,779 | 62 | 4.4 | |||||||||||||||||||||||||||||||||
Chemicals & fertilizers
|
2,345 | 4.2 | 985 | 2.0 | 536 | 1.1 | 133 | 0.2 | 2,023 | 45 | 3.2 | |||||||||||||||||||||||||||||||||
Electronics & engineering
|
565 | 1.0 | – | – | 1,295 | 2.7 | 1,026 | 1.7 | 1,003 | 22 | 1.6 | |||||||||||||||||||||||||||||||||
Cement
|
1,406 | 2.5 | 1,065 | 2.0 | 401 | 0.8 | 297 | 0.5 | 483 | 11 | 0.8 | |||||||||||||||||||||||||||||||||
Paper & paper products
|
– | – | – | – | – | – | – | – | 285 | 6 | 0.5 | |||||||||||||||||||||||||||||||||
Manufacturing products (excluding metals)
|
1,393 | 2.5 | 235 | 0.5 | – | – | – | – | 19 | – | – | |||||||||||||||||||||||||||||||||
Shipping
|
798 | 1.4 | 839 | 1.7 | – | – | 15 | – | 16 | – | – | |||||||||||||||||||||||||||||||||
Crude petroleum/ refining & petrochemicals
|
19,169 | 34.6 | 21,004 | 41.7 | 22,542 | 46.6 | 23,961 | 39.0 | – | – | – | |||||||||||||||||||||||||||||||||
Metal & products (excluding iron & steel)
|
3,528 | 6.4 | 3,296 | 6.5 | – | – | – | – | 293 | 7 | 0.5 | |||||||||||||||||||||||||||||||||
Services-finance
|
– | – | – | – | – | – | 913 | 1.5 | 312 | 7 | 0.5 | |||||||||||||||||||||||||||||||||
Retail finance
|
– | – | – | – | – | – | 1,933 | 3.1 | 3,704 | 83 | 5.9 | |||||||||||||||||||||||||||||||||
Others(1)
|
34 | 0.1 | 34 | 0.1 | 251 | 0.5 | 2,189 | 3.7 | 5,067 | 113 | 8.1 | |||||||||||||||||||||||||||||||||
Gross restructured loans
|
55,463 | 100.0 | 50,407 | 100.0 | 48,411 | 100.0 | 61,368 | 100.0 | 62,661 | 1,394 | 100.0 | |||||||||||||||||||||||||||||||||
Aggregate provision for loan losses
|
(2,305 | ) | (1,581 | ) | (1,572 | ) | (1,736 | ) | (2,758 | ) | (62 | ) | ||||||||||||||||||||||||||||||||
Net restructured loans
|
Rs. | 53,158 | Rs. | 48,826 | Rs. | 46,839 | Rs. | 59,632 | Rs. | 59,903 | US$ | 1,332 |
(1)
|
Others primarily include construction, real estate and manufacturing products excluding metal.
|
At March 31,
|
||||||||||||||||||||||||
2006
|
2007
|
2008
|
2009
|
2010
|
||||||||||||||||||||
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
|||||||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||||||
Consumer loans & credit card receivables(1)
|
Rs. | 13,836 | Rs. | 30,000 | Rs. | 54,954 | Rs. | 72,201 | Rs. | 69,462 | US$ | 1,547 | ||||||||||||
Rupee
|
13,828 | 29,991 | 54,948 | 72,105 | 69,111 | 1,539 | ||||||||||||||||||
Foreign currency
|
8 | 9 | 6 | 96 | 351 | 8 | ||||||||||||||||||
Commercial, financial, agricultural and others(2)
|
9,187 | 12,200 | 22,483 | 27,188 | 35,923 | 800 | ||||||||||||||||||
Rupee
|
7,178 | 11,074 | 21,119 | 23,892 | 25,337 | 564 | ||||||||||||||||||
Foreign currency
|
2,009 | 1,126 | 1,364 | 3,296 | 10,586 | 236 | ||||||||||||||||||
Leasing and related activities
|
63 | 357 | 526 | 532 | 436 | 10 | ||||||||||||||||||
Rupee
|
63 | 357 | 526 | 532 | 436 | 10 | ||||||||||||||||||
Foreign currency
|
– | – | – | – | – | – | ||||||||||||||||||
Total non-performing assets
|
23,086 | 42,557 | 77,963 | 99,921 | 105,821 | 2,357 | ||||||||||||||||||
Rupee
|
21,069 | 41,422 | 76,593 | 96,529 | 94,884 | 2,113 | ||||||||||||||||||
Foreign currency
|
2,017 | 1,135 | 1,370 | 3,392 | 10,937 | 244 | ||||||||||||||||||
Gross non-performing assets(3)(4)
|
23,086 | 42,557 | 77,963 | 99,921 | 105,821 | 2,357 | ||||||||||||||||||
Provision for loan losses
|
(12,280 | ) | (22,249 | ) | (42,031 | ) | (52,580 | ) | (59,083 | ) | (1,316 | ) | ||||||||||||
Net non-performing assets
|
Rs. |
10,806
|
Rs. | 20,308 | Rs. | 35,932 | Rs. | 47,341 | Rs. | 46,738 | US$ | 1,041 | ||||||||||||
Gross customer assets(3)
|
Rs. | 1,638,525 | Rs. | 2,234,339 | Rs. | 2,687,999 | Rs. | 2,892,808 | Rs. | 2,601,135 | US$ | 57,932 | ||||||||||||
Net customer assets .
|
Rs. | 1,622,674 | Rs. | 2,209,078 | Rs. | 2,642,697 | Rs. | 2,836,439 | Rs. | 2,536,941 | US$ | 56,502 | ||||||||||||
Gross non-performing assets as a percentage of gross customer assets
|
1.4 | % | 1.9 | % | 2.9 | % | 3.5 | % | 4.1 | % | ||||||||||||||
Net non-performing assets as a percentage of net customer assets
|
0.7 | % | 0.9 | % | 1.4 | % | 1.7 | % | 1.8 | % |
(1)
|
Includes home loans, automobile loans, commercial business loans, two-wheeler loans, personal loans, credit card receivables and farm equipment loans.
|
(2)
|
Includes working capital finance.
|
(3)
|
Includes loans of ICICI Bank and its subsidiaries and credit substitutes of ICICI Bank, net of write-offs.
|
(4)
|
Includes loans identified as impaired in line with the guidelines issued by regulators of the respective subsidiaries.
|
At March 31,
|
||||||||||||||||||||||||||||||||||||||||||||
2006
|
2007
|
2008
|
2009
|
2010
|
||||||||||||||||||||||||||||||||||||||||
Amount
|
As a percentage of loans
|
Amount
|
As a percentage of loans
|
Amount
|
As a percentage of loans
|
Amount
|
As a percentage of loans
|
Amount
|
Amount
|
As a percentage of loans
|
||||||||||||||||||||||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||||||||||||||||||||||||||
Chemicals & fertilizers
|
Rs. | 1,654 | 7.2 | % | Rs. | 1,642 | 3.9 | % | Rs. | 1,935 | 2.5 | % | Rs. | 1,958 | 2.0 | % | Rs. | 2,472 | US$ | 55 | 2.3 | % | ||||||||||||||||||||||
Services-finance
|
126 | 0.5 | 722 | 1.7 | 1,293 | 1.7 | 1,291 | 1.3 | 3,672 | 82 | 3.5 | |||||||||||||||||||||||||||||||||
Wholesale/retail trade
|
45 | 0.2 | 45 | 0.1 | 83 | 0.1 | 1,470 | 1.5 | 2,172 | 48 | 2.1 | |||||||||||||||||||||||||||||||||
Textiles
|
1,675 | 7.3 | 834 | 2.0 | 1,097 | 1.4 | 1,767 | 1.8 | 1,904 | 42 | 1.8 | |||||||||||||||||||||||||||||||||
Food & beverages
|
670 | 2.9 | 1,247 | 2.9 | 608 | 0.8 | 1,033 | 1.0 | 4,046 | 90 | 3.8 | |||||||||||||||||||||||||||||||||
Iron/steel & products
|
209.5 | 0.9 | 772 | 1.8 | 1,214 | 1.6 | 359 | 0.4 | 1,600 | 36 | 1.5 | |||||||||||||||||||||||||||||||||
Electronics & engineering
|
550 | 2.4 | 626 | 1.5 | 563 | 0.7 | 793 | 0.8 | 700 | 16 | 0.7 | |||||||||||||||||||||||||||||||||
Metal & products (excluding iron & steel)
|
11 | 0.1 | 11 | – | 116 | 0.1 | 203 | 0.2 | 908 | 20 | 0.9 | |||||||||||||||||||||||||||||||||
Automobiles (including trucks)
|
32 | 0.1 | 61 | 0.1 | 76 | 0.1 | 323 | 0.3 | 2,274 | 51 | 2.1 | |||||||||||||||||||||||||||||||||
Services — non-finance
|
976 | 4.2 | 632 | 1.5 | 413 | 0.5 | 347 | 0.3 | 378 | 8 | 0.4 | |||||||||||||||||||||||||||||||||
Power
|
– | – | – | – | 143 | 0.2 | 147 | 0.1 | 141 | 3 | 0.1 | |||||||||||||||||||||||||||||||||
Paper & paper products
|
74 | 0.3 | 66 | 0.2 | 39 | – | 44 | – | 33 | 1 | – | |||||||||||||||||||||||||||||||||
Shipping
|
13 | 0.1 | 13 | – | 1,006 | 1.3 | 1,022 | 1.0 | 13 | – | – | |||||||||||||||||||||||||||||||||
Cement
|
– | – | – | – | 25 | – | 15 | – | 9 | – | – | |||||||||||||||||||||||||||||||||
Road, port, telecom, urban development & other infrastructure
|
– | – | – | – | – | – | – | – | 567 | 13 | 0.5 | |||||||||||||||||||||||||||||||||
Retail finance(1)
|
14,423 | 62.5 | 31,316 | 73.6 | 55,824 | 71.6 | 72,301 | 72.4 | 66,984 | 1,492 | 63.3 | |||||||||||||||||||||||||||||||||
Others(2)
|
2,626 | 11.3 | 4,570 | 10.7 | 13,528 | 17.4 | 16,848 | 16.9 | 17,948 | 400 | 17.0 | |||||||||||||||||||||||||||||||||
Gross non-performing assets
|
23,086 | 100.0 | % | 42,557 | 100.0 | % | 77,963 | 100.0 | % | 99,921 | 100.0 | % | 105,821 | 2,357 | 100.0 | % | ||||||||||||||||||||||||||||
Aggregate provision for loan losses
|
(12,280.0 | ) | (22,249 | ) | (42,031 | ) | (52,580 | ) | (59,083 | ) | (1,316 | ) | ||||||||||||||||||||||||||||||||
Net non-performing assets
|
Rs. | 10,806 | Rs. | 20,308 | Rs. | 35,932 | Rs. | 47,341 | Rs. | 46,738 | US$ | 1,041 |
(1)
|
Includes home loans, automobile loans, commercial business loans, two-wheeler loans, personal loans, credit card receivables, retail overdraft loans, dealer funding and developer financing.
|
(2)
|
Other industries primarily include construction, manufacturing products excluding metal, crude petroleum, drugs and pharmaceuticals, gems & jewelry, fast-moving consumer goods, mining, and other agriculture and allied activities.
|
At March 31,
|
||||||||||||||||||||||||
2006
|
2007
|
2008
|
2009
|
2010
|
2010
|
|||||||||||||||||||
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
|||||||||||||||||||
(in millions)
|
||||||||||||||||||||||||
Aggregate provision for loan losses at the beginning of the year
|
Rs. | 14,606 | Rs. | 12,009 | Rs. | 21,745 | Rs. | 40,574 | Rs. | 52,580 | US$ | 1,171 | ||||||||||||
Add: Provisions for loan losses
|
||||||||||||||||||||||||
Consumer loans & credit card receivables(1)
|
1,938 | (3) | 8,821 | 14,937 | 27,764 | 29,147 | 649 | |||||||||||||||||
Commercial, financial, agricultural and others(2)
|
1,453 | 2,463 | 4,210 | 4,376 | 5,538 | 123 | ||||||||||||||||||
Leasing & related activities
|
(18 | ) | 48 | 95 | 54 | (90 | ) | (1 | ) | |||||||||||||||
Total provisions for loan losses, net of releases of provisions
|
Rs. | 17,979 | Rs. | 23,341 | Rs. | 40,987 | Rs. | 72,768 | Rs. | 87,175 | US$ | 1,942 | ||||||||||||
Loans charged-off
|
(5,970 | ) | (1,596 | ) | (413 | ) | (20,188 | ) | (28,092 | ) | (626 | ) | ||||||||||||
Aggregate provision for loan losses at the end of the year
|
Rs. | 12,009 | Rs. | 21,745 | Rs. | 40,574 | Rs. | 52,580 | Rs. | 59,083 | US$ | 1,316 |
(1)
|
Includes home loans, automobile loans, commercial business loans, two-wheeler loans, personal loans, credit cards and farm equipment loans.
|
(2)
|
Includes project finance, working capital finance, corporate finance and receivables financing, excluding leasing and related activities.
|
(3)
|
Provision for loan losses for consumer loans and credit card receivables in fiscal 2006 were net of write-back of provisions of Rs. 1.7 billion which were in excess of regulatory requirements.
|
Name
|
Year of formation
|
Activity
|
Ownership interest
|
Total income(1)
|
Net worth(2)
|
Total Assets(3)
|
||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||
ICICI Venture Funds Management Company Limited
|
January 1988
|
Private Equity/venture capital fund management
|
100.00 | % | Rs. | 1,965 | Rs. | 958 | Rs. | 3,726 | ||||||||||
ICICI Securities Primary Dealership Limited
|
February 1993
|
Securities investment, trading and underwriting
|
100.00 | % | 3,212 | 5,621 | 39,139 | |||||||||||||
ICICI Prudential Asset Management Company Limited(4)
|
June 1993
|
Asset management company for ICICI Prudential Mutual Fund
|
51.00 | % | 4,674 | 1,051 | 2,078 | |||||||||||||
ICICI Prudential Trust Limited(4)
|
June 1993
|
Trustee company for ICICI Prudential Mutual Fund
|
50.80 | % | 6 | 10 | 12 | |||||||||||||
ICICI Securities Limited
|
March 1995
|
Securities broking & merchant banking
|
100.00 | % | 7,560 | 2,802 | 8,682 | |||||||||||||
TCW/ICICI Investment Partners LLC(5)
|
April 1995
|
Asset management
|
50.00 | % | — | 22 | 22 |
Name
|
Year of formation
|
Activity
|
Ownership interest
|
Total income(1)
|
Net worth(2)
|
Total Assets(3)
|
||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||
ICICI International Limited
|
January 1996
|
Asset management
|
100.00 | % | 48 | 68 | 76 | |||||||||||||
ICICI Bank Eurasia LLC
|
May 1998
|
Banking
|
100.00 | % | 1,673 | 3,100 | 18,460 | |||||||||||||
ICICI Trusteeship Services Limited
|
April 1999
|
Trusteeship services
|
100.00 | % | 1 | 3 | 3 | |||||||||||||
ICICI Home Finance Company Limited
|
May 1999
|
Housing finance
|
100.00 | % | 15,900 | 12,814 | 134,039 | |||||||||||||
ICICI Investment Management Company Limited
|
March 2000
|
Asset management
|
100.00 | % | 9 | 114 | 125. | |||||||||||||
ICICI Securities Holdings Inc .
|
June 2000
|
Holding company
|
100.00 | % | 61 | 596 | 646 | |||||||||||||
ICICI Securities Inc .
|
June 2000
|
Securities brokering
|
100.00 | % | 66 | 13 | 119 | |||||||||||||
ICICI Prudential Life Insurance Company Limited(4)
|
July 2000
|
Life insurance
|
73.89 | % | 341,743 | 12,817 | 583,800 | |||||||||||||
ICICI Lombard General Insurance Company Limited(4)
|
October 2000
|
General insurance
|
73.72 | % | 43,432 | 17,924 | 66,863 | |||||||||||||
ICICI Bank UK PLC
|
February 2003
|
Banking
|
100.00 | % | 17,190 | 28,134 | 333,107 | |||||||||||||
ICICI Bank Canada
|
September 2003
|
Banking
|
100.00 | % | 11,729 | 42,450 | 251,397 | |||||||||||||
ICICI Wealth Management Inc(6)
|
July 2006
|
Wealth management
|
Not applicable
|
— |
Not applicable
|
Not applicable
|
||||||||||||||
ICICI Prudential Pension Funds Management Company Limited(7)
|
April 2009
|
Pension fund management
|
100.00 | % | 5 | 110 | 113 |
(1)
|
Total income represents gross income from operations and other income.
|
(2)
|
Net worth represents share capital/unit capital, share application money and reserves and surplus.
|
(3)
|
Total assets represent fixed assets, advances, investments and gross current assets (including cash and bank balances).
|
(4)
|
The financial statements of these jointly controlled entities have been consolidated as per AS 21 on “Consolidated Financial Statements” consequent to the limited revision to AS 27 on “Financial Reporting of Interests in Joint Ventures”.
|
(5)
|
The entity has been consolidated as per the proportionate consolidation method as prescribed by AS 27 on “Financial Reporting of Interests in Joint Ventures”.
|
(6)
|
ICICI Wealth Management Inc. has been dissolved with effect from December 31, 2009.
|
(7)
|
ICICI Prudential Pension Funds Management Company Limited, a wholly owned subsidiary of ICICI Prudential Life Insurance Company Limited, was incorporated on April 22, 2009.
|
Name
|
Year of formation
|
Activity
|
Ownership interest
|
Total income(1)
|
Net worth(2)
|
Total Assets(3)
|
||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||
ICICI West Bengal Infrastructure Development Corporation Limited
|
December 1995
|
Infrastructure development consultancy
|
75.99 | % | Rs. | 32 | Rs. | 36 | Rs. | 56 | ||||||||||
ICICI Kinfra Limited
|
January 1996
|
Infrastructure development consultancy
|
76.00 | % | 7 | 14 | 18 | |||||||||||||
Prize Petroleum Company Limited(4)
|
October 1998
|
Oil exploration and production
|
35.00 | % | 28 | 311 | 346 | |||||||||||||
ICICI Equity Fund
|
March 2000
|
Unregistered venture capital fund
|
100.00 | % | 225 | 2,246 | 2,358 | |||||||||||||
ICICI Eco-net Internet & Technology Fund
|
October 2000
|
Venture capital fund
|
92.12 | % | 5 | 160 | 162 | |||||||||||||
ICICI Emerging Sectors Fund
|
March 2002
|
Venture capital fund
|
99.31 | % | 37 | 1,780 | 1,784 | |||||||||||||
ICICI Strategic Investments Fund
|
February 2003
|
Unregistered venture capital fund
|
100.00 | % | 114 | 4,012 | 4,013 | |||||||||||||
I-Ven Biotech Limited
|
December 2003
|
Investment in research and development of biotechnology
|
100.00 | % | 0.2 | 349 | 349 | |||||||||||||
I-Process Services (India) Private Limited(4)
|
April 2005
|
Services related to back end operations
|
19.00 | % | 686 | (35 | ) | 246 | ||||||||||||
I-Solutions Providers (India) Private Limited(4)
|
April 2005
|
Services related to sales and promotion activities
|
19.00 | % | 2 | 2 | 135 | |||||||||||||
ICICI Venture Value Fund
|
June 2005
|
Unregistered venture capital fund
|
54.35 | % | 82 | 0.04 | 0.30 | |||||||||||||
Loyalty Solutions & Research Limited
|
February 2006
|
Customer relationship management, data mining and analytics and marketing services
|
82.74 | % | 540 | 343 | 1,317 | |||||||||||||
Financial Information Network and Operations Limited(4)
|
June 2006
|
Support services for financial inclusion
|
28.28 | % | 1,075 | 914 | 1,810 | |||||||||||||
NIIT Institute of Finance, Banking and Insurance Training Limited(4)
|
June 2006
|
Education and training in banking and finance
|
19.00 | % | 128 | (58 | ) | 89 | ||||||||||||
Rainbow Fund(4)
|
March 2008
|
Unregistered venture capital fund
|
23.91 | % | 4 | 24 | 24 | |||||||||||||
ICICI Merchant Services Private Limited(4)
|
July 2009
|
Merchant servicing
|
19.00 | % | 190 | 1,737 | 3,981 |
(1)
|
Total income represents gross income from operations and other income.
|
(2)
|
Net worth represents share capital/unit capital (in case of venture capital funds) and reserves and surplus.
|
(3)
|
Total assets represent fixed assets, advances, and investments and gross current assets (including cash and bank balances).
|
(4)
|
These entities have been accounted as per the equity method as prescribed by AS 23 on ‘accounting for investments in associates in consolidated financial statements’.
|
(5)
|
During fiscal 2010, Crossdomain Solutions Private Limited and Contests2win.com India Private Limited ceased to be associates and accordingly, these entities have not been accounted as per the equity method as prescribed by AS 23.
|
(6)
|
During fiscal 2010, Transafe Services Limited ceased to be a consolidating entity and accordingly, has not been consolidated.
|
|
·
|
ICICI Securities Holdings Inc., incorporated in the United States;
|
|
·
|
ICICI Securities Inc., incorporated in the United States;
|
|
·
|
ICICI Bank UK PLC (formerly ICICI Bank UK Limited), incorporated in the United Kingdom;
|
|
·
|
ICICI Bank Canada, incorporated in Canada;
|
|
·
|
ICICI Bank Eurasia Limited Liability Company, incorporated in Russia;
|
|
·
|
ICICI International Limited, incorporated in Mauritius; and
|
|
·
|
TCW/ICICI Investment Partners Limited Liability Company, incorporated in Mauritius.
|
|
·
|
Electronic and online channels to:
|
|
·
|
offer easy access to our products and services;
|
|
·
|
reduce distribution and transaction costs;
|
|
·
|
reach new target customers;
|
|
·
|
enhance existing customer relationships; and
|
|
·
|
reduce time to market.
|
|
·
|
The application of information systems to:
|
|
·
|
manage our large scale of operations efficiently;
|
|
·
|
effectively market to our target customers;
|
|
·
|
monitor and control risks;
|
|
·
|
identify, assess and capitalize on market opportunities; and
|
|
·
|
assist in offering improved products to customers.
|
At March 31,
|
||||||||||||||||||||||||
2008
|
2009
|
2010
|
||||||||||||||||||||||
Number
|
% to total
|
Number
|
% to total
|
Number
|
% to total
|
|||||||||||||||||||
ICICI Bank Limited
|
63,098 | 58.2 | % | 51,835 | 56.5 | % | 41,068 | 55.9 | % | |||||||||||||||
ICICI Prudential Life Insurance Company Limited
|
29,007 | 26.8 | % | 24,518 | 26.7 | % | 20,295 | 27.8 | ||||||||||||||||
ICICI Lombard General Insurance Company Limited
|
5,570 | 5.1 | % | 5,697 | 6.2 | % | 4,650 | 6.3 |
At March 31,
|
||||||||||||||||||||||||
2008
|
2009
|
2010
|
||||||||||||||||||||||
Number
|
% to total
|
Number
|
% to total
|
Number
|
% to total
|
|||||||||||||||||||
ICICI Home Finance Company Limited
|
4,818 | 4.4 | % | 4,221 | (2) | 4.6 | % | 3,077 | (3) | 4.1 | ||||||||||||||
ICICI Prudential Asset Management Company Limited
|
1,142 | 1.1 | % | 935 | 1.0 | % | 774 | 1.0 | ||||||||||||||||
ICICI Securities Limited
|
3,869 | 3.6 | % | 3,692 | 4.0 | % | 3,480 | 4.0 | ||||||||||||||||
ICICI Securities Primary Dealership Limited
|
70 | 0.1 | % | 75 | 0.1 | % | 75 | 0.1 | ||||||||||||||||
Others
|
819 | 0.8 | % | 804 | 0.9 | % | 637 | 0.8 | ||||||||||||||||
Total number of employees (1)
|
108,393 | 100.0 | % | 91,777 | 100.0 | % | 74,056 | 100.0 | % |
(1)
|
Includes interns, sales executives and employees on fixed-term contracts totaling 6,456 at year-end fiscal 2010, 18,415 at year-end fiscal 2009 and 24,079 at year-end fiscal 2008.
|
(2)
|
Including 886 employees deputed from ICICI Bank.
|
(3)
|
Including 715 employees deputed from ICICI Bank.
|
|
·
|
In fiscal 2006, the Reserve Bank of India imposed a penalty of Rs. 0.5 million on us in connection with our role as collecting bankers in certain public equity offerings by companies in India.
|
|
·
|
The Reserve Bank of India imposed a penalty of Rs. 0.5 million on us in connection with Know Your Customer guidelines.
|
|
·
|
The Securities and Futures Commission, Hong Kong charged us with carrying on the business of dealing in securities in Hong Kong between June 15, 2004 and March 8, 2006, without having the requisite license.
|
|
·
|
Rs. 5.6 billion relates to appeals filed by the tax authorities against decisions in our favor. The matters are currently pending adjudication.
|
|
·
|
Rs. 951 million relates to sales tax/value added tax assessment, where we are relying on a favorable decision in our own/other precedent cases and opinions from counsel.
|
|
·
|
Rs. 28.6 billion relates to an appeal filed by us in respect of assessments mainly pertaining to income tax, where we are relying on favorable precedent decisions of the appellate court and expert opinions.
|
|
·
|
Rs. 13.4 billion relates to bad debts written off. Bad debts written off as irrecoverable by the Bank have been disallowed by the tax authorities on the ground that we have not established that the debts written off during the year are irrecoverable. In recent judgments in the Bank’s own case for some years, the appellate authorities have allowed the claim of bad debts on the ground that after an amendment to the Income tax Act, 1961 with effect from April 1, 1989, it is not obligatory for the assessee to prove that the debts written-off are bad and it shall suffice if the assessee writes off its bad debts as irrecoverable in the accounts during the said year. In a recent Supreme Court ruling in another matter, it was held that after the amendment of the Income tax Act, it is not necessary for the taxpayer to establish that the debt has actually become irrecoverable to claim a deduction of bad debts.
|
|
·
|
Rs. 4.1 billion relates to the disallowance of depreciation claims on leased assets, which is an industry-wide issue involving multiple litigations across the country. In respect of depreciation claimed by us for fiscal 1993 and fiscal 1994 on two sale and leaseback transactions, the Income Tax Appellate Tribunal, Mumbai held that these transactions were tax planning tools and no depreciation was allowable. Because the Income Tax Appellate Tribunal’s decision is based on the facts of two specific transactions, we believe that the Income Tax Appellate Tribunal’s decision will not have an adverse tax impact on other sale and leaseback transactions entered into by us. In subsequent judgments in our own case, the appellate authorities have held that the lease transactions are genuine and have allowed depreciation on finance leases including sale and leaseback transactions.
|
|
·
|
A penalty amounting to Rs. 3.9 billion has been levied on us by the tax authorities on contentious issues involving judicial interpretation. In recent judgments in our own and other cases, the appellate authorities have ruled that penalties are not leviable on debatable issues which cannot be said to be in the nature of concealment of income.
|
|
·
|
Rs. 2.4 billion relates to whether interest expenses can be attributed to tax-exempt dividend income. We believe no interest can be allocated thereto as there are no borrowings earmarked for investment in shares and our interest free funds are sufficient to cover investments in the underlying shares. In a recent judgment in another matter, the Bombay High Court has laid down the principle that if there are
|
|
·
|
Rs. 2.0 billions relates to taxability of amounts withdrawn from the Special Reserve. ICICI had maintained two special reserve accounts, “Special Reserve created up to Assessment Year 1997-98” and “Special Reserve created and maintained from Assessment Year 1998-99”. Withdrawal made from the “Special Reserve created up to Assessment Year 1997-98” was assessed as taxable by the tax authorities. The Bank has disputed the levy of tax as the special reserve created through this account was not required to be maintained without withdrawal. In a recent judgment in our own case, the appellate authority has granted relief in respect of withdrawal from this special reserve.
|
|
·
|
We filed a recovery application against Mardia Chemicals Limited and its guarantors before the Debt Recovery Tribunal, Mumbai for the recovery of Rs. 1.4 billion. In response, Mardia Chemicals Limited filed a counterclaim of Rs. 56.3 billion against us. We had instituted proceedings for rejection of the counterclaim. The Debt Recovery Tribunal, by its order dated May 10, 2010, rejected the counterclaim
|
|
·
|
The promoters of Mardia Chemicals Limited, in their capacity as guarantors, filed a suit against us, for damages amounting to Rs. 20.8 billion before the Debt Recovery Tribunal Mumbai as a counterclaim to the original application filed by us against the guarantors. The Debt Recovery Tribunal, by its order dated May 10, 2010, rejected the counterclaim filed against us by the Promoters/Guarantors of the Borrower, and consequently, from that date, the case stands closed.
|
|
·
|
In 2002, we filed a suit before the Debt Recovery Tribunal, Ahmedabad against Gujarat Telephone Cables Limited for the recovery of term loans, debentures and working capital finance provided by us. We sold our exposure to the Asset Reconstruction Company (India) Limited in 2004. The borrower has filed a suit claiming damages of Rs. 10.0 billion jointly and severally from the State Bank of India, Bank of Baroda, United Western Bank, UTI Bank, Bank of India, Asset Reconstruction Company (India) Limited and us. We have filed an application for rejection of the suit to which Gujarat Telephone Cables Limited has filed its reply. We have filed our rejoinder. The company in the meanwhile has gone into liquidation and the notice has been served to the official liquidator. The matter is adjourned to September 29, 2010.
|
|
·
|
In 1999, we filed a suit in the Debt Recovery Tribunal, Delhi against Esslon Synthetics Limited and its Managing Director (in his capacity as guarantor) for recovery of amounts totaling Rs. 169 million due from Esslon Synthetics Ltd. In May 2001, the guarantor filed a counterclaim for an amount of Rs. 1.0 billion against us and other lenders who had extended financial assistance to Esslon Synthetics on the grounds that he had been coerced by officers of the lenders into signing an agreement between LML Limited, Esslon Synthetics and the lenders on account of which he suffered, among other things, loss of business. Esslon Synthetics Limited filed an application to amend the counterclaim in January 2004. We have filed our reply to the application for amendment. The guarantor has also filed an interim application on the ground that certain documents have not been exhibited to which we have filed our reply stating that the required documents are neither relevant nor necessary for adjudicating the dispute between the parties. In the meantime, Industrial Development Bank of India has challenged the order of the Debt Recovery Tribunal, Delhi, whereby the Debt Recovery Tribunal allowed LML Limited to be included in the list of parties. The Debt Recovery Appellate Tribunal, Delhi has passed an interim stay order against the Debt Recovery Tribunal proceedings. The Debt Recovery Tribunal will next hear the matter on October 7, 2010. In the liquidation proceeding before the High Court at Allahabad, the official liquidator attached to the Allahabad High Court has sold the assets of Esslon Synthetics for Rs. 61 million in November 2002. We have filed the claim with the official liquidator attached to the Allahabad High Court for our dues. The official liquidator has informed us that the claim of the Bank has been allowed and the amount payable to the Bank is Rs. 12 million. We will be filing an affidavit before the official liquidator for disbursement of the amount
|
|
(i)
|
a fee not in excess of US $0.05 per ADS is charged for each issuance of ADSs including issuances resulting from distributions of shares, share dividends, share splits, bonuses and rights distributions;
|
|
(ii)
|
a fee not in excess of US $0.05 per ADS is charged for each surrender of ADSs in exchange for the underlying deposited securities; and
|
(iii)
|
a fee for the distribution of the deposited securities pursuant to the deposit agreement, such fee being an amount equal to the fee for the execution and delivery of ADSs referred to in item (i) above which would have been charged as a result of the deposit of such securities, but which securities were instead distributed by the depositary to ADR holders.
|
|
(i)
|
taxes and other governmental charges incurred by the depositary or the custodian on any ADS or an equity share underlying an ADS including any applicable penalties thereon;
|
|
(ii)
|
transfer or registration fees for the registration or transfer of deposited securities on any applicable register in connection with the deposit or withdrawal of deposited securities, including those of a central depository for securities (where applicable);
|
(iii)
|
any cable, telex, facsimile transmission and delivery expenses incurred by the depositary; and
|
(iv)
|
customary expenses incurred by the depositary in the conversion of foreign currency, including, without limitation, expenses incurred on behalf of registered holders in connection with compliance with foreign exchange control restrictions and other applicable regulatory requirements, together with all expenses, transfer and registration fees, taxes, duties, governmental or other charges payable by the Depositary.
|
Year ended March 31,
|
||||||||||||||||||||||||
2006
|
2007
|
2008
|
2009
|
2010
|
2010(1)
|
|||||||||||||||||||
(in millions, except per common share data)
|
||||||||||||||||||||||||
Selected income statement data:
|
||||||||||||||||||||||||
Interest income(2) (3) (4)
|
Rs. | 143,336 | Rs. | 240,026 | Rs. | 340,950 | Rs. | 362,507 | Rs. | 301,537 | US$ | 6,708 | ||||||||||||
Interest expense
|
(101,015 | ) | (176,757 | ) | (257,670 | ) | (264,873 | ) | (207,292 | ) | (4,611 | ) | ||||||||||||
Net interest income
|
42,321 | 63,268 | 83,280 | 97,634 | 94,245 | 2,097 | ||||||||||||||||||
Non-interest income(4)
|
102,819 | 173,612 | 259,581 | 279,024 | 294,461 | 6,551 | ||||||||||||||||||
Total income
|
145,140 | 236,881 | 342,861 | 376,658 | 388,706 | 8,648 | ||||||||||||||||||
Non-interest expenses:
|
||||||||||||||||||||||||
Operating expenses (5)
|
(47,626 | ) | (79,289 | ) | (110,070 | ) | (108,136 | ) | (94,343 | ) | (2,098 | ) | ||||||||||||
Direct marketing agency expenses(6)
|
(11,912 | ) | (15,602 | ) | (15,750 | ) | (6,122 | ) | (2,413 | ) | (54 | ) | ||||||||||||
Depreciation on leased assets
|
(2,771 | ) | (1,883 | ) | (1,821 | ) | (2,101 | ) | (1,417 | ) | (32 | ) | ||||||||||||
Expenses pertaining to insurance business(7)
|
(43,389 | ) | (83,358 | ) | (142,793 | ) | (165,499 | ) | (179,160 | ) | (3,986 | ) | ||||||||||||
Total non-interest expenses
|
(105,698 | ) | (180,132 | ) | (270,434 | ) | (281,858 | ) | (277,333 | ) | (6,170 | ) | ||||||||||||
Operating profit before provisions
|
39,443 | 56,749 | 72,427 | 94,800 | 111,373 | 2,478 | ||||||||||||||||||
Provisions and contingencies
|
(8,455 | ) | (22,774 | ) | (30,178 | ) | (45,117 | ) | (45,587 | ) | (1,014 | ) | ||||||||||||
Profit before tax
|
30,988 | 33,975 | 42,249 | 49,684 | 65,786 | 1,464 | ||||||||||||||||||
Provision for tax(8)
|
(6,998 | ) | (7,641 | ) | (11,097 | ) | (15,889 | ) | (17,352 | ) | (386 | ) | ||||||||||||
Profit after tax
|
23,990 | 26,334 | 31,152 | 33,794 | 48,434 | 1,078 | ||||||||||||||||||
Minority interest
|
211 | 1,272 | 2,830 | 1,975 | (1,731 | ) | (39 | ) | ||||||||||||||||
Net profit
|
Rs. | 24,201 | Rs. | 27,606 | Rs. | 33,982 | Rs. | 35,769 | Rs. | 46,703 | US$ | 1,039 | ||||||||||||
Per common share:
|
||||||||||||||||||||||||
Earnings per share-basic(9)
|
Rs. | 30.96 | Rs. | 30.92 | Rs. | 32.19 | Rs. | 32.13 | Rs. | 41.93 | US$ | 0.93 | ||||||||||||
Earnings per share-diluted(10)
|
30.64 | 30.75 | 32.00 | 32.07 | 41.72 | 0.93 | ||||||||||||||||||
Dividend per share(11)
|
8.50 | 10.00 | 11.00 | 11.00 | 12.00 | 0.27 | ||||||||||||||||||
Book value(12)
|
242.75 | 256.72 | 385.73 | 396.15 | 436.48 | 9.71 | ||||||||||||||||||
Equity shares outstanding at the end of the period (in millions of equity shares)
|
890 | 899 | 1,113 | 1,113 | 1,115 | 1,115 | ||||||||||||||||||
Weighted average equity shares outstanding - basic (in millions of equity shares)
|
782 | 893 | 1,056 | 1,113 | 1,114 | 1,114 | ||||||||||||||||||
Weighted average equity shares outstanding – diluted (in millions of equity shares)
|
790 | 898 | 1,062 | 1,115 | 1,118 | 1,118 |
(1)
|
Rupee amounts for fiscal 2010 have been translated into US dollars using the exchange rate of Rs. 44.95 = US$ 1.00 as set forth in the H.10 statistical release of the Federal Reserve Board at March 31, 2010.
|
(2)
|
Interest income includes interest on rupee and foreign currency loans and advances (including bills) and hire purchase receivables and gains/(losses) on sell-down of loans. Interest income also includes interest on income tax refund of Rs. 416 million, Rs. 1.0 billion, Rs. 880 million, Rs. 3.4 billion Rs. 1.3 billion for fiscal 2006, 2007, 2008, 2009 and 2010 respectively. Commission paid to direct marketing agents/dealers for origination of retail automobile loans which was being reduced from “Interest Income” up to fiscal 2006 has been reclassified to “Direct marketing agency expenses”. This reclassification also impacts the reported net interest income, net interest margin and spread. Prior period figures have been reclassified to conform to the current classification.
|
(3)
|
Interest income includes gains/(losses) on the sell-down of loans. In February 2006, the Reserve Bank of India issued guidelines on accounting for securitization of standard assets. In accordance with these guidelines, with effect from February 1, 2006, we account for any loss arising on securitization immediately at the time of sale and the profit/premium arising on account of securitization is amortized over the life of the asset. Prior to February 1, 2006, profit arising on account of securitization was recorded at the time of sale.
|
(4)
|
As per general clarification from the Reserve Bank of India dated July 11, 2007 on circular DBOD.BP.BC.87/21.04.141/2006-07 dated April 20, 2007, we have deducted the amortization of premium on government securities from income on investments included in “Interest income”, which was up to fiscal 2007 deducted from “Profit/(Loss) on revaluation of investments (net)” included in “Non-interest income”. This reclassification also impacts the reported net interest income, net interest margin and spread. Prior period figures have been reclassified to conform to the current classification.
|
(5)
|
Operating expenses primarily includes employee expenses, establishment expenses, depreciation on fixed assets, amortization of expenses related to early retirement option scheme and other general office expenses. Operating expenses for fiscal years 2006 to 2008 include Rs. 384.0 million in each year, Rs. 117.9 million for fiscal 2009 and Nil for fiscal 2010 on account of amortization of expenses related to our early retirement option scheme over a period of five years as approved by the Reserve Bank of India.
|
(6)
|
Includes commissions paid to direct marketing agents or associates in connection with sourcing our retail assets. These commissions are expensed upfront and not amortized over the life of the loan.
|
(7)
|
The amount of premium ceded on re-insurance has been reclassified from expenses pertaining to insurance business and netted off from non-interest income from fiscal 2007.
|
(8)
|
Includes income tax (net of deferred tax), wealth tax and fringe benefit tax (up to fiscal 2009). The levy of fringe benefit tax is not applicable as Finance (No. 2) Act, 2009 has abolished fringe benefit tax with effect from fiscal 2010.
|
(9)
|
Earning per share is computed based on weighted average number of shares and represents net profit/(loss) per share before dilutive impact.
|
(10)
|
Earning per share is computed based on weighted average number of shares and represents net profit/(loss) per share adjusted for full dilution. Options to purchase 5,000; 123,500; 40,000; 5,098,000 and 2,500 equity shares granted to employees at a weighted average exercise price of Rs. 569.6, Rs. 849.2, Rs. 1,135.3, Rs. 914.4 and Rs. 901.8 were outstanding in fiscal 2006, 2007, 2008, 2009 and 2010 respectively, but were not included in the computation of diluted earnings per share because the exercise price of the options was greater than the average market price of the equity shares during the period.
|
(11)
|
In India, dividends for a fiscal year are normally declared and paid in the following year. For fiscal 2006, we declared dividend of Rs. 8.50 per equity share which was paid out in fiscal 2007. For fiscal 2007, we declared dividend of Rs. 10.00 per equity share which was paid out in fiscal 2008. We declared a dividend of Rs. 11.00 per equity share for each of fiscal years 2008 and 2009, which were paid out in fiscal 2009 and fiscal 2010 respectively. We declared a dividend of Rs. 12.00 per equity share for fiscal 2010 which was paid out in fiscal 2011. The dividend per equity share shown above is based on the total amount of dividends declared for the year, exclusive of dividend tax.
|
(12)
|
Represents equity share capital and reserves and surplus reduced by deferred tax asset, goodwill, debit balance in the profit and loss account and early retirement option expenses, not written off.
|
Year ended March 31,
|
||||||||||||||||||||
2006
|
2007
|
2008
|
2009
|
2010
|
||||||||||||||||
Selected income statement data:
|
||||||||||||||||||||
Interest income
|
6.61 | % | 7.38 | % | 7.82 | % | 7.40 | % | 6.12 | % | ||||||||||
Interest expense
|
(4.66 | ) | (5.44 | ) | (5.91 | ) | (5.41 | ) | (4.21 | ) | ||||||||||
Net interest income
|
1.95 | 1.94 | 1.91 | 1.99 | 1.91 | |||||||||||||||
Non-interest income
|
4.75 | 5.34 | 5.95 | 5.70 | 5.98 | |||||||||||||||
Total income
|
6.70 | 7.28 | 7.86 | 7.69 | 7.89 | |||||||||||||||
Operating expenses
|
(2.20 | ) | (2.44 | ) | (2.53 | ) | (2.21 | ) | (1.91 | ) | ||||||||||
Direct marketing agency expenses
|
(0.56 | ) | (0.48 | ) | (0.36 | ) | (0.12 | ) | (0.05 | ) | ||||||||||
Depreciation on leased assets
|
(0.13 | ) | (0.06 | ) | (0.04 | ) | (0.04 | ) | (0.03 | ) | ||||||||||
Expenses pertaining to insurance business
|
(2.00 | ) | (2.56 | ) | (3.27 | ) | (3.38 | ) | (3.64 | ) | ||||||||||
Non-interest expenses
|
(4.89 | ) | (5.54 | ) | (6.20 | ) | (5.75 | ) | (5.63 | ) | ||||||||||
Operating profit before provisions
|
1.81 | 1.74 | 1.66 | 1.94 | 2.26 | |||||||||||||||
Provisions and contingencies
|
(0.39 | ) | (0.70 | ) | (0.69 | ) | (0.92 | ) | (0.93 | ) | ||||||||||
Profit before tax
|
1.42 | 1.04 | 0.97 | 1.01 | 1.34 | |||||||||||||||
Provision for tax
|
(0.32 | ) | (0.24 | ) | (0.25 | ) | (0.32 | ) | (0.35 | ) | ||||||||||
Profit after tax
|
1.10 | 0.80 | 0.72 | 0.69 | 0.98 | |||||||||||||||
Minority interest
|
0.01 | 0.04 | 0.06 | 0.04 | (0.04 | ) | ||||||||||||||
Net profit
|
1.11 | % | 0.84 | % | 0.78 | % | 0.73 | % | 0.95 | % |
At or for the year ended March 31,
|
||||||||||||||||||||||||
2006
|
2007
|
2008
|
2009
|
2010
|
2010(1)
|
|||||||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||||||
Selected balance sheet data:
|
||||||||||||||||||||||||
Total assets
|
Rs. | 2,772,296 | Rs. | 3,943,347 | Rs. | 4,856,166 | Rs. | 4,826,910 | Rs. | 4,893,473 | US$ | 108,865 | ||||||||||||
Investments
|
840,139 | 1,206,167 | 1,600,468 | 1,481,070 | 1,863,198 | 41,450 | ||||||||||||||||||
Advances, net
|
1,562,603 | 2,113,994 | 2,514,016.7 | 2,661,305 | 2,257,781 | 50,229 | ||||||||||||||||||
Non-performing customer assets (gross)(2)
|
23,086 | 42,557 | 77,963 | 99,921 | 105,821 | 2,354 | ||||||||||||||||||
Total liabilities
|
2,549,878 | 3,703,697 | 4,408,944 | 4,359,134 | 4,380,508 | 97,453 | ||||||||||||||||||
Deposits
|
1,724,510 | 2,486,136 | 2,769,832 | 2,618,558 | 2,415,723 | 53,742 | ||||||||||||||||||
Borrowings (includes subordinated debt and redeemable non-cumulative preference shares)
|
560,858 | 832,307 | 1,073,238 | 1,160,663 | 1,156,983 | 25,739 | ||||||||||||||||||
Equity share capital
|
8,898 | 8,993 | 11,127 | 11,133 | 11,149 | 254 | ||||||||||||||||||
Reserves and surplus
|
213,520 | 230,657 | 436,095 | 456,642 | 501,816 | 11,164 | ||||||||||||||||||
Period average(3):
|
||||||||||||||||||||||||
Total assets
|
2,166,897 | 3,250,679 | 4,361,169 | 4,898,664 | 4,930,720 | 109,693 | ||||||||||||||||||
Interest-earning assets
|
1,806,601 | 2,728,532 | 3,627,576 | 4,182,862 | 4,060,883 | 90,342 | ||||||||||||||||||
Advances, net
|
1,200,315 | 1,763,886 | 2,284,649 | 2,578,553 | 2,395,300 | 53,288 | ||||||||||||||||||
Total liabilities(4)
|
2,004,677 | 3,018,689 | 3,994,367 | 4,415,984 | 4,418,129 | 98,290 | ||||||||||||||||||
Interest-bearing liabilities
|
1,795,244 | 2,707,456 | 3,503,058 | 3,878,871 | 3,713,343 | 82,611 | ||||||||||||||||||
Borrowings
|
540,464 | 692,462 | 964,858 | 1,301,193 | 1,308,823 | 29,117 | ||||||||||||||||||
Stockholders’ equity
|
162,220 | 231,990 | 366,802 | 482,680 | 512,591 | 11,404 | ||||||||||||||||||
Profitability:
|
||||||||||||||||||||||||
Net profit as a percentage of:
|
||||||||||||||||||||||||
Average total assets
|
1.11 | % | 0.84 | % | 0.78 | % | 0.73 | % | 0.95 | % | ||||||||||||||
Average stockholders’ equity
|
14.92 | 11.90 | 9.26 | 7.41 | 9.05 | |||||||||||||||||||
Dividend payout ratio(5)
|
31.33 | 32.91 | 36.13 | 34.24 | 28.65 | |||||||||||||||||||
Spread(6)
|
2.31 | 2.27 | 2.04 | 1.93 | 1.93 | |||||||||||||||||||
Net interest margin(7)
|
2.34 | 2.32 | 2.30 | 2.43 | 2.40 | |||||||||||||||||||
Cost-to-income ratio(8)
|
41.82 | 40.38 | 36.89 | 30.50 | 24.98 | |||||||||||||||||||
Cost-to-average assets ratio(9)
|
2.75 | 2.92 | 2.89 | 2.33 | 1.96 | |||||||||||||||||||
Capital(10):
|
||||||||||||||||||||||||
Average stockholders’ equity as a percentage of average total assets
|
7.49 | % | 7.14 | % | 8.41 | % | 9.85 | % | 10.40 | % | ||||||||||||||
Average stockholders’ equity (including preference share capital) as a percentage of average total assets
|
7.65 | % | 7.24 | % | 8.49 | % | 9.92 | % | 10.47 | % | ||||||||||||||
Asset quality:
|
||||||||||||||||||||||||
Net restructured assets as a percentage of net customer assets
|
3.28 | % | 2.21 | % | 1.77 | % | 2.10 | % | 2.36 | % | ||||||||||||||
Net non-performing assets as a percentage of net customer assets
|
0.67 | % | 0.92 | % | 1.36 | % | 1.67 | % | 1.84 | % | ||||||||||||||
Provision on restructured assets as a percentage of gross restructured assets
|
4.16 | % | 3.14 | % | 3.25 | % | 2.83 | % | 4.40 | % | ||||||||||||||
Provision on non-performing assets as a percentage of gross non-performing assets
|
53.19 | % | 52.28 | % | 53.91 | % | 52.62 | % | 55.83 | % | ||||||||||||||
Provision as a percentage of gross customer assets(11)
|
1.31 | % | 1.71 | % | 2.20 | % | 2.45 | % | 3.02 | % |
(1)
|
Rupee amounts at March 31, 2010 have been translated into US dollars using the exchange rate of Rs. 44.95 = US$ 1.00 as set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2010.
|
(2)
|
Includes suspended interest and claims received from Export Credit Guarantee Corporation of India/Deposit Insurance Credit Guarantee Corporation on working capital loans.
|
(3)
|
For fiscal years 2006 through 2008, the average balances for a fiscal year are the average of quarterly balances outstanding at the end of March of the previous fiscal year and June, September, December and March of that year. For fiscal 2009 and 2010, the average balances
|
(4)
|
Includes preference share capital and minority interest, but does not include stockholders’ equity.
|
(5)
|
Represents the ratio of total dividends paid on equity share capital, exclusive of dividend tax, as a percentage of net profit.
|
(6)
|
Represents the difference between yield on average interest-earning assets and cost of average interest-bearing liabilities. Yield on average interest-earning assets is the ratio of interest income to average interest-earning assets. Cost of average interest-bearing liabilities is the ratio of interest expense to average interest-bearing liabilities.
|
(7)
|
Represents the ratio of net interest income to average interest-earning assets. The difference in net interest margin and spread arises due to the difference in the amount of average interest-earning assets and average interest-bearing liabilities. If average interest-earning assets exceed average interest-bearing liabilities, net interest margin is greater than spread, and if average interest-bearing liabilities exceed average interest-earning assets, net interest margin is less than spread.
|
(8)
|
Represents the ratio of non-interest expense (excluding lease depreciation and expenses pertaining to insurance business) to the sum of net interest income and non-interest income (net of lease depreciation).
|
(9)
|
Represents the ratio of non-interest expense (excluding lease depreciation and expenses pertaining to insurance business) to average total assets.
|
(10)
|
ICICI Bank’s capital adequacy is computed in accordance with the Basel II norms stipulated by the Reserve Bank of India and is based on unconsolidated financial statements prepared in accordance with Indian GAAP and based on consolidated financial statements as per the Reserve Bank of India guidelines on consolidated prudential report. At year-end fiscal 2010, ICICI Bank’s total capital adequacy ratio at the standalone level was 19.41% with a tier I capital adequacy ratio of 13.96% and a tier II capital adequacy ratio of 5.45%. At year-end fiscal 2010, the total capital adequacy ratio of the Bank at the consolidated level was 19.15% with a tier I capital adequacy ratio of 12.92% and a tier II capital adequacy ratio of 6.23%.
|
(11)
|
Includes general provision on standard assets.
|
At or for the year ended March 31,
|
||||||||||||||||||||||||
2006
|
2007
|
2008
|
2009
|
2010
|
2010(1)
|
|||||||||||||||||||
(in millions)
|
||||||||||||||||||||||||
Net income/(loss)
|
Rs. | 20,040 | Rs. | 31,271 | Rs. | 33,111 | Rs. | 34,449 | Rs. | 45,250 | US$ | 1,007 | ||||||||||||
Total assets
|
2,817,328 | 3,995,402 | 4,993,632 | 5,012,346 | 4,820,604 | 107,244 | ||||||||||||||||||
Stockholders’ equity
|
218,647 | 240,980 | 464,755 | 485,847 | 523,063 | 11,637 | ||||||||||||||||||
Other comprehensive income/(loss)
|
522 | (3,241 | ) | (4,611 | ) | (5,741 | ) | (246 | ) | (5 | ) | |||||||||||||
Per equity share
|
||||||||||||||||||||||||
Net income/(loss) from continuing operation-basic(2)
|
25.64 | 35.02 | 31.37 | 30.95 | 40.63 | 0.90 | ||||||||||||||||||
Net income/(loss) from continuing operation-diluted(3)
|
25.34 | 34.79 | 30.87 | 30.78 | 40.35 | 0.90 | ||||||||||||||||||
Dividend(4)
|
Rs. | 8.50 | Rs. | 8.50 | Rs. | 10.00 | Rs. | 11.00 | Rs. | 11.00 | US$ | 0.24 |
(1)
|
Rupee amounts for fiscal 2010 have been translated into US dollars using the exchange rate of Rs. 44.95 = US$ 1.00 as set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2010.
|
(2)
|
Represents net income/(loss) before dilutive impact.
|
(3)
|
Represents net profit/(loss) adjusted for full dilution. Options to purchase 5,000, 123,500, 40,000, 5,098,000 and 9,238,020 equity shares granted to employees at a weighted average exercise price of Rs. 569.6, Rs. 849.2, Rs. 1,135.3, Rs. 914.4 and Rs. 926.3 were outstanding in fiscal 2006, 2007, 2008, 2009 and 2010 respectively, but were not included in the computation of diluted earnings per share because the exercise price of the options was greater than the average market price of the equity shares during the period.
|
(4)
|
In India, dividends for a fiscal year are normally declared and paid in the following year. We declared a dividend of Rs. 8.50 per equity share for each of fiscal years 2006 , which were paid out in fiscal 2007 . For fiscal 2007, we declared dividend of Rs. 10.00 per equity share which was paid out in fiscal 2008. For fiscal 2008, we declared dividend of Rs. 11.00 per equity share, which was paid out in fiscal 2009. For fiscal 2009, we declared dividend of Rs. 11.00 per equity share, which was paid out in fiscal 2010. For fiscal year 2010, we declared dividend of Rs. 11.00 per equity share which was paid out in fiscal 2011. The dividend per equity share shown above is based on the total amount of dividends paid for the year, exclusive of
|
·
|
Banks were allowed to open offsite ATMs without prior approval of the Reserve Bank of India. Banks were allowed to open branches in tier 3-6 cities (cities with a population of up to 49,999) as defined on the basis of population size in the 2001 census without the prior approval of the Reserve Bank of India.
|
·
|
The Reserve Bank of India issued guidelines relating to the issuance and operation of mobile phone based payment instruments.
|
·
|
The Reserve Bank of India issued a schedule for the introduction of advanced approaches for the measurement of risks (credit, market and operational) under the Basel II framework. Under this schedule, banks are permitted to apply to the Reserve Bank of India for migration to an internal models approach for market risk and the standardized approach for operational risk from April 1, 2010 and for advanced measurement approach for operational risk and internal ratings based approaches for credit risk from April 1, 2012. The Reserve Bank of India increased the capital requirements relating to securitization exposures and provided enhanced guidance on valuation adjustments for illiquid investments and derivatives. The guidelines also increased disclosure requirements for the mitigation of credit risk and securitized exposures.
|
·
|
The Reserve Bank of India issued guidelines revising the method of payment of interest on savings accounts to a daily average basis effective April 1, 2010 which will result in an increase in cost of savings deposits for banks from fiscal 2011.
|
·
|
In December 2009, the Reserve Bank of India directed banks to achieve a total provisioning coverage ratio of 70.0% on non-performing advances by September 30, 2010. The provisioning requirement for advances to commercial real estate classified as standard assets was increased from 0.4% to 1.0%.
|
·
|
In June 2009, the Securities and Exchange Board of India issued guidelines stating that mutual funds could not apply any entry charges to investors investing in mutual funds.
|
·
|
In July 2009, the Insurance Regulatory and Development Authority introduced a cap on charges of unit linked insurance products. These included a cap on the difference between gross and net yields on linked funds and the fund management charges included therein.
|
Year ended March 31,
|
||||||||||||||||||||||||||||||||||||
2008
|
2009
|
2010
|
||||||||||||||||||||||||||||||||||
Average
balance
|
Interest
income/
expense
|
Average yield/cost
|
Average
balance
|
Interest
income/
expense
|
Average yield/cost
|
Average
balance
|
Interest
income/
expense
|
Average yield/cost
|
||||||||||||||||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||
Advances:
|
||||||||||||||||||||||||||||||||||||
Rupee
|
Rs. | 1,721,656 | Rs. | 202,245 | 11.75 | % | Rs. | 1,712,680 | Rs. | 205,657 | 12.01 | % | Rs. | 1,496,991 | Rs. | 167,553 | 11.19 | % | ||||||||||||||||||
Foreign currency
|
562,993 | 38,439 | 6.83 | 865,873 | 46,250 | 5.34 | 898,309 | 36,073 | 4.02 | |||||||||||||||||||||||||||
Total advances
|
2,284,649 | 240,684 | 10.53 | 2,578,553 | 251,907 | 9.77 | 2,395,300 | 203,626 | 8.50 | |||||||||||||||||||||||||||
Investments:
|
||||||||||||||||||||||||||||||||||||
Rupee
|
820,752 | 77,657 | 9.46 | 1,021,223 | 85,286 | 8.35 | 1,120,887 | 76,140 | 6.79 | |||||||||||||||||||||||||||
Foreign currency
|
203,710 | 11,388 | 5.59 | 259,140 | 12,256 | 4.73 | 198,279 | 6,131 | 3.09 | |||||||||||||||||||||||||||
Total investments
|
1,024,462 | 89,045 | 8.69 | 1,280,363 | 97,542 | 7.62 | 1,319,166 | 82,271 | 6.24 | |||||||||||||||||||||||||||
Other interest-earning assets:
|
||||||||||||||||||||||||||||||||||||
Rupee
|
190,357 | 693 | 0.36 | 232,334 | 3,948 | 1.70 | 251,677 | 5,798 | 2.30 | |||||||||||||||||||||||||||
Foreign currency
|
128,107 | 8,055 | 6.29 | 91,612 | 3,737 | 4.08 | 94,740 | 1,314 | 1.39 | |||||||||||||||||||||||||||
Total other interest-earning assets
|
318,464 | 8,748 | 2.75 | 323,946 | 7,685 | 2.37 | 346,417 | 7,112 | 2.05 | |||||||||||||||||||||||||||
Other interest Income
|
||||||||||||||||||||||||||||||||||||
Rupee
|
1,570 | 3,314 | 2,350 | |||||||||||||||||||||||||||||||||
Foreign currency
|
903 | 5,910 | 10,285 | |||||||||||||||||||||||||||||||||
Total other interest income
|
2,473 | 9,224 | 12,635 | |||||||||||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||||||||||
Rupee
|
2,732,765 | 282,165 | 10.33 | 2,966,237 | 298,205 | 10.05 | 2,869,555 | 251,840 | 8.78 | |||||||||||||||||||||||||||
Foreign currency
|
894,810 | 58,785 | 6.57 | 1,216,624 | 68,153 | 5.60 | 1,191,328 | 53,804 | 4.52 | |||||||||||||||||||||||||||
Total interest-earning assets
|
3,627,575 | 340,950 | 9.40 | 4,182,862 | 366,358 | 8.76 | 4,060,883 | 305,644 | 7.53 | |||||||||||||||||||||||||||
Fixed assets
|
44,727 | 46,351 | 42,485 | |||||||||||||||||||||||||||||||||
Other assets
|
688,866 | 669,451 | 827,354 | |||||||||||||||||||||||||||||||||
Total non-earning assets
|
733,593 | 715,802 | 869,839 | |||||||||||||||||||||||||||||||||
Total assets
|
Rs. | 4,361,168 | Rs. | 340,950 | Rs. | 4,898,664 | Rs. | 366,358 | Rs. | 4,930,722 | Rs. | 305,644 |
Year ended March 31,
|
||||||||||||||||||||||||||||||||||||
2008
|
2009
|
2010
|
||||||||||||||||||||||||||||||||||
Average
balance
|
Interest
income/
expense
|
Average
yield/cost
|
Average
balance
|
Interest
income/
expense
|
Average
yield/ cost
|
Average
balance
|
Interest
income/
expense
|
Average
yield/ cost
|
||||||||||||||||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||||||||||||||||||
Liabilities:
|
||||||||||||||||||||||||||||||||||||
Savings account deposits:
|
||||||||||||||||||||||||||||||||||||
Rupee
|
Rs. | 346,323 | Rs. | 8,803 | 2.54 | % | Rs. | 390,811 | Rs. | 10,624 | 2.72 | % | Rs. | 450,901 | Rs. | 12,576 | 2.79 | % | ||||||||||||||||||
Foreign currency
|
116,333 | 6,897 | 5.93 | 141,891 | 9,731 | 6.86 | 102,426 | 2,015 | 1.97 | |||||||||||||||||||||||||||
Total savings account deposits
|
462,656 | 15,700 | 3.39 | 532,701 | 20,355 | 3.82 | 553,327 | 14,591 | 2.64 |
Year ended March 31,
|
||||||||||||||||||||||||||||||||||||
2008
|
2009
|
2010
|
||||||||||||||||||||||||||||||||||
Average
balance
|
Interest
income/
expense
|
Average
yield/cost
|
Average
balance
|
Interest
income/
expense
|
Average
yield/ cost
|
Average
balance
|
Interest
income/
expense
|
Average
yield/ cost
|
||||||||||||||||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||||||||||||||||||
Time deposits:
|
||||||||||||||||||||||||||||||||||||
Rupee
|
1,627,756 | 158,760 | 9.75 | 1,509,234 | 145,202 | 9.62 | 1,210,185 | 101,328 | 8.37 | |||||||||||||||||||||||||||
Foreign currency
|
218,567 | 12,760 | 5.84 | 345,237 | 16,950 | 4.91 | 446,396 | 19,174 | 4.30 | |||||||||||||||||||||||||||
Total time deposits
|
1,846,323 | 171,520 | 9.29 | 1,854,471 | 162,152 | 8.74 | 1,656,581 | 120,502 | 7.27 | |||||||||||||||||||||||||||
Other demand deposits:
|
||||||||||||||||||||||||||||||||||||
Rupee
|
216,479 | 176,312 | 178,012 | |||||||||||||||||||||||||||||||||
Foreign currency
|
12,741 | 14,194 | 16,600 | |||||||||||||||||||||||||||||||||
Total other demand deposits
|
229,220 | 190,506 | 194,612 | |||||||||||||||||||||||||||||||||
Total deposits:
|
||||||||||||||||||||||||||||||||||||
Rupee
|
2,190,558 | 167,563 | 7.65 | 2,076,356 | 155,826 | 7.50 | 1,839,098 | 113,904 | 6.19 | |||||||||||||||||||||||||||
Foreign currency
|
347,641 | 19,657 | 5.65 | 501,322 | 26,681 | 5.32 | 565,422 | 21,189 | 3.75 | |||||||||||||||||||||||||||
Total deposits
|
2,538,199 | 187,220 | 7.38 | 2,577,678 | 182,507 | 7.08 | 2,404,520 | 135,093 | 5.62 | |||||||||||||||||||||||||||
Borrowings:
|
||||||||||||||||||||||||||||||||||||
Rupee
|
374,124 | 37,698 | 10.08 | 515,340 | 47,804 | 9.28 | 626,428 | 44,769 | 7.15 | |||||||||||||||||||||||||||
Foreign currency
|
590,734 | 32,752 | 5.54 | 785,853 | 34,562 | 4.40 | 682,395 | 27,430 | 4.02 | |||||||||||||||||||||||||||
Total borrowings
|
964,858 | 70,450 | 7.30 | 1,301,193 | 82,366 | 6.33 | 1,308,823 | 72,199 | 5.52 | |||||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
Rupee
|
2,564,682 | 205,261 | 8.00 | 2,591,696 | 203,630 | 7.86 | 2,465,526 | 158,673 | 6.44 | |||||||||||||||||||||||||||
Foreign currency
|
938,375 | 52,409 | 5.59 | 1,287,175 | 61,243 | 4.76 | 1,247,817 | 48,619 | 3.90 | |||||||||||||||||||||||||||
Total interest-bearing liabilities
|
3,503,057 | 257,670 | 7.36 | 3,878,871 | 264,873 | 6.83 | 3,713,343 | 207,292 | 5.58 | |||||||||||||||||||||||||||
Preference share capital
|
3,500 | 3,500 | 3,500 | |||||||||||||||||||||||||||||||||
Other liabilities
|
487,809 | 533,613 | 701,288 | |||||||||||||||||||||||||||||||||
Total liabilities
|
3,994,366 | 257,670 | 4,415,984 | 264,873 | 4,418,131 | 207,292 | ||||||||||||||||||||||||||||||
Stockholders’ equity
|
366,802 | 482,680 | 512,591 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
Rs. | 4,361,168 | Rs. | 257,670 | Rs. | 4,898,664 | Rs. | 264,873 | Rs. | 4,930,722 | Rs. | 207,292 |
Fiscal 2009 vs. Fiscal 2008
|
Fiscal 2010 vs. Fiscal 2009
|
|||||||||||||||||||||||
Increase (decrease) due to
|
Increase (decrease) due to
|
|||||||||||||||||||||||
Net change
|
Change in average volume
|
Change in average rate
|
Net change
|
Change in average volume
|
Change in average rate
|
|||||||||||||||||||
(in millions)
|
||||||||||||||||||||||||
Interest income:
|
||||||||||||||||||||||||
Advances:
|
||||||||||||||||||||||||
Rupee
|
Rs. | 3,412 | Rs. | (1,078 | ) | Rs. | 4,490 | Rs. | (38,104 | ) | Rs. | (24,141 | ) | Rs. | (13,963 | ) | ||||||||
Foreign currency
|
7,811 | 16,178 | (8,367 | ) | (10,177 | ) | 1,303 | (11,480 | ) | |||||||||||||||
Total advances
|
11,223 | 15,100 | (3,877 | ) | (48,281 | ) | (22,838 | ) | (25,443 | ) | ||||||||||||||
Investments:
|
||||||||||||||||||||||||
Rupee
|
7,629 | 16,741 | (9,113 | ) | (9,146 | ) | 6,770 | (15,916 | ) | |||||||||||||||
Foreign currency
|
868 | 2,622 | (1,754 | ) | (6,125 | ) | (1,882 | ) | (4,243 | ) | ||||||||||||||
Total investments
|
8,497 | 19,363 | (10,867 | ) | (15,271 | ) | 4,888 | (20,159 | ) | |||||||||||||||
Other interest-earning assets:
|
||||||||||||||||||||||||
Rupee
|
3,255 | 713 | 2,542 | 1,850 | 446 | 1,404 |
Fiscal 2009 vs. Fiscal 2008
|
Fiscal 2010 vs. Fiscal 2009
|
|||||||||||||||||||||||
Increase (decrease) due to
|
Increase (decrease) due to
|
|||||||||||||||||||||||
Net change
|
Change in average volume
|
Change in average rate
|
Net change
|
Change in average volume
|
Change in average rate
|
|||||||||||||||||||
(in millions)
|
||||||||||||||||||||||||
Foreign currency
|
(4,318 | ) | (1,489 | ) | (2,829 | ) | (2,423 | ) | 43 | (2,466 | ) | |||||||||||||
Total other interest earning asset
|
(1,063 | ) | (775 | ) | (287 | ) | (573 | ) | 489 | (1,062 | ) | |||||||||||||
Other interest income
|
||||||||||||||||||||||||
Rupee
|
1,744 | – | 1,744 | (964 | ) | – | (964 | ) | ||||||||||||||||
Foreign currency
|
5,007 | – | 5,007 | 4,375 | – | 4,375 | ||||||||||||||||||
Other interest income
|
6,751 | – | 6,751 | 3,411 | – | 3,411 | ||||||||||||||||||
Total interest income:
|
||||||||||||||||||||||||
Rupee
|
16,040 | 16,377 | (338 | ) | (46,364 | ) | (16,925 | ) | (29,439 | ) | ||||||||||||||
Foreign currency
|
9,368 | 17,311 | (7,943 | ) | (14,350 | ) | (536 | ) | (13,814 | ) | ||||||||||||||
Total interest income
|
25,409 | 33,688 | (8,281 | ) | (60,714 | ) | (17,461 | ) | (43,253 | ) | ||||||||||||||
Interest expense:
|
||||||||||||||||||||||||
Savings account deposits:
|
||||||||||||||||||||||||
Rupee
|
1,821 | 1,209 | 612 | 1,952 | 1,676 | 276 | ||||||||||||||||||
Foreign currency
|
2,834 | 1,753 | 1,081 | (7,716 | ) | (776 | ) | (6,940 | ) | |||||||||||||||
Total savings account deposits
|
4,655 | 2,962 | 1,693 | (5,764 | ) | 900 | (6,664 | ) | ||||||||||||||||
Time deposits:
|
||||||||||||||||||||||||
Rupee
|
(13,558 | ) | (11,403 | ) | (2,156 | ) | (43,874 | ) | (25,039 | ) | (18,835 | ) | ||||||||||||
Foreign currency
|
4,190 | 6,219 | (2,029 | ) | 2,224 | 4,345 | (2,121 | ) | ||||||||||||||||
Total time deposits
|
(9,368 | ) | (5,184 | ) | (4,185 | ) | (41,650 | ) | (20,694 | ) | (20,956 | ) | ||||||||||||
Total deposits:
|
||||||||||||||||||||||||
Rupee
|
(11,737 | ) | (10,194 | ) | (1,544 | ) | (41,922 | ) | (23,363 | ) | (18,559 | ) | ||||||||||||
Foreign currency
|
7,024 | 7,972 | (948 | ) | (5,492 | ) | 3,569 | (9,061 | ) | |||||||||||||||
Total total deposits
|
(4,713 | ) | (2,222 | ) | (2,492 | ) | (47,414 | ) | (19,794 | ) | (27,619 | ) | ||||||||||||
Borrowings:
|
||||||||||||||||||||||||
Rupee
|
10,106 | 13,099 | (2,993 | ) | (3,035 | ) | 7,939 | (10,974 | ) | |||||||||||||||
Foreign currency
|
1,810 | 8,581 | (6,771 | ) | (7,132 | ) | (4,159 | ) | (2,973 | ) | ||||||||||||||
Total borrowings
|
11,917 | 21,681 | (9,764 | ) | (10,167 | ) | 3,780 | (13,947 | ) | |||||||||||||||
Total interest expense:
|
||||||||||||||||||||||||
Rupee
|
(1,631 | ) | 2,906 | (4,537 | ) | (44,957 | ) | (15,424 | ) | (29,533 | ) | |||||||||||||
Foreign currency
|
8,834 | 16,553 | (7,719 | ) | (12,624 | ) | (590 | ) | (12,034 | ) | ||||||||||||||
Total interest expense
|
7,203 | 19,459 | (12,256 | ) | (57,581 | ) | (16,014 | ) | (41,567 | ) | ||||||||||||||
Net interest income:
|
||||||||||||||||||||||||
Rupee
|
17,671 | 13,471 | 4,199 | (1,407 | ) | (1,501 | ) | 94 | ||||||||||||||||
Foreign currency
|
534 | 758 | (224 | ) | (1,726 | ) | 54 | (1,780 | ) | |||||||||||||||
Total net interest income
|
Rs. | 18,205 | Rs. | 14,229 | Rs. | 3,975 | Rs. | (3,133 | ) | Rs. | (1,447 | ) | Rs. | (1,686 | ) |
Year ended March 31,
|
||||||||||||||||||||
2006
|
2007
|
2008
|
2009
|
2010
|
||||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||
Interest income
|
Rs. | 143,335 | Rs. | 240,026 | Rs. | 340,950 | Rs. | 366,358 | (1) | Rs. | 305,644 | (1) |
Year ended March 31,
|
||||||||||||||||||||
2006
|
2007
|
2008
|
2009
|
2010
|
||||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||
Average interest-earning assets
|
1,806,601 | 2,728,531 | 3,627,575 | 4,182,862 | 4,060,883 | |||||||||||||||
Interest expense
|
101,015 | 176,757 | 257,670 | 264,873 | 207,292 | |||||||||||||||
Average interest-bearing liabilities
|
1,795,244 | 2,707,456 | 3,503,057 | 3,878,871 | 3,713,342 | |||||||||||||||
Average total assets
|
2,166,897 | 3,250,679 | 4,361,168 | 4,898,664 | 4,930,722 | |||||||||||||||
Average interest-earning assets as a percentage of average total assets
|
83.37 | % | 83.94 | % | 83.18 | % | 85.39 | % | 82.36 | % | ||||||||||
Average interest-bearing liabilities as a percentage of average total assets
|
82.85 | 83.29 | 80.32 | 79.18 | 75.31 | |||||||||||||||
Average interest-earning assets as a percentage of average interest-bearing liabilities
|
100.63 | 100.78 | 103.55 | 107.84 | 109.36 | |||||||||||||||
Yield
|
7.93 | 8.80 | 9.40 | 8.76 | 7.53 | |||||||||||||||
Rupee
|
8.37 | 9.35 | 10.33 | 10.05 | 8.78 | |||||||||||||||
Foreign currency
|
5.53 | 6.47 | 6.57 | 5.60 | 4.52 | |||||||||||||||
Cost of funds
|
5.63 | 6.53 | 7.36 | 6.83 | 5.58 | |||||||||||||||
Rupee
|
5.91 | 6.86 | 8.00 | 7.86 | 6.44 | |||||||||||||||
Foreign currency
|
4.24 | 5.31 | 5.59 | 4.76 | 3.90 | |||||||||||||||
Spread(2)
|
2.30 | 2.27 | 2.04 | 1.93 | 1.95 | |||||||||||||||
Rupee
|
2.46 | 2.49 | 2.33 | 2.19 | 2.34 | |||||||||||||||
Foreign currency
|
1.29 | 1.16 | 0.98 | 0.84 | 0.62 | |||||||||||||||
Net interest margin(3)
|
2.34 | 2.32 | 2.30 | 2.43 | 2.42 | |||||||||||||||
Rupee
|
2.61 | 2.74 | 2.81 | 3.19 | 3.25 | |||||||||||||||
Foreign currency
|
0.87 | 0.54 | 0.71 | 0.57 | 0.44 |
(1)
|
For fiscal 2009 and 2010, we have recalculated tax-exempt income on a tax-equivalent basis.
|
(2)
|
Spread is the difference between yield on average interest-earning assets and cost of average interest-bearing liabilities. Yield on average interest-earning assets is the ratio of interest income to average interest-earning assets. Cost of average interest-bearing liabilities is the ratio of interest expense to average interest-bearing liabilities.
|
(3)
|
Net interest margin is the ratio of net interest income to average interest-earning assets. The difference in net interest margin and spread arises due to the difference in amount of average interest-earning assets and average interest-bearing liabilities. If average interest-earning assets exceed average interest-bearing liabilities, net interest margin is greater than the spread and if average interest-bearing liabilities exceed average interest-earning assets, net interest margin is less than the spread.
|
Year ended March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Interest income
|
Rs. | 362,507 | Rs. | 301,537 | US$ | 6,708 | (16.8 | )% | ||||||||
Interest expense
|
(264,873 | ) | (207,292 | ) | (4,611 | ) | (21.7 | ) | ||||||||
Net interest income(1)
|
Rs. | 97,634 | Rs. | 94,245 | US$ | 2,097 | (3.5 | )% |
(1)
|
Tax exempt income has not been recalculated on a tax-equivalent basis.
|
·
|
Liquidity in the Indian banking system remained comfortable throughout fiscal 2010, with average liquidity adjustment facility balances (short-term lending by banks to the Reserve Bank of India) in excess of Rs. 1.00 trillion for a large part of the year. In response to abundant systemic liquidity and a low interest rate environment, banks reduced their deposit rates for various maturities by 25-250 basis points during March-December 2009. The impact of the lower cost of funds for banks was also transmitted to interest rates on loans, with the benchmark prime lending rates of banks declining by 25-100 basis points during the same period. Lower loan growth and high liquidity led to increased price competition in the banking sector and introduction of products such as home loans with lower rates in the initial years of such loans. We reduced our prime lending rate by 100 basis points from 16.75% to 15.75%, effective June 5, 2009. Further, we reduced the floating reference rate applicable for our floating rate home loans by 100 basis points from 13.75% to 12.75%, effective June 5, 2009. As a result, the yield on rupee loans decreased from 12.0% in fiscal 2009 to 11.2% in fiscal 2010.
|
·
|
The proportion of high yielding unsecured retail loans in our loan portfolio declined as a result of our conscious strategy of reducing our exposure to this asset class.
|
·
|
The yield on our government securities portfolio also declined, reflecting the systemic decline in yields on government securities since October 2008 and the realization of mark-to-market gains through the sale of higher yielding government securities in our portfolio in the second half of fiscal 2009 and the first quarter of fiscal 2010. We also deployed excess liquidity available with us in mutual funds and other liquid investments. The higher level of such investments and the decrease in yield on the government securities portfolio resulted in a decrease in yield on rupee investments by 156 basis points from 8.4% in fiscal 2009 to 6.8% in fiscal 2010.
|
·
|
The Reserve Bank of India increased the cash reserve ratio by 75 basis points to 5.75% at year-end fiscal 2010. As cash reserve ratio balances do not earn any interest income, the increase in requirement resulted in a negative impact on yield on interest-earning assets. The full impact of recent increases in the cash reserve ratio requirement will be reflected in the net interest margin from the first quarter of fiscal 2011.
|
·
|
We earned lower interest of Rs. 1.2 billion, on income tax refunds, in fiscal 2010 compared to Rs. 3.4 billion in fiscal 2009. The receipt, amount and timing of such income depends on the nature and timing of determinations by tax authorities and is not consistent or predictable.
|
·
|
We deduct losses from the securitization of assets (including credit losses on existing securitized pools) from our interest income. The amount of such losses was Rs. 5.1 billion in fiscal 2010 compared to Rs. 3.2 billion in fiscal 2009. See also “Critical Accounting Policies – Transfer and Servicing of Assets”.
|
Year ended March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Commission, exchange and brokerage
|
Rs. | 65,748 | Rs. | 60,039 | US$ | 1,336 | (8.7 | )% | ||||||||
Profit/(loss) on treasury-related activities (net)(1)
|
21,851 | 26,194 | 583 | 19.9 | ||||||||||||
Profit/(loss) on sale of land, buildings and other assets (net)
|
15 | 822 | 18 | – |
Year ended March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Income pertaining to insurance business
|
183,582 | 204,758 | 4,555 | 11.5 | ||||||||||||
Miscellaneous income (including lease income)
|
7,828 | 2,648 | 59 | (66.2 | ) | |||||||||||
Total non-interest income
|
Rs. | 279,024 | Rs. | 294,461 | US$ | 6,551 | 5.5 | % |
(1)
|
Includes profit/(loss) on the sale/revaluation of investments and foreign exchange transactions.
|
Year ended March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Payments to and provisions for employees
|
Rs. | 39,043 | Rs. | 36,784 | US$ | 818 | (5.8 | )% | ||||||||
Depreciation on own property
|
5,966 | 6,212 | 138 | 4.1 | ||||||||||||
Auditor’s fees and expenses
|
137 | 148 | 3 | 8.0 | ||||||||||||
Other administrative expenses
|
62,990 | 51,199 | 1,139 | (18.7 | ) | |||||||||||
Operating expenses
|
108,136 | 94,343 | 2,098 | (12.8 | ) | |||||||||||
Direct marketing agency expenses
|
6,122 | 2,413 | 54 | (60.6 | ) | |||||||||||
Depreciation on leased assets
|
2,101 | 1,416 | 32 | (32.6 | ) | |||||||||||
Expenses pertaining to insurance business
|
165,499 | 179,160 | 3,986 | 8.3 | ||||||||||||
Total non-interest expenses
|
Rs. | 281,858 | Rs. | 277,332 | US$ | 6,170 | (1.6 | )% |
At March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Gross restructured loans
|
Rs. | 61,368 | Rs. | 62,662 | US$ | 1,394 | 2.1 | % | ||||||||
Provisions for restructured loans
|
(1,736 | ) | (2,758 | ) | (61 | ) | 58.9 | |||||||||
Net restructured loans
|
Rs. | 59,632 | Rs. | 59,904 | US$ | 1,333 | 0.5 | |||||||||
Gross customer assets
|
Rs. | 2,892,808 | Rs. | 2,601,135 | US$ | 57,867 | (10.1 | ) | ||||||||
Net customer assets
|
2,836,439 | 2,536,941 | 56,439 | (10.6 | ) | |||||||||||
Gross restructured loans as a percentage of gross customer assets
|
2.12 | % | 2.41 | % | ||||||||||||
Net restructured loans as a percentage of net customer assets
|
2.10 | % | 2.36 | % |
At March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Gross non-performing assets(1)
|
Rs. | 99,921 | Rs. | 105,821 | US$ | 2,354 | 5.9 | |||||||||
Provisions for non-performing assets(1)
|
(52,580 | ) | (59,083 | ) | (1,314 | ) | 12.4 | |||||||||
Net non-performing assets(1)
|
Rs. | 47,341 | Rs. | 46,738 | US$ | 1,040 | (1.3 | ) | ||||||||
Gross customer assets
|
2,892,808 | 2,601,135 | 57,867 | (10.1 | ) | |||||||||||
Net customer assets
|
2,836,439 | 2,536,941 | 56,439 | (10.6 | ) | |||||||||||
Gross non-performing assets as a percentage of gross customer assets
|
3.45 | % | 4.07 | % | ||||||||||||
Net non-performing assets as a percentage of net customer assets
|
1.67 | % | 1.84 | % |
(1)
|
Includes loans identified as impaired in line with the guidelines issued by regulators of the respective subsidiaries.
|
Year ended March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009 % change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Provision for investments (including credit substitutes) (net)
|
Rs. | 6,305 | Rs. | 328 | US$ | 7 | (94.8 | )% | ||||||||
Provision for non-performing assets
|
37,707 | 44,898 | 999 | 19.1 | ||||||||||||
Provision for standard assets
|
1,409 | (153 | ) | (3 | ) | – | ||||||||||
Others
|
(304 | ) | 514 | 11 | – | |||||||||||
Total provisions and contingencies (excluding tax)
|
Rs. | 45,117 | Rs. | 45,587 | US$ | 1,014 | 1.0 | % |
At March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Cash and cash equivalents
|
Rs. | 350,614 | Rs. | 471,441 | US$ | 10,488 | 34.5 | % | ||||||||
Investments
|
1,481,070 | 1,863,198 | 41,451 | 25.8 | ||||||||||||
Advances (net of provisions)
|
2,661,305 | 2,257,781 | 50,229 | (15.2 | ) | |||||||||||
Fixed assets
|
44,975 | 38,623 | 859 | (14.1 | ) | |||||||||||
Other assets
|
288,946 | 262,430 | 5,838 | (9.2 | ) | |||||||||||
Total assets
|
Rs. | 4,826,910 | Rs. | 4,893,473 | US$ | 108,865 | 1.4 | % |
At March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Deposits
|
Rs. | 2,618,558 | Rs. | 2,415,723 | US$ | 53,742 | (7.7 | )% | ||||||||
Borrowings(1)
|
1,160,664 | 1,156,983 | 25,739 | (0.3 | ) | |||||||||||
Proposed dividend (including corporate dividend tax)
|
13,872 | 15,136 | 337 | 9.1 | ||||||||||||
Other liabilities
|
556,936 | 779,962 | 17,352 | 40.0 | ||||||||||||
Minority interest
|
9,105 | 12,704 | 283 | 39.5 | ||||||||||||
Total liabilities
|
4,359,135 | 4,380,508 | 97,453 | 0.5 | ||||||||||||
Equity share capital
|
11,133 | 11,149 | 248 | 0.1 | ||||||||||||
Reserves and surplus
|
456,642 | 501,816 | 11,164 | 9.9 | ||||||||||||
Total liabilities (including capital and reserves)
|
Rs. | 4,826,910 | Rs. | 4,893,473 | US$ | 108,865 | 1.4 | % |
(1)
|
Includes subordinated debt and redeemable non-cumulative preference shares.
|
Year ended March 31,
|
||||||||||||||||
2008
|
2009
|
2009
|
2009/2008
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Interest income(1)
|
Rs. | 340,950 | Rs. | 362,507 | US$ | 8,065 | 6.3 | % | ||||||||
Interest expense
|
(257,670 | ) | (264,873 | ) | (5,893 | ) | 2.8 | |||||||||
Net interest income
|
Rs. | 83,280 | Rs. | 97,634 | US$ | 2,172 | 17.2 | % |
(1)
|
Tax exempt income has not been recalculated on a tax-equivalent basis.
|
·
|
an increase of Rs. 555.3 billion or 15.3% in the average volume of interest-earning assets (after taking into account the impact of depreciation of the rupee on the rupee equivalent of foreign currency denominated assets); and
|
·
|
an increase in net interest margin by 13 basis points from 2.30% in fiscal 2008 to 2.43% in fiscal 2009.
|
Year ended March 31,
|
||||||||||||||||
2008
|
2009
|
2009
|
2009/2008
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Commission, exchange and brokerage
|
Rs. | 67,673 | Rs. | 65,748 | US$ | 1,463 | (2.8 | )% | ||||||||
Profit/(loss) on sale of investments (net)
|
34,042 | 24,318 | 541 | (28.6 | )% | |||||||||||
Profit/(loss) on revaluation of investments (net)
|
(4,788 | ) | (4,432 | ) | (99 | ) | (7.4 | )% | ||||||||
Profit/(loss) on sale of land, buildings and other assets (net)
|
613 | 15 | – | (97.6 | )% | |||||||||||
Profit/(loss) on foreign exchange transactions (net)
|
1,280 | 1,965 | 44 | 53.5 | % | |||||||||||
Income pertaining to insurance business
|
159,920 | 183,582 | 4,084 | 14.8 | % | |||||||||||
Miscellaneous income (including lease income)
|
841 | 7,828 | 174 | 831.6 | % | |||||||||||
Total non-interest income
|
Rs. | 259,581 | Rs. | 279,024 | US$ | 6,207 | 7.5 | % |
Year ended March 31,
|
||||||||||||||||
2008
|
2009
|
2009
|
2009/2008
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Payments to and provisions for employees
|
Rs. | 39,698 | Rs. | 39,043 | US$ | 869 | (1.6 | )% | ||||||||
Depreciation on own property
|
4,973 | 5,966 | 133 | 20.0 | % | |||||||||||
Auditor’s fees and expenses
|
100 | 137 | 3 | 37.0 | % | |||||||||||
Other administrative expenses
|
65,299 | 62,990 | 1,401 | (3.5 | )% | |||||||||||
Operating expenses
|
110,070 | 108,136 | 2,406 | (1.8 | )% | |||||||||||
Direct marketing agency expenses
|
15,750 | 6,122 | 136 | (61.1 | )% | |||||||||||
Depreciation on leased assets
|
1,821 | 2,101 | 47 | 15.4 | % | |||||||||||
Expenses pertaining to insurance business
|
142,793 | 165,499 | 3,681 | 15.9 | % | |||||||||||
Total non-interest expenses
|
Rs. | 270,434 | Rs. | 281,858 | US$ | 6,270 | 4.2 | % |
At March 31,
|
||||||||||||||||
2008
|
2009
|
2009
|
2009/2008
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Gross restructured loans
|
Rs. | 48,411 | Rs. | 61,368 | US$ | 1,365 | 26.8 | % | ||||||||
Provisions for restructured loans
|
(1,572 | ) | (1,736 | ) | (39 | ) | 10.4 | |||||||||
Net restructured loans
|
46,839 | 59,632 | 1,326 | 27.3 | ||||||||||||
Gross customer assets
|
2,687,999 | 2,892,808 | 64,356 | 7.6 | ||||||||||||
Net customer assets
|
Rs. | 2,642,697 | Rs. | 2,836,439 | US$ | 63,102 | 7.3 | |||||||||
Gross restructured loans as a percentage of gross customer assets
|
1.8 | % | 2.1 | % | ||||||||||||
Net restructured loans as a percentage of net customer assets
|
1.8 | 2.1 |
At March 31,
|
||||||||||||||||
2008
|
2009
|
2009
|
2009/2008
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Gross non-performing assets
|
Rs. | 77,963 | Rs. | 99,921 | US$ | 2,223 | 28.2 | |||||||||
Provisions for non-performing assets
|
(42,031 | ) | (52,580 | ) | (1,170 | ) | 25.1 | |||||||||
Net non-performing assets
|
Rs. | 35,932 | Rs. | 47,341 | US$ | 1,053 | 31.8 | |||||||||
Gross customer assets
|
2,687,999 | 2,892,808 | 64,356 | 7.6 | ||||||||||||
Net customer assets
|
Rs. | 2,642,697 | Rs. | 2,836,439 | US$ | 63,102 | 7.3 |
At March 31,
|
||||||||||||||||
2008
|
2009
|
2009
|
2009/2008
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Gross non-performing assets as a percentage of gross customer assets
|
2.9 | 3.5 | ||||||||||||||
Net non-performing assets as a percentage of net customer assets
|
1.4 | 1.7 |
Year ended March 31,
|
||||||||||||||||
2008
|
2009
|
2009
|
2009/2008 %
change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Provisions for investments (including credit substitutes)(net)
|
Rs. | 730 | Rs. | 6,305 | US$ | 140 | – | |||||||||
Provision for non-performing assets
|
25,552 | 37,707 | 839 | 47.6 | % | |||||||||||
Provision for standard assets
|
2,172 | 1,409 | 31 | (35.1 | ) | |||||||||||
Others
|
1,724 | (304 | ) | (6 | ) | – | ||||||||||
Total provisions and contingencies (excluding tax)
|
Rs. | 30,178 | Rs. | 45,117 | US$ | 1,004 | 49.5 | % |
At March 31,
|
||||||||||||||||
2008
|
2009
|
2009
|
2009/2008
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Cash and cash equivalents
|
Rs. | 453,287 | Rs. | 350,614 | US$ | 7,800 | (22.7 | )% | ||||||||
Investments
|
1,600,468 | 1,481,070 | 32,949 | (7.5 | ) | |||||||||||
Advances (net of provisions)
|
2,514,017 | 2,661,305 | 59,206 | 5.9 | ||||||||||||
Fixed assets
|
46,783 | 44,975 | 1,001 | (3.9 | ) | |||||||||||
Other assets
|
241,611 | 288,946 | 6,428 | 19.6 | ||||||||||||
Total assets
|
Rs. | 4,856,166 | Rs. | 4,826,910 | US$ | 107,384 | (0.6 | )% |
At March 31,
|
||||||||||||||||
2008
|
2009
|
2009
|
2009/2008
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Deposits
|
Rs. | 2,769,832 | Rs. | 2,618,558 | US$ | 58,255 | (5.5 | )% | ||||||||
Borrowings
|
1,073,238 | 1,160,664 | 25,821 | 8.1 | ||||||||||||
Other liabilities(1)
|
544,681 | 556,936 | 12,390 | 2.2 | ||||||||||||
Proposed dividend (including corporate dividend tax)
|
13,881 | 13,872 | 309 | (0.1 | ) | |||||||||||
Minority interest
|
7,312 | 9,105 | 203 | 24.5 | ||||||||||||
Total liabilities
|
4,408,944 | 4,359,135 | 96,977 | (1.1 | ) | |||||||||||
Equity share capital
|
11,127 | 11,133 | 248 | 0.1 | ||||||||||||
Reserves and surplus
|
436,095 | 456,642 | 10,159 | 4.7 | ||||||||||||
Total liabilities (including capital and reserves)
|
Rs. | 4,856,166 | Rs. | 4,826,910 | US$ | 107,384 | (0.6 | )% |
(1)
|
Includes liabilities on policies in force but does not include subordinated debt reclassified to borrowings and proposed dividend.
|
Notional principal amounts
|
Balance sheet credit exposure(1)
|
|||||||||||||||||||||||||||||||
At March 31,
|
At March 31,
|
|||||||||||||||||||||||||||||||
2008
|
2009
|
2010
|
2010
|
2008
|
2009
|
2010
|
2010
|
|||||||||||||||||||||||||
(in millions)
|
||||||||||||||||||||||||||||||||
Interest rate products:
|
||||||||||||||||||||||||||||||||
Swap agreements
|
Rs. | 7,440,119 | Rs. | 3,277,582 | Rs. | 3,960,258 | US$ | 88,104 | Rs. | 30,346 | Rs. | 10,134 | Rs. | 20,120 | US$ | 447 | ||||||||||||||||
Others
|
115,266 | 236,732 | 253,973 | 5,650 | 72 | 1,201 | 222 | 5 | ||||||||||||||||||||||||
Total interest rate products
|
Rs. | 7,555,385 | Rs. | 3,514,314 | Rs. | 4,214,231 | US$ | 93,754 | Rs. | 30,418 | Rs. | 11,335 | Rs. | 20,342 | US$ | 452 | ||||||||||||||||
Foreign exchange products:
|
||||||||||||||||||||||||||||||||
Forward contracts
|
Rs. | 2,086,254 | Rs. | 2,429,365 | Rs. | 1,644,474 | US$ | 36,585 | Rs. | (2,402 | ) | Rs. | 1,173 | Rs. | – | US$ | – | |||||||||||||||
Swap agreements
|
1,158,421 | 662,172 | 582,155 | 12,951 | (1,046 | ) | 15,855 | 12,656 | 282 | |||||||||||||||||||||||
Others
|
1,681,353 | 643,024 | 634,665 | 14,119 | 426 | 9,249 | (873 | ) | (19 | ) | ||||||||||||||||||||||
Total foreign exchange products
|
Rs. | 4,926,028 | Rs. | 3,734,561 | Rs. | 2,861,294 | US$ | 63,655 | Rs. | (3,022 | ) | Rs. | 26,277 | Rs. | 11,783 | US$ | 263 |
(1)
|
Denotes the net mark-to-market impact of the derivatives and foreign exchange products on the reporting date.
|
Payments due by period
|
||||||||||||||||||||
Contractual Obligations
|
Total
|
Less than 1 year
|
1-3 years
|
3-5 years
|
More than 5 years
|
|||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||
Long-term debt obligations
|
Rs. | 970,245 | Rs. | 181,471 | Rs. | 332,365 | Rs. | 93,018 | Rs. | 363,391 | ||||||||||
Operating lease obligations
|
7,364 | 1,652 | 2,575 | 1,636 | 1,501 | |||||||||||||||
Guarantees
|
||||||||||||||||||||
Financial guarantees
|
168,487 | 100,994 | 46,183 | 20,982 | 328 | |||||||||||||||
Performance guarantees
|
468,598 | 177,407 | 203,206 | 59,182 | 28,803 | |||||||||||||||
Total
|
Rs. | 1,614,694 | Rs. | 461,524 | Rs. | 584,329 | Rs. | 174,818 | Rs. | 394,023 |
Lease rental commitments for fiscal
|
(in millions)
|
|||
2011
|
Rs. | 1,652 | ||
2012
|
1,419 | |||
2013
|
1,156 | |||
2014
|
912 | |||
2015
|
724 | |||
Thereafter
|
1,501 | |||
Total minimum lease commitments
|
Rs. | 7,364 |
At March 31,
|
||||||||||||||||||||||||
2008
|
2009
|
2009/2008
% change
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||||||||
(in millions, except percentages)
|
||||||||||||||||||||||||
Financial guarantees
|
Rs. | 163,746 | Rs. | 175,455 | 7.2 | % | Rs. | 168,487 | US$ | 3,748 | (4.0 | )% | ||||||||||||
Performance guarantees
|
302,988 | 418,903 | 38.3 | % | 468,598 | 10,425 | 11.9 | % | ||||||||||||||||
Total guarantees
|
Rs. | 466,734 | Rs. | 594,358 | 27.3 | % | Rs. | 637,085 | US$ | 14,173 | 7.2 | % |
Particulars
|
Performance Guarantees
|
Financial Guarantees
|
||||||
(in millions)
|
||||||||
Opening balance at April 1, 2009
|
Rs. | 418,902.9 | Rs. | 175,454.8 | ||||
Additions: Issued during the year
|
166,040.3 | 125,032.2 | ||||||
Deletions: Closed due to expiry/termination during the year
|
(115,521.0 | ) | (131,120.1 | ) | ||||
Invoked and paid during the year | (824.5 | ) | (880.0 | ) | ||||
Closing balance at March 31, 2010
|
Rs. | 468,597.7 | Rs. | 168,486.9 |
As per the Reserve Bank of India guidelines
on Basel I
|
As per the Reserve Bank of India guidelines
on Basel II
|
|||||||||||||||||||||||
At March 31,
|
||||||||||||||||||||||||
2009
|
2010
|
2010
|
2009
|
2010
|
2010
|
|||||||||||||||||||
(in millions)
|
||||||||||||||||||||||||
Tier I capital
|
Rs. | 420,098 | Rs. | 432,614 | US$ | 9,624 | Rs. | 421,968 | Rs. | 410,615 | US$ | 9,135 | ||||||||||||
Tier II capital
|
129,716 | 181,569 | 4,039 | 131,585 | 160,410 | 3,569 | ||||||||||||||||||
Total capital
|
Rs. | 549,814 | Rs. | 614,183 | US$ | 13,663 | Rs. | 553,553 | Rs. | 571,025 | US$ | 12,704 | ||||||||||||
|
||||||||||||||||||||||||
Credit risk- risk weighted assets.
|
Rs. | 3,171,942 | Rs. | 2,899,149 | US$ | 64,497 | Rs. | 3,151,951 | Rs. | 2,485,581 | US$ | 55,297 | ||||||||||||
Market risk- risk weighted assets
|
281,437 | 309,276 | 6,880 | 206,977 | 221,065 | 4,918 | ||||||||||||||||||
Operational risk- risk weighted assets
|
– | – | 205,702 | 235,160 | 5,232 | |||||||||||||||||||
Total risk weighted assets
|
Rs. | 3,453,379 | Rs. | 3,208,425 | US$ | 71,377 | Rs. | 3,564,630 | Rs. | 2,941,806 | US$ | 65,447 | ||||||||||||
|
||||||||||||||||||||||||
Tier I capital adequacy ratio
|
12.2 | % | 13.5 | % | 11.8 | % | 14.0 | % | ||||||||||||||||
Tier II capital adequacy ratio
|
3.7 | % | 5.6 | % | 3.7 | % | 5.4 | % | ||||||||||||||||
Total capital adequacy ratio
|
15.9 | % | 19.1 | % | 15.5 | % | 19.4 | % |
·
|
The Reserve Bank of India issued a clarification on July 1, 2009 that the special reserve (created by banks under Section 36(1) (viii) of the Income Tax Act, 1961) should be included, net of tax payable, in the tier I capital.
|
·
|
The Reserve Bank of India in its revised Basel II guidelines issued on February 8, 2010 stipulated that banks are not permitted to use any external credit assessment for risk weighting securitization exposures where the assessment is at least partly based on unfunded support provided by the bank.
|
·
|
The Reserve Bank of India in its revised Basel II guidelines issued on February 8, 2010, also issued guidance on the assessment of valuation adjustments on account of illiquidity for less liquid/illiquid that is subject to market risk capital requirements. The Reserve Bank of India also stipulated that these valuation adjustments are to be deducted from tier I capital. ICICI Bank applied this guidance in its computation of its capital adequacy position at year-end fiscal 2010. In May 2010, Reserve Bank of India issued a clarification deferring of the application of this guidance to a future date, pending the finalization of a standardized methodology for computing the valuation adjustments for less liquid/illiquid positions, to be formulated by a working group of the Reserve Bank of India.
|
·
|
strategic focus, business plan and growth objectives;
|
·
|
regulatory capital requirements as per Reserve Bank of India guidelines;
|
·
|
assessment of material risks and impact of stress testing;
|
·
|
perception of credit rating agencies, shareholders and investors;
|
·
|
future strategy with regard to investments or divestments in subsidiaries; and
|
·
|
evaluation of options to raise capital from domestic and overseas markets, as permitted by Reserve Bank of India from time to time.
|
Fiscal 2008
|
||||||||||||||||||||||||
Cost at year-end fiscal 2007
|
Additions/ transfers
|
Deletions/ transfers
|
Depreciation
|
Net assets at year-end fiscal 2008
|
||||||||||||||||||||
(in millions)
|
||||||||||||||||||||||||
Premises
|
Rs. | 23,574 | Rs. | 3,986 | Rs. | (325 | ) | Rs. | (4,181 | ) | Rs. | 23,054 | US$ | 513 | ||||||||||
Other fixed assets (including furniture and fixes)
|
27,621 | 6,917 | (687 | ) | (18,093 | ) | 15,759 | 351 | ||||||||||||||||
Assets given on lease
|
18,347 | – | (57 | ) | (10,318 | ) | 7,971 | 177 | ||||||||||||||||
Total
|
Rs. | 69,542 | Rs. | 10,903 | Rs. | (1,069 | ) | Rs. | (32,592 | ) | Rs. | 46,784 | US$ | 1,041 |
Fiscal 2009
|
||||||||||||||||||||||||
Cost at year-end fiscal 2008
|
Additions/ transfers
|
Deletions/ transfers
|
Depreciation
|
Net assets at year-end fiscal 2009
|
||||||||||||||||||||
(in millions)
|
||||||||||||||||||||||||
Premises
|
Rs. | 27,235 | Rs. | 2,875 | Rs. | (547 | ) | Rs. | (5,485 | ) | Rs. | 24,078 | US$ | 536 | ||||||||||
Other fixed assets (including furniture and fixes)
|
33,852 | 5,496 | (1,209 | ) | (21,865 | ) | 16,274 | 362 | ||||||||||||||||
Assets given on lease
|
18,289 | – | (328 | ) | (13,338 | ) | 4,623 | 103 | ||||||||||||||||
Total
|
Rs. | 79,376 | Rs. | 8,371 | Rs. | (2,084 | ) | Rs. | (40,688 | ) | Rs. | 44,975 | US$ | 1,001 |
Fiscal 2010
|
||||||||||||||||||||||||
Cost at year-end fiscal 2009
|
Additions/
transfers
|
Deletions/
transfers
|
Depreciation
|
Net assets at year-end fiscal 2010
|
||||||||||||||||||||
(in millions)
|
||||||||||||||||||||||||
Premises
|
Rs. | 29,563 | Rs. | 1,369 | Rs. | (2,251 | ) | Rs. | (6,472 | ) | Rs. | 22,209 | US$ | 494 | ||||||||||
Other fixed assets (including furniture and fixes)
|
38,139 | 2,298 | (4,205 | ) | (23,352 | ) | 12,880 | 286 | ||||||||||||||||
Assets given on lease
|
17,961 | - | (201 | ) | (14,226 | ) | 3,534 | 79 | ||||||||||||||||
Total
|
Rs. | 85,663 | Rs. | 3,667 | Rs. | (6,657 | ) | Rs. | (44,050 | ) | Rs. | 38,623 | US$ | 859 |
·
|
Retail Banking includes exposures of the Bank, which satisfy the four qualifying criteria of ‘regulatory retail portfolio’ as stipulated by the Reserve Bank of India guidelines on the Basel II framework. These criteria are as follows:
|
·
|
revolving credits and lines of credit (including overdrafts);
|
·
|
term loans and leases (e.g. installment loans and leases, student and educational loans); and
|
·
|
small business facilities and commitments.
|
·
|
Wholesale Banking includes all advances to trusts, partnership firms, companies and statutory bodies, by the Bank which are not included in the Retail Banking segment, as per the Reserve Bank of India guidelines for the Bank.
|
·
|
Treasury includes the entire investment portfolio of the Bank, ICICI Eco-net Internet and Technology Fund, ICICI Equity Fund, ICICI Emerging Sectors Fund, ICICI Strategic Investments Fund and ICICI Venture Value Fund (with effect from April 1, 2009).
|
·
|
Other Banking includes the Bank’s banking subsidiaries that is, ICICI Bank UK PLC, ICICI Bank Canada and its subsidiary ICICI Wealth Management Inc. (up to December 31, 2009) and ICICI Bank Eurasia LLC. Further, it includes hire purchase and leasing operations and other items not attributable to any particular business segment of the Bank.
|
·
|
Life Insurance represents results of ICICI Prudential Life Insurance Company Limited.
|
·
|
General Insurance represents results of ICICI Lombard General Insurance Company Limited.
|
·
|
Venture Fund Management represents results of ICICI Venture Funds Management Company Limited.
|
·
|
Others includes ICICI Home Finance Company Limited, ICICI International Limited, ICICI Securities Primary Dealership Limited, ICICI Securities Limited, ICICI Securities Holdings Inc., ICICI Securities Inc., ICICI Prudential Asset Management Company Limited, ICICI Prudential Trust Limited, ICICI Investment Management Company Limited, ICICI Trusteeship Services Limited, TCW/ICICI Investment
|
Year ended March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2009/2010
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Retail Banking
|
Rs. | 580 | Rs. | (13,335 | ) | US$ | (297 | ) | – | |||||||
Wholesale Banking
|
34,133 | 36,451 | 811 | 6.8 | % | |||||||||||
Treasury
|
13,069 | 27,444 | 611 | 110.0 | ||||||||||||
Other Banking
|
6,079 | 7,734 | 172 | 27.2 | ||||||||||||
Life Insurance
|
(8,596 | ) | 2,777 | 62 | 132.3 | |||||||||||
General Insurance
|
3 | 1,583 | 35 | – | ||||||||||||
Venture fund management
|
2,021 | 744 | 17 | (63.2 | ) | |||||||||||
Others
|
5,894 | 6,814 | 152 | 15.6 | ||||||||||||
Profit before tax
|
Rs. | 53,183 | Rs. | 70,212 | US$ | 1,563 | 32.0 | % |
Year ended March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2009/2010
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Net interest income
|
Rs. | 48,473 | Rs. | 37,594 | US$ | 836 | (22.4 | )% | ||||||||
Non-interest income
|
29,415 | 26,192 | 583 | (11.0 | ) | |||||||||||
Total income
|
77,888 | 63,786 | 1,419 | (18.1 | ) | |||||||||||
Non-interest expenses
|
47,933 | 43,565 | 969 | (9.1 | ) | |||||||||||
Profit before provisions
|
29,955 | 20,221 | 450 | (32.5 | ) | |||||||||||
Provisions
|
29,375 | 33,556 | 747 | 14.2 | ||||||||||||
Profit before tax
|
Rs. | 580 | Rs. | (13,335 | ) | US$ | (297 | ) | – |
Outstanding balance at March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Advances
|
Rs. | 875,251 | Rs. | 665,364 | US$ | 14,802 | (24.0 | )% | ||||||||
Deposits
|
1,057,499 | 1,129,894 | 25,137 | 6.8 |
Year ended March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Net interest income
|
Rs. | 26,503 | Rs. | 31,072 | US$ | 691 | 17.2 | % | ||||||||
Non-interest income
|
34,697 | 28,075 | 625 | (19.1 | ) | |||||||||||
Total income
|
61,200 | 59,147 | 1,316 | (3.4 | ) | |||||||||||
Non-interest expenses
|
19,147 | 12,353 | 275 | (35.5 | ) | |||||||||||
Profit before provisions
|
42,053 | 46,794 | 1,041 | 11.3 | ||||||||||||
Provisions
|
7,920 | 10,343 | 230 | 30.6 | ||||||||||||
Profit before tax
|
Rs. | 34,133 | Rs. | 36,451 | US$ | 811 | 6.8 | % |
Outstanding balance at March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Advances
|
Rs. | 1,305,394 | Rs. | 1,144,172 | US$ | 25,454 | (12.4 | )% | ||||||||
Deposits
|
1,080,069 | 888,942 | 19,776 | (17.7 | ) |
Year ended March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Net interest income
|
Rs. | 5,789 | Rs. | 11,507 | US$ | 256 | 98.8 | % | ||||||||
Non-interest income
|
10,794 | 17,874 | 398 | 65.6 | ||||||||||||
Total income
|
16,583 | 29,381 | 654 | 77.2 | ||||||||||||
Non-interest expenses
|
1,801 | 1,615 | 36 | (10.3 | ) | |||||||||||
Profit before provisions
|
14,782 | 27,766 | 618 | 87.8 | ||||||||||||
Provisions
|
1,713 | 322 | 7 | (81.2 | ) | |||||||||||
Profit before tax
|
Rs. | 13,069 | Rs. | 27,444 | US$ | 611 | 110.0 | % |
Closing balance at March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Investments
|
Rs. | 1,026,642 | Rs. | 1,208,507 | US$ | 26,886 | 17.7 | |||||||||
Deposits
|
45,910 | 1,330 | 30 | (97.1 | ) | |||||||||||
Borrowings
|
673,237 | 942,636 | 20,971 | 40.0 |
Year ended March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Net interest income
|
Rs. | 8,423 | Rs. | 5,099 | US$ | 113 | (39.5 | )% | ||||||||
Non-interest income
|
9,926 | 9,396 | 209 | (5.3 | ) | |||||||||||
Total income
|
18,349 | 14,495 | 322 | (21.0 | ) | |||||||||||
Non-interest expenses
|
6,950 | 5,584 | 124 | (19.7 | ) | |||||||||||
Profit before provisions
|
11,399 | 8,911 | 198 | (21.8 | ) | |||||||||||
Provisions
|
5,320 | 1,177 | 26 | (77.9 | ) | |||||||||||
Profit before tax
|
Rs. | 6,079 | Rs. | 7,734 | US$ | 172 | 27.2 | % |
Outstanding balance at March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Investments
|
Rs. | 190,868 | Rs. | 143,663 | US$ | 3,196 | (24.7 | )% | ||||||||
Advances
|
390,827 | 356,029 | 7,921 | (8.9 | ) | |||||||||||
Deposits
|
443,297 | 406,064 | 9,034 | (8.4 | ) | |||||||||||
Borrowings
|
122,134 | 102,532 | 2,281 | (16.0 | ) |
Year ended March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Premium earned
|
Rs. | 153,562 | Rs. | 165,319 | US$ | 3,678 | 7.7 | % | ||||||||
Premium on reinsurance ceded
|
(380 | ) | (529 | ) | (12 | ) | 39.2 | |||||||||
Net premium earned
|
153,182 | 164,790 | 3,666 | 7.6 | ||||||||||||
Other income
|
8,642 | 16,923 | 376 | 95.8 | ||||||||||||
Investment income
|
3,205 | 3,620 | 81 | 12.9 | ||||||||||||
Total income
|
165,029 | 185,333 | 4,123 | 12.3 | ||||||||||||
Commission paid
|
7,000 | 6,030 | 134 | (13.9 | ) | |||||||||||
Claims/benefits paid
|
2,250 | 2,878 | 64 | 27.9 | ||||||||||||
Operating expenses
|
25,876 | 23,521 | 523 | (9.1 | ) | |||||||||||
Total expenses
|
35,126 | 32,429 | 721 | (7.7 | ) | |||||||||||
Transfer to linked funds
|
132,058 | 144,222 | 3,209 | 9.2 | ||||||||||||
Provisions for policy holder liabilities (non- linked)
|
6,441 | 5,905 | 131 | (8.3 | ) | |||||||||||
Profit/(loss) before tax
|
Rs. | (8,596 | ) | Rs. | 2,777 | US$ | 62 | 132.3 |
Outstanding balance at March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Investments
|
Rs. | 39,951 | Rs. | 56,865 | US$ | 1,265 | 42.3 | % | ||||||||
Assets held to cover linked liabilities
|
286,139 | 514,693 | 11,450 | 79.9 | ||||||||||||
Liabilities on life policies in force
|
310,536 | 539,654 | 12,006 | 73.8 |
Year ended March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Gross written premium (include premium on reinsurance accepted)
|
Rs. | 37,492 | Rs. | 36,948 | US$ | 822 | (1.5 | )% | ||||||||
Premium on reinsurance ceded
|
(16,327 | ) | (13,807 | ) | (307 | ) | (15.4 | ) | ||||||||
Unexpired risk reserve
|
(1,428 | ) | (1,213 | ) | (27 | ) | (15.1 | ) | ||||||||
Net premium earned
|
19,737 | 21,928 | 488 | 11.1 | ||||||||||||
Commission income (net)
|
756 | (210 | ) | (5 | ) | (127.8 | ) | |||||||||
Total income (a)
|
20,493 | 21,718 | 483 | 6.0 | ||||||||||||
Operating expenses
|
6,783 | 5,546 | 123 | (18.2 | ) | |||||||||||
Claims/benefits paid
|
16,913 | 18,928 | 421 | 11.9 | ||||||||||||
Total expense (b)
|
23,696 | 24,474 | 544 | 3.3 | ||||||||||||
Underwriting profit/(loss) (a)-(b)
|
(3,203 | ) | (2,756 | ) | (61 | ) | (14.0 | ) | ||||||||
Investment income
|
3,222 | 4,454 | 99 | 38.2 | ||||||||||||
Other expenses
|
(16 | ) | (115 | ) | (3 | ) | 618.8 | |||||||||
Profit before tax
|
Rs. | 3 | Rs. | 1,583 | US$ | 35 | – |
Outstanding balance at March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Investments
|
Rs. | 30,307 | Rs. | 35,231 | US$ | 784 | 16.2 | % | ||||||||
Current liabilities including claims outstanding
|
27,984 | 36,277 | 807 | 29.6 | ||||||||||||
Provisions
|
11,574 | 12,659 | 282 | 9.4 |
Year ended March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Net interest income
|
Rs. | (208 | ) | Rs. | (106 | ) | US$ | (2 | ) | 49.0 | % | |||||
Non-interest income
|
3,456 | 1,790 | 40 | (48.2 | ) | |||||||||||
Total income
|
3,248 | 1,684 | 37 | (48.2 | ) | |||||||||||
Non-interest expenses
|
1,227 | 1,066 | 24 | (13.1 | ) | |||||||||||
Profit before provisions
|
2,021 | 618 | 14 | (69.4 | ) | |||||||||||
Provisions
|
– | (126 | ) | (3 | ) | – | ||||||||||
Profit before tax
|
Rs. | 2,021 | Rs. | 744 | US$ | 17 | (63.2 | )% |
Year ended March 31,
|
||||||||||||||||
2009
|
2010
|
2010
|
2010/2009
% change
|
|||||||||||||
(in millions, except percentages)
|
||||||||||||||||
Net interest income
|
Rs. | 3,715 | Rs. | 4,131 | US$ | 92 | 11.2 | % | ||||||||
Non-interest income
|
15,133 | 14,886 | 331 | (1.6 | ) | |||||||||||
Total income
|
18,848 | 19,017 | 423 | 0.9 | ||||||||||||
Non-interest expenses
|
12,599 | 11,919 | 265 | (5.4 | ) | |||||||||||
Operating profit before provisions and tax
|
6,249 | 7,098 | 158 | 13.6 | ||||||||||||
Provisions
|
355 | 284 | 6 | (20.0 | ) | |||||||||||
Profit before tax
|
Rs. | 5,894 | Rs. | 6,814 | US$ | 152 | 15.6 | % |
Items
|
At March 31, 2010
|
|||
(in millions)
|
||||
Deposits from related parties held by us
|
Rs. | 301 | ||
Loans and advances to related parties(1)
|
43 | |||
Our investments in related parties
|
956 | |||
Receivables from related parties
|
285 | |||
Payables to related parties
|
218 | |||
Guarantees issued by us for related parties
|
0.1 |
Items
|
At March 31,
2010
|
|||
(in millions, except number of shares)
|
||||
Deposits from key management personnel
|
Rs. | 39 | ||
Loans and advances to key management personnel(1)
|
Rs. | 7 | ||
Investments in our shares held by key management personnel
|
Rs. | 4 | ||
Employee stock options outstanding (numbers)
|
1,254,250 | |||
Employee stock options exercised(2)
|
Rs. | 46 |
Items
|
At March 31,
2010
|
|||
(in millions)
|
||||
Deposits from close family members of key management personnel
|
Rs. | 17 | ||
Loans and advances to close family members of key management personnel(1)
|
8 |
Items
|
Year ended March 31, 2010
|
|||
(in millions)
|
||||
Deposits from key management personnel
|
Rs. | 66 | ||
Loans and advances to key management personnel
|
26 | |||
Investments in our shares held by key management personnel
|
9 |
Items
|
Year ended March 31, 2010
|
|||
(in millions)
|
||||
Deposits from close family members of key management personnel
|
Rs. | 23 | ||
Loans and advances to close family members of key management personnel
|
12 | |||
Investments in our shares held by close family members of key management personnel
|
0.3 |
(1)
|
The loans and advances (a) were made in the ordinary course of business, (b) were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons, and (c) did not involve more than the normal risk of collectability or present other unfavorable features.
|
(2)
|
During fiscal 2010, 121,875 employee stock options were exercised by the key management personnel of the Bank.
|
|
a)
|
The power to direct the activities of a variable interest entity that most significantly impact the entity’s economic performance.
|
|
b)
|
The obligation to absorb losses of the entity that could potentially be significant to the variable interest entity or the right to receive benefits from the entity that could potentially be significant to the variable interest entity.
|
|
1.
|
a roll forward schedule of the allowance for credit losses from the beginning of the reporting period to the end of the reporting period on a portfolio segment basis, with the ending balance further disaggregated on the basis of the impairment method;
|
|
2.
|
for each disaggregated ending balance in item (1) above, the related recorded investment in financing receivables;
|
|
3.
|
the non accrual status of financing receivables by class of financing receivables;
|
|
4.
|
impaired financing receivables by class of financing receivables;
|
|
5.
|
credit quality indicators of financing receivables at the end of the reporting period by class of financing receivables;
|
|
6.
|
the aging of past due financing receivables at the end of the reporting period by class of financing receivables;
|
|
7.
|
the nature and extent of troubled debt restructurings that occurred during the period by class of financing receivables and their effect on the allowance for credit losses;
|
|
8.
|
the nature and extent of financing receivables modified as troubled debt restructurings within the previous 12 months that defaulted during the reporting period by class of financing receivables and their effect on the allowance for credit losses; and
|
|
9.
|
significant purchases and sales of financing receivables during the reporting period disaggregated by portfolio segment.
|
Name, designation and profession
|
Age
|
Date of first Appointment
|
Particulars of other Directorship(s) at
September 15, 2010
|
|||
Mr. Kundapur Vaman Kamath
Non-executive Chairman
|
62
|
April 17, 1996
|
Director
Infosys Technologies Limited
Lupin Limited
The Great Eastern Shipping Co. Limited
Schlumberger Limited
Member of Board
Institute of International Finance, Inc.
|
|||
Mr. Sridar Iyengar
Non-Executive Director
Profession:
Business Advisor
|
63
|
April 30, 2005
|
Director
Aver Q Inc.
Career Launcher India Limited
Cleartrip Travel Services Private Limited
Infosys BPO Limited
Infosys Technologies Limited
Kovair Software Inc.
Mahindra Holidays & Resorts India Limited
Onmobile Global Limited
Rediff.com India Limited
Rediff Holdings Inc.
American Indian Foundation
|
Name, designation and profession
|
Age
|
Date of first Appointment
|
Particulars of other Directorship(s) at
September 15, 2010
|
|||
Mr. Homi Khusrokhan
Non-Executive Director
Profession:
Advisor
|
66
|
January 21, 2010
|
Chairman
Khet-se Agri Produce (India) Private Limited
Director
Advinus Therapeutics Private Limited
Fulford (India) Limited
Indigene Pharmaceuticals Inc.
Rallis India Limited
Samson Maritime Limited
Tata AIG Life Insurance Company Limited
|
|||
Dr. Anup K. Pujari
Nominee Director
Profession:
Government Service
|
54
|
January 27, 2009
|
None
|
|||
Mr. M. S. Ramachandran
Non-Executive Director
Profession:
Advisor
|
65
|
April 25, 2009
|
Chairman
Cals Refineries Limited
Concord Energy (India) Pte Limited
Director
Bharat Electronics Limited (BEL)
Ester Industries Limited
Gulf Oil Corporation Limited
Supreme Petrochem Limited
|
|||
Dr. Tushaar Shah
Non Executive Director
Profession:
Advisor
|
58
|
May 3, 2010
|
None
|
|||
Mr. Mahendra Kumar Sharma
Non-Executive Director
Profession:
Retired Company Executive
|
63
|
January 31, 2003
|
Director
Birla Corporation Limited
ICICI Lombard General Insurance Company Limited
Thomas Cook (India) Limited
Schrader Duncan limited
Fulford (India) Limited
|
|||
Mr. V. Sridar
Non-Executive Director
Profession:
Advisor
|
63
|
January 21, 2010
|
Director
Aadhar Housing Finance Private Limited
Aban Power Company Limited
Lanco Vidarbha Thermal Power Limited
Morpheus Capital Advisors Private Limited
Ponni Sugars (Erode) Limited
Sarda Metals and Alloys Limited
Securities Trading Corporation of India Limited
Seshasayee Paper & Boards Limited
STCI Primary Dealer Limited
Member – Governing Council
United Stock Exchange Limited
|
Name, designation and profession
|
Age
|
Date of first Appointment
|
Particulars of other Directorship(s) at
September 15, 2010
|
|||
Mr. V. Prem Watsa
Non-Executive Director
Profession:
Company Executive
|
60
|
January 29, 2004
|
Chairman & CEO
Fairfax Financial Holdings Limited
Chairman
Crum & Forster Holdings Corp.
Northbridge Financial Corporation
Odyssey Re Holdings Corp.
TIG Holdings, Inc.
Chairman & President
Fairfax Investments USA Corp.
President
1109519 Ontario Limited
810679 Ontario Limited
2771489 Canada Limited
FFHL Share Option 1 Corp.
The Sixty Two Investment Company Limited
President & CEO
FFHL Group Limited
Vice President & Secretary
Hamblin Watsa Investment Councel Limited
Director
The Six Four Foundation
The Sixty Three Foundation
Cunningham Lindsey Group Limited
|
|||
Ms. Chanda D. Kochhar
Managing Director & CEO
Profession:
Company Executive
|
48
|
April 1, 2001
|
Chairperson
ICICI Bank Eurasia Limited Liability Company
ICICI Bank UK PLC
ICICI Bank Canada
ICICI Prudential Asset Management Company Limited
ICICI Prudential Life Insurance Company Limited
ICICI Securities Limited
ICICI Lombard General Insurance Company Limited
|
|||
Mr. N. S. Kannan
Executive Director & CFO
Profession:
Company Executive
|
45
|
May 1, 2009
|
Chairman
ICICI Securities Primary Dealership Limited
Director
ICICI Lombard General Insurance Company Limited
ICICI Prudential Asset Management Company Limited
ICICI Prudential Life Insurance Company Limited
ICICI Eurasia Limited Liability Company
ICICI Bank UK PLC
|
Name, designation and profession
|
Age
|
Date of first Appointment
|
Particulars of other Directorship(s) at
September 15, 2010
|
|||
Mr. K. Ramkumar
Executive Director
Profession:
Company Executive
|
49
|
February 1, 2009
|
Director
ICICI Prudential Life Insurance Company Limited
ICICI Venture Funds Management Company Limited
|
|||
Mr. Rajiv Sabharwal
Executive Director
Profession:
Company Executive
|
44
|
June 24, 2010
|
Chairman
ICICI Home Finance Company Limited
|
Name
|
Age
|
Designation and Responsibilities
|
Years of work experience
|
Total remuneration
in fiscal
2010(1)
(in Rupees)
|
Bonus for
fiscal 2010
(in Rupees)
|
Stock
options
granted in
fiscal 2010
|
Stock
options
granted in
fiscal 2011
|
Total stock options
granted
through
August 31,
2010
|
Total stock options outstanding
at August 31,
2010(4)
|
Shareholdings
at August 31, 2010(5)
|
|||||||||||||||||||||||||||
Ms. Chanda D. Kochhar
|
48 |
Managing Director and CEO
|
26 | 18,181,944 | 2,693,250 | – | 210,000 | 1,195,000 | 865,000 | 268,925 | |||||||||||||||||||||||||||
Mr. N.S. Kannan(2)
|
45 |
Executive Director and CFO
|
23 | 10,785,856 | 1,724,250 | – | 105,000 | 367,400 | 193,000 | 82,225 | |||||||||||||||||||||||||||
Mr. K. Ramkumar
|
49 |
Executive Director
|
25 | 13,680,930 | 1,881,000 | – | 105,000 | 585,000 | 405,000 | – | |||||||||||||||||||||||||||
Mr. Rajiv Sabharwal(3)
|
44 |
Executive Director
|
18 | – | – | – | 100,000 | 100,000 | 100,000 | – | |||||||||||||||||||||||||||
Mr. Pravir Vohra
|
56 |
Group Chief Technology Officer
|
35 | 13,355,406 | 1,881,000 | – | 105,000 | 509,500 | 405,500 | 26,500 | |||||||||||||||||||||||||||
Mr. Vijay Chandok
|
42 |
Group Executive-International Banking
|
19 | 9,704,257 | 1,077,000 | 35,000 | 35,000 | 376,100 | 274,500 | 9,000 | |||||||||||||||||||||||||||
Ms. Zarin Daruwala
|
45 |
Group Executive- Wholesale Banking
|
20 | 8,104,229 | 894,000 | 32,500 | 32,500 | 285,600 | 218,500 | 45,495 |
(1)
|
Includes salary and other benefits and ICICI Bank’s contribution to superannuation fund, provident and gratuity funds. No bonus was paid in fiscal 2010 for the year 2009.
|
(2)
|
Remuneration for the period May 1, 2009 to March 31, 2010. Prior to his appointment as Executive Director of ICICI Bank, Mr. N. S. Kannan was Executive Director of ICICI Prudential Life Insurance Company.
|
(3)
|
Mr. Rajiv Sabharwal joined ICICI Bank with effect from April 1, 2010.
|
(4)
|
Each stock option, once exercised, is equivalent to one equity share of ICICI Bank. ICICI Bank granted these stock options to its executive officers at no cost. See “— Compensation and Benefits to Directors and Officers — Employee Stock Option
|
(5)
|
Executive officers and directors (including non-executive directors) as a group held about 0.4% of ICICI Bank’s equity shares as of this date.
|
|
·
|
approving corporate philosophy and mission;
|
|
·
|
participating in the formulation of strategic and business plans;
|
|
·
|
reviewing and approving financial plans and budgets;
|
|
·
|
monitoring corporate performance against strategic and business plans, including overseeing operations;
|
|
·
|
ensuring ethical behavior and compliance with laws and regulations;
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|
·
|
reviewing and approving borrowing limits;
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|
·
|
formulating exposure limits; and
|
|
·
|
keeping shareholders informed regarding plans, strategies and performance.
|
Convenience translation
into US$
|
||||||||||||
Year ended March 31,
|
Year ended March 31,
|
|||||||||||
2009
|
2010
|
2010
|
||||||||||
(in millions)
|
(in thousands)
|
|||||||||||
Audit
|
||||||||||||
Audit of ICICI Bank Limited and our subsidiaries
|
Rs. | 210 | Rs. | 215 | US$ | 4,782 | ||||||
Audit-related services
|
– | – | – | |||||||||
Opinion on non-statutory accounts presented in Indian Rupees
|
6 | 9 | 196 | |||||||||
Others
|
7 | 3 | 76 | |||||||||
Sub-total
|
223 | 227 | 5,054 | |||||||||
Non-audit services
|
||||||||||||
Tax services
|
– | – | – | |||||||||
Tax compliance
|
4 | 4 | 81 | |||||||||
Other services
|
28 | 15 | 334 | |||||||||
Sub-total
|
32 | 19 | 415 | |||||||||
Total
|
Rs. | 255 | Rs. | 246 | US$ | 5,469 |
Name and Designation
|
Monthly Salary Range (Rs.)
|
||
Ms. Chanda D. Kochhar, Managing Director and CEO
|
700,000 - 1,350,000 (US$ 15,573- US$ 30,033)
|
||
Mr. N. S. Kannan, Executive Director and CFO
|
300,000 - 1,000,000 (US$ 6,674 - US$ 22,247)
|
||
Mr. K. Ramkumar, Executive Director
|
300,000 - 1,000,000 (US$ 6,674 - US$ 22,247)
|
||
Mr. Rajiv Sabharwal, Executive Director
|
300,000 - 1,000,000 (US$ 6,674 - US$ 22,247)
|
Date of grant
|
Number of
options granted
|
Exercise price
|
||||||||||
February 21, 2000
|
1,713,000 | Rs. | 171.90 | US$ | 3.82 | |||||||
April 26, 2001
|
1,580,200 | 170.00 | 3.78 | |||||||||
March 27, 2002
|
3,155,000 | 120.35 | 2.68 | |||||||||
April 25, 2003
|
7,338,300 | 132.05 | 2.94 |
Date of grant
|
Number of
options granted
|
Exercise price
|
||||||||||
July 25, 2003
|
147,500 | 157.03 | 3.49 | |||||||||
October 31, 2003
|
6,000 | 222.40 | 4.95 | |||||||||
April 30, 2004
|
7,539,500 | 300.10 | 6.68 | |||||||||
September 20, 2004
|
15,000 | 275.20 | 6.12 | |||||||||
April 30, 2005
|
4,906,180 | 359.95 | 8.01 | |||||||||
August 20, 2005
|
70,600 | 498.20 | 11.08 | |||||||||
January 20, 2006
|
5,000 | 569.55 | 12.67 | |||||||||
April 29, 2006
|
6,267,400 | 576.80 | 12.83 | |||||||||
July 22, 2006
|
29,000 | 484.75 | 10.78 | |||||||||
October 24, 2006
|
78,500 | 720.55 | 16.03 | |||||||||
January 20, 2007
|
65,000 | 985.40 | 21.92 | |||||||||
April 28, 2007
|
4,820,300 | 935.15 | 20.80 | |||||||||
July 21, 2007
|
11,000 | 985.85 | 21.93 | |||||||||
October 19, 2007
|
46,000 | 1,036.50 | 23.06 | |||||||||
January 19, 2008
|
40,000 | 1,248.85 | 27.78 | |||||||||
March 8, 2008
|
39,000 | 893.40 | 19.88 | |||||||||
April 26, 2008
|
5,583,500 | 915.65 | 20.37 | |||||||||
July 26, 2008
|
25,000 | 656.75 | 14.61 | |||||||||
October 27, 2008
|
20,500 | 308.50 | 6.86 | |||||||||
April 25, 2009
|
1,728,500 | 434.10 | 9.66 | |||||||||
March 6, 2010
|
2,500 | 901.75 | 20.06 | |||||||||
April 24, 2010
|
2,392,600 | 977.70 | 21.75 | |||||||||
July 31, 2010
|
44,000 | 904.90 | 20.13 |
Date of grant
|
Number of
options granted
|
Exercise price(1)
|
||||||||||
August 3, 1999
|
2,323,750 | Rs. | 85.55 | US$ | 1.90 | |||||||
April 28, 2000
|
2,902,500 | 133.40 | 2.97 | |||||||||
November 14, 2000
|
20,000 | 82.90 | 1.84 | |||||||||
May 3, 2001
|
3,145,000 | 82.00 | 1.82 | |||||||||
August 13, 2001
|
60,000 | 52.50 | 1.17 | |||||||||
March 27, 2002
|
6,473,700 | 60.25 | 1.34 |
(1)
|
The exercise price is equal to the market price of ICICI’s equity shares on the date of grant.
|
Particulars
|
ICICI Bank
|
|||
Options granted
|
55,143,055 | |||
Options vested
|
39,494,858 | |||
Options exercised
|
27,020,059 | |||
Options forfeited/lapsed
|
8,737,727 | |||
Extinguishment or modification of options
|
None
|
|||
Amount realized by exercise of options
|
Rs. | 5,758,988,652 | ||
Total number of options in force
|
19,385,269 |
|
·
|
commercial banks;
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|
·
|
long-term lending institutions;
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·
|
non-bank finance companies, including housing finance companies;
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·
|
other specialized financial institutions, and state-level financial institutions;
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|
·
|
insurance companies; and
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|
·
|
mutual funds.
|
|
·
|
During the first phase (up to March 2009), foreign banks will be allowed to establish a presence by setting up wholly-owned subsidiaries or by converting existing branches into wholly-owned subsidiaries.
|
|
·
|
In addition, during the first phase, foreign banks would be allowed to acquire a controlling stake in a phased manner only in private sector banks that are identified by the Reserve Bank of India for restructuring.
|
|
·
|
For new and existing foreign banks, it has been proposed to go beyond the existing World Trade Organization commitment of allowing increases of 12 branches per year. A more liberal policy will be followed for under-banked areas.
|
|
·
|
During the second phase (from April 2009 onwards), after a review of the first phase, foreign banks would be allowed to acquire up to 74.0% in private sector banks in India.
|
|
·
|
fee-based activities like investment banking and advisory services; and
|
|
·
|
short-term lending activity including making corporate finance and working capital loans.
|
|
·
|
with fiscal stabilization and the government increasingly resorting to market borrowing to raise resources, the statutory liquidity ratio or the proportion of the banks’ net demand and time liabilities that were required to be invested in government securities was reduced from 38.5% in the pre-reform period to 25.0% in October 1997. The Reserve Bank of India currently requires banking companies to maintain a liquidity ratio 25.0%;
|
|
·
|
similarly, the cash reserve ratio or the proportion of a bank’s net demand and time liabilities that was required to be deposited with the Reserve Bank of India was reduced from 15.0% in the pre-reform period to a low of 4.5%. The cash reserve ratio effective April 24, 2010 is 6.0%.
|
|
·
|
special tribunals were created to resolve bad debt problems;
|
|
·
|
most of the restrictions on interest rates for deposits were removed. Commercial banks were allowed to set their own level of interest rates for all deposits except savings bank deposits; and
|
|
·
|
substantial capital infusion to several state-owned banks was approved in order to bring their capital adequacy closer to internationally accepted standards. By the end of fiscal 2002, aggregate re-capitalization amounted to Rs. 217.5 billion. Stronger public sector banks were given permission to issue equity to further increase capital.
|
|
·
|
permit all banking companies to issue preference shares that will not carry any voting rights;
|
|
·
|
make prior approval of the Reserve Bank of India mandatory for the acquisition of more than 5.0% of a banking company’s paid- up capital or voting rights by any individual or firm or group; and
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|
·
|
remove the 10.0% limit on the maximum voting power exercisable by a shareholder in a banking company.
|
|
·
|
With effect from April 1, 2010, payment of interest on savings bank accounts of scheduled commercial banks would be calculated on a daily product basis and not on minimum balances held in the accounts
|
|
·
|
Constitute a working group to review the present benchmark prime lending rate system and suggest changes to make credit pricing more transparent.
|
|
·
|
Preparation of a discussion paper by September 2010 on the mode of presence of foreign banks through branches or wholly owned subsidiaries.
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·
|
Preparation of a discussion paper by end-July 2010 discussing international practices, the Indian experience and also the current ownership and governance guidelines in considering whether to grant additional banking licenses to private sector players.
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·
|
Constituting a working group to recommend a roadmap for the introduction of a holding company structure.
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·
|
a minimum net owned fund of Rs. 3 million is mandatory before existing non-bank finance companies may accept public deposits;
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·
|
a minimum investment grade rating is compulsory for loan and investment companies accepting public deposits, even if they have the minimum net owned funds;
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·
|
permission to accept public deposits was also linked to the level of capital to risk assets ratio. Different capital to risk assets ratio levels for non-bank finance companies with different ratings were specified; and
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|
·
|
non-bank finance companies were advised to restrict their investments in real estate to 10.0% of their net owned funds.
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·
|
interest and/or installment of principal remains overdue for a period of more than 90 days in respect of a term loan;
|
·
|
the account remains “out-of-order” (as defined below) for a period of more than 90 days in respect of an overdraft or cash credit;
|
·
|
the bill remains overdue for a period of more than 90 days in case of bills purchased and discounted;
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·
|
installment of principal or interest remains overdue for two crop seasons for short duration crops or for one crop season for long duration crops;
|
·
|
the amount of liquidity facility remains outstanding for more than 90 days, in respect of a securitization transaction undertaken in accordance with the Reserve Bank of India guidelines on securitization issued on February 1, 2006; or
|
·
|
in respect of derivative transactions, the overdue receivables related to positive mark-to-market value of a derivative contract, if these remain unpaid for a period of 90 days from the specified due date for payment.
|
·
|
Standard Assets: A general provision of 0.40% (0.25% until fiscal 2005) is required, other than for direct advances to the agriculture and small and medium enterprise sectors which continue to attract a provisioning of 0.25%. In fiscal 2007, the Reserve Bank of India increased the general provisioning requirement for standard advances in specific sectors including residential housing loans greater than Rs 2.0 million from 0.40% to 1.00%. In January 2007, the general provisioning requirement for real estate sector loans (excluding residential housing loans), credit card receivables, loans and advances qualifying as capital market exposure, personal loans and exposures to non-deposit taking systemically important non-
|
·
|
Sub-Standard Assets: A general provision of 10.0% of the total outstanding is required. However, unsecured exposures, which are identified as sub-standard attract an additional provision of 10.0%, i.e., a total of 20.0% on the outstanding balance. In April 2010, an exception was given to infrastructure loan accounts classified as sub-standard, which attract a provisioning of 15%.
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·
|
Doubtful Assets: A 100.0% provision/write-off is required to be done against the unsecured portion of the doubtful asset and charged against income. For the secured portion of assets classified as doubtful, 20.0% provision is required to be made for assets that have been classified as doubtful for a year, 30.0% for assets that have been classified as doubtful for one to three years and 100.0% assets classified as doubtful for more than three years. The value assigned to the collateral securing a loan is the amount reflected on the borrower’s books or the realizable value determined by third party appraisers.
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·
|
Loss Assets: The entire asset is required to be written off or provided for.
|
·
|
Restructured Loans: Until August 27, 2008, a provision equal to the difference between the present value of the future interest as per the original loan agreement and the present value of future interest on the basis of rescheduled terms at the time of restructuring was required to be made. For loans restructured after August 27, 2008, a provision equal to the difference between the fair value of the loan before and after restructuring is required to be made. The fair value of the loan before restructuring is computed as the present value of cash flows representing the interest at the existing rate charged on the loan before restructuring and the principal. The fair value of the loan after restructuring is computed as the present value of cash flows representing the interest at the rate charged on the loan on restructuring and the principal. Both sets of cash flows are discounted by the bank’s Benchmark Prime Lending Rate as on the date of restructuring plus the appropriate term premium and credit risk premium for the borrower category on the date of restructuring.
|
·
|
The Reserve Bank of India has prescribed norms for bank lending to non-bank finance companies and financing of public sector disinvestment.
|
·
|
Banks are free to determine their own lending rates but each bank must declare its prime lending rate as approved by its Board of Directors. Banks are required to declare a benchmark prime lending rate based on various parameters including cost of funds, non-interest expense, capital charge and profit margin. Each bank should also indicate the maximum spread over the prime lending rate for all credit exposures other than retail loans. The interest charged by banks on advances up to Rs. 200,000 to any one entity (other than certain permitted types of loans including loans to individuals for acquiring residential property, loans for purchase of consumer durables and other non-priority sector personal loans) must not exceed the prime lending rate. Banks are also given freedom to lend at a rate below the prime lending rate in respect of creditworthy borrowers and exposures. Interest rates for certain categories of advances are regulated by the Reserve Bank of India. From July 1, 2010, the benchmark prime lending rate was replaced by the base rate, which takes into consideration all elements of lending rates that are common across borrowers. The base rate is the minimum rate for all loans, banks are not permitted to lend below the base rate except for Differential Rate of Interest advances, loans to banks’ own employees and loans to banks’ depositors against their own deposits. Accordingly, the current stipulation of prime lending rate as the ceiling rate for loans up to Rs. 200,000 has been withdrawn. Banks have been permitted to arrive at the base rate for a specific tenor that would be needed to be disclosed transparently. Further, banks have been permitted to determine their final lending rates on loans and advances with reference to the base rate and by including such other customer specific charges as they consider appropriate. Until such time that loans linked to the benchmark prime lending rate exists, both the benchmark prime lending rate and the base rate would have to be announced by banks.
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·
|
Section 21A of the Banking Regulation Act provides that the rate of interest charged by a bank shall not be reopened by any court on the ground that the rate of interest charged by a bank is excessive. In May 2007, the Reserve Bank of India notified that the boards of banks should lay down internal principles and procedures so that interest rates charged by banks are in conformity with normal banking prudence and are not usurious.
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·
|
The exposure ceiling for a single borrower is 15.0% of capital funds and group exposure limit is 40.0% of capital funds. In case of financing for infrastructure projects, the exposure limit to a single borrower is extendable by another 5.0%, i.e., up to 20.0% of capital funds and the group exposure limit is extendable by another 10.0%, i.e., up to 50.0% of capital funds. Effective May 29, 2008, the exposure limit in respect of single borrower was raised to 25.0% of capital funds in respect of oil companies who were issued oil bonds. Banks may, in exceptional circumstances, with the approval of their Board of Directors, consider enhancement of the exposure to a borrower up to a maximum of further 5.0% of capital funds, subject to the borrower consenting to the banks making appropriate disclosures in their annual reports.
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·
|
From July 1, 2008, exposures to public sector undertakings were exempted from group exposure limits.
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·
|
Capital funds are the total capital as defined under capital adequacy norms (tier I and tier II capital).
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·
|
Exposure shall include credit exposure (funded and non-funded credit limits) and investment exposure (including underwriting and similar commitments). Non-fund based exposures are calculated at 100.0% and in addition, banks include forward contracts in foreign exchange and other derivative products, like currency swaps and options, at their replacement cost value in determining individual or group borrower exposure ceilings, effective April 1, 2003.
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·
|
single borrower exposure limit of 15.0% of capital funds (20.0% of capital funds provided the additional exposure of up to 5.0% is for the purpose of financing infrastructure projects);
|
·
|
borrower group exposure limit of 40.0% of capital funds (50.0% of capital funds provided the additional exposure of up to 10.0% is for the purpose of financing infrastructure projects);
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·
|
deduction from tier I capital of the bank, of any shortfall in capital adequacy of a subsidiary for which capital adequacy norms are specified; and
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·
|
consolidated capital market exposure limit of 40.0% of consolidated net worth with a direct investment limit of 20.0% of consolidated net worth (applicable from fiscal 2008).
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·
|
identification of financial conglomerates that would be subjected to focused regulatory oversight;
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·
|
monitoring intra-group transactions and exposures and large exposures of the group to outside counter parties;
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·
|
identifying a designated entity within each group that would collate data in respect of all other group entities and furnish the same to its regulator; and
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·
|
formalizing a mechanism for inter-regulatory exchange of information.
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·
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The entire investment portfolio is required to be classified under three categories: (a) held to maturity, (b) held for trading and (c) available for sale. Held to maturity includes securities so classified in accordance with the Reserve Bank of India guidelines; held for trading includes securities acquired with the intention of being traded to take advantage of the short-term price/interest rate movements; and available for sale includes securities not included in held to maturity and held for trading. Banks should decide the category of investment at the time of acquisition.
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·
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The held to maturity category can include statutory liquidity ratio securities up to 25 percent of the demand and time liabilities and certain non-statutory liquidity ratio securities, including fresh re-capitalization bonds received from the government of India towards re-capitalization requirement and held in the investment portfolio, fresh investment in the equity of subsidiaries and joint ventures, Rural Infrastructure
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·
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Profit or loss on the sale of investments in both held for trading and available for sale categories is taken in the income statement. Profit on the sale of investments in the held to maturity category, net of tax and statutory reserve, is appropriated to the capital reserve account after being taken in the income statement. Loss on any sale is recognized in the income statement.
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·
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The market price of the security available from the stock exchange, the price of securities in subsidiary general ledger transactions, the Reserve Bank of India price list or prices declared by Primary Dealers Association of India jointly with the Fixed Income Money Market and Derivatives Association of India serves as the “market value” for investments in available for sale and held for trading securities.
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·
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Investments under the held for trading category should be sold within 90 days; in the event of inability to sell due to adverse factors including tight liquidity, extreme volatility or a unidirectional movement in the market, the unsold securities should be shifted to the available for sale category.
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·
|
Shifting of investments from or to held to maturity may be done with the approval of the Board of Directors once a year, normally at the beginning of the accounting year; shifting of investments from available for sale to held for trading may be done with the approval of the Board of Directors, the Asset Liability Management Committee or the Investment Committee; shifting from held for trading to available for sale is generally not permitted.
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·
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Time deposits are of Rs. 2 million and above; and
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Interest on deposits is paid in accordance with the schedule of interest rates disclosed in advance by the bank and not pursuant to negotiation between the depositor and the bank.
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·
|
engage in foreign exchange transactions in all currencies;
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open and maintain foreign currency accounts abroad;
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|
raise foreign currency and rupee denominated deposits from non-resident Indians;
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grant foreign currency loans to on-shore and off-shore corporations;
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|
open documentary credits;
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|
grant import and export loans;
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handle collection of bills, funds transfer services;
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·
|
issue guarantees; and
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·
|
enter into derivative transactions and risk management activities that are incidental to its normal functions authorized under its organizational documents.
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·
|
the source and stability of funds for the acquisition and ability to access financial markets as a source of continuing financial support for the bank;
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·
|
the business record and experience of the applicant including any experience of acquisition of companies;
|
·
|
the extent to which the acquirer’s corporate structure is in consonance with effective supervision and regulation of its operations; and
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·
|
in case the applicant is a financial entity, whether the applicant is a widely held entity, publicly listed and a well established regulated financial entity in good standing in the financial community.
|
·
|
No single entity or group of related entities would be permitted to directly or indirectly hold or control more than 10.0% of the paid up equity capital of a private sector bank and any higher level of acquisition would require the Reserve Bank of India’s prior approval;
|
·
|
In respect of corporate shareholders, the objective will be to ensure that no entity or group of related entities has a shareholding in excess of 10.0% in the corporate shareholder. In case of shareholders that are financial entities, the objective will be to ensure that it is widely held, publicly listed and well regulated;
|
·
|
The Reserve Bank of India may permit a higher level of shareholding in case of restructuring of problem banks or weak banks or in the interest of consolidation in the banking industry;
|
·
|
No single non-resident Indian can invest in excess of 5.0% of the paid-up capital of a private sector bank. The aggregate limit for investments by non-resident Indians is restricted to 10.0% of a private sector bank’s paid-up capital and can be increased to 24.0% of the bank’s paid-up capital by approval of its Board of Directors;
|
·
|
Banks would be responsible for compliance with the “fit and proper” criteria for shareholders on an ongoing basis; and
|
·
|
Banks where shareholders holdings are in excess of the prescribed limit would have to indicate a plan for compliance.
|
·
|
The capital adequacy ratio is at least 9.0% for the preceding two completed years and the accounting year for which the bank proposes to declare a dividend.
|
·
|
The net non-performing asset ratio is less than 7.0%.
|
·
|
The Bank is in compliance with the prevailing regulations and guidelines issued by the Reserve Bank of India, including the creation of adequate provision for the impairment of assets, staff retirement benefits, transfer of profits to statutory reserves, etc.
|
·
|
The proposed dividend will be paid out of the current year’s profit.
|
·
|
The Reserve Bank of India has not placed any explicit restrictions on the bank regarding the declaration of dividends.
|
·
|
The dividend payout ratio (calculated as a percentage of dividend payable in a year to net profit during the year) must not exceed 40.0%. The maximum permissible dividend payout ratio would vary from bank to bank, depending on the capital adequacy ratio in each of the last three years and the net non-performing asset ratio.
|
·
|
In case the profit for the relevant period includes any extraordinary income, the payout ratio must be calculated after excluding that income for compliance with the prudential payout ratio.
|
·
|
The financial statements pertaining to the financial year for which the bank is declaring a dividend should be free of any qualification by the statutory auditors, which might have an adverse effect on the profit during that year. In case there are any such qualifications, the net profit should be suitably adjusted while computing the dividend payout ratio.
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·
|
inter-bank liabilities;
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·
|
liabilities to primary dealers;
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·
|
refinancing from the Reserve Bank of India and other institutions permitted to offer refinancing to banks; and
|
·
|
perpetual debt qualifying for lower tier I capital treatment.
|
·
|
assets, liabilities and off-balance sheet exposures;
|
·
|
the risk weighting of these exposures, the capital base and the capital adequacy ratio;
|
·
|
the unaudited operating results for each quarter;
|
·
|
asset quality;
|
·
|
concentration of exposures;
|
·
|
connected and related lending and the profile of ownership, control and management; and
|
·
|
other prudential parameters.
|
·
|
where disclosure is required to be made under any law;
|
·
|
where there is an obligation to disclose to the public;
|
·
|
where we need to disclose information in its interest; and
|
·
|
where disclosure is made with the express or implied consent of the customer.
|
·
|
No separate assigned capital is required. However, the parent bank is required to provide a minimum of US$ 10 million to its offshore banking unit.
|
·
|
Offshore Banking Units are exempt from cash reserve ratio requirements.
|
·
|
The Reserve Bank of India may exempt a bank’s offshore banking unit from statutory liquidity ratio requirements on specific application by the bank.
|
·
|
An offshore banking unit may not enter into any transactions in foreign exchange with residents in India, unless such a person is eligible to enter into or undertake such transactions under the Foreign Exchange Management Act, 1999.
|
·
|
All prudential norms applicable to overseas branches of Indian banks apply to Offshore Banking Units.
|
·
|
Offshore banking units are required to adopt liquidity and interest rate risk management policies prescribed by the Reserve Bank of India in respect of overseas branches of Indian banks as well as within the overall risk management and asset and liability management framework of the bank subject to monitoring by the bank’s Board of Directors at prescribed intervals. Further, the bank’s board would be required to set comprehensive overnight limits for each currency for these branches, which would be separate from the open position limit of the parent bank.
|
·
|
Offshore banking units may raise funds in convertible foreign currency as deposits and borrowings from non-residents including non-resident Indians but excluding overseas corporate bodies.
|
·
|
Offshore banking units may operate and maintain balance sheets only in foreign currency.
|
·
|
The loans and advances of Offshore Banking Units would not be reckoned as net bank credit for computing priority sector lending obligations.
|
·
|
Offshore banking units must follow the Know Your Customer guidelines and must be able to establish the identity and address of the participants in a transaction, the legal capacity of the participants and the identity of the beneficial owner of the funds.
|
·
|
Lend outside India and take part in international syndications/consortiums on par with foreign offices.
|
·
|
Invest in foreign currency denominated debt of Indian units: and
|
·
|
Extend facilities to subsidiaries/units of Indian entities, located outside India.
|
·
|
The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 provides for establishment of Debt Recovery Tribunals for expeditious adjudication and recovery of debts due to any bank or Public Financial Institution or to a consortium of banks and Public Financial Institutions. Under this Act, the procedures for recoveries of debt have been simplified and time frames have been fixed for speedy disposal of cases. Upon establishment of the Debt Recovery Tribunal, no court or other authority can exercise jurisdiction in relation to matters covered by this Act, except the higher courts in India in certain circumstances.
|
·
|
The Sick Industrial Companies Act, 1985, provides for reference of sick industrial companies to the Board for Industrial and Financial Reconstruction. Under the Act, other than the Board of Directors of a company, a scheduled bank (where it has an interest in the sick industrial company by any financial assistance or obligation, rendered by it or undertaken by it) may refer the company to the Board of Industrial and Financial Reconstruction.
|
·
|
The Securitization Act focuses on improving the rights of banks and financial institutions and other specified secured creditors as well as asset reconstruction companies by providing that such secured creditors can take over management control of a borrower company upon default and/or sell assets without the intervention of courts, in accordance with the provisions of the Securitization Act.
|
·
|
We are allowed a deduction of up to 20% of the profits derived from the business of providing long-term finance (defined as loans and advances extended for a period of not less than five years) computed in the manner specified under the Indian Income Tax Act and carried to a Special Reserve account. The deduction is allowed subject to the aggregate of the amounts transferred to the Special Reserve Account for this purpose from time to time not exceeding twice our paid-up share capital and general reserves. The amount withdrawn from such a Special Reserve Account would be chargeable to income tax in the year of withdrawal, in accordance with the provisions of the Income-tax Act.
|
·
|
We are entitled to a tax deduction on the provisioning towards bad and doubtful debts equal to 7.5% of our total business income, computed before making any deductions permitted pursuant to Chapter VIA of the Indian Income-tax Act, and to the extent of 10.0% of the aggregate average advances made by our rural branches computed in the manner prescribed. We have the option of claiming a deduction in excess of the specified limits, for an amount not exceeding the income derived from redemption of securities in accordance with the scheme framed by the central government.
|
·
|
We are entitled to a tax deduction, for income from an offshore banking unit in a special economic zone, at the rate of 100.0% for a period of five consecutive years beginning with the year in which permission under Banking Regulation Act, 1949 is obtained, i.e., up to March 31, 2008 for Offshore Banking Unit in
|
·
|
the shares are purchased on a recognized stock exchange;
|
·
|
the Indian company has issued ADSs;
|
·
|
the shares are purchased with the permission of the custodian of the ADSs of the concerned Indian company and are deposited with the custodian;
|
·
|
the number of shares so purchased shall not exceed the number of ADSs converted into underlying shares and shall be subject to sectoral caps as applicable; and
|
·
|
the non-resident investor, broker, custodian and the overseas depositary comply with the provisions of the Scheme for Issue of Foreign Currency Convertible Bonds and Ordinary Shares (through Depositary Receipt Mechanism) Scheme, 1993 and the guidelines issued there under by the government of India from time to time.
|
·
|
deposits or certificates of deposit or other products offered by banks who have been rated by Standard and Poor’s Ratings Service/Fitch, IBCA or by Moody’s Investors Service; and such rating not being less than the applicable rating stipulated by the Reserve Bank of India from time to time for the purpose.
|
·
|
deposits with an overseas branch of an authorized dealer in India; and
|
·
|
treasury bills and other monetary instruments with a maturity or unexpired maturity of one-year or less.
|
·
|
Foreign investors may own up to 74.0% of our equity share capital subject to conformity with guidelines issued by the Reserve Bank of India from time to time. This limit is under the automatic route and does not require specific approval of the Foreign Investment Promotion Board. It includes investments by way of foreign direct investment, ADSs, Global Depositary Receipts and investment under the Portfolio Investment Scheme by foreign institutional investors and also non-resident Indians, and also includes shares acquired by subscription to private placements and public offerings and acquisition of shares from existing shareholders. At least 26% of the paid up equity capital would have to be held by residents. The Reserve Bank of India released its roadmap for foreign banks in India. The roadmap was divided into two phases. During the first phase, between March 2005 and March 2009, foreign banks were allowed to acquire a controlling stake in a phased manner only in private sector banks that are identified by the Reserve Bank of India for restructuring. The second phase was scheduled to commence in April 2009 after a review of the experience gained and after due consultation with all the stakeholders in the banking sector. For new and existing foreign banks, it was proposed to go beyond the existing commitment to the World Trade Organization of allowing an increase of 12 branches per year. A more liberal policy was to be followed for under-banked areas. However, in April 2009, in view of the deterioration in the global financial markets, the Reserve Bank of India decided to put on hold the second phase until greater clarity emerged on recovery as well as the reformed global regulatory and supervisory architecture. In the annual policy review for fiscal 2011, the Reserve Bank of India indicated that a draft discussion paper on the mode of presence of foreign banks would be released during fiscal 2011. The Reserve Bank of India has indicated that the current policy and procedures governing the presence of foreign banks in India will continue until such time.
|
·
|
Indian companies can raise foreign currency resources abroad through the issue of ADSs, in accordance with the Scheme for Issue of Foreign Currency Convertible Bonds and Ordinary Shares (through Depository Receipt Mechanism), 1993 (“FCCB Scheme”) and guidelines issued by the government of India there under from time to time. The policy for External Commercial Borrowings is also applicable to FCCBs. Under the FCCB Scheme, foreign investors may purchase ADSs, subject to the receipt of all necessary government approvals at the time the depositary receipt program is set up. The government of India announced the Issue of Foreign Currency Exchangeable Bonds Scheme, 2008 on February 15, 2008 and the policy was implemented through a Reserve Bank of India circular dated September 23, 2008 to facilitate the issue of bonds expressed in a foreign currency exchangeable into equity shares of another group company.
|
·
|
Under the portfolio investment scheme, foreign institutional investors, subject to registration with the Securities and Exchange Board of India, may hold in aggregate up to 24.0% of our paid-up equity capital, and 24.0% of the total paid-up value of each series of convertible debentures, within the aggregate 74.0% limit mentioned above, and this limit may be raised to 49% subject to the approval of the board and the general body of the company passing a special resolution to that effect provided that no single foreign
|
·
|
A person residing outside India (other than a non-resident Indian and overseas corporate bodies) may transfer by way of sale or gift the shares or convertible debentures to any person residing outside India (including a non-resident Indian), subject to, the transferee is required to obtain prior permission of Secretarial for Industrial Assistance/Foreign Investment Promotion Board to acquire the shares if he has previous venture or tie-up in India through investment/technical collaboration/trade mark agreement in the same field in which the Indian company, whose shares are being transferred, is engaged. This restriction is, however, not applicable to the transfer of shares to international financial institutions such as The Asian Development Bank, International Financial Corporation, Commonwealth Development Corporation, Deutsche Entwicklungs Gescelschaft and transfer of shares to an Indian company engaged in information technology sector.
|
·
|
The Reserve Bank of India’s guidelines relating to acquisition by purchase or otherwise of equity shares of a private sector bank, if such acquisition results in any person owning or controlling 5.0% or more of the paid up equity capital of the bank, are also applicable to foreign investors investing in our shares. For more details on the Reserve Bank of India guidelines relating to acquisition by purchase or otherwise of shares of a private bank, see “Supervision and Regulation — Reserve Bank of India Regulations — Ownership Restrictions”.
|
Dividend per
equity share
|
Total amount of
dividends paid
|
|||||||
(Rs. in millions)
|
||||||||
Dividend paid during the fiscal year
|
||||||||
2006
|
8.50 | 6,292 | ||||||
2007
|
8.50 | 7,583 | ||||||
2008
|
10.00 | 9,030 | ||||||
2009
|
11.00 | 12,245 | ||||||
2010
|
11.00 | 12,247 |
·
|
a citizen or resident of the United States;
|
·
|
a corporation, or other entity taxable as a corporation, organized under the laws of the United States or of any political subdivision of the United States; or
|
·
|
an estate or trust the income of which is includable in gross income for US federal income tax purposes regardless of its source.
|
·
|
insurance companies;
|
·
|
tax-exempt entities;
|
·
|
dealers and certain traders in securities;
|
·
|
certain financial institutions;
|
·
|
persons who own the ADSs or equity shares as part of an integrated investment (including a straddle or conversion transaction) comprised of the ADS or equity shares, and one or more other positions for US federal income tax purposes;
|
·
|
persons whose functional currency is not the US dollar;
|
·
|
persons who acquired the ADSs or equity shares pursuant to the exercise of any employee stock option or otherwise as compensation;
|
·
|
persons who own, actually or constructively, 10.0% or more of ICICI Bank’s voting stock; or
|
·
|
partnerships or other entities classified as partnerships for US federal income tax purposes.
|
·
|
Article 140 of the Articles of Association provides that no director of ICICI Bank shall, as a director, take any part in the discussion of or vote on any contract or arrangement if such director is directly or indirectly concerned or interested in such contract or arrangement.
|
·
|
Directors have no powers to vote in absence of a quorum.
|
·
|
Article 83 of the Articles of Association provides that the directors may by a resolution passed at a meeting of the board of directors borrow moneys and raise and secure the payment of amounts in a manner and upon such terms and conditions in all respects as they think fit and in particular by the issue of bonds, debenture stock, or any mortgage or charge or other security on the undertaking or the whole or any part of the property of ICICI Bank (both present and future) including our uncalled capital.
|
Exhibit No.
|
Description of Document
|
1.1
|
ICICI Bank Memorandum of Association, as amended (incorporated by reference to ICICI Bank’s Annual Report on Form 20-F for fiscal 2008 filed on September 29, 2008).
|
1.2
|
ICICI Bank Articles of Association, as amended (incorporated by reference to ICICI Bank’s Annual Report on Form 20-F for fiscal 2008 filed on September 29, 2008).
|
2.1
|
Deposit Agreement among ICICI Bank, Deutsche Bank and the holders from time to time of American Depositary Receipts issued thereunder (including as an exhibit, the form of American Depositary Receipt) (incorporated herein by reference to ICICI Bank’s Registration Statement on Form F-1 (File No. 333-30132)).
|
2.2
|
Letter Agreements dated February 19, 2002 and April 1, 2002 (incorporated herein by reference to ICICI Bank’s Annual Report on Form 20-F for the year ended March 31, 2002 filed on September 30, 2002) and Letter Agreement dated March 8, 2005 (incorporated by reference to ICICI Bank’s Registration Statement on Form F-3 (File No. 333-121664) amending and supplementing the Deposit Agreement.
|
2.3
|
ICICI Bank’s Specimen Certificate for Equity Shares (incorporated herein by reference to ICICI Bank’s Registration Statement on Form F-1 (File No. 333-30132)).
|
4.1
|
ICICI Bank’s Employee Stock Option Plan, as amended (incorporated by reference to ICICI Bank’s Annual Report on Form 20-F for fiscal 2004 filed on September 29, 2004).
|
8.1
|
List of Subsidiaries (included under “Business — Subsidiaries and Joint Ventures” herein).
|
11.1
|
Code of Business Conduct and Ethics, as amended (incorporated by reference to ICICI Bank’s Annual Report on Form 20-F for fiscal 2008 filed on September 29, 2008).
|
12.1
|
Certification of the Managing Director and Chief Executive Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act.
|
12.2
|
Certification of the Executive Director and Chief Financial Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act.
|
13
|
Certification of periodic financial report pursuant to 18 USC. Section 1350, as mandated by Section 906 of the Sarbanes-Oxley Act.
|
15
|
Basel II – Pillar 3 Disclosures (Consolidated).
|
For ICICI BANK LIMITED | |||
By: |
/s/ N.S. Kannan
|
||
Name: |
Mr. N.S. Kannan
|
||
Title: |
Executive Director and Chief Financial Officer
|
Contents
|
Page |
F-2
|
|
F-4
|
|
F-5
|
|
F-6
|
|
F-8
|
At
|
||||||||||||
Schedule
|
March 31, 2009
|
March 31, 2010
|
||||||||||
CAPITAL AND LIABILITIES
|
||||||||||||
Capital
|
1 | 11,132,898 | 11,148,892 | |||||||||
Reserves and surplus
|
2 | 456,642,444 | 501,816,108 | |||||||||
Minority interest
|
2A | 9,105,054 | 12,704,046 | |||||||||
Deposits
|
3 | 2,618,557,532 | 2,415,722,960 | |||||||||
Borrowings
|
4 | 1,160,663,538 | 1,156,983,219 | |||||||||
Liabilities on policies in force
|
310,535,993 | 539,654,286 | ||||||||||
Other liabilities and provisions
|
5 | 260,272,215 | 255,443,442 | |||||||||
TOTAL CAPITAL AND LIABILITIES
|
4,826,909,674 | 4,893,472,953 | ||||||||||
ASSETS
|
||||||||||||
Cash and balances with Reserve Bank of India
|
6 | 178,754,485 | 278,502,787 | |||||||||
Balances with banks and money at call and short notice
|
7 | 171,859,371 | 192,938,426 | |||||||||
Investments
|
8 | 1,481,070,029 | 1,863,197,840 | |||||||||
Advances
|
9 | 2,661,304,659 | 2,257,781,280 | |||||||||
Fixed assets
|
10 | 44,974,589 | 38,622,924 | |||||||||
Other assets
|
11 | 288,946,541 | 262,429,696 | |||||||||
TOTAL ASSETS
|
4,826,909,674 | 4,893,472,953 | ||||||||||
Contingent liabilities
|
12 | 8,677,884,034 | 8,205,199,348 | |||||||||
Bills for collection
|
60,026,585 | 67,188,608 | ||||||||||
Significant accounting policies and notes to accounts
|
18 & 19
|
|||||||||||
Year ended
|
|||||||||||||||||
Schedule
|
March 31, 2008
|
March 31, 2009
|
March 31, 2010
|
||||||||||||||
I. |
INCOME
|
||||||||||||||||
Interest earned
|
13 | 340,949,565 | 362,507,064 | 301,537,078 | |||||||||||||
Other income
|
14 | 259,581,255 | 279,023,743 | 294,460,648 | |||||||||||||
TOTAL INCOME | 600,530,820 | 641,530,807 | 595,997,726 | ||||||||||||||
II. |
EXPENDITURE
|
||||||||||||||||
Interest expended
|
15 | 257,669,754 | 264,872,527 | 207,291,861 | |||||||||||||
Operating expenses
|
16 | 270,434,081 | 281,857,874 | 277,332,381 | |||||||||||||
Provisions and contingencies
|
17 | 41,274,341 | 61,006,187 | 62,939,335 | |||||||||||||
TOTAL EXPENDITURE | 569,378,176 | 607,736,588 | 547,563,577 | ||||||||||||||
III. |
PROFIT/LOSS
|
||||||||||||||||
Net profit for the year
|
31,152,644 | 33,794,219 | 48,434,149 | ||||||||||||||
Less: Minority interest
|
(2,829,656 | ) | (1,975,285 | ) | 1,731,204 | ||||||||||||
Net profit/(loss) after minority interest
|
33,982,300 | 35,769,504 | 46,702,945 | ||||||||||||||
Profit/(loss) brought forward
|
(73,672 | ) | 5,496,834 | 5,371,720 | |||||||||||||
TOTAL PROFIT/(LOSS) | 33,908,628 | 41,266,338 | 52,074,665 | ||||||||||||||
IV. |
APPROPRIATIONS/TRANSFERS
|
||||||||||||||||
Transfer to Statutory Reserve
|
10,400,000 | 9,400,000 | 10,070,000 | ||||||||||||||
Transfer to Reserve Fund
|
3,138 | 4,221 | 2,170 | ||||||||||||||
Transfer to Capital Reserve
|
1,270,000 | 8,180,000 | 4,440,000 | ||||||||||||||
Transfer to Investment Reserve Account
|
-- | -- | 1,160,000 | ||||||||||||||
Transfer to General Reserve
|
-- | -- | 10,369 | ||||||||||||||
Transfer to Special Reserve
|
1,892,500 | 2,870,000 | 3,330,000 | ||||||||||||||
Transfer to Revenue and other reserves
|
491,080 | 1,105,116 | 511,464 | ||||||||||||||
Dividend (including corporate dividend tax) for the previous year paid during the year
|
43,900 | 5,811 | 929 | ||||||||||||||
Proposed equity share dividend
|
12,239,618 | 12,245,771 | 13,378,604 | ||||||||||||||
Proposed preference share dividend
|
35 | 35 | 35 | ||||||||||||||
Corporate dividend tax
|
2,071,523 | 2,083,664 | 2,284,688 | ||||||||||||||
Balance carried over to Balance Sheet
|
5,496,834 | 5,371,720 | 16,886,406 | ||||||||||||||
TOTAL | 33,908,628 | 41,266,338 | 52,074,665 | ||||||||||||||
Significant accounting policies and notes to accounts
|
18 & 19
|
||||||||||||||||
Earnings per share (Refer Note 19.1)
|
|||||||||||||||||
Basic (Rs)
|
32.19 | 32.13 | 41.93 | ||||||||||||||
Diluted (Rs)
|
32.00 | 32.07 | 41.72 | ||||||||||||||
Face value per share (Rs)
|
10.00 | 10.00 | 10.00 |
PARTICULARS
|
Year ended
|
|||||||||||
March 31, 2008
|
March 31, 2009
|
March 31, 2010
|
||||||||||
Cash flow from operating activities
|
||||||||||||
Net profit before taxes
|
45,079,134 | 51,658,808 | 64,055,237 | |||||||||
Adjustments for:
|
||||||||||||
Depreciation and amortization
|
8,721,642 | 10,034,785 | 9,085,111 | |||||||||
Net (appreciation)/depreciation on investments
|
14,493,875 | 17,990,288 | 4,526,200 | |||||||||
Provision in respect of non-performing assets (including prudential provision on standard assets)
|
27,723,909 | 39,115,672 | 44,745,424 | |||||||||
Provision for contingencies & others
|
1,723,502 | (303,901 | ) | 513,461 | ||||||||
(Profit)/loss on sale of fixed assets
|
(613,379 | ) | (14,611 | ) | (821,610 | ) | ||||||
97,128,683 | 118,481,041 | 122,103,823 | ||||||||||
Adjustments for:
|
||||||||||||
(Increase)/decrease in investments
|
(132,276,092 | ) | (4,416,202 | ) | (216,921,819 | ) | ||||||
(Increase)/decrease in advances
|
(423,725,121 | ) | (185,733,697 | ) | 358,364,395 | |||||||
Increase/(decrease) in borrowings
|
100,659,704 | 41,331,233 | (3,820,938 | ) | ||||||||
Increase/(decrease) in deposits
|
270,566,682 | (151,274,780 | ) | (202,834,572 | ) | |||||||
(Increase)/decrease in other assets
|
(40,067,589 | ) | (39,234,654 | ) | 28,724,367 | |||||||
Increase/(decrease) in other liabilities and provisions
|
173,249,913 | 16,998,654 | 229,307,649 | |||||||||
(51,592,503 | ) | (322,329,446 | ) | 192,819,082 | ||||||||
(Payment)/refund of taxes (net)
|
(23,865,900 | ) | (18,405,479 | ) | (19,414,369 | ) | ||||||
Net cash flow from operating activities (A)
|
21,670,280 | (222,253,884 | ) | 295,508,536 | ||||||||
Cash flow from investing activities
|
||||||||||||
Purchase of fixed assets
|
(13,779,728 | ) | (13,071,158 | ) | (6,654,131 | ) | ||||||
Proceeds from sale of fixed assets
|
1,100,906 | 897,114 | 3,374,730 | |||||||||
(Purchase)/sale of held to maturity securities
|
(278,393,897 | ) | 90,016,170 | (152,852,224 | ) | |||||||
Acquisition of business by a subsidiaries (net of cash acquired)
|
- | (140,002 | ) | -- | ||||||||
Net cash generated from investing activities (B)
|
(291,072,719 | ) | 77,702,124 | (156,131,625 | ) | |||||||
Cash flow from financing activities
|
||||||||||||
Proceeds from issue of share capital (including ESOPs) net of issue expense
|
197,945,383 | 522,062 | 1,175,994 | |||||||||
Net proceeds/(repayment) of bonds (including subordinated debt)
|
138,335,874 | 44,144,641 | (1,247,434 | ) | ||||||||
Dividend and dividend tax paid
|
(11,124,591 | ) | (14,229,374 | ) | (14,348,954 | ) | ||||||
Net cash generated from financing activities (C)
|
325,156,666 | 30,437,329 | (14,420,394 | ) | ||||||||
Effect of exchange fluctuation on translation reserve (D)
|
(1,721,319 | ) | 11,441,514 | (4,129,160 | ) | |||||||
Net cash and cash equivalent received from the Sangli Bank Ltd. on amalgamation (E)
|
2,362,563 | -- | -- |
PARTICULARS
|
Year ended
|
|||||||||||
March 31, 2008
|
March 31, 2009
|
March 31, 2010
|
||||||||||
Net increase/(decrease) in cash and cash equivalents (A) + (B) + (C) + (D) + (E)
|
56,395,471 | (102,672,917 | ) | 120,827,357 | ||||||||
Cash and cash equivalents as at April 1
|
396,891,302 | 453,286,773 | 350,613,856 | |||||||||
Cash and cash equivalents as at March 31
|
453,286,773 | 350,613,856 | 471,441,213 |
At
|
||||||||
March 31, 2009
|
March 31, 2010
|
|||||||
Authorized capital
|
||||||||
1,275,000,000 equity shares of Rs. 10 each [March 31, 2009: 1,275,000,000 equity shares of Rs. 10 each]
|
12,750,000 | 12,750,000 | ||||||
15,000,000 shares of Rs. 100 each [March 31, 2009: 15,000,000 shares of Rs. 100 each]1
|
1,500,000 | 1,500,000 | ||||||
350 preference shares of Rs. 10 million each [March 31, 2009: 350 preference shares of Rs. 10 million each]2
|
3,500,000 | 3,500,000 | ||||||
Equity share capital
Issued, subscribed and paid-up capital
|
||||||||
1,113,250,642 equity shares of Rs. 10 each (March 31, 2009: 1,112,687,495 equity shares)
|
11,126,875 | 11,132,506 | ||||||
Add: 1,594,672 equity shares of Rs. 10 each fully paid up (March 31, 2009: 563,147 equity shares) issued pursuant to exercise of employee stock options
|
5,631 | 15,947 | ||||||
11,132,506 | 11,148,453 | |||||||
Less: Calls unpaid
|
378 | 331 | ||||||
Add: 111,603 equity shares forfeited (March 31, 2009: 111,603 equity shares)
|
770 | 770 | ||||||
TOTAL CAPITAL
|
11,132,898 | 11,148,892 |
1.
|
These shares will be of such class and with rights, privileges, conditions or restrictions as may be determined by the Bank in accordance with the Articles of Association of the Bank and subject to the legislative provisions in force for the time being in that behalf.
|
2.
|
Pursuant to RBI circular no. DBOD.BP.BC No.81/21.01.002/2009-10, the issued and paid–up preference shares are grouped under Schedule 4-“Borrowings”.
|
At
|
|||||||||
March 31, 2009
|
March 31, 2010
|
||||||||
I. |
Statutory reserve
|
||||||||
Opening balance (other than joint ventures)
|
39,393,807 | 48,793,807 | |||||||
Additions during the year
|
9,400,000 | 10,070,000 | |||||||
Deductions during the year
|
.. | .. | |||||||
Closing balance
|
48,793,807 | 58,863,807 | |||||||
II. |
Special reserve
|
||||||||
Opening balance (other than joint ventures)
|
21,631,700 | 24,501,700 | |||||||
Additions during the year
|
2,870,000 | 3,330,000 | |||||||
Deductions during the year
|
.. | .. | |||||||
Closing balance
|
24,501,700 | 27,831,700 | |||||||
III. |
Securities premium
|
||||||||
Opening balance (other than joint ventures)
|
312,650,019 | 313,165,969 | |||||||
Additions during the year1
|
526,450 | 635,937 | |||||||
Deductions during the year
|
10,500 | .. | |||||||
Closing balance
|
313,165,969 | 313,801,906 | |||||||
IV. |
Investment reserve account
|
||||||||
Opening balance
|
.. | .. | |||||||
Additions during the year
|
.. | 1,160,000 | |||||||
Deductions during the year
|
.. | .. | |||||||
Closing balance
|
.. | 1,160,000 | |||||||
V. |
Unrealized investment reserve
|
||||||||
Opening balance (other than joint ventures
|
979,264 | (3,498,090 | ) | ||||||
Additions during the year
|
-- | 3,082,983 | |||||||
Deductions during the year
|
4,477,354 | 106,362 | |||||||
Closing balance
|
(3,498,090 | ) | (521,469 | ) | |||||
VI. |
Capital reserve
|
||||||||
Opening balance (other than joint ventures)
|
8,263,769 | 16,456,602 | |||||||
Additions during the year
|
8,192,833 | 4,588,195 | |||||||
Deductions during the year
|
.. | 169,440 | |||||||
Closing balance2
|
16,456,602 | 20,875,357 | |||||||
VII. |
Foreign currency translation reserve
|
||||||||
Opening balance
|
(2,238,079 | ) | 9,254,640 | ||||||
Additions during the year
|
11,853,406 | 3,438,235 | |||||||
Deductions during the year
|
360,687 | 7,599,891 | |||||||
Closing balance
|
9,254,640 | 5,092,984 |
At
|
|||||||||
March 31, 2009
|
March 31, 2010
|
||||||||
VIII. |
Reserve fund
|
||||||||
Opening balance (other than joint ventures)
|
4,528 | 8,749 | |||||||
Additions during the year3
|
4,221 | 2,170 | |||||||
Deductions during the year
|
.. | .. | |||||||
Closing balance
|
8,749 | 10,919 | |||||||
IX. |
Revenue and other reserves
|
||||||||
Opening balance - joint ventures
|
(2,687 | ) | (2,687 | ) | |||||
Opening balance - others
|
49,916,322 | 42,590,034 | |||||||
Additions during the year - joint ventures
|
.. | .. | |||||||
Additions during the year - others
|
1,105,116 | 15,227,151 | |||||||
Deductions during the year - joint ventures
|
.. | .. | |||||||
Deductions during the year - others
|
8,431,404 | .. | |||||||
Closing balance4,5
|
42,587,347 | 57,814,498 | |||||||
X. |
Balance in profit and loss account - others
|
5,374,569 | 16,889,517 | ||||||
XI. |
Balance in profit and loss account - joint ventures
|
(2,849 | ) | (3,111 | ) | ||||
TOTAL RESERVES AND SURPLUS
|
456,642,444 | 501,816,108 |
1.
|
Includes Rs. 568.3 million (March 31, 2009: Rs. 184.1 million) on exercise of employee stock options.
|
2.
|
Includes capital reserve on consolidation amounting to Rs. 82.2 million (March 31, 2009: Rs. 103.4 million).
|
3.
|
Represents appropriation of 5% of net profit by the Bank’s Sri Lanka branch to meet the requirements of Section 20 of Sri Lankan Banking Act No 30 of 1988.
|
4.
|
Includes unrealized profit/(loss), net of tax, of Rs. (4,313.8) million (March 31, 2009: Rs. (12,358.2) million) pertaining to the investments in the ‘available for sale’ category of ICICI Bank UK PLC.
|
5.
|
Includes restricted reserve of Rs. 11,333.6 million (March 31, 2009: Rs. 5,582.9 million) relating to life insurance subsidiary.
|
At
|
||||||||
March 31, 2009
|
March 31, 2010
|
|||||||
Opening minority interest
|
7,311,906 | 9,105,054 | ||||||
Subsequent increase/(decrease)
|
1,793,148 | 3,598,992 | ||||||
CLOSING MINORITY INTEREST
|
9,105,054 | 12,704,046 |
At
|
||||||||
March 31, 2009
|
March 31, 2010
|
|||||||
A. I. Demand deposits
|
||||||||
i) From banks
|
7,455,983 | 14,856,747 | ||||||
ii) From others
|
215,177,801 | 300,667,768 | ||||||
II. Savings bank deposits
|
515,147,064 | 622,221,663 | ||||||
III. Term deposits
|
||||||||
i) From banks
|
158,017,816 | 88,149,385 | ||||||
ii) From others
|
1,722,758,868 | 1,389,827,397 | ||||||
TOTAL DEPOSITS
|
2,618,557,532 | 2,415,722,960 | ||||||
B. I. Deposits of branches in India
|
2,070,226,567 | 1,911,271,065 | ||||||
II. Deposits of branches/subsidiaries outside India
|
548,330,965 | 504,451,895 | ||||||
TOTAL DEPOSITS
|
2,618,557,532 | 2,415,722,960 |
At
|
||||||||
March 31, 2009
|
March 31, 2010
|
|||||||
I. Borrowings In India
|
||||||||
i) Reserve Bank of India
|
.. | .. | ||||||
ii) Other banks
|
64,286,849 | 60,072,566 | ||||||
iii) Other institutions and agencies
|
||||||||
a) Government of India
|
1,075,400 | 687,491 | ||||||
b) Financial institutions/others
|
65,568,161 | 73,843,875 | ||||||
iv) Borrowings in the form of
|
||||||||
a) Deposits
|
26,693,558 | 35,459,265 | ||||||
b) Commercial paper
|
15,810,034 | 16,976,284 | ||||||
c) Bonds and debentures (excluding subordinated debt)
|
||||||||
- Debentures and bonds guaranteed by the Government of India
|
11,755,000 | 8,355,000 | ||||||
- Borrowings under private placement of bonds carrying maturity of 1 to 30 years from the date of placement
|
19,036,267 | 19,087,142 | ||||||
Bonds issued under multiple option/safety bonds series
|
||||||||
- Regular interest bonds
|
3,278,880 | 2,924,220 | ||||||
- Deep discount bonds
|
4,332,005 | 2,517,822 | ||||||
- Tax saving bonds
|
16,033,862 | 8,713,170 | ||||||
- Pension bonds
|
61,805 | 59,370 | ||||||
v) Application money–bonds 1
|
.. | 25,000,000 | ||||||
vi) Capital instruments
|
||||||||
Innovative Perpetual Debt Instruments (IPDI) (qualifying as Tier l capital)
|
13,010,000 | 13,010,000 | ||||||
Hybrid debt capital instruments issued as bonds/debentures (qualifying as upper Tier II capital)
|
63,702,000 | 97,502,000 | ||||||
Redeemable Non-Cumulative Preference Shares (RNCPS) (Redeemable Non-Cumulative Preference Shares of Rs. 10 million each issued to preference share holders of erstwhile ICICI Limited on amalgamation redeemable at par on April 20, 2018)
|
3,500,000 | 3,500,000 | ||||||
Unsecured redeemable debentures/bonds (subordinated debt included in Tier II capital)
|
119,695,582 | 145,090,481 | ||||||
TOTAL BORROWINGS IN INDIA
|
427,839,403 | 512,798,686 | ||||||
II. Borrowings outside India
|
||||||||
i) From multilateral/bilateral credit agencies guaranteed by the Government of India for the
equivalent of Rs. 17,252.7 million (March 31, 2009: Rs. 20,523.1 million)
|
22,862,196 | 18,525,159 | ||||||
ii) From international banks, institutions and consortiums
|
327,853,864 | 272,340,188 | ||||||
iii) By way of bonds and notes
|
304,667,180 | 285,560,180 | ||||||
vi) Capital instruments
|
||||||||
Innovative Perpetual Debt Instruments (IPDI) (qualifying as Tier l capital)
|
17,158,574 | 15,199,979 | ||||||
Hybrid debt capital instruments issued as bonds/debentures (qualifying as upper Tier II capital)
|
45,648,000 | 40,410,000 | ||||||
Unsecured redeemable debentures/bonds (subordinated debt included in Tier II capital)
|
14,030,789 | 11,817,445 | ||||||
v) Other borrowings
|
603,532 | 331,582 | ||||||
TOTAL BORROWINGS OUTSIDE INDIA
|
732,824,135 | 644,184,533 | ||||||
TOTAL BORROWINGS
|
1,160,663,538 | 1,156,983,219 |
1.
|
Application money received towards subordinated bonds.
|
2.
|
Secured borrowings in I above are Rs. 17,811.2 million (March 31, 2009: Rs. 16,738.5 million) and in II above are Nil.
|
At
|
|||||||||||||
March 31, 2009
|
March 31, 2010
|
||||||||||||
I.
|
Bills payable
|
18,677,244 | 27,687,572 | ||||||||||
II.
|
Inter-office adjustments (net)
|
4,213,049 | 244,147 | ||||||||||
III.
|
Interest accrued
|
30,210,937 | 31,306,292 | ||||||||||
IV.
|
Others
|
||||||||||||
a) |
Security deposits from clients
|
9,505,352 | 5,946,157 | ||||||||||
b) |
Sundry creditors
|
96,735,844 | 87,895,240 | ||||||||||
c) |
Received for disbursements under special program
|
1,644,645 | 1,663,273 | ||||||||||
d) |
Provision for standard assets
|
16,623,875 | 16,415,504 | ||||||||||
e) |
Other liabilities 1
|
82,661,269 | 84,285,257 | ||||||||||
TOTAL OTHER LIABILITIES AND PROVISIONS
|
260,272,215 | 255,443,442 |
1.
|
Includes:
|
a)
|
Proposed dividend of Rs. 13,378.6 million (March 31, 2009: Rs. 12,245.8 million).
|
b)
|
Corporate dividend tax payable of Rs. 1,757.0 million (March 31, 2009: Rs. 1,626.4 million).
|
At
|
||||||||
March 31, 2009
|
March 31, 2010
|
|||||||
I. Cash in hand (including foreign currency notes)
|
31,942,676 | 36,425,017 | ||||||
II. Balances with Reserve Bank of India in current accounts
|
146,811,809 | 242,077,770 | ||||||
TOTAL CASH AND BALANCES WITH RESERVE BANK OF INDIA
|
178,754,485 | 278,502,787 |
At
|
||||||||
March 31, 2009
|
March 31, 2010
|
|||||||
I. In India
|
||||||||
i) Balances with banks
|
||||||||
a) in current accounts
|
7,166,610 | 9,778,514 | ||||||
b) in other deposit accounts
|
38,577,751 | 40,075,977 | ||||||
ii) Money at call and short notice
|
||||||||
a) with banks
|
-- | 70,000 | ||||||
b) with other institutions
|
-- | -- | ||||||
TOTAL
|
45,744,361 | 49,924,491 | ||||||
II. Outside India
|
||||||||
i) in current accounts
|
25,596,245 | 21,985,978 | ||||||
ii) in other deposit accounts
|
24,076,284 | 40,391,512 | ||||||
iii) Money at call and short notice
|
76,442,481 | 80,636,445 | ||||||
TOTAL
|
126,115,010 | 143,013,935 | ||||||
TOTAL BALANCES WITH BANKS AND MONEY AT CALL AND SHORT NOTICE
|
171,859,371 | 192,938,426 |
At
|
||||||||
March 31, 2009
|
March 31, 2010
|
|||||||
I. Investments in India (net of provisions)
|
||||||||
i) Government securities
|
682,931,198 | 732,093,813 | ||||||
ii) Other approved securities
|
93,405 | 45,009 | ||||||
iii) Shares (includes equity and preference shares) 1
|
29,708,664 | 42,426,779 | ||||||
iv) Debentures and bonds
|
52,956,402 | 75,752,082 | ||||||
v) Assets held to cover linked liabilities of life insurance business
|
286,139,525 | 514,692,566 | ||||||
vi) Others (commercial paper, mutual fund units, pass through certificates, security receipts, certificate of deposits etc.)
|
216,658,105 | 337,886,043 | ||||||
TOTAL INVESTMENTS IN INDIA
|
1,268,487,299 | 1,702,896,292 | ||||||
II. Investments outside India (net of provisions)
|
||||||||
i) Government securities
|
4,525,830 | 38,707,855 | ||||||
ii) Others
|
208,056,900 | 121,593,693 | ||||||
TOTAL INVESTMENTS OUTSIDE INDIA
|
212,582,730 | 160,301,548 | ||||||
TOTAL INVESTMENTS
|
1,481,070,029 | 1,863,197,840 | ||||||
III. Investments in India
|
||||||||
Gross value of investments2
|
1,290,031,307 | 1,718,296,361 | ||||||
Less: Aggregate of provision/depreciation/(appreciation)
|
21,544,008 | 15,400,069 | ||||||
|
||||||||
Net Investments
|
1,268,487,299 | 1,702,896,292 | ||||||
IV. Investments outside India
|
||||||||
Gross value of investments
|
234,903,006 | 164,916,920 | ||||||
Less: Aggregate of provision/depreciation/(appreciation)
|
22,320,276 | 4,615,372 | ||||||
|
||||||||
Net Investments
|
212,582,730 | 160,301,548 | ||||||
TOTAL INVESTMENTS
|
1,481,070,029 | 1,863,197,840 |
1.
|
Includes acquisition cost of investment in associates of Rs. 524.5 million (March 31, 2009: Rs. 459.2 million).
|
2.
|
Includes appreciation of Rs. 93,112.5 million (net of depreciation, March 31, 2009: Rs. 36,369.6 million) on investments held to cover linked liabilities of life insurance business.
|
At
|
||||||||
March 31, 2009
|
March 31, 2010
|
|||||||
A. i) Bills purchased and discounted
|
40,915,231 | 47,219,427 | ||||||
ii) Cash credits, overdrafts and loans repayable on demand
|
350,610,312 | 260,401,668 | ||||||
iii) Term loans
|
2,167,574,693 | 1,842,337,233 | ||||||
iv) Securitization, finance lease and hire purchase receivables
|
102,204,423 | 107,822,952 | ||||||
TOTAL ADVANCES
|
2,661,304,659 | 2,257,781,280 | ||||||
B. i) Secured by tangible assets [includes advances against book debt]
|
2,009,647,889 | 1,612,468,494 | ||||||
ii) Covered by bank/government guarantees
|
14,815,009 | 21,202,426 | ||||||
iii) Unsecured
|
636,841,761 | 624,110,360 | ||||||
TOTAL ADVANCES
|
2,661,304,659 | 2,257,781,280 | ||||||
C. I. Advances in India
|
||||||||
i) Priority sector
|
620,515,976 | 539,773,871 | ||||||
ii) Public sector
|
3,494,486 | 3,201,088 | ||||||
iii) Banks
|
252,580 | 41,790 | ||||||
iv) Others
|
1,112,523,081 | 916,388,589 | ||||||
TOTAL ADVANCES IN INDIA
|
1,736,786,123 | 1,459,405,338 | ||||||
II. Advances outside India
|
||||||||
i) Due from banks
|
16,618,624 | 13,649,907 | ||||||
ii) Due from others
|
||||||||
a) Bills purchased and discounted
|
14,069,137 | 17,747,632 | ||||||
b) Commercial loans
|
419,791,632 | 349,421,101 | ||||||
c) Others
|
474,039,143 | 417,557,302 | ||||||
TOTAL ADVANCES OUTSIDE INDIA
|
924,518,536 | 798,375,942 | ||||||
TOTAL ADVANCES
|
2,661,304,659 | 2,257,781,280 |
At
|
|||||||||
March 31, 2009
|
March 31, 2010
|
||||||||
I. |
Premises
|
||||||||
At cost at March 31 of preceding year
|
27,235,332 | 29,563,202 | |||||||
Additions during the year
|
2,874,560 | 1,369,012 | |||||||
Deductions during the year
|
(546,690 | ) | (2,251,021 | ) | |||||
Depreciation to date
|
(5,485,251 | ) | (6,472,554 | ) | |||||
Net block1
|
24,077,951 | 22,208,639 | |||||||
II. |
Other fixed assets (including furniture and fixtures)
|
||||||||
At cost at March 31 of preceding year
|
33,851,617 | 38,138,907 | |||||||
Additions during the year
|
5,496,137 | 2,297,683 | |||||||
Deductions during the year
|
(1,208,847 | ) | (4,204,505 | ) | |||||
Depreciation to date
|
(21,865,286 | ) | (23,351,752 | ) | |||||
Net block
|
16,273,621 | 12,880,333 | |||||||
III. |
Assets given on Lease
|
||||||||
At cost at March 31 of preceding year
|
18,289,072 | 17,961,174 | |||||||
Additions during the year
|
-- | -- | |||||||
Deductions during the year
|
(327,898 | ) | (200,674 | ) | |||||
Depreciation to date, accumulated lease adjustment and provisions
|
(13,338,157 | ) | (14,226,548 | ) | |||||
Net block
|
4,623,017 | 3,533,952 | |||||||
TOTAL FIXED ASSETS | 44,974,589 | 38,622,924 |
1.
|
Includes assets of Rs. 446.1 million (March 31, 2009: Nil) which are in the process of being sold.
|
At
|
|||||||||
March 31, 2009
|
March 31, 2010
|
||||||||
I. |
Inter-office adjustments (net)
|
-- | -- | ||||||
II. |
Interest accrued
|
48,793,731 | 41,402,059 | ||||||
III. |
Tax paid in advance/tax deducted at source (net)
|
39,668,134 | 39,651,493 | ||||||
IV. |
Stationery and stamps
|
928 | 641 | ||||||
V. |
Non-banking assets acquired in satisfaction of claims1
|
3,089,212 | 743,464 | ||||||
VI. |
Others
|
||||||||
a) Advance for capital assets
|
9,037,902 | 11,907,171 | |||||||
b) Outstanding fees and other income
|
7,864,971 | 6,412,162 | |||||||
c) Deposits
|
27,197,130 | 19,863,374 | |||||||
d) Deferred tax asset (Net)
|
25,184,000 | 24,842,072 | |||||||
e) Others2
|
128,110,533 | 117,607,260 | |||||||
TOTAL OTHER ASSETS | 288,946,541 | 262,429,696 |
1.
|
Includes certain non-banking assets acquired in satisfaction of claims, which are in the process of being transferred in the Bank's name.
|
2.
|
Includes goodwill on consolidation amounting to Rs. 1,514.4 million (March 31, 2009: Rs. 1,573.1 million) and goodwill on purchase of assets by way of merger amounting to Rs. 41.5 million (March 31, 2009: Rs. 119.8 million).
|
At
|
|||||||||
March 31, 2009
|
March 31, 2010
|
||||||||
I. |
Claims against the Bank not acknowledged as debts
|
33,911,116 | 35,364,093 | ||||||
II. |
Liability for partly paid investments
|
128,126 | 128,126 | ||||||
III. |
Liability on account of outstanding forward exchange contracts
|
2,520,288,201 | 1,753,368,882 | ||||||
IV. |
Guarantees given on behalf of constituents
|
||||||||
a) In India
|
453,001,349 | 489,303,787 | |||||||
b) Outside India
|
129,161,843 | 129,981,831 | |||||||
V. |
Acceptances, endorsements and other obligations
|
307,424,746 | 321,795,858 | ||||||
VI. |
Currency swaps
|
551,306,568 | 506,938,754 | ||||||
VII. |
Interest rate swaps, currency options and interest rate futures
|
4,555,533,888 | 4,846,442,184 | ||||||
VIII. |
Other items for which the Bank is contingently liable
|
127,128,197 | 121,875,833 | ||||||
TOTAL CONTINGENT LIABILITES | 8,677,884,034 | 8,205,199,348 |
Year ended
|
|||||||||||||
March 31, 2008
|
March 31, 2009
|
March 31, 2010
|
|||||||||||
I. |
Interest/discount on advances/bills
|
240,683,557 | 251,907,185 | 203,626,416 | |||||||||
II. |
Income on investments1
|
89,045,428 | 93,690,339 | 78,164,417 | |||||||||
III. |
Interest on balances with Reserve Bank of India and other inter-bank funds
|
8,747,745 | 7,685,387 | 7,111,651 | |||||||||
IV. |
Others 2,3
|
2,472,835 | 9,224,153 | 12,634,594 | |||||||||
TOTAL INTEREST EARNED | 340,949,565 | 362,507,064 | 301,537,078 | ||||||||||
1.
|
Includes amortization of premium on Government securities of Rs. 8,121.5 million (March 31, 2009: Rs. 7,253.4 million).
|
2.
|
Includes interest amounting to Rs. 1,241.8 million (March 31, 2009: Rs. 3,357.9 million) on income tax refunds.
|
3.
|
Includes interest and amortization of premium on non-trading interest rate swaps and foreign currency swaps.
|
Year ended
|
|||||||||||||
March 31, 2008
|
March 31, 2009
|
March 31, 2010
|
|||||||||||
I. |
Commission, exchange and brokerage
|
67,673,441 | 65,747,868 | 60,039,038 | |||||||||
II. |
Profit/(loss) on sale of investments (net)
|
34,042,178 | 24,318,015 | 10,359,185 | |||||||||
III. |
Profit/(loss) on revaluation of investments (net)
|
(4,787,585 | ) | (4,431,761 | ) | 3,923,447 | |||||||
IV. |
Profit/(loss) on sale of land, buildings and other assets (net)1
|
613,379 | 14,611 | 821,610 | |||||||||
V. |
Profit/(loss) on foreign exchange transactions (net)
|
1,279,786 | 1,964,929 | 11,911,507 | |||||||||
VI. |
Premium and other operating income from insurance business
|
159,919,822 | 183,582,426 | 204,757,832 | |||||||||
VII. |
Miscellaneous income (including lease income)
|
840,234 | 7,827,655 | 2,648,029 | |||||||||
|
|||||||||||||
TOTAL OTHER INCOME
|
259,581,255 | 279,023,743 | 294,460,648 |
1.
|
Includes profit/(loss) on sale of assets given on lease.
|
Year ended
|
|||||||||||||
March 31, 2008
|
March 31, 2009
|
March 31, 2010
|
|||||||||||
I. |
Interest on deposits
|
187,220,141 | 182,506,979 | 135,093,359 | |||||||||
II. |
Interest on Reserve Bank of India/inter-bank borrowings1
|
23,140,065 | 26,564,628 | 18,644,064 | |||||||||
III. |
Others (including interest on borrowings of erstwhile ICICI Limited)
|
47,309,548 | 55,800,920 | 53,554,438 | |||||||||
TOTAL INTEREST EXPENDED | 257,669,754 | 264,872,527 | 207,291,861 |
1.
|
Includes interest paid on inter-bank deposits.
|
Year ended
|
|||||||||||||
March 31, 2008
|
March 31, 2009
|
March 31, 2010
|
|||||||||||
I. |
Payments to and provisions for employees
|
39,697,995 | 39,043,015 | 36,784,297 | |||||||||
II. |
Rent, taxes and lighting
|
8,979,980 | 10,766,322 | 10,168,540 | |||||||||
III. |
Printing and stationery
|
2,881,776 | 2,103,465 | 1,609,042 | |||||||||
IV. |
Advertisement and publicity
|
6,152,109 | 3,311,278 | 4,421,935 | |||||||||
V. |
Depreciation
|
4,973,453 | 5,965,761 | 6,212,233 | |||||||||
VI. |
Depreciation (including lease equalization) on leased assets
|
1,820,689 | 2,101,070 | 1,416,505 | |||||||||
VII. |
Directors' fees, allowances and expenses
|
20,591 | 22,897 | 27,868 | |||||||||
VIII. |
Auditors' fees and expenses
|
99,909 | 136,872 | 148,042 | |||||||||
IX. |
Law charges
|
1,071,497 | 1,425,366 | 1,396,354 | |||||||||
X. |
Postages, telegrams, telephones, etc.
|
5,162,326 | 4,567,895 | 3,575,692 | |||||||||
XI. |
Repairs and maintenance
|
6,287,699 | 6,831,997 | 6,685,665 | |||||||||
XII. |
Insurance
|
2,060,956 | 2,115,359 | 1,885,845 | |||||||||
XIII. |
Direct marketing agency expenses
|
15,749,675 | 6,121,823 | 2,413,170 | |||||||||
XIV. |
Claims and benefits paid pertaining to insurance business
|
13,002,948 | 18,094,559 | 20,643,054 | |||||||||
XV. |
Other expenses pertaining to insurance business
|
129,790,331 | 147,404,509 | 158,516,684 | |||||||||
XVI. |
Other expenditure
|
32,682,147 | 31,845,686 | 21,427,455 | |||||||||
TOTAL OPERATING EXPENSES | 270,434,081 | 281,857,874 | 277,332,381 |
Year ended
|
||||||||||||
March 31, 2008
|
March 31, 2009
|
March 31, 2010
|
||||||||||
I. Income tax
|
||||||||||||
- Current period tax
|
19,628,199 | 21,388,517 | 19,701,898 | |||||||||
- Deferred tax adjustment
|
(9,341,410 | ) | (6,188,453 | ) | (2,349,787 | ) | ||||||
- Fringe Benefit Tax
|
780,041 | 659,192 | (30,289 | ) | ||||||||
II. Wealth tax
|
30,004 | 30,048 | 30,470 | |||||||||
Total Taxes
|
11,096,834 | 15,889,304 | 17,352,292 | |||||||||
III. Provision for investments (net)
|
730,096 | 6,305,112 | 328,158 | |||||||||
IV. Provision for advances (net)1
|
27,723,909 | 39,115,672 | 44,745,424 | |||||||||
V. Others
|
1,723,502 | (303,901 | ) | 513,461 | ||||||||
TOTAL PROVISIONS AND CONTINGENCIES
|
41,274,341 | 61,006,187 | 62,939,335 |
1.
|
Includes provision on standard assets, non-performing advances, non-performing leased assets and others.
|
Sr. no.
|
Name of the entity4,5,6
|
Country of incorporation
|
Nature of relationship
|
Nature of business
|
Ownership interest
|
1
|
ICICI Bank UK PLC
|
United Kingdom
|
Subsidiary
|
Banking
|
100.00%
|
2
|
ICICI Bank Canada
|
Canada
|
Subsidiary
|
Banking
|
100.00%
|
3
|
ICICI Bank Eurasia Limited Liability Company
|
Russia
|
Subsidiary
|
Banking
|
100.00%
|
4
|
ICICI Securities Limited
|
India
|
Subsidiary
|
Securities broking &
merchant banking
|
100.00%
|
5
|
ICICI Securities Holdings Inc.
|
USA
|
Subsidiary
|
Holding company
|
100.00%
|
6
|
ICICI Securities Inc.
|
USA
|
Subsidiary
|
Securities broking
|
100.00%
|
7
|
ICICI Securities Primary Dealership Limited
|
India
|
Subsidiary
|
Securities investment, trading and underwriting
|
100.00%
|
8
|
ICICI Venture Funds Management Company Limited
|
India
|
Subsidiary
|
Private equity/venture capital fund management
|
100.00%
|
9
|
ICICI Home Finance Company Limited
|
India
|
Subsidiary
|
Housing finance
|
100.00%
|
10
|
ICICI Trusteeship Services Limited
|
India
|
Subsidiary
|
Trusteeship services
|
100.00%
|
11
|
ICICI Investment Management Company Limited
|
India
|
Subsidiary
|
Asset management
|
100.00%
|
12
|
ICICI International Limited
|
Mauritius
|
Subsidiary
|
Asset management
|
100.00%
|
13
|
ICICI Prudential Pension Funds Management Company Limited
|
India
|
Subsidiary
|
Pension fund management
|
100.00%
|
14
|
ICICI Eco-net Internet and Technology Fund
|
India
|
Consolidated as per AS 21
|
Venture capital fund
|
92.12%
|
15
|
ICICI Equity Fund
|
India
|
Consolidated as per AS 21
|
Unregistered venture capital fund
|
100.00%
|
16
|
ICICI Emerging Sectors Fund
|
India
|
Consolidated as per AS 21
|
Venture capital fund
|
99.31%
|
17
|
ICICI Strategic Investments Fund
|
India
|
Consolidated as per AS 21
|
Unregistered venture capital fund
|
100.00%
|
18
|
ICICI Kinfra Limited
|
India
|
Consolidated as per AS 21
|
Infrastructure development consultancy
|
76.00%
|
19
|
ICICI West Bengal Infrastructure Development Corporation Limited
|
India
|
Consolidated as per AS 21
|
Infrastructure development consultancy
|
75.99%
|
20
|
Loyalty Solutions & Research Limited
|
India
|
Consolidated as per AS 21
|
Customer relationship management, data mining and analytics and marketing services
|
82.74%
|
21
|
ICICI Venture Value Fund
|
India
|
Consolidated as per AS 21
|
Unregistered venture capital fund
|
54.35%
|
22
|
I-Ven Biotech Limited
|
India
|
Consolidated as per AS 21
|
Investment in research and development of biotechnology
|
100.00%
|
Sr. no.
|
Name of the entity4,5,6
|
Country of incorporation
|
Nature of relationship
|
Nature of business
|
Ownership interest
|
23
|
ICICI Prudential Life Insurance Company Limited1
|
India
|
Jointly controlled entity
|
Life insurance
|
73.89%
|
24
|
ICICI Lombard General Insurance Company Limited1
|
India
|
Jointly controlled entity
|
General insurance
|
73.72%
|
25
|
ICICI Prudential Asset Management Company Limited1
|
India
|
Jointly controlled entity
|
Asset management company for ICICI Prudential Mutual Fund
|
51.00%
|
26
|
ICICI Prudential Trust Limited1
|
India
|
Jointly controlled entity
|
Trustee company for ICICI Prudential Mutual Fund
|
50.80%
|
27
|
TCW/ICICI Investment Partners LLC2
|
Mauritius
|
Jointly controlled entity
|
Asset management
|
50.00%
|
28
|
Rainbow Fund3
|
India
|
Associate
|
Unregistered venture capital fund
|
23.91%
|
29
|
Financial Information Network and Operations Limited3
|
India
|
Associate
|
Support Service for financial inclusion
|
28.28%
|
30
|
I-Process Services (India) Private Limited3
|
India
|
Associate
|
Services related to back end operations
|
19.00%
|
31
|
I-Solutions Providers (India) Private Limited3
|
India
|
Associate
|
Services related to sales and promotion activities
|
19.00%
|
32
|
NIIT Institute of Finance Banking and Insurance Training Limited3
|
India
|
Associate
|
Education and
training in banking and finance
|
19.00%
|
33
|
Prize Petroleum Company Limited3
|
India
|
Associate
|
Oil exploration and production
|
35.00%
|
34
|
ICICI Merchant Services Private Limited3
|
India
|
Associate
|
Merchant Servicing
|
19.00%
|
1.
|
The financial statements of these jointly controlled entities have been consolidated as per AS 21 on ‘consolidated financial statements’ consequent to the limited revision to AS 27 on ‘financial reporting of interests in joint ventures’.
|
2.
|
The entity has been consolidated as per the proportionate consolidation method as prescribed by AS 27 on ‘financial reporting of interests in joint ventures’.
|
3.
|
These entities have been accounted as per the equity method as prescribed by AS 23 on ‘accounting for investments in associates in consolidated financial statements’.
|
4.
|
During the quarter ended June 30, 2009, Crossdomain Solutions Private Limited and Contests2win.com India Private Limited ceased to be associates and accordingly, these entities have not been accounted as per the equity method as prescribed by AS 23.
|
5.
|
During the quarter ended September 30, 2009, Transafe Services Limited ceased to be a consolidating entity and accordingly, has not been consolidated.
|
6.
|
ICICI Wealth Management Inc. has been dissolved with effect from December 31, 2009 and therefore, it has not been consolidated from the quarter ended December 31, 2009.
|
1.
|
Transactions involving foreign exchange
|
·
|
For domestic operations, at the exchange rates prevailing on the date of the transaction with the resultant gain or loss accounted for in the profit and loss account.
|
·
|
For integral foreign operations, at weekly average closing rates with the resultant gain or loss accounted for in the profit and loss account. An integral foreign operation is a subsidiary, associate, joint venture or branch of the reporting enterprise, the activities of which are based or conducted in a country other than the country of the reporting enterprise but are an integral part of the reporting enterprise.
|
2.
|
Revenue recognition
|
|
·
|
Interest income is recognized in the profit and loss account as it accrues except in the case of non-performing assets (NPAs) where it is recognized upon realization, as per the income recognition and asset classification norms of RBI/NHB.
|
|
·
|
Income from hire purchase operations is accrued by applying the implicit interest rate on outstanding balances.
|
|
·
|
Income from leases is calculated by applying the interest rate implicit in the lease to the net investment outstanding on the lease over the primary lease period. Leases entered into till March 31, 2001 have been accounted for as operating leases.
|
|
·
|
Income on discounted instruments is recognized over the tenure of the instrument on a constant yield basis.
|
|
·
|
Dividend income is accounted on an accrual basis when the right to receive the dividend is established.
|
|
·
|
Loan processing fee is accounted for upfront when it becomes due except in the case of foreign banking subsidiaries, where it is amortized over the period of the loan.
|
|
·
|
Project appraisal/structuring fee is accounted for on the completion of the agreed service.
|
|
·
|
Arranger fee is accounted for as income when a significant portion of the arrangement/syndication is completed.
|
|
·
|
Commission received on guarantees issued is amortized on a straight-line basis over the period of the guarantee.
|
|
·
|
All other fees are accounted for as and when they become due.
|
|
·
|
Net income arising from sell-down/securitization of loan assets prior to February 1, 2006 has been recognized upfront as interest income. With effect from February 1, 2006 net income arising from securitization of loan assets is amortized over the life of securities issued or to be issued by the special purpose vehicle/special purpose entity to which the assets are sold. Net income arising from sale of loan assets through direct assignment with recourse obligation is amortized over the life of underlying assets sold and net income from sale of loan assets through direct assignment without any recourse obligation is recognized at the time of sale. Net loss arising on account of the sell-down/securitization and direct assignment of loan assets is recognized at the time of sale.
|
|
·
|
The Bank deals in bullion business on a consignment basis. The difference between price recovered from customers and cost of bullion is accounted for at the time of sales to the customers.
|
|
·
|
The Bank also deals in bullion on a borrowing and lending basis and the interest paid/received is accounted on accrual basis.
|
|
·
|
Income from brokerage activities is recognized as income on the trade date of the transaction. Brokerage income in relation to public or other issuances of securities is recognized based on mobilization and terms of agreement with the client. The Group follows trade date method for accounting of its investments.
|
|
·
|
Life insurance premium is recognized as income when due. Premium on lapsed policies is recognized as income when such policies are reinstated. Top-up premiums are considered as single premium. For linked business, premium is recognized when the associated units are created. Income from linked funds, which includes fund management charges, policy administration charges, mortality charges etc. are recovered from the linked fund in accordance with the terms and conditions of the policy and are recognized when due.
|
|
·
|
In the case of general insurance business, premium is recorded for the policy period at the commencement of risk and for installment cases, it is recorded on installment due dates. Premium earned is recognized as income over the period of risk or the contract period based on 1/365 method, whichever is appropriate, on a gross basis, net of service
|
|
·
|
Any subsequent revision to premium is recognized over the remaining period of risk or contract period. Adjustments to premium income arising on cancellation of policies are recognized in the period in which the policies are cancelled. Commission on re-insurance ceded is recognized as income in the period of ceding the risk. Profit commission under re-insurance treaties, wherever applicable, is recognized as income in the period of final determination of profits and combined with commission on reinsurance ceded.
|
|
·
|
In the case of general insurance business, insurance premium on ceding of the risk is recognized in the period in which the risk commences. Any subsequent revision to premium ceded is recognized in the period of such revision. Adjustment to re-insurance premium arising on cancellation of policies is recognized in the period in which it is cancelled. In case of life insurance business, cost of reinsurance ceded is accounted for at the time of recognition of premium income in accordance with the treaty or in-principle arrangement with the reinsurer. Profit commission on reinsurance ceded is netted off against premium ceded on reinsurance.
|
|
·
|
In the case of general insurance business, premium deficiency is recognized when the sum of expected claim costs and related expenses exceed the reserve for unexpired risks and is computed at a business segment level.
|
3.
|
Stock based compensation
|
·
|
ICICI Bank Limited
|
·
|
ICICI Prudential Life Insurance Company Limited
|
·
|
ICICI Lombard General Insurance Company Limited
|
·
|
ICICI Venture Funds Management Company Limited
|
4.
|
Income taxes
|
5.
|
Claims and benefits paid
|
6.
|
Liability for life policies in force
|
7.
|
Reserve for unexpired risk
|
8.
|
Actuarial method and valuation
|
9.
|
Acquisition costs for insurance business
|
10.
|
Staff retirement benefits
|
11.
|
Provisions, contingent liabilities and contingent assets
|
12.
|
Cash and cash equivalents
|
13.
|
Investments
|
|
a)
|
All investments are classified into ‘Held to Maturity’, ‘Available for Sale’ and ‘Held for Trading’. Re-classifications, if any, in any category are accounted for as per the RBI guidelines.
|
|
Under each classification, the investments are further classified as (a) government securities, (b) other approved securities, (c) shares, (d) bonds and debentures and (e) others.
|
|
b)
|
‘Held to Maturity’ securities are carried at their acquisition cost or at amortized cost, if acquired at a premium over the face value. Any premium over the face value of fixed rate and floating rate securities acquired is amortized over the remaining period to maturity on a constant yield basis and straight line basis, respectively.
|
|
c)
|
‘Available for Sale’ and ‘Held for Trading’ securities are valued periodically as per RBI guidelines. Any premium over the face value of investments in government securities, classified as ‘Available for Sale’, is amortized over the remaining period to maturity on constant yield basis. Quoted investments are valued based on the trades/quotes on the recognized stock exchanges, subsidiary general ledger account transactions, price list of RBI or prices declared by Primary Dealers Association of India jointly with Fixed Income Money Market and Derivatives Association (FIMMDA), periodically.
|
|
d)
|
Costs including brokerage and commission pertaining to investments, paid at the time of acquisition, are charged to the profit and loss account.
|
|
e)
|
Profit on sale of investments in the ‘Held to Maturity’ category is credited to the profit and loss account and is thereafter appropriated (net of applicable taxes and statutory reserve requirements) to Capital Reserve. Profit on sale of investments in ‘Available for sale’ and ‘Held for Trading’ categories is credited to profit and loss account.
|
|
f)
|
Repurchase and reverse repurchase transactions are accounted for in accordance with the extant RBI guidelines.
|
|
g)
|
Broken period interest (the amount of interest from the previous interest payment date till the date of purchase/sale of instruments) on debt instruments is treated as a revenue item.
|
|
h)
|
At the end of each reporting period, security receipts issued by asset reconstruction companies are valued in accordance with the guidelines applicable to such instruments, prescribed by RBI from time to time. Accordingly, in cases where the cash flows from security receipts issued by asset reconstruction companies are limited to the actual realization of the financial assets assigned to the instruments in the concerned scheme, the Bank reckons the NAV, obtained from the asset reconstruction company from time to time, for valuation of such investments at each reporting period end.
|
i)
|
The Bank follows trade date method for accounting for its investments.
|
ii)
|
The Bank’s consolidating venture capital funds carry investments at fair values, with unrealized gains and temporary losses on investments recognized as components of investors’ equity and accounted for in the unrealized investment reserve account. The realized gains and losses on investments and units in mutual funds and unrealized gains or losses on revaluation of units in mutual funds are accounted for in the profit and loss account. Provisions are made in respect of accrued income considered doubtful. Such provisions as well as any subsequent recoveries are recorded through the profit and loss account. Subscription to/purchase of investments are accounted at the cost of acquisition inclusive of brokerage, commission and stamp duty. Bonus shares and right entitlements are recorded when such benefits are known. Quoted investments are valued on the valuation date at the closing market price. Quoted investments that are not traded on the valuation date but are traded during the two months prior to the valuation date are valued at the latest known closing price. An appropriate discount is applied where the asset management company considers it necessary to reflect restrictions on disposal. Quoted investments not traded during the two months prior to the valuation date are treated as unquoted. Unquoted investments are valued at their estimated fair values by applying appropriate valuation methods. Where there is a decline, other than temporary in the carrying amounts of investments, the resultant reduction in the carrying amount is charged to the profit and loss account during the period in which such decline is identified.
|
iii)
|
The Bank’s primary dealership and securities broking subsidiaries classify their investments as short-term and trading or as long-term investments. The securities held with the intention of holding for short-term and trading are classified as stock-in-trade and are valued at lower of cost arrived at on weighted average basis or market value. The securities acquired with the intention of holding till maturity or for a longer period are classified as long-term investments and are carried at cost arrived at on weighted average basis. Appropriate provision is made for other than temporary diminution in the value of investments. Commission earned in respect of securities acquired upon devolvement is reduced from the cost of acquisition.
|
iv)
|
The Bank’s housing finance subsidiary classifies its investments as current investments and long-term investments. Investments that are readily realizable and intended to be held for not more than
|
v)
|
The Bank’s United Kingdom and Canadian banking subsidiaries account for unrealized gain/loss, net of tax, on investment in ‘Available for Sale’ category directly in their reserves. Further, in the case of the Bank’s United Kingdom and Canadian banking subsidiaries, unrealized gain/loss on investment in ‘Held for Trading’ category is accounted directly in the profit and loss account.
|
vi)
|
In the case of life and general insurance businesses, investments are made in accordance with the Insurance Act, 1938, the IRDA (Investment) Regulations, 2000, and various other circulars/notifications issued by the IRDA in this context from time to time.
|
14.
|
Provisions/write-offs on loans and other credit facilities
|
|
a)
|
All credit exposures, including overdues arising from crystallized derivative contracts, are classified as per RBI guidelines, into performing and non-performing assets. Further, NPAs are classified into sub-standard, doubtful and loss assets based on the criteria stipulated by RBI.
|
|
b)
|
Provision on assets restructured/rescheduled is made in accordance with the applicable RBI guidelines on restructuring of advances by Banks.
|
|
c)
|
Amounts recovered against debts written off in earlier years and provisions no longer considered necessary in the context of the current status of the borrower are recognized in the profit and loss account.
|
|
d)
|
In addition to the specific provision on NPAs, the Bank/the Bank’s housing finance subsidiary maintains a general provision on performing loans. The general provision covers the requirements of the RBI/NHB guidelines.
|
|
e)
|
In addition to the provisions required to be held according to the asset classification status, provisions are held for individual country exposures (other than for home country exposure). The countries are categorized into seven risk categories namely insignificant, low, moderate, high, very high, restricted and off-credit and provisioning is made on exposures exceeding 180 days on a graded scale ranging from 0.25% to 100%. For exposures with contractual maturity of less than 180 days, 25% of the above provision is required to be held. If the country exposure (net) of the Bank in respect of each country does not exceed 1% of the total funded assets, no provision is required on such country exposure.
|
|
f)
|
In the case of the Bank’s primary dealership subsidiary, the policy of provisioning against NPAs is as per the prudential norms prescribed by the RBI for non-banking financial companies. As per the policy adopted, the provisions against sub-standard assets are determined, taking into account management’s perception of the higher risk associated with the business of the company. Certain NPAs are considered as loss assets and full provision has been made against such assets.
|
|
g)
|
In the case of the Bank’s housing finance subsidiary, loans and other credit facilities are classified as per the NHB guidelines into performing and non-performing assets. Further, NPAs are classified into sub-standard, doubtful and loss assets based on criteria stipulated by NHB. Additional provisions are made against specific non-performing assets over and above what is stated above, if in the opinion of the management, increased provisions are necessary.
|
|
h)
|
In the case of the Bank’s overseas banking subsidiaries, loans are stated net of allowance for credit losses. Loans are classified as impaired when there is no longer reasonable assurance of the timely collection of the full amount of principal or interest. An allowance for credit losses is maintained at a level that management considers adequate to absorb identified credit related losses as well as losses that have been incurred but are not yet identifiable.
|
15.
|
Transfer and servicing of assets
|
16.
|
Fixed assets and depreciation
|
17.
|
Accounting for derivative contracts
|
18.
|
Impairment of assets
|
19.
|
Lease transactions
|
20.
|
Earnings per share (EPS)
|
A.
|
The following additional disclosures have been made taking into account the requirements of accounting standards and Reserve Bank of India guidelines in this regard.
|
1.
|
Earnings per share (EPS)
|
Year ended
March 31, 2009
|
Year ended
March 31, 2010
|
|||||||
Basic
|
||||||||
Weighted average no. of equity shares outstanding
|
1,113,129,213 | 1,113,737,557 | ||||||
Net profit
|
35,769.5 | 46,702.9 | ||||||
Basic earnings per share (Rs.)
|
32.13 | 41.93 | ||||||
Diluted
|
||||||||
Weighted average no. of equity shares outstanding
|
1,115,328,034 | 1,118,224,665 | ||||||
Net profit
|
35,763.5 | 46,649.4 | ||||||
Diluted earnings per share (Rs.)
|
32.07 | 41.72 | ||||||
Face value per share (Rs.)
|
10.00 | 10.00 |
2.
|
Related party transactions
|
1.
|
For entities that have been identified as related parties during the year ended March 31, 2010, previous year’s comparative figures have not been reported.
|
For the year ended March 31, 2010
|
|||||||||||||||||||
Sr.
No.
|
Particulars
|
Associates/
other related
entities
|
Key Management
personnel
|
Relatives of Key
Management
personnel
|
Total
|
||||||||||||||
1 |
Insurance services -premium received
|
52.5 | 0.1 | 0.3 | 52.9 | ||||||||||||||
2 |
Insurance services - claims paid
|
10.5 | 0.3 | 0.1 | 10.9 | ||||||||||||||
3 |
Fee income
|
3.0 | 0.2 | 0.1 | 3.3 | ||||||||||||||
4 |
Commission Income
|
15.4 | .. | .. | 15.4 | ||||||||||||||
5 |
Lease of premises and facilities
|
52.8 | .. | .. | 52.8 | ||||||||||||||
6 |
Secondment of employees
|
27.0 | .. | .. | 27.0 | ||||||||||||||
7 |
Redemption/buyback and conversion of Investments by Group companies
|
.. | .. | .. | .. | ||||||||||||||
8 |
Reimbursement of expenses
|
- | .. | .. | .. | ||||||||||||||
9 |
Brokerage and fee expenses
|
1,414.4 | .. | .. | 1,414.4 | ||||||||||||||
10 |
Purchase of Investments
|
765.3 | .. | .. | 765.3 | ||||||||||||||
11 |
Interest expenses
|
0.3 | 2.5 | 1.2 | 4.0 | ||||||||||||||
12 |
Interest income
|
93.3 | 0.5 | 1.0 | 94.8 | ||||||||||||||
13 |
Other income
|
(220.9 | ) | .. | .. | (220.9 | ) | ||||||||||||
14 |
Dividend income
|
.. | .. | .. | .. | ||||||||||||||
15 |
Purchase of fixed assets
|
.. | .. | .. | .. | ||||||||||||||
16 |
Dividend paid
|
.. | 4.5 | .. | 4.5 | ||||||||||||||
17 |
Remuneration to whole time directors of ICICI Bank
|
.. | 119.4 | .. | 119.4 | ||||||||||||||
18 |
Donations
|
236.2 | .. | .. | 236.2 | ||||||||||||||
19 |
Deposits with the Group
|
300.7 | 38.5 | 16.9 | 356.1 | ||||||||||||||
20 |
Advances
|
42.5 | 6.7 | 8.1 | 57.3 | ||||||||||||||
21 |
Investment by Group in related parties
|
955.7 | .. | .. | 955.7 | ||||||||||||||
22 |
Investment of related parties in ICICI Bank
|
.. | 3.6 | .. | 3.6 | ||||||||||||||
23 |
Receivables
|
285.4 | .. | .. | 285.4 | ||||||||||||||
24 |
Payables
|
218.0 | .. | .. | 218.0 | ||||||||||||||
25 |
Guarantees issued by the Group
|
0.1 | .. | .. | 0.1 | ||||||||||||||
26 |
Employee stock options exercised 1
|
.. | 46.3 | .. | 46.3 | ||||||||||||||
27 |
Employee stock options outstanding (Nos.)
|
.. | 1,254,250 | .. | 1,254,250 |
1.
|
During the year ended March 31, 2010, 121,875 employee stock options were exercised by the key management personnel of the Bank (March 31, 2009: Nil).
|
For the year ended March 31, 2009
|
|||||||||||||||||||
Sr. No.
|
Particulars
|
Associates/
other related
entities
|
Key Management
personnel
|
Relatives of Key
Management
personnel
|
Total
|
||||||||||||||
1 |
Insurance services -premium received
|
207.0 | 0.3 | .. | 207.3 | ||||||||||||||
2 |
Insurance services - claims paid
|
164.8 | 0.2 | .. | 165.0 | ||||||||||||||
3 |
Fee income
|
140.6 | 0.6 | .. | 141.2 | ||||||||||||||
4 |
Commission Income
|
7.5 | .. | .. | 7.5 | ||||||||||||||
5 |
Lease of premises and facilities
|
31.8 | .. | .. | 31.8 | ||||||||||||||
6 |
Secondment of employees
|
5.3 | .. | .. | 5.3 | ||||||||||||||
7 |
Redemption/buyback and conversion of Investments by Group companies
|
59.0 | .. | .. | 59.0 | ||||||||||||||
8 |
Reimbursement of expenses
|
- | .. | .. | .. | ||||||||||||||
9 |
Brokerage and fee expense
|
1,790.7 | .. | .. | 1,790.7 | ||||||||||||||
10 |
Purchase of Investments
|
11.4 | .. | .. | 11.4 | ||||||||||||||
11 |
Interest expenses
|
19.3 | 2.5 | 1.3 | 23.1 | ||||||||||||||
12 |
Interest income
|
8.7 | 2.3 | 0.3 | 11.3 | ||||||||||||||
13 |
Other income
|
9.9 | .. | .. | 9.9 | ||||||||||||||
14 |
Dividend income
|
6.7 | .. | .. | 6.7 | ||||||||||||||
15 |
Purchase of fixed assets
|
13.0 | .. | .. | 13.0 | ||||||||||||||
16 |
Dividend paid
|
.. | 10.2 | .. | 10.2 | ||||||||||||||
17 |
Remuneration to whole time directors of ICICI Bank
|
.. | 91.7 | .. | 91.7 | ||||||||||||||
18 |
Donations
|
417.8 | .. | .. | 417.8 | ||||||||||||||
19 |
Deposits with the Group
|
287.3 | 61.4 | 17.2 | 365.9 | ||||||||||||||
20 |
Advances
|
89.9 | 7.9 | 7.5 | 105.3 | ||||||||||||||
21 |
Investment by Group in related parties
|
1,598.1 | .. | .. | 1,598.1 | ||||||||||||||
22 |
Investment of related parties in ICICI Bank
|
.. | 9.3 | .. | 9.3 | ||||||||||||||
23 |
Receivables
|
236.3 | .. | .. | 236.3 | ||||||||||||||
24 |
Payables
|
177.6 | .. | .. | 177.6 | ||||||||||||||
25 |
Guarantees
|
1,916.1 | .. | .. | 1,916.1 | ||||||||||||||
26 |
Employee stock options exercised
|
.. | .. | .. | .. | ||||||||||||||
27 |
Employee stock options outstanding (Nos.)
|
.. | 3,318,125 | .. | 3,318,125 |
|
Rupees in million
|
Sr. No.
|
Particulars
|
Key management
personnel
|
Relatives of key
management
personnel
|
Total
|
|||||||||||
1. |
Deposits
|
66.1 | 23.2 | 89.3 | |||||||||||
2. |
Advances
|
26.1 | 12.2 | 38.3 | |||||||||||
3. |
Investments
|
9.1 | 0.3 | 9.4 |
|
Rupees in million
|
Sr. No.
|
Particulars
|
Key management
personnel
|
Relatives of key
management
personnel
|
Total
|
|||||||||||
1. |
Deposits
|
123.7 | 38.3 | 162.0 | |||||||||||
2. |
Advances
|
63.6 | 7.6 | 71.2 | |||||||||||
3. |
Investments
|
9.3 | .. | 9.3 |
3.
|
Employee stock option scheme (ESOS)
|
Risk-free interest rate
|
6.53% to 7.76%
|
Expected life
|
6.35 to 6.85 years
|
Expected volatility
|
48.65% to 49.18%
|
Expected dividend yield
|
1.22% to 2.53%
|
Stock options outstanding
|
||||||||||||||||
Year ended March 31, 2009
|
Year ended March 31, 2010
|
|||||||||||||||
Particulars
|
Number of
options
|
Weighted average
exercise price
|
Number of
options
|
Weighted average
exercise price
|
||||||||||||
Outstanding at the beginning of the year
|
15,638,152 | 596.32 | 18,992,504 | 685.05 | ||||||||||||
Add: Granted during the year
|
5,640,500 | 912.30 | 1,731,000 | 434.78 | ||||||||||||
Less: Lapsed during the year
|
1,723,001 | 737.40 | 365,372 | 661.78 | ||||||||||||
Exercised during the year
|
563,147 | 336.96 | 1,594,672 | 366.38 | ||||||||||||
Outstanding at the end of the year
|
18,992,504 | 685.05 | 18,763,460 | 689.50 | ||||||||||||
Options exercisable
|
7,188,420 | 496.10 | 10,104,780 | 609.18 |
Range of exercise price
(Rupees per share)
|
Number of shares arising out
of options (Number of
shares)
|
Weighted average exercise
price (Rupees)
|
Weighted average
remaining contractual life
(Number of years)
|
|||||||||||
105-299 | 117,601 | 146.21 | 2.03 | |||||||||||
300-599 | 9,339,639 | 462.04 | 6.08 | |||||||||||
600-999 | 9,238,220 | 923.24 | 7.61 | |||||||||||
1,000-1,399 | 68,000 | 1,114.57 | 7.65 |
Risk-free interest rate
|
6.87% to 8.00% p.a.
|
Expected life
|
3-5 years
|
Expected volatility
|
28.65% p.a.
|
Expected dividend yield
|
1.50% p.a.
|
Stock options outstanding
|
||||||||||||||||
Year ended March 31, 2009
|
Year ended March 31, 2010
|
|||||||||||||||
Particulars
|
Number of options
|
Weighted average
exercise price
|
Number of
options
|
Weighted average
exercise price
|
||||||||||||
Outstanding at the beginning of the year
|
12,684,277 | 94.61 | 16,609,012 | 199.72 | ||||||||||||
Add: Granted during the year
|
6,074,000 | 400.00 | -- | -- | ||||||||||||
Less: Forfeited/lapsed during the year
|
1,005,695 | 244.04 | 896,336 | 147.79 | ||||||||||||
Exercised during the year
|
1,143,570 | 58.72 | 885,590 | 67.95 | ||||||||||||
Outstanding at the end of the year
|
16,609,012 | 199.72 | 14,827,086 | 210.73 | ||||||||||||
Options exercisable
|
2,920,138 | 71.27 | 5,614,986 | 136.69 |
Range of exercise price
(Rupees per share)
|
Number of shares arising
out of options (Number of
shares)
|
Weighted average
exercise price
(Rupees)
|
Weighted average remaining
contractual life (Number of
years)
|
30-400
|
14,827,086
|
210.73
|
7
|
Risk-free interest rate
|
5.79% - 8.17% p.a.
|
Expected life
|
3 – 7 years
|
Expected volatility
|
17.00% - 60.73% p.a.
|
Expected dividend yield
|
0.80% - 2.85% p.a.
|
Stock options outstanding
|
||||||||||||||||
Year ended
March 31, 2009
|
Year ended
March 31, 2010
|
|||||||||||||||
Particulars
|
Number
of
shares
|
Weighted average exercise price
|
Number
of
shares
|
Weighted average exercise price
|
||||||||||||
Outstanding at the beginning of the year
|
12,378,256 | 48.00 | 14,398,162 | 94.19 | ||||||||||||
Add: Granted during the year
|
5,050,000 | 200.00 | 1,249,000 | 91.00 | ||||||||||||
Less: Forfeited/lapsed during the year
|
2,246,266 | 96.69 | 1,704,528 | 107.33 | ||||||||||||
Less: Exercised during the year
|
783,828 | 39.20 | 596,722 | 41.86 | ||||||||||||
Outstanding at the end of the year
|
14,398,162 | 94.19 | 13,345,912 | 94.56 | ||||||||||||
Options exercisable
|
1,250,394 | 61.86 | 6,737,136 | 63.26 |
Range of exercise price
(Rupees per share)
|
Number of shares arising
out of options (Number of
shares)
|
Weighted average exercise
price (Rupees)
|
Weighted average
remaining contractual life
(Number of years)
|
35 – 200
|
13,345,912
|
94.56
|
7.99
|
4.
|
Fixed assets
|
Particulars
|
At March 31, 2009
|
At March 31, 2010
|
||||||
At cost at March 31 of preceding year
|
5,631.8 | 6,906.7 | ||||||
Additions during the year
|
1,329.7 | 1,369.5 | ||||||
Deductions during the year
|
(54.8 | ) | (261.6 | ) | ||||
Depreciation/amortization to date
|
(4,385.1 | ) | (5,250.7 | ) | ||||
Net block
|
2,521.6 | 2,763.9 |
5.
|
Assets on lease
|
5.1
|
Assets taken under operating lease
|
Particulars
|
At March 31, 2009
|
At March 31, 2010
|
||||||
Not later than one year
|
1,896.0 | 1,651.9 | ||||||
Later than one year and not later than five years
|
4,904.4 | 4,211.4 | ||||||
Later than five years
|
1,730.9 | 1,500.6 | ||||||
Total
|
8,531.3 | 7,363.9 |
5.2
|
Assets under finance lease
|
Particulars
|
At March 31, 2009
|
At March 31, 2010
|
||||||
Future minimum lease receipts
|
||||||||
Present value of lease receipts
|
174.8 | 17.4 | ||||||
Un-matured finance charges
|
9.3 | 0.2 | ||||||
Total
|
184.1 | 17.6 | ||||||
Maturity profile of future minimum lease receipts
|
||||||||
- Not later than one year
|
176.4 | 17.6 | ||||||
- Later than one year and not later than five years
|
7.7 | -- | ||||||
- Later than five years
|
.. | -- | ||||||
Total
|
184.1 | 17.6 |
5.3
|
Maturity profile of present value of lease rentals
|
Period
|
At March 31, 2009
|
At March 31, 2010
|
||||||
Not later than one year
|
167.3 | 17.4 | ||||||
Later than one year and not later than five years
|
7.5 | -- | ||||||
Later than five years
|
.. | -- | ||||||
Total
|
174.8 | 17.4 |
6.
|
Preference shares
|
7.
|
Staff retirement benefits
|
Particulars
|
Year ended
March 31, 2009
|
Year ended March 31, 2010
|
||||||||||||||
Pension
|
Gratuity
|
Pension
|
Gratuity
|
|||||||||||||
Defined benefit obligation liability
|
||||||||||||||||
Opening obligations
|
1,678.1 | 2,287.2 | 1,932.2 | 2,813.8 | ||||||||||||
Add: Addition for exchange fluctuation on opening obligation
|
-- | 6.4 | -- | (4.8 | ) | |||||||||||
Add: Addition due to amalgamation
|
.. | 0.9 | -- | -- | ||||||||||||
Service cost
|
62.5 | 480.6 | 51.8 | 440.8 | ||||||||||||
Interest cost
|
146.6 | 231.8 | 134.5 | 212.5 | ||||||||||||
Actuarial (gain)/loss
|
484.8 | 96.7 | (32.1 | ) | (230.6 | ) | ||||||||||
Past service cost
|
.. | 13.2 | -- | 98.6 | ||||||||||||
Transitional obligation/(Asset)
|
.. | -- | -- | -- | ||||||||||||
Liability assumed on acquisition/(settled on divestiture)
|
.. | 18.1 | .. | 11.0 | ||||||||||||
Liabilities extinguished on settlement.
|
(364.2 | ) | .. | (287.7 | ) | .. | ||||||||||
Exchange difference on foreign plans.
|
.. | .. | .. | |||||||||||||
Benefits paid
|
(75.6 | ) | (321.1 | ) | (50.0 | ) | (251.7 | ) | ||||||||
Obligations at the end of the year
|
1,932.2 | 2,813.8 | 1,748.7 | 3,089.6 | ||||||||||||
Opening plans assets, at fair value
|
1,490.1 | 1,712.6 | 2,145.3 | 2,521.7 | ||||||||||||
Add: Addition due to amalgamation
|
.. | .. | .. | .. | ||||||||||||
Expected return on plan assets
|
117.4 | 146.1 | 169.9 | 209.7 | ||||||||||||
Actuarial gain/(loss)
|
144.8 | (149.3 | ) | (130.7 | ) | 194.8 | ||||||||||
Assets distributed on settlement
|
(395.8 | ) | .. | (322.6 | ) | |||||||||||
Contributions
|
864.4 | 1,115.3 | 28.0 | 378.0 | ||||||||||||
Liability assumed on acquisition/(settled on divestiture)
|
.. | .. | .. | .. | ||||||||||||
Benefits paid
|
(75.6 | ) | (321.1 | ) | (50.0 | ) | (251.7 | ) | ||||||||
Assets acquired on acquisition/(distributed on divestiture)
|
18.1 | .. | 20.7 | |||||||||||||
Closing plan assets at fair value
|
2,145.3 | 2,521.7 | 1,839.9 | 3,073.2 | ||||||||||||
Fair value of plan assets at the end of the year
|
2,145.3 | 2,521.7 | 1,839.9 | 3,073.2 | ||||||||||||
Present value of the defined benefit obligations at the end of the year
|
1,932.2 | 2,813.8 | 1,748.7 | 3,089.6 | ||||||||||||
Unrecognized past service cost
|
.. | 15.3 | .. | 40.5 | ||||||||||||
Amount not recognized as an asset (limit in para 59(b) of Accounting Standard (AS) 15 – “Employee Benefits”)
|
51.2 | 7.9 | 7.7 | 47.9 | ||||||||||||
Asset/(liability)
|
161.9 | (284.7 | ) | 83.5 | (23.8 | ) | ||||||||||
Cost for the year
|
||||||||||||||||
Service cost
|
62.5 | 480.6 | 51.8 | 440.8 | ||||||||||||
Interest cost
|
146.6 | 231.8 | 134.5 | 212.5 | ||||||||||||
Expected return on plan assets
|
(117.4 | ) | (146.1 | ) | (169.9 | ) | (209.7 | ) | ||||||||
Actuarial (gain)/loss
|
340.0 | 246.0 | 98.6 | (425.4 | ) | |||||||||||
Past service cost
|
13.6 | .. | 73.3 | |||||||||||||
Losses/(gains) on “Acquisition/Divestiture”
|
.. | .. | .. | (2.2 | ) | |||||||||||
Exchange fluctuation loss/(gain)
|
.. | 6.4 | .. | (4.8 | ) | |||||||||||
Effect of the limit in para 59(b) of Accounting Standard (AS) 15 – “Employee Benefits”
|
51.2 | 7.9 | (43.5 | ) | 40.0 | |||||||||||
Transitional obligation/(Asset)
|
.. | .. | .. | |||||||||||||
Curtailments & settlements (gain)/loss
|
31.6 | .. | 34.9 | .. | ||||||||||||
Net cost
|
514.5 | 840.2 | 106.4 | 124.5 | ||||||||||||
Investment details of plan assets
|
||||||||||||||||
Majority of the plan assets are invested in government securities and corporate bonds
|
||||||||||||||||
Assumptions
|
||||||||||||||||
Interest rate
|
6.85 | % | 5.50% -7.55 | % | 7.75 | % | 6.10% -8.35 | % | ||||||||
Salary escalation rate
|
7.00 | % | 6.00%-20.00 | % | 7.00 | % | 6.00%-20.00 | % | ||||||||
Estimated rate of return on plan assets
|
8.00 | % | 7.50%- 8.00 | % | 8.00 | % | 7.50%- 8.00 | % |
Particulars
|
Year ended March 31, 2007
|
Year ended March 31, 2008
|
Year ended March 31, 2009
|
Year ended March 31, 2010
|
||||||||||||
Plan assets
|
988.5 | 1,490.1 | 2,145.3 | 1,839.9 | ||||||||||||
Defined benefit obligations
|
1,029.4 | 1,678.1 | 1,932.2 | 1,748.7 | ||||||||||||
Amount not recognized as an asset (limit in para 59(b) of AS 15 on ‘employee benefits’
|
.. | .. | 51.2 | 7.7 | ||||||||||||
Surplus/(deficit)
|
(40.9 | ) | (188.0 | ) | 161.9 | 83.5 | ||||||||||
Experience adjustment on plan assets
|
(110.1 | ) | (117.9 | ) | 144.8 | (130.7 | ) | |||||||||
Experience adjustment on plan liabilities
|
32.8 | (121.9 | ) | 6.6 | 196.9 |
Particulars
|
Year
ended March 31, 2007
|
Year
ended March 31, 2008
|
Year
ended March 31, 2009
|
Year
ended March 31, 2010
|
||||||||||||
Plan assets
|
1,011.3 | 1,712.6 | 2,521.7 | 3,073.2 | ||||||||||||
Defined benefit obligations
|
1,352.2 | 2,287.2 | 2,813.8 | 3,089.6 | ||||||||||||
Amount not recognized as an asset (limit in para 59(b) of AS 15 on ‘employee benefits’)
|
.. | .. | 7.9 | 47.9 | ||||||||||||
Surplus/(deficit)
|
(340.9 | ) | (574.6 | ) | (300.0 | ) | (64.3 | ) | ||||||||
Experience adjustment on plan assets
|
(13.6 | ) | (4.0 | ) | (149.3 | ) | 194.8 | |||||||||
Experience adjustment on plan liabilities
|
69.5 | (29.2 | ) | (22.3 | ) | (21.2 | ) |
8.
|
Provision for income tax
|
9.
|
Deferred tax
|
Particulars
|
At March 31, 2009
|
At March 31, 2010
|
||||||
Deferred tax asset
|
||||||||
Provision for bad and doubtful debts
|
22,037.1 | 24,052.8 | ||||||
Capital loss
|
131.4 | -- | ||||||
Others
|
5,697.6 | 5,503.0 | ||||||
Total deferred tax asset
|
27,866.1 | 29,555.8 | ||||||
Less: Deferred tax liability
|
||||||||
Depreciation on fixed assets
|
5,494.8 | 4,712.6 | ||||||
Others
|
109.3 | 86.5 | ||||||
Total deferred tax liability
|
5,604.1 | 4,799.1 | ||||||
Add: Net deferred tax asset pertaining to foreign branches/ foreign subsidiaries
|
2,922.0 | 85.4 | ||||||
Total net deferred tax asset/(liability)
|
25,184.0 | 24,842.1 |
10.
|
Information about business and geographical segments
|
A.
|
Business segments for the year ended March 31, 2010
|
1.
|
Retail banking includes exposures of the Bank which satisfy the four criteria of orientation, product, granularity and low value of individual exposures for retail exposures laid down in the Basel Committee on Banking Supervision document ‘International Convergence of Capital Measurement and Capital Standards’, as per the RBI guidelines for the Bank.
|
2.
|
Wholesale banking includes all advances to trusts, partnership firms, companies and statutory bodies, by the Bank which are not included under Retail Banking segment, as per the RBI guidelines for the Bank.
|
3.
|
Treasury includes the entire investment portfolio of the Bank, ICICI Eco-net Internet and Technology Fund, ICICI Equity Fund, ICICI Emerging Sectors Fund, ICICI Strategic Investments Fund and ICICI Venture Value Fund (with effect from June 30, 2009).
|
4.
|
Other banking business 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. (up to December 31, 2009) and ICICI Bank Eurasia LLC.
|
5.
|
Life insurance represents results of ICICI Prudential Life Insurance Company Limited.
|
6.
|
General insurance represents results of ICICI Lombard General Insurance Company Limited.
|
7.
|
Venture fund management represents results of ICICI Venture Funds Management Company Limited.
|
8.
|
Others includes ICICI Home Finance Company Limited, ICICI International Limited, ICICI Securities Primary Dealership Limited, ICICI Securities Limited, ICICI Securities Holdings Inc., ICICI Securities Inc., ICICI Prudential Asset Management Company Limited, ICICI Prudential Trust Limited, ICICI Investment Management Company Limited, ICICI Trusteeship Services Limited, TCW/ICICI Investment Partners LLC., ICICI Kinfra Limited, ICICI West Bengal Infrastructure Development Corporation Limited, Loyalty Solutions & Research Limited, I-Ven Biotech Limited and ICICI Prudential Pension Funds Management Company Limited (with effect from June 30, 2009).
|
Sr. no.
|
Particulars
|
Retail
banking
|
Wholesale
banking
|
Treasury
|
Other banking
business
|
Life insurance
|
General insurance
|
Venture
fund management
|
Others
|
Inter segment adjustment
|
Total
|
||||||||||||||||||||||||||||||||
1 |
Revenue
|
177,244.1 | 192,541.3 | 248,297.5 | 34,898.1 | 185,378.0 | 28,511.1 | 1,832.7 | 32,576.6 | (305,281.7 | ) | 595,997.7 | |||||||||||||||||||||||||||||||
2 |
Segment results
|
(13,335.1 | ) | 36,451.0 | 27,444.4 | 7,733.8 | 2,776.5 | 1,583.1 | 744.1 | 6,814.2 | (4,425.6 | ) | 65,786.4 | ||||||||||||||||||||||||||||||
3 |
Unallocated expenses
|
-- | |||||||||||||||||||||||||||||||||||||||||
4 |
Income tax expenses net)/(net deferred tax credit)
|
17,352.3 | |||||||||||||||||||||||||||||||||||||||||
5 |
Net profit 1
(2) - (3) - (4)
|
48,434.1 | |||||||||||||||||||||||||||||||||||||||||
Other information
|
|||||||||||||||||||||||||||||||||||||||||||
6 |
Segment assets
|
737,339.9 | 1,184,314.3 | 1,641,699.5 | 610,350.8 | 584,434.3 | 65,597.7 | 2,532.2 | 183,265.0 | (181,571.7 | ) | 4,827,962.0 | |||||||||||||||||||||||||||||||
7 |
Unallocated asset2
|
65,511.0 | |||||||||||||||||||||||||||||||||||||||||
8 |
Total assets
(6) + (7)
|
4,893,473.0 | |||||||||||||||||||||||||||||||||||||||||
9 |
Segment liabilities
|
1,186,393.0 | 915,021.2 | 1,525,509.0 | 3 | 604,992.4 | 3 | 587,425.8 | 3 | 66,798.5 | 3 | 2,569.5 | 3 | 185,621.4 | 3 | (181,571.7 | ) | 4,892,759.1 | |||||||||||||||||||||||||
10 |
Unallocated liabilities
|
713.9 | |||||||||||||||||||||||||||||||||||||||||
11 |
Total liabilities
(9) + (10)
|
4,893,473.0 | |||||||||||||||||||||||||||||||||||||||||
12 |
Capital expenditure
|
1,721.0 | 635.8 | 2.9 | 102.6 | 228.3 | 189.7 | 107.5 | 866.5 | (187.6 | ) | 3,666.7 | |||||||||||||||||||||||||||||||
13 |
Depreciation & amortisation
|
3,749.0 | 996.4 | 16.3 | 1,616.1 | 596.9 | 277.1 | 120.3 | 325.6 | (69.0 | ) | 7,628.7 |
1.
|
Includes share of net profit of minority shareholders.
|
2.
|
Includes assets which cannot be specifically allocated to any of the segments, tax paid in advance/tax deducted at source (net), deferred tax asset (net).
|
3.
|
Includes share capital and reserves and surplus.
|
Sr. no.
|
Particulars
|
Retail
banking
|
Wholesale
banking
|
Treasury
|
Other banking business
|
Life insurance
|
General insurance
|
Venture
fund management
|
Others
|
Inter segment adjustment
|
Total
|
||||||||||||||||||||||||||||||||
1 |
Revenue
|
230,152.1 | 248,077.1 | 297,421.3 | 45,280.9 | 165,074.3 | 26,624.0 | 3,456.5 | 32,160.0 | (406,715.4 | ) | 641,530.8 | |||||||||||||||||||||||||||||||
2 |
Segment results
|
580.5 | 34,133.1 | 13,069.4 | 6,079.1 | (8,595.6 | ) | 2.7 | 2,020.8 | 5,893.5 | (3,500.0 | ) | 49,683.5 | ||||||||||||||||||||||||||||||
3 |
Unallocated expenses
|
- | |||||||||||||||||||||||||||||||||||||||||
4 |
Income tax expenses (net)/
(net deferred tax credit)
|
15,889.3 | |||||||||||||||||||||||||||||||||||||||||
5 |
Net profit 1
(2)- (3) - (4)
|
33,794.2 | |||||||||||||||||||||||||||||||||||||||||
Other information
|
|||||||||||||||||||||||||||||||||||||||||||
6 |
Segment assets
|
958,656.7 | 1,357,062.5 | 1,397,053.4 | 660,402.9 | 336,670.8 | 53,464.4 | 2,706.2 | 178,395.0 | (191,380.4 | ) | 4,753,031.5 | |||||||||||||||||||||||||||||||
7 |
Unallocated assets2
|
73,878.2 | |||||||||||||||||||||||||||||||||||||||||
8 |
Total assets
(6) + (7)
|
4,826,909.7 | |||||||||||||||||||||||||||||||||||||||||
9 |
Segment liabilities
|
1,117,555.2 | 1,111,564.6 | 1,526,005.7 | 3 | 657,432.0 | 3 | 339,864.4 | 3 | 54,455.1 | 3 | 2,734.7 | 3 | 180,537.0 | 3 | (191,380.4 | ) | 4,798,768.3 | |||||||||||||||||||||||||
10 |
Unallocated liabilities
|
28,141.4 | |||||||||||||||||||||||||||||||||||||||||
11 |
Total liabilities
(9) + (10)
|
4,826,909.7 | |||||||||||||||||||||||||||||||||||||||||
12 |
Capital expenditure
|
4,224.2 | 1,264.2 | 3.3 | 514.0 | 854.5 | 692.3 | 114.0 | 715.0 | (10.8 | ) | 8,370.7 | |||||||||||||||||||||||||||||||
13 |
Depreciation & amortization
|
3,628.6 | 1,027.3 | 4.7 | 2,259.6 | 554.1 | 264.4 | 13.2 | 314.9 | - | 8,066.8 | ||||||||||||||||||||||||||||||||
1.
|
Includes share of net profit of minority shareholders.
|
2.
|
Includes assets which cannot be specifically allocated to any of the segments, tax paid in advance/tax deducted at source (net), deferred tax asset (net).
|
3.
|
Includes share capital and reserves and surplus.
|
B.
|
Geographical segments
|
|
·
|
Domestic operations comprise branches and subsidiaries/joint ventures in India.
|
|
·
|
Foreign operations comprise branches and subsidiaries/joint ventures outside India and offshore banking unit in India.
|
Revenue
|
For the year ended
March 31, 2009
|
For the year ended
March 31, 2010
|
||||||
Domestic operations
|
561,671.6 | 532,972.3 | ||||||
Foreign operations
|
79,859.2 | 63,025.4 | ||||||
Total
|
641,530.8 | 595,997.7 |
Assets
|
At March 31, 2009
|
At March 31, 2010
|
||||||
Domestic operations
|
3,464,948.3 | 3,694,052.1 | ||||||
Foreign operations
|
1,297,301.0 | 1,134,927.3 | ||||||
Total
|
4,762,249.3 | 4,828,979.4 |
Capital expenditure incurred during the
year ended
|
Depreciation provided on capital expenditure during the year ended
|
|||||||||||||||
March 31,
2009
|
March 31,
2010
|
March 31,
2009
|
March 31,
2010
|
|||||||||||||
Domestic operations
|
7,795.5 | 3,545.3 | 7,872.1 | 7,390.1 | ||||||||||||
Foreign operations
|
575.2 | 121.4 | 194.7 | 238.6 | ||||||||||||
Total
|
8,370.7 | 3,666.7 | 8,066.8 | 7,628.7 |
11.
|
Penalties/fines imposed by Reserve Bank of India and other banking regulatory bodies
|
12.
|
Small and Micro Industries
|
13.
|
Farm loan waiver
|
14.
|
Credit derivative instruments
|
15.
|
Reclassification of investments in ICICI Bank UK PLC
|
16.
|
Scheme support expenses of ICICI Prudential Asset Management Company Limited
|
17.
|
Liquidity options to employees of ICICI Prudential Life Insurance Company Limited and to employees of ICICI Lombard General Insurance Company Limited
|
18.
|
Transfer of Merchant acquiring operations
|
19.
|
Additional disclosure
|
20.
|
Comparative figures
|
1.
|
Acquisition of Bank of Rajasthan
|
2.
|
Reserves
|
3.
|
Deposits
|
Deposits maturing during the year ended March 31,
|
||||
2011
|
1,071,955.7 | |||
2012
|
228,106.3 | |||
2013
|
124,609.3 | |||
2014
|
32,124.7 | |||
2015
|
13,969.4 | |||
Thereafter
|
7,211.4 | |||
Total time deposits
|
1,477,976.8 |
4.
|
Long-term debt
|
Fixed-rate
obligations
|
Floating-rate
obligations
|
Total
|
||||||||||
Long-term debt maturing during the year ended March 31,
|
||||||||||||
2011
|
113,500.8 | 68,004.1 | 181,504.9 | |||||||||
2012
|
111,578.9 | 55,842.3 | 167,421.2 | |||||||||
2013
|
118,062.8 | 46,942.7 | 165,005.5 | |||||||||
2014
|
13,611.3 | 39,547.9 | 53,159.2 | |||||||||
2015
|
38,683.4 | 1,192.7 | 39,876.1 | |||||||||
Thereafter
|
320,707.5 | 42,751.1 | 363,458.6 | |||||||||
Total
|
716,144.7 | 254,280.8 | 970,425.5 | |||||||||
Less: Unamortized debt issue costs
|
(180.5 | ) | ||||||||||
Total
|
970,245.0 |
At March 31, 2010
|
||||||||||||||
Category
|
Amount
|
Weighted average interest rate
|
Range
|
Weighted average residual maturity (in years)
|
||||||||||
Bonds issued to institutional/individual investors
|
324,699.4 | 9.3 | % |
5.0% to 14.4%
|
6.6 | |||||||||
Bonds eligible for statutory reserve requirements (1)
|
8,355.0 | 11.7 | % |
11.5% to 12.0%
|
1.1 | |||||||||
Borrowings from GOI
|
687.5 | 12.4 | % |
12.0% to 13.0%
|
1.0 | |||||||||
Refinance from financial institutions
|
30,467.5 | 8.1 | % |
5.2% to 11.3%
|
1.9 | |||||||||
Borrowings from other banks
|
28,270.5 | 8.6 | % |
8.1% to 11.6%
|
1.7 | |||||||||
Fixed deposits
|
45,459.3 | 8.8 | % |
6.0% to 12.5%
|
1.3 | |||||||||
Preference shares(2)
|
3,500.0 | 0.001 | % | 0.001% | 8.1 | |||||||||
Total
|
441,439.2 | 9.1 | % | 5.3 |
At March 31, 2009
|
||||||||||||||
Category
|
Amount
|
Weighted average interest rate
|
Range |
Weighted average residual maturity (in years)
|
||||||||||
Bonds issued to institutional /individual investors
|
242,582.3 | 9.5 | % | 4.9% to 14.4% | 6.1 | |||||||||
Bonds eligible for statutory reserve requirements (1)
|
11,755.0 | 11.6 | % | 11.5% to 12.0% | 1.6 | |||||||||
Borrowings from GOI
|
1,075.4 | 12.3 | % | 12.0% to 13.0% | 1.5 | |||||||||
Refinance from financial institutions
|
39,327.6 | 9.6 | % | 5.5% to 12.7% | 1.6 | |||||||||
Borrowings from other banks
|
41,140.5 | 12.7 | % | 5.5% to 15.0% | 1.8 | |||||||||
Fixed deposits
|
26,693.6 | 10.8 | % | 7.5% to 12.5% | 1.5 | |||||||||
Preference shares(2)
|
3,500.0 | 0.001 | % | 0.001% | 9.1 | |||||||||
Total
|
366,074.4 | 9.5 | % | 4.7 |
1)
|
Banks in India are required to mandatorily maintain a specified percentage of certain liabilities as cash or in approved securities. These bonds issued by the Bank are approved securities under the rules.
|
2)
|
Pursuant to RBI circular no. DBOD.BP.BC No.81/ 21.01.002/2009-10, the issued and paid-up preference shares are grouped under Schedule 4 "Borrowings". Accordingly, the same has been considered as long term Indian rupee debt.
|
At March 31, 2010
|
||||||||||||||
Category
|
Amount
|
Weighted average interest rate
|
Range
|
Weighted average residual maturity (in years)
|
||||||||||
Borrowings from international development agencies (1)
|
18,525.2 | 2.4 | % |
0.6% to 6.8%
|
8.3 | |||||||||
Other borrowings from international markets
|
510,280.6 | 3.6 | % |
0.04% to 8.0%
|
3.2 | |||||||||
Total
|
528,805.8 | 3.6 | % | 3.3 |
At March 31, 2009
|
||||||||||||||
Category
|
Amount
|
Weighted average interest rate
|
Range
|
Weighted average residual maturity (in years)
|
||||||||||
Borrowings from international development agencies (1)
|
22,862.2 | 3.4 | % |
0.75 % to 6.75%
|
8.5 | |||||||||
Other borrowings from international markets
|
601,259.7 | 4.8 | % |
0.18% to 8.13%
|
3.1 | |||||||||
Total
|
624,121.9 | 4.7 | % | 3.3 |
1)
|
These borrowings have been raised under specific lines of credit from international development agencies. The borrowings have lender-imposed restrictions that limit the use of the funds for specified purposes, which include lending to specified sectors.
|
5.
|
Cash and cash equivalents
|
6.
|
Investments
|
At March 31, 2009
|
At March 31, 2010
|
|||||||||||||||||||||||||||||||
Amortized
cost/cost
|
Gross
unrealized
gain
|
Gross
unrealized
loss
|
Fair value
|
Amortized
cost/cost
|
Gross
unrealized
gain
|
Gross
unrealized
loss
|
Fair value
|
|||||||||||||||||||||||||
Held to maturity
|
||||||||||||||||||||||||||||||||
Corporate debt securities
|
15,868.7 | 467.5 | (390.7 | ) | 15,945.5 | 24,592.5 | 997.9 | (645.2 | ) | 24,945.2 | ||||||||||||||||||||||
Government securities
|
523,562.5 | 10,286.7 | (7,483.9 | ) | 526,365.3 | 511,159.5 | 1,246.6 | (12,669.1 | ) | 499,737.0 | ||||||||||||||||||||||
Other securities
|
61,175.6 | 2.9 | (50.6 | ) | 61,127.9 | 102,373.6 | 12.4 | – | 102,386.0 | |||||||||||||||||||||||
Total debt securities
|
600,606.8 | 10,757.1 | (7,925.2 | ) | 603,438.7 | 638,125.6 | 2,256.9 | (13,314.3 | ) | 627,068.2 | ||||||||||||||||||||||
Equity securities
|
899.6 | 40.2 | (0.1 | ) | 939.7 | 526.6 | 6.6 | – | 533.2 | |||||||||||||||||||||||
Other securities
|
4,156.8 | 739.4 | (540.8 | ) | 4,355.4 | 5,011.7 | 318.5 | (359.0 | ) | 4,971.2 | ||||||||||||||||||||||
Total
|
605,663.2 | 11,536.7 | (8,466.1 | ) | 608,733.8 | 643,663.9 | 2,582.0 | (13,673.3 | ) | 632,572.6 |
At March 31, 2009
|
At March 31, 2010 | |||||||||||||||||||||||||||||||
Amortized
cost/cost
|
Gross
unrealized
gain
|
Gross
unrealized
loss
|
Fair value
|
Amortized
cost/cost
|
Gross
unrealized
gain
|
Gross
unrealized
loss
|
Fair value
|
|||||||||||||||||||||||||
Available for sale
|
||||||||||||||||||||||||||||||||
Corporate debt securities
|
196,305.4 | 656.4 | (18,670.5 | ) | 178,291.3 | 113,191.2 | 1,916.9 | (2,219.3 | ) | 112,888.8 | ||||||||||||||||||||||
Government securities
|
98,697.9 | 696.4 | (1,988.0 | ) | 97,406.3 | 214,648.9 | 177.8 | (276.7 | ) | 214,550.0 | ||||||||||||||||||||||
Other securities
|
83,337.8 | 1,236.6 | (2,773.0 | ) | 81,801.4 | 108,385.7 | 1,204.9 | (1,678.5 | ) | 107,912.1 | ||||||||||||||||||||||
Total debt securities
|
378,341.1 | 2,589.4 | (23,431.5 | ) | 357,499.0 | 436,225.8 | 3,299.6 | (4,174.5 | ) | 435,350.9 | ||||||||||||||||||||||
Equity securities
|
26,693.2 | 2,845.0 | (9,293.2 | ) | 20,244.9 | 26,100.4 | 5,739.3 | (3,286.4 | ) | 28,553.3 | ||||||||||||||||||||||
Other securities
|
64,881.9 | 1,982.0 | (5,292.6 | ) | 61,571.3 | 57,592.8 | 3,320.1 | (7,761.2 | ) | 53,151.7 | ||||||||||||||||||||||
Total
|
469,916.2 | 7,416.4 | (38,017.3 | ) | 439,315.2 | 519,919.0 | 12,359.0 | (15,222.1 | ) | 517,055.9 |
Year ended March 31,
|
||||||||||||
2008
|
2009
|
2010
|
||||||||||
Interest
|
14,072.7 | 24,057.2 | 20,048.5 | |||||||||
Dividend
|
4,500.1 | 2,893.3 | 2,159.6 | |||||||||
Total
|
18,572.8 | 26,950.5 | 22,208.1 | |||||||||
Gross realized gain
|
27,816.4 | 10,778.6 | 10,343.1 | |||||||||
Gross realized loss
|
(1,772.8 | ) | (10,790.6 | ) | (5,551.5 | ) | ||||||
Total
|
26,043.6 | (12.0 | ) | 4,791.6 |
Year ended March 31,
|
||||||||||||
2008
|
2009
|
2010
|
||||||||||
Interest and dividend
|
12,114.5 | 14,880.8 | 14,471.4 | |||||||||
Realized gain/(loss) on sale of trading portfolio
|
2,521.5 | 7,799.5 | (846.0 | ) | ||||||||
Unrealized gain/(loss) on trading portfolio
|
(5,356.9 | ) | (1,053.2 | ) | 1,760.1 | |||||||
Total
|
9,279.1 | 21,627.1 | 15,385.5 |
Amortized cost
|
Fair value
|
|||||||
Corporate debt securities
|
||||||||
Less than one year
|
4,991.8 | 4,915.5 | ||||||
One to five years
|
12,019.1 | 12,332.8 | ||||||
Five to ten years
|
7,581.6 | 7,696.9 | ||||||
Greater than ten years
|
– | – | ||||||
Total corporate debt securities
|
24,592.5 | 24,945.2 | ||||||
Government securities
|
||||||||
Less than one year
|
5,118.2 | 5,123.0 | ||||||
One to five years
|
246,058.2 | 244,623.1 | ||||||
Five to ten years
|
173,455.2 | 170,013.1 | ||||||
Greater than ten years
|
86,527.9 | 79,977.8 | ||||||
Total Government securities
|
511,159.5 | 499,737.0 | ||||||
Other securities
|
||||||||
Less than one year
|
461.9 | 465.5 | ||||||
One to five years
|
38,770.6 | 38,776.3 | ||||||
Five to ten years
|
63,141.1 | 63,144.2 | ||||||
Greater than ten years
|
– | – | ||||||
Total other securities
|
102,373.6 | 102,386.0 | ||||||
Total debt securities classified as held to maturity
|
638,125.6 | 627,068.2 |
Amortized cost
|
Fair value
|
|||||||
Corporate debt securities
|
||||||||
Less than one year
|
14,332.5 | 14,105.5 | ||||||
One to five years
|
76,432.2 | 76,001.6 | ||||||
Five to ten years
|
19,613.6 | 20,001.6 | ||||||
Greater than ten years
|
2,812.9 | 2,780.1 | ||||||
Total corporate debt securities
|
113,191.2 | 112,888.8 | ||||||
Government of India securities
|
||||||||
Less than one year
|
119,628.9 | 119,616.5 | ||||||
One to five years
|
92,915.5 | 92,851.9 | ||||||
Five to ten years
|
2,104.3 | 2,081.4 | ||||||
Greater than ten years
|
0.2 | 0.2 | ||||||
Total Government of India securities
|
214,648.9 | 214,550.0 | ||||||
Other securities
|
||||||||
Less than one year
|
54,127.0 | 54,450.0 | ||||||
One to five years
|
39,170.0 | 39,134.1 | ||||||
Five to ten years
|
4,971.7 | 5,008.2 | ||||||
Greater than ten years
|
10,117.0 | 9,319.8 | ||||||
Total other securities
|
108,385.7 | 107,912.1 | ||||||
Total debt securities classified as available for sale
|
436,225.8 | 435,350.9 |
7.
|
Repurchase transactions
|
8.
|
Loans
|
At March 31,
|
||||||||
2009
|
2010
|
|||||||
Commercial, financial, agricultural and others
|
1,486,380.5 | 1,367,173.8 | ||||||
Consumer loans and credit card receivables (1)
|
1,228,336.9 | 954,245.2 | ||||||
Lease financing (2)
|
174.8 | 17.4 | ||||||
Gross loans
|
2,714,892.1 | 2,321,436.4 | ||||||
Provision for loan losses
|
(53,587.5 | ) | (63,655.1 | ) | ||||
Loans, net
|
2,661,304.6 | 2,257,781.3 |
1)
|
Includes home loans, automobile loans, commercial business loans, two wheeler loans, personal loans and farm equipment loans.
|
2)
|
Lease financing activity includes leasing and hire purchase.
|
At March 31,
|
||||||||
2009
|
2010
|
|||||||
Less than one year
|
591,259.9 | 673,102.4 | ||||||
One to five years
|
1,556,381.0 | 1,242,828.5 | ||||||
Greater than five years
|
513,663.7 | 341,850.4 | ||||||
Total
|
2,661,304.6 | 2,257,781.3 |
Year ended March 31,
|
||||||||||||
2008
|
2009
|
2010
|
||||||||||
Commercial, financial, agricultural and others
|
79,161.5 | 104,552.3 | 93,368.4 | |||||||||
Consumer loans and credit card receivables
|
161,480.6 | 147,332.1 | 110,249.3 | |||||||||
Lease financing
|
41.4 | 22.8 | 8.7 | |||||||||
Total
|
240,683.5 | 251,907.2 | 203,626.4 |
At March 31,
|
||||||||
2009
|
2010
|
|||||||
Commercial, financial, agricultural and others
|
59,067.5 | 58,817.9 | ||||||
Consumer loans and credit card receivables
|
2,060.7 | 3,704.5 | ||||||
Total restructured loans
|
61,128.2 | 62,522.4 | ||||||
Provision for loan losses
|
(1,616.2 | ) | (2,758.5 | ) | ||||
Restructured loans, net
|
59,512.0 | 59,763.9 |
At March 31,
|
||||||||
2009
|
2010
|
|||||||
Commercial, financial, agricultural and others
|
26,183.1 | 34,894.2 | ||||||
Consumer loans and credit card receivables
|
72,201.4 | 69,462.4 | ||||||
Total non-performing loans
|
98,384.5 | 104,356.6 | ||||||
Provision for loan losses
|
(51,690.3 | ) | (58,218.2 | ) | ||||
Non-performing loans, net
|
46,694.2 | 46,138.4 |
Year ended March 31,
|
||||||||||||
2008
|
2009
|
2010
|
||||||||||
Provision for loan losses at the beginning of the year
|
1,461.3 | 1,452.5 | 1,616.2 | |||||||||
Provision for loan losses made during the year
|
– | 168.0 | 2,559.8 | |||||||||
Reduction/write-back of excess provision(1)
|
(8.8 | ) | (4.3 | ) | (1,417.5 | ) | ||||||
Provision for loan losses at the end of the year
|
1,452.5 | 1,616.2 | 2,758.5 |
1)
|
Includes provisions on restructured assets which were upgraded during the period.
|
Year ended March 31,
|
||||||||||||
2008
|
2009
|
2010
|
||||||||||
Provision for loan losses at the beginning of the year
|
21,085.3 | 39,762.0 | 51,690.3 | |||||||||
Provision for loan losses made during the year
|
21,167.2 | 36,034.0 | 43,117.2 | |||||||||
Write-off/write-back of excess provision
|
(2,490.5 | ) | (24,105.7 | ) | (36,589.2 | ) | ||||||
Provision for loan losses at the end of the year
|
39,762.0 | 51,690.3 | 58,218.3 |
9.
|
Financial assets transferred during the year to securitization company (SC)/reconstruction company (RC)
|
Year ended March 31,
|
||||||||||||
2008
|
2009
|
2010
|
||||||||||
Number of accounts
|
18,480 | 18,429 | 55,160 | 1 | ||||||||
Aggregate value (net of provisions) of accounts sold to SC/RC
|
9,344.5 | 6,810.7 | 7,617.9 | |||||||||
Aggregate consideration
|
9,408.2 | 6,737.9 | 7,866.7 | |||||||||
Additional consideration realized in respect of accounts Transferred in earlier years2
|
– | – | – | |||||||||
Aggregate gain/(loss) over net sale value
|
63.7 | (72.8 | ) | 248.8 |
1)
|
Excludes accounts previously written-off.
|
2)
|
During the year ended March 31, 2010, Asset Reconstruction Company (India) Limited (ARCIL) fully redeemed security receipts of three trusts. The Bank realized Rs. 89.8 million over the gross book value in respect of these trusts (March 31, 2009: Rs. 27.6 million).
|
10.
|
Details of non-performing assets sold, excluding those sold to SC/RC
|
Year ended
March 31, 2009
|
Year ended
March 31, 2010
|
|||||||
No. of accounts
|
– | 7,428 | 1 | |||||
Aggregate value (net of provisions) of accounts sold, excluding those sold to SC/RC
|
– | 479.0 | ||||||
Aggregate consideration
|
– | 463.6 |
1.
|
Excludes accounts previously written off.
|
11.
|
Concentration of credit risk
|
12.
|
Loan commitments
|
13.
|
Securitization
|
Year ended March 31,
|
||||||||
2009
|
2010
|
|||||||
Total number of loan assets securitized
|
7,053 | 33 | ||||||
Total book value of loan assets securitized
|
8,581.1 | 81,309.4 | ||||||
Sale consideration received for the securitized assets
|
8,621.9 | 81,493.7 |
Year ended March 31,
|
||||||||
2009
|
2010
|
|||||||
Outstanding credit enhancement (funded)
|
13,086.1 | 9,987.3 | ||||||
Outstanding liquidity facility
|
6,853.4 | 3,196.9 | ||||||
Outstanding servicing (liability)/assets
|
748.9 | 225.7 | ||||||
Outstanding subordinate contributions
|
8,849.0 | 7,424.3 |
Year ended
March 31, 2009
|
Year ended
March 31, 2010
|
|||||||
Opening balance
|
9,186.7 | 5,567.2 | ||||||
Add: Addition during the period
|
630.5 | 1,038.4 | ||||||
Less: Deduction during the period
|
4,250.0 | 4,351.8 | ||||||
Closing balance
|
5,567.2 | 2,253.8 |
Auto loans
|
Personal loans
|
Two wheeler
loans
|
Mortgage loans
|
|||||||||||||
Discount rate
|
7.0%-15.8 | % | 7.0%-22.9 | % | 18.5 | % | 7.0%-10.2 | % | ||||||||
Constant prepayment rate (per annum)
|
15.0%-39.0 | % | 3.0%-42.0 | % | 12.0 | % | 10.0 | % | ||||||||
Anticipated net credit losses (per annum)1
|
0.3%-2.7 | % | 3.7%-20.8 | % | 2.3%-3.3 | % | 0.1%-0.2 | % |
1.
|
Applicable for single product pools.
|
Fair value of retained interests (net of delinquency provision)
|
2,504.5 | |||
Prepayment rate (per annum)
|
||||
10%
|
(95.4 | ) | ||
20%
|
(184.3 | ) | ||
Delinquency assumptions (per annum)
|
||||
10%
|
(71.4 | ) | ||
20%
|
(142.7 | ) |
14.
|
Capital commitments
|
15.
|
Derivatives
|
|
Notional
amount
|
Gross positive
fair value
|
Gross negative
fair value
|
Gain/(loss) on
derivatives3
|
Credit
exposure
|
|||||||||||||||
Particulars | ||||||||||||||||||||
Interest rate derivatives1
|
3,973,545.2 | 45,743.7 | (44,819.2 | ) | 42.9 | 80,124.3 | ||||||||||||||
Currency derivatives (including foreign exchange derivatives)2
|
2,828,863.6 | 92,995.2 | (76,301.9 | ) | 5,506.5 | 193,094.2 | ||||||||||||||
Equity derivatives
|
1,871.7 | 0.61 | (1.1 | ) | (2.1 | ) | 380.1 | |||||||||||||
Un-funded credit derivatives
|
32,881.1 | 86.8 | (482.3 | ) | 2,717.2 | 32,967.8 |
1)
|
Foreign currency interest rate swaps, forward rate agreements and swap options are included in interest rate derivatives.
|
2)
|
Options and cross currency interest rate swaps are included in currency derivatives.
|
3)
|
The Bank has additionally recorded a gain of Rs. 423.8 million due to recoveries of credit losses booked in earlier years.
|
Particulars
|
Notional
amount
|
Gross positive
fair value
|
Gross negative
fair value
|
Credit
exposure
|
||||||||||||
Interest rate derivative1
|
239,190.3 | 19,650.5 | (232.6 | ) | 22,912.6 | |||||||||||
Currency derivatives (including foreign exchange derivatives)2
|
33,926.0 | 595.5 | (5,505.8 | ) | 2,248.3 |
1)
|
Foreign currency interest rate swaps, forward rate agreements and swap options are included in interest rate derivatives.
|
2)
|
Options and cross currency interest rate swaps are included in currency derivatives.
|
At March 31, 2009
|
||||||||
Currency
derivatives 1
|
Interest rate
derivatives 2
|
|||||||
Derivatives (Notional principal amount)
|
||||||||
a) For hedging
|
2,166.4 | 235,552.8 | ||||||
b) For trading
|
1,192,138.8 | 3,680,786.5 | ||||||
Marked to market positions3
|
||||||||
a) Asset (+)
|
26,660.0 | 7,979.9 | ||||||
b) Liability (-)
|
– | – | ||||||
Credit exposure
|
162,303.4 | 127,758.5 |
1)
|
Options and cross currency interest rate swaps are included in currency derivatives.
|
2)
|
Foreign currency interest rate swaps, forward rate agreements and swap options are included in interest rate derivatives.
|
3)
|
For trading portfolio.
|
16.
|
Tax contingencies
|
17.
|
Litigation
|
18.
|
Segmental Information
|
Sr. No
|
Particulars
|
Retail
Banking
|
Wholesale
Banking
|
Treasury
|
Other banking
business |
Life insurance
|
General insurance
|
Venture fund management
|
Others
|
Inter segment adjustment
|
Total
|
||||||||||||||||||||||||||||||||
1 |
Revenue
|
177,244.1 | 192,541.3 | 248,297.5 | 34,898.1 | 185,378.0 | 28,511.1 | 1,832.7 | 32,576.6 | (305,281.7 | ) | 595,997.7 | |||||||||||||||||||||||||||||||
2 |
Segment results
|
(13,335.1 | ) | 36,451.0 | 27,444.4 | 7,733.8 | 2,776.5 | 1,583.1 | 744.1 | 6,814.2 | (4,425.6 | ) | 65,786.4 | ||||||||||||||||||||||||||||||
3 |
Unallocated expenses
|
.. | |||||||||||||||||||||||||||||||||||||||||
4 |
Income tax expenses (net)/(net deferred tax credit)
|
17,352.3 | |||||||||||||||||||||||||||||||||||||||||
5 |
Net profit1 (2) - (3) - (4)
|
48,434.1 | |||||||||||||||||||||||||||||||||||||||||
Other information
|
|||||||||||||||||||||||||||||||||||||||||||
6 |
Segment assets
|
737,339.9 | 1,184,314.3 | 1,641,699.5 | 610,350.8 | 584,434.3 | 65,597.7 | 2,532.2 | 183,265.0 | (181,571.7 | ) | 4,827,962.0 | |||||||||||||||||||||||||||||||
7 |
Unallocated assets2
|
65,511.0 | |||||||||||||||||||||||||||||||||||||||||
8 |
Total assets (6) + (7
|
4,893,473.0 | |||||||||||||||||||||||||||||||||||||||||
9 |
Segment liabilities
|
1,186,393.0 | 915,021.2 | 1,525,509.0 | 3 | 604,992.4 | 3 | 587,425.8 | 3 | 66,798.5 | 3 | 2,569.5 | 3 | 185,621.4 | 3 | (181,571.7 | ) | 4,892,759.1 | |||||||||||||||||||||||||
10 |
Unallocated liabilities
|
713.9 | |||||||||||||||||||||||||||||||||||||||||
11 |
Total liabilities (9) + (10
|
4,893,473.0 | |||||||||||||||||||||||||||||||||||||||||
12 |
Capital expenditure
|
1,721.0 | 635.8 | 2.9 | 102.6 | 228.3 | 189.7 | 107.5 | 866.5 | (187.6 | ) | 3,666.7 | |||||||||||||||||||||||||||||||
13 |
Depreciation & amortisation
|
3,749.0 | 996.4 | 16.3 | 1,616.1 | 596.9 | 277.1 | 120.3 | 325.6 | (69.0 | ) | 7,628.7 |
1.
|
Includes share of net profit of minority shareholders.
|
2.
|
Includes assets which cannot be specifically allocated to any of the segments, tax paid in advance/tax deducted at source (net) and deferred tax asset (net).
|
3.
|
Includes share capital and reserves and surplus.
|
Sr. No
|
Particulars
|
Retail
banking
|
Wholesale
banking
|
Treasury
|
Other banking
business
|
Life insurance
|
General insurance
|
Venture fund management
|
Others
|
Inter segment adjustment
|
Total
|
||||||||||||||||||||||||||||||||
1 |
Revenue
|
230,152.1 | 248,077.1 | 297,421.3 | 45,280.9 | 165,074.3 | 26,624.0 | 3,456.5 | 32,160.0 | (406,715.4 | ) | 641,530.8 | |||||||||||||||||||||||||||||||
2 |
Segment results
|
580.5 | 34,133.1 | 13,069.4 | 6,079.1 | (8,595.6 | ) | 2.7 | 2,020.8 | 5,893.5 | (3,500.0 | ) | 49,683.5 | ||||||||||||||||||||||||||||||
3 |
Unallocated expenses
|
.. | |||||||||||||||||||||||||||||||||||||||||
4 |
Income tax expenses (net)/
(net deferred tax credit)
|
15,889.3 | |||||||||||||||||||||||||||||||||||||||||
5 |
Net profit1 (2) - (3) - (4)
|
33,794.2 | |||||||||||||||||||||||||||||||||||||||||
Other information
|
|||||||||||||||||||||||||||||||||||||||||||
6 |
Segment assets
|
958,656.7 | 1,357,062.5 | 1,397,053.4 | 660,402.9 | 336,670.8 | 53,464.4 | 2,706.2 | 178,395.0 | (191,380.4 | ) | 4,753,031.5 | |||||||||||||||||||||||||||||||
7 |
Unallocated assets2
|
73,878.2 | |||||||||||||||||||||||||||||||||||||||||
8 |
Total assets (6) + (7)
|
4,826,909.7 | |||||||||||||||||||||||||||||||||||||||||
9 |
Segment liabilities
|
1,117,555.2 | 1,111,564.6 | 1,526,005.7 | 3 | 657,432.0 | 3 | 339,864.4 | 3 | 54,455.1 | 3 | 2,734.7 | 3 | 180,537.0 | 3 | (191,380.4 | ) | 4,798,768.3 | |||||||||||||||||||||||||
10 |
Unallocated liabilities
|
28,141.4 | |||||||||||||||||||||||||||||||||||||||||
11 |
Total liabilities (9) + (10)
|
4,826,909.7 | |||||||||||||||||||||||||||||||||||||||||
12 |
Capital expenditure
|
4,224.2 | 1,264.2 | 3.3 | 514.0 | 854.5 | 692.3 | 114.0 | 715.0 | (10.8 | ) | 8,370.7 | |||||||||||||||||||||||||||||||
13 |
Depreciation & amortization
|
3,628.6 | 1,027.3 | 4.7 | 2,259.6 | 554.1 | 264.4 | 13.2 | 314.9 | .. | 8,066.8 |
1.
|
Includes share of net profit of minority shareholders.
|
2.
|
Includes assets which cannot be specifically allocated to any of the segments, tax paid in advance/tax deducted at source (net) and deferred tax asset (net).
|
3.
|
Includes share capital and reserves and surplus.
|
Rupees in million
|
Sr. no.
|
Particulars
|
Retail
banking
|
Wholesale banking
|
Treasury
|
Other banking business
|
Life insurance
|
General
insurance
|
Venture fund management
|
Others
|
Inter
segment adjustments
|
Total
|
||||||||||||||||||||||||||||||||
1 |
Revenue
|
244,185.4 | 249,493.5 | 293,265.0 | 28,152.4 | 143,968.3 | 22,061.9 | 2,715.4 | 24,372.6 | (407,683.7 | ) | 600,530.8 | |||||||||||||||||||||||||||||||
2 |
Segment results
|
9,472.4 | 35,746.8 | 5,366.4 | 1,489.5 | (15,141.8 | ) | 1,302.2 | 1,271.2 | 6,552.1 | (3,809.4 | ) | 42,249.4 | ||||||||||||||||||||||||||||||
3 |
Unallocated expenses
|
-- | |||||||||||||||||||||||||||||||||||||||||
4 |
Income tax expenses (net)/(net deferred tax credit)
|
11,096.8 | |||||||||||||||||||||||||||||||||||||||||
5 |
Net profit1 (2) - (3) - (4)
|
31,152.6 | |||||||||||||||||||||||||||||||||||||||||
Other information
|
|||||||||||||||||||||||||||||||||||||||||||
6 |
Segment assets
|
1,112,510.1 | 1,263,992.0 | 1,541,804.3 | 559,258.3 | 297,475.4 | 37,247.2 | 2,505.9 | 120,270.1 | (138,628.3 | ) | 4,796,435.0 | |||||||||||||||||||||||||||||||
7 |
Unallocated assets2
|
59,730.9 | |||||||||||||||||||||||||||||||||||||||||
8 |
Total assets (6) + (7)
|
4,856,165.9 | |||||||||||||||||||||||||||||||||||||||||
9 |
Segment liabilities
|
1,152,965.5 | 1,378,224.6 | 1,443,059.0 | 3 | 554,908.1 | 3 | 299,603.1 | 3 | 37,716.2 | 3 | 2,649.9 | 3 | 121,372.3 | 3 | (138,628.3 | ) | 4,851,870.4 | |||||||||||||||||||||||||
10 |
Unallocated liabilities
|
4,295.5 | |||||||||||||||||||||||||||||||||||||||||
11 |
Total liabilities (9) + (10)
|
4,856,165.9 | |||||||||||||||||||||||||||||||||||||||||
12 |
Capital expenditure
|
6,430.8 | 1,364.6 | 8.5 | 765.3 | 1,169.1 | 508.3 | 86.4 | 570.3 | .. | 10,903.3 | ||||||||||||||||||||||||||||||||
13 |
Depreciation & amortization
|
2,836.8 | 889.1 | 5.3 | 2,165.0 | 278.3 | 211.1 | 173.6 | 234.9 | .. | 6,794.1 |
1.
|
Includes share of net profit of minority shareholders.
|
2.
|
Includes assets which cannot be specifically allocated to any of the segments, tax paid in advance/tax deducted at source (net) and deferred tax asset (net).
|
3.
|
Includes share capital and reserves and surplus.
|
19.
|
Employee Stock Option Scheme
|
Number of shares
|
Weighted- average exercise price (Rs.)
|
Weighted-average remaining contractual life (Number of years)
|
Aggregate intrinsic value
(Rs. in million)
|
|||||||||||||
Outstanding at the beginning of the year
|
18,992,504 | 685.05 | 7.45 | 95.9 | ||||||||||||
Add: Granted during the year
|
1,731,000 | 434.78 | .. | .. | ||||||||||||
Less: Lapsed during the year
|
365,372 | 661.78 | .. | .. | ||||||||||||
Exercised during the year
|
1,594,672 | 366.38 | .. | .. | ||||||||||||
Outstanding at the end of the year
|
18,763,460 | 689.50 | 6.82 | 5,085.5 | ||||||||||||
Options exercisable
|
10,104,780 | 609.18 | 6.01 | 3,534.4 |
Number of shares
|
Weighted- average exercise price
(Rs.)
|
Weighted-average remaining contractual life (Number of years)
|
Aggregate intrinsic value
(Rs. in million)
|
|||||||||||||
Outstanding at the beginning of the year
|
15,638,152 | 596.32 | 7.83 | 3,515.8 | ||||||||||||
Add: Granted during the year
|
5,640,500 | 912.30 | .. | .. | ||||||||||||
Less: Lapsed during the year
|
1,723,001 | 737.40 | .. | .. | ||||||||||||
Exercised during the year
|
563,147 | 336.96 | .. | .. | ||||||||||||
Outstanding at the end of the year
|
18,992,504 | 685.05 | 7.45 | 95.9 | ||||||||||||
Options exercisable
|
7,188,420 | 496.10 | 6.33 | 95.4 |
Range of exercise price
(Rupees per share)
|
Number of shares
|
Weighted- average exercise price (Rs.)
|
Weighted-average remaining contractual life
(Number of years)
|
Aggregate intrinsic value
(Rs. in million)
|
||||||||||||
105-299
|
117,601 | 146.21 | 2.03 | 95.5 | ||||||||||||
300-599
|
6,533,409 | 449.06 | 5.33 | 3,328.0 | ||||||||||||
600-999
|
3,426,570 | 926.38 | 7.44 | 110.9 | ||||||||||||
1,000-1,399
|
27,200 | 1,114.57 | 7.65 | .. |
Range of exercise price
(Rupees per share)
|
Number of shares
|
Weighted- average exercise price (Rs.)
|
Weighted-average remaining contractual life
(Number of years)
|
Aggregate intrinsic value
(Rs. in million)
|
||||||||||||
105-299
|
136,682 | 150.5 | 2.79 | 24.9 | ||||||||||||
300-599
|
5,823,878 | 411.7 | 6.05 | 70.5 | ||||||||||||
600-999
|
1,214,260 | 932.9 | 8.07 | .. | ||||||||||||
1,000-1,399
|
13,600 | 1,114.6 | 8.65 | .. |
Shares
|
Weighted-average fair value at grant date (Rupees)
|
|||||||
Unvested at April 1, 2009
|
11,804,084 | 251.39 | ||||||
Granted
|
1,731,000 | 200.14 | ||||||
Vested
|
4,593,524 | 228.57 | ||||||
Forfeited (unvested)
|
282,880 | 236.56 | ||||||
Unvested at March 31, 2010
|
8,658,680 | 253.74 |
Shares
|
Weighted-average fair value at grant date (Rupees)
|
|||||||
Unvested at April 1, 2008
|
12,365,860 | 248.18 | ||||||
Granted
|
5,640,500 | 257.65 | ||||||
Vested
|
4,839,080 | 186.46 | ||||||
Forfeited (unvested)
|
1,363,196 | 247.41 | ||||||
Unvested at March 31, 2009
|
11,804,084 | 251.39 |
Year ended March 31,
|
|||||
2008
|
2009
|
2010
|
|||
Risk-free interest rate
|
7.12% to 8.11%
|
7.31% to 9.25%
|
4.91% to 7.76%
|
||
Expected life
|
2 to 6 years
|
2 to 6.4 years
|
6.4 to 6.9 years
|
||
Expected volatility
|
36.26% to 8.01%
|
39.46% to 45.23%
|
48.65% to 49.18%
|
||
Expected dividend yield
|
1.07%
|
1.20% to 3.57%
|
1.22% to 2.53%
|
20.
|
Selected information from Indian GAAP financials
|
Year ended March 31,
|
||||||||||||
2008
|
2009
|
2010
|
||||||||||
Interest and dividend income
|
340,949.6 | 362,507.1 | 301,537.1 | |||||||||
Interest expense
|
257,669.8 | 264,872.5 | 207,291.9 | |||||||||
Net interest income
|
83,279.8 | 97,634.6 | 94,245.2 | |||||||||
Provision for loan losses & others
|
29,447.4 | 38,811.8 | 45,258.9 | |||||||||
Provision for investments
|
730.1 | 6,305.1 | 328.1 | |||||||||
Net interest income after provision for loan losses and investments
|
53,102.3 | 52,517.7 | 48,658.2 | |||||||||
Non-interest income
|
259,581.2 | 279,023.7 | 294,460.6 | |||||||||
Non-interest expense
|
270,434.1 | 281,857.9 | 277,332.4 | |||||||||
Income before equity in loss of affiliates, minority interest, income taxes
|
42,249.4 | 49,683.5 | 65,786.4 | |||||||||
Less: Minority interest
|
(2,829.7 | ) | (1,975.3 | ) | 1,731.2 | |||||||
Income before income taxes expense
|
45,079.1 | 51,658.8 | 64,055.2 | |||||||||
Income tax expense including wealth tax expense
|
11,096.8 | 15,889.3 | 17,352.3 | |||||||||
Net income
|
33,982.3 | 35,769.5 | 46,702.9 | |||||||||
Year ended March 31,
|
||||||||||||
2008
|
2009
|
2010
|
||||||||||
Earnings per equity share: (Rs.)
|
||||||||||||
Basic
|
32.19 | 32.13 | 41.93 | |||||||||
Diluted
|
32.00 | 32.07 | 41.72 | |||||||||
Weighted average number of equity shares used in computing earnings per equity share (millions)
|
||||||||||||
Basic
|
1,056 | 1,113 | 1,114 | |||||||||
Diluted
|
1,062 | 1,115 | 1,118 |
At March 31,
|
||||||||
2009
|
2010
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
350,613.8 | 471,441.2 | ||||||
Investments1
|
1,481,070.2 | 1,863,197.8 | ||||||
Loans, net
|
2,661,304.6 | 2,257,781.3 | ||||||
Property, plant and equipment2
|
44,974.5 | 38,622.9 | ||||||
Goodwill
|
1,692.9 | 1,555.9 | ||||||
Deferred tax asset (net)
|
25,184.0 | 24,842.1 | ||||||
Interest accrued, outstanding fees and other income
|
56,658.7 | 47,814.2 | ||||||
Assets held for sale
|
3,089.2 | 743.5 | ||||||
Other assets3
|
202,321.7 | 187,474.1 | ||||||
Total assets
|
4,826,909.6 | 4,893,473.0 | ||||||
Liabilities
|
||||||||
Interest-bearing deposits
|
2,395,923.7 | 2,100,198.5 | ||||||
Non-interest bearing deposits
|
222,633.8 | 315,524.5 | ||||||
Short-term borrowings and trading liabilities
|
170,467.0 | 183,238.2 | ||||||
Long-term debt
|
986,696.5 | 970,245.0 | ||||||
Redeemable preferred stock
|
3,500.0 | 3,500.0 | ||||||
Other liabilities
|
570,808.2 | 795,097.8 | ||||||
|
||||||||
Total liabilities
|
4,350,029.2 | 4,367,804.0 | ||||||
Minority interest
|
9,105.1 | 12,704.0 | ||||||
Stockholders’ equity
|
467,775.3 | 512,965.0 | ||||||
Total liabilities and shareholder’s equity
|
4,826,909.6 | 4,893,473.0 |
1.
|
Includes investments amounting to Rs. 2,407.4 million, pledged as security towards short-term borrowings amounting to Rs. 2,073.7 million and investments amounting to Rs. 2,405.2 million earmarked against redemption of preferred stock, which falls due for redemption on April 20, 2018, as per the original issue terms.
|
2.
|
Includes property, plant and equipment amounting to Rs. 884.5 million pledged as security by way of second mortgage/charge towards long term borrowings of Rs. 899.3 million and property, plant and equipment amounting to Rs. 1.2 million pledged as security by way of pari passu charge towards short-term debt amounting to Rs. 2.7 million.
|
3.
|
Includes other assets amounting to gross Rs. 38.6 million given as security by way of pari passu charge towards long-term debt amounting to Rs. 899.3 million and other assets pledged as security by way of pari passu charge towards short-term debt amounting to Rs. 2.7 million.
|
Equity share capital
|
Securities premium
|
Revenue and
other reserves
|
Other special reserves1
|
|||||||||||||
Balance at April 1, 2007
|
8,993.4 | 120,285.4 | 50,589.6 | 59,782.0 | ||||||||||||
Proceeds from issue of share capital
|
2,134.2 | 197,644.8 | .. | .. | ||||||||||||
Additions during the year
|
.. | .. | 8,952.5 | 14,080.9 | ||||||||||||
Deductions during the year
|
(0.9 | ) | (5,280.2 | ) | (4,131.6 | ) | (5,827.9 | ) | ||||||||
Balance at March 31, 2008
|
11,126.7 | 312,650.0 | 55,410.5 | 68,035.0 |
1.
|
Includes statutory reserve, special reserve, unrealized investment reserve, capital reserve and foreign currency translation reserve.
|
Equity share capital
|
Securities premium
|
Revenue and
other reserves
|
Other special reserves1
|
|||||||||||||
Balance at April 1, 2008
|
11,126.7 | 312,650.0 | 55,410.5 | 68,035.0 | ||||||||||||
Proceeds from issue of share capital
|
5.6 | 526.5 | .. | .. | ||||||||||||
Additions during the year
|
0.5 | 980.0 | 31,959.8 | |||||||||||||
Deductions during the year
|
.. | (10.5 | ) | (8,431.4 | ) | (4,477.4 | ) | |||||||||
Balance at March 31, 2009
|
11,132.8 | 313,166.0 | 47,959.1 | 95,517.4 |
1.
|
Includes statutory reserve, special reserve, unrealized investment reserve, capital reserve fund, foreign currency translation reserve and reserve fund.
|
Equity share capital
|
Securities premium
|
Revenue and
other reserves
|
Other special reserves1
|
|||||||||||||
Balance at April 1, 2009
|
11,132.8 | 313,166.0 | 47,959.1 | 95,517.4 | ||||||||||||
Proceeds from issue of share capital
|
15.9 | .. | .. | .. | ||||||||||||
Additions during the year
|
0.1 | 635.9 | 26,741.8 | 25,671.6 | ||||||||||||
Deductions during the year
|
.. | .. | .. | (7,875.7 | ) | |||||||||||
Balance at March 31, 2010
|
11,148.8 | 313,801.9 | 74,700.9 | 113,313.3 |
1.
|
Includes statutory reserve, special reserve, investment reserve, unrealized investment reserve, capital reserve fund, foreign currency translation reserve and reserve fund.
|
March 31, 2008
|
March 31, 2009
|
March 31, 2010
|
||||||||||
Balance at the beginning of the year
|
(73.7 | ) | 5,496.8 | 5,371.7 | ||||||||
Additions during the year
|
33,982.3 | 35,769.5 | 46,702.9 | |||||||||
Proposed dividend
|
(14,355.1 | ) | (14,335.3 | ) | (15,664.2 | ) | ||||||
Deductions during the year
|
(14,056.7 | ) | (21,559.3 | ) | (19,524.0 | ) | ||||||
Balance at the end of the year
|
5,496.8 | 5,371.7 | 16,886.4 |
Year ended
|
||||||||||||
March 31, 2008
|
March 31, 2009
|
March 31, 2010
|
||||||||||
Conversion of loan to equity shares
|
1,002.1 | 814.3 | 253.7 | |||||||||
Interest paid
|
252,057.1 | 261,442.0 | 206,196.5 |
21.
|
Estimated fair value of financial instruments
|
At March 31, 2009
|
At March 31, 2010
|
|||||||||||||||
Carrying value
|
Estimated fair value
|
Carrying value
|
Estimated fair value
|
|||||||||||||
Financial assets
|
||||||||||||||||
Cash and balances with Reserve Bank of India
|
178,754.5 | 178,754.5 | 278,502.8 | 278,502.8 | ||||||||||||
Balances with banks and money at call and short notice
|
171,859.4 | 171,859.4 | 192,938.4 | 192,938.4 | ||||||||||||
Investments
|
1,481,070.0 | 1,491,050.5 | 1,863,197.8 | 1,856,763.2 | ||||||||||||
Advances
|
2,661,304.7 | 2,658,901.3 | 2,257,781.3 | 2,306,600.5 | ||||||||||||
Other assets
|
211,966.4 | 211,966.4 | 185,284.9 | 185,284.9 | ||||||||||||
Total
|
4,704,955.0 | 4,712,532.1 | 4,777,705.2 | 4,820,089.8 | ||||||||||||
Financial liabilities
|
||||||||||||||||
Interest-bearing deposits
|
2,395,924.0 | 2,398,994.7 | 2,100,198.4 | 2,107,868.9 | ||||||||||||
Non-interest-bearing deposits
|
222,633.0 | 222,633.0 | 315,524.5 | 315,524.5 | ||||||||||||
Borrowings1
|
1,160,663.5 | 1,203,873.2 | 1,156,983.2 | 1,200,903.0 | ||||||||||||
Other liabilities and provisions
|
548,326.6 | 548,326.6 | 776,774.8 | 776,774.8 | ||||||||||||
Total
|
4,327,547.1 | 4,373,827.5 | 4,349,480.9 | 4,,401,071.2 |
1.
|
Includes preference share capital of Rs. 3,500.0 million (March 31, 2009: Rs. 3,500.0 million).
|
22.
|
Differences between Indian GAAP and US GAAP
|
Note
|
Year ended March 31,
|
||||||||||||
2008
|
2009
|
2010
|
|||||||||||
Consolidated profit after tax as per Indian GAAP excluding minority interests1
|
33,982.3 | 35,769.5 | 46,702.9 | ||||||||||
Adjustments on account of:
|
|||||||||||||
Allowance for loan losses
|
(a)
|
(4,404.7 | ) | (3,617.7 | ) | 5,246.6 | |||||||
Business combinations
|
(b)
|
(767.5 | ) | (826.5 | ) | (609.8 | ) | ||||||
Consolidation
|
(c)
|
6,167.9 | 1,139.5 | 6,600.1 | |||||||||
Valuation of debt and equity securities
|
(d)
|
(1,506.1 | ) | 3,575.4 | (5,392.4 | ) | |||||||
Amortization of fees and costs
|
(e)
|
(4,842.4 | ) | (5,010.6 | ) | (8,651.6 | ) | ||||||
Accounting for derivatives
|
(f)
|
2,348.0 | 1,073.0 | (626.3 | ) | ||||||||
Accounting for compensation costs
|
(g)
|
(1,869.9 | ) | (823.7 | ) | (726.9 | ) | ||||||
Accounting for securitization
|
(h)
|
276.6 | (671.7 | ) | (626.6 | ) | |||||||
Deferred tax benefit/(expense)
|
(i)
|
3,286.0 | 3,872.3 | 3,397.1 | |||||||||
Others
|
(j)
|
440.9 | (30.0 | ) | (62.9 | ) | |||||||
Total impact of all adjustments
|
(871.2 | ) | (1,320.0 | ) | (1,452.7 | ) | |||||||
Net income as per US GAAP attributable to ICICI Bank stockholders
|
33,111.1 | 34,449.5 | 45,250.2 | ||||||||||
Net income as per US GAAP attributable to non-controlling interests1
|
498.9 | (13.7 | ) | 619.5 | |||||||||
Total net income as per US GAAP
|
33,610.0 | 34,435.8 | 45,869.7 | ||||||||||
Basic earnings per share (Rs.)
|
|||||||||||||
Indian GAAP (consolidated)
|
32.19 | 32.13 | 41.93 | ||||||||||
US GAAP
|
31.37 | 30.95 | 40.63 | ||||||||||
Diluted earnings per share (Rs.)
|
|||||||||||||
Indian GAAP (consolidated)
|
32.00 | 32.07 | 41.72 | ||||||||||
US GAAP
|
30.87 | 30.78 | 40.35 |
1.
|
Net income attributable to minority interests as per Indian GAAP was Rs. 1,731.2 million (March 31, 2009: loss of Rs. (1,975.3) million and March 31, 2008: loss of Rs. (2,829.7) million).
|
2.
|
Stockholders’ equity reconciliation
|
Note
|
At March 31,
|
||||||||
2009
|
2010
|
||||||||
Consolidated net worth as per Indian GAAP excluding minority interests1
|
467,775.3 | 512,965.0 | |||||||
Adjustments on account of:
|
|||||||||
Allowance for loan losses
|
(a)
|
(27,756.2 | ) | (22,509.6 | ) | ||||
Business combinations
|
(b)
|
2,750.1 | 2,140.3 | ||||||
Consolidation
|
(c)
|
10,795.0 | 9,009.7 | ||||||
Valuation of debt and equity securities
|
(d)
|
3,411.8 | (3,576.5 | ) | |||||
Amortization of fees and costs
|
(e)
|
(5,377.7 | ) | (14,263.2 | ) | ||||
Accounting for derivatives
|
(f)
|
3,997.3 | 3,370.8 | ||||||
Accounting for compensation costs
|
(g)
|
916.3 | 865.1 | ||||||
Accounting for securitization
|
(h)
|
1,036.2 | 409.5 | ||||||
Deferred taxes
|
(i)
|
14,548.6 | 19,694.8 | ||||||
Others
|
(j)
|
(7.4 | ) | (62.2 | ) | ||||
Proposed dividend
|
(k)
|
13,757.9 | 15,019.1 | ||||||
Total impact of all adjustments
|
18,071.9 | 10,097.8 | |||||||
ICICI Bank stockholders’ equity as per US GAAP
|
485,847.2 | 523,062.8 | |||||||
Non-controlling interests1
|
1,530.3 | 2,981.8 | |||||||
Total equity as per US GAAP
|
487,377.5 | 526,044.6 |
1.
|
Net worth, representing capital and reserves and surplus, attributable to minority interests as per Indian GAAP was Rs. 12,704.0 million (March 31, 2009: Rs. 9,105.1 million).
|
a)
|
Allowance for loan losses
|
Classification
|
Provisioning
|
|
Standard loans
|
As per the Reserve Bank of India guidelines issued in September 2005, banks were required to make a general provision at 0.4% on standard loans (excluding loans to the agricultural sector and to small and medium enterprises at 0.25%).
In May 2006, the general provisioning requirement for personal loans, loans and advances qualifying as capital market exposure, residential housing loans beyond Rs. 2.0 million and commercial real estate was further increased to 1.0% from 0.4%. In January 2007, the general provisioning requirement for personal loans, credit card receivables, loans and advances qualifying as capital market exposure, commercial real estate and advances to non-deposit taking systematically important non-banking financial companies was increased to 2.0%.
In November 2008, the Reserve Bank of India reduced the provisioning rate for standard assets to a uniform rate of 0.4% for all types of standard assets except in the case of direct advances to agricultural and SME sectors, which will continue to attract a provisioning of 0.25%, as earlier. The revised norms were effective prospectively but the existing provisions held by banks could not be reversed. In November 2009, the Reserve Bank of India increased the provisioning rate on standard assets in the commercial real estate sector to 1.0%.
|
|
Sub-standard assets
|
A loan is classified as sub-standard if interest payments or installments have remained overdue for more than 90 days. A provision of 10.0% is required for all sub-standard loans. An additional provision of 10.0% is required for accounts that are ab-initio unsecured.
|
|
Doubtful assets
|
A loan is classified as a doubtful loan, if it has remained as sub-standard for more than twelve months.
A 100% provision/write-off is required in respect of the unsecured portion of the doubtful loans.
Effective quarter ended June 30, 2004, a 100% provision is required for loans classified as doubtful for more than three years in a graded manner.
|
Classification
|
Provisioning
|
|
Loss assets
|
The entire loan is required to be written off or provided for.
|
|
Restructured loans
|
Till August 27, 2008, a provision equal to the difference between the present value of the future interest as per the original loan agreement and the present value of the future interest on the basis of rescheduled terms at the time of restructuring was required to be made.
For loans restructured after August 27, 2008, the provision is equal to the difference between the fair value of the loan before and after restructuring. The fair value of the loan before restructuring is computed as the present value of cash flows representing the interest at the existing rate charged on the loan before restructuring and the principal. The fair value of the loan after restructuring is computed as the present value of cash flows representing the interest at the rate charged on the loan on restructuring and the principal. Both sets of cash flows are discounted at the Bank’s Benchmark Prime Lending Rate as on the date of restructuring plus the appropriate term premium and credit risk premium for the borrower category on the date of restructuring.
|
·
|
Certain transfers did not qualify for sale accounting under FASB ASC Topic 860, “Transfers and servicing”.
|
·
|
Certain transfers qualified for sale accounting but were impacted by FASB ASC Subtopic 810-10 “Consolidation-overall”. The funds/trusts to which these loans have been transferred are variable interest entities within the definition contained in ASC Subtopic 810-10. As the Bank is the ‘Primary Beneficiary’ of certain funds/trusts, it is required under US GAAP to consolidate these entities.
|
Reconciling items
|
Year ended March 31,
|
|||||||||||
2008
|
2009
|
2010
|
||||||||||
Differences due to provision on loans classified as troubled debt restructuring under US GAAP (includes cases transferred to asset reconstruction company)
|
1,487.9 | 1,665.9 | 2,613.2 | |||||||||
Differences due to provisions on loans classified as other impaired under US GAAP1
|
(6,526.5 | ) | (4,057.2 | ) | 2,204.2 | |||||||
Differences due to provisions created on performing assets
|
633.9 | (1,226.4 | ) | 429.2 | ||||||||
Total difference in allowance for loan losses
|
(4,404.7 | ) | (3,617.7 | ) | 5,246.6 |
b)
|
Business combinations
|
No. of years
|
|
Customer-related intangibles
|
10
|
Other intangibles
|
3 to 5
|
c)
|
Consolidation
|
Reconciling items
|
Year ended March 31,
|
|||||||||||
2008
|
2009
|
2010
|
||||||||||
Profit/(loss) as per Indian GAAP
|
(13,950.6 | ) | (7,797.0 | ) | 2,579.7 | |||||||
Adjustments on account of
|
||||||||||||
Difference in statutory reserve and unallocated policyholders’ surplus, net of amortization of deferred acquisition cost
|
5,379.9 | (423.5 | ) | 1,966.3 | ||||||||
Actuarial reserves on lapsed policies
|
2,332.9 | 1,497.3 | 5,341.0 | |||||||||
Compensation costs
|
(112.4 | ) | (351.4 | ) | (107.2 | ) | ||||||
Unrealized gain/(loss) on trading portfolio of participating funds
|
833.1 | (846.7 | ) | 1,804.5 | ||||||||
Deferred taxes
|
(532.4 | ) | 875.4 | (1,072.7 | ) | |||||||
Others
|
(3.0 | ) | (3.0 | ) | (3.0 | ) | ||||||
Profit/(loss) as per US GAAP
|
(6,052.5 | ) | (7,048.9 | ) | 10,508.6 |
i)
|
Difference in statutory reserve and unallocated policyholders’ surplus, net of amortization of deferred acquisition cost.
|
ii)
|
Actuarial reserves on lapsed policies
|
iii)
|
Compensation costs
|
iv)
|
Unrealized loss/(gain) on trading portfolio of participating funds
|
v)
|
Deferred taxes
|
Reconciling items
|
Year ended March 31,
|
|||||||||||
2008
|
2009
|
2010
|
||||||||||
Profit as per Indian GAAP
|
1,028.7 | 236.3 | 1,439.3 | |||||||||
Adjustments on account of
|
||||||||||||
Provision for re-insurance commission
|
(955.6 | ) | 50.9 | 289.1 | ||||||||
Amortization of deferred acquisition costs
|
420.0 | (131.9 | ) | (75.5 | ) | |||||||
Premium deficiency
|
341.0 | (343.0 | ) | 119.7 | ||||||||
Compensation costs
|
(46.3 | ) | (114.5 | ) | (92.4 | ) | ||||||
Deferred taxes
|
78.9 | 193.2 | 296.4 | |||||||||
Others
|
8.0 | 68.8 | (61.1 | ) | ||||||||
Profit/(Loss) as per US GAAP
|
874.7 | (40.2 | ) | 1,915.5 |
i)
|
Provision for re-insurance commission
|
ii)
|
Amortization of deferred acquisition costs
|
iii)
|
Premium deficiency
|
iv)
|
Compensation costs
|
v)
|
Deferred taxes
|
d)
|
Valuation of debt and equity securities
|
e)
|
Amortization of fees and costs
|
f)
|
Accounting for derivatives
|
g)
|
Accounting for compensation cost
|
h)
|
Accounting for securitization
|
i)
|
Deferred taxes
|
j)
|
Others
|
k)
|
Dividend
|
23.
|
Notes under US GAAP
|
a)
|
Fair value measurements
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Equity securities
|
22,512.3 | 324.8 | 1,330.2 | 24,167.3 | ||||||||||||
Government debt securities
|
38,480.0 | 709,224.3 | .. | 747,704.3 | ||||||||||||
Corporate debt securities
|
83,641.4 | 33,995.2 | 20,595.7 | 138,232.3 | ||||||||||||
Mortgage and other asset backed securities
|
1,582.9 | 3,109.9 | 43,089.0 | 47,781.8 | ||||||||||||
Funded credit derivatives
|
– | – | 27,637.1 | 27,637.1 | ||||||||||||
Others
|
52,301.9 | 103,370.5 | 3,156.5 | 158,828.9 | ||||||||||||
Total investments
|
198,518.5 | 850,024.7 | 95,808.5 | 1,144,351.7 | ||||||||||||
Derivatives1
|
(74.6 | ) | 31,614.9 | (368.6 | ) | 31,171.7 | ||||||||||
Borrowing
|
– | (270,642.5 | ) | – | (270,642.5 | ) | ||||||||||
Total
|
198,443.9 | 610,997.1 | 95,439.9 | 904,880.9 |
1.
|
Net marked to market gains/(losses).
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Equity securities
|
4,579.1 | – | 2,382.8 | 6,961.9 | ||||||||||||
Government debt securities
|
4,390.5 | 719,453.6 | – | 723,844.1 | ||||||||||||
Corporate debt securities
|
3,376.2 | 118,517.1 | 31,820.8 | 153,714.1 | ||||||||||||
Mortgage and other asset backed securities
|
1,432.4 | 4,447.9 | 58,082.2 | 63,962.5 | ||||||||||||
Funded credit derivatives
|
– | – | 30,712.0 | 30,712.0 | ||||||||||||
Others
|
82,927.0 | 46,681.3 | 225.4 | 129,833.7 | ||||||||||||
Total investments
|
96,705.2 | 889,099.9 | 123,223.2 | 1,109,028.3 | ||||||||||||
Derivatives1
|
(384.9 | ) | 43,813.5 | (3,327.7 | ) | 40,100.9 | ||||||||||
Borrowing
|
– | (225,236.4 | ) | – | (225,236.4 | ) | ||||||||||
Total
|
96,320.3 | 707,677.0 | 119,895.5 | 923,892.8 |
1.
|
Net marked to market gains/(losses).
|
Investments
|
Derivatives
|
Total
|
||||||||||||||||||||||||||||||
Description
|
Equity
securities
|
Corporate
debt
securities
|
Mortgage and
other asset
backed
securities
|
Funded credit
derivatives
|
Others
|
Total
|
||||||||||||||||||||||||||
Beginning balance at April 1, 2009
|
2,382.8 | 31,820.8 | 58,082.2 | 30,712.0 | 225.4 | 123,223.2 | (3,327.7 | ) | 119,895.5 | |||||||||||||||||||||||
Total gains or losses(realized/unrealized)
|
||||||||||||||||||||||||||||||||
- Included in earnings
|
525.8 | 234.4 | (691.6 | ) | 2,400.1 | 77.6 | 2,546.3 | 2,452.5 | 4,998.8 | |||||||||||||||||||||||
- Included in other comprehensive income
|
– | 4,898.4 | 2,092.9 | (21.6 | ) | 21.4 | 6,991.1 | – | 6,991.1 | |||||||||||||||||||||||
Purchases, issuances and settlements
|
(1,578.4 | ) | 2,531.1 | (15,266.0 | ) | (2,186.8 | ) | 144.7 | (16,355.4 | ) | (27.0 | ) | (16,382.4 | ) | ||||||||||||||||||
Transfers in and out of level 3
|
– | (15,169.4 | ) | – | – | 2,687.4 | (12,482.0 | ) | 360.0 | (12,122.0 | ) | |||||||||||||||||||||
Foreign currency translation adjustment
|
– | (3,719.6 | ) | (1,128.5 | ) | (3,266.6 | ) | – | (8,114.7 | ) | 173.6 | (7,941.1 | ) | |||||||||||||||||||
Ending balance at March 31, 2010
|
1,330.2 | 20,595.7 | 43,089.0 | 27,637.1 | 3,156.5 | 95,808.5 | (368.6 | ) | 95,439.9 | |||||||||||||||||||||||
Total amount of gains or losses included in earnings attributable to change in unrealized gains or losses relating to assets still held at reporting date
|
574.5 | 197.5 | 20.2 | 2,368.9 | 77.6 | 3,238.7 | 2,234.2 | 5,472.9 |
Description
|
Investments
|
Derivatives
|
Total
|
|||||||||
Beginning balance at April 1, 2008
|
83,046.0 | (5,249.6 | ) | 77,796.4 | ||||||||
Total gains or losses(realized/unrealized)
|
||||||||||||
-Included in earnings
|
(8,294.4 | ) | (1,988.7 | ) | (10,283.1 | ) | ||||||
-Included in other comprehensive income
|
(6,467.0 | ) | – | (6,467.0 | ) | |||||||
Purchases, issuances and settlements
|
5,010.4 | 4,678.3 | 9,688.7 | |||||||||
Transfers in and out of level 3
|
41,445.4 | – | 41,445.4 | |||||||||
Foreign currency translation adjustment
|
8,482.8 | (767.6 | ) | 7,715.2 | ||||||||
Ending balance at March 31, 2009
|
123,223.2 | (3,327.6 | ) | 119,895.6 | ||||||||
Total amount of gains or losses included in earnings attributable to change in unrealized gains or losses relating to assets still held at reporting date
|
(6,668.6 | ) | 2,689.5 | (3,979.1 | ) |
Description of securities
|
Fair value
|
Unfunded
commitment
|
||||||
Security receipt
|
444.0 | – | ||||||
Venture fund units
|
2,411.9 | 3,512.5 | ||||||
Total
|
2,855.9 | 3,512.5 |
b)
|
Equity affiliates
|
Balance sheet
|
At March 31,
|
|||||||||||||||
2009
|
2010
|
|||||||||||||||
ICICI
Life
|
ICICI
General
|
ICICI
Life
|
ICICI
General
|
|||||||||||||
Cash and cash equivalents
|
4,533.9 | 2,218.9 | 3,656.9 | 2,096.2 | ||||||||||||
Securities
|
40,060.5 | 28,187.6 | 55,615.8 | 33,605.1 | ||||||||||||
Assets held to cover linked liabilities
|
280,548.9 | – | 503,761.0 | – |
Balance sheet
|
At March 31,
|
|||||||||||||||
2009
|
2010
|
|||||||||||||||
ICICI
Life
|
ICICI
General
|
ICICI
Life
|
ICICI
General
|
|||||||||||||
Other assets
|
43,454.7 | 24,811.7 | 64,131.4 | 31,700.8 | ||||||||||||
Total assets
|
368,598.0 | 55,218.2 | 627,165.1 | 67,402.1 | ||||||||||||
Provision for linked liabilities
|
280,548.9 | – | 503,761.0 | – | ||||||||||||
Other liabilities
|
62,800.0 | 40,957.8 | 87,687.8 | 50,329.5 | ||||||||||||
Stockholders’ equity
|
25,249.1 | 14,260.4 | 35,716.3 | 17,072.6 | ||||||||||||
Total liabilities and stockholders’ equity
|
368,598.0 | 55,218.2 | 627,165.1 | 67,402.1 |
Statement of income
|
Year ended March 31,
|
|||||||||||||||
2009
|
2010
|
|||||||||||||||
ICICI
Life
|
ICICI
General
|
ICICI
Life
|
ICICI
General
|
|||||||||||||
Interest income
|
11,703.4 | 2,234.6 | 13,843.8 | 2,295.4 | ||||||||||||
Interest expense
|
– | – | – | – | ||||||||||||
Net interest income
|
11,703.4 | 2,234.6 | 13,843.8 | 2,295.4 | ||||||||||||
Insurance premium
|
153,536.4 | 19,736.5 | 165,287.5 | 21,928.3 | ||||||||||||
Other non-interest income
|
(73,624.8 | ) | 1,656.0 | 164,374.0 | 2,089.8 | |||||||||||
Non-interest expense
|
(100,549.3 | ) | (24,094.1 | ) | (331,698.7 | ) | (24,550.6 | ) | ||||||||
Income tax (expense)/ benefit
|
1,885.4 | 426.7 | (1,298.2 | ) | 152.6 | |||||||||||
Income/(loss), net
|
(7,048.9 | ) | (40.3 | ) | 10,508.4 | 1,915.5 |
At March 31,
|
||||||||
2009
|
2010
|
|||||||
Retained Earning
|
1,128.1 | 666.9 | ||||||
Total Retained Earning
|
2,855.9 | 2,883.2 | ||||||
% Holding
|
39.5 | % | 23.1 | % |
c)
|
Goodwill and intangible assets
|
Year ended March 31,
|
||||||||
2009
|
2010
|
|||||||
Goodwill
|
8,179.6 | 8,117.4 | ||||||
Accumulated amortization
|
(54.0 | ) | (54.0 | ) | ||||
Goodwill, net
|
8,125.6 | 8,063.4 | ||||||
Customer-related intangibles
|
6,800.5 | 6,800.5 | ||||||
Accumulated amortization
|
(4,220.5 | ) | (5,024.8 | ) | ||||
Accumulated translation adjustment
|
– | (9.6 | ) | |||||
Customer related intangibles, net
|
2,580.0 | 1,766.1 | ||||||
Asset management and advisory intangibles1
|
367.0 | 367.0 | ||||||
Other intangibles
|
47.0 | 47.0 | ||||||
Accumulated amortization
|
(47.0 | ) | (47.0 | ) | ||||
Other intangibles, net
|
– | – | ||||||
Goodwill and intangible assets, net
|
11,072.6 | 10,196.5 |
1.
|
With indefinite life.
|
Year ended March 31,
|
||||||||
2009
|
2010
|
|||||||
Opening balance
|
8,125.6 | 8,125.6 | ||||||
Goodwill disposed of during the period
|
– | (62.2 | ) | |||||
Closing balance
|
8,125.6 | 8,063.4 |
Year ended March 31,
|
||||||||
2009
|
2010
|
|||||||
Opening balance
|
3,177.6 | 2,580.0 | ||||||
Amortization
|
(753.1 | ) | (804.3 | ) | ||||
Intangible assets relating to acquisitions
|
155.5 | – | ||||||
Translation adjustment during the year
|
– | (9.6 | ) | |||||
Closing balance
|
2,580.0 | 1,766.1 |
Year ended March 31
|
Amount
|
|||
2011
|
680.4 | |||
2012
|
638.9 | |||
2013
|
91.9 | |||
2014
|
89.7 | |||
2015
|
88.4 | |||
Thereafter
|
176.8 | |||
Total
|
1,766.1 |
d)
|
Employee benefits
|
Year ended March 31,
|
||||||||
2009
|
2010
|
|||||||
Change in benefit obligations
|
||||||||
Projected benefit obligations at beginning of the year
|
1,308.1 | 2,152.1 | ||||||
Service cost
|
302.8 | 293.3 | ||||||
Interest cost
|
197.8 | 200.1 | ||||||
Acquisition/(Divestitures)
|
456.0 | (0.5 | ) | |||||
Plan amendments
|
11.8 | – | ||||||
Benefits paid
|
(289.8 | ) | (186.4 | ) | ||||
Actuarial (gain)/loss on obligations
|
165.4 | 9.6 | ||||||
Projected benefit obligations at the end of the year
|
2,152.1 | 2,468.2 | ||||||
Change in plan assets
|
||||||||
Fair value of plan assets at beginning of the year
|
1,175.2 | 2,414.8 | ||||||
Acquisition/(Divestitures)
|
458.3 | 10.2 | ||||||
Fair value of plan assets acquired on acquisition
|
– | – | ||||||
Actual return on plan assets
|
6.5 | 381.2 | ||||||
Employer contributions
|
1,064.6 | 69.7 | ||||||
Benefits paid
|
(289.8 | ) | (186.4 | ) | ||||
Plan assets at the end of the year
|
2,414.8 | 2,689.5 | ||||||
Funded status
|
262.6 | 221.3 | ||||||
Unrecognized actuarial loss
|
– | – | ||||||
Unrecognized transitional obligation
|
– | – | ||||||
Unrecognized prior service cost
|
– | – | ||||||
Amount recognized, net
|
262.6 | 221.3 | ||||||
Accumulated benefit obligation at year end
|
1,352.1 | 1,566.7 |
Year ended March 31,
|
||||||||||||
2008
|
2009
|
2010
|
||||||||||
Service cost
|
225.1 | 302.8 | 293.3 | |||||||||
Interest cost
|
97.5 | 197.8 | 200.1 | |||||||||
Expected return on assets
|
(75.3 | ) | (128.1 | ) | (200.6 | ) | ||||||
Amortization of transition asset/liability
|
0.5 | 2.9 | – | |||||||||
Amortization of prior service cost
|
4.7 | 7.2 | 13.2 | |||||||||
Amortized actuarial (gain)/loss
|
1.5 | 1.6 | (0.8 | ) | ||||||||
Curtailment (gain)/loss
|
– | – | – | |||||||||
Acquisition & divesture (gain)/loss
|
– | – | (2.4 | ) | ||||||||
Gratuity cost, net
|
254.0 | 384.2 | 302.8 |
Year ended March 31,
|
||||||||||||
2008
|
2009
|
2010
|
||||||||||
Discount rate
|
10.1 | % | 10.1 | % | 8.7 | % | ||||||
Rate of increase in the compensation levels
|
7.0 | % | 7.0 | % | 7.0 | % | ||||||
Rate of return on plan assets
|
7.5 | % | 8.0 | % | 8.0 | % |
Year ended March 31,
|
||||||||||||
2008
|
2009
|
2010
|
||||||||||
Discount rate
|
10.1 | % | 8.7 | % | 8.7 | % | ||||||
Rate of increase in the compensation levels
|
7.0 | % | 7.0 | % | 7.0 | % |
Assets category
|
At March 31, 2009
|
At March 31, 2010
|
||||||
Investment in scheme of ICICI Prudential Life Insurance Company Limited
|
||||||||
Group balance fund1
|
435.5 | 297.3 | ||||||
Group debt fund2
|
11.9 | 64.8 | ||||||
Group growth fund3
|
379.0 | 789.8 | ||||||
Group short term fund4
|
802.2 | 587.3 | ||||||
Group return guaranteed fund5
|
– | 110.6 | ||||||
Total Investment in scheme of ICICI Prudential Life Insurance Company Limited
|
1,628.6 | 1,849.8 | ||||||
Investment in scheme of Life Insurance Corporation of India6
|
440.4 | 495.0 | ||||||
Total assets managed by external entities
|
2,069.0 | 2,344.8 | ||||||
Special deposit with central government
|
285.0 | 290.7 | ||||||
Debt securities
|
11.9 | 12.5 | ||||||
Balance with banks
|
48.9 | 41.5 | ||||||
Total
|
2,414.8 | 2,689.5 |
1.
|
Objective of the scheme is to provide a balance between long-term capital appreciation and current income through investment in equity as well as fixed income instruments in appropriate proportions. At March 31, 2010 investment in equity and corporate bonds was 16.2% and 72.7% respectively.
|
2.
|
Objective of the scheme is to provide accumulation of income through investment in various fixed income securities. The scheme provides capital appreciation while maintaining a suitable balance between return, safety and liquidity. The fund invests in debt and money market instruments. At March 31, 2010 investment in corporate bonds was 97.5%.
|
3.
|
Objective of the scheme is to provide long-term capital appreciation through investments in equity and equity-related instruments with a maximum investment of 60% in equity and equity related securities and balance in debt. At March 31, 2010 investment in equity and corporate bonds was 33.2% and 58.8% respectively.
|
4.
|
Objective of the scheme is to provide suitable returns through low risk investments in debt and money market instruments while attempting to protect the capital deployed in the fund. The fund primarily invests in debt with a maturity of less than 5 years and money market instruments. At March 31, 2010 investment in fixed deposits and corporate bonds was 19.7% and 78.1% respectively.
|
5.
|
At March 31, 2010 investment in fixed deposits with bank and corporate bonds was 12.7% and 82.0% respectively.
|
6.
|
As per regulatory provisions asset-wise maximum permissible allocation is 55% in government securities, 40% in long term corporate securities , 5% in money market instruments and 15% in equity shares and equity linked mutual funds.
|
Description
|
Target asset
allocation at
March 31, 2010
|
Target asset
allocation at
March 31, 2011
|
||||||
Funds managed by external entities
|
88 | % | 88 | % | ||||
Special deposit with central government
|
10 | % | 10 | % | ||||
Debt securities
|
– | – | ||||||
Balance with banks
|
2 | % | 2 | % | ||||
Total
|
100 | % | 100 | % |
Amount
|
||||
Expected Company contributions to the fund during the year ending March 31, 2011
|
143.0 | |||
Expected benefit payments from the fund during year ending March 31,
|
||||
2011
|
304.3 | |||
2012
|
348.0 | |||
2013
|
428.9 | |||
2014
|
446.0 | |||
2015
|
482.6 | |||
Thereafter
|
2,654.3 |
Year ended March 31,
|
||||||||
2009
|
2010
|
|||||||
Change in benefit obligations
|
||||||||
Projected benefit obligations at beginning of the year
|
314.9 | 1,500.3 | ||||||
Service cost
|
47.5 | 39.8 | ||||||
Interest cost
|
148.4 | 132.0 | ||||||
Acquisition/(Divestitures)
|
1,135.9 | .. | ||||||
Benefits paid
|
(455.5 | ) | (372.5 | ) | ||||
Curtailment and settlement (gain)/loss
|
31.6 | 34.9 | ||||||
Actuarial (gain)/loss on obligations
|
277.5 | 202.0 | ||||||
Projected benefit obligations at the end of the year
|
1,500.3 | 1,536.5 | ||||||
Change in plan assets
|
||||||||
Fair value of plan assets at beginning of the year
|
266.4 | 2,145.5 |
Year ended March 31,
|
||||||||
2009
|
2010
|
|||||||
Actual return on plan assets
|
246.4 | 39.1 | ||||||
Acquisition/(Divestitures)
|
1,223.7 | .. | ||||||
Employer contributions
|
864.5 | 28.0 | ||||||
Benefits paid
|
(455.5 | ) | (372.5 | ) | ||||
Plan assets at the end of the year
|
2,145.5 | 1,840.1 | ||||||
|
||||||||
Funded status
|
645.2 | 303.6 | ||||||
Net amount recognized
|
645.2 | 303.6 | ||||||
Accumulated benefit obligation at year end
|
1,110.9 | 1,216.4 |
Year ended March 31,
|
||||||||||||
2008
|
2009
|
2010
|
||||||||||
Service cost
|
4.2 | 47.5 | 39.8 | |||||||||
Interest cost
|
83.3 | 148.4 | 132.0 | |||||||||
Expected return on assets
|
(71.7 | ) | (117.5 | ) | (169.8 | ) | ||||||
Curtailment and Settlement (gain)/loss
|
62.9 | 31.6 | 34.9 | |||||||||
Actuarial (gain)/loss
|
(0.2 | ) | 2.5 | 3.8 | ||||||||
Net pension cost
|
78.5 | 112.5 | 40.7 |
Year ended March 31,
|
||||||||||||
2008
|
2009
|
2010
|
||||||||||
Discount rate
|
10.1 | % | 10.1 | % | 8.7 | % | ||||||
Rate of increase in the compensation levels
|
7.0 | % | 7.0 | % | 7.0 | % | ||||||
Rate of return on plan assets
|
7.5 | % | 8.0 | % | 8.0 | % | ||||||
Pension increases
|
3.0 | % | 3.0 | % | 3.0 | % |
Year ended March 31,
|
||||||||||||
2008
|
2009
|
2010
|
||||||||||
Discount rate
|
10.1 | % | 8.7 | % | 8.7 | % | ||||||
Rate of increase in the compensation levels
|
7.0 | % | 7.0 | % | 7.0 | % | ||||||
Pension increases
|
3.0 | % | 3.0 | % | 3.0 | % |
Asset category
|
Fair value at
March 31, 2009
|
Fair value at
March 31, 2010
|
Target asset
allocation at
March 31, 2010
|
Target asset
allocation at
March 31, 2011
|
||||||||||||
Government debt securities
|
914.3 | 879.8 | 40 | % | 40 | % | ||||||||||
Corporate debt securities
|
1,173.2 | 932.0 | 60 | % | 58 | % | ||||||||||
Balance with banks
|
58.0 | 28.3 | .. | 2 | % | |||||||||||
Total
|
2,145.5 | 1,840.1 | 100 | % | 100 | % |
Amount
|
||||
Expected Company contributions to the fund during the year ended March 31, 2011 | – | |||
Expected benefit payments from the fund during year ended March 31,
|
||||
2011
|
64.2 | |||
2012
|
45.8 | |||
2013
|
53.3 | |||
2014
|
65.6 | |||
2015
|
75.9 | |||
Thereafter
|
356.8 |
e)
|
Earnings per share
|
Year ended March 31,
|
||||||||||||||||||||||||
2008
|
2009
|
2010
|
||||||||||||||||||||||
Basic
|
Fully Diluted
|
Basic
|
Fully
diluted
|
Basic
|
Fully Diluted
|
|||||||||||||||||||
Earnings
|
||||||||||||||||||||||||
Net income (before dilutive impact)
|
33,111.1 | 33,111.1 | 34,449.5 | 34,449.5 | 45,250.2 | 45,250.2 | ||||||||||||||||||
Contingent issuances of subsidiaries/equity affiliates
|
– | (324.5 | ) | – | (114.8 | ) | – | (125.8 | ) | |||||||||||||||
33,111.1 | 32,786.6 | 34,449.5 | 34,334.7 | 45,250.2 | 45,124.4 | |||||||||||||||||||
Common stock
|
||||||||||||||||||||||||
Weighted-average common stock outstanding
|
1,055.6 | 1,055.6 | 1,113.1 | 1,113.1 | 1,113.7 | 1,113.7 | ||||||||||||||||||
Dilutive effect of employee stock options
|
– | 6.5 | – | 2.2 | – | 4.5 | ||||||||||||||||||
Total
|
1,055.6 | 1,062.1 | 1,113.1 | 1,115.3 | 1,113.7 | 1,118.2 | ||||||||||||||||||
Earnings per share
|
||||||||||||||||||||||||
Net income (Rs.)
|
31.37 | 30.87 | 30.95 | 30.78 | 40.63 | 40.35 |
f)
|
Income taxes
|
At March 31,
|
||||||||
2009
|
2010
|
|||||||
Deferred tax assets
|
||||||||
Allowance for loan losses
|
32,663.5 | 34,158.7 | ||||||
Available for sale securities
|
3,214.1 | 2,622.8 | ||||||
Investments in trading securities
|
203.4 | 129.2 | ||||||
Unearned income
|
2,733.6 | 5,116.2 | ||||||
Employee retirement
|
242.2 | 217.9 | ||||||
Business/capital loss carry forwards
|
205.4 | 204.2 | ||||||
Investments in subsidiaries and affiliates
|
5,316.8 | 3,954.4 | ||||||
Other
|
249.5 | 893.7 | ||||||
44,828.5 | 47,297.1 | |||||||
Valuation allowance
|
(861.7 | ) | (204.2 | ) | ||||
Total deferred tax asset
|
43,966.8 | 47,092.9 | ||||||
Deferred tax liabilities
|
||||||||
Property and equipment
|
(5,657.2 | ) | (4,939.9 | ) | ||||
Investments in subsidiaries
|
(1,088.0 | ) | (448.3 | ) | ||||
Intangibles
|
(822.1 | ) | (573.2 | ) | ||||
Long-term debt
|
(351.5 | ) | (283.2 | ) | ||||
Others
|
(2,138.9 | ) | (1,862.5 | ) | ||||
Total deferred tax liability
|
(10,057.7 | ) | (8,107.1 | ) | ||||
Net deferred tax asset
|
33,909.1 | 38,985.8 |
Year ended March 31,
|
||||||||||||
2008
|
2009
|
2010
|
||||||||||
Income/(loss) before income taxes including non controlling interests1
|
41,965.5 | 47,115.3 | 59,476.7 | |||||||||
Statutory tax rate
|
33.99 | % | 33.99 | % | 33.99 | % | ||||||
Income tax expense/(benefit) at the statutory tax rate
|
14,264.1 | 16,014.5 | 20,216.1 | |||||||||
Increases/(reductions) in taxes on account of:
|
||||||||||||
Special tax deductions available to financial institutions
|
(619.0 | ) | (767.2 | ) | (923.0 | ) | ||||||
Exempt interest and dividend income
|
(7,066.2 | ) | (2,954.6 | ) | (2,221.1 | ) | ||||||
Income charged at rates other than statutory tax rate
|
207.6 | (1,667.1 | ) | (2,740.1 | ) | |||||||
Changes in the statutory tax rate
|
(41.8 | ) | – | – | ||||||||
Expenses disallowed for tax purposes
|
1,827.9 | 1,902.4 | 161.0 | |||||||||
Tax on undistributed earnings of subsidiaries
|
(405.7 | ) | 120.9 | (624.8 | ) | |||||||
Change in valuation allowance
|
(6.1 | ) | (50.0 | ) | – | |||||||
Tax adjustments in respect of prior year tax assessments
|
– | – | (210.7 | ) | ||||||||
Others
|
194.7 | 80.5 | (50.4 | ) | ||||||||
Income tax expense/(benefit) reported2
|
8,355.5 | 12,679.4 | 13,607.0 |
1.
|
Includes income/(loss) before income taxes of foreign subsidiaries of Rs. 1,197.8 million, Rs. 8,137.0 million and Rs. 572.4 million for years ended March 31, 2008, 2009 and 2010 respectively.
|
2.
|
Includes current taxes of foreign subsidiaries of Rs. 740.0 million, Rs. 961.8 million and Rs. 1,422.3 million and deferred taxes of foreign subsidiaries of Rs. (354.1) million, Rs. (2,021.8) million and Rs. 1,134.0 million for the years ended March 31, 2008, 2009 and 2010 respectively.
|
Year ended March 31,
|
||||||||||||
2008
|
2009
|
2010
|
||||||||||
Beginning balance
|
8,848.3 | 8,848.3 | 9,026.8 | |||||||||
Increases related to prior year tax positions
|
– | – | 538.9 | |||||||||
Increases related to current year tax positions
|
– | 178.5 | – | |||||||||
Decreases related to prior year tax positions
|
– | – | – | |||||||||
Decreases related to settlements with taxing authorities
|
– | – | – | |||||||||
Decreases related to lapsing of statute of limitations
|
– | – | – | |||||||||
Ending balance
|
8,848.3 | 9,026.8 | 9,565.7 |
g)
|
Other than temporary impairment
|
·
|
identification and evaluation of investments that have indications of possible impairment;
|
·
|
analysis of evidential matter, including an evaluation of factors or triggers that would or could cause individual investments to qualify as having other than temporary impairment and those that would not support other than temporary impairment; and
|
·
|
documentation of the results of these analyses, as required under business policies.
|
Description of securities
|
Less than 12 months
|
12 months or longer
|
Total
|
|||||||||||||||||||||
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
|||||||||||||||||||
Corporate debt securities
|
18,322.5 | (275.1 | ) | 63,114.9 | (2,085.8 | ) | 81,437.4 | (2,360.9 | ) | |||||||||||||||
Government securities
|
288,677.7 | (3,572.9 | ) | 159,974.1 | (8,764.3 | ) | 448,651.8 | (12,337.2 | ) | |||||||||||||||
Other securities
|
2,530.9 | (1.1 | ) | 19,988.6 | (5,135.5 | ) | 22,519.5 | (5,136.6 | ) | |||||||||||||||
Total debt securities
|
309,531.1 | (3,849.1 | ) | 243,077.6 | (15,985.6 | ) | 552,608.7 | (19,834.7 | ) | |||||||||||||||
Marketable equity securities
|
7,042.4 | (566.8 | ) | 537.8 | (83.2 | ) | 7,580.2 | (650.0 | ) | |||||||||||||||
Other securities
|
480.0 | (111.7 | ) | 2,487.6 | (836.9 | ) | 2,967.6 | (948.6 | ) | |||||||||||||||
Total
|
317,053.5 | (4,527.6 | ) | 246,103.0 | (16,905.7 | ) | 563,156.5 | (21,433.3 | ) |
Description of securities
|
Less than 12 months
|
12 months or longer
|
Total
|
|||||||||||||||||||||
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
|||||||||||||||||||
Corporate debt securities
|
71,123.8 | (10,020.8 | ) | 88,962.1 | (10,875.9 | ) | 160,085.9 | (20,896.7 | ) | |||||||||||||||
Government securities
|
165,757.4 | (7,913.8 | ) | 49,478.7 | (1,476.6 | ) | 215,236.1 | (9,390.4 | ) | |||||||||||||||
Other securities
|
– | – | 9,790.9 | (541.2 | ) | 9,790.9 | (541.2 | ) | ||||||||||||||||
Total debt securities
|
236,881.2 | (17,934.6 | ) | 148,231.7 | (12,893.7 | ) | 385,112.9 | (30,828.3 | ) | |||||||||||||||
Marketable equity securities
|
3,130.8 | (1,221.3 | ) | – | – | 3,130.8 | (1,221.3 | ) | ||||||||||||||||
Other securities
|
1,754.7 | (500.4 | ) | 23.0 | (1.5 | ) | 1,777.7 | (501.9 | ) | |||||||||||||||
Total
|
241,766.7 | (19,656.3 | ) | 148,254.7 | (12,895.2 | ) | 390,021.4 | (32,551.5 | ) |
Description of securities
|
Impairment losses related to securities that the group
does not intend to sell nor will likely be required to sell
|
|||||||||||||||||||
Total
impairment
losses
recognized
during the year
|
Portion of other
than temporary
impairment losses
recognized in OCI
(before taxes)
|
Net
impairment
losses
recognized in
earnings
|
Other than impairment
losses recognized in
earnings for securities
that the group intends to
sell or more likely than
not will be required to sell
|
Total losses
recognized
in earnings
|
||||||||||||||||
Corporate debt securities
|
11.3 | – | 11.3 | 127.3 | 138.6 | |||||||||||||||
Government securities
|
– | – | – | 59.9 | 59.9 | |||||||||||||||
Other securities
|
||||||||||||||||||||
Preference shares
|
1,401.7 | 1,095.0 | 306.7 | – | 306.7 | |||||||||||||||
Others
|
– | – | – | 0.2 | 0.2 | |||||||||||||||
Total other securities
|
1,401.7 | 1,095.0 | 306.7 | 0.2 | 306.9 | |||||||||||||||
Total
|
1,413.0 | 1,095.0 | 318.0 | 187.4 | 505.4 |
Balance at
March 31, 2009
|
Credit
impairments in
earnings on
securities not
previously
impaired
|
Credit
impairments
recognized in
earnings on
securities that
have been
previously
impaired
|
Reduction due
to sales or
maturity of
credit impaired
securities
|
Reduction of
credit losses
earlier
recognized in
earnings which
the group
intends to sell
|
Balance at
March 31, 2010
|
|||||||||||||||||||
Corporate debt securities
|
172.4 | 11.3 | – | 172.4 | – | 11.3 | ||||||||||||||||||
Preference shares
|
1,910.0 | 256.1 | 50.6 | 312.3 | – | 1,904.4 | ||||||||||||||||||
Total
|
2,082.4 | 267.4 | 50.6 | 484.7 | – | 1,915.7 |
·
|
For the debt securities, the Group has assessed that the securities in an unrealized loss position have not been identified for sale and it is not more likely than not that the Group will be required to sell the securities before recovery of its amortized cost basis less any current period credit loss.
|
·
|
The diminution in the value of marketable equity securities and other securities, including certain equity securities carried at cost amounting to Rs. 1,373.5 million (March 31, 2009: Rs. 2,077.0 million), is not considered as other than temporarily impaired at March 31, 2010 after considering the factors like projects under implementation, strategic nature of investments and the entity’s proposed capacity expansion for improving the marketability of the product, increasing sale trend, cash flows etc. Based on the evaluation and the company’s ability and intent to hold those investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Group does not consider these to be other than temporarily impaired at March 31, 2010.
|
h)
|
Comprehensive income
|
March 31, 2008
|
March 31, 2009
|
March 31, 2010
|
||||||||||
Net income/(loss) (net of tax) excluding non-controlling interest
|
33,111.1 | 34,449.5 | 45,250.2 | |||||||||
Other Comprehensive Income:
|
||||||||||||
Net unrealized gain/(loss) on securities, net of realization & others (net of tax)1
|
462.0 | (12,316.3 | ) | 9,490.3 | ||||||||
Translation adjustments2
|
(1,749.0 | ) | 11,463.0 | (3,834.9 | ) | |||||||
Employee accounting for deferred benefit pensions and other post retirement benefits (net of tax)3
|
(84.3 | ) | (276.0 | ) | (160.4 | ) | ||||||
Comprehensive income attributable to ICICI bank stockholders
|
31,739.8 | 33,320.2 | 50,745.2 | |||||||||
Comprehensive income attributable to non-controlling interests
|
486.8 | 7.2 | 604.1 | |||||||||
Total comprehensive income
|
32,226.6 | 33,327.4 | 51,349.3 |
1.
|
Net of tax effect of Rs. (1,840.6) million, Rs. 1,841.0 million and Rs. (1,067.8) million for the year ended March 31, 2008, March 31, 2009, and March 31, 2010 respectively.
|
2.
|
Net of tax effect of Nil for the year ended March 31, 2008 and March 31, 2009 and Rs. (3.0) million for the year ended March 31, 2010.
|
3.
|
Net of tax effect of Rs. 43.7 million, Rs. 140.6 million, and Rs. 46.5 million for the year ended March 31, 2008, March 31, 2009 and March 31, 2010 respectively.
|
i)
|
Guarantees
|
Nature of guarantee
|
Maximum potential amount of future payments under guarantee
|
|||||||||||||||||||
Less than
1 year
|
1 - 3 years
|
3 - 5 years
|
Over 5 years
|
Total
|
||||||||||||||||
Financial guarantees
|
100,993.8 | 46,182.8 | 20,982.3 | 328.0 | 168,486.9 | |||||||||||||||
Performance guarantees
|
177,407.4 | 203,205.9 | 59,181.6 | 28,802.8 | 468,597.7 | |||||||||||||||
Total guarantees
|
278,401.2 | 249,388.7 | 80,163.9 | 29,130.8 | 637,084.6 |
j)
|
Disposal of group of assets
|
24.
|
Regulatory matters
|
25.
|
Comparative figures
|
Chanda D. Kochhar
Managing Director & CEO
|
N.S. Kannan
Executive Director and CFO
|
Rakesh Jha
Deputy Chief Financial Officer
|
Sandeep Batra
Group Compliance Officer &
Company Secretary
|