ICICI Bank Performance Review -- Quarter ended September 30, 2007: 33% Year-on-Year Growth in Profit after TaxSaturday October 20 1:38 AMHighlights -- Operating profit excluding treasury income increased 52% in Q2-2008 to Rs. 1,712 crore (US$ 430 million) from Rs. 1,129 crore (US$ 283 million) in the quarter ended September 30, 2006 (Q2-2007). -- Profit after tax for Q2-2008 increased 33% to Rs. 1,003 crore (US$ 252 million) from Rs. 755 crore (US$ 189 million) for Q2-2007. -- Net interest income increased 34% to Rs. 1,786 crore (US$ 448 million) for Q2-2008 from Rs. 1,334 crore (US$ 335 million) for Q2-2007. -- Total advances increased 33% to Rs. 207,121 crore (US$ 52.0 billion) at September 30, 2007 from Rs. 155,403 crore (US$ 39.0 billion) at September 30, 2006. -- Current and savings account deposits increased 38% to Rs. 57,827 crore (US$ 14.5 billion) at September 30, 2007 from Rs. 41,997 crore (US$ 10.5 billion) at September 30, 2006. Operating review Credit growth The Bank's total advances increased 33% to Rs. 207,121 crore (US$ 52.0 billion) at September 30, 2007 from Rs. 155,403 crore (US$ 39.0 billion) at September 30, 2006. The advances of the Bank's international branches increased 146% to Rs. 36,994 crore (US$ 9.3 billion) at September 30, 2007 from Rs. 15,025 crore (US$ 3.8 billion) at September 30, 2006, reflecting the combination of the Bank's strong corporate franchise, and its international presence. This has led to an increase in the proportion of advances of the Bank's international branches in total advances from 9.7% at September 30, 2006 to 17.9% at September 30, 2007. The Bank's retail advances were Rs. 131,014 crore (US$ 32.9 billion) at September 30, 2007 and constituted 63% of total advances. The Bank is also extending its reach in the small and medium enterprises segment with advances increasing by 56% to Rs. 5,205 crore (US$ 1.3 billion) at September 30, 2007 from Rs. 3,326 crore (US$ 0.8 billion) at September 30, 2006. Deposit growth The Bank's total deposits increased 20% to Rs. 228,307 crore (US$ 57.3 billion) at September 30, 2007 from Rs. 189,499 crore (US$ 47.6 billion) at September 30, 2006. During this period, current and savings account deposits increased 38% to Rs. 57,827 crore (US$ 14.5 billion) at September 30, 2007 from Rs. 41,997 crore (US$ 10.5 billion) at September 30, 2006. The Bank had 950 branches and extension counters and about 3,600 ATMs at September 30, 2007. International operations The Bank has wholly-owned subsidiaries, branches and representative offices in 17 countries, and an offshore banking unit in Mumbai. At September 30, 2007 the Bank's international operations accounted for about 22% of its consolidated banking assets. The Bank's remittance business volumes were about Rs. 8,600 crore (US$ 2.2 billion) during Q2-2008. ICICI Bank UK's profit after tax for the six-month period ended September 30, 2007 (H1-2008) was US$ 36.0 million. Capital adequacy The Bank's capital adequacy at September 30, 2007 was 16.8%(1) (including Tier-1 capital adequacy of 13.0%), well above RBI's requirement of total capital adequacy of 9.0%. Asset quality At September 30, 2007, the Bank's net non-performing assets constituted 1.4% of customer assets. Unaudited consolidated results The unaudited consolidated profit after tax was Rs. 1,642 crore (US$ 412 million) for the six-month period ended September 30, 2007 (H1-2008) compared to Rs. 1,319 crore (US$ 331 million) for the six-month period ended September 30, 2006 (H1-2007). ICICI Prudential Life Insurance Company (ICICI Life) continued to maintain its market leadership among private sector life insurance companies with a market share of about 26% on the basis of weighted received new business premium in April-August 2007. Life insurance companies worldwide make losses in the initial years, in view of business gestation and customer acquisition costs as well as reserving for actuarial liability. While the growing operations of ICICI Life had a negative impact of Rs. 406 crore (US$ 102 million) on the unaudited consolidated profit after tax in H1-2008 on account of the above reasons, the company's unaudited New Business Profit (NBP) in H1-2008 was Rs. 432 crore (US$ 108 million). NBP is a metric for the economic value of the new business written during a defined period. It is measured as the present value of all the future profits for the shareholders, on account of the new business based on standard assumptions of mortality, expenses and other parameters. Actual experience could differ based on variance from these assumptions especially in respect of expense overruns in the initial years. ICICI Lombard General Insurance Company (ICICI General) maintained its leadership position with a market share of about 32% among private sector general insurance companies and an overall market share of about 12% during April-August 2007. ICICI General's profit after tax was Rs. 81 crore (US$ 20 million) in H1-2008. At September 30, 2007, ICICI Prudential Asset Management Company (ICICI AMC) had assets under management of about Rs. 50,400 crore (US$ 12.6 billion). ICICI AMC's profit after tax was Rs. 53 crore (US$ 13 million) in H1-2008. (1) Excludes US$ 750 million Upper Tier II issue made in January 2007 pending clarifications required by Reserve Bank of India on the clauses for principal and interest payment.
Summary Profit and Loss Statement Rs. crore
Q2-2007 Q2-2008 Growth over H1-2007 H1-2008 FY2007
Q2-2007
----------------------------------------------------------------------
Net interest
income(1) 1,334 1,786 34% 2,543 3,265 5,637
----------------------------------------------------------------------
Non-interest
income
(excluding
treasury) 1,330 1,897 43% 2,590 3,653 5,915
----------------------------------------------------------------------
- Fee income 1,185 1,486 25% 2,240 2,914 5,012
----------------------------------------------------------------------
- Lease &
other income 145 411 183% 350 739 903
----------------------------------------------------------------------
Less:
----------------------------------------------------------------------
Operating
expense 1,157 1,541 33% 2,237 3,020 4,979
----------------------------------------------------------------------
Expenses on
direct
market
agents
(DMAs)(2) 327 385 18% 718 768 1,524
----------------------------------------------------------------------
Lease
depreciation 51 45 -12% 102 88 188
----------------------------------------------------------------------
Core
operating
profit 1,129 1,712 52% 2,076 3,042 4,861
----------------------------------------------------------------------
Treasury
income 240 175 -27% 258 369 1,013
----------------------------------------------------------------------
Operating
profit 1,369 1,887 38% 2,334 3,411 5,874
----------------------------------------------------------------------
Less:
Provisions 467 644 38% 683 1,197 2,226
----------------------------------------------------------------------
Profit before
tax 902 1,243 38% 1,651 2,215 3,648
----------------------------------------------------------------------
Less: Tax 147 240 63% 276 437 538
----------------------------------------------------------------------
Profit after
tax 755 1,003 33% 1,375 1,778 3,110
----------------------------------------------------------------------
1. Net of premium amortisation on government securities of Rs. 2.43 bn
in Q2-2007, Rs. 2.10 bn in Q2-2008, Rs. 5.09 bn in H1-2007, Rs. 4.46
bn in H1-2008 and Rs. 9.99 bn in FY2007.
2. Represents commissions paid to direct marketing agents (DMAs) for
origination of retail loans. These commissions are expensed upfront.
3. Prior period figures have been regrouped/re-arranged where
necessary.
Summary Balance Sheet
Rs. crore
Sept 30, Sept 30, Growth over March 31,
2006 2007 Sept 30, 2006 2007
----------------------------------------------------------------------
Assets
----------------------------------------------------------------------
Cash balances with
banks & SLR 84,539 108,397 28% 104,489
----------------------------------------------------------------------
- Cash & bank
balances 23,825 34,025 43% 37,121
----------------------------------------------------------------------
- SLR investments 60,714 74,372 22% 67,368
----------------------------------------------------------------------
Advances 155,403 207,121 33% 195,866
----------------------------------------------------------------------
Other investments 22,278 27,916 25% 23,890
----------------------------------------------------------------------
Fixed & other assets 20,153 21,510 7% 20,413
----------------------------------------------------------------------
Total 282,373 364,944 29% 344,658
----------------------------------------------------------------------
Liabilities
----------------------------------------------------------------------
Networth 23,550 44,752 90% 24,313
----------------------------------------------------------------------
- Equity capital 893 1,111 24% 899
----------------------------------------------------------------------
- Reserves 22,657 43,641 93% 23,414
----------------------------------------------------------------------
Preference capital 350 350 - 350
----------------------------------------------------------------------
Deposits 189,499 228,307 20% 230,510
----------------------------------------------------------------------
Erstwhile ICICI
borrowings 11,400 9,917 -13% 10,837
----------------------------------------------------------------------
Other borrowings 40,201 63,668 58% 59,824
----------------------------------------------------------------------
Other liabilities 17,373 17,950 3% 18,824
----------------------------------------------------------------------
Total 282,373 364,944 29% 344,658
----------------------------------------------------------------------
Except for the historical information contained herein, statements in this Release which contain words or phrases such as 'will', 'would', 'indicating', 'expected to' etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the impact of any acquisitions, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. For further press queries please call Charudatta Deshpande at 91-22-2653 8208 or e-mail: charudatta.deshpande@icicibank.com. For investor queries please call Rakesh Jha at 91-22-2653 6157 or Rupesh Kumar at 91-22-2653 7126 or email at ir@icicibank.com. 1 crore = 10.0 million US$ amounts represent convenience translations at US$1= Rs. 39.85
AUDITED UNCONSOLIDATED FINANCIAL RESULTS
(Rupees in crore)
Sr. Three months ended
No. -----------------------------------
September September
Particulars 30, 2007 30, 2006
-------------------------------------------------------------------
(Audited) (Audited)
----------------------------------------------------------------------
1.Interest
earned (a)+(b)+(c)+(d) 7,516.47 5,226.69
-------------------------------------------------------------------
a) Interest/
discount
on advances/
bills 5,573.39 3,790.18
-------------------------------------------------------------------
b) Income on investments 1,818.57 1,242.05
-------------------------------------------------------------------
c) Interest on balances with
Reserve Bank of India and other
interbank funds 132.40 158.19
-------------------------------------------------------------------
d) Others (7.89) 36.27
----------------------------------------------------------------------
2.Other income 2,071.94 1,570.13
----------------------------------------------------------------------
3.A) TOTAL INCOME (1)+(2) 9,588.41 6,796.82
----------------------------------------------------------------------
4.Interest expended 5,730.47 3,892.44
----------------------------------------------------------------------
5.Operating expenses (e) + (f) +
(g) 1,970.80 1,535.24
-------------------------------------------------------------------
e) Employee cost 519.91 392.96
-------------------------------------------------------------------
f) Direct marketing expenses 385.43 327.11
-------------------------------------------------------------------
g) Other operating expenses 1,065.46 815.17
----------------------------------------------------------------------
6.B) TOTAL EXPENDITURE (4)+(5)
(excluding provisions and
contingencies) 7,701.27 5,427.68
----------------------------------------------------------------------
7.OPERATING PROFIT (A-B)
(Profit before provisions and
contingencies) 1,887.14 1,369.14
----------------------------------------------------------------------
8.Provisions (other than tax) and
contingencies 644.49 466.60
----------------------------------------------------------------------
9.Exceptional items
----------------------------------------------------------------------
10.PROFIT / LOSS FROM ORDINARY
ACTIVITIES BEFORE TAX (7)-(8)-
(9) 1,242.65 902.54
----------------------------------------------------------------------
11.Tax expense
----------------------------------------------------------------------
a) Current period tax 417.72 179.95
----------------------------------------------------------------------
b) Deferred tax adjustment (177.67) (32.42)
----------------------------------------------------------------------
12.NET PROFIT / LOSS FROM ORDINARY
ACTIVITIES (10)-(11) 1,002.60 755.01
----------------------------------------------------------------------
13.Extraordinary items (net of tax
expense)
----------------------------------------------------------------------
14.NET PROFIT / LOSS FOR THE
PERIOD(12)-(13) 1,002.60 755.01
----------------------------------------------------------------------
15.Paid-up equity share capital
(face value Rs. 10/-) 1,110.66 892.92
----------------------------------------------------------------------
16.Reserves excluding revaluation
reserves 43,641.32 22,657.47
----------------------------------------------------------------------
17.Analytical ratios
----------------------------------------------------------------------
(i) Percentage of shares held by
Government of India
----------------------------------------------------------------------
(ii) Capital adequacy ratio 16.76% 14.34%
----------------------------------------------------------------------
(iii) Earnings per share (EPS)
for the period
----------------------------------------------------------------------
Basic EPS before and after
extraordinary items net of tax
expenses (not annualised for
quarter/ period) (in Rs. ) 9.13 8.46
----------------------------------------------------------------------
Diluted EPS before and after
extraordinary items net of tax
expenses (not annualised for
quarter/ period) (in Rs. ) 9.08 8.39
----------------------------------------------------------------------
18.NPA Ratio
----------------------------------------------------------------------
i) Gross non-performing
advances (net of technical
write-off) 5,931.53 2,969.86
----------------------------------------------------------------------
ii) Net non-performing advances 2,970.94 1,509.23
----------------------------------------------------------------------
iii) % of gross non-performing
advances (net of technical
write-off) to gross advances
(net off write-off) 2.8% 1.9%
----------------------------------------------------------------------
iv) % of net non-performing
advances to net advances 1.4% 1.0%
----------------------------------------------------------------------
19.Return on assets (annualised) 1.12% 1.10%
----------------------------------------------------------------------
20.Aggregate of non-promoter
shareholding
----------------------------------------------------------------------
-- No. of shares 1,111,912,138 892,895,861
----------------------------------------------------------------------
-- Percentage of shareholding 100 100
----------------------------------------------------------------------
21.Deposits 228,306.63 189,499.37
----------------------------------------------------------------------
22.Advances 207,121.07 155,403.49
----------------------------------------------------------------------
23.Total assets 364,944.21 282,372.54
----------------------------------------------------------------------
Sr. Half year ended
No. ----------------------------
September September Year ended
Particulars 30, 2007 30, 2006 March 31, 2007
-------------------------------------------------------------------
(Audited) (Audited) (Audited)
----------------------------------------------------------------------
1.Interest
earned (a)+(b)+(c)+(d) 14,847.30 9,998.79 21,995.59
-------------------------------------------------------------------
a) Interest/
discount
on advances/
bills 11,022.63 7,227.36 16,096.31
-------------------------------------------------------------------
b) Income on investments 3,497.28 2,317.99 4,989.84
-------------------------------------------------------------------
c) Interest on balances
with Reserve Bank of
India and other
interbank funds 284.46 404.10 808.56
-------------------------------------------------------------------
d) Others 42.93 49.34 100.88
----------------------------------------------------------------------
2.Other income 4,022.53 2,847.69 6,927.87
----------------------------------------------------------------------
3.A) TOTAL INCOME (1)+(2) 18,869.83 12,846.48 28,923.46
----------------------------------------------------------------------
4.Interest expended 11,582.35 7,455.79 16,358.50
----------------------------------------------------------------------
5.Operating expenses (e) +
(f) + (g) 3,876.12 3,056.72 6,690.56
-------------------------------------------------------------------
e) Employee cost 1,041.75 749.72 1,616.75
-------------------------------------------------------------------
f) Direct marketing
expenses 768.09 717.95 1,523.90
-------------------------------------------------------------------
g) Other operating
expenses 2,066.28 1,589.05 3,549.91
----------------------------------------------------------------------
6.B) TOTAL EXPENDITURE
(4)+(5)
(excluding provisions and
contingencies) 15,458.47 10,512.51 23,049.06
----------------------------------------------------------------------
7.OPERATING PROFIT (A-B)
(Profit before provisions
and contingencies) 3,411.36 2,333.97 5,874.40
----------------------------------------------------------------------
8.Provisions (other than
tax) and contingencies 1,196.76 682.85 2,226.36
----------------------------------------------------------------------
9.Exceptional items
----------------------------------------------------------------------
10.PROFIT / LOSS FROM
ORDINARY ACTIVITIES
BEFORE TAX (7)-(8)-(9) 2,214.60 1,651.12 3,648.04
----------------------------------------------------------------------
11.Tax expense
----------------------------------------------------------------------
a) Current period tax 745.33 347.03 984.25
----------------------------------------------------------------------
b) Deferred tax
adjustment (308.41) (70.93) (446.43)
----------------------------------------------------------------------
12.NET PROFIT / LOSS FROM
ORDINARY ACTIVITIES
(10)-(11) 1,777.68 1,375.02 3,110.22
----------------------------------------------------------------------
13.Extraordinary items (net
of tax expense)
----------------------------------------------------------------------
14.NET PROFIT / LOSS FOR THE
PERIOD(12)-(13) 1,777.68 1,375.02 3,110.22
----------------------------------------------------------------------
15.Paid-up equity share
capital (face value Rs.
10/-) 1,110.66 892.92 899.34
----------------------------------------------------------------------
16.Reserves excluding
revaluation reserves 43,641.32 22,657.47 23,413.92
----------------------------------------------------------------------
17.Analytical ratios
----------------------------------------------------------------------
(i) Percentage of shares
held by Government of
India
----------------------------------------------------------------------
(ii) Capital adequacy
ratio 16.76% 14.34% 11.69%
----------------------------------------------------------------------
(iii) Earnings per share
(EPS) for the period
----------------------------------------------------------------------
Basic EPS before and
after extraordinary
items net of tax
expenses (not
annualised for quarter/
period) (in Rs. ) 17.79 15.42 34.84
----------------------------------------------------------------------
Diluted EPS before and
after extraordinary
items net of tax
expenses (not
annualised for quarter/
period) (in Rs. ) 17.68 15.30 34.64
----------------------------------------------------------------------
18.NPA Ratio
----------------------------------------------------------------------
i) Gross non-performing
advances (net of
technical write-off) 5,931.53 2,969.86 4,126.06
----------------------------------------------------------------------
ii) Net non-performing
advances 2,970.94 1,509.23 1,992.04
----------------------------------------------------------------------
iii) % of gross non-
performing advances
(net of technical
write-off) to gross
advances (net off
write-off) 2.8% 1.9% 2.1%
----------------------------------------------------------------------
iv) % of net non-
performing advances to
net advances 1.4% 1.0% 1.0%
----------------------------------------------------------------------
19.Return on assets
(annualised) 1.01% 1.02% 1.09%
----------------------------------------------------------------------
20.Aggregate of non-promoter
shareholding
----------------------------------------------------------------------
-- No. of shares 1,111,912,138 892,895,861 899,266,672
----------------------------------------------------------------------
-- Percentage of
shareholding 100 100 100
----------------------------------------------------------------------
21.Deposits 228,306.63 189,499.37 230,510.19
----------------------------------------------------------------------
22.Advances 207,121.07 155,403.49 195,865.60
----------------------------------------------------------------------
23.Total assets 364,944.21 282,372.54 344,658.11
----------------------------------------------------------------------
CONSOLIDATED FINANCIAL RESULTS OF ICICI BANK LIMITED AND ITS
SUBSIDIARIES
(Rupees in crore)
Three months ended
Sr. Particulars -------------------------------------
No. September September
30, 2007 30, 2006
------------------------------------------------------------------
(Unaudited) (Unaudited)
----------------------------------------------------------------------
1. Total Income 13,850.57 9,096.50
----------------------------------------------------------------------
2. Net Profit/(loss) for the
period 897.92 732.84
----------------------------------------------------------------------
3. Earnings per share (EPS)
----------------------------------------------------------------------
EPS for the period (not
annualised for
quarter/period) (in
Rs.)(basic) 8.18 8.21
----------------------------------------------------------------------
EPS for the period (not
annualised for
quarter/period) (in
Rs.)(diluted) 8.13 8.15
----------------------------------------------------------------------
Half year ended
Sr. Particulars ------------------------ Year ended
No. September September March 31,
30, 2007 30, 2006 2007
------------------------------------------------------------------
(Unaudited) (Unaudited) (Audited)
----------------------------------------------------------------------
1. Total Income 26,580.39 17,104.03 41,363.79
----------------------------------------------------------------------
2. Net Profit/(loss) for the
period 1,642.29 1,319.06 2,760.63
----------------------------------------------------------------------
3. Earnings per share (EPS)
----------------------------------------------------------------------
EPS for the period (not
annualised for
quarter/period) (in
Rs.)(basic) 16.44 14.79 30.92
----------------------------------------------------------------------
EPS for the period (not
annualised for
quarter/period) (in
Rs.)(diluted) 16.34 14.68 30.75
----------------------------------------------------------------------
UNCONSOLIDATED SEGMENTAL INFORMATION OF ICICI BANK
LIMITED FOR THE PERIOD ENDED SEPTEMBER 30, 2007
(Rupees in crore)
Sr. No. Three months ended
Particulars --------------------------------------
September September
30, 2007 30, 2006
----------------------------------------------------------------------
(Audited) (Audited)
----------------------------------------------------------------------
1. Segment Revenue
----------------------------------------------------------------------
a Consumer and Commercial
Banking 7,495.21 5,649.27
----------------------------------------------------------------------
b Investment Banking 2,441.89 1,654.67
----------------------------------------------------------------------
Total revenue 9,937.10 7,303.94
----------------------------------------------------------------------
Less: Inter Segment
Revenue 348.69 507.12
----------------------------------------------------------------------
Income from Operations 9,588.41 6,796.82
----------------------------------------------------------------------
2. Segmental Results (i.e.
Profit before tax &
provisions)
----------------------------------------------------------------------
a Consumer and Commercial
Banking 1,211.88 1,069.72
----------------------------------------------------------------------
b Investment Banking 684.86 309.02
----------------------------------------------------------------------
Total profit before tax &
provisions 1,896.74 1,378.74
----------------------------------------------------------------------
3. Provisions
----------------------------------------------------------------------
a Consumer and Commercial
Banking 623.27 474.04
----------------------------------------------------------------------
b Investment Banking 21.22 (7.44)
----------------------------------------------------------------------
Total provisions 644.49 466.60
----------------------------------------------------------------------
4. Segment Results (i.e.
Profit before tax)
----------------------------------------------------------------------
a Consumer and Commercial
Banking 588.61 595.68
----------------------------------------------------------------------
b Investment Banking 663.64 316.46
----------------------------------------------------------------------
Total profit before tax 1,252.25 912.14
----------------------------------------------------------------------
Unallocated 9.60 9.60
----------------------------------------------------------------------
Tax 240.05 147.53
----------------------------------------------------------------------
Profit after tax 1,002.60 755.01
----------------------------------------------------------------------
5. Capital Employed (i.e.
Segment Assets - Segment
Liabilities excluding
inter-segmental funds
lent and borrowed)
----------------------------------------------------------------------
a Consumer and Commercial
Banking (28,165.49) (45,179.23)
----------------------------------------------------------------------
b Investment Banking 68,470.67 65,489.89
----------------------------------------------------------------------
Total capital employed 40,305.18 20,310.66
----------------------------------------------------------------------
Sr. No. Half year ended
Particulars ---------------------------Year ended
September September March 31,
30, 2007 30, 2006 2007
----------------------------------------------------------------------
(Audited) (Audited) (Audited)
----------------------------------------------------------------------
1. Segment Revenue
----------------------------------------------------------------------
a Consumer and
Commercial Banking 14,930.36 10,697.75 23,479.37
----------------------------------------------------------------------
b Investment Banking 4,712.76 2,982.26 7,066.20
----------------------------------------------------------------------
Total revenue 19,643.12 13,680.01 30,545.57
----------------------------------------------------------------------
Less: Inter Segment
Revenue 773.29 833.53 1,622.11
----------------------------------------------------------------------
Income from Operations 18,869.83 12,846.48 28,923.46
----------------------------------------------------------------------
2. Segmental Results
(i.e. Profit before
tax & provisions)
----------------------------------------------------------------------
a Consumer and
Commercial Banking 2,254.84 1,883.68 4,535.25
----------------------------------------------------------------------
b Investment Banking 1,175.72 469.49 1,377.55
----------------------------------------------------------------------
Total profit before
tax & provisions 3,430.56 2,353.17 5,912.80
----------------------------------------------------------------------
3. Provisions
----------------------------------------------------------------------
a Consumer and
Commercial Banking 1,162.52 675.99 2,196.86
----------------------------------------------------------------------
b Investment Banking 34.24 6.86 29.50
----------------------------------------------------------------------
Total provisions 1,196.76 682.85 2,226.36
----------------------------------------------------------------------
4. Segment Results (i.e.
Profit before tax)
----------------------------------------------------------------------
a Consumer and
Commercial Banking 1,092.32 1,207.69 2,338.39
----------------------------------------------------------------------
b Investment Banking 1,141.48 462.63 1,348.05
----------------------------------------------------------------------
Total profit before
tax 2,233.80 1,670.32 3,686.44
----------------------------------------------------------------------
Unallocated 19.20 19.20 38.40
----------------------------------------------------------------------
Tax 436.92 276.10 537.82
----------------------------------------------------------------------
Profit after tax 1,777.68 1,375.02 3,110.22
----------------------------------------------------------------------
5. Capital Employed (i.e.
Segment Assets -
Segment Liabilities
excluding inter-
segmental funds lent
and borrowed)
----------------------------------------------------------------------
a Consumer and
Commercial Banking (28,165.49)(45,179.23)(47,842.84)
----------------------------------------------------------------------
b Investment Banking 68,470.67 65,489.89 68,079.85
----------------------------------------------------------------------
Total capital employed 40,305.18 20,310.66 20,237.01
----------------------------------------------------------------------
Notes 1. The above financials results have been prepared in accordance with Accounting Standard ("AS") 25 on "Interim Financial Reporting". 2. The Sangli Bank Limited (Sangli Bank) has merged with ICICI Bank Limited effective April 19, 2007 as per the order of Reserve Bank of India (RBI) dated April 18, 2007. Pursuant to the merger of Sangli Bank with ICICI Bank Limited, the shareholders of Sangli Bank were allotted 3,455,008 equity shares of Rs. 10.00 each on May 28, 2007. The merger has been accounted for as per the purchase method of accounting in accordance with the scheme of amalgamation. 3. The Bank issued 75,686,388 equity shares (including green shoe option) of Rs. 10.00 each to Qualified Institutional Bidders and Non-Institutional Bidders at a price of Rs. 940.00 per share and 32,912,238 equity shares of Rs. 10.00 each to Retail Bidders and Existing Retail Shareholders at a price of Rs. 890.00 per share, pursuant to a public issue of equity shares, aggregating to Rs. 10,043.71 crore on July 5, 2007. At September 30, 2007, 17,402,172 equity shares are partly paid on which Rs. 500 per share has been paid up (Rs. 9.25 towards face value and Rs. 490.75 towards share premium). 4. The Bank has also issued 49,949,238 American Depositary Shares (ADS) including green shoe option of 6,497,462 ADSs at US$ 49.25 per share, representing 99,898,476 underlying equity shares of Rs. 10.00 each, aggregating to Rs. 9,923.64 crore on July 5, 2007. 5. During the quarter ended September 30, 2007, the Bank allotted 402,758 equity shares of Rs. 10.00 each pursuant to exercise of employee stock options. 6. Status of equity investors' complaints / grievances for the quarter ended September 30, 2007.
Opening balance Additions Disposals Closing balance
----------------------------------------------------------------------
8 14,327 14,330 5
----------------------------------------------------------------------
7. Provision for current period tax includes Rs. 11.78 crore towards provision for fringe benefit tax for the quarter ended September 30, 2007 (Rs. 24.26 crore for the half year ended September 30, 2007). 8. USD 750 million (Rs. 2,988.75 crore) of foreign currency bonds raised for Upper Tier II capital have been excluded from the above capital adequacy ratio (CAR) computation, pending clarification required by RBI regarding certain terms of these bonds. 9. As required by RBI general clarification dated July 11, 2007, the Bank has deducted the amortisation of premium on government securities, from "Income on investments" included in "Interest earned" which was earlier included in "Other income" amounting to Rs. 210.34 crore for quarter ended September 30, 2007 (Rs. 242.74 crore for quarter ended September 30, 2006), Rs. 445.64 crore for half year ended September 30, 2007 (Rs. 509.27 crore for half year ended September 30, 2006) and Rs. 998.70 crore for year ended March 31, 2007. Prior period figures have been reclassified to conform to the current classification. 10. Previous period / year figures have been regrouped / reclassified where necessary to conform to current period classification. 11. The above financial results have been taken on record by the Board of Directors at its meeting held on October 19, 2007. 12. The above unconsolidated financial results are audited by BSR & Co., Chartered Accountants. 13. Rs. 1 crore = Rs. 10 million. |
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