ICICI Bank Performance Review - Quarter ended September 30, 2008Tuesday October 28 12:37 AMHighlights -- The profit after tax for Q2-2009 was Rs. 1,014 crore (US$ 216 million) compared to the profit after tax of Rs. 1,003 crore (US$ 214 million) for the quarter ended September 30, 2007 (Q2-2008). -- The profit after tax for Q2-2009 represents an increase of 39% over the profit after tax of Rs. 728 crore (US$ 155 million) in the quarter ended June 30, 2008 (Q1-2009). -- Core operating profit (operating profit excluding treasury) increased 42% to Rs. 2,437 crore (US$ 519 million) for Q2-2009 from Rs. 1,712 crore (US$ 365 million) for Q2-2008. -- Net interest income increased 20% to Rs. 2,148 crore (US$ 457 million) for Q2-2009 from Rs. 1,786 crore (US$ 380 million) for Q2-2008. -- Fee income increased 26% to Rs. 1,876 crore (US$ 399 million) for Q2-2009 from Rs. 1,486 crore (US$ 316 million) for Q2-2008. -- Operating expenses(1) decreased 12% to Rs. 1,688 crore (US$ 359 million) for Q2-2009 from Rs. 1,926 crore (US$ 410 million) for Q2-2008 due to the Bank's focus on efficiency improvement and cost rationalization. The cost/average asset ratio for Q2-2009 was 1.7% compared to 2.1% for Q2-2008, and the cost/income ratio for Q2-2009 was 42.5% compared to 50.5% for Q2-2008. Operating review Deposit growth The Bank has adopted a conscious strategy of focusing on current and savings account deposits and reducing its wholesale term deposit base. Current and savings account deposits increased 16% to Rs. 66,914 crore (US$ 14.2 billion) at September 30, 2008 from Rs. 57,827 crore (US$ 12.3 billion) at September 30, 2007. Current and savings account (CASA) deposits constituted 30% of total deposits at September 30, 2008 compared to 25% at September 30, 2007. Total deposits declined marginally on a year-on-year basis due to the reduction in term deposits pursuant to the strategy adopted by the Bank. The Bank has significantly expanded its branch network to expand its reach and further enhance its deposit franchise. At October 22, 2008, the Bank had 1,400 branches and 4,530 ATMs. Credit growth Consolidated advances of the Bank and its banking subsidiaries and ICICI Home Finance Company increased 16% to Rs. 264,665 crore (US$ 56.4 billion) at September 30, 2008 from Rs. 227,583 crore (US$ 48.5 billion) at September 30, 2007. International operations ICICI Bank's international business continued to focus on: -- Building a retail deposit base which gives the Bank access to low cost deposits on a sustainable basis. -- Being the preferred financier and adviser for overseas expansion of Indian corporates and strengthening the global syndication network. -- Being the preferred bank for non-resident Indians: The Bank's remittance volumes increased by 38.2% in Q2-2009 to about Rs. 11,946 crore (US$ 2.5 billion) compared to Q2-2008. ICICI Bank Canada's profit after tax for the six months ended September 30, 2008 (H1-2009) was CAD 22 million. ICICI Bank Canada's capital position continued to be strong with a capital adequacy ratio of 15.4% at September 30, 2008. ICICI Bank Canada's deposit base increased by over CAD 1.0 billion during the quarter to CAD 4.85 billion at September 30, 2008, of which 86% was term deposits. ICICI Bank UK's profit before mark to market impact and provision on investments was US$ 43 million for H1-2009. After the required provisioning charge in respect of its investment portfolio (including the mark-to-market impact of credit spread widening during the period), ICICI Bank UK reported a net loss of US$ 35 million. ICICI Bank UK's capital position continued to be strong with a capital adequacy ratio of 18.4% at September 30, 2008. ICICI Bank UK's deposit base was US$ 4.9 billion at September 30, 2008, of which 39% was term deposits. At September 30, 2008, ICICI Bank UK had zero net non-performing assets. The Bank and its subsidiaries have entirely exited their non-India linked credit derivatives portfolio at no incremental loss over and above the provisions already held. Capital adequacy The Bank's capital adequacy at September 30, 2008 as per Reserve Bank of India's revised guidelines on Base1 II norms was 14.01% and Tier-1 capital adequacy was 11.03%, well above RBI's requirement of total capital adequacy of 9.0% and Tier-1 capital adequacy of 6.0%. Asset quality At September 30, 2008, the Bank's net non-performing asset ratio was 1.8% on an unconsolidated basis. The consolidated net NPA ratio of the Bank and its subsidiaries was 1.6%. The specific provisions for non-performing assets (excluding the impact of farm loan waiver) were Rs. 868 crore (US$ 185 million) in Q2-2009 compared to Rs. 878 crore (US$ 187 million) in Q1-2009. Performance highlights of insurance subsidiaries ICICI Prudential Life Insurance Company (ICICI Life) increased its overall market share in retail new business weighted received premiums from 12.7% in the year ended March 31, 2008 (FY2008) to 13.7% during April-August 2008. New business weighted received premium increased by 22% in H1-2009 to Rs. 2,650 crore (US$ 564 million). While ICICI Life's results reduced the consolidated profit after tax of ICICI Bank by Rs. 466 crore (US$ 99 million) in H1-2009, ICICI Life's unaudited New Business Profit (NBP)(2) in H1-2009 was Rs. 522 crore (US$ 111 million). Assets held increased to Rs. 30,107 crore (US$ 6.4 billion) at September 30, 2008. ICICI Lombard General Insurance Company (ICICI General) increased its overall market share from 11.9% in FY2008 to 12.5% during April-August 2008. ICICI General's premiums increased 12.2% on a year-on-year basis to Rs. 1,925 crore (US$ 410 million) in H1-2009. (1) Including direct market agency expenses. (2) Life insurance companies worldwide make accounting losses in initial years due to business set-up and customer acquisition costs in the initial years and reserving for actuarial liability. Further, in India, amortization of acquisition costs is not permitted. These factors have resulted in statutory losses for ICICI Life since the company's inception, as its business has grown rapidly year on year. If properly priced, life insurance policies are profitable over the life of the policy, but at the time of sale, there is a loss on account of non-amortized expenses and commissions, generally termed as new business strain that emerges out of new business written during the year. New Business Profit (NBP) is an alternate measure of the underlying business profitability (as opposed to the statutory profit or loss) and relevant in the case of fast expanding companies like ICICI Life. NBP is the present value of the profits of the new business written during the year. It is based on standard economic and non-economic assumptions including risk discount rates, investment returns, mortality, expenses and persistency assumptions. Disclosure on economic assumptions are available in the annual report for the year ended March 31, 2008.
Summary Profit and Loss Statement (as per unconsolidated Indian GAAP
accounts)
Rs. crore
----------------------------------------------------------------------
Q2-2008 Q1-2009 Q2-2009 FY2008
----------------------------------------------------------------------
Net interest income(1) 1,786 2,090 2,148 7,304
----------------------------------------------------------------------
Non-interest income 1,897 2,132 2,030 7,997
----------------------------------------------------------------------
- Fee income 1,486 1,958 1,876 6,627
----------------------------------------------------------------------
- Lease and other income 411 174 154 1,369
----------------------------------------------------------------------
Less:
----------------------------------------------------------------------
Operating expense 1,541 1,634 1,543 6,429
----------------------------------------------------------------------
Expenses on direct market
agents (DMAs)( 2) 385 228 145 1,543
----------------------------------------------------------------------
Lease depreciation 45 51 53 182
----------------------------------------------------------------------
Core operating profit 1,712 2,308 2,437 7,147
----------------------------------------------------------------------
Treasury income 175 (594) (153) 815
----------------------------------------------------------------------
Operating profit 1,887 1,714 2,285 7,961
----------------------------------------------------------------------
Less: Provisions 644 792(3) 924(4) 2,905
----------------------------------------------------------------------
Profit before tax 1,243 922 1,361 5,056
----------------------------------------------------------------------
Less: Tax 240 194 347 898
----------------------------------------------------------------------
Profit after tax 1,003 728 1,014 4,158
----------------------------------------------------------------------
1. Net of premium amortisation on government securities of Rs. 210
crore in Q2-2008, Rs. 175 crore in Q2-2009 and Rs. 898 crore in
FY2008.
2. Represents commissions paid to direct marketing agents (DMAs) for
origination of retail loans. These commissions are expensed upfront.
3. Includes specific provision of Rs. 878 crore (with the total
provisions being lower due to general provision write-back and farm
loan waiver-related write-back of Rs. 85 crore).
4. Includes specific provision for non-performing assets (excluding
the impact of farm loan waiver) of Rs. 868 crore.
5. Prior period figures have been regrouped/re-arranged where
necessary.
Summary Balance Sheet
Rs. crore
----------------------------------------------------------------------
September 30, September 30, March 31,
2007 2008 2008
----------------------------------------------------------------------
Assets
----------------------------------------------------------------------
Cash & bank balances 34,025 35,613 38,041
----------------------------------------------------------------------
Advances(1) 207,121 221,985 225,616
----------------------------------------------------------------------
Investments 102,288 97,148 111,454
----------------------------------------------------------------------
Fixed & other assets 21,510 30,225 24,684
----------------------------------------------------------------------
Total 364,944 384,970 399,795
----------------------------------------------------------------------
Liabilities
----------------------------------------------------------------------
Networth 44,752 48,645 46,470
----------------------------------------------------------------------
- Equity capital 1,111 1,113 1,113
----------------------------------------------------------------------
- Reserves 43,641 47,532 45,358
----------------------------------------------------------------------
Preference capital 350 350 350
----------------------------------------------------------------------
Deposits 228,307 223,402 244,431
----------------------------------------------------------------------
CASA ratio 25% 30% 26%
----------------------------------------------------------------------
Borrowings 73,585 94,849 86,399
----------------------------------------------------------------------
Other liabilities 17,950 17,724 22,145
----------------------------------------------------------------------
Total 364,944 384,970 399,795
----------------------------------------------------------------------
1. Consolidated advances of the Bank and its overseas banking
subsidiaries and ICICI Home Finance Company increased 16.3% to Rs.
264,665 crore at September 30, 2008 from Rs. 227,583 crore at
September 30, 2007.
Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'expected to', etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for banking and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology, our rural expansion, our exploration of merger and acquisition opportunities, our ability to integrate recent or future mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our ability to manage the increased complexity of the risks we face following our rapid international growth, future levels of impaired loans, our growth and expansion in domestic and overseas markets, the adequacy of our allowance for credit and investment losses, technological changes, investment income, our ability to market new products, cash flow projections, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in banking regulations and other regulatory changes in India and other jurisdictions on us, including on the assets and liabilities of ICICI, a former financial institution not subject to Indian banking regulations, the bond and loan market conditions and availability of liquidity amongst the investor community in these markets, the nature of credit spreads, interest spreads from time to time, including the possibility of increasing credit spreads or interest rates, our ability to roll over our short-term funding sources and our exposure to credit, market and liquidity risks as well as other risks that are detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. For further press queries please call Charudatta Deshpande at 91-22-2653 8208 or e-mail: charudatta.deshpande@icicibank.com. For investor queries please call 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. 46.965
AUDITED UNCONSOLIDATED FINANCIAL RESULTS
(Rupees in crore)
----------------------------------------------------------------------
Three months ended
----------------------------
September September
Sr. No. Particulars 30, 2008 30, 2007
----------------------------------------------------------------------
(Audited) (Audited)
----------------------------------------------------------------------
Interest earned
1. (a)+(b)+(c)+(d) 7,834.98 7,516.47
------------------------------------------------
a)
Interest/discount
on advances/bills 5,711.39 5,573.39
------------------------------------------------
b) Income on
investments 1,794.06 1,818.57
------------------------------------------------
c) Interest on
balances with
Reserve Bank of
India and other
inter-bank funds 136.09 132.40
------------------------------------------------
d) Others 193.44 (7.89)
----------------------------------------------------------------------
2. Other income 1,877.33 2,071.94
----------------------------------------------------------------------
A) TOTAL INCOME
3. (1)+(2) 9,712.31 9,588.41
----------------------------------------------------------------------
4. Interest expended 5,687.36 5,730.47
----------------------------------------------------------------------
5. Operating expenses
(e) + (f) + (g) 1,740.04 1,970.80
----------------------------------------------------------------------
e) Employee cost 488.06 519.91
----------------------------------------------------------------------
f) Direct
marketing
expenses 144.50 385.43
----------------------------------------------------------------------
g) Other operating
expenses 1,107.48 1,065.46
----------------------------------------------------------------------
B) TOTAL
EXPENDITURE
(4)+(5)
(excluding
provisions and
6. contingencies) 7,427.40 7,701.27
----------------------------------------------------------------------
7. OPERATING PROFIT
(A-B)
(Profit before
provisions and
contingencies) 2,284.91 1,887.14
----------------------------------------------------------------------
8. Provisions (other
than tax) and
contingencies 923.53 644.49
----------------------------------------------------------------------
9. Exceptional items - -
----------------------------------------------------------------------
10. PROFIT / LOSS FROM
ORDINARY
ACTIVITIES BEFORE
TAX (7)-(8)-(9) 1,361.38 1,242.65
----------------------------------------------------------------------
11. Tax expense (a) +
(b) 347.17 240.05
----------------------------------------------------------------------
a) Current period
tax 579.63 417.72
----------------------------------------------------------------------
b) Deferred tax
adjustment (232.46) (177.67)
----------------------------------------------------------------------
NET PROFIT / LOSS
FROM ORDINARY
ACTIVITIES (10)-
12. (11) 1,014.21 1,002.60
----------------------------------------------------------------------
13. Extraordinary
items (net of tax
expense) - -
----------------------------------------------------------------------
NET PROFIT / LOSS
FOR THE
14. PERIOD(12)-(13) 1,014.21 1,002.60
----------------------------------------------------------------------
15. Paid-up equity
share capital
(face value Rs.
10/-) 1,113.29 1,110.66
----------------------------------------------------------------------
16. Reserves excluding
revaluation
reserves 47,531.95 43,641.32
----------------------------------------------------------------------
17. Analytical ratios
----------------------------------------------------------------------
(i) Percentage of
shares held by
Government of
India - -
----------------------------------------------------------------------
(ii) Capital
adequacy ratio 14.01% 16.76%
----------------------------------------------------------------------
(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.) 9.11 9.13
----------------------------------------------------------------------
Diluted EPS
before and
after
extraordinary
items net of
tax expenses
(not annualised
for quarter/
period) (in
Rs.) 9.09 9.08
----------------------------------------------------------------------
18. NPA Ratio
----------------------------------------------------------------------
i) Gross non-
performing
advances (net of
technical write-
off)(1) 9,501.48 5,931.53
----------------------------------------------------------------------
ii) Net non-
performing
advances(1) 4,232.93 2,970.94
----------------------------------------------------------------------
iii) % of gross
non-performing
advances (net of
technical write-
off) to gross
advances (net of
write-off) 4.18% 2.82%
----------------------------------------------------------------------
iv) % of net non-
performing
advances to net
advances(2) 1.91% 1.43%
----------------------------------------------------------------------
19. Return on assets
(annualised) 1.05% 1.12%
----------------------------------------------------------------------
20. Aggregate of non-
promoter
shareholding
----------------------------------------------------------------------
1. No. of shares 1,113,249,042 1,111,912,138
----------------------------------------------------------------------
2. Percentage of
shareholding 100 100
----------------------------------------------------------------------
21. Deposits 223,401.72 228,306.63
----------------------------------------------------------------------
22. Advances 221,984.67 207,121.07
----------------------------------------------------------------------
23. Total assets 384,970.39 364,944.21
----------------------------------------------------------------------
Half year ended Year ended
--------------------------- March 31,
September September 2008
Sr. No. Particulars 30, 2008 30, 2007
----------------------------------------------------------------------
(Audited) (Audited) (Audited)
----------------------------------------------------------------------
Interest earned
1. (a)+(b)+(c)+(d) 15,726.78 14,847.30 30,788.34
-------------------------------------------------------------
a)
Interest/discount
on advances/bills 11,465.55 11,022.63 22,600.99
-------------------------------------------------------------
b) Income on
investments 3,682.28 3,497.28 7,466.01
-------------------------------------------------------------
c) Interest on
balances with
Reserve Bank of
India and other
inter-bank funds 265.04 284.46 611.99
-------------------------------------------------------------
d) Others 313.91 42.93 109.35
----------------------------------------------------------------------
2. Other income 3,415.51 4,022.53 8,810.77
----------------------------------------------------------------------
A) TOTAL INCOME
3. (1)+(2) 19,142.29 18,869.83 39,599.11
----------------------------------------------------------------------
4. Interest expended 11,489.41 11,582.35 23,484.24
----------------------------------------------------------------------
5. Operating expenses
(e) + (f) + (g) 3,653.95 3,876.12 8,154.18
----------------------------------------------------------------------
e) Employee cost 1,011.28 1,041.75 2,078.90
----------------------------------------------------------------------
f) Direct
marketing
expenses 372.83 768.09 1,542.74
----------------------------------------------------------------------
g) Other operating
expenses 2,269.84 2,066.28 4,532.54
----------------------------------------------------------------------
B) TOTAL
EXPENDITURE
(4)+(5)
(excluding
provisions and
6. contingencies) 15,143.36 15,458.47 31,638.42
----------------------------------------------------------------------
7. OPERATING PROFIT
(A-B)
(Profit before
provisions and
contingencies) 3,998.93 3,411.36 7,960.69
----------------------------------------------------------------------
8. Provisions (other
than tax) and
contingencies 1,716.02 1,196.76 2,904.59
----------------------------------------------------------------------
9. Exceptional items - - -
----------------------------------------------------------------------
10. PROFIT / LOSS FROM
ORDINARY
ACTIVITIES BEFORE
TAX (7)-(8)-(9) 2,282.91 2,214.60 5,056.10
----------------------------------------------------------------------
11. Tax expense (a) +
(b) 540.69 436.92 898.37
----------------------------------------------------------------------
a) Current period
tax 944.27 745.33 1,611.73
----------------------------------------------------------------------
b) Deferred tax
adjustment (403.58) (308.41) (713.36)
----------------------------------------------------------------------
NET PROFIT / LOSS
FROM ORDINARY
ACTIVITIES (10)-
12. (11) 1,742.22 1,777.68 4,157.73
----------------------------------------------------------------------
13. Extraordinary
items (net of tax
expense) - - -
----------------------------------------------------------------------
NET PROFIT / LOSS
FOR THE
14. PERIOD(12)-(13) 1,742.22 1,777.68 4,157.73
----------------------------------------------------------------------
15. Paid-up equity
share capital
(face value Rs.
10/-) 1,113.29 1,110.66 1,112.68
----------------------------------------------------------------------
16. Reserves excluding
revaluation
reserves 47,531.95 43,641.32 45,357.53
----------------------------------------------------------------------
17. Analytical ratios
----------------------------------------------------------------------
(i) Percentage of
shares held by
Government of
India - - -
----------------------------------------------------------------------
(ii) Capital
adequacy ratio 14.01% 16.76% 13.97%
----------------------------------------------------------------------
(iii) Earnings per
share (EPS) for
the period
----------------------------------------------------------------------
Basic EPS before
and after
extraordinary
items net of
tax expenses
(not annualised
for quarter/
period) (in
Rs.) 15.65 17.79 39.39
----------------------------------------------------------------------
Diluted EPS
before and
after
extraordinary
items net of
tax expenses
(not annualised
for quarter/
period) (in
Rs.) 15.60 17.68 39.15
----------------------------------------------------------------------
18. NPA Ratio
----------------------------------------------------------------------
i) Gross non-
performing
advances (net of
technical write-
off)(1) 9,501.48 5,931.53 7,579.54
----------------------------------------------------------------------
ii) Net non-
performing
advances(1) 4,232.93 2,970.94 3,490.55
----------------------------------------------------------------------
iii) % of gross
non-performing
advances (net of
technical write-
off) to gross
advances (net of
write-off) 4.18% 2.82% 3.30%
----------------------------------------------------------------------
iv) % of net non-
performing
advances to net
advances(2) 1.91% 1.43% 1.55%
----------------------------------------------------------------------
19. Return on assets
(annualised) 0.89% 1.01% 1.12%
----------------------------------------------------------------------
20. Aggregate of non-
promoter
shareholding
----------------------------------------------------------------------
1. No. of shares 1,113,249,042 1,111,912,138 1,112,687,495
----------------------------------------------------------------------
2. Percentage of
shareholding 100 100 100
----------------------------------------------------------------------
21. Deposits 223,401.72 228,306.63 244,431.05
----------------------------------------------------------------------
22. Advances 221,984.67 207,121.07 225,616.08
----------------------------------------------------------------------
23. Total assets 384,970.39 364,944.21 399,795.08
----------------------------------------------------------------------
1. At June 30, 2008 the gross non performing advances (net of
technical write-off) were Rs. 8,511.36 crore and the net non
performing advances were Rs. 4,033.57 crore.
2. The percentage of net non-performing customer assets to net
customer assets (includes advances and credit substitutes) was 1.83%
at September 30, 2008.
Sr. No. Three months ended
------------------------
September September
Particulars 30, 2008 30, 2007
----------------------------------------------------------------------
(Unaudited) (Unaudited)
----------------------------------------------------------------------
1. Total Income 15,590.46 13,850.57
----------------------------------------------------------------------
2. Net
Profit/(loss)
for the period 651.48 897.92
----------------------------------------------------------------------
3. Earnings per
share (EPS)
----------------------------------------------------------------------
EPS for the
period
(not annualised
for
quarter/period)
(in Rs.)(basic) 5.85 8.18
----------------------------------------------------------------------
EPS for the
period
(not annualised
for
quarter/period)
(in
Rs.)(diluted) 5.84 8.13
----------------------------------------------------------------------
CONSOLIDATED FINANCIAL RESULTS
(Rupees in crore)
Sr. No. Half year ended Year
----------------------- ended
September September March 31,
Particulars 30, 2008 30, 2007 2008
----------------------------------------------------------------------
(Unaudited) (Unaudited) (Audited)
----------------------------------------------------------------------
1. Total Income 30,234.76 26,580.39 60,053.08
----------------------------------------------------------------------
2. Net
Profit/(loss)
for the period 1,268.75 1,642.29 3,398.23
----------------------------------------------------------------------
3. Earnings per
share (EPS)
----------------------------------------------------------------------
EPS for the
period
(not annualised
for
quarter/period)
(in Rs.)(basic) 11.40 16.44 32.19
----------------------------------------------------------------------
EPS for the
period
(not annualised
for
quarter/period)
(in
Rs.)(diluted) 11.36 16.34 32.00
----------------------------------------------------------------------
The consolidated financial results include results of ICICI Bank
Limited and its subsidiaries and other consolidating entities of
which for the half year ended September 30, 2008, the results of
following have been audited: ICICI Bank Limited, ICICI Bank UK PLC.,
ICICI Prudential Life Insurance Company Limited, ICICI International
Limited, ICICI Securities Limited, ICICI Prudential Asset Management
Company Limited, ICICI Securities Primary Dealership Limited, ICICI
Eco-Net Internet & Technology Fund, ICICI Equity Fund, ICICI Emerging
Sectors Fund, ICICI Venture Funds Management Company Limited and
ICICI Strategic Investments Fund.
SEGMENTAL RESULTS OF ICICI BANK LIMITED FOR THE PERIOD ENDED SEPTEMBER
30, 2008
(Rupees in crore)
----------------------------------------------------------------------
Sr. No. Particulars Three months Half year
ended ended Year ended
----------------------------------------------------------------------
September 30, September March 31,
2008 30, 2008 2008
----------------------------------------------------------------------
(Audited) (Audited) (Audited)
----------------------------------------------------------------------
1. Segment Revenue
----------------------------------------------------------------------
a Retail Banking 6,078.27 12,155.85 24,418.54
----------------------------------------------------------------------
b Wholesale Banking 6,414.43 13,103.41 24,949.35
----------------------------------------------------------------------
c Treasury 7,020.33 13,798.18 29,098.26
----------------------------------------------------------------------
d Other Banking 201.85 278.02 274.92
----------------------------------------------------------------------
Total revenue 19,714.88 39,335.46 78,741.07
----------------------------------------------------------------------
Less: Inter Segment
Revenue 10,002.57 20,193.17 39,141.96
----------------------------------------------------------------------
Income from Operations 9,712.31 19,142.29 39,599.11
----------------------------------------------------------------------
2. Segmental Results (i.e.
Profit before tax)
----------------------------------------------------------------------
a Retail Banking 276.69 405.39 947.24
----------------------------------------------------------------------
b Wholesale Banking 1,106.15 2,296.78 3,574.68
----------------------------------------------------------------------
c Treasury (131.58) (540.91) 513.49
----------------------------------------------------------------------
d Other Banking 110.12 121.65 20.69
----------------------------------------------------------------------
Total segment results 1,361.38 2,282.91 5,056.10
----------------------------------------------------------------------
Unallocated expenses - - -
----------------------------------------------------------------------
Profit before tax 1,361.38 2,282.91 5,056.10
----------------------------------------------------------------------
3. Capital Employed (i.e.
Segment Assets -
Segment Liabilities)
----------------------------------------------------------------------
a Retail Banking (8,860.48) (8,860.48) (4,045.54)
----------------------------------------------------------------------
b Wholesale Banking 15,708.43 15,708.43 (11,423.26)
----------------------------------------------------------------------
c Treasury 36,626.76 36,626.76 56,694.99
----------------------------------------------------------------------
d Other Banking 1,032.38 1,032.38 669.30
----------------------------------------------------------------------
e Unallocated 4,488.15 4,488.15 4,924.72
----------------------------------------------------------------------
Total 48,995.24 48,995.24 46,820.21
----------------------------------------------------------------------
SEGMENTAL RESULTS OF ICICI BANK LIMITED FOR THE PERIOD ENDED SEPTEMBER
30, 2007
(Rupees in crore)
----------------------------------------------------------------------
Three months ended Half year ended
Sr. Particulars ----------------------------------
No. September 30, 2007 September 30,
2007
----------------------------------------------------------------------
(Audited) (Audited)
----------------------------------------------------------------------
1. Segment Revenue
----------------------------------------------------------------------
a Consumer and Commercial Banking 7,495.21 14,930.36
----------------------------------------------------------------------
b Investment Banking 2,441.89 4,712.76
----------------------------------------------------------------------
Total revenue 9,937.10 19,643.12
----------------------------------------------------------------------
Less: Inter Segment Revenue 348.69 773.29
----------------------------------------------------------------------
Income from Operations 9,588.41 18,869.83
----------------------------------------------------------------------
Segment Results (i.e. Profit
2. before tax)
----------------------------------------------------------------------
a Consumer and Commercial Banking 588.61 1,092.32
----------------------------------------------------------------------
b Investment Banking 663.64 1,141.48
----------------------------------------------------------------------
Total segment results 1,252.25 2,233.80
----------------------------------------------------------------------
Unallocated expenses 9.60 19.20
----------------------------------------------------------------------
Profit before tax 1,242.65 2,214.60
----------------------------------------------------------------------
Capital Employed (i.e. Segment
3. Assets - Segment Liabilities)
----------------------------------------------------------------------
a Consumer and Commercial Banking (28,165.49) (28,165.49)
----------------------------------------------------------------------
b Investment Banking 68,470.67 68,470.67
----------------------------------------------------------------------
Total capital employed 40,305.18 40,305.18
----------------------------------------------------------------------
Notes on segmental results 1. The disclosure on segmental reporting has been modified pursuant to Reserve Bank of India (RBI) circular no. DBOD.No.BP.BC.81/21.04.018/2006-07 dated April 18, 2007 on guidelines on enhanced disclosure on "Segmental Reporting" which is effective from the reporting period ended March 31, 2008. The segmental results for three months ended September 30, 2007 and for the half year ended September 30, 2007 as per the revised guidelines have not been prepared and hence are not comparable. 2. "Retail Banking" includes exposures which satisfy the four criteria of orientation, product, granularity and low value of individual exposures for retail exposures laid down in Basel Committee on Banking Supervision document "International Convergence of Capital Measurement and Capital Standards: A Revised Framework". 3. "Wholesale Banking" includes all advances to trusts, partnership firms, companies and statutory bodies, which are not included under Retail Banking. 4. "Treasury" includes the entire investment portfolio of the Bank. 5. "Other Banking" includes hire purchase and leasing operations and also includes gain/loss on sale of banking & non-banking assets and other items not attributable to any particular business segment. Notes 1. The financials have been prepared in accordance with Accounting Standard ("AS") 25 on "Interim Financial Reporting". 2. During the three months ended September 30, 2008, the Bank allotted 1,56,781 equity shares of Rs. 10.00 each pursuant to exercise of employee stock options. 3. Status of equity investors' complaints / grievances for the three months ended September 30, 2008:
Opening balance Additions Disposals Closing
balance
----------------------------------------------------------------------
5 447 448 4
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4. Provision for current period tax includes Rs. 9.28 crore towards provision for fringe benefit tax for the three months ended September 30, 2008 (Rs. 21.77 crore for the half-year ended September 30, 2008). 5. RBI vide its circular DBOD.No.BP.BC.90/20.06.001/2006-07 dated April 27, 2007 had advised banks having operational presence outside India to compute capital adequacy ratio (CAR) as per the revised capital adequacy framework (Basel II) effective March 31, 2008. Accordingly, the CAR for September 30, 2008 and March 31, 2008 is as per Basel II framework and for September 30, 2007, is as per the earlier framework. 6. Pursuant to the RBI clarification, USD 750 million of foreign currency bonds raised in January 2007 for Upper Tier II capital have been included in CAR computation as at September 30, 2008. 7. Previous period / year figures have been regrouped / reclassified where necessary to conform to current period classification. 8. The above financial results have been approved by the Board of Directors at its meeting held on October 27, 2008. 9. The above financial results are audited by the statutory auditors, B S R & Co., Chartered Accountants. 10. Rs. 1 crore = Rs. 10 million. Place : Mumbai Chanda D. Kochhar Date : October 27, 2008 Joint Managing Director & CFO Contact: ICICI Bank Limited Charudatta Deshpande, 91-22-2653 8208 (press queries) charudatta.deshpande@icicibank.com Rupesh Kumar, 91-22-2653 7126 (investor queries) ir@icicibank.com |
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