ICICI Bank 2003 Annual Report Download - page 134
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F70
Continued
7. Securities
The portfolio of securities is set out below:
(Rs. in millions)
As of March 31, 2002 As of March 31, 2003
Amortized Gross Gross Fair Amortized Gross Gross Fair
cost unrealized unrealized value cost unrealized unrealized value
gain loss gain loss
Available for sale
Corporate debt securities 4,446 502 (513) 4,435 10,636 389 (79) 10,946
GOI securities 26,662 438 — 27,100 240,187 4,403 (459) 244,131
Total debt securities 31,108 940 (513) 31,535 250,823 4,792 (538) 255,077
Equity securities 19,181 365 (3,223) 16,322 13,609 745 (1,932) 12,422
Total securities available
for sale 50,289 1,305 (3,736) 47,857 264,432 5,537 (2,470) 267,499
Non-readily marketable
equity securities
(1)
8,268 9,418
Venture capital investments
(2)
3,921 3,704
(1) Primarily represents securities acquired as a part of project financing activities or conversion of loans in debt restructurings.
(2) Represents venture capital investments held by venture capital subsidiaries of the Company.
During the year ended March 31, 2003, as part of its ongoing evaluation of its securities portfolio, the Company
recorded an impairment charge of Rs.2,098million (2002: Rs.3,480million, 2001: Rs.1,835million) for other
than temporary decline in value of available for sale and non-readily marketable equity securities.
Privately placed corporate debt securities reported as loans (credit substitutes).
The portfolio of credit substitutes is set out below:
(Rs. in millions)
As of March 31, 2002 As of March 31, 2003
Amortized Gross Gross Fair Amortized Gross Gross Fair
cost unrealized unrealized value cost unrealized unrealized value
gain loss gain loss
Available for sale 59,707 1,077 (502) 60,282 61,295 2,539 (1,118) 62,716
During the year ended March 31, 2002, the Company sold debt securities classified as held to maturity. The debt
securities were sold for Rs.640 million resulting in a realized gain of Rs.102 million. As the securities were sold
for reasons other than those specified in SFAS No. 115, all remaining held to maturity securities were reclassified
as available for sale. Subsequent to the sale, the Company no longer classifies debt securities as held to maturity.
Income from securities available for sale
A listing of income from securities available for sale is set out below:
(Rs. in millions)
Year ended March 31,
2001 2002 2003
Interest 123 1,027 16,633
Dividends 345 267 389
Total 468 1,294 17,022
Gross realized gain 474 1,238 6,845
Gross realized loss (348) (7) (5,022)
Total 126 1,231 1,823
notes to the consolidated financial statements