ICICI Bank 2003 Annual Report Download - page 139

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F75
Continued
notes to the consolidated financial statements
Restructured loans
The Company classifies a loan as a restructured loan where it has made concessionary modifications, that it would
not otherwise consider, to the contractual terms of a loan to a borrower experiencing financial difficulties. As of
March31, 2003, the Company had committed to lend Rs.2,822million (2002: Rs. 18,616million), to borrowers
who are parties to troubled debt restructurings.
Impaired loans, including restructured loans
A listing of restructured loans is set out below:
(Rs. in millions)
As of March 31,
2002 2003
Project and corporate finance 84,048 135,421
Working capital finance (including working capital term loans) 5,283 11,084
Other 5,757 886
Restructured loans 95,088 147,391
Allowance for loan losses (17,722) (24,732)
Restructured loans, net 77,366 1,22,659
Restructured loans:
With a valuation allowance 95,088 147,391
Without a valuation allowance ——
Restructured loans 95,088 1,47,391
A listing of other impaired loans is set out below:
(Rs. in millions)
As of March 31,
2002 2003
Project and corporate finance 48,093 67,906
Working capital finance (including working capital term loans) 1,699 11,907
Lease financing 731 1,550
Consumer loans and credit card receivables 190 1,752
Other 41 41
Other impaired loans 50,754 83,156
Allowance for loan losses (17,567) (27,837)
Other impaired loans, net 33,187 55,319
Other impaired loans:
With a valuation allowance 50,754 83,087
Without a valuation allowance —69
Other impaired loans 50,754 83,156
During the year ended March 31, 2003, interest income of Rs.2,358million (2002:Rs. 3,257million, 2001:
Rs. 1,989million) was recognized on impaired loans on a cash basis. Gross impaired loans (including restructured
loans) averaged Rs. 188,195million during the year ended March 31, 2003 (2002: Rs. 115,543million).
Concentration of credit risk
Concentration of credit risk exists when changes in economic, industry or geographic factors similarly affect groups of
counterparties whose aggregate credit exposure is material in relation to Company’s total credit exposure. The Company’s
portfolio of financial instruments is broadly diversified along industry, product and geographic lines within India.