ICICI Bank 2003 Annual Report Download - page 159

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F95
During the year ended March 31, 2002, the Company received rentals for lease of premises, facilities and other
equipment from the acquiree, Rs. 256million (2001:Rs.193million). Similarly, during the year ended March 31,
2002, the Company paid rentals to the acquiree for lease of premises, Rs. 11million (2001:Nil).
Secondment of employees
During the year ended March 31, 2003, the Company received from Prulife for seconded employees, Rs. 3 million
(2002: Nil, 2001: Nil) and from Lombard, Rs. 10million (2002:Rs. 5million, 2001: Nil).
During the year ended March 31, 2002, the Company received from the acquiree for seconded employees,
Rs.55million (2001: Rs. 4 million) during the year ended March 31, 2002, Similarly, the Company paid to the acquiree
for employees seconded to the Company, Rs.8million (2001: Rs. 5million).
Asset management services
During the year ended March 31, 2003, the Company provided asset management services to TCW and earned fees
of Rs. 24 million (2002: Rs. 21million, 2001: Rs. 31million).
Deposits and borrowings
During the year ended March 31, 2003, the Company paid interest on bonds/deposits/call borrowings to its affiliated
companies, Rs. 12million (2002: Rs. 268 million, 2001:Rs.202million).
Banking services
The Company utilized banking services of the acquiree. During the year ended March 31, 2002, non-interest expense
of the Company relating to such services, amounted to Rs. 32million (2001: Rs. 72 million).
Derivative transactions
During the year ended March 31, 2002, the Company entered into interest rate swap contracts and cross currency
swap contracts with the acquiree aggregating Rs. 10,310million and Nil (2001: Rs. 3,350million and Rs. 1,331million)
respectively. Contracts aggregating Rs. 8,760million and Rs. 2,272million (2001: Rs. 2,900million and
Rs. 4,352million) were outstanding as of March 31, 2002, for interest rate swaps and currency swaps respectively.
Net interest income in respect of these swaps amounted to Rs. 275million (2001:Rs. 189 million) during the year
ended March 31, 2002.
Similarly, the Company entered into forward foreign exchange contracts with the acquiree aggregating
Rs. 22,466million (2001: Rs. 47,863million) during the year ended March31,2002. Contracts aggregating
Rs. 251million (2001: Rs. 2,262 million) were outstanding as of March 31, 2002.
Reverse repurchase transactions
During the year ended March31,2002, the Company has entered into reverse repurchase transactions with the
acquiree amounting to Rs. 52,792million (2001: Nil). As of March31,2002, the Company had reverse repurchase
transactions outstanding with the acquiree of Rs.21,399million (2001: Nil).
Software development services
During the year ended March 31, 2002, the Company provided software development services to Tricolor and
Pru-ICICI and earned fees of Rs.19million (2001: Rs. 8 million).
During the year ended March 31, 2002, the Company developed software and provided software and hardware
support services to the acquiree, and earned fees of Rs. 124million (2001:Rs. 73million).
Back-office support services
During the year ended March 31, 2002, the Company set up a common technology infrastructure platform and the
acquiree was charged towards communication expenses, backbone infrastructure expenses and data centre costs,
Rs.182million (2001: Rs. 94 million).
Continued
notes to the consolidated financial statements