ICICI Bank 2003 Annual Report Download - page 59

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Management’s Discussion & Analysis
57
ICICI Bank’s total assets increased marginally to Rs. 1,068.12 billion at March 31, 2003 from Rs. 1,041.06 billion
at March 31, 2002. Net advances increased to Rs. 532.79 billion at March 31, 2003 from Rs. 470.35 billion at
March 31, 2002. Retail assets increased to about Rs. 191.32 billion at March 31, 2003 constituting about 18%
of total assets as compared to about 6% of total assets at March 31, 2002. Cash, balances with Reserve Bank
of India and banks, money at call and short notice and SLR investments at March 31, 2003 were
Rs. 320.72 billion compared to Rs. 355.78 billion at March 31, 2002. Total investments at March 31, 2003
decreased marginally to Rs. 354.62 billion compared to Rs. 358.91 billion at March 31, 2002. SLR investments
included in total investments were Rs. 255.83 billion at March 31, 2003 compared to Rs. 227.92 billion at
March 31, 2002. Other assets increased to Rs. 75.21 billion at March 31, 2003 from Rs. 41.55 billion at
March 31, 2002. Other assets at March 31, 2003 include Rs. 15.32 billion of application money on shares and
debentures, while at March 31, 2002, application money on shares debentures (aggregating Rs. 9.21 billion
at that date) were included in investments.
The net worth at March 31, 2003 increased to Rs. 69.33 billion from Rs. 62.45 billion at March 31, 2002. Total
deposits increased 50.1% to Rs. 481.69 billion at March 31, 2003 from Rs. 320.85 billion at March 31, 2002.
ICICI Bank’s savings account deposits increased to Rs. 37.93 billion at March 31, 2003 from Rs. 24.97 billion
at March 31, 2002, while current account deposits increased to Rs. 36.89 billion at March 31, 2003 from
Rs. 27.36 billion at March 31, 2002. Term deposits increased to Rs. 406.87 billion at March 31, 2003 from
Rs. 268.52 billion at March 31, 2002. Of the term deposits, value-added savings / current account deposits
were about Rs. 85.74 billion at March 31, 2003 compared to about Rs. 53.42 billion at March 31, 2002. Total
deposits at March 31, 2003 constituted 52.2% of ICICI Bank’s funding. Borrowings (including subordinated
debt) decreased to Rs. 440.52 billion at March 31, 2003 from Rs. 589.70 billion at March 31, 2002. Of the total
borrowings, borrowings raised by ICICI prior to the merger declined to Rs. 372.50 billion at March 31, 2003
from Rs. 582.10 billion at March 31, 2002. ICICI Bank raised about Rs. 25.00 billion through bond issues in
the last quarter of fiscal 2003.
ICICI Bank’s total capital adequacy ratio at March 31, 2003 at 11.10% (including Tier-l capital adequacy of
7.05%) was significantly higher than the minimum requirement of 9% as per regulatory norms. Deferred-tax
asset of Rs. 4.88 billion has been deducted from Tier-l capital in compliance with RBI guidelines. In accordance
with RBI guidelines, Tier-l capital includes Rs. 2.31 billion out of the face value of Rs. 3.50 billion of 20-year
non-cumulative preference shares issued to ITC Limited as a part of the scheme for merger of ITC Classic
Finance Limited with ICICI. The table overleaf sets forth, for the periods indicated, details on ICICI Bank’s
capital adequacy ratio.