ICICI Bank 2003 Annual Report Download - page 82

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F18
forming part of the Accounts Continued
schedules
7. Deferred Tax
On March 31, 2003, the Bank has recorded net deferred tax asset of Rs.4,878.3million, (2002 : Deferred tax liability
of Rs. 1,547.6 million) which has been included in other assets.
A composition of deferred tax assets and liabilities into major items is given below :
(Rupees in million)
Particulars March 31, 2003 March 31, 2002
Amortisation of premium on investments ................................... 527.4 85.2
Provision for bad and doubtful debts ........................................... 12,988.7 7,139.7
Others ............................................................................................. 845.3 1,306.7
14,361.4 8,531.6
Less: Deferred Tax Liability
Depreciation on fixed assets .............................................. 9,246.9 9,910.5
Others ................................................................................... 236.2 168.7
9,483.1 10,079.2
Net Deferred Tax Asset/(Liability) .................................................. 4,878.3 (1,547.6)
8. Related party transactions
ICICI Bank has entered into transactions with the following related parties:
• Subsidiaries, Joint Ventures and subsidiaries;
• Key Management Personnel and their relatives
The related party transactions can be categorised as follows :
Key
Management
Items/Related Party Subsidiaries Associates Personnel@ Total
Deposits .................................................. 2,343.0 4.4 20.3 2,367.7
Rendering of services ............................ 244.8 2.6 — 247.4
Insurance premiums paid ...................... — 106.0 — 106.0
@ Whole-time Directors of the Board and their relatives.
Remuneration paid to the Directors of ICICI Bank Limited during the year ended March 31, 2003 was Rs. 41.0 million
The list of related parties is as follows :
Subsidiaries and Joint Ventures
ICICI Venture Funds Management Company Limited, ICICI Securities and Finance Company Limited, ICICI Brokerage
Services Limited, ICICI International Limited, ICICI Trusteeship Services Limited, ICICI Home Finance Company Limited,
ICICI Investment Management Company Limited, ICICI Securities Holdings Inc., ICICI Securities Inc., ICICI Bank UK
Limited, ICICI Prudential Life Insurance Company Limited, and ICICI Lombard General Insurance Company Limited.
Associates
Prudential ICICI Asset Management Company Limited, Prudential ICICI Trust Limited, ICICI Equity Fund, ICICI Eco-net
Internet and Technology Fund, ICICI Emerging Sectors Fund, ICICI Strategic Investments Fund, ICICI Property Trust, and
TCW/ICICI Investment Partners L.L.C.
9. Earnings Per Share (“EPS”)
The Bank reports basic and diluted earnings per equity share in accordance with Accounting Standard-20, Earnings Per
Share. Basic earnings per share is computed by dividing net profit after tax by the weighted average number of equity
shares outstanding for the year. Diluted earnings per share is computed using the weighted average number of equity
shares and dilutive potential equity shares outstanding during the year.