ICICI Bank 2004 Annual Report Download

Download and view the complete annual report

Please find the complete 2004 ICICI Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 32

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32

Contents
Message from the Chairman 2
Board of Directors 4
Senior Management 4
Board Committees 5
Letter from the Managing Director & CEO 6
Product Portfolio 8
Directors’ Report 9
Auditors’ Certificate 33
Business Overview 34
Management’s Discussion and Analysis 46
Particulars of Employees under Section 217 (2A) of the Companies Act, 1956 60
Financials:
Auditors’ Report F1
Balance Sheet F2
Profit and Loss Account F3
Schedules & Notes F4
Cash Flow Statement F28
Statement Pursuant to Section 212 of the Companies Act, 1956 F30
Consolidated Financial Statements of ICICI Bank Limited and its Subsidiaries F31
Extracts from the Consolidated US GAAP Financial Statements F59
Enclosures:
!Notice
!Attendance Card and Form of Proxy
_____________________________________________________________
_____________________________________________________________________
___________________________________________________________________
_____________________________________________________________________
____________________________________________________
______________________________________________________________________
______________________________________________________________________
___________________________________________________________________
___________________________________________________________________
_____________________________________________________
__________________________
______________________________________________________________________
_______________________________________________________________________
________________________________________________________________
____________________________________________________________________
_________________________________________________________________
___________________________________
__________________________
____________________________________
dickenson intellinetics 5690 2791 ICICI Annual Report 2004
1

Table of contents

  • Page 1
    ... Financials: Auditors' Report _____ F1 Balance Sheet _____ F2 Profit and Loss Account _____ F3 Schedules & Notes _____ F4 Cash Flow Statement _____ F28 Statement Pursuant to Section 212 of the Companies Act, 1956 _____ F30 Consolidated Financial Statements of ICICI Bank Limited and its Subsidiaries...

  • Page 2
    ... Bank in 1994, and our entry into insurance (both life and non-life) a few years later. It was during this period that we identified the opportunity in retail finance, then a niche segment in the Indian financial sector. Over 2 d icke ns o n inte lline tics 5690 2791 ICICI Annual Re p o rt 2004

  • Page 3
    ... to economic growth by supporting long and medium term asset creation by Indian consumers, in the form of homes and automobiles. With the merger of ICICI and ICICI Bank, we achieved the optimal legal and regulatory platform for conducting the entire range of financial services businesses. It is...

  • Page 4
    ... K. Ram kum ar Kalp ana Mo rp aria Deputy Managing Director Balaji Swam inathan V . Vaid yanathan Chand a D. Ko chhar Executive Director Nachike t Mo r Executive Director J yo tin Me hta General Manager & Company Secretary 4 d icke ns o n inte lline tics 5690 2791 ICICI Annual Re p o rt 2004

  • Page 5
    ... R. Sathe M. K. Sharm a K. V . Kam ath SHARE TRANSFER & SHAREHOLDERS'/ INVESTORS' GRIEVANCE COM M ITTEE Ud ay M. Chitale , Chairman So m ...Kalp ana Mo rp aria Chand a D. Ko chhar COM M ITTEE OF DIRECTORS K. V . Kam ath, Chairman Lalita D. Gup te Kalp ana Mo ...tics 5690 2791 ICICI Annual Re p o rt 2004

  • Page 6
    ... of financial services. The journey continues as we make a foray into the international markets while consolidating our leadership position in the Indian financial sector. In 2002, ICICI and ICICI Bank merged to create India's second-largest bank. The strategic objectives of the merger were to...

  • Page 7
    ... demonstrated our capabilities across products, customer segments and markets. We will continue to leverage this platform to achieve our aspirations and deliver value to our stakeholders. K. V . KAMATH Managing Dire cto r & CEO 7 d icke ns o n inte lline tics 5690 2791 ICICI Annual Re p o rt 2004

  • Page 8
    ...rvice s Pro fe s s io nal Cle aring Me m b e rs hip S e rvice s ! Channe l Financing Cre d it, De b it &S m art Card s Bill Paym e nt S e rvice s E- Che q ue s Branch Banking ATM Se rvice s Inte rne t Banking Pho ne Banking 8 d icke ns o n inte lline tics 5690 2791 ICICI Annual Re p o rt 2004

  • Page 9
    Dire cto rs ' Re p o rt Your Directors have pleasure in presenting the Tenth Annual Report of ICICI Bank Limited with the audited statement of accounts for the year ended M arch 31, 2004. FINANCIAL HIGHLIGHTS The financial performance for fiscal 2004 is summarised below: Fiscal 2003 Rs. billion ...

  • Page 10
    ...focus on bas ic and heavy indus try took s hape, ICICI, amongs t the w orld's firs t development banks in the private s ector, quickly emerged as an important ...technology. ICICI as s is ted over 400 companies during this period. 10 d icke ns o n inte lline tics 5690 2791 ICICI Annual Re p o rt 2004

  • Page 11
    ..., 1956, copies of the balance sheet, profit & loss account, report of the Board of Directors and report of the Auditors of the subsidiary companies have not been attached to the accounts of ICICI Bank for fiscal 2004. ICICI Bank will make available these documents/details upon request by any M ember...

  • Page 12
    REORGANISATION: 1965 - 1974 Having s et the cours e for indus trial development, the country...grow th; and encouragement to s mall enterpris es . Res ponding to the emerging needs , ICICI s tarted export finance, conces s ional funding in indus trially backw ard areas and loans for s mall enterpris es...

  • Page 13
    ... the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975, as amended, the names and other particulars of the employees are set out in the Annexure to the Directors' Report. APPOINTM ENT OF NOM INEE DIRECTORS ON THE BOARD OF ASSISTED COM PANIES Erstwhile ICICI Limited had...

  • Page 14
    ... ed hous ing finance ins titution. During this decade, over 2,000 enterpris es and 4,500 projects w ere as s is ted. ICICI became one of the firs t financial ins titutions to harnes s the pow er of information technology. 14 d icke ns o n inte lline tics 5690 2791 ICICI Annual Re p o rt 2004

  • Page 15
    ... Strategy Committee, Credit Committee, Fraud M onitoring Committee, Risk Committee, Share Transfer & Shareholders'/Investors' Grievance Committee, Committee of Directors and Asset Liability M anagement Committee. A majority 15 d icke ns o n inte lline tics 5690 2791 ICICI Annual Re p o rt 2004

  • Page 16
    ... , ICICI s et up the country's firs t rating agency, firs t venture capital company and entered into as s et management and banking. In this period of high grow th in bus ines s , total approvals cros s ed Rs . 400.00 billion. 16 d icke ns o n inte lline tics 5690 2791 ICICI Annual Re p o rt 2004

  • Page 17
    ... Companies Act, 1956. 3 Includes the Audit Committee, the Share Transfer & Shareholders'/ Investors' Grievance Committee and the Board Governance & Remuneration Committee. Figures in brackets indicate Committee Chairmanships. 17 d icke ns o n inte lline tics 5690 2791 ICICI Annual Re p o rt 2004

  • Page 18
    ...Bank became the firs t Indian bank to lis t on the New Y ork Stock Exchange and emerged as the leading univers al bank in India, going on to build an international footprint w ith the aim of becoming a truly global Indian bank. 18 d icke ns o n inte lline tics 5690 2791 ICICI Annual Re p o rt 2004

  • Page 19
    ... to stakeholders. Composition The Audit Committee comprises three independent Directors and is chaired by Uday M . Chitale. There were six meetings of the Committee during the year. The details of composition of the Committee and attendance at its M eetings are given in the following table: Name of...

  • Page 20
    ...of the selfevaluation process. The following table sets out the details of remuneration (including perquisites, bonus and retiral benefits) paid to wholetime Directors for fiscal 2004 and details of stock options granted for the three years ended M arch 31, 2004. K.V. Kamath Break up of remuneration...

  • Page 21
    ... to approve the annual income and expenditure and capital expenditure budgets for presentation to the Board for final approval and to review and recommend to the Board the business strategy of ICICI Bank. Composition The Business Strategy Committee comprises five Directors, namely, N. Vaghul, Anupam...

  • Page 22
    ... duplicate certificates, allotment of shares and securities issued from time to time, including those under stock options, review and redressal of shareholders' and investors' complaints, delegation of authority for opening and 22 d icke ns o n inte lline tics 5690 2791 ICICI Annual Re p o rt 2004

  • Page 23
    ... and the listing of securities on stock exchanges. Composition The Share Transfer & Shareholders'/Investors' Grievance Committee comprises four Directors and is chaired by Uday M . Chitale, an independent Director. There were 12 M eetings of the Committee during the year. The details of composition...

  • Page 24
    ... Data Information Filing and Retrieval (EDIFAR) website maintained by National Informatics Centre (NIC). ICICI Bank's quarterly financial results are published in the Financial Express (Ahmedabad, Bangalore, Chandigarh, Chennai, Delhi, Kochi, Kolkata and M umbai editions) and in Vadodara Samachar...

  • Page 25
    ... shares and bonds of the Bank have been delisted from the Vadodara Stock Exchange Limited effective July 22, 2004. ICICI Bank has paid annual listing fees for fiscal 2005 on its capital to BSE and NSE where its securities now continue to be listed and traded. M arket Price Information The reported...

  • Page 26
    ....65 302.20 313.20 348.25 304.30 348.25 Source: Bloomberg and NSE The reported high and low closing prices and volume of ADRs of ICICI Bank traded during fiscal 2004 on New York Stock Exchange (NYSE) are given below: Number of ADRs traded 5,496,700 4,304,900 4,942,400 5,683,600 3,396,600 4,677,800...

  • Page 27
    ...up equity capital of ICICI Bank. Certificates issued in this regard are placed before the Share Transfer & Shareholders'/Investors' Grievance Committee and forwarded to stock exchanges where the equity shares of ICICI Bank are listed. For any share-related queries, please call ICICI Infotech at + 91...

  • Page 28
    ... Re p o rt Registrar and Transfer Agent The Registrar and Transfer Agent of ICICI Bank is ICICI Infotech Limited. Investor services related queries may be directed to Padmanabhan Iyer at either of the addresses below: ICICI Infotech Limited ICICI Infotech Limited International Infotech Park M aratha...

  • Page 29
    ... 8.29 4.86 4.16 3.19 2.67 2.41 2.03 1.84 1.74 1.50 1.45 1.31 1.04 Shareholders of ICICI Bank w ith more than one per cent holding at June 30, 2004 Name of the Shareholder No. of shares % to total No. of shares De uts che Bank Trus t Co m p any Am e ricas (De p o s itary fo r ADR ho ld e rs ) Life...

  • Page 30
    ... the Scheme of Amalgamation of ICICI Limited, ICICI Personal Financial Services Limited and ICICI Capital Services Limited with ICICI Bank, the maximum number of options granted to any employee/director in a year is limited to 0.05% of ICICI Bank's issued equity shares at the time of the grant, and...

  • Page 31
    ... that year. No employee/director was granted options during any one year equal to or exceeding 0.05% of the issued equity shares of ICICI Bank at the time of the grant. The diluted earnings per share (EPS) pursuant to issue of shares on exercise of options calculated in accordance with Accounting...

  • Page 32
    ... the annual accounts on a going concern basis. ACKNOW LEDGEM ENTS ICICI Bank is grateful to the Government of India, RBI, SEBI and overseas regulators for their continued co-operation, support and advice. ICICI Bank wishes to thank its investors, the domestic and international banking community...