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Directors’ Report
Your Directors have pleasure in presenting the Tenth Annual Report of ICICI Bank Limited with the
audited statement of accounts for the year ended March 31, 2004.
The financial performance for fiscal 2004 is summarised below:
The profit & loss account shows a profit after taxation of Rs. 16.37 billion after write-offs and provisions
of Rs. 4.70 billion and after taking into account all expenses. The disposable profit is Rs. 16.42 billion,
taking into account the balance of Rs. 0.05 billion brought forward from the previous year. Your
Directors have recommended a dividend rate of 75% (Rs. 7.50 per equity share of Rs. 10) for the year
and have appropriated the disposable profit as follows:
1In addition to the appropriation of Rs. 2.76 billion to IFR out of the disposable profit, Rs. 3.27 billion was appropriated to
IFR out of Revenue and other Reserves (created by appropriation of disposable profit in prior periods) in fiscal 2004.
2In addition to appropriation of disposable profits, the balance of Rs. 0.10 billion in the Debenture Redemption Reserve
was transferred to Revenue and other Reserves in fiscal 2003.
3Excluding the impact of issue of 6,992,187 equity shares on M ay 24, 2004 by exercise of the green shoe option, after the
adoption of the audited accounts by the Board on April 30, 2004.
In April 2004, ICICI Bank raised equity to the extent of Rs. 32.46 billion (including a green shoe of
Rs. 1.96 billion) through a public issue of shares. The issue price was fixed at Rs. 280 per share i.e. a
premium of Rs. 270 per share, and the issue was subscribed 5.14 times. ICICI Bank is the first Indian
company to use a green shoe option as a post-issue price stabilisation mechanism. The new shares
issued would be entitled to dividend on pari-passu basis with equity shares outstanding at
March 31, 2004.
FINANCIAL HIGHLIGHTS
APPROPRIATIONS
ISSUE OF EQUITY SHARES
9
Fiscal 2004
Fiscal 2003
33.91
49.44
Net interest income and other income, excluding
extraordinary items
Operating profit
13.80
23.72
Provisions & contingencies
17.91
4.70
Profit on sale of ICICI Bank shares
11.91
-
Profit after tax 12.06 16.37
Consolidated profit after tax 11.52 15.80
Rs. billion
Fiscal 2004Fiscal 2003
4.60 3
5.44
35,000 35,000
0.59 3
0.70
Dividend for the year (proposed)
- On equity shares @75%
- On preference shares (Rs.)
- Corporate dividend tax
Leaving balance to be carried forward to the next year 0.05 0.50
To Statutory Reserve, making in all Rs. 9.61 billion 3.02 4.09
1.00 2.76
To Investment Fluctuation Reserve (IFR), making
1
in all Rs. 7.30 billion
0.50 0.25
To Special Reserve created and maintained in terms of
Section 36(1)(viii) of the Income-tax Act, 1961,
making in all Rs. 11.69 billion
2.90 2.50
To Revenue and other Reserves, making in all Rs. 36.29
2
billion
Rs. billion
dickenson intellinetics 5690 2791 ICICI Annual Report 2004