ICICI Bank 2005 Annual Report Download - page 118

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F58
6. Related party transactions
The Group has transactions with its related parties comprising of joint ventures, associates and key management
personnel. The following represent the significant transactions between the Group and such related parties:
Lease of premises and facilities
During the year ended March 31, 2005, the Bank charged for lease of premises, facilities and other administrative
costs to joint ventures amounting to Rs. 3.4 million (March 31, 2004: Rs. 186.1 million).
Interest received
During the year ended March 31, 2005 the Bank received interest from its Key management personnel@ amounting
to Rs. 0.3 million (March 31, 2004: Rs. 0.4 million).
Interest paid
During the year ended March 31, 2005, the Bank paid interest to joint ventures amounting to Rs. 18.9 million
(March 31, 2004: Rs. 26.1 million).
Remuneration to whole-time directors
Remuneration paid to the whole-time directors of the Bank during the year ended March 31, 2005 was Rs. 60.5
million (March 31, 2004: Rs. 58.5 million).
Sale of investments
During the year ended March 31, 2005, the Bank sold certain investments to joint ventures amounting to Rs. 3,637.3
million (March 31, 2004: Rs. 219.6 million). On the sales made to joint ventures the Bank accounted for a loss of Rs.
14.6 million (Profit for March 31, 2004: Rs. 5.1 million).
Purchase of investments
During the year ended March 31, 2005, the Bank purchased certain investments from its joint ventures amounting
to Rs. 5,001.2 million (March 31, 2004: Rs. 1,240.9 million).
Custodial charges received
During the year ended March 31, 2005, the Bank received custodial charges from its joint ventures amounting to
Rs. 1.7 million (March 31, 2004: Rs. 2.4 million).
Fees
During the year ended March 31, 2005, the Bank received cash management services fees from its joint ventures
amounting to Rs. 14.5 Million (March 31, 2004:Rs. 19.9 million).
Related party balances
The following balances payable to/receivable from the related parties are included in the balance sheet as on March 31, 2005:
(Rupees in million)
Items/Related Joint ventures Key Total
Party and Associates Management
Personnel @
Deposits with ICICI Bank............................................................. 2.0 37.1 39.1
Advances....................................................................................... 0.9 19.1 20.0
Investments of ICICI Bank ........................................................... 67.1 — 67.1
Investments of related parties in ICICI Bank ............................. — 2.3 2.3
Receivables .................................................................................. — — —
Payables .. ..................................................................................... — — —
schedules
forming part of the Consolidated Accounts (Contd.)