ICICI Bank 2005 Annual Report Download - page 9

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Directors’ Report
Your Directors have pleasure in presenting the Eleventh Annual Report of ICICI Bank Limited with the
audited statement of accounts for the year ended March 31, 2005. The year 2005 marks the completion of
50 years in finance by the ICICI group.
The financial performance for fiscal 2005 is summarised below:
The profit & loss account shows a profit after taxation of Rs. 20.05 billion after write-offs and provisions of
Rs. 4.29 billion and after taking into account all expenses. The disposable profit is Rs. 20.58 billion, taking
into account the balance of Rs. 0.53 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 a special
dividend of 10% (Re. 1 per equity share of Rs. 10) to mark the completion of 50 years in finance by the ICICI
group and have appropriated the disposable profit as follows:
(1) In addition to appropriation of disposable profits, excess balance of Rs. 2.14 billion in IFR has been transferred to Revenue
and other Reserves in fiscal 2005.
(2) Excluding the impact of issue of 6,992,187 equity shares on May 24, 2004 by exercise of the green shoe option, after the
adoption of the audited accounts by the Board on April 30, 2004.
In March 2005, ICICI Bank sponsored an ADS offering of 20.7 million ADS (41.4 million shares), including
exercise of over-allotment option of 1.5 million ADS (3.0 million shares) through a public offering on the
New York Stock Exchange. The issue price was fixed at US$ 21.11 per ADS with each ADS representing
two underlying equity shares. This represented a premium of 18% to the closing domestic price on March
11, 2005, the last date for tender of shares in the offering. The offering was subscribed approximately four
times. The gross proceeds from the ADS offering were US$ 436.7 million. The consideration per share,
after deduction of expenses for the ADS offering, was Rs. 453.16.
FINANCIAL HIGHLIGHTS
APPROPRIATIONS
SPONSORED AMERICAN DEPOSITARY SHARE (ADS) ISSUE
7
Fiscal 2005 % changeFiscal 2004
50.52
24.81
5.79
19.02
16.37
15.80
62.55
29.56
4.29
25.27
20.05
18.52
23.8
19.1
(25.9)
32.9
22.5
17.2
Net interest income and other income
Operating profit
Provisions & contingencies
Profit before tax
Profit after tax
Consolidated profit after tax
Rs. billion, except percentages
Fiscal 2005Fiscal 2004
Rs. billion
To Statutory Reserve, making in all Rs. 14.63 billion
To Investment Fluctuation Reserve (IFR)
To Special Reserve created and maintained in terms of Section
36(1)(viii) of the Income-tax Act, 1961, making in all Rs. 11.94 billion
(1)
To Revenue and other Reserves, making in all Rs. 44.63 billion
Dividend for the year (proposed)
- On equity shares @ 85% (@75% in fiscal 2004)
- On preference shares (Rs.)
- Corporate dividend tax
Leaving balance to be carried forward to the next year
4.09
2.76
0.25
2.65
(2)
5.44
35,000
(2)
0.70
0.53
5.02
-
0.25
6.20
6.33
35,000
0.90
1.88
Dickenson Tel: 022-2625 2282