ICICI Bank 2006 Annual Report Download - page 40

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Annual Report 2005-2006
of Rs. 1.39 billion on the Bank’s consolidated profit after tax in fiscal 2006 on account of the above
reasons, the company’s unaudited New Business Achieved Profit (NBAP) for fiscal 2006 was Rs. 5.28
billion compared to Rs. 3.12 billion in fiscal 2005. NBAP is a metric for the economic value of the new
business written during a defined period. It is measured as the present value of all the future profits for
the shareholders, on account of the new business based on standard assumptions of mortality, expenses
and other parameters. Actual experience could differ based on variance from these assumptions especially
in respect of expense overruns in the initial years.
ICICI Lombard General Insurance Company
ICICI Lombard General Insurance Company (ICICI Lombard) enhanced its leadership position among
private sector general insurance companies with a market share of 29% in the private sector in fiscal
2006. ICICI Lombard achieved a profit after tax of Rs. 0.50 billion in fiscal 2006 compared to Rs. 0.48
billion in fiscal 2005 despite claims from floods in major cities and investments in the retail franchise.
About 58% of its gross written premiums comprised of non-corporate business.
Prudential ICICI Asset Management Company
Prudential ICICI Asset Management Company (Prudential ICICI AMC) was the largest mutual fund in India
at May 31, 2006 with assets under management of over Rs. 320.00 billion. Prudential ICICI AMC achieved
a profit after tax of Rs. 0.31 billion in fiscal 2006 compared to Rs. 0.17 billion in fiscal 2005. Prudential ICICI
AMC was the named “Mutual Fund of the Year 2005” by CNBCTV18-CRISIL.
ICICI Securities Limited
ICICI Securities continued to enhance its position in the investment banking and equity broking businesses
while capitalising on opportunities in the fixed income market. ICICI Securities achieved a profit after tax
of Rs. 1.57 billion in fiscal 2006 compared to Rs. 0.64 billion in fiscal 2005.
ICICI Venture Funds Management Company Limited
ICICI Venture Funds Management Company Limited (ICICI Venture) raised two funds and strengthened its
leadership position in private equity in India, with funds under management of over Rs. 63.00 billion. ICICI
Venture achieved a profit after tax of Rs. 0.50 billion in fiscal 2006 compared to Rs. 0.32 billion in fiscal 2005.
CREDIT RATINGS
ICICI Bank’s credit ratings by various credit rating agencies at March 31, 2006 are given below:
Agency Rating
Moody’s Investor Service (Moody’s) Baa2
Standard & Poor’s (S&P) BB+
Credit Analysis & Research Limited (CARE) CARE AAA
Investment Information and Credit Rating Agency (ICRA) AAA
CRISIL Limited AAA
ORGANISATIONAL EXCELLENCE
The Organisational Excellence Group, headed by a Senior General Manager who reports to the Managing
Director & CEO, is engaged in institutionalising quality across the Bank by building skills and capabilities
in various quality frameworks. The group has evolved a holistic workplace transformation model by
integrating various quality methodologies such as Five S and Six Sigma. The group has been instrumental
in facilitating enterprise-wide deployment of Five S and is catalysing the deployment of quality processes
across the Bank. The group works with business units to leverage quality for business improvements.
The group also supports other ICICI group companies in their quality initiatives.
COMMUNITY DEVELOPMENT
Our social initiatives are designed to enhance the capacities of India’s poor communities to participate in
social, economic and political processes. We believe that improving child health in the early years, ensuring