ICICI Bank 2006 Annual Report Download - page 55

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54
Management’s Discussion & Analysis
The following table sets forth, for the periods indicated, the profit/(loss) of the principal subsidiaries of
ICICI Bank.
Rs. in billion
Fiscal Fiscal
2005 2006
ICICI Securities Limited 0.64 1.57
ICICI Prudential Life Insurance Company Limited (2.12) (1.88)
ICICI Lombard General Insurance Company Limited 0.48 0.50
ICICI Venture Funds Management Company Limited 0.32 0.50
ICICI Home Finance Company Limited 0.10 0.12
Prudential ICICI Asset Management Company Limited 0.17 0.31
ICICI Bank UK Limited 0.10 0.64
ICICI Bank Canada (0.25) (0.25)
ICICI Bank Eurasia Limited Liability Company – 0.01
RECONCILIATION OF PROFITS AS PER INDIAN GAAP AND US GAAP
As a result of the differences in the basis of accounting under US GAAP and Indian GAAP, the Bank’s US
GAAP accounts showed a profit of Rs. 20.04 billion as compared to consolidated profit of Rs. 24.20 billion
under Indian GAAP in fiscal 2006. A condensed reconciliation of consolidated profit after tax as per
Indian GAAP with net income as per US GAAP for fiscal 2006 is set out in the following table:
Rs. in billion
Consolidated profit after tax as per Indian GAAP 24.20
Adjustments :
Allowances for loan losses (5.21)
Business combinations (1.05)
Consolidation 0.27
Valuation of securities 0.54
Amortisation of fees & cost 3.16
Accounting for derivatives (0.15)
Deferred taxes (1.72)
Net income as per US GAAP 20.04
(1) All amounts have been rounded off to the nearest Rs. 10.0 million.