ICICI Bank 2006 Annual Report Download - page 78

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F19
6. Related party transactions
The Bank has transactions with its related parties comprising of subsidiaries, associates joint ventures and key management
personnel. The following represents the significant transactions between the Bank and its related parties.
Insurance services
During the year ended March 31, 2006, the Bank paid insurance premium to insurance joint ventures amounting to
Rs. 829.6 million (March 31, 2005: Rs. 315.4 million). During the year ended March 31, 2006 the Bank received claims from
insurance joint ventures amounting to Rs. 16.8 million (March 31, 2005: Rs. 8.4 million).
Fees and commission
During the year ended March 31, 2006, the Bank received fees from its subsidiaries and joint ventures amounting to
Rs. 2,280.5 million (March 31, 2005: Rs. 279.8 million) and commission of Rs. 9.9 million (March 31, 2005: Rs. 5.3 million)
on account of guarantees and letters of credit issued for subsidiaries.
Lease of premises and facilities
During the year ended March 31, 2006, the Bank charged an aggregate amount of Rs. 443.7 million (March 31, 2005:
Rs. 432.8 million) for lease of premises, facilities and other administrative costs to subsidiaries and joint ventures.
Sale/Purchase of housing loan portfolio
During the year ended March 31, 2006, the Bank sold housing loan portfolio to its subsidiary amounting to Rs. 37,711.0
million (March 31, 2005: Rs. 3,059.7 million). During the year ended March 31, 2006, the Bank purchased housing portfolio
from its subsidiary amounting to Rs. 18,307.7 million (March 31, 2005: Rs. Nil).
Secondment of employees
During the year ended March 31, 2006, the Bank received Rs. 3.0 million (March 31, 2005: Rs. 8.4 million) from subsidiaries
and joint ventures for secondment of employees.
Purchase of investments
During the year ended March 31, 2006, the Bank purchased certain investments from its subsidiaries and joint ventures
amounting to Rs. 15,255.5 million (March 31, 2005: Rs. 32,440.1 million) and from its associates amounting to Rs. Nil
(March 31, 2005: Rs. 820.0 million).
Sale of investments
During the year ended March 31, 2006, the Bank sold certain investments to its subsidiaries and joint ventures amounting
to Rs. 6,757.7 million (March 31, 2005: Rs. 22,668.5 million) and to its associates amounting to Rs. 1,545.0 million (March
31, 2005: Rs. Nil). On the sales made to subsidiaries and joint ventures, the Bank accounted for a gain of Rs. 16.7 million
(March 31, 2005: Loss of Rs. 12.4 million) and on the sale made to associates, the Bank accounted for a gain of Rs. 10.1
million (March 31, 2005: Rs. Nil).
Redemption/Buyback and Conversion of investments
During the year ended March 31, 2006, certain investments in subsidiaries and joint ventures in preference shares were
converted to equity shares amounting to Rs. Nil (March 31, 2005: Rs. 250.0 million). Consideration of Rs. 1,078.9 million
(March 31, 2005: Rs. 106.9 million) was received on account of buyback/capital reduction of equity shares by subsidiaries
and a gain amounting to Rs. 620.6 million (March 31, 2005: Rs. 67.4 million) was accounted in the books. Units in associates
amounting to Rs. 1,162.3 million (March 31, 2005: Rs. 2,362.8 million) were redeemed during the year and a gain of Rs. Nil
(March 31, 2005: Rs. 19.8 million) was accounted on redemption.
Reimbursement of expenses
During the year ended March 31, 2006, the Bank reimbursed expenses to its subsidiaries amounting to Rs. 3,397.8 million
(March 31, 2005: Rs. 2,596.0 million).
Brokerage paid
During the year ended March 31, 2006, the Bank paid brokerage to its subsidiary amounting to Rs. 13.6 million (March 31,
2005: Rs. 9.1 million).
Custodial charges received
During the year ended March 31, 2006, the Bank received custodial charges from its subsidiaries and joint ventures amounting
to Rs. 15.8 million (March 31, 2005: Rs. 5.7 million) and associates amounting to Rs. 5.4 million (March 31, 2005:
Rs. 2.2 million).
Interest paid
During the year ended March 31, 2006, the Bank paid interest to its subsidiaries and joint ventures amounting to Rs. 384.2
million (March 31, 2005: Rs. 255.7 million) and to its associates amounting to Rs. Nil (March 31, 2005: Rs. 1.1 million).
Interest received
During the year ended March 31, 2006, the Bank received interest from its subsidiaries and joint ventures amounting to
Rs. 613.6 million (March 31, 2005: Rs. 376.7 million) and from its key management personnel1 Rs. 0.5 million (March 31,
2005: Rs. 0.3 million).
Other Income
During the year ended March 31, 2006, the Bank has accounted gain/loss on derivative transactions entered into with
subsidiaries and joint ventures amounting to Rs. 245.3 million (March 31, 2005: Gain of Rs. 462.3 million).
forming part of the Accounts (Contd.)
schedules