ICICI Bank 2006 Annual Report Download - page 79

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F20
schedules
forming part of the Accounts (Contd.)
Dividend received
During the year ended March 31, 2006, the Bank received dividend from its subsidiaries and joint ventures amounting to
Rs. 1,635.6 million (March 31, 2005: Rs. 714.5 million) and from its associates amounting to Rs. 1,808.2 million (March 31,
2005: Rs. 1,221.8 million).
Dividend paid
During the year ended March 31, 2006, the Bank paid dividend to its key management personnel1 amounting to
Rs. 3.2 million (March 31, 2005: Rs. 1.6 million).
Remuneration to whole-time directors
Remuneration paid to the whole-time directors of the Bank during the year ended March 31, 2006 was Rs. 75.9 million
(March 31, 2005: Rs. 60.5 million).
Letter of Comfort
The Bank has issued letters of comfort on behalf of its foreign subsidiaries namely, ICICI Bank UK Limited and ICICI Bank
Canada Limited. The details of the same are given in the table below.
On behalf of To Purpose
ICICI Bank UK Limited Financial Services Authority, UK (“FSA”) To financially support ICICI Bank UK
Limited to ensure that it meets all of its
financial obligations as they fall due.
ICICI Bank Canada Office of the Superintendent of Financial To infuse additional capital should ICICI
Institutions, Canada (“OSFI”) Bank Canada’s capital fall below the
minimum requirement and provide ICICI
Bank Canada ongoing financial,
managerial and operational support.
ICICI Bank Canada Canada Deposit Insurance Corporation (“CDIC”) To comply with the Bank Act and the
CDIC regulations or by-laws there under
and to indemnify CDIC against all
losses, damages, reasonable costs and
expenses arising from failure of ICICI
Bank Canada in performing the same.
Related party balances
The balances payable to/ receivable from subsidiaries/ joint ventures/ associates/ key management personnel included in
the balance sheet as on March 31, 2006 are given below.
Rupees in million
Items Subsidiaries/ Associates Key Total
Joint ventures Management
Personnel1
Deposits with ICICI Bank ................................... 8,734.8 274.9 25.0 9.034.7
Deposits of ICICI Bank2...................................... 11,339.7 — — 11,339.7
Call/ Term money borrowed .............................. — — — —
Advances ........................................................... 1,631.9 — 15.4 1,647.3
Investments of ICICI Bank ................................. 29,263.2 14,228.5 — 43,491.7
Investments of related parties in ICICI Bank ..... 447.5 — 4.3 451.8
Receivables ........................................................ 666.0 2.0 — 668.0
Payables ............................................................. 779.2 — — 779.2
Repo ................................................................... — — — —
Reverse repo...................................................... — — — —
Guarantees3....................................................... 3,634.0 — — 3,634.0
Letters of comfort4............................................. 30,059.6 — — 30,059.6
Swaps/forward contracts .................................. 148,404.1 — — 148,404.1
Participation certificate ...................................... 2,320.0 — — 2,320.0
1. Whole-time directors and relatives.
2. Includes call money lent.
3. Includes letter of undertaking.
4. Excludes letter of comfort issued on behalf of foreign subsidiaries, details of which are given separately.