ICICI Bank 2006 Annual Report Download - page 8

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7
Annual Report 2005-2006
Your Directors have pleasure in presenting the Twelfth Annual Report of ICICI Bank Limited with the
audited statement of accounts for the year ended March 31, 2006.
FINANCIAL HIGHLIGHTS
The financial performance for fiscal 2006 is summarised in the following table:
Rs. billion, except percentages Fiscal 2005 Fiscal 2006 % change
Net interest income and other income 62.55 91.71 46.6
Operating profit 29.56 46.90 58.7
Provisions & contingencies 4.29 15.94 271.6
Profit before tax 25.27 30.97 22.6
Profit after tax 20.05 25.40 26.7
Consolidated profit after tax 18.52 24.20 30.6
APPROPRIATIONS
The profit & loss account shows a profit after taxation of Rs. 25.40 billion after provisions and contingencies
of Rs.15.94 billion (including Rs. 8.02 billion on account of amortisation of premium on government
securities) and after taking into account all expenses. The disposable profit is Rs. 27.28 billion, taking
into account the balance of Rs. 1.88 billion brought forward from the previous year. Your Directors have
recommended a dividend rate of 85% (Rs. 8.50 per equity share of Rs. 10) for the year and have
appropriated the disposable profit as follows:
Rs. billion Fiscal 2005 Fiscal 2006
To Statutory Reserve, making in all Rs. 20.99 billion 5.02 6.36
To Investment Fluctuation Reserve (IFR) —(2) —(1)
To Special Reserve created and maintained in terms of
Section 36(1)(viii) of the Income-tax Act, 1961,
making in all Rs. 14.69 billion 0.25 2.75
To Revenue and other Reserves, making in all Rs. 50.84 billion 6.20(2) 0.68(1)
Dividend for the year (proposed)
- On equity shares @ 85% (@85%(3) for fiscal 2005) 6.33 7.59
- On preference shares (Rs.) 35,000 35,000
- Corporate dividend tax 0.90 1.06
Leaving balance to be carried forward to the next year 1.88 2.93
(1) In addition to appropriation of profits, balance in IFR of Rs. 13.20 billion (after appropriation to IFR during the year of Rs.
8.04 billion) was transferred to revenue and other reserves.
(2) In addition to appropriation of disposable profits, excess balance of Rs. 2.14 billion in IFR was transferred to Revenue
and other Reserves in fiscal 2005. This amount was re-appropriated back to IFR in the quarter ended June 30, 2005.
(3) Including a special dividend of 10% to mark the completion of 50 years in finance by the ICICI group.
Directors’ Report