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7
Annual Report 2006-2007
Your Directors have pleasure in presenting the Thirteenth Annual Report of ICICI Bank Limited with the
audited statement of accounts for the year ended March 31, 2007.
Financial Highlights
The financial performance for fiscal 2007 is summarised in the following table:
Rs. billion, except percentages Fiscal 2006 Fiscal 2007 % change
Net interest income and other income1 88.90 125.64 41.3
Operating profit1 38.88 58.74 51.1
Provisions & contingencies1, 2 7.92 22.26 181.1
Profit before tax 30.97 36.48 17.8
Profit after tax 25.40 31.10 22.4
Consolidated profit after tax 24.20 27.61 14.1
1. Amortisation of premium on government securities has been excluded from “Provisions & contingencies” and deducted
from “Other income” as per Reserve Bank of India (RBI) guidelines in this regard. Previous year figures have been
reclassified accordingly.
2. Excludes provision for taxes.
Appropriations
The profit & loss account shows a profit after tax of Rs. 31.10 billion after provisions and contingencies
of Rs. 22.26 billion and all expenses. The disposable profit is Rs. 34.03 billion, taking into account the
balance of Rs. 2.93 billion brought forward from the previous year. Your Directors have recommended a
dividend rate of 100% (Rs.10 per equity share of Rs. 10) for the year and have appropriated the disposable
profit as follows:
Rs. billion Fiscal 2006 Fiscal 2007
To Statutory Reserve, making in all Rs. 28.79 billion 6.36 7.80
To Investment Fluctuation Reserve (IFR) —1—
To Special Reserve created and maintained in terms of Section
36(1)(viii) of the Income-tax Act, 1961, making in all Rs. 19.19 billion 2.75 4.50
To Capital Reserve, making in all Rs. 6.74 billion 0.68 1.21
To Revenue and other Reserves, making in all Rs. 49.78 billion2—1—
Dividend for the year (proposed)
– On equity shares @ 100% (@85% for fiscal 2006) 7.5939.013
– On preference shares (Rs.) 35,000 35,000
– Corporate dividend tax 1.06 1.53
Leaving balance to be carried forward to the next year 2.93 9.98
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. Net of transition adjustment of Rs. 1.06 billion on account of first time adoption of Accounting Standard 15 (Revised)
on “Employee benefits” issued by the Institute of Chartered Accountants of India for the year ended March 31, 2007.
3. Proposed dividend for the year includes dividend paid on ESOPs exercised after balance sheet date of previous year.
Directors’ Report