ICICI Bank 2008 Annual Report Download - page 56

March 31,
2007 March 31, 2008 % change
Liabilities:
Equity capital and reserves 243.13 464.71 91.1
– Equity capital 8.99 11.13 23.8
– Reserves 234.14 453.58 93.7
Preference capital 3.50 3.50 —
Deposits 2,305.10 2,444.31 6.0
– Savings deposits 288.38 390.89 35.5
– Current deposits 213.76 246.91 15.5
– Term deposits 1,802.96 1,806.51 0.2
Borrowings 706.61 863.99 22.3
Of which : Subordinated debt included in Tier-1 and
Tier-2 capital2194.05 207.50 6.9
Other liabilities 188.24 221.44 17.6
Total liabilities 3,446.58 3,997.95 16.0
1. Government securities qualifying for Statutory Liquidity Ratio (SLR). Banks in India are required to maintain a specified percentage,
currently 25.0%, of their net demand and time liabilities by way of liquid assets like cash, gold or approved unencumbered
securities.
2. Included in ‘other liabilities’ in schedule 5 of the balance sheet.
3. All amounts have been rounded off to the nearest Rs. 10.0 million.
Our total assets increased by 16.0% to Rs. 3,997.95 billion at year-end fiscal 2008 from Rs. 3,446.58 billion at
year-end fiscal 2007. Total assets of overseas branches (including overseas banking unit in Mumbai) increased
by 50.8% to Rs. 614.74 billion at year-end fiscal 2008 from Rs. 407.50 billion at year-end fiscal 2007. Net advances
increased by 15.2% to Rs. 2,256.16 billion at year-end fiscal 2008 from Rs. 1,958.66 billion at year-end fiscal
2007 primarily due to increase in advances of overseas branches. Net advances of overseas branches increased
by 95.6% to Rs. 477.46 billion at year-end fiscal 2008 from Rs. 244.10 billion at year-end fiscal 2007. Aggregate
advances of the Bank and its overseas banking subsidiaries and ICICI Home Finance Company increased by 19%
to Rs. 2,513.77 billion at year-end fiscal 2008 from Rs. 2,113.91 billion at year-end fiscal 2007. Total investments
at year-end fiscal 2008 increased by 22.1% to Rs. 1,114.54 billion compared to Rs. 912.58 billion at year-end fiscal
2007 primarily due to the 11.4% increase in investment in SLR investments to Rs. 750.31 billion at year-end fiscal
2008 from Rs. 673.68 billion at year-end fiscal 2007 in line with the increase in our net demand and time liabilities.
Other investments (including debentures and bonds) increased by 52.5% to Rs. 364.23 billion at year-end fiscal
2008 compared to Rs. 238.90 billion at year-end fiscal 2007, reflecting an increase in our investments in insurance
and international subsidiaries and investment of surplus liquidity in mutual funds.
Our equity share capital and reserves at year-end fiscal 2008 increased to Rs. 464.71 billion as compared to
Rs. 243.13 billion at year-end fiscal 2007 primarily due to the follow-on public offering and ADS offering aggregating
Rs 199.67 billion during the year. Total deposits increased by 6.0% to Rs. 2,444.31 billion at year-end fiscal 2008
from Rs. 2,305.10 billion at year-end fiscal 2007. Our savings account deposits increased to Rs. 390.89 billion at
year-end fiscal 2008 from Rs. 288.38 billion at year-end fiscal 2007, while current account deposits increased to
Rs. 246.91 billion at year-end fiscal 2008 from Rs. 213.76 billion at year-end fiscal 2007. Term deposits increased to
Rs. 1,806.51 billion at year-end fiscal 2008 from Rs. 1,802.96 billion at year-end fiscal 2007. Total deposits at year-
end fiscal 2008 constituted 73.9% of our funding (i.e. deposit, borrowings and subordinated debts). Borrowings
(including subordinated debt) increased to Rs. 863.99 billion at year-end fiscal 2008 from Rs. 706.61 billion at
year-end fiscal 2007 primarily due to increase in borrowings of overseas branches.
Management’s Discussion & Analysis
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