ICICI Bank 2008 Annual Report Download - page 65

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Towards a better life
The following table sets forth, for the periods indicated, the profit/(loss) of our principal subsidiaries.
Rs. in billion
Fiscal 2007 Fiscal 2008
ICICI Securities Limited 0.63 1.50
ICICI Securities Primary Dealership Limited 1.33 1.40
ICICI Prudential Life Insurance Company Limited (6.49) (13.95)
ICICI Lombard General Insurance Company Limited 0.68 1.03
ICICI Venture Funds Management Company Limited 0.70 0.90
ICICI Home Finance Company Limited 0.47 0.70
ICICI Prudential Asset Management Company Limited 0.48 0.82
ICICI Bank UK PLC. 1.77 1.55
ICICI Bank Canada (0.07) (0.57)
ICICI Bank Eurasia LLC. 0.05 (0.08)
RECONCILIATION OF PROFITS AS PER INDIAN GAAP AND US GAAP
As a result of the differences in the basis of accounting under US GAAP and Indian GAAP, our profit for fiscal
2008 under US GAAP was Rs. 33.11 billion as compared to consolidated profit of Rs. 33.98 billion under Indian
GAAP. A reconciliation of consolidated profit after tax as per Indian GAAP with net income as per US GAAP for
fiscal 2008 is set out in the following table:
Rs. in billion
Consolidated profit after tax as per Indian GAAP 33.98
Adjustments:
Adjustments on account of :
Allowances for loan losses (4.40)
Business combinations (0.77)
Consolidation 6.17
Valuation of debt and equity securities (1.51)
Amortisation of fees and costs (4.84)
Accounting for derivatives 2.35
Accounting for compensation costs (1.87)
Accounting for securitisation 0.28
Deferred taxes 3.29
Others 0.43
Total impact of all adjustments (0.87)
Net income as per US GAAP 33.11
Annual Report 2007-2008 63
ICICI BANK_(Fin_Matter 1-64).ind63 63ICICI BANK_(Fin_Matter 1-64).ind63 63 6/20/08 5:03:16 PM6/20/08 5:03:16 PM