ICICI Bank 2008 Annual Report Download - page 9

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Towards a better life
Directors’ Report
Your Directors have pleasure in presenting the Fourteenth Annual Report of ICICI Bank Limited with the
audited statement of accounts for the year ended March 31, 2008.
Financial Highlights
The financial performance for fiscal 2008 is summarised in the following table:
Rs. billion, except percentages Fiscal 2007 Fiscal 2008 % change
Net interest income and other income 125.65 161.15 28.3%
Operating profit 58.74 79.61 35.5%
Provisions & contingencies122.26 29.05 30.5%
Profit before tax 36.48 50.56 38.6%
Profit after tax 31.10 41.58 33.7%
Consolidated profit after tax 27.61 33.98 23.1%
1. Excludes provision for taxes.
Appropriations
The profit & loss account shows a profit after tax of Rs. 41.58 billion after provisions and contingencies
of Rs. 29.05 billion and all expenses. The disposable profit is Rs. 51.56 billion, taking into account the
balance of Rs. 9.98 billion brought forward from the previous year. Your Directors have recommended
a dividend rate of 110% (Rs. 11 per equity share of face value Rs. 10) for the year and have appropriated
the disposable profit as follows:
Rs. billion Fiscal 2007 Fiscal 2008
To Statutory Reserve, making in all Rs. 39.391 billion 7.80 10.40
To Special Reserve created and maintained in terms of Section 36(1)(viii)
of the Income-tax Act, 1961, making in all Rs. 20.94 billion
4.50 1.75
To Capital Reserve, making in all Rs. 8.01 billion 1.21 1.27
Dividend for the year (proposed)
– On equity shares @ 110% (@100% for fiscal 2007) 9.01 12.282
– On preference shares (Rs.) 35,000 35,000
– Corporate dividend tax 1.53 1.50
Balance to be carried forward to the next year39.98 24.36
1. Includes Rs. 0.20 billion transferred on amalgamation of The Sangli Bank Limited with the Bank.
2. Includes dividend for fiscal 2007 paid on shares issued pursuant to exercise of employee stock options after the balance
sheet date and prior to the record date.
3. After taking into account transfer to Reserve Fund Rs. 3.14 million for fiscal 2008, making in all Rs. 4.53 million.
Annual Report 2007-2008 7
01_ICICI_BANK_(Fin_Matter_1-64).7 701_ICICI_BANK_(Fin_Matter_1-64).7 7 6/20/08 6:42:40 PM6/20/08 6:42:40 PM