ICICI Bank 2008 Annual Report Download - page 98

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F24
schedules
forming part of the Accounts (Contd.)
Dividend income
During the year ended March 31, 2008, the Bank received dividend from its subsidiaries amounting to Rs. 3,636.6 million
(March 31, 2007: Rs. 2,027.8 million) and from its associates/joint ventures/other related entities amounting to Rs. 8,931.4
million (March 31, 2007: Rs. 2,457.1 million).
Dividend paid
During the year ended March 31, 2008, the Bank paid dividend to its key management personnel amounting to Rs. 15.0
million (March 31, 2007: Rs. 4.4 million).
Remuneration to whole-time directors
Remuneration paid to the whole-time directors of the Bank during the year ended March 31, 2008 was Rs. 90.3 million
(March 31, 2007: Rs. 87.0 million).
Lines of credit
As on March 31, 2008, the Bank had issued lines of credit to its subsidiaries amounting to Rs. 1,003.0 million
(March 31, 2007: Rs. 2,173.5 million).
Sale of property
During the year ended March 31, 2008, the Bank sold properties to its subsidiaries amounting to Rs. 151.8 million
(March 31, 2007: Rs. 1,505.7 million).
Letters of Comfort
The Bank has issued letters of comfort on behalf of its foreign subsidiaries namely, ICICI Bank UK PLC and ICICI Bank
Canada. The details of the same and their assessed financial impact are given below:
On behalf of To Purpose
ICICI Bank UK PLC Financial Services Authority,
UK (“FSA”)
To financially support ICICI Bank UK PLC to ensure that it meets
all of its financial obligations as they fall due.
ICICI Bank Canada Office of the Superintendent
of Financial Institutions,
Canada (“OSFI”)
To infuse additional capital should ICICI Bank Canada’s capital fall
below the minimum requirement and provide ICICI Bank Canada
ongoing financial, managerial and operational support.
ICICI Bank Canada Canada Deposit Insurance
Corporation (“CDIC”)
To comply with the Bank Act and the CDIC regulations or by-laws
thereunder and to indemnify CDIC against all losses, damages,
reasonable costs and expenses arising from failure of ICICI Bank
Canada in performing the same.
As per the assessment done, the financial impact of the above letters issued to overseas regulators is Nil as at March 31,
2008.
In addition to the above, the Bank has also issued letters of comfort in the nature of awareness on behalf of banking and
non-banking subsidiaries in respect of their borrowings made or proposed to be made and for other incidental business
purposes. As they are in the nature of factual statements or confirmation of facts, they do not create any financial impact
on the Bank.
Related party balances
The balances payable to/receivable from subsidiaries/joint ventures/associates/other related entities/key management
personnel included in the balance sheet as on March 31, 2008 are given below:
Rupees in million
Items/Related party Subsidiaries Associates/joint
ventures/other
related entities
Key
Management
Personnel
Relatives of Key
Management
Personnel Total
Deposits with ICICI Bank ...................... 11,476.0 268.9 27.1 14.1 11,786.1
Deposits of ICICI Bank .......................... (17.1) — — — (17.1)
Call/term money lent ............................. 15,917.8 — — — 15,917.8
Call/term money borrowed ................... 240.7 — — — 240.7
Advances ............................................... 5,002.5 145.5 13.9 — 5,161.9
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