ICICI Bank 2009 Annual Report Download

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Table of contents

  • Page 1

  • Page 2

  • Page 3
    ... Corporate Governance Business Overview Promoting Inclusive Growth Organisational Excellence Management's Discussion and Analysis Key Financial Indicators Particulars of Employees under Section 217 (2A) of the Companies Act, 1956 FINANCIALS Auditors' Report Balance Sheet Profit and Loss Account Cash...

  • Page 4
    ...Managing Director & CEO of ICICI Bank, I would like to thank our shareholders, the Board of Directors, government and regulatory authorities and my colleagues for their support and goodwill over the last 13 years. I am honoured to have been appointed as non-executive Chairman of the Board. In my new...

  • Page 5
    ... course see India returning to a high growth trajectory. and growing needs for financial services, supporting our strategies with capital, technology and human resources. We have demonstrated our success over a long period of time. In fiscal 1985, we had a networth of Rs. 1.75 billion, assets...

  • Page 6
    Letter from the Managing Director & CEO contributing to the growth of our country. We have believed in innovation to enhance the range of products and services that we offer and provide greater convenience to the customer. We have believed in building depth of talent and leadership in the ...

  • Page 7
    ... in the years to come. We look forward to the continued support and goodwill of all our stakeholders in our endeavour. With best wishes, investment potential; and the vast Indian diaspora spanning the globe. We, as a multi specialist Chanda D. Kochhar Managing Director & CEO Annual Report 2008...

  • Page 8
    ... to approval of Reserve Bank of India. V. Vaidyanathan, Executive Director (Up to April 30, 2009) Sonjoy Chatterjee, Executive Director Senior Management Pravir Vohra Group Chief Technology Officer Sandeep Batra Group Compliance Officer & Company Secretary Board Committees Audit Committee Sridar...

  • Page 9
    ... Sangli Bank Limited with the Bank. 2. Includes dividend for the prior year paid on shares issued after the balance sheet date and prior to the record date. 3. After taking into account transfer to Reserve Fund Rs. 4.2 million for fiscal 2009, making in all Rs. 8.8 million. Annual Report 2008-2009...

  • Page 10
    ... Limited ICICI Securities Limited ICICI Securities Primary Dealership Limited ICICI Venture Funds Management Company Limited ICICI Home Finance Company Limited ICICI Investment Management Company Limited ICICI Trusteeship Services Limited 1. Subsidiary of ICICI Bank Canada. 2. Subsidiary of ICICI...

  • Page 11
    ... of key financials of the Bank's subsidiaries is also included in this Annual Report. DIRECTORS N. Vaghul retired as non-executive Chairman of the Board of Directors on completion of his term on April 30, 2009. He assumed office as Chairman & Managing Director of erstwhile ICICI Limited (ICICI) in...

  • Page 12
    ...Life Insurance Company Limited and K. Ramkumar was the Group Chief Human Resources Officer of ICICI Bank. N. S. Kannan and K. Ramkumar have been appointed as wholetime Directors designated as Executive Director & Chief Financial Officer and Executive Director respectively, for a period of five years...

  • Page 13
    ... of the Bank, on the boards of 41 assisted companies. The Bank has a Nominee Director Cell for maintaining records of nominee directorships. CORPORATE GOVERNANCE ICICI Bank has established a tradition of best practices in corporate governance. The corporate governance framework in ICICI Bank is...

  • Page 14
    ...CFO Certification In terms of Clause 49 of the Listing Agreement, the certification by the Managing Director & CEO and Joint Managing Director & Chief Financial Officer on the financial statements and internal controls relating to financial reporting has been obtained. Board of Directors ICICI Bank...

  • Page 15
    ... Board has constituted eight committees, namely, Audit Committee, Board Governance & Remuneration Committee, Credit Committee, Customer Service Committee, Fraud Monitoring Committee, Risk Committee, Share Transfer & Shareholders'/Investors' Grievance Committee and Committee of Directors. These Board...

  • Page 16
    ... Blower Policy, review of the quarterly and annual financial statements before submission to the Board, review of the adequacy of internal control systems and the internal audit function, review of compliance with inspection and audit reports and reports of statutory auditors, review of the findings...

  • Page 17
    ... of grant of ICICI Bank stock options to the employees and wholetime Directors of ICICI Bank and its subsidiary companies. Believing in the potential and aspirations of Indian industry. We partner India's vibrant corporate sector with innovative financing solutions. Annual Report 2008-2009 15

  • Page 18
    ... 100,0003 1. Remuneration paid upto January 31, 2009. 2. Total remuneration paid for fiscal 2009 includes payment upto January 31, 2009 as Group Chief Human Resources Officer. Pending approval of RBI of his appointment as Executive Director, he continued to be paid the same remuneration. 3. Prior...

  • Page 19
    ... of Board or Committee attended. This amount is within the limits prescribed by the Ministry of Corporate Affairs vide its Notification dated July 24, 2003. Approval of the Members for payment of sitting fees to the Directors was obtained at the AGM held on August 20, 2005. Information on the total...

  • Page 20
    ...Kamath as non-executive Chairman and Chanda D. Kochhar as Managing Director & CEO. K. V. Kamath has been appointed as Chairman of the Committee and Chanda D. Kochhar has been appointed as a Member of the Committee effective May 1, 2009. V. Customer Service Committee Terms of reference The functions...

  • Page 21
    ..., issue of duplicate certificates, allotment of shares and securities issued from time to time, including those under stock options, review and redressal of shareholders' and investors' complaints, delegation of authority for opening and operation of bank accounts for payment of interest, dividend...

  • Page 22
    ... during fiscal 2009. The Bank's strategy was reviewed by the Board of Directors. The Board of Directors at its Meeting held on April 25, 2009 has dissolved the Strategy Committee. X. Committee of Directors Terms of reference The powers of the Committee include approval of credit proposals as per...

  • Page 23
    ...in the Business Standard (Ahmedabad, Bangalore, Bhubaneshwar, Chandigarh, Chennai, Hyderabad, Kochi, Kolkata, Lucknow, Mumbai, New Delhi and Pune editions) and in Gujarat Samachar (Vadodara) for the information of Members. The Bank has followed the procedure as prescribed under Companies (Passing of...

  • Page 24
    ... New Delhi and Pune editions) and Vadodara Samachar (Vadodara). The financial results, official news releases and presentations are also available on the website of ICICI Bank. The Management's Discussion & Analysis forms part of the Annual Report. General Shareholder Information Fifteenth AGM Date...

  • Page 25
    ... IBN ICICI Bank has paid annual listing fees for the relevant periods on its capital to BSE, NSE and NYSE where its equity shares and ADSs are listed. Market Price Information The reported high and low closing prices and volume of equity shares of ICICI Bank traded during fiscal 2009 on BSE and...

  • Page 26
    ..., renewal and exchange of equity shares and bonds in the nature of debentures within one month of their lodgement. The certificates are forwarded to BSE and NSE, where the equity shares are listed, within 24 hours of issuance and also placed before the Board of Directors. In terms of SEBI...

  • Page 27
    ... Name of the Shareholder Deutsche Bank Trust Company Americas (Depository for ADS Holders) Life Insurance Corporation of India Allamanda Investments Pte. Limited Bajaj Holdings and Investment Limited Government of Singapore Dodge and Cox International Stock Fund Direct Investments Limited The New...

  • Page 28
    ...Plant Locations - Not applicable Address for Correspondence Sandeep Batra Group Compliance Officer & Company Secretary or Ranganath Athreya General Manager & Joint Company Secretary & Head - Compliance for Non Banking Subsidiaries ICICI Bank Limited ICICI Bank Towers Bandra-Kurla Complex Mumbai 400...

  • Page 29
    ... for fiscal 2009 to eligible employees. Each option confers on the employee a right to apply for one equity share of face value of Rs. 10 of ICICI Bank at Rs. 434.10, which was the closing price on the stock exchange, which recorded the highest trading volume in ICICI Bank shares on April 24, 2009...

  • Page 30
    ... the Government of India, RBI, SEBI and overseas regulators for their continued co-operation, support and guidance. ICICI Bank wishes to thank its investors, the domestic and international banking community, investment bankers, rating agencies and stock exchanges for their support. ICICI Bank would...

  • Page 31
    ... conditions of corporate governance by ICICI Bank Limited ("the Bank") for the year ended on 31 March 2009, as stipulated in Clause 49 of the Listing Agreement of the said Company with stock exchanges. The compliance of conditions of corporate governance is the responsibility of the management. Our...

  • Page 32
    ... Bank of India (RBI) increased the cash reserve ratio (CRR) by 150 basis points (bps) from 7.5% at year-end fiscal 2008 to 9.0% and the repo rate by 125 bps from 7.75% at year-end fiscal 2008 to 9.0%. The Central Statistical Organisation (CSO) placed GDP growth at 7.8% during the first half of...

  • Page 33
    ... corporate & investment banking, commercial banking, project finance and government banking businesses. International Banking Group, comprising the Bank's international operations, including operations in various overseas markets as well as products and services for NRIs, international trade finance...

  • Page 34
    ... management; and the Bank's proprietary trading operations across various markets. Human Resources Management Group, which is responsible for the Bank's recruitment, training, leadership development and other personnel management functions and initiatives. Global Operations & Middle Office Groups...

  • Page 35
    ... customised financial solutions to our corporate customers. We offer a complete range of corporate banking products including rupee and foreign currency debt, working capital credit, structured financing, syndication and transaction banking products and services. Our corporate and investment banking...

  • Page 36
    ...to support our corporate and investment banking business, and to expand private banking operations for India-centric asset classes. ICICI Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in Singapore, Bahrain, Hong Kong, Sri Lanka, Dubai International Finance Centre...

  • Page 37
    ...Rural India is the key to sustaining India's current growth momentum and our rural banking strategy seeks to match the growing demand for financial services in rural areas. The Rural, Micro Banking and Agri Business Group (RMAG) has developed financing schemes that meet the needs of customers across...

  • Page 38
    ... framework for implementing strategy, are articulated in the ALM Policy. The Investment Policy addresses issues related to investments in various trading products. The Global Market Risk Management Group exercises independent control over the process of market risk management and recommends changes...

  • Page 39
    ...per RBI guidelines. The Bank reviews these policies and procedures from time to time. TREASURY The treasury operations are structured along the balance sheet management function, the client-related corporate markets business and the proprietary trading activity. Fiscal 2009 saw very high volatility...

  • Page 40
    ..., 2008. ICICI Life's unaudited New Business Profit in fiscal 2009 was Rs. 10.04 billion. Life insurance companies make accounting losses in initial years due to business set-up and customer acquisition costs in the initial years and reserving for actuarial liability. Further, in India, amortisation...

  • Page 41
    ... Bank Canada is a full-service bank which offers a wide range of financial solutions to cater to personal, commercial, corporate, investment, treasury and trade requirements. ICICI Bank Canada saw an increase of about CAD 1.75 billion in term deposits during fiscal 2009 while its customer accounts...

  • Page 42
    ...-term funding sources and our exposure to credit, market and liquidity risks. CREDIT RATINGS ICICI Bank's credit ratings by various credit rating agencies at March 31, 2009 are given below: Agency Moody's Investor Service (Moody's) Standard & Poor's (S&P) Credit Analysis & Research Limited (CARE...

  • Page 43
    ... commercial activities, seeking to build sustainable business models that are consistent with the Bank's own growth and profitability while simultaneously stimulating the development of all sectors of India's economy. Under-served customer groups: ICICI Bank's Rural, Micro Banking and Agri Business...

  • Page 44
    ...part of their salary to a cause of their choice every month. Employee volunteering: Given that there are a number of civil society organisations that could benefit from the skills of ICICI Bank's employees, the Bank has been working with Mitra (www.mitra.org.in) to offer a number of options for Bank...

  • Page 45
    ... into development initiatives, and support scalable commercial and non-profit interventions to make India's economy more environmentally sustainable from the bottom up. IFIG provides active support and mentorship to these five partners - a strategy that it believes will build knowledge and...

  • Page 46
    .... ICICI Bank has a number of achievements to its credit, including: First services company in Asia to have deployed Five S enterprise-wide; First financial services company in south Asia to have deployed Lean; Patent for Quality Roadmap from Singapore patent office; and ISO:9001:2008 certification...

  • Page 47
    ...and facilitated substantial reductions in key policy rates and reserve requirements. Inflation based on Wholesale Price Index moderated from a peak of 12.9% in August 2008 to 0.3% at year-end fiscal 2009. Since October 2008, Reserve Bank of India (RBI) has reduced the cash reserve ratio (CRR) by 400...

  • Page 48
    ...secured loan portfolio, relatively higher losses on unsecured portfolio and the adverse macro-economic environment. Total assets decreased by 5.1% to Rs. 3,793.01 billion at year-end fiscal 2009 from Rs. 3,997.95 billion at year-end fiscal 2008 primarily due to decrease in cash and balances with RBI...

  • Page 49
    ... The following table sets forth, for the periods indicated, the key financial ratios. Fiscal 2008 Return on average equity (%)1 Return on average assets (%)2 Earnings per share (Rs.) Book value per share (Rs.) Fee to income (%) Cost to income (%)3 11.1 1.1 39.4 417.5 41.6 50.0 Fiscal 2009 7.7 1.0 33...

  • Page 50
    ... part of the year combined with our strategy to moderate balance sheet growth also impacted domestic lending activity with retail disbursements slowing down considerably. This resulted in low retail asset related fees in fiscal 2009. Sales of third party products such as insurance and mutual funds...

  • Page 51
    ... their risk management purposes including options and swaps. We do not carry market risk on these client derivative positions as we cover ourselves in the inter-bank market. Profits or losses on account of currency movements on these transactions are borne by the clients. In some cases, clients have...

  • Page 52
    ... to overall cost reduction initiatives undertaken by us, offsetting the increase in expenses related to retail business (primarily related to collections) and increase in our branch and ATM network. The number of our branches and extension counters in India increased to 1,419 at year-end fiscal 2009...

  • Page 53
    ...$ 11.9 billion at year-end fiscal 2008, though they increased in rupee terms on account of depreciation of the rupee relative to the US dollar. Total investments at year-end fiscal 2009 decreased by 7.5% to Rs. 1,030.58 billion compared to Rs. 1,114.54 billion at year-end Annual Report 2008-2009 51

  • Page 54
    ... forward exchange contracts. We enter into foreign exchange forwards, options, swaps and other derivative products to enable customers to transfer, modify or reduce their foreign exchange and interest rate risk and to manage our own interest rate and foreign exchange positions. We manage our foreign...

  • Page 55
    ... of the balance sheet date, work had not been completed to this extent. Estimated amounts of contracts remaining to be executed on capital account aggregated Rs. 4.46 billion at year-end fiscal 2009 compared to Rs. 17.40 billion at year-end fiscal 2008 primarily on account of new branches and office...

  • Page 56
    ... properties, loans for commercial real estate and non-market related off-balance sheet items (letters of credit, bank guarantees, acceptances and endorsements etc). Increase in RWA on held-to-maturity investments, balances with banks, other loans and advances and market related off-balance sheet...

  • Page 57
    ... trade Construction Other industries2 Total 1. Includes home loans, automobile loans, commercial business loans, two wheeler loans, personal loans and credit cards. It also includes dealer funding portfolio of Rs. 8.83 billion (Rs. 24.10 billion at year-end fiscal 2008) and developer financing...

  • Page 58
    .../ production, processing and services businesses with a certain limit on investment in plant and machinery), small road and water transport operators, small businesses, professional and self-employed persons, and all other service enterprises, retail trade, micro credit, education and housing loans...

  • Page 59
    ... with regulations governing the presentation of financial information by banks, we report non-performing assets net of cumulative write-offs in our financial statements. RBI has separate guidelines for restructured loans. A fully secured standard asset can be restructured by re-schedulement of...

  • Page 60
    .../steel & products Services - non finance Metal & metal products Power Paper and paper products Other industries2 Total 1. Includes home loans, automobile loans, commercial business loans, two wheeler loans, personal loans and credit cards. Also includes NPAs in dealer funding and developer finance...

  • Page 61
    ... and other investments, offset, in part, by profit of Rs. 4.02 billion on buy-back of bonds. ICICI Bank UK's mark-to-market loss on investments made through profit and loss accounts was Rs. 0.56 billion (US$ 12 million). In October 2008, the UK Accounting Standards Board amended FRS 26 on 'Financial...

  • Page 62
    ... business. ICICI Bank Canada's loss in fiscal 2008 was due to provision for mark-to-market loss and other losses through the profit and loss account on investments, including asset backed commercial paper and credit derivatives portfolio. ICICI Prudential Life Insurance Company Limited (ICICI...

  • Page 63
    ... International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) is gaining the attention of companies, regulators and investing communities across the globe. Many countries have adopted IFRS and some of them, including India, are in the process of...

  • Page 64
    ....24 51.17 37.58 11.00 33.76 33.70 1. Includes merchant foreign exchange income and margin on customer derivative transactions. Rs. in billion At year-end fiscal 2003 Advances Deposits Total assets Equity capital & reserves Total capital adequacy ratio 532.79 481.69 1,068.12 69.33 11.1% 2004 626.48...

  • Page 65
    ... Housing Finance Joint General Manager, Credit Analysis & Research Product Manager, Dabur India Limited Vice-President, ICICI Securities Limited Manager Sales Planning & Distribution, Ford India Senior Manager, IDBI Bank Limited - Associate, HCL Perot Systems Technical Officer, PNB Private Limited...

  • Page 66
    ... International Finance Limited Officer, HSBC Bank Senior Manager, IDBI Bank - Media Executive, Leo Burnett India Private Limited Manager, Patni Computers Manager, GE Capital Assistant Manager, The Federal Bank Limited Assistant Manager, Indian Oil Corporation Limited Senior Marketing Manager, BPL...

  • Page 67
    ... Officer, Hindustan Petroleum Corporation Officer MIII, Dena Bank Area Manager - Strategic, GE Capital - TFS Assistant Vice-President, TADFL Area Sales Manager, Standard Chartered Bank Vice-President & Head, Development Credit Bank Key Accounts Executive, AFL Logistics Private Limited Audit Manager...

  • Page 68
    ... Fund, CRISIL Officer, RBI Associate, CRISIL Limited GE Capital TFS Limited General Manager, Satyam Computers Limited Assistant Vice-President, Meghraj Financial Service - Manager Sales & Marketing, Arvind Mills Limited Assistant Manager, Standard Chartered Bank Manager Systems, State Bank of India...

  • Page 69
    ..., GE Capital Services India Assistant Vice-President, BOI Finance Company Secretary, DCM Shriram Leasing Chief Manager IT, Konkan Railway Regional Operations, Kotak Mahindra Primus Limited Officer, Canara Bank Sales Executive, Kodak India Limited Officer, Bharat Petroleum Senior Relationship Manager...

  • Page 70
    ... Limited Segment Manager, Reliance Infocom Key Accounts Manager, Procter & Gamble Director, Monarch Marketing Product Manager, Godrej GE Appliances Group Manager, Birla Global Finance Limited - Assistant General Manager, State Bank of India Product Manager, Standard Chartered Bank Head Accounts...

  • Page 71
    ...Director, Standard Chartered Bank Senior Officer, UBAF (Hong Kong) Limited Research Executive, Org-Marg Private Limited Audit Manager, Chaturvedi & Shah Head Trade Finance, Bank N A Area Manager, Ing Vysya Financial Services HR. Executive, Pan India Network BLA Properties LLC HR. Executive, ADS LINE...

  • Page 72
    ...Assistant Manager, CEAT Financial Service Limited Manager, SIDBI Business Process Executive, Karvy Securities Marketing Head, Hudson Impex Ltd. Senior Executive - Citicorp Credit Services Manager Sales,Max New York Life Insurance Chief Manager, Bank of India Khaw Alick, Bachelor of Accountancy, MAF...

  • Page 73
    ... Head, UTI Bank Sales Executive,TATA Libert Limited Assistant Manager, IDBI Bank Customer Care Representative & Technical Support, Daksh - E- Service 5-Feb-07 Product Associate, Times of Money Limited 9-Jun-03 Head of Finance & Risk, AIB Govett (Asia) Limited 17-Jan-08 Cma Industrial Development...

  • Page 74
    financials

  • Page 75
    ...audited the attached Balance Sheet of ICICI Bank Limited ('the Bank') as at March 31, 2009 and also the Profit and Loss Account and the Cash Flow Statement for the year then ended, both annexed thereto. These financial statements are the responsibility of the Bank's management. Our responsibility is...

  • Page 76
    ...The schedules referred to above form an integral part of the Balance Sheet. As per our Report of even date. For B S R & Co. Chartered Accountants AKEEL MASTER Partner Membership No.: 046768 For and on behalf of the Board of Directors N. VAGHUL Chairman CHANDA D. KOCHHAR Joint Managing Director & CFO...

  • Page 77
    ... dividend tax ...Balance carried over to balance sheet...TOTAL Significant accounting policies and notes to accounts ...Earnings per share (Refer note 19.4) Basic (Rs.)...Diluted (Rs.) ...Face value per share (Rs.) ...The schedules referred to above form an integral part of the Profit and Loss...

  • Page 78
    ...The schedules referred to above form an integral part of the Balance Sheet. As per our Report of even date. For B S R & Co. Chartered Accountants AKEEL MASTER Partner Membership No.: 046768 For and on behalf of the Board of Directors N. VAGHUL Chairman CHANDA D. KOCHHAR Joint Managing Director & CFO...

  • Page 79
    ..., 2008: 111,603 equity shares) TOTAL EQUITY CAPITAL ...Preference share capital [Represents face value of 350 preference shares of Rs. 10 million each issued to preference shareholders of erstwhile ICICI Limited on amalgamation redeemable at par on April 20, 2018] ...TOTAL CAPITAL ...378 770 11,132...

  • Page 80
    ...exercise of employee stock options. Represents:a) Rs. 3,482.2 million in the previous year being the excess of the paid-up value of the shares issued to the shareholders of The Sangli Bank Limited over the fair value of the net assets acquired on merger and amalgamation expenses as per the scheme of...

  • Page 81
    ... years from the date of placement ...Bonds issued under multiple option/safety bonds series - Regular interest bonds ...- Deep discount bonds ...- Tax saving bonds ...- Pension bonds...TOTAL BORROWINGS IN INDIA...II. Borrowings outside India i) From multilateral/bilateral credit agencies guaranteed...

  • Page 82
    ...,239.6 million]. b) Corporate dividend tax payable of Rs. 1,512.1 million [March 31, 2008: Rs. 1,490.3 million]. SCHEDULE 6 - CASH AND BALANCES WITH RESERVE BANK OF INDIA I. II. Cash in hand (including foreign currency notes) ...Balances with Reserve Bank of India in current accounts ...28,557,057...

  • Page 83
    ...Investments outside India Gross value of investments ...Less: Aggregate of provision/depreciation ...Net investments ...TOTAL INVESTMENTS ...SCHEDULE 9 - ADVANCES [net of provisions] A. i) Bills purchased and discounted ...ii) Cash credits, overdrafts and loans repayable on demand ...iii) Term loans...

  • Page 84
    ... are in the process of being transferred in the Bank's name. SCHEDULE 12 - CONTINGENT LIABILITIES I. Claims against the Bank not acknowledged as debts...II. Liability for partly paid investments ...III. Liability on account of outstanding forward exchange contracts ...IV. Guarantees given on behalf...

  • Page 85
    schedules forming part of the Profit and Loss Account Year ended 31.03.2009 SCHEDULE 13 - INTEREST EARNED I. Interest/discount on advances/bills ...II. Income on investments1 ...III. Interest on balances with Reserve Bank of India and other inter-bank funds...IV. Others 2 ...TOTAL INTEREST EARNED ...

  • Page 86
    ... the Banking Regulation Act, 1949. The accounting and reporting policies of ICICI Bank used in the preparation of these financial statements conform to Generally Accepted Accounting Principles in India ("Indian GAAP"), the guidelines issued by Reserve Bank of India ("RBI") from time to time, the...

  • Page 87
    ... in the concerned scheme, the Bank reckons the net asset value obtained from the asset reconstruction company from time to time, for valuation of such investments at each reporting year/period end. The Bank follows trade date method for accounting of its investments. All credit exposures, including...

  • Page 88
    schedules forming part of the Accounts (Contd.) 4. Transfer and servicing of assets The Bank transfers commercial and consumer loans through securitisation transactions. The transferred loans are de-recognised and gains/losses are accounted for only if the Bank surrenders the rights to benefits ...

  • Page 89
    ... Fund ICICI Bank contributes 15.0% of the total annual basic salary of each employee to a superannuation fund for ICICI Bank employees. The employee gets an option on retirement or resignation to commute one-third of the total credit balance in his/her account and receive a monthly pension...

  • Page 90
    ...is made in the financial statements. The Bank does not account for or disclose contingent assets, if any. 13. Earnings per share ("EPS") Basic earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity...

  • Page 91
    ... in million) ...3 (vi) Business per employee (average deposits plus average advances) (Rs. in million) ...1. 2. 3. For the purpose of computing the ratios, working funds represent the average of total assets as reported in Form X to RBI under Section 27 of the Banking Regulation Act, 1949. For the...

  • Page 92
    schedules forming part of the Accounts (Contd.) 3. Information about business and geographical segments Business segments Pursuant to the guidelines issued by RBI on Accounting Standard-17 (Segment Reporting) - Enhancement of Disclosures dated April 18, 2007, effective from year ended March 31, 2008...

  • Page 93
    ...tax asset (net). Includes share capital and reserves and surplus. Geographical segments The Bank reports its operations under the following geographical segments. Domestic operations comprises branches having operations in India. Foreign operations comprises branches having operations outside India...

  • Page 94
    schedules forming part of the Accounts (Contd.) The computation of earnings per share is given below: Rupees in million, except per share data Year ended March 31, 2009 Basic Weighted average number of equity shares outstanding ...Net profit ...Basic earnings per share (Rs.) ...Diluted Weighted ...

  • Page 95
    ... Primary Dealership Limited, ICICI Securities Limited, ICICI International Limited, ICICI Trusteeship Services Limited, ICICI Home Finance Company Limited, ICICI Investment Management Company Limited, ICICI Securities Holdings Inc., ICICI Securities Inc., ICICI Bank UK PLC, ICICI Bank Canada, ICICI...

  • Page 96
    ... 31, 2008: Rs. 186.8 million). Sale of housing loan portfolio During the year ended March 31, 2009, the Bank sold housing loan portfolio to ICICI Home Finance Company Limited amounting to Rs. Nil (March 31, 2008: Rs. 6,231.4 million). Secondment of employees During the year ended March 31, 2009, the...

  • Page 97
    ... forming part of the Accounts (Contd.) Rs. 3.3 million (March 31, 2008: Rs. 6.8 million). The material transactions for the year ended March 31, 2009 were with ICICI Securities Primary Dealership Limited for Rs. 7.6 million (March 31, 2008: Rs. 12.1 million), ICICI Lombard General Insurance Company...

  • Page 98
    ... 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 are given under: On behalf of ICICI Bank UK PLC ICICI Bank Canada To Purpose Financial Services Authority, To financially support ICICI Bank UK PLC...

  • Page 99
    ... with ICICI Bank ...Deposits of ICICI Bank ...Call/term money lent ...Call/term money borrowed ...Advances ...Investments of ICICI Bank...Investments of related parties in ICICI Bank ...Receivables ...Payables ...Guarantees ...Swaps/forward contracts (notional amount) ...Employee Stock Options...

  • Page 100
    ...table below: Rupees in million, except number of loans securitised Year ended March 31, 2009 Total number of loan assets securitised...Total book value of loan assets securitised...Sale consideration received for the securitised assets ...Net gain/(loss) on account of securitisation ...1 Year ended...

  • Page 101
    ... forming part of the Accounts (Contd.) The details of provision created at the time of securitisation are given below: Rupees in million Particulars Opening balance ...Add: Additions during the year ...Less: Deductions during the year...Closing balance ...8. Staff retirement benefits Pension...

  • Page 102
    ... of year ...Opening plan assets, at fair value ...Add: Addition due to amalgamation ...Expected return on plan assets ...Actuarial gain/(loss) ...Contributions ...Assets acquired on acquisition/(distributed on divestiture) ...Benefits paid ...Closing plan assets, at fair value...Fair value of plan...

  • Page 103
    schedules forming part of the Accounts (Contd.) Particulars Year ended March 31, 2009 Year ended March 31, 2008 Investment details of plan assets Majority of the plan assets are invested in insurer managed funds and special deposit schemes. Assumptions Interest rate ...Salary escalation rate ......

  • Page 104
    ...was Rs. 723.55 for the year ended March 31, 2009. Weighted average share price as per National Stock Exchange price volume data was Rs. 1,044.02 for the year ended March 31, 2008. The Finance Act, 2007 introduced Fringe Benefit Tax ("FBT") on employee stock options. The FBT liability crystallises on...

  • Page 105
    schedules forming part of the Accounts (Contd.) During the year ended March 31, 2008, the Bank raised subordinated debt qualifying for Tier I/Tier II capital amounting to Rs. 22,350.0 million. The details of these bonds are given below: Rupees in million Particulars Tier I (Tranche 1 Option I) Total...

  • Page 106
    ... shares of subsidiaries, namely ICICI Bank UK PLC and ICICI Bank Canada. This also excludes investments in government securities (Rs. 1,402.5 million) of non-Indian origin made by overseas branches. Includes Rs. 1,770.0 million of application money towards bonds issued by banks, which were listed...

  • Page 107
    ... Indian branches only. Minimum, maximum & average outstanding is based on first leg of transaction & balance outstanding is based on book value. 15. Lending to sensitive sectors The Bank has lending to sectors, which are sensitive to asset price fluctuations. The sensitive sectors include capital...

  • Page 108
    ... for meeting promoter's contribution to the equity of new companies in anticipation of raising resources vii) Bridge loans to companies against expected equity flows/issues viii) Underwriting commitments taken up by the Bank in respect of primary issue of shares or convertible bonds or convertible...

  • Page 109
    schedules forming part of the Accounts (Contd.) Rupees in million Risk category Insignificant ...Low...Moderate ...High ...Very High ...Restricted ...Off-Credit...Total ...- of which funded ...Exposure (net) as on March 31, 2009 442,570.4 172,910.8 21,870.7 784.1 22.8 - - 638,158.8 289,482.0 ...

  • Page 110
    ... the profit & loss account for the year. 19. Financial assets transferred during the year to securitisation company (SC)/reconstruction company (RC) The Bank has transferred certain assets to Asset Reconstruction Companies (ARCs) in terms of the guidelines issued by RBI governing such transfer. For...

  • Page 111
    schedules forming part of the Accounts (Contd.) 23. Information in respect of restructured assets Details of loan assets subjected to restructuring are given below: Rupees in million Year ended March 31, 2009 CDR SME Debt Mechanism Restructuring Standard advances restructured Number of Borrowers ...

  • Page 112
    schedules forming part of the Accounts (Contd.) 24. Details of non-performing assets purchased/sold, excluding those sold to SC/RC The Bank has sold certain non-performing assets in terms of the guidelines issued by RBI circular no. DBOD.No. BP.BC.16/21.04.048/2005-06 dated July 13, 2005. Rupees in ...

  • Page 113
    ... with various internal and regulatory guidelines. The market making and the proprietary trading activities in derivatives are governed by the investment policy of the Bank, which lays down the position limits, stop loss limits as well as other risk limits. The Risk Management Group ("RMG") F39

  • Page 114
    ... of hedge accounting. Derivatives for market making purpose are marked to market and the resulting gain/loss is recorded in the profit and loss account. The premium on option contracts is accounted for as per Foreign Exchange Dealers' Association of India guidelines. Derivative transactions are...

  • Page 115
    schedules forming part of the Accounts (Contd.) Rupees in million As on March 31, 2008 Sr. Particulars No. 1. Derivatives (Notional principal amount) a) For hedging ...b) For trading ...Marked to market positions3 a) Asset (+) ...b) Liability (-) ...Credit exposure4...Likely impact of one percentage...

  • Page 116
    ...Mark-to-market value of exchange traded interest rate derivatives outstanding and not "highly effective" (instrument-wise) ... All the transactions in exchange traded interest rate derivatives have been entered into by foreign branches for trading portfolios. 34. Penalties/fines imposed by RBI and...

  • Page 117
    ... forming part of the Accounts (Contd.) 36. Farm loan waiver The Ministry of Finance, Government of India has issued guidelines for the implementation of the Agriculture debt waiver and relief scheme for farmers on May 23, 2008. The Bank has implemented the scheme as per guidelines issued by RBI...

  • Page 118
    ...The profits/(losses) of ICICI Bank Eurasia Limited Liability Company for the year ended December 31, 2008 have been translated into Indian Rupees at the rate of 1 RUB = Rs.1.80118. 7. ICICI Wealth Management Inc. is wholly-owned subsidiary of ICICI Bank Canada. 8. The information furnished for ICICI...

  • Page 119
    Consolidated financial statements of ICICI Bank Limited and its subsidiaries

  • Page 120
    ...attached consolidated Balance Sheet of ICICI Bank Limited ('the Bank') and its subsidiaries, associates and joint venture (collectively known as 'the Group') as at March 31, 2009 and also the consolidated Profit and Loss Account and the consolidated Cash Flow Statement of the Group for the year then...

  • Page 121
    ... financial statement: (a) (b) (c) in the case of the consolidated Balance Sheet, of the state of affairs of the Group as at March 31, 2009; in the case of the consolidated Profit and Loss Account, of the profit of the Group for the year ended on that date; and in the case of the consolidated Cash...

  • Page 122
    ... Schedules referred to above form an integral part of the Balance Sheet. As per our Report of even date. For B S R & Co. Chartered Accountants AKEEL MASTER Partner Membership No.: 046768 SANDEEP BATRA Group Compliance Officer & Company Secretary N. VAGHUL Chairman V. VAIDYANATHAN Executive Director...

  • Page 123
    ... dividend tax ...Balance carried over to Balance Sheet ...TOTAL ...Significant accounting policies and notes to accounts ...Earnings per share (Refer note 19.1) Basic (Rs.)...Diluted (Rs.) ...Face value per share (Rs.) ... The Schedules referred to above form an integral part of the Profit and Loss...

  • Page 124
    ...of fixed assets ...(Purchase)/sale of held to maturity securities ...Acquisition of business by a subsidiary (net of cash acquired) ...Net cash generated from investing activities ...Cash flow from financing activities Proceeds from issue of share capital (including ESOPs) net of issue expense...Net...

  • Page 125
    ... 2008: 111,603 equity shares) ...TOTAL EQUITY CAPITAL ...Preference share capital (Represents face value of 350 preference shares of Rs. 10 million each issued to preference shareholders of erstwhile ICICI Limited on amalgamation redeemable at par on April 20, 2018)...TOTAL CAPITAL ...378 770 11,132...

  • Page 126
    ... exercise of employee stock options. Includes: a) Rs. 3,482.2 million in the previous year being the excess of the paid-up value of the shares issued to the shareholders of The Sangli Bank Limited over the fair value of the net assets acquired on merger and amalgamation expenses as per the scheme of...

  • Page 127
    ... placement Bonds issued under multiple option/safety bonds series - Regular interest bonds ...- Deep discount bonds ...- Tax saving bonds ...- Pension bonds...TOTAL BORROWINGS IN INDIA...II. Borrowings outside India i) From multilateral/bilateral credit agencies guaranteed by the Government of India...

  • Page 128
    .... 12,239.6 million). Corporate dividend tax payable of Rs.1,626.4 million (March 31, 2008: Rs. 1,596.0 million). SCHEDULE 6 - CASH AND BALANCES WITH RESERVE BANK OF INDIA I. II. Cash in hand (including foreign currency notes) ...Balances with Reserve Bank of India in current accounts ...31,942,676...

  • Page 129
    ... and preference shares)1 ...iv) Debentures and bonds ...v) Assets held to cover linked liabilities of life insurance business ...vi) Others (commercial paper, mutual fund units, pass through certificates, security receipts etc.) ...TOTAL INVESTMENTS IN INDIA ...II. Investments outside India (net of...

  • Page 130
    schedules forming part of the Consolidated Balance Sheet (Contd.) As on 31.03.2009 SCHEDULE 10 - FIXED ASSETS I. Premises At cost as on March 31 of preceding year ...Additions during the year ...Deductions during the year...Depreciation to date ...Net block ...II. Other fixed assets (including ...

  • Page 131
    schedules forming part of the Consolidated Profit and Loss Account As on 31.03.2009 SCHEDULE 13 - INTEREST EARNED Interest/discount on advances/bills ...I. II Income on investments1 ...III. Interest on balances with Reserve Bank of India and other inter-bank funds...IV. Others2 ...TOTAL INTEREST ...

  • Page 132
    ... Primary Dealership Limited ICICI Venture Funds Management Company Limited ICICI Home Finance Company Limited ICICI Trusteeship Services Limited ICICI Investment Management Company Limited ICICI International Limited ICICI Bank UK PLC ICICI Bank Canada ICICI Wealth Management Inc. ICICI Bank...

  • Page 133
    ...Customer relationship management, data mining and analytics and marketing services Service provider Service provider Service provider Education and training in banking and finance Unregistered venture capital fund Internet portal 89.75% 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. Financial Information...

  • Page 134
    schedules forming part of the Consolidated Accounts (Contd.) SIGNIFICANT ACCOUNTING POLICIES 1. Transactions involving foreign exchange The consolidated financial statements of the Group are reported in Indian rupees (Rs.), the national currency of India. Foreign currency income and expenditure ...

  • Page 135
    ... trading volume on the said date shall be considered. The banking subsidiaries based out of Canada and UK account for the cost of the options granted to employees by ICICI Bank using the fair value method based on Black Scholes model. In the case of ICICI Prudential Life Insurance Company Limited...

  • Page 136
    ... of a liability calculated using discounted cash flows and unearned premium reserves are held for the unexpired portion of the risk for the general fund liabilities of linked business and attached riders. An unearned premium reserve is held for one year renewable group term insurance. The unit...

  • Page 137
    ... at the balance sheet date conducted by an independent actuary. In respect of retirement benefits in the form of provident fund and other defined contribution schemes of other entities within the group, the contribution payable by the entity for the year is charged to the profit and loss account for...

  • Page 138
    ... scheme, the Bank reckons the Net Asset Value ("NAV"), obtained from the asset reconstruction company from time to time, for valuation of such investments at each reporting year/period end. The Bank follows trade date method for accounting of its investments. The Bank's consolidating venture capital...

  • Page 139
    ...Stock Exchange ('NSE') (In case of securities not listed on NSE, the last quoted closing price on the Bombay Stock Exchange ('BSE') is used). Mutual fund units as at the balance sheet date are valued at the previous day's net asset values. Equity shares awaiting listing are stated at historical cost...

  • Page 140
    ...weighted average number of equity shares and dilutive potential equity shares issued by the group outstanding during the year, except where the results are anti-dilutive. Lease transactions Lease payments for assets taken on operating lease are recognised as an expense in the profit and loss account...

  • Page 141
    ... related entities Financial Information Network & Operations Limited, I-Process Services (India) Private Limited, I-Solutions Providers (India) Private Limited, NIIT Institute of Finance Banking and Insurance Training Limited, ICICI Venture Value Fund, Comm Trade Services Limited, Loyalty Solutions...

  • Page 142
    ... equity shares by Crossdomain Solutions Private Limited and Rs. 0.5 million (March 31, 2008: Rs. 26.8 million) on account of redemption of units by ICICI Venture Value Fund. Reimbursement of expenses During the year ended March 31, 2009, the Group reimbursed expenses to Financial Information Network...

  • Page 143
    ....2 The following are the balances payable to/receivable from key management personnel as on March 31, 2009: Rupees in million, except number of shares Items Deposits ...Advances ...Investments...Employee Stock Options Outstanding*(Nos.) ...Employee Stock Options Exercised ...* Year ended March 31...

  • Page 144
    ...: Rupees in million Items Deposits ...Advances ...Investments...3. Employee stock option scheme ("ESOS") In terms of the ESOS, as amended, the maximum number of options granted to any eligible employee in a financial year shall not exceed 0.05% of the issued equity shares of the Bank at the time of...

  • Page 145
    schedules forming part of the Consolidated Accounts (Contd.) A summary of the status of the Bank's stock option plan is given below. Rupees, except number of options Stock options outstanding Year ended March 31, 2009 Particulars Outstanding at the beginning of the year ...Add: Granted during the ...

  • Page 146
    schedules forming part of the Consolidated Accounts (Contd.) A summary of the status of the stock option plan of ICICI Prudential Life Insurance Company Limited is given below. Rupees, except number of options Stock options outstanding Year ended March 31, 2009 Particulars Outstanding at the ...

  • Page 147
    schedules forming part of the Consolidated Accounts (Contd.) A summary of stock options outstanding as on March 31, 2009 is given below. Range of exercise price (Rupees per share) 35 - 200 Number of shares arising out of options (Number of shares) 14,398,162 Weighted average exercise price (Rupees) ...

  • Page 148
    schedules forming part of the Consolidated Accounts (Contd.) 6. Early retirement option ("ERO") The Bank had implemented an Early Retirement Option Scheme 2003 for its employees in July 2003. All employees who had completed 40 years of age and seven years of service with the Bank (including period ...

  • Page 149
    ...) ...Exchange difference on foreign plans ...Benefits paid ...Obligations at the end of the year ...Opening plan assets at fair value ...Add: Addition due to amalgamation ...Expected return on plan assets ...Actuarial gain/(loss) ...Contributions ...Asset acquired on acquisition/(distributed on...

  • Page 150
    ...business segment of the Bank. Further, it includes the Bank's banking subsidiaries i.e. ICICI Bank UK PLC, ICICI Bank Canada and its subsidiary, namely, ICICI Wealth Management Inc. and ICICI Bank Eurasia Limited Liability Company. 5. Life Insurance represents ICICI Prudential Life Insurance Company...

  • Page 151
    ...net deferred tax credit) 5 Net profit1 (2)- (3) - (4) 33,794.2 Other information 1,357,062.5 1,397,053.4 660,402.9 336,670.8 53,464.4 2,706.2 178,395.0 (191,380.4) 4,753,031.5 73,878.2 4,826,909.7 1,111,564.6 1,526,005.7 3 6 Segment assets 958,656.7 forming part of the Consolidated Accounts...

  • Page 152
    ... 1,169.1 Total liabilities (9) + (10) 508.3 211.1 86.4 173.6 570.3 234.9 - - 12 Capital expenditure 10,903.3 6,794.1 forming part of the Consolidated Accounts (Contd.) 13 Depreciation & amortisation 1. Includes share of net profit of minority shareholders. 2. Includes assets which cannot...

  • Page 153
    schedules forming part of the Consolidated Accounts (Contd.) B. Geographical segments The geographical segments for the Group for the year ended March 31, 2009 are given below. Domestic operations comprising branches of the Bank (including those having operations outside India) and subsidiaries/ ...

  • Page 154
    ...)] and the Bank's pre-tax losses in available for sale reserve would have increased by Rs. 532.6 million (US$ 10.5 million). 17. Scheme support expenses of ICICI Prudential Asset Management Company Limited Other expenditure in Schedule 16 - "Operating expenses" of the financial statements includes...

  • Page 155
    schedules forming part of the Consolidated Accounts (Contd.) holders in the proportion of their share holding. During the year ended March 31, 2009, ICICI Bank has purchased 442,950 shares (March 31, 2008 : Nil) of ICICI Lombard General Insurance Company pursuant to this scheme. 19. Additional ...

  • Page 156
    ... in trade. 5. Dividend paid includes proposed dividend. 6. The financials of ICICI Bank UK PLC and ICICI International Limited have been translated into Indian Rupees at the closing rate on March 31, 2009 of 1 US$ = Rs. 50.7200. 7. The financials of ICICI Bank Canada and ICICI Wealth Management Inc...

  • Page 157
    ... consolidated capital adequacy computations: Sr. Name of the entity No. 1 2 3 4 5 6 7 8 9 ICICI Securities Primary Dealership Limited ICICI Securities Limited ICICI Securities Inc. ICICI Securities Holdings Inc. ICICI Venture Funds Management Company Limited ICICI Home Finance Company Limited ICICI...

  • Page 158
    ... reporting but not for capital adequacy 22 ICICI Lombard General Insurance Company Limited 23 ICICI Venture Value Fund 24 ICICI Kinfra Limited1 25 ICICI West Bengal Infrastructure Development Corporation Limited1 26 Financial Information Network and Operations Limited 27 I-Process Services (India...

  • Page 159
    ... for capital adequacy under Basel II is detailed in the table below. Rupees in billion Name of the entity ICICI Prudential Life Insurance Company Limited ICICI Lombard General Insurance Company Limited Country of incorporation India India Ownership interest 73.93% 73.80% Book value of investment 35...

  • Page 160
    ...-1 capital 1. Includes preference shares permitted by RBI for inclusion in Tier-1 capital. 2. Includes statutory reserves, disclosed free reserves and capital reserves. 3. Includes losses and deferred tax assets and unamortized early retirement options. 3 Securitisation exposures including credit...

  • Page 161
    ... maintained and reported by the Bank as per Basel II guidelines. The Board of Directors of ICICI Bank maintains an active oversight over the Bank's capital adequacy levels. In line with the RBI guidelines, the Bank has a Board approved policy for internal capital adequacy assessment process (ICAAP...

  • Page 162
    ...the balance sheet and reviewing the Bank's asset-liability position. 2. Policies approved from time to time by the Board of Directors/Committees of the Board form the governing framework for each type of risk. The business activities are undertaken within this policy framework. 3. Independent groups...

  • Page 163
    ...the Board of Directors. Credit Policy outlines the type of products that can be offered, customer categories, target customer profile, credit approval process and prudential exposure limits. Structure and organisation of the credit risk management group The Global Credit Risk Management Group (GCRMG...

  • Page 164
    ... For retail credit, the Bank has established centralised operations to manage operating risk in the various back office processes of the Bank's retail loan business except for a few operations, which are decentralized to improve turnaround time for customers. A fraud prevention and control group has...

  • Page 165
    ...term loans, working capital facilities (i.e. funded facilities like cash credit, demand loan, temporary limits and non-funded facilities like letter of credit, acceptances, financial guarantee, performance guarantee), sell-down options, securitisation, derivatives, credit derivatives and investments...

  • Page 166
    ...2,088.20 1. Includes home loans, automobile loans, commercial business loans, two wheeler loans, personal loans, credit cards, dealer funding (Rs. 11.11 billion) and developer financing (Rs. 49.07 billion). 2. Includes all entities considered for Basel II capital adequacy computation. d. Residual...

  • Page 167
    ... and ICICI Home Finance Company. 5. Identification of loans as non-performing is in line with the guidelines issued by regulators of respective entities. f. Movement of NPL Rupees in billion Opening balance as on April 1, 2008 Additions during the year1,2 Reductions during the year Closing balance...

  • Page 168
    ... line with market participants. However, the Bank uses external ratings for the purposes of computing capital adequacy as per the RBI guidelines on Basel II. The prevalence of entity level credit ratings in the Indian market is limited and the instrument/facility-specific credit rating of corporates...

  • Page 169
    ... are offered in line with the approved product policies which include types of collateral, valuation and margining. The Bank extends unsecured facilities to higher rated clients and for certain products such as derivatives, credit cards and personal loans. The limits structure with respect to...

  • Page 170
    ... company which is regulated by the insurance sector regulator, certain debt securities rated by a recognized credit rating agency, mutual fund units where daily Net Asset Value (NAV) is available in public domain and the mutual fund is limited to investing in the instruments listed above. The Bank...

  • Page 171
    ... through certificates (PTCs); Second loss credit enhancement facility ; and Liquidity facility. d. Break-up of total outstanding exposures securitised by exposure type (March 31, 2009) Rupees in billion Exposure type Vehicle/equipment loans Home & home equity loans Personal loans Corporate loans...

  • Page 172
    ... of securitisation exposures deducted from capital by exposure type Rupees in billion Exposure type Vehicle/equipment loans Home & home equity loans Personal loans Corporate loans Mixed assets Total Exposures deducted entirely from Tier-1 capital1,4 Credit enhancement Other exposures (interest only...

  • Page 173
    ... (Consolidated) h. (i) Total number and book value of loan assets securitised - by type of underlying assets Rupees in billion, except number of loans securitised Fiscal 2008 Underlying asset type Vehicle/equipment loans Home & home equity loans Personal loans Corporate loans Total 1. Includes...

  • Page 174
    ... and accounting of investment portfolio. 4. Adequate and proper reporting of investments and derivative products. 5. Compliance with regulatory requirements. 6. Effective control over the operation and execution of market related transactions. Structure and organisation of the market risk management...

  • Page 175
    ...out in the relevant policies. All business groups are required to operate within these limits. Hedge transactions for banking book transactions are periodically assessed for hedge effectiveness as per home and host country financial guidelines. b. Capital requirements for market risk (March 31, 2009...

  • Page 176
    ... in the products/processes prior to the launch. Measurement, monitoring, mitigation and reporting Transactions resulting in operational losses are recorded in a separate operational risk account and are regularly reported. The Bank has initiated steps to measure bank-wide operational value-at-risk...

  • Page 177
    ... by calculating gaps over different time intervals as at a given date. This static analysis measures mismatches between rate sensitive liabilities (RSL) and rate sensitive assets (RSA) (including off-balance sheet positions and trading positions). The report is prepared fortnightly by grouping rate...

  • Page 178
    ... (703.0) 703.0 1. Consolidated figures for ICICI Bank Limited, ICICI Bank UK PLC, ICICI Bank Canada, ICICI Bank Eurasia LLC, ICICI Home Finance Company, ICICI Securities and its subsidiaries. As on March 31, 2009, impact on economic value of equity is as follows: Change in interest rates (in basis...

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