ICICI Bank 2010 Annual Report Download - page 103

F23
The material transactions were with ICICI Emerging Sectors Fund amounting to Rs. 846.4 million (March 31, 2009: Nil),
ICICI Eco-net Internet and Technology Fund amounting to Rs. 533.5 million (March 31, 2009: Nil), ICICI Securities Primary
Dealership Limited amounting to Nil (March 31, 2009: Rs. 583.5 million) and ICICI Equity Fund amounting to Nil (March 31,
2009: Rs. 125.0 million).
Reimbursement of expenses
During the year ended March 31, 2010, the Bank reimbursed expenses to its subsidiaries amounting to Rs. 11.7 million
(March 31, 2009: Rs. 60.8 million). The material transactions were with ICICI Bank Canada amounting to Rs. 11.7 million
(March 31, 2009: Nil) and ICICI Home Finance Company Limited amounting to Nil (March 31, 2009: Rs. 60.8 million).
Brokerage and fee expenses
During the year ended March 31, 2010, the Bank paid brokerage/fees to its subsidiaries amounting to Rs. 865.5 million
(March 31, 2009: Rs. 627.0 million) and to its associates/joint ventures/other related entities amounting to Rs. 1,346.2 million
(March 31, 2009: Rs. 2,151.2 million). The material transactions for the year ended March 31, 2010 were with I-Process
Services (India) Private Limited amounting to Rs. 686.1 million (March 31, 2009: Rs. 1,027.5 million), ICICI Home Finance
Company Limited amounting to Rs. 608.2 million (March 31, 2009: Rs. 438.7 million) and Loyalty Solutions & Research
Limited amounting to Rs. 407.0 million (March 31, 2009: Rs. 673.6 million).
Custodial charges income
During the year ended March 31, 2010, the Bank recovered custodial charges from its subsidiaries amounting to
Rs. 1.6 million (March 31, 2009: Rs. 11.4 million) and from its associates/joint ventures/other related entities
amounting to Rs. 3.3 million (March 31, 2009: Rs. 3.3 million). The material transactions were with ICICI Securities
Primary Dealership Limited amounting to Rs. 1.5 million (March 31, 2009: Rs. 7.6 million), ICICI Emerging Sectors
Fund amounting to Rs. 1.3 million (March 31, 2009: Rs. 1.0 million), ICICI Strategic Investments Fund amounting to
Rs. 1.1 million (March 31, 2009: Rs. 1.1 million), ICICI Equity Fund amounting to Rs. 0.8 million (March 31, 2009:
Rs. 0.9 million), and ICICI Lombard General Insurance Company Limited amounting to Rs. 0.1 million (March 31, 2009:
Rs. 3.8 million).
Interest expenses
During the year ended March 31, 2010, the Bank paid interest to its subsidiaries amounting to Rs. 902.2 million
(March 31, 2009: Rs. 869.3 million), to its associates/joint ventures/other related entities amounting to Rs. 3.3 million
(March 31, 2009: Rs. 11.6 million), to its key management personnel amounting to Rs. 2.5 million (March 31, 2009:
Rs. 2.3 million) and to relatives of key management personnel amounting to Rs. 1.2 million (March 31, 2009: Rs. 1.3 million).
The material transactions for the year ended March 31, 2010 were with ICICI Securities Limited amounting to Rs. 159.3 million
(March 31, 2009: Rs. 171.0 million), ICICI Bank UK PLC amounting to Rs. 49.8 million (March 31, 2009: Rs. 98.9 million),
ICICI Prudential Life Insurance Company Limited amounting to Rs. 420.4 million (March 31, 2009: Rs. 427.7 million),
ICICI Lombard General Insurance Company Limited amounting to Rs. 54.0 million (March 31, 2009: Rs. 94.3 million) and
with ICICI Bank Eurasia Limited Liability Company amounting to Rs. 146.8 million (March 31, 2009: Rs. 3.1 million).
Interest income
During the year ended March 31, 2010, the Bank received interest from its subsidiaries amounting to Rs. 1,588.0 million
(March 31, 2009: Rs. 1,468.2 million), from its associates/joint ventures/other related entities amounting to Rs. 2.9 million
(March 31, 2009: Rs. 5.3 million), from its key management personnel amounting to Rs. 0.5 million (March 31, 2009:
Rs. 2.3 million) and from relatives of key management personnel amounting to Rs. 1.0 million (March 31, 2009:
Rs. 0.3 million). The material transactions for the year ended March 31, 2010 were with ICICI Home Finance Company
Limited amounting to Rs. 913.7 million (March 31, 2009: Rs. 520.3 million), ICICI Bank Eurasia Limited Liability
Company amounting to Rs. 351.0 million (March 31, 2009: Rs. 547.1 million) and with ICICI Bank UK PLC amounting to
Rs. 123.3 million (March 31, 2009: Rs. 171.2 million).
Other income
The Bank undertakes derivative transactions with its subsidiaries, associates, joint ventures and other related entities.
The Bank manages its foreign exchange and interest rate risks arising from these transactions by covering them in the
market. During the year ended March 31, 2010, the loss on derivative transactions entered into with subsidiaries was
Rs. 17,346.2 million (March 31, 2009: gain of Rs. 16,054.5 million) and the loss was Rs. 220.9 million (March 31, 2009:
loss of Rs. 0.3 million) with its associates/joint ventures/other related entities. The material transactions for the year
ended March 31, 2010 were gain of Rs. 495.2 million (March 31, 2009: gain of Rs. 2,447.9 million) with ICICI Bank UK
PLC, loss of Rs. 17,913.1 million (March 31, 2009: gain of Rs. 11,931.0 million) with ICICI Bank Canada, loss of Rs. 50.7
million (March 31, 2009: gain of Rs. 1,795.0 million) with ICICI Securities Primary Dealership Limited and gain of Rs.
215.8 million (March 31, 2009: loss of Rs. 40.6 million) with ICICI Home Finance Company Limited. While the Bank covers
these transactions in the market, the above amounts represent only the transactions with its subsidiaries, associates,
joint ventures and other related entities and not the offsetting/covering transactions, which results in lower net impact
on the profit and loss account.
Dividend income
During the year ended March 31, 2010, the Bank received dividend from its subsidiaries amounting to Rs. 3,692.7 million
(March 31, 2009: Rs. 3,348.2 million). The material transactions for the year ended March 31, 2010 were with ICICI
schedules
forming part of the Accounts (Contd.)