ICICI Bank 2010 Annual Report Download - page 104

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Home Finance Company Limited amounting to Rs. 934.0 million (March 31, 2009: Rs. 740.6 million), ICICI Securities
Limited amounting to Rs. 920.0 million (March 31, 2009: Rs. 240.1 million), ICICI Lombard General Insurance Company
Limited amounting to Rs. 476.1 million (March 31, 2009: Nil), ICICI Securities Primary Dealership Limited amounting to
Rs. 422.1 million (March 31, 2009: Rs. 1,300.5 million), ICICI Prudential Asset Management Company Limited amounting to
Rs. 409.6 million (March 31, 2009: Rs. 117.0 million) and ICICI Venture Funds Management Company Limited amounting
to Rs. 260.0 million (March 31, 2009: Rs. 950.0 million).
Dividend paid
During the year ended March 31, 2010, the Bank paid dividend to its key management personnel amounting to
Rs. 4.5 million (March 31, 2009: Rs. 10.2 million). The dividend paid to Mr. K. V. Kamath during the year ended
March 31, 2009 was Rs. 5.4 million, dividend paid during the year ended March 31, 2010 to Ms. Chanda D. Kochhar was
Rs. 3.0 million (March 31, 2009: Rs. 3.0 million), to Mr. Sandeep Bakhshi was Rs. 0.03 million, to Mr. N. S. Kannan was
Rs. 0.9 million, to Mr. K. Ramkumar was Rs. 0.2 million (March 31, 2009: Rs. 0.2 million), to Mr. Sonjoy Chatterjee was
Rs. 0.3 million (March 31, 2009: Rs. 0.3 million), to Ms. Madhabi Puri Buch during the year ended March 31, 2009 was
Rs. 1.1 million and to Mr. V. Vaidyanathan during the year ended March 31, 2009 was Rs. 0.2 million.
Remuneration to wholetime directors
Remuneration paid to the wholetime directors of the Bank during the year ended March 31, 2010 was Rs. 119.4 million
(March 31, 2009: Rs. 91.7 million). The remuneration paid for the year ended March 31, 2010 to Mr. K. V. Kamath was
Rs. 4.1 million (March 31, 2009: Rs. 30.8 million), to Ms. Chanda D. Kochhar was Rs. 17.3 million (March 31, 2009:
Rs. 18.4 million), to Mr. Sandeep Bakhshi was Rs. 12.6 million, to Mr. N. S. Kannan was Rs. 10.2 million, to
Mr. K. Ramkumar was Rs. 53.7 million (includes perquisite value of Rs. 40.6 million on employee stock options (ESOPs)
exercised) (March 31, 2009: Rs. 1.6 million), to Mr. Sonjoy Chatterjee was Rs. 19.6 million (includes perquisite value of
Rs. 7.9 million on ESOPs exercised) (March 31, 2009: Rs. 13.0 million), to Ms. Madhabi Puri Buch during the year ended
March 31, 2009 was Rs. 13.5 million and to Mr. V. Vaidyanathan was Rs. 1.9 million (March 31, 2009: Rs. 14.4 million).
Sale of fixed assets
During the year ended March 31, 2010, the Bank sold fixed assets to its subsidiaries amounting to Rs. 574.2 million
(March 31, 2009: Rs. 65.3 million). The material transaction for the year ended March 31, 2010 was with ICICI Home Finance
Company Limited amounting to Rs. 570.0 million (March 31, 2009: Rs. 58.3 million).
Purchase of fixed assets
During the year ended March 31, 2010, the Bank purchased fixed assets from its subsidiaries amounting to Rs. 21.3 million
(March 31, 2009: Rs. 1.2 million) and from its associates/joint ventures/other related entities amounting to Nil
(March 31, 2009: Rs. 13.0 million). The material transactions were with ICICI Securities Limited amounting to
Rs. 19.2 million (March 31, 2009: Nil) and Financial Information Network and Operations Limited amounting to Nil
(March 31, 2009: Rs. 12.4 million).
Donation
During the year ended March 31, 2010, the Bank has given donation to ICICI Foundation for Inclusive Growth amounting
to Rs. 153.0 million (March 31, 2009: Rs. 300.0 million).
Transfer of merchant acquiring operations
During the year ended March 31, 2010, the Bank and First Data, a company engaged in electronic commerce and payment
services, formed a merchant acquiring alliance and a new entity, 81% owned by First Data, was formed, which has acquired
ICICI Bank’s merchant acquiring operations through transfer of assets, primarily comprising fixed assets and receivables,
and assumption of liabilities, for a total consideration of Rs. 3,744.0 million. This transfer of assets and liabilities to the
new entity would be considered a ‘slump sale’ for tax purposes. The Bank realised a profit of Rs. 2,029.0 million from this
transaction, which is included in Schedule 14 - “Other income”.
Letters of Comfort
The Bank has issued letters of comfort on behalf of its banking subsidiaries, ICICI Bank UK PLC and ICICI Bank Canada.
The details of the letters are given below.
On behalf of To Purpose
ICICI Bank UK PLC Financial Services Authority,
UK (‘FSA’) Financially support ICICI Bank UK PLC to ensure that it meets all of its obligations as they fall due.
ICICI Bank Canada Canada Deposit Insurance
Corporation (‘CDIC’) To comply with the Bank Act and the CDIC regulations or by-laws
there under and to indemnify CDIC against all losses, damages,
reasonable costs and expenses arising from failure of ICICI Bank
Canada in performing the same.
The Bank has issued an undertaking on behalf of ICICI Securities Inc. for Singapore dollar 10.0 million (Rs. 320.8 million) to
the Monetary Authority of Singapore (MAS) that is included in the contingent liabilities.
As per the assessment made, there is no likely financial impact of the above letters issued to overseas regulators at
March 31, 2010.
schedules
forming part of the Accounts (Contd.)