ICICI Bank 2010 Annual Report Download - page 156

Download and view the complete annual report

Please find page 156 of the 2010 ICICI Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 196

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196

F76
schedules
forming part of the Consolidated Accounts (Contd.)
The following table sets forth, for the periods indicated, a summary of the status of the stock option plan of ICICI Prudential
Life Insurance Company Limited.
Rupees, except number of options
Stock options outstanding
Year ended March 31, 2010 Year ended March 31, 2009
Particulars Number of
shares
Weighted
average
exercise price
Number of
shares
Weighted
average
exercise price
Outstanding at the beginning of the year ................... 16,609,012 199.72 12,684,277 94.61
Add: Granted during the year ..................................... ——6,074,000 400.00
Less: Forfeited/lapsed during the year ....................... 896,336 147.79 1,005,695 244.04
Less: Exercised during the year ................................. 885,590 67.95 1,143,570 58.72
Outstanding at the end of the year ............................. 14,827,086 210.73 16,609,012 199.72
Options exercisable .................................................... 5,614,986 136.69 2,920,138 71.27
The following table sets forth, summary of stock options outstanding of ICICI Prudential Life Insurance Company Limited
at March 31, 2010.
Range of exercise price
(Rupees per share)
Number of shares arising
out of options
(Number of shares)
Weighted average
exercise price
(Rupees)
Weighted average
remaining contractual life
(Number of years)
30 – 400 14,827,086 210.73 7
ICICI Lombard General Insurance Company Limited has granted stock options to employees. If the entity had used the fair
value of options based on the Black-Scholes model, compensation cost for the year ended March 31, 2010 would have
been higher by Rs. 37.6 million (March 31, 2009: Rs. 172.0 million).
The key assumptions used to estimate the fair value of options are given below.
Risk-free interest rate .............................................................................. 5.79% – 8.17% p.a.
Expected life ........................................................................................... 3 – 7 years
Expected volatility ................................................................................... 17.00% – 60.73% p.a.
Expected dividend yield .......................................................................... 0.80% – 2.85% p.a.
The following table sets forth, for the periods indicated, a summary of the status of the stock option plan of ICICI Lombard
General Insurance Company Limited. Rupees, except number of options
Stock options outstanding
Year ended March 31, 2010 Year ended March 31, 2009
Particulars Number of
shares
Weighted
average
exercise price
Number of
shares
Weighted
average
exercise price
Outstanding at the beginning of the year ............. 14,398,162 94.19 12,378,256 48.00
Add: Granted during the year ............................... 1,249,000 91.00 5,050,000 200.00
Less: Forfeited/lapsed during the year ................. 1,704,528 107.33 2,246,266 96.69
Less: Exercised during the year ........................... 596,722 41.86 783,828 39.20
Outstanding at the end of the year ....................... 13,345,912 94.56 14,398,162 94.19
Options exercisable .............................................. 6,737,136 63.26 1,250,394 61.86
The following table sets forth, summary of stock options outstanding of ICICI Lombard General Insurance Company Limited
at March 31, 2010.
Range of exercise price
(Rupees per share)
Number of shares
arising out of options
(Number of shares)
Weighted average
exercise price
(Rupees)
Weighted average
remaining contractual life
(Number of years)
35 – 200 13,345,912 94.56 7.99
If the Group had used the fair value of options based on the Black-Scholes model, the compensation cost for the year ended
March 31, 2010 would have been higher by Rs. 1,058.3 million (March 31, 2009: Rs. 1,828.4 million) and the proforma
consolidated profit after tax would have been Rs. 45.64 billion (March 31, 2009: Rs. 33.94 billion). On a proforma basis, the
Group’s basic earnings per share would have been Rs. 40.98 (March 31, 2009: Rs. 30.49) and diluted earnings per share
would have been Rs. 40.77 (March 31, 2009: Rs. 30.43).