ICICI Bank 2010 Annual Report Download - page 34

Directors’ Report
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and Rs. 35.19 respectively. The key assumptions used to estimate the fair value of options granted during fiscal
2010 are given below:
Risk-free interest rate 6.53% to 7.68%
Expected life 6.35 to 6.85 years
Expected volatility 48.65% to 49.18%
Expected dividend yield 1.22% to 2.53%
In respect of options granted in fiscal 2010, the weighted average exercise price of the options and the weighted
average fair value of the options were Rs. 434.78 per option and Rs. 199.91 per option respectively.
DIRECTORS’ RESPONSIBILITY STATEMENT
The Directors confirm:
1. that in the preparation of the annual accounts, the applicable accounting standards have been followed, along
with proper explanation relating to material departures;
2. that they have selected such accounting policies and applied them consistently and made judgements and
estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Bank
at the end of the financial year and of the profit or loss of the Bank for that period;
3. that they have taken proper and sufficient care for the maintenance of adequate accounting records, in
accordance with the provisions of the Banking Regulation Act, 1949 and the Companies Act, 1956 for
safeguarding the assets of the Bank and for preventing and detecting fraud and other irregularities; and
4. that they have prepared the annual accounts on a going concern basis.
ACKNOWLEDGEMENTS
ICICI Bank is grateful to 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,
rating agencies and stock exchanges for their support.
ICICI Bank would like to take this opportunity to express sincere thanks to its valued clients and customers for
their continued patronage. The Directors express their deep sense of appreciation of all the employees, whose
outstanding professionalism, commitment and initiative has made the organisation’s growth and success possible
and continues to drive its progress. Finally, the Directors wish to express their gratitude to the Members for their
trust and support.
For and on behalf of the Board
K. V. Kamath
May 24, 2010 Chairman
Compliance with the Group Code of Business Conduct and Ethics
I confirm that all Directors and members of the senior management have affirmed compliance with Group Code
of Business Conduct and Ethics for the year ended March 31, 2010.
Chanda D. Kochhar
Managing Director & CEO
May 24, 2010