ICICI Bank 2010 Annual Report Download - page 46

Business Overview
KEY RISKS
We have included statements in this annual report which contain words or phrases such as ‘will’, ‘expected to’,
etc., and similar expressions or variations of such expressions, may constitute ‘forward-looking statements’.
These forward-looking statements involve a number of risks, uncertainties and other factors that could cause
actual results, opportunities and growth potential to differ materially from those suggested by the forward-
looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand
for banking and other financial products and services in the countries that we operate or where a material
number of our customers reside, our ability to successfully implement our strategy, including our use of the
Internet and other technology, our rural expansion, our exploration of merger and acquisition opportunities
both in and outside of India, our ability to integrate recent or future mergers or acquisitions into our operations
and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our
ability to manage the increased complexity of the risks we face following our rapid international growth, future
levels of impaired loans, our growth and expansion in domestic and overseas markets, the adequacy of our
allowance for credit and investment losses, technological changes, investment income, our ability to market
new products, cash flow projections, the outcome of any legal, tax or regulatory proceedings in India and in
other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to
implement our dividend policy, the impact of changes in banking regulations and other regulatory changes in
India and other jurisdictions on us, the state of the global financial system and other systemic risks, the bond
and loan market conditions and availability of liquidity amongst the investor community in these markets,
the nature of credit spreads, interest spreads from time to time, including the possibility of increasing credit
spreads or interest rates, our ability to roll over our short-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, 2010 are given below:
Agency Rating
Moody’s Investor Service (Moody’s) Baa21
Standard & Poor’s (S&P) BBB-1
Credit Analysis & Research Limited (CARE) CARE AAA
Investment Information and Credit Rating Agency (ICRA) AAA
CRISIL Limited AAA
Japan Credit Rating Agency (JCRA) BBB+1
1. Senior foreign currency debt ratings.
The outlook on ratings from all credit rating agencies is Stable except for a Negative outlook by CRISIL on the
Banks Upper Tier II and Tier I perpetual bonds.
PUBLIC RECOGNITION
The Bank received several awards during fiscal 2010, including the following:
z The Bank was ranked 45th in the 2010 BrandZ Top 100 Most Valuable Global Brands report, becoming the
first and only Indian company to feature in this list
z The Bank was ranked first in the Asia Pacific region and fifth globally in the “Top Companies for Leaders”
survey conducted by Hewitt Associates, the RBL Group and Fortune Magazine
z “Most Admired Knowledge Enterprises (MAKE) India Award” by Teleos in association with the Know
Network
z “Excellence in Learning” by Brandon Hall
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