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Thoughtful innovations
that drive convenience
20th Annual Report and Accounts 2013-2014
Tab Banking Touch Banking iWishPockets

Table of contents

  • Page 1
    20th Annual Report and Accounts 2013-2014 Thoughtful innovations that drive convenience Tab Banking Touch Banking Pockets iWish

  • Page 2
    ... and offer a range of new products and services, many of which are the first of their kind. In the environment of rapid advancement and penetration of technology that we see today, we continuously adapt our touch points and delivery channels to suit the evolving lifestyle of our customers. We...

  • Page 3
    ...Mumbai 400 051 Tel : +91-22-33667777 Fax : +91-22-26531122 FINANCIALS Independent Auditors' Report...Balance Sheet ...Profit and Loss Account ...Cash Flow Statement ...Schedules...Statement pursuant to Section 212 of the Companies Act, 1956 ...Consolidated Financial Statements of ICICI Bank Limited...

  • Page 4
    ... year continued in fiscal 2014. The government and the central bank together took a range of proactive measures to address the current account deficit and currency volatility. These measures stabilised the currency by reducing the current account deficit sharply and bringing in foreign currency fund...

  • Page 5
    ... June 2014, Indian consumers are at the forefront of adopting the technological revolution. It is essential for our government and our corporates to adapt to this change and drive this transformation of the way we live and work. The ICICI Group continues to focus on increasing shareholder value in...

  • Page 6
    ... tax represents a return on average assets (RoA) of 1.76%, an improvement of 10 basis points compared to the RoA of 1.66% in fiscal 2013. During the year, we added 653 branches and 834 ATMs to our network. Our network of 3,753 branches continues to be the largest among private sector banks in India...

  • Page 7
    ... the second largest mutual fund manager in the country in fiscal 2014, and was recognised for its strong fund performance. Our other domestic subsidiaries continued to maintain their profitability, despite the volatility in financial markets. Our overseas banking subsidiaries in UK and Canada, after...

  • Page 8
    ...Chanda Kochhar Customer Service Committee M. S. Ramachandran, Chairman K. V. Kamath V. Sridar Chanda Kochhar Fraud Monitoring Committee V. Sridar, Chairman K. V. Kamath Dileep Choksi Homi Khusrokhan Arvind Kumar Chanda Kochhar Rajiv Sabharwal Information Technology Strategy Committee Homi Khusrokhan...

  • Page 9
    ... branch. During fiscal 2014, an amount of ` 14.19 billion was reduced from General Reserve for creation of deferred tax liability on balance in Special Reserve at March 31, 2013 in accordance with RBI circular dated December 20, 2013. 2. Includes dividend for the prior year paid on shares issued...

  • Page 10
    ... visiting the branch, getting a passport size photograph and providing multiple documents. To provide a convenient account opening process, ICICI Bank introduced Tab Banking - a service designed to give customers a hasslefree account opening experience in the comfort of their homes or offices. Our...

  • Page 11
    ...the requisite approvals for not attaching the balance sheet, profit & loss account, report of the board of directors and report of the auditors of each of the subsidiary companies to the accounts of the Bank for fiscal 2013 as well as future financial years till such time Annual Report 2013-2014 9

  • Page 12
    ...-21 (AS-21) issued by the Institute of Chartered Accountants of India, the Bank's consolidated financial statements included in this Annual Report incorporate the accounts of its subsidiaries and other consolidating entities. A summary of key financials of the Bank's subsidiaries is also included...

  • Page 13
    ... deposit with instant credit, cheque deposit with acknowledgement, printing of account statements, 24-hour video conferencing with ICICI Bank's customer care executives, cash withdrawal and much more. Currently, there are 101 Touch Banking branches across 33 cities in India. Annual Report 2013-2014...

  • Page 14
    ... such as 'split-n-share' that helps one track and split group expenses, 'pay a friend' which lets one pay a friend without requiring his or her bank account details, 'prepaid mobile recharge', 'book movie tickets' and many more. This enables our customers to bank while socialising on Facebook...

  • Page 15
    ... banking and scaled up our 24x7 Touch Banking branches and MySavings Rewards programme. We continue to use technology as a differentiator to create an ecosystem delivering products and services to millions of customers in rural India." RAJIV SABHARWAL Executive Director Annual Report 2013-2014...

  • Page 16
    ... 25, 2013 approved the change in designation of N. S. Kannan to Executive Director. The Board at the same Meeting designated Rakesh Jha, Deputy Chief Financial Officer as the Chief Financial Officer. He continues to report to N. S. Kannan. The Board at its Meeting held on April 25, 2014 (based...

  • Page 17
    ... investment. iWish is a flexible online recurring deposit that allows customers to save varying amounts of money at any time of their choice to achieve a predefined goal, while earning the interest rate of a recurring deposit on this online deposit too. This product delivers convenience by offering...

  • Page 18
    .... LLP , Chartered Accountants as statutory auditors. Their appointment has been approved by RBI vide its letter dated April 21, 2014. The appointment of the auditors is proposed to the Members in the Notice of the current AGM vide item no. 5 for a period of four years commencing from the current AGM...

  • Page 19
    ... Policy. The policy comprehensively provides an opportunity for any employee/Director of the Bank to raise any issue concerning breaches of law, accounting policies or any act resulting in financial or reputation loss and misuse of office or suspected or actual fraud. The Annual Report 2013-2014...

  • Page 20
    ... with the Code by all the Directors and senior management forms part of the Annual Report. CEO/CFO Certification In terms of Clause 49 of the Listing Agreement, the certification by the Managing Director & CEO and Chief Financial Officer on the financial statements and internal controls relating...

  • Page 21
    ... but excludes Section 25 companies and not for profit foreign companies. 3. Comprises only Audit Committee and Shareholders'/Investors' Grievance Committee of Indian public limited companies. Figures in parentheses indicate committee chairpersonships. Annual Report 2013-2014 19

  • Page 22
    ... management the auditor's independence, performance and effectiveness of audit process, review of functioning of Whistle Blower Policy, review of the quarterly and annual financial statements before submission to the Board, review of the adequacy of internal control systems...

  • Page 23
    ...hours on April 25, 2014. Remuneration policy The Board Governance, Remuneration & Nomination Committee determines and recommends to the Board the amount of remuneration, including performance bonus and perquisites, payable to the wholetime Directors. Annual Report 2013-2014...

  • Page 24
    ...leave travel concession, education benefits, provident fund, superannuation fund and gratuity, were provided in accordance with the scheme(s) and rule(s) applicable from time to time. In line with the staff loan policy applicable to specified grades of employees who fulfill prescribed eligibility...

  • Page 25
    ...remuneration payable to K. V. Kamath from time to time subject to approval of RBI. The Board at its Meeting held on October 25, 2013 approved a remuneration of ` 3,000,000 per annum effective May 1, 2014. RBI vide its letter dated March 25, 2014 while approving the re-appointment of the Chairman...

  • Page 26
    .../29.67.001/2011-12 dated January 13, 2012 has issued guidelines on "Compensation of Wholetime Directors/Chief Executive Officers/Risk takers and Control function staff etc." for implementation by private sector banks and foreign banks from the financial year 2012-13. In terms of the requirement of...

  • Page 27
    ... like risk management and customer service. In addition, the Bank has an employee stock option scheme aimed at aligning compensation to long term performance through stock option grants that vest over a period of time. Compensation of staff in financial and risk control functions is...

  • Page 28
    ...fees) Number of employees having received a variable remuneration award Number and total amount of sign-on awards made Details of guaranteed bonus paid as joining/sign on bonus Details of severance pay, in addition to accrued benefits Total amount of outstanding deferred remuneration Cash Shares...

  • Page 29
    ...Committee Terms of Reference The functions of the Committee include review of developments in key industrial sectors, major credit portfolios and approval of credit proposals as per the authorisation approved by the Board. Composition At March 31, 2014, the Credit Committee comprised four Directors...

  • Page 30
    .... Information Technology Strategy Committee Terms of Reference The Committee is empowered to approve strategy for Information Technology (IT) and policy documents, ensure that IT strategy is aligned with business strategy, review IT risks, ensure proper balance of IT investments...

  • Page 31
    ...Internal Capital Adequacy Assessment Process (ICAAP) and framework for capital allocation. The Committee is empowered to review the status of Basel II and Basel III implementation, risk return profile of the Bank, outsourcing activities, compliance with RBI guidelines pertaining to credit, market...

  • Page 32
    Directors' Report operation of bank accounts for payment of interest, dividend and redemption of securities and the listing of securities on stock exchanges. Composition At March 31, 2014, the Share Transfer & Shareholders'/Investors' Grievance Committee comprised three Directors including two ...

  • Page 33
    ...years are given below: General Body Meeting Annual General Meeting Day, Date Monday, June 25, 2012 Resolution Enhancement of limit for Employee Stock Options to ten percent of aggregate of the number of issued equity shares of the Bank and consequent approval to create, offer...

  • Page 34
    ... the Stock Exchanges are also filed through this system in addition to dissemination of information by email or fax. ICICI Bank's quarterly financial results are published either in the Financial Express (Mumbai, Pune, Ahmedabad, New Delhi, Lucknow, Chandigarh, Kolkata, Chennai...

  • Page 35
    ... equity shares. Code for ICICI Bank 532174 & 6321741 ICICIBANK IBN ICICI Bank has paid annual listing fees on its capital for the relevant periods to BSE and NSE where its equity shares are listed and NYSE where its ADSs are listed. Market Price Information The reported high and low closing...

  • Page 36
    Directors' Report The reported high and low closing prices and volume of ADRs of ICICI Bank traded during fiscal 2014 on the NYSE are given below: Month April 2013 May 2013 June 2013 July 2013 August 2013 September 2013 October 2013 November 2013 December 2013 January 2014 February 2014 March 2014...

  • Page 37
    ...physical form with the total issued/paid up equity share capital of ICICI Bank. Certificates issued in this regard are placed before the Stakeholders Relationship Committee and forwarded to BSE and NSE, where the equity shares of ICICI Bank are listed. Physical Share Disposal Scheme With a view to...

  • Page 38
    ...Shareholder Deutsche Bank Trust Company Americas (Depository for ADS holders) Life Insurance Corporation of India Dodge And Cox International Stock Fund Europacific Growth Fund Carmignac Gestion A\C Carmignac Patrimoine Aberdeen Global Indian Equity (Mauritius) Limited Merrill Lynch Capital Markets...

  • Page 39
    ... Bank has 168.36 million ADS (equivalent to 336.71 million equity shares) outstanding, which constituted 29.16% of ICICI Bank's total equity capital at March 31, 2014. Currently, there are no convertible debentures outstanding. Plant Locations - Not applicable Address...

  • Page 40
    ... from time to time, the maximum number of options granted to any employee/Director in a year is limited to 0.05% of ICICI Bank's issued equity shares at the time of the grant, and the aggregate of all such options is limited to 10% of ICICI Bank's issued equity shares on the date...

  • Page 41
    ... on the employee a right to apply for one equity share of face value of ` 10 of ICICI Bank at ` 1,299.55 which was closing price on the stock exchange which recorded the highest trading volume in ICICI Bank shares on April 23, 2014, the last trading day before the date of the Board Meeting. These...

  • Page 42
    ... exchanges, permitted listed entities to supply soft copies of full annual reports to all those shareholders who have registered their email addresses for the purpose. The Companies Act, 2013 and the underlying rules also permit the dissemination of financial statements...

  • Page 43
    ... Bank nor the efficiency or effectiveness with which the management has conducted the affairs of the Bank. For S. R. Batliboi & Co. LLP Chartered Accountants ICAI Firm registration number: 301003E Mumbai May 15, 2014 per Shrawan Jalan Partner Membership No.: 102102 Annual Report 2013-2014 41

  • Page 44
    ... growth, persistent inflation, high interest rates and significant volatility in global and domestic financial markets. ICICI Bank calibrated its strategy to the environment, adopting a balanced approach to growth, profitability and risk management. We believe that India continues to have strong...

  • Page 45
    ...in India on the MumbaiAhmedabad highway. ICICI Bank has also worked towards making access to loans easier for customers. Customers can check their loan eligibility and print sanction letters instantly using the "Express Loans" programme. Prospective home buyers can view all housing projects approved...

  • Page 46
    ...in India and key overseas geographies. The group analyses business and financial requirements of clients and services them through a bouquet of products ranging from working capital finance, export finance, trade and commercial banking products to rupee and foreign currency term loans and structured...

  • Page 47
    ... Indians in key global markets. Further, ICICI Bank's International Banking Group seeks to partner with global corporations as they expand in India. We also seek to build stable and diversified international funding sources and strong syndication capabilities to support our corporate and investment...

  • Page 48
    ..., ICICI Bank offers holistic banking services through its Business Correspondent (BC) channel, including savings accounts, remittances, fixed and recurring deposits and credit. The Bank has opened 17.8 million basic saving bank deposit accounts at March 31, 2014, which is the highest among private...

  • Page 49
    ...FX Products & Services and Best Domestic Provider for FX Options in India' as part of the Asiamoney Corporate FX Poll 2013. The Bank was also recognised as the Derivatives House of the Year, India at The Asset Triple A Private Banking, Wealth Management and Investment Awards 2013. Annual Report 2013...

  • Page 50
    ... non-performing loans, overdues, incremental sanctions and specific review of each portfolio. A summary of the reviews carried out by the Credit Committee and Risk Committee is reported to the Board of Directors. Our Asset Liability Management Committee is responsible for managing the balance sheet...

  • Page 51
    ..., the Credit Middle Office Group, the Treasury Control and Services Group and the Operations Group monitor operational adherence to regulations, policies and internal approvals. We have centralised operations to manage operational risk in most back office processes of the Bank's retail loan business...

  • Page 52
    ...deposits are augmented by borrowings in the short-term inter-bank market and through the issuance of bonds. Loan maturities and sale of investments also provide liquidity. Our international branches are primarily funded by debt capital market issuances, lines of financing from export credit agencies...

  • Page 53
    ...) Policy approved by the Board of Directors. The Policy is applicable across the Bank including overseas branches, ensuring a clear accountability and responsibility for management and mitigation of operational risk, developing a common understanding of operational risk and helping the business and...

  • Page 54
    ... on skill building through practice sessions in classrooms as well as structured internship in the Bank's branches and offices. They provide inputs on the Bank's products, norms, IT systems, service philosophy and the regulatory guidelines, equipping the new employees with required knowledge and...

  • Page 55
    ... Bank has leveraged technology and used innovative methods to assist employees to serve the customers effectively. It uses game and simulation based training to develop service and transaction processing skills in employees. The Bank now provides real-time performance support to employees "Business...

  • Page 56
    ... of the overseas branches of the Bank. The Corporate Internet Banking (CIB) platform has also been enhanced with features such as bulk tax payments, financial supply chain for dealer and vendor financing and providing customers an aggregated view of their accounts across banks. The Bank has launched...

  • Page 57
    ... and a market share of 11.8%. Profit after tax increased by 66% from ` 1.10 billion in fiscal 2013 to ` 1.83 billion in fiscal 2014. ICICI Prudential AMC was awarded as best fund house in the debt, equity and multi-asset categories by Morningstar India. ICICI Venture Funds Management Company (ICICI...

  • Page 58
    ...31, 2014, ICICI Bank Canada had total assets of CAD 5.5 billion compared to CAD 5.4 billion at March 31, 2013. ICICI Bank Canada had a capital adequacy ratio of 29.7% at March 31, 2014 compared to 33.2% at March 31, 2013. CREDIT RATING ICICI Bank's credit ratings by various credit rating agencies at...

  • Page 59
    ... Trade Bank in India' • The Asian Banking & Finance Wholesale Banking Awards 2013 for the India Domestic Trade Finance Bank of the Year • 'Best Financial Inclusion Initiative- FY2013' by the Indian Banks Association (IBA) • The Best Service Provider - Risk Management, India at The Asset...

  • Page 60
    ... second consecutive year, along with subdued investment activity and consumer demand. Uncertainties regarding the global recovery, concerns over domestic growth and volatility in financial markets were the key features of the economic environment in fiscal 2014. India's gross domestic product (GDP...

  • Page 61
    ... to ` 56.5 per US dollar at end-May 2013. In response to these developments, RBI changed its monetary policy stance. On July 15, 2013, with a view to stabilise the exchange rate, RBI increased the Marginal Standing Facility (MSF) rate, which is the rate at which banks borrow funds, in excess of the...

  • Page 62
    ...Capital inflows also improved towards the later part of fiscal 2014. With a view to attract US dollar inflows and provide support to the currency, in September 2013 RBI opened a swap facility for banks for incremental foreign currency non-resident (bank) (FCNR (B)) US dollar deposits at a fixed rate...

  • Page 63
    ...year. The benchmark equity index, the BSE Sensex, increased by 18.8% during fiscal 2014, moving from 18,836 at March 31, 2013 to a low of 17,906 on August 21, 2013 and subsequently rising to 22,386 at March 31, 2014. As per the Securities and Exchange Board of India, foreign institutional investment...

  • Page 64
    ...banks to create deferred tax liability, or DTL, on Special Reserve, with the DTL up to March 31, 2013 permitted to be directly adjusted through reserves and DTL from the financial year ending March 31, 2014 onwards to be charged through the profit and loss account; • In December 2013, RBI issued...

  • Page 65
    ... 0% to 2.5% of risk weighted assets of the bank. The variation in the credit-to-GDP ratio from its long-term trend would be a key parameter for identifying business cycles • In December 2013, RBI issued updated guidelines on stress testing. As per the guidelines, banks would have to carry out...

  • Page 66
    ... (including the impact of exchange rate depreciation). The net NPA ratio increased from 0.64% at March 31, 2013 to 0.82% at March 31, 2014. The Bank continued to expand its branch network in India. Branch network of the Bank in India increased from 3,100 branches and extension counters at March...

  • Page 67
    ... is the ratio of the net profit after tax to the quarterly average equity share capital and reserves. Return on average assets is the ratio of net profit after tax to average assets. The average balances are the averages of daily balances, except averages of foreign branches which are calculated on...

  • Page 68
    ...71 3.33% Yield on interest-earning assets - On advances - On investments - On SLR investments - On other investments - On other interest-earning assets Cost of interest-bearing liabilities - Cost of deposits - Current and savings account (CASA) deposits - Term deposits - Cost of borrowings Interest...

  • Page 69
    ....54 9.6% 1. 2. 3. 4. Borrowings exclude preference share capital. Average investments and average borrowings include average short-term re-purchase transactions. Average balances are the averages of daily balances, except averages of foreign branches which are calculated on a fortnightly basis. All...

  • Page 70
    ... in fiscal 2013 to ` 104.28 billion in fiscal 2014. Fee income Fee income primarily includes fees from corporate clients such as loan processing fees and transaction banking fees and fees from retail customers such as loan processing fees, fees from credit cards business, account service charges and...

  • Page 71
    ... 2014 primarily includes dividend of ` 6.90 billion from ICICI Prudential Life Insurance Company Limited, ` 2.86 billion from ICICI Bank Canada, ` 1.54 billion from ICICI Bank UK and ` 1.14 billion from ICICI Home Finance Company Limited. Dividend from subsidiaries of ` 9.12 billion in fiscal 2013...

  • Page 72
    ... retirement benefit obligations due to an increase in the discount rate, which is linked to the yield on government securities. The number of employees increased from 62,065 at March 31, 2013 to 72,226 at March 31, 2014. The employee base includes sales executives, employees on fixed term contracts...

  • Page 73
    ....7 14.8 22.3 0.7 12.5 10.8% Banks in India are required to maintain a specified percentage, currently 23.0%, of their net demand and time liabilities by way of liquid assets like cash, gold or approved unencumbered securities. Investments made in Rural Infrastructure Development Fund and other such...

  • Page 74
    ...31, 2014. Liabilities The following table sets forth, at the dates indicated, the principal components of liabilities (including capital and reserves). ` in billion, except percentages Liabilities Equity share capital Reserves Deposits - Savings deposits - Current deposits - Term deposits Borrowings...

  • Page 75
    ...31, 2014 and current deposits increased from ` 369.26 billion at March 31, 2013 to ` 432.45 billion at March 31, 2014. Total deposits at March 31, 2014 formed 68.2% of the funding (i.e., deposits and borrowings, other than preference share capital). The current and savings account deposits increased...

  • Page 76
    ... 31, 2013. Capital resources The Bank actively manages its capital to meet regulatory norms and current and future business needs considering the risks in its businesses, expectations of rating agencies, shareholders and investors and the available options for raising capital. The capital management...

  • Page 77
    ... III guidelines of RBI at March 31, 2014. ` in billion, except percentages Basel III CET1 capital Tier-1 capital Tier-2 capital Total capital Credit Risk - Risk Weighted Assets (RWA) On balance sheet Off balance sheet Market Risk - RWA Operational Risk - RWA Total RWA Total capital adequacy ratio...

  • Page 78
    ... risk capital charge is computed based on 15% of average of previous three financial years' gross income and is revised on an annual basis at June 30. Internal assessment of capital The capital management framework of the Bank includes a comprehensive internal capital adequacy assessment process...

  • Page 79
    ... of credit rating agencies, shareholders and investors; • future strategy with regard to investments or divestments in subsidiaries; and • evaluation of options to raise capital from domestic and overseas markets, as permitted by RBI from time to time. Key updates On March 27, 2014, RBI...

  • Page 80
    ... & Analysis ASSET QUALITY AND COMPOSITION Loan concentration The Bank follows a policy of portfolio diversification and evaluates its total financing in a particular sector in light of its forecasts of growth and profitability for that sector. The Bank's Credit Risk Management Group monitors all...

  • Page 81
    ...required to be lent to the priority sectors and weaker sections may be required to be deposited with government sponsored Indian development banks like the National Bank for Agriculture and Rural Development/Small Industries Development Bank of India/National Housing Bank/ Annual Report 2013-2014 79

  • Page 82
    ... Bank from time to time, based on the allocations made by RBI. These deposits have a maturity of up to seven years and carry interest rates lower than market rates. At March 31, 2014, the Bank's total investment in such deposits was ` 248.19 billion. Based on the RBI guideline dated May 15, 2014...

  • Page 83
    ...) Wholesale/retail trade Mining Shipping Manufacturing products (excluding metal) Other industries2 Total 1. 2. 3. ` 96.47 ` 105.54 Includes home loans, automobile loans, commercial business loans, dealer financing and small ticket loans to small businesses, personal loans, credit cards, rural...

  • Page 84
    ... current account and savings account deposits of the retail banking segment. Non-interest income increased by 19.0% from ` 30.42 billion in fiscal 2013 to ` 36.21 billion in fiscal 2014, primarily due to higher level lending linked fees, third party product distribution fees, fees from credit card...

  • Page 85
    ... on account of change in product mix from conventional products to linked products as linked products have lower commission rates. New business annual premium equivalent decreased by 2.5% from ` 35.32 billion during fiscal 2013 to ` 34.44 billion during fiscal 2014. Profit after tax of ICICI General...

  • Page 86
    ... Insurance Company Limited ICICI Bank Canada ICICI Bank UK Plc ICICI Bank Eurasia Limited Liability Company ICICI Securities Primary Dealership Limited ICICI Securities Limited (consolidated) ICICI Home Finance Company Limited ICICI Prudential Asset Management Company Limited ICICI Venture Funds...

  • Page 87
    ... 732.13 reserves Total capital 11.8% 13.4% 11.7% 14.0%1 15.5%1 19.4%1 19.5%1 18.5%1 18.7%1 17.7%2 adequacy ratio 1. Total capital adequacy ratio has been calculated as per Basel II framework. 2. Total capital adequacy ratio has been calculated as per Basel III framework. Annual Report 2013-2014 85

  • Page 88
    financials

  • Page 89
    ...Balance Sheet of ICICI Bank Limited (the 'Bank') as at 31 March 2014 and also the Profit and Loss Account and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Incorporated in the said financial statements are the returns...

  • Page 90
    ... the Balance Sheet. As per our Report of even date. FOR S.R. BATLIBOI & CO. LLP Chartered Accountants ICAI Firm Registration no.: 301003E SHRAWAN JALAN Partner Membership no.:102102 Place : Mumbai Date : April 25, 2014 K. V. KAMATH Chairman For and on behalf of the Board of Directors HOMI KHUSROKHAN...

  • Page 91
    ... dividend tax ...Balance carried over to balance sheet ...TOTAL ...Significant accounting policies and notes to accounts ...Earnings per share (refer note 18.1) Basic (`) ...Diluted (`)...Face value per share (`) ... IV. The Schedules referred to above form an integral part of the Profit and Loss...

  • Page 92
    ... accounting policies. The Schedules referred to above form an integral part of the Balance Sheet. As per our Report of even date. FOR S.R. BATLIBOI & CO. LLP Chartered Accountants ICAI Firm Registration no.: 301003E SHRAWAN JALAN Partner Membership no.:102102 Place : Mumbai Date : April 25, 2014...

  • Page 93
    ... forming part of the Balance Sheet At 31.03.2014 SCHEDULE 1 - CAPITAL Authorised capital 1,275,000,000 equity shares of ` 10 each (March 31, 2013: 1,275,000,000 equity shares of ` 10 each) ...15,000,000 shares of ` 100 each (March 31, 2013: 15,000,000 shares of ` 100 each)1 ...350 preference shares...

  • Page 94
    ... made to Reserve Fund and Investment Fund Account in accordance with regulations applicable to Sri Lanka branch. Represents amount utilised for creation of deferred tax liability on balance in Special Reserve at March 31, 2013 in accordance with RBI circular dated December 20, 2013. F6

  • Page 95
    schedules forming part of the Balance Sheet (Contd.) At 31.03.2014 SCHEDULE 3 - DEPOSITS A. Demand deposits i) From banks ...ii) From others...II. Savings bank deposits ...III. Term deposits i) From banks ...ii) From others...TOTAL DEPOSITS ...B. I. Deposits of branches in India ...II. Deposits of ...

  • Page 96
    ... million). b) Corporate dividend tax payable amounting to ` 2,312.5 million (March 31, 2013: ` 2,921.6 million). SCHEDULE 6 - CASH AND BALANCES WITH RESERVE BANK OF INDIA I. II. Cash in hand (including foreign currency notes) ...Balances with Reserve Bank of India in current accounts ...51,869,228...

  • Page 97
    ......SCHEDULE 9 - ADVANCES [net of provisions] A. i) Bills purchased and discounted ...ii) Cash credits, overdrafts and loans repayable on demand ...iii) Term loans ...TOTAL ADVANCES ...B. i) Secured by tangible assets (includes advances against book debts) ...ii) Covered by bank/government guarantees...

  • Page 98
    ... the year ended March 31, 2014 in accordance with the RBI circular dated December 20, 2013. SCHEDULE 12 - CONTINGENT LIABILITIES I. Claims against the Bank not acknowledged as debts ...II. Liability for partly paid investments ...III. Liability on account of outstanding forward exchange contracts1...

  • Page 99
    ... (March 31, 2013: ` 2,575.5 million). Includes interest and amortisation of premium on non-trading interest rate swaps and foreign currency swaps. SCHEDULE 14 - OTHER INCOME I. II. III. IV. V. VI. Commission, exchange and brokerage ...Profit/(loss) on sale of investments (net) ...Profit/(loss) on...

  • Page 100
    ...ICICI Bank used in the preparation of these financial statements conform to Generally Accepted Accounting Principles in India (Indian GAAP), the guidelines issued by Reserve Bank of India (RBI) from time to time, the Accounting Standards (AS) issued by the Institute of Chartered Accountants of India...

  • Page 101
    ..., while net depreciation is provided for. Non-performing investments are identified based on the RBI guidelines. Costs including brokerage and commission pertaining to investments, paid at the time of acquisition, are charged to the profit and loss account. Cost of investments is computed based on...

  • Page 102
    ... 1% of the total funded assets, no provision is required on such country exposure. c) d) e) 4. Transfer and servicing of assets The Bank transfers commercial and consumer loans through securitisation transactions. The transferred loans are de-recognised and gains/losses are accounted for only if...

  • Page 103
    ... administers the funds on its own account or through insurance companies. The plan provides for pension payment including dearness relief on a monthly basis to these employees on their retirement based on the respective employee's years of service with the Bank and applicable salary. 8. 9. F15

  • Page 104
    ... as per the projected unit credit method. The actuarial gains or losses arising during the year are recognised in the profit and loss account. Employees covered by the pension plan are not eligible for employer's contribution under the provident fund plan. Provident Fund The Bank is statutorily...

  • Page 105
    ... the ratio, assets represent monthly average of total assets as reported in Form X to RBI under Section 27 of the Banking Regulation Act, 1949. The number of employees includes sales executives, employees on fixed term contracts and interns. The average deposits and the average advances represent...

  • Page 106
    ... during the year ...Amount of subordinated debt raised as Tier-2 capital during the year ...4. Information about business and geographical segments Business Segments Pursuant to the guidelines issued by RBI on Accounting Standard 17-(Segment Reporting)- Enhancement of Disclosures dated April 18...

  • Page 107
    ....3 ` in million Total Includes tax paid in advance/tax deducted at source (net) and deferred tax asset (net). Includes share capital and reserves and surplus. Particulars Retail Banking For the year ended March 31, 2013 Wholesale Treasury Other Banking Banking Business 1 2 3 4 5 6 7 8 9 10 11...

  • Page 108
    ... been made by the management. Assets and liabilities in foreign currency exclude off-balance sheet assets and liabilities. ` in million The following table sets forth, the maturity pattern of assets and liabilities of the Bank at March 31, 2014. Loans & Investment Advances 1 securities1 7,090.4 15...

  • Page 109
    ... 20, 2018, as per the original issue terms. Employee Stock Option Scheme (ESOS) In terms of the ESOS, as amended, the maximum number of options granted to any eligible employee in a financial year shall not exceed 0.05% of the issued equity shares of the Bank at the time of grant of the options and...

  • Page 110
    ... 31, 2013, the Bank raised subordinated debt qualifying for Tier-2 capital amounting to ` 38,000.0 million. The following table sets forth the details of these bonds. ` in million Particulars Lower Tier-2 Total Date of Issue December 31, 2012 Coupon Rate (%) 9.15% (annually) Tenure 10 years Amount...

  • Page 111
    ... India...Net value of investments a) In India ...b) Outside India...Movement of provisions held towards depreciation on investments Opening balance ...Add: Provisions made during the year ...Less: Write-off/(write back) of excess provisions during the year ...Closing balance ...At March 31, 2014...

  • Page 112
    ... subordinated bonds of subsidiaries, namely ICICI Bank UK PLC and ICICI Bank Canada. Excludes equity shares, units of equity-oriented mutual fund, units of venture capital fund, pass through certificates, security receipts, commercial papers, certificates of deposit, non-convertible debentures (NCDs...

  • Page 113
    ... 31, 2014 (March 31, 2013: ` 86,752.0 million). 14. Derivatives ICICI Bank is a major participant in the financial derivatives market. The Bank deals in derivatives for balance sheet management and market making purposes whereby the Bank offers derivative products to its customers, enabling them...

  • Page 114
    ...on-balance sheet items. The following table sets forth, for the period indicated, the details of derivative positions. Sr. Particulars No. 1 2 Derivatives (Notional principal amount) a) For hedging ...b) For trading ...Marked to market positions3 a) Asset (+) ...b) Liability (-) ...Credit exposure4...

  • Page 115
    .... The Bank offers deposits to customers of its offshore branches with structured returns linked to interest, forex, credit or equity benchmarks. The Bank covers these exposures in the inter-bank market. At March 31, 2014, the net open position on this portfolio was Nil (March 31, 2013: Nil) with...

  • Page 116
    ... contracts for balance sheet management and market making purposes whereby the Bank offers derivative products to its customers to enable them to hedge their interest rate risk within the prevalent regulatory guidelines. A FRA is a financial contract between two parties to exchange interest payments...

  • Page 117
    ... Bank as an originator till May 7, 2012. ` in million, except number of loans securitised Year ended March 31, 2014 - - - 177.9 Year ended March 31, 2013 - - - (283.7) ` in million At March 31, 2013 4,970.4 - (88.9) 3,017.8 Total number of loan assets securitised ...Total book value of loan assets...

  • Page 118
    ... in terms of the above RBI guidelines. The following table sets forth, for the periods indicated, details of non-performing assets sold, excluding those sold to SC/RC. ` in million, except number of accounts Year ended Year ended March 31, 2014 March 31, 2013 No. of accounts ...1 2 Aggregate value...

  • Page 119
    ... tables set forth, for the year ended March 31, 2014 details of loan assets subjected to restructuring. ` in million, except number of accounts Under CDR Mechanism Standard (a) (c) (d) (e) (a) (c) (d) (e) SubStandard (b) Doubtful Loss Total Standard SubStandard (b) Doubtful Loss Total Under SME Debt...

  • Page 120
    ...31, 2013 and that shown in addition represents outstanding at March 31, 2014. Increase/(decrease) in borrower level outstanding of existing restructured accounts is due to utilisation of cash credit facility, exchange rate fluctuation, accrued interest, fresh disbursement, non-fund based devolvement...

  • Page 121
    ... tables set forth, for the year ended March 31, 2013 details of loan assets subjected to restructuring. ` in million, except number of accounts Under CDR Mechanism Standard (a) (c) (d) (e) (a) (c) (d) (e) SubStandard (b) Doubtful Loss Total Standard SubStandard (b) Doubtful Loss Total Under SME Debt...

  • Page 122
    ... except number of accounts Others Standard (a) (c) (d) (e) (a) (c) (d) (e) SubStandard (b) Doubtful Loss Total Standard SubStandard (b) Doubtful Loss Total Total Type of Restructuring Sr. Asset Classification Details no. schedules forming part of the Accounts (Contd.) 1. Restructured Accounts at...

  • Page 123
    .../customers as a percentage of total exposure of the Bank ...1. At March 31, 2014 1,190,611.6 15.21% At March 31, 2013 1,126,427.8 14.85% ` in million Represents credit and investment exposures as per RBI guidelines on exposure norms. Concentration of NPAs Total exposure1 to top 4 NPA accounts...

  • Page 124
    ... ended March 31, 2013 935,097.0 3,624.0 46,925.8 Represents the total assets and total revenue of foreign operations as reported in Schedule 18 notes to accounts note no. 4 on information about business and geographical segments, of the financial statements. (IV) Off-balance sheet special purpose...

  • Page 125
    ... primary issue of shares or convertible bonds or convertible debentures or units of equity oriented mutual funds...Financing to stockbrokers for margin trading ...All exposures to Venture Capital Funds (both registered and unregistered) Others ...Total Exposure to Capital Market ...At March 31, 2013...

  • Page 126
    ... Bank of India guidelines on single borrower and borrower group limit. 29. Unsecured advances against intangible assets The Bank has not made advances against intangible collaterals of the borrowers, which are classified as 'unsecured' in its financial statements at March 31, 2014 (March 31, 2013...

  • Page 127
    ... amounts remaining unpaid towards liability for partly paid investments. These payment obligations of the Bank do not have any profit/loss impact. The Bank enters into foreign exchange contracts in its normal course of business, to exchange currencies at a pre-fixed price at a future date. This item...

  • Page 128
    ... & settlements (gain)/loss ...Effect of the limit in para 59(b) of AS-15 on 'employee benefits' ...Net cost ...Actual return on plan assets ...Expected employer's contribution next year ...Investment details of plan assets Insurer Managed Funds1 ...Government of India securities...Corporate Bonds...

  • Page 129
    ... on 'employee benefits' ...Net cost ...Actual return on plan assets ...Expected employer's contribution next year ...Investment details of plan assets Insurer Managed Funds ...Government of India securities ...Corporate Bonds ...Special Deposit schemes ...Equity...Others ...Assumptions Discount rate...

  • Page 130
    ... for provident fund. ` in million Particulars Opening obligations ...Service cost ...Interest cost ...Actuarial (gain)/loss ...Employees contribution ...Liability transferred from/to other companies ...Benefits paid ...Obligations at end of the year ...Opening plan assets ...Expected return on plan...

  • Page 131
    ...under Employees Provident Fund and Miscellaneous Provisions Act, 1952. Superannuation Fund Bank has contributed ` 118.1 million for the year March 31, 2014 (March 31, 2013: ` 100.5 million) to superannuation fund. 34. Movement in provision for credit card/debit card/savings account reward points The...

  • Page 132
    ..., FINO PayTech Limited, TCW/ICICI Investment Partners Limited (up to June 30, 2013), I-Process Services (India) Private Limited, NIIT Institute of Finance, Banking and Insurance Training Limited, ICICI Venture Value Fund1 (up to September 30, 2013), Comm Trade Services Limited, ICICI Foundation for...

  • Page 133
    ...March 31, 2013: ` 1.0 million), ICICI Securities Limited amounting to ` 15.4 million (March 31, 2013: ` 14.5 million) and with I-Process Services (India) Private Limited amounting to ` 6.6 million (March 31, 2013: ` 6.6 million). Purchase of investments During the year ended March 31, 2014, the Bank...

  • Page 134
    ... USD 100.0 million)] on account of buyback of equity/preference shares by ICICI Bank UK PLC. During the year ended March 31, 2014, the Bank received a consideration from ICICI Emerging Sectors Fund amounting to ` 358.0 million (March 31, 2013: Nil) and from ICICI Eco-net Internet and Technology Fund...

  • Page 135
    ...), ICICI Bank UK PLC amounting to ` 1,536.9 million (March 31, 2013: ` 1,307.3 million) and with ICICI Home Finance Company Limited amounting to ` 1,137.2 million (March 31, 2013: ` 1,389.9 million). Dividend paid During the year ended March 31, 2014, the Bank paid dividend to its key management...

  • Page 136
    ... Bank guarantees issued by ICICI Bank UK Plc on behalf of its clients amounting to Nil were transferred to the bank during the year ended March 31, 2014 (March 31, 2013: ` 12,221.2 million). Letters of Comfort The Bank has issued letters of comfort on behalf of its banking subsidiaries. The details...

  • Page 137
    ...Deposits with ICICI Bank ...Deposits of ICICI Bank ...Call/term money lent ...Call/term money borrowed ...Reverse repurchase...Advances ...Investments of ICICI Bank ...Investments of related parties in ICICI Bank1...Receivables ...Payables1 ...Guarantees/ letter of credit/ indemnity ...Swaps/forward...

  • Page 138
    ... Bank ...Deposits of ICICI Bank ...Call/term money lent ...Call/term money borrowed ...Advances ...Investments of ICICI Bank ...Investments of related parties in ICICI Bank ...Receivables1...Payables1 ...Guarantees/ letter of credit/ indemnity ...Swaps/forward contracts (notional amount) ...Employee...

  • Page 139
    ...management and customer service. In addition, the Bank has an employee stock option scheme aimed at aligning compensation to long term performance through stock option grants that vest over a period of time. Compensation of staff in financial and risk control functions is independent of the business...

  • Page 140
    schedules forming part of the Accounts (Contd.) as well as employees, incorporate relevant risk management related aspects. For example, in addition to performance targets in areas such as growth and profits, performance indicators include aspects such as the desired funding profile and asset ...

  • Page 141
    schedules forming part of the Accounts 2. 3. 4. Fixed pay includes basic salary, supplementary allowances, superannuation, contribution to provident fund and gratuity fund by the Bank. Variable pay for the year ended March 31, 2014 was awarded in the month of April 2014 and is subject to approval ...

  • Page 142
    ... equity shares due to the legal form of the subsidiary. The above companies (other than ICICI Bank UK PLC, ICICI Bank Canada, ICICI Bank Eurasia Limited Liability Company, ICICI Prudential Asset Management Company Limited, ICICI Prudential Trust Limited and ICICI Prudential Pension Funds Management...

  • Page 143
    Consolidated financial statements of ICICI Bank Limited and its subsidiaries

  • Page 144
    ... consolidated financial statements of ICICI Bank Limited ("the Bank") and its subsidiaries, associates and joint ventures (the 'ICICI Group'), which comprise the consolidated Balance Sheet as at March 31, 2014, and the consolidated Profit and Loss Account and the consolidated Cash Flow Statement...

  • Page 145
    ...2014, total revenue of ` 159,902 million and net cash out flows amounting to ` 7,300 million for the year then ended. For the purpose of the consolidated financial statements, we have relied upon the work of other auditors. The auditors of the ICICI Prudential Life Insurance Company, the ICICI Group...

  • Page 146
    consolidated balance sheet at March 31, 2014 Schedule CAPITAL AND LIABILITIES Capital ...Employees stock options outstanding ...Reserves and surplus ...Minority interest ...Deposits ...Borrowings ...Liabilities on policies in force ...Other liabilities and provisions ...TOTAL CAPITAL AND LIABILITIES...

  • Page 147
    ...) Investment Reserve Account ...Transfer to Special Reserve ...Transfer to Revenue and other reserves ...Dividend (including corporate dividend tax) for the previous year paid during the year ...Proposed equity share dividend ...Proposed preference share dividend ...Corporate dividend tax ...Balance...

  • Page 148
    ... of fixed assets ...(Purchase)/sale of held to maturity securities ...Net cash used in investing activities ...Cash flow from financing activities Proceeds from issue of share capital (including ESOPs) ...Net proceeds/(repayment) of borrowings ...Dividend and dividend tax paid ...Net cash generated...

  • Page 149
    ...for the time being in that behalf. Pursuant to RBI circular the issued and paid-up preference shares are grouped under Schedule 4- "Borrowings". SCHEDULE 2 - RESERVES AND SURPLUS I. Statutory reserve Opening balance ...Additions during the year ...Deductions during the year ...Closing balance ...II...

  • Page 150
    ... Fund Account in accordance with regulations applicable to Sri Lanka branch. Includes amount utilised for creation of deferred tax liability of ICICI Bank on balance in Special Reserve at March 31, 2013 in accordance with RBI circular dated December 20, 2013. Includes unrealised profit/(loss...

  • Page 151
    schedules forming part of the Consolidated Balance Sheet (Contd.) At 31.03.2014 SCHEDULE 2A - MINORITY INTEREST Opening minority interest ...Increase/(decrease) during the year ...CLOSING MINORITY INTEREST ...SCHEDULE 3 - DEPOSITS A. I. Demand deposits i) From banks ...ii) From others ...II. Savings...

  • Page 152
    ...,496 TOTAL OTHER LIABILITIES AND PROVISIONS ... SCHEDULE 6 - CASH AND BALANCES WITH RESERVE BANK OF INDIA I. Cash in hand (including foreign currency notes) ...II. Balances with Reserve Bank of India in current accounts ...TOTAL CASH AND BALANCES WITH RESERVE BANK OF INDIA ...SCHEDULE 7 - BALANCES...

  • Page 153
    ...Investments in India (net of provisions) i) Government securities ...ii) Other approved securities ...iii) Shares (includes equity and preference shares)1 ...iv) Debentures and bonds ...v) Assets held to cover linked liabilities of life insurance business ...vi) Others (commercial paper, mutual fund...

  • Page 154
    ...31, 2013: ` 1,432.3 million). SCHEDULE 12 - CONTINGENT LIABILITIES I. Claims against the Group not acknowledged as debts ...II. Liability for partly paid investments ...III. Liability on account of outstanding forward exchange contracts1 ...IV. Guarantees given on behalf of constituents a) In India...

  • Page 155
    schedules forming part of the Consolidated Profit and Loss Account Year ended 31.03.2014 SCHEDULE 13 - INTEREST EARNED I. Interest/discount on advances/bills ...II. Income on investments ...III. Interest on balances with Reserve Bank of India and other inter- bank funds ...IV. Others1,2 ...TOTAL ...

  • Page 156
    ... providing a wide range of banking and financial services including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services. ICICI Bank Limited (the Bank...

  • Page 157
    ... ICICI Prudential Asset Management Company Limited ICICI Prudential Trust Limited ICICI Equity Fund ICICI Strategic Investments Fund ICICI Kinfra Limited I-Ven Biotech Limited FINO PayTech Limited2 I-Process Services (India) Private Limited2 NIIT Institute of Finance Banking and Insurance Training...

  • Page 158
    ... consolidated financial statements of the Group are reported in Indian rupees (`), the national currency of India. Foreign currency income and expenditure items are translated as follows: • For domestic operations, at the exchange rates prevailing on the date of the transaction with the resultant...

  • Page 159
    ... the impact of timing differences between taxable income and accounting income for the current year, and carry forward losses. Deferred tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. The impact of...

  • Page 160
    schedules forming part of the Consolidated Accounts (Contd.) 5. Claims and benefits paid In the case of general insurance business, claims incurred comprise claims paid, estimated liability for outstanding claims made following a loss occurrence reported and estimated liability for claims incurred ...

  • Page 161
    ... their monthly salary during their employment. The amount so contributed/paid by the Bank to the superannuation fund or to employee during the year is recognised in the profit and loss account. ICICI Prudential Life Insurance Company, ICICI Prudential Asset Management Company and ICICI Venture Funds...

  • Page 162
    ... while net depreciation is provided for. Non-performing investments are identified based on the RBI guidelines. d) Costs including brokerage and commission pertaining to investments, paid at the time of acquisition, are charged to the profit and loss account. Cost of investments is computed based on...

  • Page 163
    ... closing price on the National Stock Exchange (NSE) (or BSE, in case the investments are not listed on NSE). Mutual fund units at the balance sheet date are valued at the latest available net asset values of the respective fund. c. Unrealised gains/losses arising due to changes in the fair value...

  • Page 164
    ... of the total loans at March 31, 2014. 15. Transfer and servicing of assets The Bank transfers commercial and consumer loans through securitisation transactions. The transferred loans are de-recognised and gains/losses are accounted for only if the Bank surrenders the rights to benefits specified in...

  • Page 165
    ...value with changes recognised in the profit and loss account. Foreign currency and rupee derivative contracts entered into for trading purposes are marked to market and the resulting gain or loss, (net of provisions, if any) is accounted for in the profit and loss account. Pursuant to RBI guidelines...

  • Page 166
    ... and key management personnel and their relatives. Associates/other related entities FINO PayTech Limited, I-Process Services (India) Private Limited, NIIT Institute of Finance Banking and Insurance Training Limited, Comm Trade Services Limited, ICICI Foundation for Inclusive Growth, Rainbow Fund...

  • Page 167
    ... Accounts (Contd.) During the year ended March 31, 2014, the Group paid insurance claims to associates/other related entities amounting to ` 0.5 million (March 31, 2013: ` 0.12 million). The material transactions for the year ended March 31, 2014 were with I-Process Services (India) Private Limited...

  • Page 168
    schedules forming part of the Consolidated Accounts (Contd.) Gramin Bank amounting to ` 7.5 million (March 31, 2013: ` 47.2 million). Dividend paid During the year ended March 31, 2014, the Bank paid dividend to its key management personnel amounting to ` 8.1 million (March 31, 2013: ` 6.7 million...

  • Page 169
    ...31, 2014 30.1 8.3 Year ended March 31, 2013 44.6 7.9 Deposits ...Advances ...3. Employee Stock Option Scheme (ESOS) In terms of the ESOS, as amended, the maximum number of options granted to any eligible employee in a financial year shall not exceed 0.05% of the issued equity shares of the Bank at...

  • Page 170
    ... million and proforma profit after tax would have been ` 95.74 billion. The key assumptions used to estimate the fair value of options granted during the year ended March 31, 2014 are given below. Risk-free interest rate ...Expected life ...Expected volatility ...Expected dividend yield ...7.60% to...

  • Page 171
    schedules forming part of the Consolidated Accounts (Contd.) ICICI Life: ICICI Prudential Life Insurance Company has formulated ESOS for their employees. For ICICI Prudential Life Insurance Company there is no compensation cost for the year ended March 31, 2014 based on the intrinsic value of ...

  • Page 172
    ... (Number of years) 3.96 35-200 If the Group had used the fair value of options based on the binomial tree model, the compensation cost for the year ended March 31, 2014 would have been higher by ` 2,273.0 million (March 31, 2013: ` 1,795.5 million) and the proforma consolidated profit after tax...

  • Page 173
    ... value of plan assets and other details for pension benefits. ` in million Year ended Year ended Particulars March 31, 2014 March 31, 2013 Opening obligations ...10,392.5 9,602.7 Service cost ...240.3 250.6 Interest cost ...833.7 793.7 Actuarial (gain)/loss ...998.5 2,017.8 Liabilities extinguished...

  • Page 174
    ... & settlements (gain)/loss ...Effect of the limit in para 59(b) of AS 15 on 'employee benefits' ...Net cost ...Actual return on plan assets ...Expected employer's contribution next year ...Investment details of plan assets Insurer Managed Funds1 ...Government of India securities ...Corporate Bonds...

  • Page 175
    ... next year ...Investment details of plan assets ...Insurer managed funds ...Government of India securities ...Corporate Bonds ...Special Deposit schemes ...Equity ...Others ...Assumptions Interest rate ...Salary escalation rate ...Estimated rate of return on plan assets ...Year ended March 31, 2014...

  • Page 176
    ... (gain)/loss ...(9.9) 24.2 Employees contribution ...1,923.9 1,626.0 Obligations transferred from/to other companies ...32.8 62.3 Benefits paid ...(2,138.6) (1,973.2) Obligations at end of the year ...18,356.2 16,136.8 Opening plan assets ...16,136.8 14,267.4 Expected return on plan assets ...1,407...

  • Page 177
    ... benefits') ...Surplus/(deficit) ...Experience adjustment on plan assets ...Experience adjustment on plan liabilities ... The Group has contributed ` 1,925.7 million to provident fund including Government of India managed employees provident fund for the year ended March 31, 2014 (March 31, 2013...

  • Page 178
    ...for the year ended March 31, 2014. At March 31, 2014, ICICI Prudential Life Insurance Company has created deferred tax asset on carry forward unabsorbed losses amounting to Nil (March 31, 2013: ` 12.8 million) which can be set off against future taxable income. 11. A. Information about business and...

  • Page 179
    ...Life Insurance Company Limited. General insurance represents results of ICICI Lombard General Insurance Company Limited. Others includes ICICI Home Finance Company Limited, ICICI Venture Funds Management Company Limited, ICICI International Limited, ICICI Securities Primary Dealership Limited, ICICI...

  • Page 180
    ...7,475,256.8 - 7,475,256.8 8,055.3 (25.8) 7,192.7 forming part of the Consolidated Accounts (Contd.) 1. 2. 3. Includes share of net profit of minority shareholders. Includes tax paid in advance/tax deducted at source (net), deferred tax asset (net). Includes share capital and reserves and surplus.

  • Page 181
    ... table sets forth, the business segment results for the year ended March 31, 2013. ` in million Retail banking segment adjustments Wholesale banking Treasury Other banking business Life insurance General insurance Others InterTotal Sr. Particulars no. schedules 1 2 3 4 5 225,856.3 9,545.5 313...

  • Page 182
    ...in million Assets At March 31, 2014 5,866,397.8 1,554,068.3 7,420,466.1 At March 31, 2013 5,321,569.2 1,357,968.9 6,679,538.1 Domestic operations ...Foreign operations ...Total ... Note: Segment assets do not include tax paid in advance/tax deducted at source (net) and deferred tax asset (net). The...

  • Page 183
    ... Foreign Exchange Management Act, 1999 (FEMA) on operating matters pertaining to Know Your Customer (KYC). The Bank has paid the penalty to RBI. 13. Re-classification of investments of ICICI Bank Canada During the three months ended December 31, 2013, ICICI Bank Canada transferred certain corporate...

  • Page 184
    ... financial information of ICICI Bank Eurasia Limited Liability Company have been translated into Indian Rupees at the closing rate at December 31, 2013 of 1 RUB = ` 1.8897. 9. Paid up share capital does not include share application money. For and on behalf of the Board of Directors K. V. KAMATH...

  • Page 185
    ... disclosures n Scope of application Capital adequacy Credit risk Securitisation exposures Market risk Operational risk Interest rate risk in the banking book (IRRBB) Liquidity risk Counterparty credit risk Risk management framework of non-banking group companies Disclosure requirements for...

  • Page 186
    ... of total assets as reported in from X to RBI Profit before provisions and contingencies Quarterly average of number of employees. The number of employees includes sales executives, employees on fixed term contracts and interns Net profit after tax divided by weighted average number of equity shares...

  • Page 187
    ...Academy has added three more Annual Report 2013-2014 P1 AREAS OF FOCUS 1. Skill Development & Sustainable Livelihoods (i) ICICI Academy for Skills: India's potential demographic dividend emerges from a large number of young people who are ready to join the workforce and participate in the country's

  • Page 188
    ...students enrolled in this course are offered an appointment letter on their date of joining, which is valid upon successful completion of the course. The Retail Café Operations course is being conducted at the Patna, Guwahati and Pune centres of ICICI Academy. The course focuses on customer service...

  • Page 189
    ... renewal of curricula, syllabus guidelines and development of new text books - the curricula and syllabi for Classes I to VIII have been revised and new text books have been developed under this programme. Annual Report 2013-2014 P3 The ICICI RSETI training programmes have resulted in about 70% of...

  • Page 190
    ...Educator Group (TEG) for development of curricula, textbooks and reading material for pre-service teacher training • Subject Resource Centres (SRCs) have been set up in four DIETs and training of DIET faculty members is in progress • Through the on-going in-service teacher training, a total...

  • Page 191
    ...,536. • ICICI Foundation has developed a detailed case study titled - Pilot Project Introducing Outpatient Healthcare on the RSBY Card - to create a comprehensive source of information for the key stakeholders involved in providing healthcare to India's poor The utilisation of OP services has...

  • Page 192
    .... The project works with the active involvement of the Integrated Child Development Scheme (ICDS), National Rural Health Mission (NRHM), Women and Child Development (WCD) Department and the Health Department, Government of Rajasthan. P6 4. Financial Inclusion Financial Literacy Programme: Financial...

  • Page 193
    ... and Business Correspondents (BCs), the Bank provides basic banking services such as savings accounts, deposits, remittances, Direct Benefit Transfer, overdrafts and entrepreneurial credit. During fiscal 2014, the Bank opened 317 branches in unbanked villages, taking the total count of branches in...

  • Page 194
    ...Chief Minister's Relief Fund. The donation comprised contribution of the employees of ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, ICICI Prudential Asset Management, ICICI Venture, ICICI Securities, ICICI Securities Primary Dealership and ICICI Foundation, as well...

  • Page 195
    ..., Managing Director & CEO, ICICI Bank, handing over a cheque to Ms. Manisha Bangar (second from right), the representative of Sant Janabai Mahila Swayam Sahaya Bachat Gat, on the occasion of International Women's Day, on March 8, 2014. She is the one millionth woman beneficiary to get financial...

  • Page 196
    "BNPL A/C No MR/DA/ NE-1050/2006 AT BPC KURLA" ICICI BANK LIMITED ICICI Bank Towers Bandra-Kurla Complex Mumbai 400 051 www.icicibank.com