ICICI Bank 2014 Annual Report Download - page 135

F47
Interest expenses
During the year ended March 31, 2014, the Bank paid interest to its subsidiaries amounting to ` 350.8 million (March 31,
2013: ` 390.9 million), to its associates/joint ventures/other related entities amounting to ` 353.8 million (March 31, 2013: `
272.5 million), to its key management personnel amounting to ` 4.2 million (March 31, 2013: ` 2.9 million) and to relatives
of key management personnel amounting to ` 1.7 million (March 31, 2013: ` 1.7 million). The material transactions for
the year ended March 31, 2014 were with ICICI Securities Limited amounting to ` 284.2 million (March 31, 2013: ` 184.5
million), India Infradebt Limited amounting to ` 268.6 million (March 31, 2013: ` 84.5 million), Mewar Aanchalik Gramin
Bank amounting to ` 70.0 million (March 31, 2013: ` 162.4 million) and with ICICI Prudential Life Insurance Company Limited
amounting to ` 19.9 million (March 31, 2013: ` 148.4 million).
Interest income
During the year ended March 31, 2014, the Bank received interest from its subsidiaries amounting to ` 1,687.9 million
(March 31, 2013: ` 1,781.2 million), from its associates/joint ventures/other related entities amounting to ` 55.8 million
(March 31, 2013: ` 95.1 million), from its key management personnel amounting to ` 0.9 million (March 31, 2013: ` 0.4
million) and from relatives of key management personnel amounting to ` 0.5 million (March 31, 2013: ` 0.7 million). The
material transactions for the year ended March 31, 2014 were with ICICI Home Finance Company Limited amounting to
` 1,151.0 million (March 31, 2013: ` 1,202.0 million) and with ICICI Bank Eurasia Limited Liability Company amounting to
` 173.9 million (March 31, 2013: ` 245.9 million).
Other income
The Bank undertakes derivative transactions with its subsidiaries, associates, joint ventures and other related entities.
The Bank manages its foreign exchange and interest rate risks arising from these transactions by covering them in the
market. During the year ended March 31, 2014, the net loss of the Bank on forex and derivative transactions entered with
subsidiaries was ` 743.7 million (March 31, 2013: net gain of ` 304.5 million). The material transactions for the year ended
March 31, 2014 were loss of ` 1,168.4 million (March 31, 2013: gain of ` 235.7 million) with ICICI Bank UK PLC, gain of `
266.6 million (March 31, 2013: gain of ` 170.4 million) with ICICI Bank Canada, gain of ` 237.8 million (March 31, 2013:
loss of ` 162.5 million) with ICICI Home Finance Company Limited and loss of ` 108.2 million (March 31, 2013: gain of `
31.6 million) with ICICI Securities Primary Dealership Limited.
While the Bank within its overall position limits covers these transactions in the market, the above amounts represent
only the transactions with its subsidiaries, associates, joint ventures and other related entities and not the offsetting/
covering transactions.
Dividend income
During the year ended March 31, 2014, the Bank received dividend from its subsidiaries amounting to ` 12,956.2 million
(March 31, 2013: ` 9,117.6 million). The material transactions for the year ended March 31, 2014 were with ICICI Prudential
Life Insurance Company Limited amounting to ` 6,901.7 million (March 31, 2013: ` 3,271.5 million), ICICI Bank Canada
amounting to ` 2,859.5 million (March 31, 2013: ` 1,666.2 million), 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 personnel amounting to ` 8.1
million (March 31, 2013: ` 6.7 million). The dividend paid during the year ended March 31, 2014 to Chanda Kochhar was
` 6.6 million (March 31, 2013: ` 5.1 million), to N. S. Kannan was ` 1.5 million (March 31, 2013: ` 1.2 million) and to K.
Ramkumar was Nil (March 31, 2013: ` 0.4 million).
Remuneration to whole-time directors
Remuneration paid to the whole-time directors of the Bank during the year ended March 31, 2014 was ` 168.7 million
(March 31, 2013: ` 154.9 million). The remuneration paid for the year ended March 31, 2014 to Chanda Kochhar was ` 58.3
million (March 31, 2013: ` 54.2 million), to N. S. Kannan was ` 33.6 million (March 31, 2013: ` 32.2 million), to K. Ramkumar
was ` 46.9 million (March 31, 2013: ` 42.7 million) and to Rajiv Sabharwal was ` 29.9 million (March 31, 2013: ` 25.8
million).
Sale of fixed assets
During the year ended March 31, 2014, the Bank sold fixed assets to its subsidiaries amounting to ` 2.6 million (March 31,
2013: ` 2.1 million), to its associates/joint ventures/other related entities amounting to ` 2.7 million (March 31, 2013: Nil) and
to its key management personnel amounting to Nil (March 31, 2013: ` 0.7 million). The material transactions for the year
ended March 31, 2014 were with India Infradebt Limited amounting to ` 2.7 million (March 31, 2013: Nil), ICICI Prudential Life
forming part of the Accounts (Contd.)
schedules