ICICI Bank 2014 Annual Report Download - page 9

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Directors’ Report
Your Directors have pleasure in presenting the Twentieth Annual Report of ICICI Bank Limited along with
the audited statement of accounts for the year ended March 31, 2014.
FINANCIAL HIGHLIGHTS
The financial performance for fiscal 2014 is summarised in the following table:
` billion, except percentages Fiscal 2013 Fiscal 2014 % change
Net interest income and other income 222.12 269.03 21.1%
Operating expenses 90.13 103.09 14.4%
Provisions & contingencies118.02 26.26 45.7%
Profit before tax 113.97 139.68 22.6%
Profit after tax 83.25 98.10 17.8%
1. Excludes provision for taxes.
` billion, except percentages Fiscal 2013 Fiscal 2014 % change
Consolidated profit after tax 96.04 110.41 15.0%
Appropriations
The profit after tax of the Bank for fiscal 2014 is ` 98.10 billion after provisions and contingencies of
` 26.26 billion, provision for taxes of ` 41.58 billion and all expenses. The disposable profit is ` 197.12
billion, taking into account the balance of ` 99.02 billion brought forward from the previous year. Your
Bank’s dividend policy is based on the profitability and key financial metrics of the Bank, the Bank’s
capital position & requirements and the regulations pertaining to the same. Your Bank has a consistent
dividend payment history. Given the financial performance for fiscal 2014 and in line with the Bank’s
dividend policy, your Directors are pleased to recommend a dividend of ` 23.00 per equity share of ` 10
for the year ended March 31, 2014 as against ` 20.00 per equity share of ` 10 for the year ended March
31, 2013 and have appropriated the disposable profit as follows:
` billion Fiscal 2013 Fiscal 2014
To Statutory Reserve, making in all ` 135.27 billion 20.82 24.53
To Special Reserve created and maintained in terms of Section 36(1)(viii)
of the Income-tax Act, 1961, making in all ` 54.79 billion 7.60 9.00
To Capital Reserve, making in all ` 22.93 billion 0.33 0.76
To Investment Reserve Account, making in all ` 1.27 billion — 1.27
To Revenue and other reserves, making in all ` 35.76 billion10.03 0.05
Dividend for the year (proposed)
– On equity shares @ ` 23.00 per share (@ ` 20 per share for
fiscal 2013)223.07 26.57
– On preference shares (`)35,000 35,000
– Corporate dividend tax 2.92 1.76
Leaving balance to be carried forward to the next year 99.02 133.18
1. Includes transfer of ` 46.1 million to Reserve Fund and Investment Fund account for fiscal 2014 (` 27.8 million for
fiscal 2013) in accordance with regulations applicable to Sri Lanka 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 after the balance sheet date and prior to the
record date.
Annual Report 2013-2014 7