ICICI Bank 2015 Annual Report Download - page 154

152 Annual Report 2014-2015
Schedules
forming part of the Accounts (Contd.)
Financial Statements of ICICI Bank Limited
22. Financial assets transferred during the year to securitisation company (SC)/reconstruction company (RC)
The Bank has transferred certain assets to Asset Reconstruction Companies (ARCs) in terms of the guidelines issued
by RBI circular no. DBOD.BP.BC.No.98/21.04.132/2013-14 dated February 26, 2014. For the purpose of the valuation of
the underlying security receipts issued by the underlying trusts managed by ARCs, the security receipts are valued at
their respective net asset values as advised by the ARCs.
The following table sets forth, for the periods indicated, the details of the assets transferred.
` in million, except number of accounts
Particulars Year ended
March 31, 2015
Year ended
March 31, 2014
Number of accounts114 2
Aggregate value (net of provisions) of accounts sold to SC/RC 3,285.8 1,508.6
Aggregate consideration 2,480.0 1,776.0
Additional consideration realised in respect of accounts transferred in earlier years – –
Aggregate gain/(loss) over net book value (805.8) 267.4
1. Excludes accounts previously written-off.
The following table sets forth, for the periods indicated, the details of the net book value of investments in security
receipts.
` in million, except number of accounts
Particulars At
March 31, 2015
At
March 31, 2014
Net book value of investments in security receipts which are:
Backed by NPAs sold by the Bank as underlying16,069.6 8,146.6
Backed by NPAs sold by other banks/financial institution (FIs)/non-banking
financial companies (NBFCs) as underlying
681.4 697.6
Total 6,751.0 8,844.2
1. During the year ended March 31, 2015, asset reconstruction companies have fully redeemed two security receipts. The Bank
incurred net loss of ` 81.3 million (March 31, 2014: Net loss of ` 6.2 million).
Further, in accordance with RBI circular dated March 11, 2015, the Bank has reversed the excess provision/reserve of
` 1,461.8 million on account of sale of NPAs to SC/RC to its profit and loss account which was kept in securitisation
reserves in accordance with earlier RBI guideline dated July 13, 2005.
23. Details of non-performing assets purchased/sold, excluding those sold to SC/RC
The Bank has not purchased any non-performing assets in terms of the guidelines issued by RBI circular no. DBOD.BP.BC.
No.98/21.04.132/2013-14 dated February 26, 2014 during the year ended March 31, 2015. The Bank has sold certain
non-performing assets 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
Particulars Year ended
March 31, 2015
Year ended
March 31, 2014
No. of accounts –1
Aggregate value (net of provisions) of accounts sold, excluding those sold to SC/RC – Nil
Aggregate consideration – 199.0
Aggregate gain/(loss) over net book value – 199.0
During the year ended March 31, 2015, an overseas branch of the Bank has sold a loan for a consideration of ` 606.3
million on which the Bank recognised a gain of ` 411.5 million (March 31, 2014: Nil).