ICICI Bank 2016 Annual Report Download - page 185

Annual Report 2015-2016 183
Schedules
forming part of the Accounts (Contd.)
Financial Statements of ICICI Bank Limited
The material transactions for the year ended March 31, 2016 were with ICICI Securities Limited amounting to ` 351.7
million (March 31, 2015: ` 373.3 million), India Infradebt Limited amounting to ` 88.0 million (March 31, 2015: ` 232.0
million) and with ICICI Prudential Life Insurance Company Limited amounting to ` 23.2 million (March 31, 2015:
` 185.7 million).
Interest income
During the year ended March 31, 2016, the Bank received interest from its subsidiaries amounting to ` 1,037.5 million
(March 31, 2015: ` 1,407.6 million), from its associates/joint ventures/other related entities amounting to ` 48.2
million (March 31, 2015: ` 48.2 million), from its key management personnel amounting to ` 1.6 million (March 31,
2015: ` 1.0 million) and from relatives of key management personnel amounting to ` 0.8 million (March 31, 2015:
` 1.5 million).The material transactions for the year ended March 31, 2016 were with ICICI Home Finance Company
Limited amounting to ` 721.9 million (March 31, 2015: ` 942.1 million), ICICI Venture Funds Management Company
Limited amounting to ` 161.0 million (March 31, 2015: ` 167.3 million) and with ICICI Bank Canada amounting to
` 23.4 million (March 31, 2015: ` 160.4 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, 2016, the net loss of the Bank on forex and derivative transactions
entered with subsidiaries was ` 848.3 million (March 31, 2015: net gain of ` 1,887.3 million). The material transactions
for the year ended March 31, 2016 were loss of ` 1,097.4 million (March 31, 2015: gain of ` 1,803.5 million) with ICICI
Bank UK PLC, gain of ` 245.5 million (March 31, 2015: gain of ` 383.0 million) with ICICI Bank Canada, gain of ` 6.8
million (March 31, 2015: loss of ` 144.0 million) with ICICI Securities Primary Dealership Limited and loss of ` 41.5
million (March 31, 2015: loss of ` 184.7 million) with ICICI Home Finance Company 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, 2016, the Bank received dividend from its subsidiaries amounting to ` 15,352.1
million (March 31, 2015: ` 15,590.6 million).The material transactions for the year ended March 31, 2016 were
with ICICI Prudential Life Insurance Company Limited amounting to ` 8,744.0 million (March 31, 2015: ` 6,173.6
million), ICICI Securities Limited amounting to ` 1,610.7 million (March 31, 2015: ` 1,860.8 million), ICICI Home
Finance Company Limited amounting to ` 1,261.6 million (March 31, 2015: ` 1,607.5 million), ICICI Securities Primary
Dealership Limited amounting to ` 1,219.5 million (March 31, 2015: ` 1,590.8 million) and with ICICI Bank UK PLC
amounting to Nil (March 31, 2015: ` 1,870.1 million).
Dividend paid
During the year ended March 31, 2016, the Bank paid dividend to its key management personnel amounting to ` 13.8
million (March 31, 2015: ` 10.0 million) and to relatives of key management personnel amounting to ` 0.01 million
(March 31, 2015: ` 0.01 million). The dividend paid during the year ended March 31, 2016 to Ms. Chanda Kochhar was
` 11.1 million (March 31, 2015: ` 7.9 million), to Mr. N. S. Kannan was ` 2.1 million (March 31, 2015: ` 1.1 million) and
to Mr. Rajiv Sabharwal was ` 0.6 million (March 31, 2015: ` 1.0 million).
1. Insignificant amount.
Remuneration to whole-time directors
Remuneration paid to the whole-time directors of the Bank, excluding the perquisite value on account of employee
stock options exercised, during the year ended March 31, 2016 was ` 219.0 million (March 31, 2015: ` 164.5 million).
The remuneration paid for the year ended March 31, 2016 to Ms. Chanda Kochhar was ` 68.8 million (March 31,
2015: ` 53.5 million), to Mr. N. S. Kannan was ` 47.2 million (March 31, 2015: ` 37.4 million), to Ms. Vishakha Mulye1
was ` 10.1 million (March 31, 2015: N.A.), to Mr. K. Ramkumar was ` 48.1 million (March 31, 2015: ` 38.6 million) and
to Mr. Rajiv Sabharwal was ` 44.8 million (March 31, 2015: ` 35.0 million).
1. Identified as related party from the three months ended March 31, 2016.