ICICI Bank Announces Performance Review – Quarter Ended September 30, 2013

  • 20% year-on-year increase in standalone profit after tax to Rs 2,352 crore (US$ 376 million) for the quarter ended September 30, 2013 (Q2-2014) after fully recognising mark-to-market provisions on investment portfolio
  • Current & savings account (CASA) deposits increased by Rs 8,073 crore (US$ 1.29 billion) in Q2-2014; year-on-year growth of 17% in CASA deposits
  • CASA ratio maintained at 43.3% at September 30, 2013
  • Net interest margin (NIM) increased to 3.31% in Q2-2014 compared to 3.00% in Q2-2013; domestic NIM at 3.65%
  • Total capital adequacy of 16.50% and Tier-1 capital adequacy of 11.33% as per Reserve Bank of India’s guidelines on Basel III norms (17.21% and 12.04% including profits for half year ended September 30, 2013)

MUMBAI, India--()--The Board of Directors of ICICI Bank Limited (NYSE: IBN) at its meeting held at Mumbai today, approved the audited accounts of the Bank for the quarter ended September 30, 2013.

Profit & loss account

  • Standalone profit after tax increased 20% to Rs 2,352 crore (US$ 376 million) for the quarter ended September 30, 2013 (Q2-2014) from Rs 1,956 crore (US$ 312 million) for the quarter ended September 30, 2012 (Q2-2013).
  • The Bank has fully recognised the mark-to-market provisions of Rs 279 crore (US$ 45 million) on its investment portfolio, and has not availed the option permitted by the Reserve Bank of India of recognising the same over three quarters.
  • Operating profit excluding treasury increased 31% year-on-year to Rs 3,967 crore (US$ 634 million) in Q2-2014 from Rs 3,022 crore (US$ 483 million) in Q2-2013.
  • Net interest income increased 20% to Rs 4,044 crore (US$ 646 million) in Q2-2014 from Rs 3,371 crore (US$ 538 million) in Q2-2013.
  • Net interest margin increased by 31 basis points from 3.00% for Q2-2013 and 3.27% in Q1-2014 to 3.31% for Q2-2014.
  • Net interest margin of international branches increased from 1.60% in Q1-2014 to 1.80% in Q2-2014, while the domestic net interest margin was stable at 3.65% in Q2-2014 vis-à-vis 3.63% in Q1-2014.
  • Fee income increased by 17% to Rs 1,994 crore (US$ 319 million) in Q2-2014 from Rs 1,709 crore (US$ 273 million) in Q2-2013.
  • Cost-to-income ratio reduced to 37.3% in Q2-2014 from 40.9% in Q2-2013.
  • Provisions were at Rs 625 crore (US$ 100 million) in Q2-2014 compared to Rs 508 crore (US$ 81 million) in Q2-2013.
  • Return on average assets was 1.70% in Q2-2014 compared to 1.54% in Q2-2013.

Operating review

The Bank has continued with its strategy of pursuing profitable growth. The Bank continued to leverage its branch network, its strong corporate franchise and its international presence. During the quarter, the Bank added 157 branches, including 105 low cost Gramin branches, and 196 ATMs to its network. At September 30, 2013, the Bank had 3,507 branches, the largest branch network among private sector banks in the country. The Bank’s ATM network increased to 11,098 ATMs at September 30, 2013 as compared to 10,006 at September 30, 2012.

Credit growth

Total advances increased by 16% year-on-year to Rs 317,786 crore (US$ 50.8 billion) at September 30, 2013 from Rs 275,076 crore (US$ 43.9 billion) at September 30, 2012. The year-on-year growth in domestic advances was 14%. The Bank has continued to see healthy growth in its retail disbursements. As a result, the outstanding mortgages and auto loan portfolios for the Bank have grown by 23% and 27% respectively on a year-on-year basis at September 30, 2013. Based on the above, the Bank has seen a year-on-year growth of 20% in its total retail portfolio at September 30, 2013.

Deposit growth

The Bank has seen healthy trends in current and savings account (CASA) deposits mobilisation. During Q2-2014, savings account deposits increased by Rs 4,682 crore (US$ 748 million) and current account deposits increased by Rs 3,391 crore (US$ 542 million). At September 30, 2013, savings account deposits were Rs 93,535 crore (US$ 14.9 billion) and current account deposits were Rs 40,373 crore (US$ 6.4 billion). The Bank’s CASA ratio was maintained at 43.3% at September 30, 2013. The average CASA ratio improved to 40.3% during Q2-2014 compared to 39.0% during the quarter ended June 30, 2013 (Q1-2014).

Capital adequacy

The Bank’s capital adequacy at September 30, 2013 as per Reserve Bank of India’s guidelines on Basel III norms was 16.50% and Tier-1 capital adequacy was 11.33%, well above regulatory requirements. In line with applicable guidelines, the Basel III capital ratios reported by the Bank for at September 30, 2013 do not include the profits for the half year ended September 30, 2013 (H1-2014). Including the profits for H1-2014, the capital adequacy ratio for the Bank as per Basel III norms would have been 17.21% and the Tier I ratio would have been 12.04%.

Asset quality

Net non-performing assets at September 30, 2013 were Rs 2,707 crore (US$ 432 million) compared to Rs 2,472 crore (US$ 395 million) at June 30, 2013. The net non-performing asset ratio was 0.73% at September 30, 2013 compared to 0.69% at June 30, 2013. The Bank’s provision coverage ratio, computed in accordance with the RBI guidelines was 73.1% at September 30, 2013. Net loans to companies whose facilities have been restructured were Rs 6,826 crore (US$ 1.1 billion) at September 30, 2013 compared to Rs 5,915 crore (US$ 945 million) at June 30, 2013.

Consolidated profits

Consolidated profit after tax increased 13% to Rs 2,698 crore (US$ 431 million) for Q2-2014 from Rs 2,390 crore (US$ 382 million) for Q2-2013, after including the impact of market volatility on subsidiaries with market linked businesses. The consolidated return on equity on an annualised basis was 14.6% during Q2-2014. The consolidated profit after tax increased by 22% from Rs 4,467 crore (US$ 714 million) for the half year ended September 30, 2012 (H1-2013) to Rs 5,445 crore (US$ 870 million) for the half year ended September 30, 2013 (H1-2014). The consolidated return on equity on an annualised basis increased from 14.1% in H1-2013 to 15.1% in H1-2014

Insurance subsidiaries

ICICI Life’s profit after tax for Q2-2014 was Rs 387 crore (US$ 62 million) compared to Rs 396 crore (US$ 63 million) for Q2-2013. ICICI Life’s new business annualised premium equivalent (APE) was Rs 954 crore (US$ 152 million) in Q2-2014 compared to Rs 781 crore (US$ 125 million) in Q2-2013. The assets under management at September 30, 2013 were Rs 73,976 crore (US$ 11.8 billion).

ICICI Lombard General Insurance Company (ICICI General) maintained its leadership in the private sector during April-August 2013. The gross premium income of ICICI General increased by 12% to Rs 1,701 crore (US$ 272 million) in Q2-2014 from Rs 1,517 crore (US$ 242 million) in Q2-2013. ICICI General’s profit after tax for Q2-2014 increased to Rs 156 crore (US$ 25 million) from Rs 101 crore (US$ 16 million) for Q2-2013.

Chief Financial Officer

Mr. Rakesh Jha, Deputy Chief Financial Officer has been designated as Chief Financial Officer of ICICI Bank. He will continue to report to Mr. N. S. Kannan, Executive Director.

Summary Profit and Loss Statement (as per unconsolidated Indian GAAP accounts)

Rs crore

    FY2013   Q1-2013   Q2-2013   H1-2013   Q1-2014   Q2-2014   H1-2014
Net interest income   13,866   3,193     3,371   6,564   3,820   4,044     7,864
Non-interest income   8,346   1,880     2,043   3,923   2,484   2,166     4,651
- Fee income   6,901   1,647     1,709   3,356   1,793   1,994     3,787
- Lease and other income   950   254     162   416   288   251     540
- Treasury income   495   (21 )   172   151   403   (79 )1   324
Less:                            
Operating expense   9,013   2,124     2,221   4,344   2,490   2,322     4,813
Operating profit   13,199   2,949     3,193   6,143   3,814   3,888     7,702
Less: Provisions   1,803   466     508   974   593   625     1,218
Profit before tax   11,396   2,483     2,685   5,169   3,221   3,263     6,484
Less: Tax   3,071   668     729   1,398   947   911     1,858
Profit after tax   8,325   1,815     1,956   3,771   2,274   2,352     4,626

1. The Bank has fully recognized the mark-to-market provisions of Rs 279 crore (US$ 45 million) on its investment portfolio, and has not availed the option permitted by RBI of recognising the same over three quarters. During Q2-2014, the Bank transferred SLR securities with face value of Rs 2,311 crore (US$ 369 million) from AFS and HFT category to HTM category and has recognised a loss of Rs 10 crore (US$ 2 million) resulting from the said transfer on account of the movement of yields till July 15, 2013.

2. Prior period figures have been regrouped/re-arranged where necessary.

 

Summary Balance Sheet

Rs crore

    At
 

September 30,
2012

 

March 31,
2013

 

June 30,
2013

 

September 30,
2013

  (Audited)   (Audited)   (Audited)   (Audited)
Capital and Liabilities                
Capital   1,153   1,154   1,154   1,154
Employee stock options outstanding   3   4   5   6
Reserves and surplus   63,306   65,548   68,920   71,943
Deposits   281,438   292,614   291,185   309,046
Borrowings (includes subordinated debt)1   135,390   145,341   155,920   145,356
Other liabilities   29,904   32,134   31,375   36,003
Total Capital and Liabilities   511,194   536,795   548,559   563,508
                 
Assets                
Cash and balances with Reserve Bank of India   21,175   19,053   19,408   18,751
Balances with banks and money at call and short notice   21,247   22,365   13,279   14,830
Investments   157,914   171,394   174,625   168,829
Advances   275,076   290,249   301,370   317,786
Fixed assets   4,621   4,647   4,657   4,611
Other assets   31,161   29,087   35,220   38,701
Total Assets  

511,194

  536,795   548,559   563,508

1. Borrowings include preference share capital of Rs 350 crore.

2. Prior period figures have been regrouped/re-arranged where necessary.

 

All financial and other information in this press release, other than financial and other information for specific subsidiaries where specifically mentioned, is on an unconsolidated basis for ICICI Bank Limited only unless specifically stated to be on a consolidated basis for ICICI Bank Limited and its subsidiaries. Please also refer to the statement of audited unconsolidated, consolidated and segmental results required by Indian regulations that has, along with this release, been filed with the stock exchanges in India where ICICI Bank’s equity shares are listed and with the New York Stock Exchange and the US Securities Exchange Commission, and is available on our website www.icicibank.com.

Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', ‘expected to’, etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for banking and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology, our rural expansion, our exploration of merger and acquisition opportunities, our ability to integrate recent or future mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our ability to manage the increased complexity of the risks we face following our rapid international growth, future levels of impaired loans, our growth and expansion in domestic and overseas markets, the adequacy of our allowance for credit and investment losses, technological changes, investment income, our ability to market new products, cash flow projections, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in banking regulations and other regulatory changes in India and other jurisdictions on us, the bond and loan market conditions and availability of liquidity amongst the investor community in these markets, the nature or level of credit spreads, interest spreads from time to time, including the possibility of increasing credit spreads or interest rates, our ability to roll over our short-term funding sources and our exposure to credit, market and liquidity risks as well as other risks that are detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

This release does not constitute an offer of securities.

For further press queries please call Sujit Ganguli at 91-22-2653 8525 or email ganguli.sujit@icicibank.com.

For investor queries please call Rakesh Mookim at 91-22-2653 6114 or email ir@icicibank.com.

1 crore = 10.0 million

US$ amounts represent convenience translations at US$1= Rs 62.61

ICICI Bank Limited
Registered Office: Landmark, Race Course Circle, Vadodara - 390 007.
Corporate Office: ICICI Bank Towers, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051.

Web site: http://www.icicibank.com

                 
UNCONSOLIDATED FINANCIAL RESULTS

(Rs in crore)

Sr. no. Particulars   Three months ended   Six months ended   Year ended
  September

30, 2013

  June

30, 2013

  September

30, 2012

  September

30, 2013

  September

30, 2012

  March

31, 2013

  (Audited)   (Audited)   (Audited)   (Audited)   (Audited)   (Audited)
1.   Interest earned (a)+(b)+(c)+(d)               10,813.27     10,420.68     10,026.33     21,233.95     19,571.98     40,075.60  
    a) Interest/discount on advances/bills         7,736.87     7,195.64     6,848.79     14,932.51     13,304.62     27,341.11  
    b) Income on investments                   2,839.08     2,884.63     2,744.54     5,723.71     5,446.45     11,009.27  
   

c)

Interest on balances with Reserve Bank of India and other inter-bank funds

  47.03     57.71     148.83     104.74     272.44     542.98  
    d) Others                               190.29     282.70     284.17     472.99     548.47     1,182.24  
2.   Other income                             2,166.48     2,484.29     2,042.97     4,650.77     3,922.89     8,345.70  
3.   TOTAL INCOME (1)+(2)                     12,979.75     12,904.97     12,069.30     25,884.72     23,494.87     48,421.30  
4.   Interest expended                         6,769.76     6,600.21     6,655.10     13,369.97     13,007.81     26,209.19  
5.   Operating expenses (e)+(f)                   2,322.11     2,490.60     2,220.90     4,812.71     4,344.43     9,012.88  
    e) Employee cost                         871.55     1,089.43     965.88     1,960.98     1,952.91     3,893.29  
    f) Other operating expenses                 1,450.56     1,401.17     1,255.02     2,851.73     2,391.52     5,119.59  
6.  

TOTAL EXPENDITURE (4)+(5)

(excluding provisions and contingencies)

                9,091.87     9,090.81     8,876.00     18,182.68     17,352.24     35,222.07  
7.  

OPERATING PROFIT (3)–(6)

(Profit before provisions and contingencies)

                  3,887.88     3,814.16     3,193.30     7,702.04     6,142.63     13,199.23  
8.   Provisions (other than tax) and contingencies   624.80     593.18     507.92     1,217.98     973.79     1,802.54  
9.   Exceptional items                        

..

 

..

 

..

 

..

 

..

 

..

10.   PROFIT/(LOSS) FROM ORDINARY ACTIVITIES

BEFORE TAX (7)–(8)–(9)

  3,263.08     3,220.98     2,685.38     6,484.06     5,168.84     11,396.69  
11.   Tax expense (g)+(h)                       911.03     946.77     729.27     1,857.80     1,397.68     3,071.22  
    g) Current period tax                       849.49     985.38     679.36     1,834.87     1,415.90     3,005.20  
    h) Deferred tax adjustment                   61.54     (38.61 )   49.91     22.93     (18.22 )   66.02  
12.   NET PROFIT/(LOSS) FROM ORDINARY

ACTIVITIES AFTER TAX (10)–(11)

  2,352.05     2,274.21     1,956.11     4,626.26     3,771.16     8,325.47  
13.   Extraordinary items (net of tax expense)      

..

 

..

 

..

 

..

 

..

 

..

14.   NET PROFIT/(LOSS) FOR THE PERIOD (12)–(13)   2,352.05     2,274.21     1,956.11     4,626.26     3,771.16     8,325.47  
15.  

Paid-up equity share capital (face value Rs 10/- each)

  1,154.45     1,154.11     1,153.08     1,154.45     1,153.08     1,153.64  
16.   Reserves excluding revaluation reserves       71,943.42     68,920.31     63,305.63     71,943.42     63,305.63     65,547.84  
17.   Analytical ratios                                                
    i) Percentage of shares held by Government of India   0.03     0.01     0.01     0.03     0.01     0.01  
    ii) Capital adequacy ratio                                          
      a) Basel II                             17.63 %   18.35 %   18.28 %   17.63 %   18.28 %   18.74 %
      b) Basel III                             16.50 %   17.04 %   NA   16.50 %   NA   NA
    iii) Earnings per share (EPS)                                      
      a)

Basic EPS before and after extraordinary items, net of tax

expense (not annualised for three months/six months) (in Rs)

  20.38     19.71     16.97     40.09     32.71     72.20  
      b)

Diluted EPS before and after extraordinary items, net of tax

expense (not annualised for three months/six months) (in Rs)

  20.33     19.61     16.91     39.94     32.62     71.93  
18.   NPA Ratio1                                                    
    i) Gross non-performing advances (net of write-off)   10,028.45     10,009.41     10,036.37     10,028.45     10,036.37     9,607.75  
    ii) Net non-performing advances             2,697.63     2,462.76     2,134.07     2,697.63     2,134.07     2,230.56  
    iii) % of gross non-performing advances (net of write-off) to

gross advances

  3.08 %   3.23 %   3.54 %   3.08 %   3.54 %   3.22 %
    iv) % of net non-performing advances to net advances   0.85 %   0.82 %   0.78 %   0.85 %   0.78 %   0.77 %
19.   Return on assets (annualised)                 1.72 %   1.75 %   1.59 %   1.73 %   1.58 %   1.70 %
20.   Public shareholding                                              
    i) No. of shares                           1,154,394,745     1,154,054,737     1,153,027,642     1,154,394,745     1,153,027,642     1,153,581,715  
    ii) Percentage of shareholding               100     100     100     100     100     100  
21.   Promoter and promoter group shareholding                          
    i) Pledged/encumbered                                          
      a) No. of shares                        

..

 

..

 

..

 

..

 

..

 

..

      b) Percentage of shares (as a % of the total shareholding of

promoter and promoter group)

 

..

 

..

 

..

 

..

 

..

 

..

      c) Percentage of shares (as a % of the total share capital of

the Bank)

 

..

 

..

 

..

 

..

 

..

 

..

    ii) Non-encumbered                                            
      a) No. of shares                        

..

 

..

 

..

 

..

 

..

 

..

      b) Percentage of shares (as a % of the total shareholding of

promoter and promoter group)

 

..

 

..

 

..

 

..

 

..

 

..

      c)

Percentage of shares (as a % of the total share capital of the Bank)

 

 

..

 

..

 

..

 

..

 

..

 

..

1 At September 30, 2013, the percentage of gross non-performing customer assets to gross customer assets was 2.67% and net non-performing customer assets to net customer assets was 0.73%. Customer assets include advances and credit substitutes.
 
SUMMARISED UNCONSOLIDATED BALANCE SHEET

(Rs in crore)

 

                                 

Particulars

  September

30, 2013

  June

30, 2013

  March

31, 2013

  September

30, 2012

  (Audited)   (Audited)   (Audited)   (Audited)
Capital and Liabilities                                      
Capital                                     1,154.45   1,154.11   1,153.64   1,153.08
Employees stock options outstanding       5.53   5.00   4.48   3.43
Reserves and surplus                         71,943.42   68,920.31   65,547.84   63,305.63
Deposits                                     309,046.15   291,185.04   292,613.63   281,438.20
Borrowings (includes preference shares and subordinated debt)   145,356.18   155,920.24   145,341.49   135,390.13
Other liabilities and provisions               36,002.11   31,374.26   32,133.60   29,903.98
Total Capital and Liabilities                   563,507.84   548,558.96   536,794.68   511,194.45
                                                         
Assets                                                    
Cash and balances with Reserve Bank of India     18,750.51   19,407.83   19,052.73   21,175.08
Balances with banks and money at call and short notice     14,829.76   13,278.51   22,364.79   21,247.03
Investments                                 168,828.64   174,625.12   171,393.60   157,913.96
Advances                                   317,786.23   301,370.30   290,249.43   275,075.63
Fixed assets                                 4,611.31   4,657.26   4,647.06   4,621.49
Other assets                                 38,701.39   35,219.94   29,087.07   31,161.26
Total Assets                                 563,507.84   548,558.96   536,794.68   511,194.45
       
CONSOLIDATED FINANCIAL RESULTS

(Rs in crore)

Sr. no. Particulars   Three months ended   Six months ended   Year ended
  September

30, 2013

  June

30, 2013

  September

30, 2012

  September

30, 2013

  September

30, 2012

  March

31, 2013

  (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Audited)
1. Total income                         19,015.58   18,351.85  

18,609.43

  37,367.43   35,249.14   74,204.40
2. Net profit                        

 

  2,697.42   2,747.39   2,390.37   5,444.81   4,466.95   9,603.61
3. Earnings per share (EPS)                                  
 

a) Basic EPS (not annualised for three months/six months) (in Rs)

  23.37   23.81   20.73   47.18   38.75   83.29
 

b) Diluted EPS (not annualised for three months/six months) (in Rs)

  23.27   23.64   20.63   46.91   38.58   82.84
           
UNCONSOLIDATED SEGMENTAL RESULTS

(Rs in crore)

Sr. no. Particulars   Three months ended   Six months ended   Year ended
  September

30, 2013

  June

30, 2013

  September

30, 2012

  September

30, 2013

  September

30, 2012

  March

31, 2013

  (Audited)   (Audited)   (Audited)   (Audited)   (Audited)   (Audited)
1. Segment Revenue            

 

                           
a Retail Banking                         6,758.08     6,336.94     5,579.55     13,095.02     11,043.60     22,585.63  
b Wholesale Banking                   8,111.21     7,701.56     7,988.92     15,812.77     15,237.49     31,368.76  
c Treasury                             9,156.86     9,420.03     8,917.37     18,576.89     17,426.43     35,586.28  
d Other Banking                         126.08     164.45     71.78     290.53     153.84     623.84  
  Total segment revenue               24,152.23     23,622.98     22,557.62     47,775.21     43,861.36     90,164.51  
  Less: Inter segment revenue         11,172.48     10,718.01     10,488.32     21,890.49     20,366.49     41,743.21  
  Income from operations               12,979.75     12,904.97     12,069.30     25,884.72     23,494.87     48,421.30  
2. Segmental Results (i.e. Profit before tax)                        
a Retail Banking                         623.22     323.12     299.53     946.34     442.37     954.55  
b Wholesale Banking                   1,747.18     1,490.59     1,487.62     3,237.77     3,075.62     6,618.86  
c Treasury                             842.99     1,296.58     828.16     2,139.57     1,627.33     3,653.92  
d Other Banking                         49.69     110.69     70.07     160.38     23.52     169.36  
  Total segment results                 3,263.08     3,220.98     2,685.38     6,484.06     5,168.84     11,396.69  
  Unallocated expenses                

..

 

..

 

..

 

..

 

..

 

..

  Profit before tax                       3,263.08     3,220.98     2,685.38     6,484.06     5,168.84     11,396.69  
3. Capital employed (i.e. Segment assets – Segment liabilities)                  
a Retail Banking                         (137,299.41 )   (130,374.72 )   (120,961.40 )   (137,299.41 )   (120,961.40 )   (131,343.72 )
b Wholesale Banking                   130,360.65     128,817.69     115,358.26     130,360.65     115,358.26     119,763.46  
c Treasury                             71,115.31     63,289.56     63,115.73     71,115.31     63,115.73     69,818.44  
d Other Banking                         2,749.47     2,429.60     1,146.39     2,749.47     1,146.39     2,378.63  
e Unallocated                           6,177.38     5,917.29     5,803.16     6,177.38     5,803.16     6,089.15  
  Total                                 73,103.40     70,079.42     64,462.14     73,103.40     64,462.14     66,705.96  
Notes on segmental results:
 
1. The disclosure on segmental reporting has been prepared in accordance with Reserve Bank of India (RBI) circular no. DBOD.No.BP.BC.81/21.04.018/2006-07 dated April 18, 2007 on guidelines on enhanced disclosures on "Segmental Reporting" which is effective from the reporting period ended March 31, 2008.
2. "Retail Banking" includes exposures which satisfy the four criteria of orientation, product, granularity and low value of individual exposures for retail exposures laid down in Basel committee on Banking Supervision document "International Convergence of Capital Measurement and Capital Standards: A Revised Framework".
3.

"Wholesale Banking" includes all advances to trusts, partnership firms, companies and statutory bodies, which are not included under Retail Banking.

4. "Treasury" includes the entire investment and derivative portfolio of the Bank.
5. "Other Banking" includes leasing operations and other items not attributable to any particular business segment of the Bank.
 
Notes:                                
1.   The above financial results have been approved by the Board of Directors at its meeting held on October 25, 2013.
2. The financial statements have been prepared in accordance with Accounting Standard (AS) 25 on 'Interim Financial Reporting'.
3. In accordance with RBI guidelines, banks are required to disclose capital adequacy ratio computed under Basel III capital regulations from the quarter ended June 30, 2013. Accordingly, corresponding details for previous periods are not applicable.
4.

Pillar 3 (Market Discipline) disclosures (unaudited) as per RBI guidelines on Composition of Capital Disclosure Requirements at September 30, 2013 for the Group are available at http://www.icicibank.com/aboutus/invest-disclosure.html.

5.

The Bank has presented the mark-to-market (MTM) gain or loss on forex and derivative transactions on gross basis. Accordingly, the gross positive MTM amounting to Rs 21,619.29 crore, Rs 16,384.26 crore and Rs 11,323.96 crore has been included in Other assets and gross negative MTM amounting to Rs 19,162.35 crore, Rs 14,349.80 crore and Rs 10,826.32 crore has been included in Other liabilities at September 30, 2013, June 30, 2013 and March 31, 2013 respectively. Consequent to the change, Other assets and Other liabilities have increased by Rs 14,139.33 crore at September 30, 2012.

6.

Reserve Bank of India (RBI) has issued guidelines on August 23, 2013 giving the banks an option to distribute the net depreciation on the ‘Available for Sale’ (AFS) and ‘Held for Trading’ (HFT) portfolios during FY2014 in equal installments. For the three months ended September 30, 2013, the net depreciation on these portfolio of the Bank amounted to Rs 278.84 crore. The Bank has not opted to exercise this option and the entire depreciation for the three months ended September 30, 2013 has been charged to the profit and loss account.

Further, RBI has as a one time measure permitted the banks to transfer Statutory Liquidity Ratio (SLR) securities from AFS/HFT category to 'Held to Maturity' (HTM) category. Accordingly, during the three months ended September 30, 2013, the Bank has transferred SLR securities of Rs 2,328.54 crore from AFS/HFT category to HTM category. The Bank has booked a loss of Rs 10.24 crore on the transfer of such securities.

7.

During the three months ended September 30, 2013, the Bank has allotted 340,008 equity shares of Rs 10/- each pursuant to exercise of employee stock options.

8. Status of equity investors' complaints/grievances for the three months ended September 30, 2013:
                                     
Opening balance   Additions   Disposals   Closing balance
0   37   37   0
 
9. Previous period/year figures have been re-grouped/re-classified where necessary to conform to current period classification.
10. The above unconsolidated financial results are audited by the statutory auditors, S.R. Batliboi & Co. LLP, Chartered Accountants.
11.

Rs 1 crore = Rs 10 million.

Contacts

ICICI Bank Limited
Press queries:
Sujit Ganguli, 91-22-2653 8525
ganguli.sujit@icicibank.com
or
Investor queries:
Rakesh Mookim, 91-22-2653 6114
ir@icicibank.com

Release Summary

ICICI Bank Announces Performance Review – Quarter ended September 30, 2013

Sharing

Contacts

ICICI Bank Limited
Press queries:
Sujit Ganguli, 91-22-2653 8525
ganguli.sujit@icicibank.com
or
Investor queries:
Rakesh Mookim, 91-22-2653 6114
ir@icicibank.com