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ICICI Bank Announces Performance Review – Quarter Ended September 30, 2012



  ICICI Bank Announces Performance Review – Quarter Ended September 30, 2012

  * 30% year-on-year increase in standalone profit after tax to Rs 1,956 crore
    (US$ 370 million) for the quarter ended September 30, 2012 (Q2-2013) from
    Rs 1,503 crore (US$ 284 million) for the quarter ended September 30, 2011
    (Q2-2012)
  * Consolidated return on equity (annualised) of 14.8% in Q2-2013
  * Net interest margin maintained at 3.00% for the third consecutive quarter
  * 18% year-on-year increase in advances to Rs 275,076 crore (US$ 52.0
    billion) at September 30, 2012
  * Net non-performing asset ratio at 0.66% at September 30, 2012 compared to
    0.80% at September 30, 2011
  * 20% year-on-year increase in consolidated profit after tax to Rs 2,390
    crore (US$ 452 million) for Q2-2013 from Rs 1,992 crore (US$ 377 million)
    for Q2-2012
  * Strong capital adequacy ratio of 18.28% and Tier-1 capital adequacy of
    12.83%

Business Wire

MUMBAI, India -- October 26, 2012

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, 2012.

Profit & loss account

  * Standalone profit before tax increased 32% to Rs 2,685 crore (US$ 508
    million) for the quarter ended September 30, 2012 (Q2-2013) from Rs 2,035
    crore (US$ 385 million) for the quarter ended September 30, 2011
    (Q2-2012).
  * Standalone profit after tax increased 30% to Rs 1,956 crore (US$ 370
    million) for Q2-2013 from Rs 1,503 crore (US$ 284 million) for Q2-2012.
  * Net interest income increased 35% to Rs 3,371 crore (US$ 638 million) in
    Q2-2013 from Rs 2,506 crore (US$ 474 million) in Q2-2012.
  * Net interest margin improved to 3.00% for Q2-2013 from 2.61% for Q2-2012.
  * Non-interest income increased by 17% to Rs 2,043 crore (US$ 387 million)
    in Q2-2013 from Rs 1,740 crore (US$ 329 million) in Q2-2012.
  * Cost-to-income ratio reduced to 40.9% in Q2-2013 from 44.4% in Q2-2012.
  * Provisions were at Rs 508 crore (US$ 96 million) in Q2-2013 compared to Rs
    319 crore (US$ 60 million) in Q2-2012 and Rs 466 crore (US$ 88 million) in
    Q1-2013.
  * Return on average assets (annualised) was 1.59% in Q2-2013 compared to
    1.41% in Q2-2012.

Operating review

The Bank has continued with its strategy of pursuing profitable growth. The
Bank has grown its retail lending volumes, resulting in an improvement in
retail loan portfolio growth. The Bank continued to leverage its strong
corporate franchise, its international presence and its branch network in
India. At September 30, 2012, the Bank had 2,772 branches, the largest branch
network among private sector banks in the country. The Bank has also increased
its ATM network to 10,006 ATMs at September 30, 2012 as compared to 6,913 at
September 30, 2011.

Credit growth

Advances increased by 18% year-on-year to Rs 275,076 crore (US$ 52.0 billion)
at September 30, 2012 from Rs 233,952 crore (US$ 44.3 billion) at September
30, 2011. The year-on-year growth in retail advances was 14.0% at September
30, 2012 compared to a year-on-year growth of 10.3% at June 30, 2012.

Deposit growth

At September 30, 2012, savings account deposits increased by 15% year-on-year
to Rs 80,618 crore (US$ 15.3 billion). Current account deposits were Rs 33,800
crore (US$ 6.4 billion) at September 30, 2012. The CASA ratio was at 40.7% at
September 30, 2012. The average CASA ratio was at 37.5% for Q2-2013.

Capital adequacy

The Bank’s capital adequacy at September 30, 2012 as per Reserve Bank of
India’s guidelines on Basel II norms was 18.28% and Tier-1 capital adequacy
was 12.83%, well above RBI’s requirement of total capital adequacy of 9.0% and
Tier-1 capital adequacy of 6.0%.

Asset quality

Net non-performing assets at September 30, 2012 were Rs 2,138 crore (US$ 405
million) compared to Rs 1,941 crore (US$ 367 million) at June 30, 2012 and Rs
2,236 crore (US$ 423 million) at September 30, 2011. The Bank’s net
non-performing asset ratio was 0.66% at September 30, 2012 compared to 0.61%
at June 30, 2012 and 0.80% at September 30, 2011. The Bank’s provision
coverage ratio computed in accordance with the RBI guidelines was 78.7% at
September 30, 2012. Net restructured assets at September 30, 2012 were Rs
4,158 crore (US$ 787 million) compared to Rs 4,172 crore (US$ 789 million) at
June 30, 2012.

Consolidated profits

Consolidated profit after tax increased 20% to Rs 2,390 crore (US$ 452
million) for Q2-2013 from Rs 1,992 crore (US$ 377 million) for Q2-2012. The
consolidated return on equity (annualised) improved from 13.7% in Q2-2012 to
14.8% in Q2-2013.

Insurance subsidiaries

ICICI Prudential Life Insurance Company (ICICI Life) was the largest private
sector life insurer based on new business retail weighted received premium
during April-August 2012. ICICI Life’s profit after tax for Q2-2013 was Rs 396
crore (US$ 75 million) compared to Rs 350 crore (US$ 66 million) for Q2-2012.
ICICI Life’s annualised premium equivalent (APE) increased by 14% to Rs 1,351
crore (US$ 256 million) in H1-2013 from Rs 1,180 crore (US$ 223 million) in
H1-2012. The assets under management at September 30, 2012 were Rs 73,521
crore (US$ 13.9 billion).

ICICI Lombard General Insurance Company (ICICI General) maintained its
leadership in the private sector during Q2-2013. The gross premium income of
ICICI General increased by 16% to Rs 1,517 crore (US$ 287 million) in Q2-2013
from Rs 1,306 crore (US$ 247 million) in Q2-2012. ICICI General’s profit after
tax for Q2-2013 was Rs 101 crore (US$ 19 million) compared to Rs 56 crore (US$
11 million) for Q2-2012.

Summary Profit and Loss Statement (as per unconsolidated Indian GAAP accounts)
Rs crore
 
                 FY2012     Q1-2012   Q2-2012   H1-2012   Q1-2013   Q2-2013   H1-2013
Net interest     10,734     2,411     2,506     4,917     3,193     3,371     6,564
income
Non-interest     7,502      1,643     1,740     3,383     1,880     2,043     3,923
income
- Fee income     6,707      1,578     1,700     3,278     1,647     1,709     3,356
- Lease and      808        90        120       210       254       162       416
other income
- Treasury       (13    )   (25   )   (80   )   (105  )   (21   )   172       151
income
Less:                                                                          
Operating        7,850      1,820     1,892     3,712     2,124     2,221     4,344
expense^1
Operating        10,386     2,234     2,354     4,588     2,949     3,193     6,143
profit
Less:            1,583      454       319       773       466       508       974
Provisions
Profit           8,803      1,780     2,035     3,815     2,483     2,685     5,169
before tax
Less: Tax        2,338      448       532       980       668       729       1,398
Profit after     6,465      1,332     1,503     2,835     1,815     1,956     3,771
tax

 1. Includes commissions paid to direct marketing agents (DMAs) for
    origination of retail loans and lease depreciation.
 2. Prior period figures have been regrouped/re-arranged where necessary.

Summary Balance Sheet
Rs crore
 
                         At
                         September      March 31,     June 30,      September
                         30,            2012          2012          30,
                         2011                                       2012
                         (Audited)      (Audited)     (Audited)     (Audited)
Capital and                                                          
Liabilities
Capital                  1,153          1,153         1,153         1,153
Employee stock           1              2             3             3
options outstanding
Reserves and surplus     57,448         59,250        61,868        63,306
Deposits                 245,092        255,500       267,794       281,438
Borrowings (includes     121,324        140,165       137,207       135,390
subordinated debt)^1
Other liabilities        15,707         17,577        15,469        15,765
Total Capital and        440,725        473,647       483,494       497,055
Liabilities
                                                                     
Assets                                                               
Cash and balances
with Reserve Bank of     23,302         20,461        17,951        21,175
India
Balances with banks
and money at call        12,877         15,768        18,325        21,247
and short notice
Investments              147,685        159,560       155,132       157,914
Advances                 233,952        253,728       268,430       275,076
Fixed assets             4,696          4,615         4,668         4,621
Other assets             18,213         19,515        18,988        17,022
Total Assets             440,725        473,647       483,494       497,055

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

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 52.86

UNCONSOLIDATED FINANCIAL RESULTS
(Rs in crore)
 
                           Three months ended                                    Six months ended                    Year ended
Sr.   Particulars          September 30,     June 30,          September 30,     September 30,     September 30,     March 31,
No.                        2012              2012              2011              2012              2011              2012
                           (Audited)         (Audited)         (Unaudited)       (Audited)         (Audited)         (Audited)
      Interest earned      10,026.33         9,545.65          8,157.62          19,571.98         15,776.14         33,542.65      
      (a)+(b)+(c)+(d)
      a)
      Interest/discount    6,848.79          6,455.83          5,380.74          13,304.62         10,315.87         22,129.89      
      on advances/bills
      b) Income on         2,744.54          2,701.91          2,344.98          5,446.45          4,596.01          9,684.02       
1.    investments
      c) Interest on
      balances with
      Reserve Bank of      148.83            123.61            115.27            272.44            229.10            491.14         
      India and other
      inter-bank funds
      d) Others            284.17            264.30            316.63            548.47            635.16            1,237.60       
2.    Other income         2,042.97          1,879.92          1,739.55          3,922.89          3,382.44          7,502.76       
3.    TOTAL INCOME         12,069.30         11,425.57         9,897.17          23,494.87         19,158.58         41,045.41      
      (1)+(2)
4.    Interest expended    6,655.10          6,352.71          5,651.18          13,007.81         10,858.78         22,808.50      
      Operating expenses   2,220.90          2,123.53          1,892.24          4,344.43          3,712.02          7,850.44       
      (e)+(f)
5.    e) Employee cost     965.88            987.03            842.70            1,952.91          1,575.55          3,515.28       
      f) Other operating   1,255.02          1,136.50          1,049.54          2,391.52          2,136.47          4,335.16       
      expenses
      TOTAL EXPENDITURE
      (4)+(5)
6.                         8,876.00          8,476.24          7,543.42          17,352.24         14,570.80         30,658.94      
      (excluding
      provisions and
      contingencies)
      OPERATING PROFIT
      (3)–(6)
7.                         3,193.30          2,949.33          2,353.75          6,142.63          4,587.78          10,386.47      
      (Profit before
      provisions and
      contingencies)
      Provisions (other
8.    than tax) and        507.92            465.87            318.79            973.79            772.65            1,583.04       
      contingencies
9.    Exceptional items    ..                ..                ..                ..                ..                ..
      PROFIT/(LOSS) FROM
10.   ORDINARY             2,685.38          2,483.46          2,034.96          5,168.84          3,815.13          8,803.43       
      ACTIVITIES BEFORE
      TAX (7)–(8)–(9)
      Tax expense          729.27            668.41            531.77            1,397.68          979.74            2,338.17       
      (g)+(h)
11.   g) Current period    679.36            736.54            544.48            1,415.90          1,071.51          2,193.52       
      tax
      h) Deferred tax      49.91             (68.13        )   (12.71        )   (18.22        )   (91.77        )   144.65         
      adjustment
      NET PROFIT/(LOSS)
12.   FROM ORDINARY        1,956.11          1,815.05          1,503.19          3,771.16          2,835.39          6,465.26       
      ACTIVITIES AFTER
      TAX (10)–(11)
      Extraordinary
13.   items (net of tax    ..                ..                ..                ..                ..                ..
      expense)
      NET PROFIT/(LOSS)
14.   FOR THE PERIOD       1,956.11          1,815.05          1,503.19          3,771.16          2,835.39          6,465.26       
      (12)–(13)
      Paid-up equity
15.   share capital        1,153.08          1,152.93          1,152.47          1,153.08          1,152.47          1,152.77       
      (face value Rs
      10/- each)
      Reserves excluding
16.   revaluation          63,305.63         61,867.68         57,448.45         63,305.63         57,448.45         59,250.09      
      reserves
      Analytical ratios                                                                                               
      i) Percentage of
      shares held by       0.01              0.01              ..                0.01              ..                ..
      Government of
      India
      ii) Capital          18.28         %   18.54         %   18.99         %   18.28         %   18.99         %   18.52         %
      adequacy ratio
      iii) Earnings per                                                                                               
      share (EPS)
      a) Basic EPS
      before and after
      extraordinary
17.   items, net of tax    16.97             15.74             13.05             32.71             24.61             56.11          
      expense (not
      annualised for
      three months/six
      months) (in Rs)
      b) Diluted EPS
      before and after
      extraordinary
      items, net of tax    16.91             15.71             13.00             32.62             24.51             55.95          
      expense (not
      annualised for
      three months/six
      months) (in Rs)
      NPA Ratio^1                                                                                                     
      i) Gross
      non-performing       10,036.37         9,816.63          10,021.25         10,036.37         10,021.25         9,475.33       
      advances(net of
      write-off)
      ii) Net
      non-performing       2,134.07          1,904.99          2,183.77          2,134.07          2,183.77          1,860.84       
      advances
18.   iii) % of gross
      non-performing
      advances(net of      3.54          %   3.54          %   4.14          %   3.54          %   4.14          %   3.62          %
      write-off) to
      gross advances
      iv) % of net
      non-performing       0.78          %   0.71          %   0.93          %   0.78          %   0.93          %   0.73          %
      advances to net
      advances
19.   Return on assets     1.59          %   1.57          %   1.41          %   1.58          %   1.36          %   1.50          %
      (annualised)
      Public                                                                                                          
      shareholding
20.   i) No. of shares     1,153,027,642     1,152,874,294     1,152,412,079     1,153,027,642     1,152,412,079     1,152,714,442  
      ii) Percentage of    100               100               100               100               100               100            
      shareholding
      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
21.   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, 2012, the percentage of gross non-performing customer
    assets to gross customer assets was 3.03% and net non-performing customer
    assets to net customer assets was 0.66%. Customer assets include advances
    and credit substitutes.

SUMMARISED UNCONSOLIDATED BALANCE SHEET
(Rs in crore)
                     At
                     September       June 30,       March 31,      September
Particulars          30,             2012           2012           30,
                     2012                                          2011
                     (Audited)       (Audited)      (Audited)      (Audited)
Capital and                                                         
Liabilities
Capital              1,153.08        1,152.93       1,152.77       1,152.47
Employees stock
options              3.43            2.90           2.39           1.32
outstanding
Reserves and         63,305.63       61,867.68      59,250.09      57,448.45
surplus
Deposits             281,438.20      267,794.23     255,499.96     245,091.72
Borrowings
(includes
preference           135,390.13      137,206.55     140,164.90     121,323.66
shares and
subordinated
debt)
Other                15,764.65       15,469.84      17,576.98      15,707.59
liabilities
Total Capital        497,055.12      483,494.13     473,647.09     440,725.21
and Liabilities
                                                                    
Assets                                                              
Cash and
balances with        21,175.08       17,951.32      20,461.30      23,301.52
Reserve Bank of
India
Balances with
banks and money      21,247.03       18,324.49      15,768.02      12,877.47
at call and
short notice
Investments          157,913.96      155,132.45     159,560.04     147,684.88
Advances             275,075.63      268,429.89     253,727.66     233,952.22
Fixed assets         4,621.49        4,668.14       4,614.68       4,696.52
Other assets         17,021.93       18,987.84      19,515.39      18,212.60
Total Assets         497,055.12      483,494.13     473,647.09     440,725.21
                                                                  

CONSOLIDATED FINANCIAL RESULTS
(Rs in crore)
                                                                                         
                    Three months ended                        Six months ended            Year
                                                                                          ended
Sr.   Particulars   September     June 30,      September     September     September     March 31,
No.                 30,           2012          30,           30,           30,           2012
                    2012                        2011          2012          2011
                    (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Audited)
1.    Total         18,609.43     16,639.71     16,110.61     35,249.14     30,860.40     66,658.28
      income
2.    Net profit    2,390.37      2,076.58      1,991.68      4,466.95      3,658.45      7,642.94
      Earnings
      per share      
      (EPS)
      a) Basic
      EPS (not
      annualised
      for three     20.73         18.01         17.28         38.75         31.75         66.33
      months/six
3.    months)(in
      Rs)
      b) Diluted
      EPS (not
      annualised
      for three     20.63         17.94         17.20         38.58         31.57         66.06
      months/six
      months)(in
      Rs)
                                                                           

UNCONSOLIDATED SEGMENTAL RESULTS OF ICICI BANK LIMITED
(Rs in crore)
 
                     Three months ended                             Six months ended               Year ended
Sr.                  September 30,   June 30,        September      September 30,   September      March 31,
No.   Particulars    2012            2012            30,            2012            30,            2012
                                                     2011                           2011
                     (Audited)       (Audited)       (Unaudited)    (Audited)       (Audited)      (Audited)
1.    Segment                                                                                       
      revenue
a     Retail         5,579.55        5,464.05        4,852.42       11,043.60       9,535.25       19,711.27    
      Banking
b     Wholesale      7,988.92        7,248.57        6,344.67       15,237.49       11,988.72      26,171.31    
      Banking
c     Treasury       8,917.37        8,509.06        7,230.43       17,426.43       14,244.38      30,141.42    
d     Other          71.78           82.06           65.50          153.84          135.52         282.18       
      Banking
      Total
      segment        22,557.62       21,303.74       18,493.02      43,861.36       35,903.87      76,306.18    
      revenue
      Less: Inter
      segment        10,488.32       9,878.17        8,595.85       20,366.49       16,745.29      35,260.77    
      revenue
      Income from    12,069.30       11,425.57       9,897.17       23,494.87       19,158.58      41,045.41    
      operations
      Segmental
2.    results                                                                                       
      (i.e. Profit
      before tax)
a     Retail         299.53          142.84          105.60         442.37          21.46          549.99       
      Banking
b     Wholesale      1,487.62        1,588.00        1,595.29       3,075.62        2,800.81       6,207.73     
      Banking
c     Treasury       828.16          799.17          347.12         1,627.33        982.17         2,080.68     
d     Other          70.07           (46.55      )   (13.05     )   23.52           10.69          (34.97      )
      Banking
      Total
      segment        2,685.38        2,483.46        2,034.96       5,168.84        3,815.13       8,803.43     
      results
      Unallocated    ..              ..              ..             ..              ..             ..
      expenses
      Profit         2,685.38        2,483.46        2,034.96       5,168.84        3,815.13       8,803.43     
      before tax
      Capital
      employed

3.    (i.e.                                                                                         
      Segment
      assets –
      Segment
      liabilities)
a     Retail         (120,961.40 )   (115,832.84 )   (98,663.37 )   (120,961.40 )   (98,663.37 )   (106,850.82 )
      Banking
b     Wholesale      115,358.26      115,942.39      88,891.70      115,358.26      88,891.70      106,384.77   
      Banking
c     Treasury       63,115.73       55,039.02       61,675.92      63,115.73       61,675.92      53,552.58    
d     Other          1,590.79        2,269.17        1,224.37       1,590.79        1,224.37       1,717.58     
      Banking
e     Unallocated    5,358.76        5,605.77        5,473.62       5,358.76        5,473.62       5,601.14     
      Total          64,462.14       63,023.51       58,602.24      64,462.14       58,602.24      60,405.25    

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 portfolio of the Bank.
 5. “Other Banking” includes hire purchase and leasing operations and other
    items not attributable to any particular business segment.

Notes:

1. The financial statements have been prepared in accordance with Accounting
Standard (AS) 25 on ‘Interim Financial Reporting.’

2. The provision coverage ratio of the Bank at September 30, 2012, computed as
per the RBI circular dated December 1, 2009, is 78.7% (June 30, 2012: 80.6%;
March 31, 2012: 80.4%; September 30, 2011: 78.2%).

3. In accordance with Insurance Regulatory and Development Authority (IRDA)
guidelines, ICICI Lombard General Insurance Company (ICICI General), together
with all other general insurance companies participated in the Indian Motor
Third Party Insurance Pool (the Pool), administered by the General Insurance
Corporation of India (GIC) from April 1, 2007. The Pool covered reinsurance of
third party risks of commercial vehicles. IRDA through its orders dated
December 23, 2011, January 3, 2012 and March 22, 2012 has directed the
dismantling of the Pool on a clean cut basis and advised recognition of the
Pool liabilities as per loss ratios estimated by GAD UK (“GAD Estimates”) for
underwriting years commencing from the year ended March 31, 2008 to year ended
March 31, 2012. ICICI General recognised the additional liabilities of the
Pool in the three months ended March 31, 2012 and accordingly the Bank’s
consolidated net profit after tax for the year ended March 31, 2012 includes
impact of additional Pool losses of Rs 503.03 crore in line with Bank’s
shareholding in ICICI General.

4. During the three months ended September 30, 2012, the Bank has allotted
153,348 equity shares of Rs 10/- each pursuant to exercise of employee stock
options.

5. Status of equity investors’ complaints/grievances for the three months
ended September 30, 2012:

Opening balance     Additions     Disposals     Closing balance
0                   43            43            0

6. Previous period/year figures have been re-grouped/re-classified where
necessary to conform to current period classification.

7. The above financial results have been approved by the Board of Directors at
its meeting held on October 26, 2012.

8. The above unconsolidated financial results are audited by the statutory
auditors, S.R. Batliboi & Co., Chartered Accountants.

9. Rs 1 crore = Rs 10 million.

Contact:

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
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