ICICI Bank Files Form 20-F

• Press Release
• Source: ICICI Bank Limited
• On 10:24 am EDT, Wednesday September 30, 2009

MUMBAI, India--(BUSINESS WIRE)--As required by United States securities regulations, ICICI Bank Limited (NYSE:IBN - News) filed its annual report in Form 20-F for the year ended March 31, 2009 (FY2009), on September 29, 2009. The Form 20-F annual report includes the Bank’s consolidated financial statements under Indian GAAP and a reconciliation of consolidated Indian GAAP profit after tax and networth to US GAAP net income and stockholders’ equity, approved by the Audit Committee of the Board. The consolidated profit after tax for FY2009 under Indian GAAP was Rs. 3,577 crore (US$ 703 million) and the net income under US GAAP was Rs. 3,445 crore (US$ 677 million). Stockholders’ equity as per US GAAP was Rs. 48,585 crore (US$ 9.6 billion) at March 31, 2009 compared to the Indian GAAP consolidated networth of Rs. 46,778 crore (US$ 9.2 billion).

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Symbol	Price	Change
IBN	36.41	-2.02

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Copies of the Form 20-F are available from the United States Securities and Exchange Commission (SEC) website www.sec.gov or via a direct link to the SEC website at "About Us/Investor Relations/SEC Filings" page of ICICI Bank's website (http://www.icicibank.com/pfsuser/aboutus/investorelations/secfilings/secfilings.htm).

Shareholders may obtain a copy of the complete audited financial statements free of charge by writing to Mr. Sandeep Batra, Group Compliance Officer & Company Secretary, ICICI Bank Limited, ICICI Bank Towers, Bandra Kurla Complex, Mumbai 400 051 or sending an e-mail to companysecretary@icicibank.com, with details of their shareholding and mailing address.

Pursuant to its issuance and listing of securities in the United States under registration statements filed with the SEC, ICICI Bank files annual reports in Form 20-F with the SEC as required by US securities laws and regulations. These regulations require that this annual report include financial statements prepared according to a comprehensive body of accounting principles with a reconciliation of net income and stockholders’ equity to generally accepted accounting principles in the United States (US GAAP). When ICICI Bank first listed its securities in the United States in 2000, generally accepted accounting principles in India (Indian GAAP) were not considered a comprehensive body of accounting principles under US laws and regulations. Accordingly, ICICI Bank had included US GAAP financial statements in its annual reports in Form 20-F till fiscal year ended March 31, 2005. However, pursuant to a significant expansion of Indian accounting standards, Indian GAAP constitutes a comprehensive body of accounting standards. Accordingly, from fiscal year ended March 31, 2006 onwards ICICI Bank includes in its annual report in Form 20-F, consolidated financial statements according to Indian GAAP, with a reconciliation of profit after tax and networth to net income and stockholders' equity under US GAAP and a description of significant differences between Indian GAAP and US GAAP.

It may be noted that there are significant differences in the basis of accounting between US GAAP and Indian GAAP primarily relating to determination of allowance for loan losses, amortization of fees and origination costs, valuation of securities, accounting for derivatives, accounting for securitizations, accounting for business combinations, compensation cost and consolidation.

For further press queries please call Charudatta Deshpande at 91-22-2653 8208 or e-mail: charudatta.deshpande@icicibank.com.

For investor queries please call Rupesh Kumar at 91-22-2653 7126 or email at ir@icicibank.com.

1 crore = 10.0 million.

US$ amounts represent convenience translations at US$1= Rs. 50.87.

Charudatta Deshpande, 91-22-2653 8208
charudatta.deshpande@icicibank.com
or
Investor queries:
Rupesh Kumar, 91-22-2653 7126
ir@icicibank.com