ICICI Bank Announces Performance Review – Quarter and Year Ended March 31, 2013

  • 29% year-on-year increase in standalone profit after tax to Rs 8,325 crore (US$ 1.5 billion) for the year ended March 31, 2013 (FY2013) from Rs 6,465 crore (US$ 1.2 billion) for the year ended March 31, 2012 (FY2012)
  • 21% year-on-year increase in standalone profit after tax to Rs 2,304 crore (US$ 424 million) for the quarter ended March 31, 2013 (Q4-2013) from Rs 1,902 crore (US$ 350 million) for the quarter ended March 31, 2012 (Q4-2012)
  • 26% year-on-year increase in consolidated profit after tax to Rs 9,604 crore (US$ 1.8 billion) for FY2013 from Rs 7,643 crore (US$ 1.4 billion) for FY2012
  • Consolidated return on equity of 14.7% for FY2013 compared to 13.0% for FY2012
  • 38 basis points improvement in full year net interest margin to 3.11% for FY2013
  • Net non-performing asset ratio at 0.64% at March 31, 2013
  • Strong capital adequacy ratio of 18.74% and Tier-1 capital adequacy of 12.80%
  • Dividend of Rs 20.00 per share proposed

Business Wire

MUMBAI, India--(BUSINESS WIRE)--

The Board of Directors of ICICI Bank Limited (IBN) at its meeting held at Mumbai today, approved the audited accounts of the Bank for the year ended March 31, 2013.

Profit & loss account

  • Standalone profit after tax increased 29% to Rs 8,325 crore (US$ 1.5 billion) for the year ended March 31, 2013 (FY2013) from Rs 6,465 crore (US$ 1.2 billion) for the year ended March 31, 2012 (FY2012).
  • Net interest margin increased by 38 basis points from 2.73% for FY2012 to 3.11% for FY2013.
  • Return on average assets was 1.66% in FY2013 compared to 1.44% in FY2012.
  • Standalone profit after tax increased 21% to Rs 2,304 crore (US$ 424 million) for the quarter ended March 31, 2013 (Q4-2013) from Rs 1,902 crore (US$ 350 million) for the quarter ended March 31, 2012 (Q4-2012).
  • Net interest income increased 22% to Rs 3,803 crore (US$ 700 million) in Q4-2013 from Rs 3,105 crore (US$ 572 million) in Q4-2012.
  • Cost-to-income ratio reduced to 40.0% in Q4-2013 from 41.6% in Q4-2012.
  • Provisions were at Rs 460 crore (US$ 85 million) in Q4-2013 compared to Rs 469 crore (US$ 86 million) in Q4-2012.

Operating review

The Bank has continued with its strategy of pursuing profitable growth. The Bank has grown its retail disbursements, with mortgage and auto loan disbursements increasing by about 66% and 22% year-on-year respectively. The Bank continued to leverage its strong corporate franchise, its international presence and its branch network in India. During the year, the Bank added 348 branches and 1,475 ATMs to its network. At March 31, 2013, the Bank had 3,100 branches, the largest branch network among private sector banks in the country. The Bank’s ATM network increased to 10,481 ATMs at March 31, 2013 as compared to 9,006 at March 31, 2012.

Credit growth

Total advances increased by 14% year-on-year to Rs 290,249 crore (US$ 53.5 billion) at March 31, 2013 from Rs 253,728 crore (US$ 46.7 billion) at March 31, 2012. The year-on-year growth in domestic advances was 18%.

Deposit growth

At March 31, 2013, savings account deposits were Rs 85,651 crore (US$ 15.8 billion) and current account deposits were Rs 36,926 crore (US$ 6.8 billion). During Q4-2013, savings account deposits increased by Rs 4,188 crore (US$ 771 million) and current account deposits increased by Rs 1,252 crore (US$ 231 million). The Bank’s current and savings account (CASA) ratio improved to 41.9% at March 31, 2013 compared to 40.9% at December 31, 2012. The average CASA ratio improved to 38.1% during Q4-2013 compared to 37.4% during the quarter ended December 31, 2012 (Q3-2013).

Capital adequacy

The Bank’s capital adequacy at March 31, 2013 as per Reserve Bank of India’s guidelines on Basel II norms was 18.74% and Tier-1 capital adequacy was 12.80%, well above RBI’s requirement of total capital adequacy of 9.0% and Tier-1 capital adequacy of 6.0%.

Asset quality

The Bank’s gross non-performing asset ratio declined to 2.68% at March 31, 2013 from 3.04% at March 31, 2012. The Bank’s net non-performing asset ratio was 0.64% at March 31, 2013 compared to 0.62% at March 31, 2012. Net non-performing assets at March 31, 2013 were Rs 2,234 crore (US$ 411 million) compared to Rs 2,185 crore (US$ 402 million) at December 31, 2012 and Rs 1,894 crore (US$ 349 million) at March 31, 2012. The Bank’s provision coverage ratio computed in accordance with the RBI guidelines was 76.8% at March 31, 2013. Net loans to companies whose facilities have been restructured were Rs 5,315 crore (US$ 979 million) at March 31, 2013 compared to Rs 4,562 crore (US$ 840 million) at December 31, 2012 and Rs 4,554 crore (US$ 839 million) at March 31, 2012.

Dividend on equity shares

The Board has recommended a dividend of Rs 20.00 per equity share (equivalent to US$ 0.74 per ADS) for FY2013. The declaration and payment of dividend is subject to requisite approvals. The record/book closure dates will be announced in due course.

Consolidated profits

Consolidated profit after tax increased 26% to Rs 9,604 crore (US$ 1.8 billion) for FY2013 from Rs 7,643 crore (US$ 1.4 billion) for FY2012. Consolidated profit after tax increased 38% to Rs 2,492 crore (US$ 459 million) for Q4-2013 from Rs 1,810 crore (US$ 333 million) for Q4-2012. The consolidated return on equity improved from 13.0% in FY2012 to 14.7% in FY2013.

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 FY2013. ICICI Life’s profit after tax for FY2013 was Rs 1,496 crore (US$ 276 million) compared to Rs 1,384 crore (US$ 255 million) for FY2012. ICICI Life’s annualised premium equivalent (APE) increased by 13% to Rs 3,532 crore (US$ 651 million) in FY2013 from Rs 3,118 crore (US$ 574 million) in FY2012. The assets under management at March 31, 2013 were Rs 74,164 crore (US$ 13.7 billion).

ICICI Lombard General Insurance Company (ICICI General) maintained its leadership in the private sector during FY2013. The gross premium income of ICICI General increased by 20% to Rs 6,420 crore (US$ 1.2 billion) in FY2013 from Rs 5,358 crore (US$ 987 million) in FY2012. ICICI General’s profit after tax for FY2013 was Rs 306 crore (US$ 56 million) compared to a loss of Rs 416 crore (US$ 77 million) for FY2012.

Appointment of non-executive Director

The Board of Directors has appointed Mr. Dileep Choksi as a non-executive Director. Mr. Dileep Choksi is a leading chartered accountant and has over 35 years of professional experience. He was formerly the Joint Managing Partner of Deloitte in India. He is presently a non-executive Director of three subsidiary companies of the Bank – ICICI General, ICICI Prudential Asset Management Company and ICICI Home Finance Company.

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

                   

Rs crore

  Q4-2012 FY2012 Q3-2013 Q4-2013 FY2013
Net interest income 3,105 10,734 3,499 3,803 13,866
Non-interest income 2,228 7,502 2,215 2,208 8,346
- Fee income 1,728 6,707 1,771 1,775 6,901
- Dividend and other income 342 808 193 340 950
- Treasury income 158 (13) 251 93 495
Less:          
Operating expense 2,222 7,850 2,261 2,407 9,013
Operating profit 3,111 10,386 3,453 3,604 13,199
Less: Provisions 469 1,583 369 460 1,803
Profit before tax 2,642 8,803 3,084 3,144 11,396
Less: Tax 740 2,338 834 840 3,071
Profit after tax 1,902 6,465 2,250 2,304 8,325

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

 

Summary Balance Sheet

Rs crore

      At

March 31,
2012

   

December 31,
2012

   

March 31,
2013

Capital and Liabilities      
Capital 1,153 1,153 1,154
Employee stock options outstanding 2 4 4
Reserves and surplus 59,250 65,961 65,548
Deposits 255,500 286,418 292,614
Borrowings (includes subordinated debt)1 140,165 147,149 145,341
Other liabilities 32,999 26,654 32,134
Total Capital and Liabilities 489,069 527,339 536,795
       
Assets      
Cash and balances with Reserve Bank of India 20,461 21,778 19,053
Balances with banks and money at call and short notice 15,768 19,351 22,365
Investments 159,560 166,842 171,394
Advances 253,728 286,766 290,249
Fixed assets 4,615 4,619 4,647
Other assets 34,937 27,983 29,087
Total Assets 489,069 527,339 536,795

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 54.29

 
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 Year ended

March
31, 2013

December
31, 2012

March
31, 2012

March
31, 2013

March
31, 2012

    (Audited) (Audited) (Unaudited) (Audited) (Audited)
1. Interest earned (a)+(b)+(c)+(d) 10,365.33 10,138.29 9,174.64 40,075.60 33,542.65

a)

Interest/discount on advances/bills 6,970.69 7,065.80 6,128.18 27,341.11 22,129.89

b)

Income on investments 2,820.40 2,742.42 2,615.47 11,009.27 9,684.02

c)

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

134.29 136.25 127.93 542.98 491.14
  d) Others 439.95 193.82 303.06 1,182.24 1,237.60
2. Other income 2,208.19 2,214.62 2,228.46 8,345.70 7,502.76
3. TOTAL INCOME (1)+(2) 12,573.52 12,352.91 11,403.10 48,421.30 41,045.41
4. Interest expended 6,562.11 6,639.27 6,069.87 26,209.19 22,808.50
5. Operating expenses (e)+(f) 2,407.29 2,261.16 2,221.64 9,012.88 7,850.44
  e) Employee cost 999.74 940.64 1,103.10 3,893.29 3,515.28
  f) Other operating expenses 1,407.55 1,320.52 1,118.54 5,119.59 4,335.16
6. TOTAL EXPENDITURE (4)+(5) 8,969.40 8,900.43 8,291.51 35,222.07 30,658.94
  (excluding provisions and contingencies)       0  
7. OPERATING PROFIT (3)–(6) 3,604.12 3,452.48 3,111.59 13,199.23 10,386.47
  (Profit before provisions and contingencies)       0  
8. Provisions (other than tax) and contingencies 460.02 368.73 469.30 1,802.54 1,583.04
9. Exceptional items          
10. PROFIT/(LOSS) FROM ORDINARY ACTIVITIES BEFORE TAX (7)–(8)–(9) 3,144.10 3,083.75 2,642.29 11,396.69 8,803.43
11. Tax expense (g)+(h) 840.03 833.51 740.53 3,071.22 2,338.17
  g) Current period tax 842.39 746.91 629.07 3,005.20 2,193.52
  h) Deferred tax adjustment (2.36) 86.60 111.46 66.02 144.65
12. NET PROFIT/(LOSS) FROM ORDINARY ACTIVITIES AFTER TAX (10)–(11) 2,304.07 2,250.24 1,901.76 8,325.47 6,465.26
13. Extraordinary items (net of tax expense)          
14. NET PROFIT/(LOSS) FOR THE PERIOD (12)–(13) 2,304.07 2,250.24 1,901.76 8,325.47 6,465.26
15.

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

1,153.64 1,153.36 1,152.77 1,153.64 1,152.77
16. Reserves excluding revaluation reserves 65,547.84 65,961.38 59,250.09 65,547.84 59,250.09
17. Analytical ratios          
  i) Percentage of shares held by Government of India 0.01 0.01   0.01  
  ii) Capital adequacy ratio 18.74% 19.53% 18.52% 18.74% 18.52%
  iii) Earnings per share (EPS)          
    a)

Basic EPS before and after extraordinary items, net of tax expense (not annualised for three months) (in Rs)

19.98 19.51 16.50 72.20 56.11
    b)

Diluted EPS before and after extraordinary items, net of tax expense (not annualised for three months) (in Rs)

19.87 19.42 16.46 71.93 55.95
18. NPA Ratio1          
  i) Gross non-performing advances (net of write-off) 9,607.75 9,763.39 9,475.33 9,607.75 9,475.33
  ii) Net non-performing advances 2,230.56 2,181.53 1,860.84 2,230.56 1,860.84
  iii) % of gross non-performing advances (net of write-off) to gross advances 3.22% 3.31% 3.62% 3.22% 3.62%
  iv) % of net non-performing advances to net advances 0.77% 0.76% 0.73% 0.77% 0.73%
19. Return on assets (annualised) 1.82% 1.80% 1.69% 1.70% 1.50%
20. Public shareholding          
  i) No. of shares 1,153,581,715 1,153,303,032 1,152,714,442 1,153,581,715 1,152,714,442
  ii) Percentage of shareholding 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 March 31, 2013, the percentage of gross non-performing customer assets to gross customer assets was 2.68% and net non-performing customer assets to net customer assets was 0.64%. Customer assets include advances and credit substitutes.
 
 
SUMMARISED UNCONSOLIDATED BALANCE SHEET

(Rs in crore)

Particulars At
March

31, 2013

December

31, 2012

March

31, 2012

  (Audited) (Audited) (Audited)
Capital and Liabilities      
Capital 1,153.64 1,153.36 1,152.77
Employees stock options outstanding 4.48 3.95 2.39
Reserves and surplus 65,547.84 65,961.38 59,250.09
Deposits 292,613.63 286,418.06 255,499.96
Borrowings (includes preference shares and subordinated debt) 145,341.49 147,149.07 140,164.90
Other liabilities and provisions 32,133.60 26,653.07 32,998.69
Total Capital and Liabilities 536,794.68 527,338.89 489,068.80
 
Assets
Cash and balances with Reserve Bank of India 19,052.73 21,777.62 20,461.30
Balances with banks and money at call and short notice 22,364.79 19,351.02 15,768.02
Investments 171,393.60 166,842.01 159,560.04
Advances 290,249.43 286,765.98 253,727.66
Fixed assets 4,647.06 4,618.52 4,614.68
Other assets 29,087.07 27,983.74 34,937.10
Total Assets 536,794.68 527,338.89 489,068.80
 
 
CONSOLIDATED FINANCIAL RESULTS

(Rs in crore)

Sr. no. Particulars Three months ended Year ended
March

31, 2013

December

31, 2012

March

31, 2012

March

31, 2013

March

31, 2012

  (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
1. Interest earned (a)+(b)+(c)+(d) 11,580.05 11,348.48 10,322.88 44,884.59 37,994.86
a) Interest/discount on advances/bills 7,501.77 7,619.68 6,729.36 29,562.46 24,620.12
b) Income on investments 3,429.26 3,328.47 3,090.89 13,318.86 11,376.29
c) Interest on balances with Reserve Bank of India and other inter-bank funds 187.15 194.52 180.99 756.63 700.60
  d) Others 461.87 205.81 321.64 1,246.64 1,297.85
2. Other income 8,659.82 7,366.91 8,977.65 29,319.81 28,663.42
3. TOTAL INCOME (1)+(2) 20,239.87 18,715.39 19,300.53 74,204.40 66,658.28
4. Interest expended 7,054.70 7,152.93 6,613.55 28,285.41 25,013.25
5. Operating expenses (e)+(f) 9,062.83 7,389.41 9,710.51 30,207.06 29,552.04
  e) Employee cost 1,458.18 1,374.70 1,502.90 5,629.09 5,101.27
  f) Other operating expenses 7,604.65 6,014.71 8,207.61 24,577.97 24,450.77
6. TOTAL EXPENDITURE (4)+(5) 16,117.53 14,542.34 16,324.06 58,492.47 54,565.29
  (excluding provisions and contingencies)          
7. OPERATING PROFIT (3)–(6) 4,122.34 4,173.05 2,976.47 15,711.93 12,092.99
  (Profit before provisions and contingencies)          
8. Provisions (other than tax) and contingencies 547.52 458.05 365.62 2,095.17 1,406.34
9. Exceptional items          
10. PROFIT/(LOSS) FROM ORDINARY ACTIVITIES BEFORE TAX (7)–(8)–(9) 3,574.82 3,715.00 2,610.85 13,616.76 10,686.65
11. Tax expense (g)+(h) 967.52 927.75 866.68 3,486.88 2,749.01
  g) Current period tax 932.82 849.83 735.67 3,377.26 2,577.29
  h) Deferred tax adjustment 34.70 77.92 131.01 109.62 171.72
12. Less: Share of profit/(loss) of minority shareholders 115.25 142.64 (66.10) 526.27 294.70
13. NET PROFIT/(LOSS) FROM ORDINARY ACTIVITIES AFTER TAX (10)–(11)-(12) 2,492.05 2,644.61 1,810.27 9,603.61 7,642.94
14. Extraordinary items (net of tax expense)          
15. NET PROFIT/(LOSS) FOR THE PERIOD (13)–(14) 2,492.05 2,644.61 1,810.27 9,603.61 7,642.94
16.

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

1,153.64 1,153.36 1,152.77 1,153.64 1,152.77
17. Analytical ratios          
 

Basic EPS before and after extraordinary items, net of tax expense (not annualised for three months)(in Rs)

21.61 22.93 15.71 83.29 66.33
 

Diluted EPS before and after extraordinary items, net of tax expense (not annualised for three months)(in Rs)

21.46 22.79 15.69 82.84 66.06
 
 
SUMMARISED CONSOLIDATED BALANCE SHEET

(Rs in crore)

Particulars At
March

31, 2013

December

31, 2012

March

31, 2012

  (Audited) (Audited) (Audited)
Capital and Liabilities      
Capital 1,153.64 1,153.36 1,152.77
Employees stock options outstanding 4.48 3.95 2.39
Reserves and surplus 67,604.29 67,941.25 60,121.34
Minority interest 1,705.76 1,668.91 1,427.73
Deposits 314,770.53 311,829.90 281,950.47
Borrowings (includes preference shares and subordinated debt) 172,888.22 174,616.59 161,296.62
Liabilities on policies in force 68,910.54 69,861.10 66,229.46
Other liabilities 47,784.25 41,413.64 47,106.12
Total Capital and Liabilities 674,821.71 668,488.70 619,286.90
 
Assets
Cash and balances with Reserve Bank of India 19,306.20 21,962.80 20,728.18
Balances with banks and money at call and short notice 30,064.65 24,359.01 20,428.11
Investments 255,666.68 252,933.62 239,864.09
Advances 329,974.13 329,214.76 292,125.42
Fixed assets 5,473.46 5,430.96 5,431.98
Other assets 34,336.59 34,587.55 40,709.12
Total Assets 674,821.71 668,488.70 619,286.90
 
 
CONSOLIDATED SEGMENTAL RESULTS

(Rs in crore)

Sr. no. Particulars Three months ended Year ended
March

31, 2013

December

31, 2012

March

31, 2012

March

31, 2013

March

31, 2012

  (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
1. Segment Revenue          
a Retail Banking 5,843.40 5,698.63 5,224.15 22,585.63 19,711.27
b Wholesale Banking 7,866.42 8,264.85 7,384.22 31,368.76 26,171.31
c Treasury 9,138.36 9,028.69 8,321.86 35,598.15 30,186.85
d Other Banking 903.61 656.81 661.67 2,834.62 2,513.86
e Life Insurance 5,494.82 4,174.24 5,754.68 17,376.03 17,620.35
f General Insurance 1,437.81 1,311.68 1,299.21 5,043.30 4,330.16
g Others 814.45 738.46 768.27 2,996.80 2,969.81
  Total 31,498.87 29,873.36 29,414.06 117,803.29 103,503.61
  Less: Inter segment revenue 11,259.00 11,157.97 10,113.53 43,598.89 36,845.33
  Income from operations 20,239.87 18,715.39 19,300.53 74,204.40 66,658.28
2. Segmental Results (Profit before tax and minority interest)  
a Retail Banking 269.69 242.49 208.08 954.55 549.99
b Wholesale Banking 1,620.48 1,922.76 1,749.78 6,618.86 6,207.73
c Treasury 1,095.26 1,036.56 813.83 3,661.33 2,244.11
d Other Banking 255.01 100.70 134.62 641.01 392.82
e Life Insurance 371.94 411.90 336.08 1,569.65 1,413.72
f General Insurance 32.56 84.29 (591.81) 281.68 (395.21)
g Others 233.50 198.60 179.42 781.73 810.86
  Total segment results 3,878.44 3,997.30 2,830.00 14,508.81 11,224.02
  Less: Inter segment adjustment 303.62 282.30 219.15 892.05 537.37
  Unallocated expenses          
  Profit before tax and minority interest 3,574.82 3,715.00 2,610.85 13,616.76 10,686.65
3. Capital employed

(i.e. Segment assets – Segment liabilities)

       
a Retail Banking (131,343.72) (124,172.15) (106,850.82) (131,343.72) (106,850.82)
b Wholesale Banking 119,763.46 123,905.41 106,384.77 119,763.46 106,384.77
c Treasury 54,106.66 43,133.03 37,956.49 54,106.66 37,956.49
d Other Banking 11,178.40 11,689.50 10,098.65 11,178.40 10,098.65
e Life Insurance 4,144.06 4,049.18 3,445.25 4,144.06 3,445.25
f General Insurance 1,562.35 1,597.73 1,319.51 1,562.35 1,319.51
g Others 2,483.30 2,482.50 2,301.59 2,483.30 2,301.59
h Unallocated 6,867.90 6,413.36 6,621.06 6,867.90 6,621.06
  Total 68,762.41 69,098.56 61,276.50 68,762.41 61,276.50
 

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 of ICICI Bank Limited ("the Bank") 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 by the Bank, which are not included under Retail Banking.
  4. "Treasury" includes the entire investment and derivative portfolio of the Bank, ICICI Eco-net Internet and Technology Fund, ICICI Equity Fund, ICICI Emerging Sectors Fund, ICICI Strategic Investments Fund and ICICI Venture Value Fund.
  5. "Other Banking" includes leasing operations and other items not attributable to any particular business segment of the Bank. Further, it includes the Bank's banking subsidiaries i.e. ICICI Bank UK PLC, ICICI Bank Canada and ICICI Bank Eurasia LLC.
  6. "Life Insurance" represents ICICI Prudential Life Insurance Company Limited.
  7. "General Insurance" represents ICICI Lombard General Insurance Company Limited.
  8. "Others" comprises the consolidated entities of the Bank, not covered in any of the segments above.

Notes:

 

1.

The above financial results have been approved by the Board of Directors at its meeting held on April 26, 2013.

 

2.

In accordance with IRDA guidelines, 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’) covering third party risks of commercial vehicles, from April 1, 2007. As per IRDA direction effective March 31, 2012, the Pool was dismantled on a clean cut basis and general insurance companies were required to recognise the Pool liabilities as per loss ratios estimated by GAD UK (“GAD Estimates”) with the option to recognise the same over a three year period. ICICI General had decided to recognise the additional liabilities of the Pool during the year ended March 31, 2012 and therefore, the loss after tax of ICICI General of Rs 416.33 crore for the year ended March 31, 2012 and Rs 613.28 crore for the three months ended March 31, 2012 included impact of additional Pool losses of Rs 684.96 crore. The Bank's consolidated net profit after tax for the year ended March 31, 2012 and three months ended March 31, 2012 included impact of additional Pool losses of Rs 503.03 crore in line with the Bank’s shareholding in ICICI General. During the year ended March 31, 2013, the Appointed Actuary carried out re-assessment of liabilities relating to policies underwritten by ICICI General for risks incepted between April 1, 2007 and March 31, 2012. Based on the re-assessment, ICICI General has recognised additional provision of Rs 101.86 crore during the three months and year ended March 31, 2013.

 

3.

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 11,323.96 crore and Rs 12,254.23 crore have been included in Other assets and gross negative MTM amounting to Rs 10,826.32 crore and Rs 10,743.75 crore have been included in Other liabilities at March 31, 2013 and December 31, 2012 respectively. Consequent to the change, Other assets and Other liabilities of the Bank have increased by Rs 15,421.71 crore at March 31, 2012 and Other assets and Other liabilities of the Group have increased by Rs 15,095.48 crore at March 31, 2012.

 

4.

During the three months ended March 31, 2013, the Bank has allotted 278,683 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 March 31, 2013:

                Opening balance     Additions     Disposals     Closing balance
2 31 33 0
6.  

The Board of Directors has recommended a dividend of Rs 20.00 per equity share for the year ended March 31, 2013 (previous year dividend of Rs 16.50 per equity share). The declaration and payment of dividend is subject to requisite approvals. The Board of Directors has also recommended a dividend of Rs 100.00 per preference share on 350 preference shares of the face value of Rs 1 crore each for the year ended March 31, 2013.

 
7. Previous period/year figures have been re-grouped/re-classified where necessary to conform to current period classification.
 
8. The above unconsolidated and consolidated financial results for March 31, 2013 and March 31, 2012 are audited by the statutory auditors, S.R. Batliboi & Co. LLP, Chartered Accountants.
 
9. The amounts for three months ended March 31, 2013 are balancing amounts between the amounts as per the audited accounts for the year ended March 31, 2013 and nine months ended December 31, 2012.
 
10.

Rs 1 crore = Rs 10 million.

                                                                           
Place : Mumbai N. S. Kannan
Date : April 26, 2013 Executive Director & CFO

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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