ICICI Bank Limited Performance Review: Consolidated Profit After Tax Crosses The Rs 10,000 Crore Milestone

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 year ended March 31, 2014.

Profit & loss account
  • Standalone profit after tax increased 18% to Rs 9,810 crore (US$ 1.6 billion) for the year ended March 31, 2014 (FY2014) from Rs 8,325 crore (US$ 1.4 billion) for the year ended March 31, 2013 (FY2013).
  • Net interest income increased 19% to Rs 16,475 crore (US$ 2.8 billion) in FY2014 from Rs 13,866 crore (US$ 2.3 billion) in FY2013. Net interest margin increased by 22 basis points from 3.11% in FY2013 to 3.33% in FY2014.
  • Non-interest income increased by 25% to Rs 10,428 crore (US$ 1.7 billion) in FY2014 from Rs 8,346 crore (US$ 1.4 billion) in FY2013.
  • Cost-to-income ratio reduced to 38.2% in FY2014 from 40.5% in FY2013.
  • Provisions were at Rs 2,626 crore (US$ 438 million) in FY2014 compared to Rs 1,803 crore (US$ 301 million) in FY2013.
  • Return on average assets was 1.76% in FY2014 compared to 1.66% in FY2013.
  • Standalone profit after tax increased by 15% to Rs 2,652 crore (US$ 443 million) for the quarter ended March 31, 2014 (Q4-2014) from Rs 2,304 crore (US$ 385 million) for the quarter ended March 31, 2013 (Q4-2013).
  • Net interest income increased 15% to Rs 4,357 crore (US$ 727 million) in Q4-2014 from Rs 3,803 crore (US$ 635 million) in Q4-2013.
  • Non-interest income increased by 35% to Rs 2,976 crore (US$ 497 million) in Q4-2014 from Rs 2,208 crore (US$ 369 million) in Q4-2013. Non-interest income in Q4-2014 included Rs 222 crore (US$ 37 million) of exchange rate gains on repatriation of retained earnings from overseas branches.
  • Cost-to-income ratio reduced to 39.2% in Q4-2014 from 40.0% in Q4- 2013.
  • Provisions were at Rs 714 crore (US$ 119 million) in Q4-2014 compared to Rs 460 crore (US$ 77 million) in Q4-2013.
  • Consolidated profit after tax increased by 15% to Rs 11,041 crore (US$ 1.8 billion) in FY2014 compared to Rs 9,604 crore (US$ 1.6 billion) in FY2013. Consolidated profit after tax increased by 9% to Rs 2,724 crore (US$ 455 million) for Q4-2014 from Rs 2,492 crore (US$ 416 million) for Q4-2013.

Operating review

The Bank has continued with its strategy of pursuing profitable growth. The Bank continued to grow its retail franchise and has seen healthy growth in retail assets and deposits during the year. The Bank continued to strengthen its deposit franchise with healthy mobilization of current and savings account (CASA) deposits during the year, leveraging its increased branch network and technology initiatives. During the year, the Bank added 653 branches and 834 ATMs to its network. At March 31, 2014, the Bank had 3,753 branches, the largest branch network among private sector banks in the country. The Bank’s ATM network increased to 11,315 ATMs at March 31, 2014 as compared to 10,481 at March 31, 2013.

Credit growth

Total advances increased by 17% year-on-year to Rs 338,703 crore (US$ 56.5 billion) at March 31, 2014 from Rs 290,249 crore (US$ 48.4 billion) at March 31, 2013. The Bank has continued to see healthy growth in its retail disbursements resulting in a year-on-year growth of 23% in the total retail portfolio at March 31, 2014.

Deposit growth

During Q4-2014, savings account deposits increased by Rs 3,408 crore (US$ 569 million) and current account deposits increased by Rs 1,804 crore (US$ 301 million). For FY2014, savings account deposits increased by Rs 13,482 crore (US$ 2.3 billion) and current account deposits increased by Rs 6,319 crore (US$ 1.1 billion). At March 31, 2014, savings account deposits were Rs 99,133 crore (US$ 16.5 billion) and current account deposits were Rs 43,245 crore (US$ 7.2 billion). The Bank’s CASA ratio was 42.9% at March 31, 2014 as compared to 43.3% as December 31, 2013 and 41.9% at March 31, 2013. The average CASA ratio for Q4-2014 was 39.1% and for FY2014 was 39.4% compared to 38.0% for FY2013. Total deposits increased by 13% year-on-year to Rs 331,914 crore (US$ 55.4 billion) at March 31, 2014.

Capital adequacy

The Bank’s capital adequacy at March 31, 2014 as per Reserve Bank of India’s guidelines on Basel III norms was 17.70% and Tier-1 capital adequacy was 12.78%, well above regulatory requirements.

Asset quality

Net non-performing assets at March 31, 2014 were Rs 3,301 crore (US$ 551 million) compared to Rs 3,121 crore (US$ 521 million) at December 31, 2013 and Rs 2,234 crore (US$ 373 million) at March 31, 2013. The net non-performing asset ratio was 0.82% at March 31, 2014 compared to 0.81% at December 31, 2013 and 0.64% at March 31, 2013. The Bank’s provision coverage ratio, computed in accordance with the RBI guidelines, was 68.6% at March 31, 2014 after write-offs of Rs 2,156 crore (US$ 360 million) during the year. Net loans to companies whose facilities have been restructured were Rs 10,558 crore (US$ 1.8 billion) at March 31, 2014 compared to Rs 8,602 crore (US$ 1.4 billion) at December 31, 2013 and Rs 5,315 crore (US$ 887 million) at March 31, 2013.

Dividend on equity shares

The Board has recommended a dividend of Rs 23.00 per equity share (equivalent to US$ 0.77 per ADS) for FY2014. The declaration and payment of dividend is subject to requisite approvals. The record/book closure dates will be announced in due course.

Consolidated results

Consolidated profit after tax increased 15% to Rs 11,041 crore (US$ 1.8 billion) for FY2014 from Rs 9,604 crore (US$ 1.6 billion) for FY2013. Consolidated profit after tax increased 9% to Rs 2,724 crore (US$ 455 million) for Q4-2014 from Rs 2,492 crore (US$ 416 million) for Q4-2013. The consolidated return on equity improved from 14.7% in FY2013 to 14.9% in FY2014.

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-December 2013. ICICI Life’s profit after tax for FY2014 was Rs 1,567 crore (US$ 262 million) compared to Rs 1,496 crore (US$ 250 million) for FY2013. ICICI Life’s annualised premium equivalent (APE) was at Rs 3,444 crore (US$ 575 million) in FY2014 compared to Rs 3,532 crore (US$ 590 million) in FY2013. During FY2014, ICICI Life has seen an increase in its assets under management to Rs 80,597 crore (US$ 13.5 billion). During Q4-2014, renewal premium for ICICI Life grew by 11%.

ICICI Lombard General Insurance Company (ICICI General) maintained its leadership in the private sector during April-February 2014. The gross premium income of ICICI General increased by 11% to Rs 7,134 crore (US$ 1.2 billion) in FY2014 from Rs 6,420 crore (US$ 1.1 billion) in FY2013. ICICI General’s profit after tax for FY2014 was Rs 511 crore (US$ 85 million) compared to Rs 306 crore (US$ 51 million) for FY2013.

                   

Rs crore
    Q4-2013   FY2013   Q3-2014   Q4-2014   FY2014
Net interest income   3,803   13,866   4,255   4,357   16,475
Non-interest income   2,208   8,346   2,801   2,976   10,428
- Fee income   1,775   6,901   1,997   1,974   7,758
- Lease and other income   340   950   357   7571   1,6531
- Treasury income   93   495   447   245   1,017
Less:                    
Operating expense   2,407   9,013   2,617   2,879   10,309
Operating profit   3,604   13,199   4,439   4,454   16,594
Less: Provisions   460   1,803   695   714   2,626
Profit before tax   3,144   11,396   3,744   3,740   13,968
Less: Tax   840   3,071   1,2122   1,0882   4,1582
Profit after tax   2,304   8,325   2,532   2,652   9,810

1. Includes Rs 222 crore of foreign exchange gain on repatriation of retained earnings from overseas branches.

2. The Reserve Bank of India, through its circular dated December 20, 2013, has advised banks to create deferred tax liability (DTL) on the amount outstanding in Special Reserve, as a matter of prudence. In accordance with these RBI guidelines, during Q3-2014 the Bank created DTL of Rs 1,419 crore on Special Reserve outstanding at March 31, 2013, by reducing the reserves. Further, DTL of Rs 215 crore on estimated Special Reserve for 9M-2014 was created in Q3-2014 and DTL of Rs 89 crore and Rs 304 crore on the amount transferred to Special Reserve has been created for Q4-2014 and FY2014 respectively. Accordingly, the tax expense for Q3-2014, Q4-2014 and FY2014 is higher by Rs 215 crore, Rs 89 crore and Rs 304 crore respectively.

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

Summary Balance Sheet
     

Rs crore
  March

31, 2013

December 31,2013

March 31,2014
(Audited) (Audited) (Audited)
Capital and Liabilities      
Capital 1,154 1,155 1,155
Employee stock options outstanding 4 6 7
Reserves and surplus1 65,548 72,896 72,052
Deposits 292,614 316,970 331,914
Borrowings (includes subordinated debt)2 145,341 150,940 154,759
Other liabilities 32,134 32,159 34,755
Total Capital and Liabilities 536,795 574,126 594,642
       
Assets      
Cash and balances with Reserve Bank of India 19,053 19,157 21,822
Balances with banks and money at call and short notice 22,365 13,369 19,708
Investments 171,394 171,985 177,022
Advances 290,249 332,632 338,703
Fixed assets 4,647 4,629 4,678
Other assets 29,087 32,354 32,709
Total Assets 536,795 574,126 594,642

1. During the three months ended December 31, 2013, the Bank has created a DTL of Rs 1,419 crore on Special Reserve outstanding at March 31, 2013, by reducing the reserves

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

3. 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 59.92
 
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, 2014
December

31, 2013
March

31, 2013
March

31, 2014
March

31, 2013
                                        (Audited) (Audited) (Audited) (Audited) (Audited)
1. Interest earned (a)+(b)+(c)+(d)       11,489.25 11,454.95 10,365.33 44,178.15 40,075.60

a)
Interest/discount on advances/bills 8,271.59 8,223.83 6,970.69 31,427.93 27,341.11
b) Income on investments             2,911.17 2,922.17 2,820.40 11,557.05 11,009.27

c)
Interest on balances with Reserve Bank of India

and other inter-bank funds
61.62 33.62 134.29 199.98 542.98
 

 
d) Others                        

 
244.87 275.33 439.95 993.19 1,182.24
2.   Other income                       2,976.09 2,801.01 2,208.19 10,427.87 8,345.70
3.   TOTAL INCOME (1)+(2)             14,465.34 14,255.96 12,573.52 54,606.02 48,421.30
4.   Interest expended                     7,132.73 7,199.89 6,562.11 27,702.59 26,209.19
5.   Operating expenses (e)+(f)           2,879.12 2,617.03 2,407.29 10,308.86 9,012.88
    e) Employee cost                     1,262.26 996.87 999.74 4,220.11 3,893.29
    f) Other operating expenses         1,616.86 1,620.16 1,407.55 6,088.75 5,119.59
6. TOTAL EXPENDITURE (4)+(5) 10,011.85 9,816.92 8,969.40 38,011.45 35,222.07
    (excluding provisions and contingencies)       0 0
7. OPERATING PROFIT (3)–(6) 4,453.49 4,439.04 3,604.12 16,594.57 13,199.23
    (Profit before provisions and contingencies)       0 0
8.   Provisions (other than tax) and contingencies 713.78 694.64 460.02 2,626.40 1,802.54
9.   Exceptional items                              
10.   PROFIT/(LOSS) FROM ORDINARY ACTIVITIES

BEFORE TAX (7)–(8)–(9)
3,739.71 3,744.40 3,144.10 13,968.17 11,396.69
11.   Tax expense (g)+(h)                 1,087.70 1,212.19 840.03 4,157.69 3,071.22
    g) Current period tax                 926.17 1,083.46 842.39 3,844.50 3,005.20
    h) Deferred tax adjustment           161.53 128.73 (2.36) 313.19 66.02
12.   NET PROFIT/(LOSS) FROM ORDINARY

ACTIVITIES AFTER TAX (10)–(11)
2,652.01 2,532.21 2,304.07 9,810.48 8,325.47
13.   Extraordinary items (net of tax expense)          
14.   NET PROFIT/(LOSS) FOR THE PERIOD (12)–(13) 2,652.01 2,532.21 2,304.07 9,810.48 8,325.47
15.  

Paid-up equity share capital (face value Rs 10/- each)
1,155.04 1,154.59 1,153.64 1,155.04 1,153.64
16.   Reserves excluding revaluation reserves 72,051.71 72,895.97 65,547.84 72,051.71 65,547.84
17.   Analytical ratios                                
    i) Percentage of shares held by Government of India 0.03 0.03 0.01 0.03 0.01
    ii) Capital adequacy ratio                      
      a) Basel II                         19.08% 17.81% 18.74% 19.08% 18.74%
      b) Basel III                         17.70% 16.81% NA 17.70% NA
    iii) Earnings per share (EPS)                  
      a)

Basic EPS before and after extraordinary items, net of tax

expense (not annualised for three months) (in Rs)
22.97 21.93 19.98 84.99 72.20
      b)

Diluted EPS before and after extraordinary items, net of tax

expense (not annualised for three months) (in Rs)
22.87 21.85 19.87 84.65 71.93
18.   NPA Ratio1                                  
    i) Gross non-performing advances (net of write-off) 10,505.84 10,399.13 9,607.75 10,505.84 9,607.75
    ii) Net non-performing advances     3,297.96 3,118.44 2,230.56 3,297.96 2,230.56
    iii) % of gross non-performing advances (net of write-off) to

gross advances
3.03% 3.05% 3.22% 3.03% 3.22%
    iv) % of net non-performing advances to net advances 0.97% 0.94% 0.77% 0.97% 0.77%
19.   Return on assets (annualised)       1.86% 1.76% 1.82% 1.78% 1.70%
20.   Public shareholding                            
    i) No. of shares                       1,154,832,769 1,154,535,873 1,153,581,715 1,154,832,769 1,153,581,715
    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, 2014, the percentage of gross non-performing customer assets to gross customer assets was 2.56% and net non-performing customer assets to net customer assets was 0.82%. Customer assets include advances and credit substitutes.
 
SUMMARISED UNCONSOLIDATED BALANCE SHEET

(Rs in crore)

 
               

Particulars
March

31, 2014
    December

31, 2013
    March

31, 2013
                                            (Audited)     (Audited)     (Audited)
Capital and Liabilities                                        
Capital                                       1,155.04     1,154.59     1,153.64
Employees stock options outstanding         6.57     6.05     4.48
Reserves and surplus                         72,051.71     72,895.97     65,547.84
Deposits                                     331,913.66     316,969.54     292,613.63
Borrowings (includes preference shares and subordinated debt)   154,759.05     150,940.21     145,341.49
Other liabilities and provisions                 34,755.55     32,159.46     32,133.60
Total Capital and Liabilities                     594,641.58     574,125.82     536,794.68
                                                         
Assets                                                    
Cash and balances with Reserve Bank of India       21,821.82     19,157.15     19,052.73
Balances with banks and money at call and short notice     19,707.77     13,369.29     22,364.79
Investments                                   177,021.81     171,984.60     171,393.60
Advances                                   338,702.65     332,632.05     290,249.43
Fixed assets                                 4,678.14     4,629.28     4,647.06
Other assets                                 32,709.39     32,353.45     29,087.07
Total Assets                                   594,641.58     574,125.82     536,794.68
                     
CONSOLIDATED FINANCIAL RESULTS

(Rs in crore)
Sr. no. Particulars Three months ended     Year ended
                March

31, 2014
    December

31, 2013
    March

31, 2013
    March

31, 2014
    March

31, 2013
                                      (Unaudited)     (Unaudited)     (Unaudited)     (Audited)     (Audited)
1. Interest earned (a)+(b)+(c)+(d)       12,846.04     12,839.21     11,580.05     49,479.24     44,884.59
a) Interest/discount on advances/bills 8,880.77     8,796.93     7,501.77     33,720.88     29,562.46
b) Income on investments             3,590.66     3,640.09     3,429.26     14,244.83     13,318.86
c) Interest on balances with Reserve Bank of India and other inter-bank funds 104.89     102.51     187.15     427.70     756.63
  d) Others                           269.72     299.68     461.87     1,085.83     1,246.64
2. Other income                       8,806.92     7,704.25     8,659.82     30,084.61     29,319.81
3. TOTAL INCOME (1)+(2)             21,652.96     20,543.46     20,239.87     79,563.85     74,204.40
4. Interest expended                     7,608.33     7,745.17     7,054.70     29,710.61     28,285.41
5. Operating expenses (e)+(f)           9,175.37     7,668.02     9,062.83     30,666.35     30,207.06
  e) Employee cost                     1,681.96     1,437.88     1,458.18     5,968.79     5,629.09
  f) Other operating expenses         7,493.41     6,230.14     7,604.65     24,697.56     24,577.97
6. TOTAL EXPENDITURE (4)+(5) 16,783.70     15,413.19     16,117.53     60,376.96     58,492.47
  (excluding provisions and contingencies)                          
7. OPERATING PROFIT (3)–(6) 4,869.26     5,130.27     4,122.34     19,186.89     15,711.93
  (Profit before provisions and contingencies)                          
8. Provisions (other than tax) and contingencies 812.57     758.75     547.52     2,900.26     2,095.17
9. Exceptional items                                              
10. PROFIT/(LOSS) FROM ORDINARY ACTIVITIES BEFORE TAX (7)–(8)–(9) 4,056.69     4,371.52     3,574.82     16,286.63     13,616.76
11. Tax expense (g)+(h)                 1,183.42     1,344.26     967.52     4,609.51     3,486.88
  g) Current period tax                 1,051.34     1,220.89     932.82     4,320.98     3,377.26
  h) Deferred tax adjustment           132.08     123.37     34.70     288.53     109.62
12. Less: Share of profit/(loss) of minority shareholders 149.01     154.96     115.25     635.75     526.27
13. NET PROFIT/(LOSS) FROM ORDINARY ACTIVITIES AFTER TAX (10)–(11)-(12) 2,724.26     2,872.30     2,492.05     11,041.37     9,603.61
14. Extraordinary items (net of tax expense)                          
15. NET PROFIT/(LOSS) FOR THE PERIOD (13)–(14) 2,724.26     2,872.30     2,492.05     11,041.37     9,603.61
16.

Paid-up equity share capital (face value Rs 10/- each)
1,155.04     1,154.59     1,153.64     1,155.04     1,153.64
17. Analytical ratios                                                
 

Basic EPS before and after extraordinary items, net of tax expense (not annualised for three months)(in Rs)
23.59     24.88     21.61     95.65     83.29
 

Diluted EPS before and after extraordinary items, net of tax expense (not annualised for three months)(in Rs)
23.47     24.76     21.46     95.14     82.84
               
SUMMARISED CONSOLIDATED BALANCE SHEET

(Rs in crore)

 
              At

Particulars
March

31, 2014
    December

31, 2013
    March

31, 2013
                                              (Audited)     (Audited)     (Audited)
Capital and Liabilities                                          
Capital                                         1,155.04     1,154.59     1,153.64
Employees stock options outstanding           6.57     6.05     4.48
Reserves and surplus                           75,268.23     76,136.58     67,604.29
Minority interest                                 2,010.76     1,966.52     1,705.76
Deposits                                       359,512.68     345,018.52     314,770.53
Borrowings (includes preference shares and subordinated debt)     183,542.07     182,306.52     172,888.22
Liabilities on policies in force                     74,926.51     71,705.67     68,910.54
Other liabilities and provisions                   51,103.82     48,453.56     47,784.25
Total Capital and Liabilities                       747,525.68     726,748.01     674,821.71
                                                           
Assets                                                      
Cash and balances with Reserve Bank of India         22,096.93     19,283.15     19,306.20
Balances with banks and money at call and short notice       26,161.30     21,044.02     30,064.65
Investments                                     267,609.44     258,836.72     255,666.68
Advances                                     387,341.78     383,930.90     329,974.13
Fixed assets                                   5,506.83     5,440.74     5,473.46
Other assets                                   38,809.40     38,212.48     34,336.59
Total Assets                                     747,525.68     726,748.01     674,821.71
       
CONSOLIDATED SEGMENTAL RESULTS

(Rs in crore)

 

 
Three months ended Year ended

Sr. no.

Particulars
March

31, 2014
December

31, 2013
March

31, 2013
March

31, 2014
March

31, 2013
                                      (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
1. Segment Revenue                            
a Retail Banking                       7,220.62 7,095.96 5,843.40 27,411.60 22,585.63
b Wholesale Banking                   8,180.87 8,408.84 7,866.42 32,402.48 31,368.76
c Treasury                             10,549.05 10,158.41 9,138.36 39,290.24 35,598.15
d Other Banking                       889.90 934.35 903.61 3,223.11 2,834.62
e Life Insurance                       5,131.50 3,918.03 5,494.82 15,990.20 17,376.03
f General Insurance                     1,437.74 1,423.00 1,437.81 5,712.20 5,043.30
g Others                             895.28 904.42 814.45 3,349.49 2,996.80
  Total segment revenue               34,304.96 32,843.01 31,498.87 127,379.32 117,803.29
  Less: Inter segment revenue         12,652.00 12,299.55 11,259.00 47,815.47 43,598.89
  Income from operations               21,652.96 20,543.46 20,239.87 79,563.85 74,204.40
2. Segmental Results

(i.e. Profit before tax and minority interest)
     
a Retail Banking                       321.55 561.63 269.69 1,829.52 954.55
b Wholesale Banking                   1,634.67 1,716.19 1,620.48 6,588.63 6,618.86
c Treasury                             1,735.18 1,401.85 1,095.26 5,256.50 3,661.33
d Other Banking                       214.90 214.57 255.01 903.15 641.01
e Life Insurance                       350.33 427.33 371.94 1,529.24 1,569.65
f General Insurance                     72.38 78.13 32.56 520.24 281.68
g Others                             262.41 280.61 233.50 978.42 781.73
  Total segment results                 4,591.42 4,680.31 3,878.44 17,605.70 14,508.81
  Less: Inter segment adjustment       534.73 308.79 303.62 1,319.07 892.05
  Unallocated expenses                          
  Profit before tax and minority interest 4,056.69 4,371.52 3,574.82 16,286.63 13,616.76
3. Capital employed (i.e. Segment assets – Segment liabilities)      
a Retail Banking                       (139,706.24) (137,641.91) (131,343.72) (139,706.24) (131,343.72)
b Wholesale Banking                   137,829.58 143,876.07 119,763.46 137,829.58 119,763.46
c Treasury                             53,614.02 46,017.67 54,106.66 53,614.02 54,106.66
d Other Banking                       9,792.63 10,265.24 11,178.40 9,792.63 11,178.40
e Life Insurance                       4,437.68 4,381.05 4,144.06 4,437.68 4,144.06
f General Insurance                     2,141.81 2,083.93 1,562.35 2,141.81 1,562.35
g Others                             2,841.29 2,811.51 2,483.30 2,841.29 2,483.30
h Unallocated                         5,479.07 5,503.66 6,867.90 5,479.07 6,867.90
  Total                               76,429.84 77,297.22 68,762.41 76,429.84 68,762.41
             
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 (up to December 31, 2013), ICICI Equity Fund, ICICI Emerging Sectors Fund (upto December 31, 2013), ICICI Strategic Investments Fund and ICICI Venture Value Fund (upto September 30, 2013).
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 25, 2014.
2. 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.
3.

Pillar 3 (Market Discipline) disclosures (unaudited) as per RBI guidelines on Composition of Capital Disclosure Requirements at March 31, 2014 for the Group are available at http://www.icicibank.com/aboutus/invest-disclosure.html.
4.

Other income for the three months ended and year ended March 31, 2014 includes foreign exchange gain of Rs 222.25 crore on repatriation of retained earnings from the overseas branches.
5.

The Bank creates Special Reserve through appropriation of profits, in order to avail tax deduction as per Section 36(1)(viii) of the Income Tax Act, 1961. The Reserve Bank of India, through its circular dated December 20, 2013, had advised banks to create deferred tax liability (DTL) on the amount outstanding in Special Reserve, as a matter of prudence. In accordance with these RBI guidelines, during the three months ended December 31, 2013, the Bank created DTL of Rs 1,419.23 crore on Special Reserve outstanding at March 31, 2013, by reducing the reserves. Further, DTL of Rs 214.98 crore on the estimated Special Reserve for the nine months ended December 31, 2013 was created in the three months ended December 31, 2013 and DTL of Rs 89.28 crore and Rs 304.26 crore on the amount transferred to Special Reserve has been created for the three months and year ended March 31, 2014 respectively. Accordingly, the tax expenses for the three months ended December 31, 2013, three months and year ended March 31, 2014 is higher by Rs 214.98 crore, Rs 89.28 crore and Rs 304.26 crore respectively.
6.

During the three months ended March 31, 2014, the Bank has allotted 451,382 equity shares of Rs 10/- each pursuant to exercise of employee stock options.
7. Status of equity investors' complaints/grievances for the three months ended March 31, 2014:
                               
Opening balance Additions Disposals Closing balance
0 14 14 0
 
8.

The Board of Directors has recommended a dividend of Rs 23.00 per equity share for the year ended March 31, 2014 (previous year dividend of Rs 20.00 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, 2014.
9. Previous period/year figures have been re-grouped/re-classified where necessary to conform to current period classification.
10. The amounts for three months ended March 31, 2014 are balancing amounts between the amounts as per audited accounts for the year ended March 31, 2014 and nine months ended December 31, 2013.
11. The above unconsolidated and consolidated financial results are audited by the statutory auditors, S.R. Batliboi & Co. LLP, Chartered Accountants.
12.

Rs 1 crore = Rs 10.0 million.
 
 
 
 
 
Place : Mumbai N. S. Kannan
Date : April 25, 2014 Executive Director

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