Form 20-F   X

Form 40-F ___

 

 

Yes  ___

No   X

 

 

Yes  ___

No   X

 

 

Yes  ___

No   X

 

 

 

 

 

 

Item
1. 2.	News Release dated July 25, 2009 Audited Unconsolidated Financial Results

 

 

Item 1

1 Life insurance companies worldwide make accounting losses in initial years due to business set-up and customer acquisition costs in the initial years and reserving for actuarial liability. Further, in India, amortization of acquisition costs is not permitted. If properly priced, life insurance policies are profitable over the life of the policy, but at the time of sale, there is a loss on account of non-amortized expenses and commissions, generally termed as new business strain that emerges out of new business written during the year. New Business Profit (NBP) is an alternate measure of the underlying business profitability (as opposed to the statutory profit or loss) and relevant in the case of companies in their growth phase. NBP is the present value of the profits of the new business written during the year. It is based on standard economic and non-economic assumptions including risk discount rates, investment returns, mortality, expenses and persistency assumptions. Disclosure on economic assumptions is available in the annual report for the year ended March 31, 2009.

 

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	ICCI Bank Limited ICICI Bank Towers Bandra Kurla Complex Mumbai 400 051

 

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

 

			Rs. crore
	Q1-2009		Q1-2010	FY2009
Net interest income	2,090		1,985	8,367
Non-interest income	1,538		2,090	7,603
- Fee income	1,958		1,319	6,524
- Lease and other income	174		57	636
- Treasury income	(594	)	714	443
Less:
Operating expense	1,634		1,467	6,306
Direct market agent (DMA)1 expense	228		27	529
Lease depreciation	52		52	210
Operating profit	1,714		2,529	8,925
Less: Provisions	792		1,324	3,808
Profit before tax	922		1, 205	5,117
Less: Tax	194		327	1,359
Profit after tax	728		878	3,758

1.	Represents commissions paid to direct marketing agents (DMAs) for origination of retail loans. These commissions are expensed upfront.

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

 

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	ICCI Bank Limited ICICI Bank Towers Bandra Kurla Complex Mumbai 400 051

 

Summary Balance Sheet

 

					Rs. crore
	March 31, 2009		June 30, 2008		June 30, 2009
Assets
Cash & bank balances	29,966		35,551		30,528
Advances	218,311		224,146		198,102
Investments	103,058		108,005		114, 247
Fixed & other assets	27,966		26,454		24,542
Total	379,301		394,156		367,419
Liabilities
Networth	49,533		47,394		50,193
- Equity capital	1,113		1,113		1,113
- Reserves	48,420		46, 281		49,080
Preference capital	350		350		350
Deposits	218,348		234,461		210, 236
CASA ratio	28.7	%	27.6	%	30.4	%
Borrowings	92,805		93,823		90,881
Other liabilities	18, 265		18,128		15,759
Total	379,301		394,156		367,419

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 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 retail deposit growth strategy, 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

 

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	ICCI Bank Limited ICICI Bank Towers Bandra Kurla Complex Mumbai 400 051

 

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, including on the assets and liabilities of ICICI, a former financial institution not subject to Indian banking regulations, the bond and loan market conditions and availability of liquidity amongst the investor community in these markets, the nature of credit spreads and 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.

 

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. 47.90