FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of November, 2016
Commission File Number: 001-15002
ICICI Bank Limited
(Translation of registrant’s name into English)
ICICI Bank Towers,
Bandra-Kurla Complex
Mumbai, India 400 051
(Address of principal executive office)
Indicate by
check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.
Indicate by
check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by
check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7):
Indicate by
check mark whether by furnishing the information
contained in this Form, the Registrant is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934:
If “Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g 3-2(b):
Not Applicable
Table of Contents
Item
|
|
|
|
1.
|
Financial
results for the quarter and half-year ended September 30, 2016
|
2.
|
Auditors Report dated November
7, 2016
|
3.
|
Press Release dated November
7, 2016
|
Item 1
ICICI
Bank Limited
CIN-L65190GJ1994PLC021012
Registered
Office: ICICI Bank Tower, Near Chakli Circle, Old Padra Road, 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
|
Six
months ended
|
Year
ended
|
September
30, 2016
|
June
30,
2016
|
September
30, 2015
|
September
30, 2016
|
September
30, 2015
|
March
31,
2016
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
1.
|
Interest
earned (a)+(b)+(c)+(d)
|
13,639.40
|
13,330.25
|
13,098.87
|
26,969.65
|
25,911.43
|
52,739.43
|
|
a)
|
Interest/discount
on advances/bills
|
9,905.36
|
9,837.31
|
9,664.55
|
19,742.67
|
19,039.77
|
38,943.15
|
|
b)
|
Income
on investments
|
2,996.86
|
2,810.87
|
2,661.40
|
5,807.73
|
5,320.52
|
10,625.35
|
|
c)
|
Interest
on balances with Reserve Bank of India and other inter-bank funds
|
37.93
|
50.05
|
31.47
|
87.98
|
63.00
|
158.24
|
|
d)
|
Others
|
699.25
|
632.02
|
741.45
|
1,331.27
|
1,488.14
|
3,012.69
|
2.
|
Other
income
|
9,119.68
|
3,429.26
|
3,007.35
|
12,548.94
|
5,997.24
|
15,323.05
|
3.
|
TOTAL
INCOME (1)+(2)
|
22,759.08
|
16,759.51
|
16,106.22
|
39,518.59
|
31,908.67
|
68,062.48
|
4.
|
Interest
expended
|
8,386.11
|
8,171.73
|
7,847.39
|
16,557.84
|
15,544.86
|
31,515.39
|
5.
|
Operating
expenses (e)+(f)
|
3,736.90
|
3,373.05
|
3,100.40
|
7,109.95
|
6,167.58
|
12,683.56
|
|
e)
|
Employee
cost
|
1,556.66
|
1,290.65
|
1,212.59
|
2,847.31
|
2,479.87
|
5,002.35
|
|
f)
|
Other
operating expenses
|
2,180.24
|
2,082.40
|
1,887.81
|
4,262.64
|
3,687.71
|
7,681.21
|
6.
|
TOTAL
EXPENDITURE (4)+(5)
|
|
|
|
|
|
|
|
(excluding
provisions and contingencies)
|
12,123.01
|
11,544.78
|
10,947.79
|
23,667.79
|
21,712.44
|
44,198.95
|
7.
|
OPERATING
PROFIT (3)–(6)
|
10,636.07
|
5,214.73
|
5,158.43
|
15,850.80
|
10,196.23
|
23,863.53
|
|
(Profit
before provisions and contingencies)
|
8.
|
Provisions
(other than tax) and contingencies (refer note no. 8)
|
7,082.69
|
2,514.52
|
942.16
|
9,597.21
|
1,897.55
|
8,067.81
|
9.
|
PROFIT/(LOSS)
FROM ORDINARY ACTIVITIES BEFORE EXCEPTIONAL ITEMS AND TAX (7)–(8)
|
3,553.38
|
2,700.21
|
4,216.27
|
6,253.59
|
8,298.68
|
15,795.72
|
10.
|
Exceptional
items (refer note no. 6)
|
..
|
..
|
..
|
..
|
..
|
3,600.00
|
11.
|
PROFIT/(LOSS)
FROM ORDINARY ACTIVITIES BEFORE TAX (9)–(10)
|
3,553.38
|
2,700.21
|
4,216.27
|
6,253.59
|
8,298.68
|
12,195.72
|
12.
|
Tax
expense (g)+(h)
|
451.11
|
467.86
|
1,186.16
|
918.97
|
2,292.41
|
2,469.43
|
|
g)
|
Current
period tax
|
1,698.23
|
489.47
|
1,400.63
|
2,187.70
|
2,679.17
|
5,788.61
|
|
h)
|
Deferred
tax adjustment
|
(1,247.12)
|
(21.61)
|
(214.47)
|
(1,268.73)
|
(386.76)
|
(3,319.18)
|
13.
|
NET
PROFIT/(LOSS) FROM ORDINARY ACTIVITIES AFTER TAX (11)–(12)
|
3,102.27
|
2,232.35
|
3,030.11
|
5,334.62
|
6,006.27
|
9,726.29
|
14.
|
Extraordinary
items (net of tax expense)
|
..
|
..
|
..
|
..
|
..
|
..
|
15.
|
NET
PROFIT/(LOSS) FOR THE PERIOD (13)–(14)
|
3,102.27
|
2,232.35
|
3,030.11
|
5,334.62
|
6,006.27
|
9,726.29
|
16.
|
Paid-up
equity share capital (face value Rs. 2/- each)
|
1,164.01
|
1,163.60
|
1,161.75
|
1,164.01
|
1,161.75
|
1,163.17
|
17.
|
Reserves
excluding revaluation reserves
|
91,021.77
|
87,956.17
|
85,396.93
|
91,021.77
|
85,396.93
|
85,748.24
|
18.
|
Analytical
ratios
|
|
|
|
|
|
|
|
i)
|
Percentage
of shares held by Government of India
|
0.12
|
0.15
|
0.08
|
0.12
|
0.08
|
0.14
|
|
ii)
|
Capital
adequacy ratio (Basel III)
|
16.14%
|
16.22%
|
16.15%
|
16.14%
|
16.15%
|
16.64%
|
|
iii)
|
Earnings
per share (EPS)
|
|
|
|
|
|
|
|
|
a)
|
Basic
EPS before and after extraordinary items, net of tax expense (not annualised)
(in Rs.)
|
5.33
|
3.84
|
5.22
|
9.17
|
10.35
|
16.75
|
|
|
b)
|
Diluted
EPS before and after extraordinary items, net of tax expense (not annualised)
(in Rs.)
|
5.31
|
3.83
|
5.18
|
9.14
|
10.27
|
16.65
|
19.
|
NPA
Ratio
1
|
|
|
|
|
|
|
|
i)
|
Gross
non-performing advances (net of write-off)
|
32,178.60
|
27,193.58
|
15,857.82
|
32,178.60
|
15,857.82
|
26,221.25
|
|
ii)
|
Net
non-performing advances
|
16,214.86
|
15,040.70
|
6,759.29
|
16,214.86
|
6,759.29
|
12,963.08
|
|
iii)
|
%
of gross non-performing advances (net of write-off) to gross advances
|
6.82%
|
5.87%
|
3.77%
|
6.82%
|
3.77%
|
5.82%
|
|
iv)
|
%
of net non-performing advances to net advances
|
3.57%
|
3.35%
|
1.65%
|
3.57%
|
1.65%
|
2.98%
|
20.
|
Return
on assets (annualised)
|
1.70%
|
1.27%
|
1.89%
|
1.49%
|
1.90%
|
1.49%
|
1.
|
At September 30, 2016, the percentage of gross non-performing
customer assets to gross customer assets was 6.12% and net non-performing customer assets to net customer assets was 3.21%.
Customer assets include advances and credit substitutes.
|
SUMMARISED UNCONSOLIDATED BALANCE SHEET
|
(Rs. in crore)
|
Particulars
|
At
|
September
30, 2016
|
June
30,
2016
|
March
31,
2016
|
September
30, 2015
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
Capital
and Liabilities
|
|
|
|
|
|
Capital
|
|
1,164.01
|
1,163.60
|
1,163.17
|
1,161.75
|
Employees
stock options outstanding
|
|
6.54
|
6.65
|
6.70
|
6.92
|
Reserves and surplus
|
|
93,845.08
|
90,779.48
|
88,565.72
|
85,396.93
|
Deposits
|
|
449,071.36
|
424,086.18
|
421,425.71
|
384,617.94
|
Borrowings
(includes preference shares and subordinated debt)
|
171,756.71
|
174,095.03
|
174,807.38
|
156,109.11
|
Other
liabilities and provisions
|
|
36,095.80
|
37,091.53
|
34,726.42
|
29,763.33
|
Total
Capital and Liabilities
|
|
751,939.50
|
727,222.47
|
720,695.10
|
657,055.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Cash
and balances with Reserve Bank of India
|
|
23,958.44
|
25,646.90
|
27,106.09
|
21,977.39
|
Balances
with banks and money at call and short notice
|
|
28,605.34
|
13,083.88
|
32,762.65
|
9,567.88
|
Investments
|
|
174,349.01
|
168,322.25
|
160,411.80
|
154,189.62
|
Advances
|
|
454,255.51
|
449,426.53
|
435,263.94
|
409,692.65
|
Fixed
assets
|
|
7,608.12
|
7,609.11
|
7,576.92
|
4,794.20
|
Other
assets
|
|
63,163.08
|
63,133.80
|
57,573.70
|
56,834.24
|
Total
Assets
|
|
751,939.50
|
727,222.47
|
720,695.10
|
657,055.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED FINANCIAL RESULTS
|
(Rs. in crore)
|
Sr.
no.
|
Particulars
|
Three
months ended
|
Six
months ended
|
Year
ended
|
September
30, 2016
|
June
30,
2016
|
September
30, 2015
|
September
30, 2016
|
September
30, 2015
|
March
31,
2016
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
1.
|
Total
income
|
32,434.92
|
24,483.75
|
25,137.61
|
56,918.67
|
47,593.93
|
101,395.85
|
2.
|
Net
profit
|
2,978.95
|
2,515.85
|
3,418.53
|
5,494.80
|
6,650.90
|
10,179.96
|
3.
|
Earnings
per share (EPS)
|
|
|
|
|
|
|
|
Basic
EPS before and after extraordinary items, net of tax expense (not annualised) (in Rs.)
|
5.12
|
4.33
|
5.89
|
9.45
|
11.46
|
17.53
|
|
Diluted
EPS before and after extraordinary items, net of tax expense (not annualised) (in Rs.)
|
5.10
|
4.31
|
5.84
|
9.41
|
11.36
|
17.41
|
4.
|
Total
assets
|
964,236.42
|
939,608.59
|
850,811.94
|
964,236.42
|
850,811.94
|
918,756.20
|
UNCONSOLIDATED SEGMENTAL RESULTS OF ICICI BANK
LIMITED
|
(Rs. in crore)
|
Sr.
no.
|
Particulars
|
Three
months ended
|
Six
months ended
|
Year
ended
|
September
30, 2016
|
June
30, 2016
|
September
30, 2015
|
September
30, 2016
|
September
30, 2015
|
March
31, 2016
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
1.
|
Segment
Revenue
|
|
a
|
Retail
Banking
|
11,114.12
|
10,695.41
|
9,988.98
|
21,809.53
|
18,989.59
|
39,187.80
|
b
|
Wholesale
Banking (before exceptional items)
|
7,715.35
|
7,742.19
|
7,942.58
|
15,457.54
|
16,241.79
|
32,892.35
|
c
|
Treasury
|
18,058.49
|
12,271.81
|
11,191.13
|
30,330.30
|
22,527.78
|
48,749.62
|
d
|
Other
Banking
|
561.84
|
392.50
|
390.14
|
954.34
|
852.59
|
1,817.85
|
|
Total
segment revenue
|
37,449.80
|
31,101.91
|
29,512.83
|
68,551.71
|
58,611.75
|
122,647.62
|
|
Less:
Inter segment revenue
|
14,690.72
|
14,342.40
|
13,406.61
|
29,033.12
|
26,703.08
|
54,585.14
|
|
Income
from operations
|
22,759.08
|
16,759.51
|
16,106.22
|
39,518.59
|
31,908.67
|
68,062.48
|
2.
|
Segmental
Results
(i.e. Profit before tax)
|
|
a
|
Retail
Banking
|
1,109.18
|
1,252.53
|
996.91
|
2,361.71
|
1,731.78
|
3,897.74
|
b.i
|
Wholesale
Banking (before exceptional items)
|
(5,085.93)
|
(530.14)
|
1,801.28
|
(5,616.07)
|
3,307.15
|
2,354.57
|
b.ii
|
Less:
Exceptional items (refer note no. 6)
|
..
|
..
|
..
|
..
|
..
|
3,600.00
|
b.iii
|
Wholesale
Banking (after exceptional items)
|
(5,085.93)
|
(530.14)
|
1,801.28
|
(5,616.07)
|
3,307.15
|
(1,245.43)
|
c
|
Treasury
|
7,351.54
|
1,906.79
|
1,368.59
|
9,258.33
|
3,100.76
|
9,097.41
|
d
|
Other
Banking
|
178.59
|
71.03
|
49.49
|
249.62
|
158.99
|
446.00
|
|
Total
segment results
|
3,553.38
|
2,700.21
|
4,216.27
|
6,253.59
|
8,298.68
|
12,195.72
|
|
Unallocated
expenses
|
..
|
..
|
..
|
..
|
..
|
..
|
|
Profit
before tax
|
3,553.38
|
2,700.21
|
4,216.27
|
6,253.59
|
8,298.68
|
12,195.72
|
3.
|
Segment
assets
|
|
a
|
Retail
Banking
|
191,484.27
|
182,317.88
|
152,291.87
|
191,484.27
|
152,291.87
|
172,480.55
|
b
|
Wholesale
Banking
|
264,923.83
|
270,392.19
|
257,971.33
|
264,923.83
|
257,971.33
|
266,365.91
|
c
|
Treasury
|
269,931.58
|
249,995.41
|
227,890.55
|
269,931.58
|
227,890.55
|
258,052.97
|
d
|
Other
Banking
|
17,592.21
|
17,488.18
|
13,763.83
|
17,592.21
|
13,763.83
|
16,005.62
|
e
|
Unallocated
|
8,007.61
|
7,028.81
|
5,138.40
|
8,007.61
|
5,138.40
|
7,790.05
|
|
Total
segment assets
|
751,939.50
|
727,222.47
|
657,055.98
|
751,939.50
|
657,055.98
|
720,695.10
|
4.
|
Segment
liabilities
|
|
a
|
Retail
Banking
|
330,407.45
|
317,906.91
|
285,145.69
|
330,407.45
|
285,145.69
|
313,393.27
|
b
|
Wholesale
Banking
|
134,452.92
|
119,888.10
|
108,475.94
|
134,452.92
|
108,475.94
|
119,785.32
|
c
|
Treasury
|
180,707.70
|
185,953.47
|
165,696.01
|
180,707.70
|
165,696.01
|
186,680.55
|
d
|
Other
Banking
|
11,355.80
|
11,524.26
|
11,172.74
|
11,355.80
|
11,172.74
|
11,100.38
|
e
|
Unallocated
|
..
|
..
|
..
|
..
|
..
|
..
|
|
Total
segment liabilities
|
656,923.87
|
635,272.74
|
570,490.38
|
656,923.87
|
570,490.38
|
630,959.52
|
5.
|
Capital
employed (i.e. Segment assets – Segment liabilities)
|
|
a
|
Retail
Banking
|
(138,923.18)
|
(135,589.03)
|
(132,853.82)
|
(138,923.18)
|
(132,853.82)
|
(140,912.72)
|
b
|
Wholesale
Banking
|
130,470.91
|
150,504.09
|
149,495.39
|
130,470.91
|
149,495.39
|
146,580.59
|
c
|
Treasury
|
89,223.88
|
64,041.94
|
62,194.54
|
89,223.88
|
62,194.54
|
71,372.42
|
d
|
Other
Banking
|
6,236.41
|
5,963.92
|
2,591.09
|
6,236.41
|
2,591.09
|
4,905.24
|
e
|
Unallocated
|
8,007.61
|
7,028.81
|
5,138.40
|
8,007.61
|
5,138.40
|
7,790.05
|
|
Total
capital employed
|
95,015.63
|
91,949.73
|
86,565.60
|
95,015.63
|
86,565.60
|
89,735.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
and Securities and Exchange Board of India (SEBI) circular no. CIR/CFD/FAC/62/2016 dated July 5, 2016 on Revised Formats for
Financial Results and Implementation of Ind-AS by Listed Entities.
|
|
|
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". This segment also includes income from credit cards, debit card, third party product
distribution and the associated costs.
|
|
|
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
and derivative portfolio of the Bank.
|
|
|
5.
|
"Other Banking" includes leasing operations
and other items not attributable to any particular business segment of the Bank.
|
Notes:
|
1.
|
The above financial results
have been approved by the Board of Directors at its meeting held on November 7, 2016.
|
|
2.
|
The financial statements
have been prepared in accordance with Accounting Standard (AS) 25 on 'Interim Financial Reporting'.
|
|
3.
|
In accordance with RBI guidelines
on 'Basel III Capital Regulations' read together with the RBI circular dated July 1, 2015, the consolidated Pillar 3 disclosure
(unaudited) at September 30, 2016 including leverage ratio and liquidity coverage ratio is available at http://www.icicibank.com/regulatory-disclosure.page.
|
|
4.
|
Other income includes net
foreign exchange gain relating to overseas operations amounting to Nil, Rs. 206.06 crore and Rs. 190.07 crore for the three months
ended September 30, 2016, June 30, 2016 and September 30, 2015 respectively, Rs. 206.06 crore and Rs. 536.97 crore for the six
months ended September 30, 2016 and September 30, 2015 respectively and Rs. 941.19 crore for the year ended March 31, 2016.
|
|
5.
|
Pursuant to approval by
the Board of Directors of the Bank on April 29, 2016, the Bank sold equity shares representing 12.63% shareholding in ICICI Prudential
Life Insurance Company Limited in the initial public offer (IPO) during the three months ended September 30, 2016 for a total
consideration of Rs. 6,056.79 crore. The unconsolidated financial results and consolidated financial results include a gain (before
tax and after IPO related expenses) of Rs. 5,682.03 crore and Rs. 5,129.88 crore respectively on this sale in the three months
and six months ended September 30, 2016.
For the year ended March 31, 2016, the unconsolidated
financial results and consolidated financial results include a gain (before tax) of Rs. 1,859.83 crore and Rs. 1,614.88 crore
respectively on sale of shares of ICICI Prudential Life Insurance Company Limited and Rs. 1,508.54 crore and Rs. 1,234.85 crore
respectively on sale of shares of ICICI Lombard General Insurance Company Limited.
|
|
6.
|
During the year ended March
31, 2016, the weak global economic environment, the sharp downturn in the commodity cycle and the gradual nature of the domestic
economic recovery adversely impacted the borrowers in certain sectors like iron and steel, mining, power, rigs and cement. In
view of the above, the Bank had on a prudent basis made a collective contingency and related reserve during the three months ended
March 31, 2016, amounting to Rs. 3,600.00 crore towards exposures to these sectors. This was over and above provisions made for
non-performing and restructured loans as per RBI guidelines. The Bank utilised an amount of Rs. 679.46 crore, Rs. 865.44 crore
and Rs. 1,544.90 crore during the three months ended September 30, 2016 and June 30, 2016 and six months ended September 30, 2016
respectively from collective contingency and related reserve.
|
|
7.
|
In accordance with RBI circular
on 'Prudential norms on income recognition, asset classification and provisioning pertaining to advances – spread over of
shortfall on sale of non-performing assets (NPAs) to securitisation company (SC)/reconstruction company (RC) dated June 13, 2016,
banks are permitted to spread over any shortfall on sale of NPAs to SC/RC during the year ending March 31, 2017 over a period
of four quarters. Accordingly, during the three months ended June 30, 2016, the Bank recognised a loss of Rs. 131.64 crore and
deferred a loss of Rs. 394.92 crore on sale of NPAs to Asset Reconstruction Companies (ARCs). The Bank recognised this deferred
loss fully during the three months ended September 30, 2016 on a prudent basis. During the three months ended September 30, 2016,
the Bank also fully recognised the loss of Rs. 176.17 crore on sale of NPAs to ARCs during the quarter. The Bank accordingly recognised
a loss of Rs. 571.09 crore, Rs. 131.64 crore and Rs. 702.73 crore during the three months ended September 30, 2016 and June 30,
2016 and six months ended September 30, 2016 respectively.
|
|
|
Further, the Bank had a
gain of Rs. 35.79 crore, Rs. 152.59 crore and Rs. 188.38 crore during the three months ended September 30, 2016 and June 30, 2016
and six months ended September 30, 2016 respectively on sale of NPAs to ARCs which is set aside towards the security receipts
received on such sale.
|
|
8.
|
During the three months
ended September 30, 2016, the Bank made additional provisions/loss of Rs. 3,588.04 crore comprising the following:
|
|
i.
|
Additional provision of
Rs. 1,677.63 crore for standard loans;
|
|
ii.
|
Incremental loss amounting
to Rs. 395.41 crore by recognising the entire loss on sale of NPAs to ARCs which is permitted to be amortised as per the RBI guideline
(refer note no. 7); and
|
|
iii.
|
Floating provision of Rs.
1,515.00 crore, which has been reduced from the gross non-performing loans while computing the net NPAs.
|
|
9.
|
During the three months
ended June 30, 2016, pursuant to the press release dated July 6, 2016 issued by the Ministry of Finance, the Bank has reversed
the tax provision and corresponding deferred tax amounting to Rs. 462.41 crore created for the year ended March 31, 2016 on account
of Income Computation and Disclosure Standards (ICDS). ICDS is applicable from the year ending March 31, 2017, therefore the tax
provision and deferred tax for the three months ended June 30, 2016 and September 30, 2016 and six months ended September 30,
2016 have been computed after considering its impact.
|
|
10.
|
During the three months
ended September 30, 2016, the Bank has allotted 2,054,125 equity shares of Rs. 2 each pursuant to exercise of employee stock options.
|
|
11.
|
Previous period/year figures
have been re-grouped/re-classified where necessary to conform to current period classification.
|
|
12.
|
The above unconsolidated
financial results are audited by the statutory auditors, B S R & Co. LLP, Chartered Accountants.
|
|
13.
|
Rs. 1 crore = Rs. 10.0 million.
|
|
For and
on behalf of the Board of Directors
|
|
|
|
/s/ N. S. Kannan
|
|
|
|
N. S. Kannan
|
Place: Mumbai
|
Executive Director
|
Date: November 7, 2016
|
DIN-00066009
|
Item
2
B S
R & Co. LLP
Chartered
Accountants
|
5
th
Floor, Lodha Excelus,
|
Telephone
+91 (22) 4345 5300
|
|
Apollo
Mills Compound
|
Fax +91
(22) 4345 5399
|
|
N. M. Joshi Marg, Mahalaxmi
|
|
Mumbai
– 400 011
|
|
|
India
|
|
Auditor’s
Report on Quarterly Financial Results and Year to Date Results of ICICI Bank Limited pursuant to the Regulation 33 of the Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
To
The Board of Directors of
ICICI
Bank Limited
|
1.
|
We
have audited the standalone quarterly financial results of ICICI Bank Limited (the ‘Bank’)
for the quarter ended 30 September 2016 and the standalone year to date financial results
for the period from 1 April 2016 to 30 September 2016, attached herewith, being submitted
by the Bank pursuant to the requirement of Regulation 33 of the Securities and Exchange
Board of India (‘SEBI’) (Listing Obligations and Disclosure Requirements)
Regulations, 2015, except for the disclosure relating to ‘consolidated Pillar 3
disclosure as at 30 September 2016, including leverage ratio and liquidity coverage ratio
under Basel III Capital Regulations’ as have been disclosed on the Bank’s
website and in respect of which a link has been provided in the standalone quarterly
financial results and have not been audited by us.
|
|
2.
|
These
standalone quarterly financial results as well as the year to date financial results
have been prepared from the condensed standalone interim financial statements, which
are the responsibility of the Bank’s management and have been approved by the Board
of Directors. Our responsibility is to express an opinion on these standalone financial
results based on our audit of such condensed standalone interim financial statements,
which have been prepared in accordance with the recognition and measurement principles
laid down in Accounting Standard (‘AS’) 25, Interim Financial Reporting,
mandated under Section 133 of the Companies Act, 2013 read with the relevant rules issued
thereunder, provisions of Section 29 of the Banking Regulation Act, 1949, circulars and
guidelines issued by Reserve Bank of India from time to time and other accounting principles
generally accepted in India.
|
|
3.
|
We
conducted our audit in accordance with the auditing standards generally accepted in India.
Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial results are free of material misstatements. An audit includes
examining, on a test basis, evidence supporting the amounts disclosed as financial results.
An audit also includes assessing the accounting principles used and significant estimates
made by management. We believe that our audit provides a reasonable basis for our opinion.
|
|
4.
|
In
our opinion and to the best of our information and according to the explanations given
to us, these standalone quarterly financial results as well as the year to date results:
|
|
i)
|
have
been presented in accordance with the requirements of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 in this regard; and
|
|
ii)
|
give
a true and fair view of the net profit and other financial information for the quarter
ended 30 September 2016 as well as the year to date financial results for the period
from 1 April 2016 to 30 September 2016.
|
BSR& Co. (a partnership firm with
|
Registered Office:
|
Registration No. BA61223) converted into
|
5
th
Floor, Lodha Excelus
|
B S R & Co. LLP (a Limited Liability, Partnership
|
Apollo Mills Compound
|
with LLP Registration No. AAB-8181)
|
N. M. Joshi Marg, Mahalaxmi,
|
with effect from October 14, 2013
|
Mumbai – 400 011, India
|
B S
R & Co. LLP
Chartered
Accountants
|
5
th
Floor, Lodha Excelus,
|
Telephone
+91 (22) 4345 5300
|
|
Apollo
Mills Compound
|
Fax +91
(22) 4345 5399
|
|
N. M. Joshi Marg, Mahalaxmi
|
|
Mumbai
– 400 011
|
|
|
India
|
|
Auditor’s
Report on Quarterly Financial Results and Year to Date Results of ICICI Bank Limited pursuant to the Regulation 33 of the Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(Continued)
ICICI
Bank Limited
Other
matter
|
5.
|
For
the purpose of our audit as stated in paragraph 3 above, we did not audit the financial
statements of Singapore, Bahrain, Hong Kong and Dubai branches of the Bank, whose financial
statements reflect total assets of Rs. 1,428,320 million as at 30 September 2016, total
revenues of Rs. 16,736 million for the quarter ended 30 September 2016 and Rs. 32,847
million for the period from 1 April 2016 to 30 September 2016 and net cash inflows amounting
to Rs. 12,878 million for the quarter ended 30 September 2016 and net
cash outflows amounting to Rs. 47,959 million for the period 1 April 2016 to 30 September
2016. These financial statements have been audited by other auditors, duly qualified
to act as auditors in the country of incorporation of the said branches, whose reports
have been furnished to us, and our opinion in so far as it relates to such branches is
based solely on the reports of the other auditors. Our opinion is not modified in respect
of this matter.
|
|
For
B
S R & Co. LLP
|
|
Chartered Accountants
|
|
Firm’s Registration
No: 101248W/W-100022
|
|
|
|
|
|
/s/
Venkataramanan
Vishwanath
|
|
|
|
Venkataramanan
Vishwanath
|
Mumbai
|
Partner
|
7 November 2016
|
Membership No: 113156
|
BSR& Co. (a partnership firm with
|
Registered Office:
|
Registration No. BA61223) converted into
|
5
th
Floor, Lodha Excelus
|
B S R & Co. LLP (a Limited Liability, Partnership
|
Apollo Mills Compound
|
with LLP Registration No. AAB-8181)
|
N. M. Joshi Marg, Mahalaxmi,
|
with effect from October 14, 2013
|
Mumbai – 400 011, India
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
Item 3
News
Release
November
7, 2016
Performance
Review: Quarter ended September 30, 2016
|
·
|
21%
year-on-year growth in retail portfolio; domestic advances grew by 16% year-on-year at
September 30, 2016
|
|
·
|
18%
year-on-year growth in current and savings account (CASA) deposits; CASA ratio at 45.7%
at September 30, 2016
|
|
·
|
Standalone
profit after tax of ₹ 3,102 crore (US$ 466 million) for quarter ended September 30, 2016
(Q2-2017)
|
|
·
|
Consolidated
profit after tax of ₹ 2,979 crore (US$ 447 million) for Q2-2017
|
|
·
|
The
Bank further strengthened its balance sheet with additional provisions of ₹ 3,588
crore (US$ 539 million)
|
|
·
|
Capital
adequacy ratios significantly higher than regulatory requirements; total capital adequacy
of 16.67% and Tier-1 capital adequacy of 13.26% on standalone basis at September 30,
2016, including profits for the six months ended September 30, 2016 (H1-2017)
|
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, 2016.
Profit
& loss account
|
·
|
Net
interest income was
₹
5,253
crore (US$ 789 million) in the quarter ended September 30, 2016 (Q2-2017) compared to
₹
5,251 crore (US$ 788
million) in the quarter ended September 30, 2015 (Q2-2016)
|
|
·
|
Non-interest
income was
₹
9,120 crore
(US$ 1.37 billion) in Q2-2017 compared to
₹
3,007 crore (US$ 451 million) in Q2-2016. During Q2-2017, ICICI Prudential Life
Insurance Company (ICICI Life) completed an initial public offer (IPO) of equity shares.
The Bank sold approximately 12.63% shareholding in the IPO. Other income for the quarter
includes gains of
₹
5,682 crore (US$ 853 million) relating to this sale of shares. Excluding gains relating
to sale of shares of ICICI Life, the non-interest income grew by 14% year-on-year in
Q2-2017.
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
|
·
|
The
Bank further strengthened its balance sheet by making additional provisions of ₹
3,588 crore (US$ 539 million) which comprise the following:
|
|
o
|
Provisions
of
₹
1,678 crore
(US$ 252 million) for standard loans;
|
|
o
|
Entire
loss of ₹ 395 crore (US$ 59 million) on sale of NPA during the six months ended
September 30, 2016 (H1-2017), which is permitted to be amortised as per Reserve Bank
of India (RBI) guidelines, recognized upfront; and
|
|
o
|
Floating
provision of
₹
1,515
crore (US$ 227 million).
|
|
·
|
Other
provisions were
₹
3,495
crore (US$ 525 million) in Q2-2017 compared to
₹
2,515 crore (US$ 378 million) in Q1-2017 and
₹
942 crore (US$ 141 million) in Q2-2016.
|
|
·
|
Standalone
profit after tax was
₹
3,102
crore (US$ 466 million) for Q2-2017 compared to
₹
2,232 crore (US$ 335 million) for Q1-2017 and
₹
3,030 crore (US$ 455 million) for Q2-2016.
|
|
·
|
Consolidated
profit after tax was
₹
2,979
crore (US$ 447 million) for Q2-2017 compared to
₹
2,516 crore (US$ 378 million) for Q1-2017 and
₹
3,419 crore (US$ 513 million) for Q2-2016.
|
Operating
review
Credit
growth
The
year-on-year growth in domestic advances was 16%. The Bank continued to achieve strong growth in its retail business, resulting
in a year-on-year growth of 21% in the retail portfolio. The retail portfolio constituted about 48% of the loan portfolio of the
Bank at September 30, 2016, compared to 44% at September 30, 2015. Total advances increased by 11% year-on-year to
₹
454,256 crore (US$ 68.2 billion) at September 30, 2016 from
₹
409,693
crore (US$ 61.5 billion) at September 30, 2015.
Deposit
growth
The
Bank continued to achieve robust growth in current and savings account (CASA) deposits. The Bank’s total CASA deposits increased
by 18% year-on-year to
₹
205,256 crore (US$ 30.8 billion) at September
30, 2016. Savings account deposits grew by 22% year-on-year. During Q2-2017, savings account deposits increased by
₹
8,684 crore (US$ 1.3 billion). The Bank’s CASA ratio was 45.7% at September 30, 2016 compared to 45.1% at June 30,
2016 and 45.1% at September 30, 2015. The average CASA ratio was at 41.5% in Q2-2017 compared to 41.7% in Q1-2017 and 40.7% in
Q2-2016. Total deposits increased by 17% year-on-year to
₹
449,071
crore (US$ 67.41 billion) at
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
September 30, 2016. The Bank had a network of 4,468 branches and 14,295 ATMs at September 30, 2016.
Capital
adequacy
The
Bank’s capital adequacy at September 30, 2016 as per RBI’s guidelines on Basel III norms was 16.14% and the Tier-1
capital adequacy was 12.72%, significantly higher than the regulatory requirements. In line with applicable guidelines, the Basel
III capital ratios reported by the Bank for September 30, 2016 do not include the profits for H1-2017. Including the profits for
H1-2017, the capital adequacy ratio for the Bank as per Basel III norms would have been 16.67% and the Tier I ratio would have
been 13.26%.
Asset
quality
Net
non-performing assets at September 30, 2016 were ₹ 16,483 crore (US$ 2.5 billion) compared to ₹ 15,308 crore (US$
2.3 billion) at June 30, 2016. The Bank’s net non-performing asset ratio was 3.21% at September 30, 2016 compared to 3.01%
at June 30, 2016. Net loans to companies whose facilities have been restructured were
₹
6,336 crore (US$ 1.0 billion) at September 30, 2016 compared to
₹
7,241 crore (US$ 1.1 billion) at June 30, 2016.
Technology
initiatives
During
the quarter, the Bank launched the Unified Payments Interface, or UPI and enabled UPI based transactions on its’ mobile
banking applications - ‘iMobile’ and ‘Pockets’. The Bank now have over 200,000 Virtual Payment Addresses
on UPI. The Bank is also working on tie-ups with several merchants to enable UPI based ‘person-to-merchant’ transactions.
The Bank recently became the first bank in India to successfully exchange and authenticate remittance transaction messages and
original international trade documents using blockchain technology.
The
Bank’s transaction volumes through digital channels continue to grow. Currently, non-branch channels account for close to
95% of all savings account transactions. Digital channels like internet and mobile banking account for over 65% of the savings
account transactions.
Consolidated
results
Consolidated
profit after tax was
₹
2,979 crore (US$ 447 million) in Q2-2017
compared to
₹
2,516 crore (US$ 378 million) in Q1-2017 and
₹
3,419 crore (US$ 513 million) in Q2-2016.
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
Consolidated
assets grew by 13.3% from
₹
850,812 crore (US$ 127.7 billion) at
September 30, 2015 to
₹
964,236 crore (US$ 144.7 billion) at September
30, 2016.
Subsidiaries
During
Q2-2017, ICICI Prudential Life Insurance Company (ICICI Life) completed its IPO in which the Bank sold 12.63% shareholding. The
Bank continues to hold 54.9% shareholding in the company. ICICI Life announced results for H1-2017 on October 25, 2016. ICICI
Life’s retail weighted received premium increased by 17% from
₹
2,118 crore (US$ 318 million) in H1-2016 to
₹
2,480
crore (US$ 372 million) in H1-2017. ICICI Life’s profit after tax was
₹
419 crore (US$ 63 million) for Q2-2017 compared to
₹
415
crore (US$ 62 million) for Q2-2016. The Embedded Value, based on Indian Embedded Value methodology, was
₹
14,838 crore (US$ 2.2 billion) as of September 30, 2016 compared to
₹
13,939 crore (US$ 2.1 billion) as of March 31, 2016.
ICICI
Lombard General Insurance Company (ICICI General) maintained its leadership in the private sector in H1-2017. The gross written
premium of ICICI General increased by 38% from
₹
1,992 crore (US$
299 million) in Q2-2016 to
₹
2,752 crore (US$ 413 million) in Q2-2017.
The profit after tax of ICICI General was
₹
171 crore (US$ 26 million)
in Q2-2017 compared to
₹
143 crore (US$ 21 million) in Q2-2016.
The
profit after tax of ICICI Prudential Asset Management Company (ICICI AMC) increased by 55% year-on-year from
₹
84 crore (US$ 13 million) in Q2-2016 to
₹
130 crore
(US$ 20 million) in Q2-2017. ICICI AMC continues to be the largest mutual fund in India based on average assets under management
for Q2-2017.
The
profit after tax of ICICI Securities was at
₹
99 crore (US$
15 million) in Q2-2017 compared to
₹
60 crore (US$ 9 million)
in Q2-2016. The profit after tax of ICICI Securities Primary Dealership was
₹
171 crore (US$ 26 million) in Q2- 2017 compared to
₹
88 crore (US$ 13 million) in Q2-2016.
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
Summary
Profit and Loss Statement (as per unconsolidated Indian GAAP accounts)
|
|
|
|
|
|
₹
crore
|
|
|
FY2016
|
Q1-2016
|
Q2-2016
|
H1-2016
|
Q1-2017
|
Q2-2017
|
H1-2017
|
Net
interest income
|
21,224
|
5,115
|
5,251
|
10,366
|
5,159
|
5,253
|
10,412
|
Non-interest
income
|
15,322
|
2,990
|
3,007
|
5,997
|
3,429
|
9,120
|
12,549
|
-
Fee income
|
8,820
|
2,110
|
2,235
|
4,345
|
2,156
|
2,356
|
4,512
|
-
Lease and other income
1
|
2,442
|
673
|
550
|
1,223
|
505
|
352
|
857
|
-
Treasury income
|
4,060
2
|
207
|
222
|
429
|
768
|
6,412
2
|
7,180
2
|
Less:
|
|
|
|
|
|
|
|
Operating
expense
|
12,683
|
3,067
|
3,100
|
6,167
|
3,373
|
3,737
|
7,110
|
Operating
profit
|
23,863
|
5,038
|
5,158
|
10,196
|
5,215
|
10,636
|
15,851
|
Less:
|
|
|
|
|
|
|
|
Additional
provisions
|
-
|
-
|
-
|
-
|
-
|
3,588
|
3,588
|
Collective
contingency and related reserve
|
3,600
|
-
|
-
|
-
|
-
|
-
|
-
|
Other
provisions
|
8,067
|
956
|
942
|
1,898
|
2,515
|
3,495
|
6,010
|
Profit
before Tax
|
12,196
|
4,082
|
4,216
|
8,298
|
2,700
|
3,553
|
6,253
|
Less:
Tax
|
2,470
|
1,106
|
1,186
|
2,292
|
468
|
451
|
919
|
Profit
after tax
|
9,726
|
2,976
|
3,030
|
6,006
|
2,232
|
3,102
|
5,334
|
|
1.
|
Includes net foreign exchange gains relating to overseas
operations of
₹
347 crore in Q1-2016,
₹
190
crore in Q2-2016,
₹
206 crore in Q1-2017,
nil
in
Q2-2017 and
₹
941 crore in FY2016
|
|
2.
|
Includes
profit of ₹ 3,374 crore on sale of shareholding in ICICI Life and ICICI General
in FY2016 and a profit of ₹ 5,682 crore on sale of shareholding in ICICI Life in
Q2-2017
|
|
3.
|
Prior
period figures have been re-grouped/re-arranged where necessary
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
Summary
Balance Sheet
₹
crore
|
30-Sep-15
|
31-Mar-16
|
30-Jun-16
|
30-Sep-16
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
Capital
and Liabilities
|
|
|
|
|
Capital
|
1,162
|
1,163
|
1,164
|
1,164
|
Employee
stock options outstanding
|
7
|
7
|
7
|
7
|
Reserves
and surplus
|
85,397
|
88,566
|
90,779
|
93,845
|
Deposits
|
384,618
|
421,426
|
424,086
|
449,071
|
Borrowings
(includes subordinated debt)
1
|
156,109
|
174,807
|
174,095
|
171,757
|
Other
liabilities
|
29,763
|
34,726
|
37,092
|
36,096
|
Total
Capital and Liabilities
|
657,056
|
720,695
|
727,223
|
751,940
|
|
|
|
|
|
Assets
|
|
|
|
|
Cash
and balances with Reserve Bank of India
|
21,977
|
27,106
|
25,647
|
23,959
|
Balances
with banks and money at call and short notice
|
9,568
|
32,763
|
13,084
|
28,605
|
Investments
|
154,190
|
160,412
|
168,322
|
174,349
|
Advances
|
409,693
|
435,264
|
449,427
|
454,256
|
Fixed
assets
|
4,794
|
7,577
|
7,609
|
7,608
|
Other
assets
|
56,834
|
57,573
|
63,134
|
63,163
|
Total
Assets
|
657,056
|
720,695
|
727,223
|
751,940
|
|
1.
|
Borrowings
include preference share capital of
₹
350 crore.
|
|
2.
|
Prior period figures
have been re-grouped/re-arranged where necessary.
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
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, future levels of impaired loans, the adequacy of our allowance for credit and investment
losses, investment income including the ability to successfully monetise our investment in subsidiaries, our rural expansion,
our exploration of merger and acquisition opportunities, our ability to integrate 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 in our international operations, our growth and expansion in domestic and overseas
markets, technological changes, 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 equity, bond and loan market conditions and availability of liquidity amongst the investor community
in these markets, the nature or level 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.
This
release does not constitute an offer of securities.
For
further press queries please call Sujit Ganguli / Kausik Datta at 91-22-2653 8525 / 91-22-2653 7026 or email
corporate.communications@icicibank.com
For
investor queries please call Anindya Banerjee / Nayan Bhatia at 91-22-2653 7131 / 91-22-2653 7144 or email
ir@icicibank.com
.
1
crore = 10.0 million
US$
amounts represent convenience translations at US$1= ₹66.62
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorised.
|
|
For ICICI Bank Limited
|
|
|
|
Date:
|
November 7, 2016
|
|
By:
|
/s/ P. Sanker
|
|
|
|
|
Name :
|
/s/ P. Sanker
|
|
|
|
|
Title :
|
Senior General Manager (Legal) & Company Secretary
|
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