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 May, 2017
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.
|
Other news
|
|
|
|
|
2.
|
Annual audited accounts
(standalone and consolidated) for the financial year ended March 31, 2017
|
|
|
|
|
3.
|
Auditors Report
|
|
|
|
|
4.
|
Declaration of unmodified
opinion
|
|
|
|
|
5.
|
Press Release dated May
3, 2017
|
Item
1
OTHER NEWS
Subject:
Board Meeting held on May 3, 2017
IBN
ICICI Bank
Limited (the ‘Bank’) Report on Form 6-K
We have forwarded
the following information to the Indian stock exchanges and the same is also being filed with you.
In terms
of Indian Listing Regulations, we forward herewith in the prescribed format, a copy of the annual audited accounts (standalone
and consolidated) for the financial year ended March 31, 2017, which have been approved by the Board of Directors of the Bank
at its Meeting held today. A copy of the Press Release being issued in this connection is also attached.
The Board
at the above Meeting also recommended the following:
|
|
1.
|
A
dividend of Rs. 100/- per preference share on 350 preference shares of the face value
of Rs. 1 crore each;
|
|
|
2.
|
A
dividend of Rs. 2.50/- (Rupees Two and paise fifty only) per equity share of face value
of Rs. 2/- each, subject to requisite approvals.
|
|
|
3.
|
Issue
of bonus shares in the ratio of 1:10 i.e one equity share of Rs. 2/- each for every ten
fully paid-up equity shares held (including ADS holders) as on the record date, subject
to approval of the Members of the Company. The proposal for issuance of bonus shares
was not part of the agenda for the Board Meeting held today and was decided during the
course of the Meeting.
|
The Register
of Members & Share Transfer Books of the Company will remain closed from June 10, 2017 to June 30, 2017 (both days inclusive)
for the purpose of determining the eligibility to receive dividend.
Payment of
dividend on equity shares, if approved by the shareholders at the ensuing Annual General Meeting proposed to be held on June 30,
2017 will commence from July 1, 2017 and would be paid
|
|
·
|
in
respect of shares held in electronic form, to all beneficial owners as per the details
furnished by National Securities Depository Limited and Central Depository Services (India)
Limited at the close of the business hours on June 9, 2017.
|
|
|
·
|
to
those Members holding shares in physical form, whose names appear in the Register of
Members of the Company, at the close of business hours on June 30, 2017 after giving
effect to all valid transfers in physical form lodged on or before June 9, 2017.
|
As required
under Section 42 of the Companies Act, 2013, the Board approved the seeking of consent of the shareholders at the forthcoming
Annual General Meeting for an enabling resolution which would be valid for a period of one year to invite subscription for non-convertible
debentures or bonds on a private placement basis for an amount upto
Rs.
25,000 crore.
Please take
the above information on record.
|
ICICI
Bank Limited
ICICI Bank Towers
Bandra-Kurla Complex
Mumbai 400 051, India.
|
Tel.:
(91-22) 2653 1414
Fax: (91-22) 2653 1122
Website
www.icicibank.com
CIN.: L65190GJ1994PLC021012
|
Regd.
Office: ICICI Bank Tower,
Near Chakli Circle,
Old Padra Road
Vadodara 390007. India
|
Item
2
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
|
Year
ended
|
March
31, 2017
(Q4-2017)
|
December
31, 2016
(Q3-2017)
|
March
31, 2016
(Q4-2016)
|
March
31, 2017
(FY2017)
|
March
31, 2016
(FY2016)
|
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
|
1.
|
Interest earned (a)+(b)+(c)+(d)
|
13,568.53
|
13,618.10
|
13,481.93
|
54,156.28
|
52,739.43
|
|
|
a)
|
Interest/discount on advances/bills
|
9,990.72
|
9,870.00
|
10,040.51
|
39,603.39
|
38,943.15
|
|
|
b)
|
Income on investments
|
2,621.66
|
2,947.68
|
2,652.35
|
11,377.07
|
10,625.35
|
|
|
c)
|
Interest on balances with Reserve Bank of India and other inter-bank funds
|
281.93
|
125.55
|
59.02
|
495.46
|
158.24
|
|
|
d)
|
Others
|
674.22
|
674.87
|
730.05
|
2,680.36
|
3,012.69
|
|
2.
|
Other income (refer note no. 3 and 4)
|
3,017.23
|
3,938.31
|
5,108.93
|
19,504.48
|
15,323.05
|
|
3.
|
TOTAL
INCOME (1)+(2)
|
16,585.76
|
17,556.41
|
18,590.86
|
73,660.76
|
68,062.48
|
|
4.
|
Interest expended
|
7,606.37
|
8,254.75
|
8,077.42
|
32,418.96
|
31,515.39
|
|
5.
|
Operating expenses (e)+(f)
|
3,867.37
|
3,777.74
|
3,405.94
|
14,755.06
|
12,683.56
|
|
|
e)
|
Employee cost
|
1,480.45
|
1,405.95
|
1,382.05
|
5,733.71
|
5,002.35
|
|
|
f)
|
Other operating expenses
|
2,386.92
|
2,371.79
|
2,023.89
|
9,021.35
|
7,681.21
|
|
6.
|
TOTAL
EXPENDITURE (4)+(5)
|
|
|
|
|
|
|
|
(excluding
provisions and contingencies)
|
11,473.74
|
12,032.49
|
11,483.36
|
47,174.02
|
44,198.95
|
|
7.
|
OPERATING
PROFIT (3)–(6)
|
5,112.02
|
5,523.92
|
7,107.50
|
26,486.74
|
23,863.53
|
|
|
(Profit
before provisions and contingencies)
|
|
8.
|
Provisions (other than tax) and contingencies (refer note no. 5 and 7)
|
2,898.22
|
2,712.70
|
3,326.21
|
15,208.13
|
8,067.81
|
|
9.
|
PROFIT/(LOSS) FROM ORDINARY ACTIVITIES BEFORE EXCEPTIONAL ITEMS AND TAX (7)–(8)
|
2,213.80
|
2,811.22
|
3,781.29
|
11,278.61
|
15,795.72
|
|
10.
|
Exceptional items (refer note no. 6)
|
..
|
..
|
3,600.00
|
..
|
3,600.00
|
|
11.
|
PROFIT/(LOSS) FROM ORDINARY ACTIVITIES BEFORE TAX (9)–(10)
|
2,213.80
|
2,811.22
|
181.29
|
11,278.61
|
12,195.72
|
|
12.
|
Tax expense (g)+(h) (refer note no. 8)
|
189.16
|
369.40
|
(520.60)
|
1,477.52
|
2,469.43
|
|
|
g)
|
Current period tax
|
(981.07)
|
973.50
|
1,678.40
|
2,180.12
|
5,788.61
|
|
|
h)
|
Deferred tax adjustment
|
1,170.23
|
(604.10)
|
(2,199.00)
|
(702.60)
|
(3,319.18)
|
|
13.
|
NET PROFIT/(LOSS) FROM ORDINARY ACTIVITIES AFTER TAX (11)–(12)
|
2,024.64
|
2,441.82
|
701.89
|
9,801.09
|
9,726.29
|
|
14.
|
Extraordinary items (net of tax expense)
|
..
|
..
|
..
|
..
|
..
|
|
15.
|
NET
PROFIT/(LOSS) FOR THE PERIOD (13)–(14)
|
2,024.64
|
2,441.82
|
701.89
|
9,801.09
|
9,726.29
|
|
16.
|
Paid-up equity share capital (face value Rs 2/- each)
|
1,165.11
|
1,164.33
|
1,163.17
|
1,165.11
|
1,163.17
|
|
17.
|
Reserves excluding revaluation reserves
|
95,737.57
|
93,519.48
|
85,748.24
|
95,737.57
|
85,748.24
|
|
18.
|
Analytical ratios
|
|
|
|
|
|
|
|
i)
|
Percentage of shares held by Government of India
|
0.19
|
0.12
|
0.14
|
0.19
|
0.14
|
|
|
ii)
|
Capital adequacy ratio (Basel III)
|
17.39%
|
15.98%
|
16.64%
|
17.39%
|
16.64%
|
|
|
iii)
|
Earnings per share (EPS)
|
|
|
|
|
|
|
|
|
a)
|
Basic EPS before and after extraordinary items, net of tax expense (not annualised) (in Rs)
|
3.48
|
4.20
|
1.21
|
16.84
|
16.75
|
|
|
|
b)
|
Diluted EPS before and after extraordinary items, net of tax expense (not annualised) (in Rs)
|
3.46
|
4.18
|
1.20
|
16.77
|
16.65
|
|
19.
|
NPA Ratio
1
|
|
|
|
|
|
|
|
i)
|
Gross non-performing customer assets (net of write-off)
|
42,551.54
|
38,084.97
|
26,720.93
|
42,551.54
|
26,720.93
|
|
|
ii)
|
Net non-performing customer assets
|
25,451.03
|
20,154.88
|
13,296.75
|
25,451.03
|
13,296.75
|
|
|
iii)
|
% of gross non-performing customer assets (net of write-off) to gross customer assets
|
7.89%
|
7.20%
|
5.21%
|
7.89%
|
5.21%
|
|
|
iv)
|
% of net non-performing customer assets to net customer assets
|
4.89%
|
3.96%
|
2.67%
|
4.89%
|
2.67%
|
|
20.
|
Return on assets (annualised)
|
1.10%
|
1.30%
|
0.41%
|
1.35%
|
1.49%
|
|
1.
|
At March 31, 2017, the percentage of gross non-performing advances (net of write-off) to gross advances was 8.74% and net non-performing advances to net advances was 5.43%.
|
SUMMARISED UNCONSOLIDATED
BALANCE SHEET
(Rs in crore)
|
Particulars
|
At
|
|
March
31, 2017
|
December
31, 2016
|
March
31, 2016
|
|
(Audited)
|
(Audited)
|
(Audited)
|
|
Capital
and Liabilities
|
|
|
|
|
Capital
|
1,165.11
|
1,164.33
|
1,163.17
|
|
Employees stock options outstanding
|
6.26
|
6.36
|
6.70
|
|
Reserves and surplus
|
98,779.71
|
96,342.78
|
88,565.72
|
|
Deposits
|
490,039.06
|
465,284.29
|
421,425.71
|
|
Borrowings (includes preference shares and subordinated debt)
|
147,556.15
|
159,098.02
|
174,807.38
|
|
Other liabilities and provisions
|
34,245.16
|
35,901.14
|
34,726.42
|
|
Total
Capital and Liabilities
|
771,791.45
|
757,796.92
|
720,695.10
|
|
Assets
|
|
|
|
|
Cash and balances with Reserve Bank of India
|
31,702.41
|
26,193.57
|
27,106.09
|
|
Balances with banks and money at call and short notice
|
44,010.66
|
34,973.01
|
32,762.65
|
|
Investments
|
161,506.54
|
168,987.47
|
160,411.80
|
|
Advances
|
464,232.08
|
457,469.45
|
435,263.94
|
|
Fixed assets
|
7,805.21
|
7,550.96
|
7,576.92
|
|
Other assets
|
62,534.55
|
62,622.46
|
57,573.70
|
|
Total
Assets
|
771,791.45
|
757,796.92
|
720,695.10
|
CONSOLIDATED FINANCIAL RESULTS
|
(Rs in crore)
|
|
Sr.
no.
|
Particulars
|
Three
months ended
|
Year
ended
|
March
31, 2017
(Q4-2017)
|
December
31, 2016
(Q3-2017)
|
March
31, 2016
(Q4-2016)
|
March
31, 2017
(FY2017)
|
March
31, 2016
(FY2016)
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
(Audited)
|
|
1.
|
Interest earned (a)+(b)+(c)+(d)
|
15,227.07
|
15,309.05
|
15,164.93
|
60,939.98
|
59,293.71
|
|
|
a)
|
Interest/discount on advances/bills
|
10,585.33
|
10,467.73
|
10,706.35
|
42,080.37
|
41,550.90
|
|
|
b)
|
Income on investments
|
3,601.76
|
3,981.26
|
3,605.35
|
15,456.07
|
14,324.47
|
|
|
c)
|
Interest on balances with Reserve Bank of India and other inter-bank funds
|
318.08
|
158.68
|
92.64
|
623.00
|
303.96
|
|
|
d)
|
Others
|
721.90
|
701.38
|
760.59
|
2,780.54
|
3,114.38
|
|
2.
|
Other income
|
13,376.22
|
12,566.62
|
13,051.85
|
52,457.65
|
42,102.14
|
|
3.
|
TOTAL
INCOME (1)+(2)
|
28,603.29
|
27,875.67
|
28,216.78
|
113,397.63
|
101,395.85
|
|
4.
|
Interest expended
|
8,129.41
|
8,854.65
|
8,713.49
|
34,835.83
|
33,996.47
|
|
5.
|
Operating expenses (e)+(f)
|
14,209.03
|
12,349.80
|
12,121.26
|
48,169.97
|
40,789.56
|
|
|
e)
|
Employee cost
|
2,002.05
|
1,970.69
|
1,844.95
|
7,893.26
|
6,912.29
|
|
|
f)
|
Other operating expenses
|
12,206.98
|
10,379.11
|
10,276.31
|
40,276.71
|
33,877.27
|
|
6.
|
TOTAL
EXPENDITURE (4)+(5)
|
22,338.44
|
21,204.45
|
20,834.75
|
83,005.80
|
74,786.03
|
|
|
(excluding
provisions and contingencies)
|
|
7.
|
OPERATING
PROFIT (3)–(6)
|
6,264.85
|
6,671.22
|
7,382.03
|
30,391.83
|
26,609.82
|
|
|
(Profit
before provisions and contingencies)
|
|
8.
|
Provisions (other than tax) and contingencies
|
3,463.52
|
3,124.43
|
3,496.97
|
16,582.48
|
8,705.41
|
|
9.
|
PROFIT/(LOSS) FROM ORDINARY ACTIVITIES BEFORE EXCEPTIONAL ITEMS AND TAX (7)–(8)
|
2,801.33
|
3,546.79
|
3,885.06
|
13,809.35
|
17,904.41
|
|
10.
|
Exceptional items (refer note no. 6)
|
..
|
..
|
3,600.00
|
..
|
3,600.00
|
|
11.
|
PROFIT/(LOSS) FROM ORDINARY ACTIVITIES BEFORE TAX (9)–(10)
|
2,801.33
|
3,546.79
|
285.06
|
13,809.35
|
14,304.41
|
|
12.
|
Tax expense (g)+(h)
|
403.29
|
587.83
|
(314.10)
|
2,469.02
|
3,377.52
|
|
|
g)
|
Current period tax
|
(827.66)
|
1,243.52
|
1,947.77
|
3,137.57
|
6,736.56
|
|
|
h)
|
Deferred tax adjustment
|
1,230.95
|
(655.69)
|
(2,261.87)
|
(668.55)
|
(3,359.04)
|
|
13.
|
Less: Share of profit/(loss) of minority shareholders
|
315.29
|
348.13
|
192.45
|
1,151.95
|
746.93
|
|
14.
|
NET PROFIT/(LOSS) FROM ORDINARY ACTIVITIES AFTER TAX (11)–(12)–(13)
|
2,082.75
|
2,610.83
|
406.71
|
10,188.38
|
10,179.96
|
|
15.
|
Extraordinary items (net of tax expense)
|
..
|
..
|
..
|
..
|
..
|
|
16.
|
NET
PROFIT/(LOSS) FOR THE PERIOD (14)–(15)
|
2,082.75
|
2,610.83
|
406.71
|
10,188.38
|
10,179.96
|
|
17.
|
Paid-up equity share capital (face value Rs 2/- each)
|
1,165.11
|
1,164.33
|
1,163.17
|
1,165.11
|
1,163.17
|
|
18.
|
Analytical ratios
|
|
|
|
|
|
|
|
Basic EPS before and after extraordinary items, net of tax expense (not annualised) (in Rs)
|
3.58
|
4.49
|
0.70
|
17.51
|
17.53
|
|
|
Diluted EPS before and after extraordinary items, net of tax expense (not annualised) (in Rs)
|
3.56
|
4.46
|
0.69
|
17.43
|
17.41
|
SUMMARISED CONSOLIDATED
BALANCE SHEET
(Rs in crore)
|
Particulars
|
At
|
|
March
31, 2017
|
December
31, 2016
|
March
31, 2016
|
|
(Audited)
|
(Audited)
|
(Audited)
|
|
Capital
and Liabilities
|
|
|
|
|
Capital
|
1,165.11
|
1,164.33
|
1,163.17
|
|
Employees stock options outstanding
|
6.26
|
6.36
|
6.70
|
|
Reserves and surplus
|
103,460.63
|
100,860.91
|
92,940.85
|
|
Minority interest
|
4,865.31
|
4,535.94
|
3,355.64
|
|
Deposits
|
512,587.26
|
489,520.86
|
451,077.39
|
|
Borrowings (includes preference shares and subordinated debt)
|
188,286.76
|
200,027.15
|
220,377.66
|
|
Liabilities on policies in force
|
115,497.44
|
107,089.73
|
97,053.39
|
|
Other liabilities and provisions
|
60,173.89
|
61,211.86
|
52,781.40
|
|
Total
Capital and Liabilities
|
986,042.66
|
964,417.14
|
918,756.20
|
|
|
|
|
|
|
Assets
|
|
|
|
|
Cash and balances with Reserve Bank of India
|
31,891.26
|
26,261.52
|
27,277.56
|
|
Balances with banks and money at call and short notice
|
48,599.61
|
40,091.14
|
37,758.41
|
|
Investments
|
304,501.74
|
304,829.82
|
286,044.09
|
|
Advances
|
515,317.31
|
510,703.50
|
493,729.11
|
|
Fixed assets
|
9,337.96
|
8,873.52
|
8,713.46
|
|
Other assets
|
76,394.78
|
73,657.64
|
65,233.57
|
|
Total
Assets
|
986,042.66
|
964,417.14
|
918,756.20
|
CONSOLIDATED SEGMENTAL
RESULTS
|
(Rs in crore)
|
|
Sr.
no.
|
Particulars
|
Three
months ended
|
Year
ended
|
March
31, 2017
(Q4-2017)
|
December
31, 2016
(Q3-2017)
|
March
31, 2016
(Q4-2016)
|
March
31, 2017
(FY2017)
|
March
31, 2016
(FY2016)
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
(Audited)
|
|
1.
|
Segment
Revenue
|
|
|
a
|
Retail Banking
|
12,031.01
|
11,550.64
|
10,123.72
|
45,391.18
|
39,187.80
|
|
b
|
Wholesale Banking
|
7,373.45
|
7,809.58
|
8,445.42
|
30,640.57
|
32,892.35
|
|
c
|
Treasury
|
11,731.75
|
12,822.17
|
13,421.01
|
54,290.87
|
48,341.45
|
|
d
|
Other Banking
|
890.60
|
930.17
|
993.91
|
3,840.08
|
3,934.31
|
|
e
|
Life Insurance
|
8,787.66
|
6,977.00
|
7,338.61
|
27,052.65
|
23,179.86
|
|
f
|
General Insurance
|
2,113.03
|
2,131.78
|
1,734.61
|
8,433.93
|
6,699.52
|
|
g
|
Others
|
1,201.58
|
1,526.76
|
1,145.54
|
5,531.21
|
4,648.47
|
|
|
Total
segment revenue
|
44,129.08
|
43,748.10
|
43,202.82
|
175,180.49
|
158,883.76
|
|
|
Less: Inter segment revenue
|
15,525.79
|
15,872.43
|
14,986.04
|
61,782.86
|
57,487.91
|
|
|
Income from operations
|
28,603.29
|
27,875.67
|
28,216.78
|
113,397.63
|
101,395.85
|
|
2.
|
Segmental
Results
(i.e. Profit before tax and minority interest)
|
|
|
a
|
Retail Banking
|
1,688.80
|
1,334.79
|
1,020.30
|
5,385.30
|
3,897.74
|
|
b.i
|
Wholesale Banking (before exceptional items)
|
(839.42)
|
(978.62)
|
(734.90)
|
(7,434.11)
|
2,354.57
|
|
b.ii
|
Less: Exceptional items (refer note no. 6)
|
..
|
..
|
3,600.00
|
..
|
3,600.00
|
|
b.iii
|
Wholesale Banking (after exceptional items)
|
(839.42)
|
(978.62)
|
(4,334.90)
|
(7,434.11)
|
(1,245.43)
|
|
c
|
Treasury
|
1,156.62
|
2,256.84
|
3,041.36
|
12,081.45
|
8,616.27
|
|
d
|
Other Banking
|
80.91
|
(10.67)
|
138.46
|
302.17
|
679.00
|
|
e
|
Life Insurance
|
429.79
|
486.99
|
429.21
|
1,784.86
|
1,771.58
|
|
f
|
General Insurance
|
248.63
|
225.74
|
166.48
|
910.10
|
707.69
|
|
g
|
Others
|
381.67
|
674.26
|
299.77
|
2,176.43
|
1,425.19
|
|
|
Total
segment results
|
3,147.00
|
3,989.33
|
760.68
|
15,206.20
|
15,852.04
|
|
|
Less: Inter segment adjustment
|
345.67
|
442.54
|
475.62
|
1,396.85
|
1,547.63
|
|
|
Unallocated expenses
|
..
|
..
|
..
|
..
|
..
|
|
|
Profit
before tax and minority interest
|
2,801.33
|
3,546.79
|
285.06
|
13,809.35
|
14,304.41
|
|
3.
|
Segment
assets
|
|
|
a
|
Retail Banking
|
213,695.04
|
195,503.28
|
172,480.55
|
213,695.04
|
172,480.55
|
|
b
|
Wholesale Banking
|
261,265.28
|
268,647.38
|
266,365.91
|
261,265.28
|
266,365.91
|
|
c
|
Treasury
|
274,850.88
|
272,567.82
|
258,081.64
|
274,850.88
|
258,081.64
|
|
d
|
Other Banking
|
64,324.61
|
67,591.04
|
79,953.59
|
64,324.61
|
79,953.59
|
|
e
|
Life Insurance
|
124,437.71
|
115,048.91
|
104,699.62
|
124,437.71
|
104,699.62
|
|
f
|
General Insurance
|
23,060.99
|
21,656.49
|
15,374.58
|
23,060.99
|
15,374.58
|
|
g
|
Others
|
25,737.58
|
28,326.41
|
27,939.20
|
25,737.58
|
27,939.20
|
|
h
|
Unallocated
|
11,908.28
|
9,966.30
|
8,493.11
|
11,908.28
|
8,493.11
|
|
|
Total
|
999,280.37
|
979,307.63
|
933,388.20
|
999,280.37
|
933,388.20
|
|
|
Less: Inter segment adjustment
|
13,237.71
|
14,890.49
|
14,632.00
|
13,237.71
|
14,632.00
|
|
|
Total
segment assets
|
986,042.66
|
964,417.14
|
918,756.20
|
986,042.66
|
918,756.20
|
|
4.
|
Segment
liabilities
|
|
|
a
|
Retail Banking
|
367,808.59
|
358,007.45
|
313,393.27
|
367,808.59
|
313,393.27
|
|
b
|
Wholesale Banking
|
149,519.15
|
133,667.10
|
119,785.32
|
149,519.15
|
119,785.32
|
|
c
|
Treasury
|
167,785.04
|
181,987.81
|
202,350.99
|
167,785.04
|
202,350.99
|
|
d
|
Other Banking
|
50,380.33
|
52,078.42
|
67,744.39
|
50,380.33
|
67,744.39
|
|
e
|
Life Insurance
|
118,333.66
|
109,278.84
|
99,350.59
|
118,333.66
|
99,350.59
|
|
f
|
General Insurance
|
18,948.34
|
18,031.29
|
12,191.18
|
18,948.34
|
12,191.18
|
|
g
|
Others
|
21,873.26
|
24,225.12
|
24,461.74
|
21,873.26
|
24,461.74
|
|
h
|
Unallocated
|
..
|
..
|
..
|
..
|
..
|
|
|
Total
|
894,648.37
|
877,276.03
|
839,277.48
|
894,648.37
|
839,277.48
|
|
|
Less: Inter segment adjustment
|
13,237.71
|
14,890.49
|
14,632.00
|
13,237.71
|
14,632.00
|
|
|
Total
segment liabilities
|
881,410.66
|
862,385.54
|
824,645.48
|
881,410.66
|
824,645.48
|
|
5.
|
Capital
employed (i.e. Segment assets – Segment liabilities)
|
|
|
a
|
Retail Banking
|
(154,113.55)
|
(162,504.17)
|
(140,912.72)
|
(154,113.55)
|
(140,912.72)
|
|
b
|
Wholesale Banking
|
111,746.13
|
134,980.28
|
146,580.59
|
111,746.13
|
146,580.59
|
|
c
|
Treasury
|
107,065.84
|
90,580.01
|
55,730.65
|
107,065.84
|
55,730.65
|
|
d
|
Other Banking
|
13,944.28
|
15,512.62
|
12,209.20
|
13,944.28
|
12,209.20
|
|
e
|
Life Insurance
|
6,104.05
|
5,770.07
|
5,349.03
|
6,104.05
|
5,349.03
|
|
f
|
General Insurance
|
4,112.65
|
3,625.20
|
3,183.40
|
4,112.65
|
3,183.40
|
|
g
|
Others
|
3,864.32
|
4,101.29
|
3,477.46
|
3,864.32
|
3,477.46
|
|
h
|
Unallocated
|
11,908.28
|
9,966.30
|
8,493.11
|
11,908.28
|
8,493.11
|
|
|
Total
capital employed
|
104,632.00
|
102,031.60
|
94,110.72
|
104,632.00
|
94,110.72
|
|
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, ICICI Equity Fund (upto September 30, 2015) and ICICI Strategic
Investments 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 and ICICI Bank Canada.
|
|
|
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 May 3, 2017. The auditors have issued
unmodified opinion on the unconsolidated and consolidated financial statements for FY2017.
|
|
|
2.
|
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 March 31, 2017 including leverage ratio and liquidity coverage ratio is available
at http://www.icicibank.com/regulatory-disclosure.page.
|
|
|
3.
|
As
per the RBI circular on ‘Guidelines on compliance with Accounting Standard (AS) 11 [The Effects of Changes in Foreign Exchange
Rates] by banks - clarification' dated April 18, 2017, on repatriation of accumulated profits or retained earnings from overseas
operations, banks are not permitted to recognise the proportionate exchange gains or losses, held in the foreign currency translation
reserve, in the profit and loss account. The Bank has therefore reversed foreign exchange gain amounting to Rs 288.41 crore in
Q4-2017, which was recognised as other income in 9M-2017. Accordingly, other income includes net foreign exchange gain relating
to overseas operations amounting to Rs 82.35 crore in Q3-2017 (reversed in Q4-2017), Rs 261.59 crore in Q4-2016, Nil in FY2017
and Rs 941.19 crore in FY2016.
|
|
|
4.
|
During
Q2-2017, the Bank sold a part of its shareholding in ICICI Prudential Life Insurance Company Limited in the initial public offer
(IPO) for a total consideration of Rs 6,056.79 crore. The unconsolidated financial results include a gain (before tax and after
IPO related expenses) on this sale of Rs 5,682.03 crore for FY2017 and consolidated financial results include a gain (before tax
and after IPO related expenses) on this sale of Rs 5,129.88 crore for FY2017.
|
The
unconsolidated financial results include a gain (before tax) of Rs 617.27 crore for Q4-2016 and Rs 1,859.83 crore for FY2016 and
the consolidated financial results include a gain (before tax) of Rs 535.21 crore for Q4-2016 and Rs 1,614.88 crore for FY2016
on sale of shares of ICICI Prudential Life Insurance Company Limited. Further, the unconsolidated financial results include a
gain (before tax) of Rs 1,508.54 crore for Q4-2016 and FY2016 and the consolidated financial results include a gain (before tax)
of Rs 1,234.85 crore for Q4-2016 and FY2016 on sale of shares of ICICI Lombard General Insurance Company Limited.
|
|
5.
|
The
Reserve Bank of India, through its circular dated April 18, 2017, has required banks to disclose the divergences in the asset
classification and provisioning, arising from RBI’s annual supervisory process, in their notes to accounts to the financial
statements. The Bank has accordingly included this disclosure in its Notes to the audited financial statements for FY2017. Further,
as per the normal process followed by the Bank, all the concerned accounts have been classified as non-performing and requisite
provisions have been made in FY2017.
|
|
|
6.
|
During
FY2016, 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 in FY2016, 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 1,528.61 crore in Q4-2017, Rs 526.49 crore in Q3-2017 and Rs 3,600.00
crore in FY2017 from collective contingency and related reserve.
|
|
|
7.
|
During
Q2-2017, the Bank had made floating provision of Rs 1,515.00 crore which had been reduced from the gross non-performing loans
while computing the net NPAs. The Bank has subsequently utilised this amount during Q4-2017 by allocating it to specific non-performing
assets.
|
|
|
8.
|
During
FY2017, 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 in FY2016 on account of Income Computation and Disclosure
Standards (ICDS). ICDS is applicable from FY2018, therefore the tax provision and deferred tax for Q3-2017, Q4-2017 and FY2017
have been computed after considering its impact.
|
|
|
9.
|
During
Q4-2017, the Bank has allotted 3,870,855 equity shares of Rs 2 each pursuant to exercise of employee stock options.
|
|
|
10.
|
The
Board of Directors has recommended a dividend of Rs 2.50 per equity share for FY2017 pre-bonus issue. The declaration and payment
of dividend is subject to requisite approvals. The Board of Directors has also recommended a dividend of Rs 100 per preference
share on 350 preference shares of the face value of Rs 1 crore each for FY2017.
|
According
to the revised AS 4 - ‘Contingencies and events occurring after the balance sheet date’ as notified by the Ministry
of Corporate Affairs through amendments to Companies (Accounting Standards) Amendment Rules, 2016, the Bank has not accounted
proposed dividend (including dividend distribution tax) as a liability for FY2017. However, the Bank has reduced proposed dividend
for determining capital funds for computing capital adequacy ratio at March 31, 2017.
|
|
11.
|
The
Board of Directors at its meeting held on May 3, 2017 approved issue of bonus shares, in the proportion of 1:10, i.e. 1 (One)
bonus equity share of ₹ 2 each for every 10 (Ten) fully paid-up equity shares held (including shares underlying ADS) as
on the record date, subject to approval by the Members of the Company. Subsequent to the bonus issue, the ratio of ADSs to equity
shares will remain unaffected and each ADS after the bonus issue will continue to represent two equity shares of par value of
₹ 2 per share.
|
|
|
12.
|
Previous
period/year figures have been re-grouped/re-classified where necessary to conform to current period classification.
|
|
|
13.
|
The
amounts for Q4-2017 are balancing amounts between the amounts as per audited accounts for FY2017 and 9M-2017.
|
|
|
14.
|
The
above unconsolidated and consolidated financial results are audited by the statutory auditors, B S R & Co. LLP, Chartered
Accountants.
|
|
|
15.
|
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:
|
May 3, 2017
|
DIN-00066009
|
Item
3
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 the Quarterly Financial Results and Year to Date Financial Results of ICICI Bank Limited pursuant to 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 accompanying
quarterly standalone financial results of ICICI Bank Limited (the ‘Bank’) for the quarter ended 31 March 2017
and the year to date standalone financial results for the period from 1 April 2016 to 31 March 2017, 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 31 March 2017, 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 quarterly standalone
financial results and the year to date standalone financial results and which have not been audited by us. Attention is drawn
to the fact that the figures for the quarter ended 31 March 2017 and the corresponding quarter ended in the previous year as reported
in these financial results are the balancing figures between audited figures in respect of the full financial year and the published
audited year to date figures up to the end of the third quarter.
|
|
|
2.
|
These quarterly standalone
financial results as well as the year to date standalone financial results have been prepared on the basis of the standalone financial
statements, which are the responsibility of the Bank’s management and have been approved by the Board of Directors in its
meeting held on 3 May 2017. Our responsibility is to express an opinion on these quarterly standalone financial results and the
year to date standalone financial results based on our audit of the standalone financial statements, which have been prepared
in accordance with the recognition and measurement principles 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, guidelines and
directions 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 quarterly standalone financial results as well as
the year to date standalone financial 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
|
Auditor’s
Report on the Quarterly Financial Results and Year to Date Financial Results of ICICI Bank Limited pursuant to Regulation 33 of
the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(Continued)
ICICI Bank
Limited
|
|
ii)
|
give a true and fair view
of the net profit and other financial information for the quarter ended 31 March 2017 as well as the year to date standalone financial
results for the period from 1 April 2016 to 31 March 2017.
|
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, Dubai, Qatar,
China, South Africa, New York and Sri Lanka branches of the Bank, whose financial statements reflect total assets of Rs. 1,407,430
million as at 31 March 2017, total revenues of Rs. 14,326 million for the quarter ended 31 March 2017 and Rs. 65,406 million
for the period from 1 April 2016 to 31 March 2017 and net cash inflows amounting to Rs. 22,125 million for the
quarter ended 31 March 2017 and net cash outflows amounting to Rs. 58,032 million for the period from 1 April 2016
to 31 March 2017. 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 by management of the Bank, 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
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/s/ Venkataramanan Vishwanath
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Venkataramanan Vishwanath
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Mumbai
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Partner
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3 May 2017
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Membership No: 113156
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B
S R & Co. LLP
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Chartered
Accountants
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5
th
Floor, Lodha Excelus
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Telephone
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+91
(22) 4345 5300
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Apollo
Mills Compound
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Fax
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+91
(22) 4345 5399
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N.
M. Joshi Marg, Mahalaxmi
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Mumbai
– 400 011
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India
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Independent
Auditor’s Report
To The Members
of
ICICI Bank
Limited
Report
on the Consolidated Financial Statements
We
have audited the accompanying consolidated financial statements of ICICI Bank Limited (the ‘Bank’ or the ‘Holding
Company’) and its subsidiaries (the Holding Company and its subsidiaries together referred to as the ‘Group’
or ‘ICICI Group’) and its associates, comprising of the Consolidated Balance Sheet as at 31 March 2017, the Consolidated
Profit and Loss Account and the Consolidated Cash Flow Statement for the year then ended, and a summary of the significant accounting
policies and other explanatory information (hereinafter referred to as the ‘consolidated financial statements’).
Management's
Responsibility for the Consolidated Financial Statements
The Holding
Company’s Board of Directors is responsible for the preparation of these consolidated financial statements in terms of the
requirements of the Companies Act, 2013 (the ‘Act’) that give a true and fair view of the consolidated financial position,
consolidated financial performance and consolidated cash flows of ICICI Group including its associates in accordance with the
accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014, provisions of Section 29 of the Banking Regulation Act,1949 and the
circulars, guidelines and direction issued by Reserve Bank of India (‘RBI’) from time to time. The respective Board
of Directors of the companies and the trustees of the trusts included in ICICI Group and of its associates are responsible for
maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of ICICI
Group and its associates and for preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance
of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated
financial statements by the Directors of the Holding Company, as aforesaid.
Auditor's
Responsibility
Our responsibility
is to express an opinion on these consolidated financial statements based on our audit. While conducting audit, we have taken
into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made thereunder.
We conducted
our audit in accordance with the Standards on Auditing (the ‘Standards’) specified under Section 143(10) of the Act.
Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether the consolidated financial statements are free from material misstatement.
B
S R & Co. LLP
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Chartered
Accountants
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5
th
Floor, Lodha Excelus
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Telephone
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+91
(22) 4345 5300
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Apollo
Mills Compound
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Fax
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+91
(22) 4345 5399
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N.
M. Joshi Marg, Mahalaxmi
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Mumbai
– 400 011
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India
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Independent
Auditor's Report
(Continued)
ICICI Bank
Limited
Auditor's
Responsibility
(Continued)
An
audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the consolidated financial
statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement
of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers
internal financial control relevant to the Holding Company’s preparation of the consolidated financial statements that give
a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Holding Company’s
Board of Directors, as well as evaluating the overall presentation of the consolidated financial statements.
We
believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their report
referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the
consolidated financial statements.
Opinion
In
our opinion and to the best of our information and according to the explanations given to us and based on the consideration of
reports of other auditors on separate financial statements and on the other financial information of the subsidiaries and associates,
the aforesaid consolidated financial statements give the information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated state of affairs
of ICICI Group and its associates as at
31 March 2017, their consolidated profit and their consolidated cash flows for the year ended on that date.
Other
Matters
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(a)
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We did
not audit the financial statements of thirteen subsidiaries, whose financial statements
reflect total assets of Rs. 1,015,272 million and net assets of Rs. 140,084 million as
at 31 March 2017, total revenues of Rs. 70,988 million and net cash outflows amounting
to Rs. 18,833 million for the year ended 31 March 2017, as considered in the consolidated
financial statements. The consolidated financial statements also include ICICI Group’s
share of net profit of Rs. 149 million for the year ended 31 March 2017, as considered
in the consolidated financial statements, in respect of one associate whose financial
statements and other financial information have not been audited by us. These financial
statements and other financial information have been audited by other auditors whose
reports have been furnished to us by Management and our opinion on the consolidated financial
statements, in so far as it relates to the amounts and disclosures included in respect
of these subsidiaries and an associate, and our report in terms of sub-section (3) and
(11) of Section 143 of the Act, insofar as it relates to the aforesaid subsidiaries and
associates, is based solely on the reports of the other auditors.
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Certain
of these subsidiaries are located outside India whose financial statements and other financial information have been prepared
in accordance with accounting principles generally accepted in their respective countries and which have been audited by other
auditors under generally accepted auditing standards applicable in their respective countries. Our opinion in so far as it relates
to the balances and affairs of such subsidiaries located outside India is based on the report of other auditors.
B
S R & Co. LLP
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Chartered
Accountants
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5
th
Floor, Lodha Excelus
|
Telephone
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+91
(22) 4345 5300
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Apollo
Mills Compound
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Fax
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+91
(22) 4345 5399
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N.
M. Joshi Marg, Mahalaxmi
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Mumbai
– 400 011
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India
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Independent Auditor's Report
(Continued)
ICICI Bank
Limited
Other
Matters (
Continued)
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(b)
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We have
jointly audited with other auditor, the financial statements of one subsidiary whose
financial statements reflect total assets of Rs. 1,247,425 million and net assets of
Rs. 64,080 million as at 31 March 2017, total revenues of Rs. 270,528
million and net cash inflows amounting to Rs. 24,362 million for the year ended
31 March 2017. For the purpose of the consolidated financial statements, we have relied
upon the work of the other auditor, to the extent of work performed by them and our report
in terms of sub-section (3) and (11) of Section 143 of the Act, insofar as it relates
to this subsidiary, is based solely on the report of the other auditor, to the extent
of work performed by them.
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(c)
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The consolidated
financial statements also include the Group's share of net loss of Rs. 191 million
for the year ended 31 March 2017, as considered in the consolidated financial statements,
in respect of six associates, whose financial statements and other financial information
have not been audited by us. These financial statements and financial information are
unaudited and have been furnished to us by management and our report in terms of sub-section
(3) and (11) of Section 143 of the Act, in so far as it relates to the aforesaid associates,
is based solely on such unaudited financial statements and other financial information.
In our opinion and according to the information and explanations given to us by management,
these financial statements and other financial information are not material to ICICI
Group.
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(d)
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The auditors
of ICICI Prudential Life Insurance Company Limited have reported, ‘The actuarial
valuation of liabilities for life policies in force is the responsibility of the Company's
Appointed Actuary (the ‘Appointed Actuary’). The actuarial valuation of these
liabilities for life policies in force and for policies in respect of which premium has
been discontinued but liability exists as at 31 March 2017 has been duly certified by
the Appointed Actuary and in her opinion, the assumptions for such valuation are in accordance
with the guidelines and norms issued by the Insurance Regulatory and Development Authority
of India (the ‘IRDAI’ or the ‘Authority’) and the Institute of
Actuaries of India in concurrence with the Authority. We have relied upon the Appointed
Actuary's certificate in this regard for forming our opinion on the valuation of liabilities
for life policies in force and for policies in respect of which premium has been discontinued
but liability exists, as contained in the standalone financial statements of the Company’.
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(e)
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The auditors
of ICICI Lombard General Insurance Company Limited have reported, ‘The actuarial
valuation of liabilities in respect of Incurred But Not Reported (‘IBNR’)
and Incurred But Not Enough Reported (‘IBNER’) as at 31 March 2017, other
than for reinsurance accepted from Declined Risk Pool (‘DR Pool’) has been
duly certified by the Appointed Actuary of the Company and relied upon by us. The Appointed
Actuary has also certified that the assumptions considered by him for such valuation
are in accordance with the guidelines and norms prescribed by the IRDAI and the Actuarial
Society of India in concurrence with the IRDAI. In respect of reinsurance accepted from
DR Pool, IBNR/IBNER has been recognized based on estimates received from DR Pool’.
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Our
opinion above on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not
modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and
the financial statements and other financial information certified by management.
B
S R & Co. LLP
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Chartered
Accountants
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5
th
Floor, Lodha Excelus
|
Telephone
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+91
(22) 4345 5300
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Apollo
Mills Compound
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Fax
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+91
(22) 4345 5399
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N.
M. Joshi Marg, Mahalaxmi
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Mumbai
– 400 011
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India
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Independent Auditor's Report
(Continued)
Report
on the Consolidated Financial Statements
Report
on Other Legal and Regulatory Requirements
As required
by Section 143 (3) of the Act, based on our audit and on the consideration of report of the other auditors on separate financial
statements and the other financial information of subsidiaries and associates, as noted in the ‘Other Matters’ paragraph,
we report, to the extent applicable, that:
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(a)
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we have
sought and obtained all the information and explanations which to the best of our knowledge
and belief were necessary for the purpose of audit of the aforesaid consolidated financial
statements;
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(b)
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in our
opinion, proper books of account as required by law relating to preparation of the aforesaid
consolidated financial statements have been kept so far as it appears from our examination
of those books and reports of the other auditors;
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(c)
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the Consolidated
Balance Sheet, the Consolidated Profit and Loss Account and the Consolidated Cash Flow
Statement dealt with by this Report are in agreement with the relevant books of account
maintained for the purpose of preparation of the consolidated financial statements;
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(d)
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in our
opinion, the aforesaid consolidated financial statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014, to the extent they are not inconsistent with the accounting policies prescribed
by the RBI;
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(e)
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on the
basis of written representations received from the directors of the Holding Company as
at 31 March 2017 taken on record by the Board of Directors of the Holding Company and
the reports of the statutory auditors of its subsidiary companies and associate companies
incorporated in India, none of the directors of ICICI Group and its associate companies
incorporated in India is disqualified as on 31 March 2017 from being appointed as a director
in terms of Section 164 (2) of the Act;
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(f)
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with respect
to the adequacy of the internal financial controls over financial reporting of ICICI Group,
and its associate companies and the operating effectiveness of such controls, refer to
our separate Report in ‘Annexure A’;
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(g)
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with respect
to the other matters to be included in the Auditor's Report in accordance with Rule 11
of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of
our information and according to the explanations given to us and based on the consideration
of the report of the other auditors on the separate financial statements as also the
other financial information of the subsidiaries and associates, as noted in the ‘Other
Matters’ paragraph:
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(i)
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the
consolidated financial statements disclose the impact of pending litigations on the consolidated
financial position of ICICI Group and its associates. Refer Note 7 to the consolidated
financial statements;
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(ii)
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provision
has been made in the consolidated financial statements, as required under the applicable
law or accounting standards, for material foreseeable losses, if any, on long-term contracts
including derivatives contracts – Refer Note 7 to the consolidated financial statements
in respect of such items as it relate to ICICI Group and its associates and (b) ICICI
Group’s share of net loss in respect of its associates;
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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
|
|
|
|
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Mumbai
– 400 011
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India
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Independent
Auditor's Report
(Continued)
Report
on the Consolidated Financial Statements
Report
on Other Legal and Regulatory Requirements
(Continued)
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(iii)
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there
has been no delay in transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the Holding Company, its subsidiary companies and associate
companies incorporated in India during the year ended 31 March 2017; and
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(iv)
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the
disclosure required on holdings as well as dealings in Specified Bank Notes during the
period from 8 November 2016 to 30 December 2016 as envisaged in notification G.S.R 308(E)
dated 30 March 2017 issued by the Ministry of Corporate Affairs, is not applicable
to the Bank. The aforesaid disclosure is disclosed in the respective audited financial
statements of the subsidiaries. Refer Note 17 to the consolidated financial statements.
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For
B
S R & Co. LLP
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Chartered Accountants
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Firm's Registration
No: 101248W/W–100022
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/s/ Venkataramanan
Vishwanath
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Venkataramanan Vishwanath
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|
Mumbai
|
Partner
|
|
3 May 2017
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Membership No: 113156
|
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
|
|
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Mumbai
– 400 011
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India
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ANNEXURE
A to the Independent Auditor’s Report of even date on the Consolidated Financial Statements of ICICI Bank Limited
Report
on the Internal Financial Controls under clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013
In conjunction
with our report of the consolidated financial statements of ICICI Bank Limited, its subsidiary companies and its associate companies
(collectively referred to as ‘the Group’) as of and for the year ended 31 March 2017, we have audited the internal
financial controls over financial reporting of ICICI Bank Limited (hereinafter referred to as the ‘Holding Company’),
its subsidiary companies and associate companies, which are companies incorporated in India, as of that date.
Management’s
Responsibility for Internal Financial Controls
The respective
Board of Directors of the Holding Company, its subsidiary companies and its associates companies, which are companies incorporated
in India, are responsible for establishing and maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Holding Company considering the essential components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting (the ‘Guidance Note’) issued by the Institute
of Chartered Accountants of India (the ‘ICAI’). These responsibilities include the design, implementation and maintenance
of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its
business, including adherence to the respective company’s policies, the safeguarding of its assets, the prevention and detection
of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Companies Act, 2013 (the ‘Act’).
Auditor’s
Responsibility
Our responsibility
is to express an opinion on the internal financial controls over financial reporting of the Holding Company, its subsidiary companies
and its associates companies, which are companies incorporated in India based on our audit. We conducted our audit in accordance
with the Guidance Note issued by the ICAI and the Standards on Auditing (the ‘Standards’), issued by the ICAI and
deemed to be prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls,
both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established
and maintained and if such controls operated effectively in all material respects.
Our audit
involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial
reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining
an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists,
and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error.
We believe
that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of their reports referred
to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal
financial controls system over financial reporting of the Holding Company, its subsidiary companies and its associates companies,
which are companies incorporated in 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
|
|
|
|
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Mumbai
– 400 011
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India
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ANNEXURE
A to the Independent Auditor’s Report of even date on the Consolidated Financial Statements of ICICI Bank Limited
Meaning
of Internal Financial Controls over Financial Reporting
A company’s
internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures
of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s
assets that could have a material effect on the financial statements.
Inherent
Limitations of Internal Financial Controls over Financial Reporting
Because of
the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper
management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections
of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the
internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.
Opinion
In
our opinion, the Holding Company, its subsidiary companies and its associate companies, which are companies incorporated in India,
have, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial
controls over financial reporting were operating effectively as at 31 March 2017, based on the internal control over financial
reporting criteria established by the Holding Company considering the essential components of internal control stated in the Guidance
Note issued by the ICAI.
Other Matters
The
auditors of ICICI Prudential Life Insurance Company Limited have reported, ‘The Actuarial valuation of liabilities for life
policies in force is the responsibility of the Company's Appointed Actuary (the “Appointed Actuary"). The actuarial
valuation of these liabilities for life policies in force and for policies in respect of which premium has been discontinued but
liability exists as at
31 March 2017 has been duly certified by the Appointed Actuary and in her opinion, the assumptions for such valuation are in accordance
with the guidelines and norms issued by the Insurance Regulatory and Development Authority of India (‘IRDAI’ or ‘the
Authority’) and the Institute of Actuaries of India in concurrence with the Authority. We have relied upon the Appointed
Actuary's certificate in this regard for forming our opinion on the valuation of liabilities for life policies in force and for
policies in respect of which premium has been discontinued but liability exists, as contained in the standalone financial statements
of the Company’.
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
|
|
|
ANNEXURE
A to the Independent Auditor’s Report of even date on the Consolidated Financial Statements of ICICI Bank Limited
(Continued)
Other Matters
(Continued)
The
auditors of ICICI Lombard General Insurance Company Limited have reported, ‘The actuarial valuation of liabilities in respect
of Incurred But Not Reported (‘IBNR’) and Incurred But Not Enough Reported (‘IBNER’) as at 31 March 2017,
other than for reinsurance accepted from Declined Risk Pool (‘DR Pool’) has been duly certified by the Appointed Actuary
of the Company as per the Regulations whereas in respect of reinsurance accepted from DR Pool, IBNR / IBNER has been recognized
based on estimates received from DR pool. The said actuarial valuations have been relied upon by us as mentioned in para 9(h)
of our Audit Report on the financial statements for the year ended 31 March 2017. Accordingly, our opinion on internal financial
controls over financial reporting does not include reporting on the adequacy and operating effectiveness of the internal controls
over the valuation and accuracy of the aforesaid actuarial liabilities’.
Our
aforesaid report under Section 143(3) (i) of the Act on the adequacy and operating effectiveness of the internal financial controls
over financial reporting insofar as it relates to seven subsidiary companies, one subsidiary company which is jointly audited
with another auditor and an associate company, which are companies incorporated in India, is based on the corresponding reports
of the auditors of such companies incorporated in India.
Our
opinion on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Act is not modified in respect
of the above matters with respect to our reliance on the work done and the reports of other auditors.
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|
For
B
S R & Co. LLP
|
|
|
Chartered Accountants
|
|
|
Firm's Registration
No: 101248W/W–100022
|
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Venkataramanan Vishwanath
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Mumbai
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Partner
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|
3 May 2017
|
Membership No: 113156
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Item
4
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Rakesh Jha
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|
Tel.: 2653 6157
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Chief Financial Officer
|
|
Fax: 2653 1259
|
May 3, 2017
|
Mr.
Girish Joshi
Senior General Manager
– Listing
BSE Limited
Phiroze Jeejeebhoy Towers
Dalal Street
Mumbai 400 001
|
Mr.
Avinash Kharkar
Vice President
National
Stock Exchange of India Limited
Exchange
Plaza, 5th floor
Plot
No. C/1, G Block
Bandra-Kurla
Complex
Bandra
(East)
Mumbai 400 051
|
Sub: Declaration
under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations)
Dear Sirs,
Pursuant
to Regulation 33 of Listing Regulations, we hereby confirm and declare that the Statutory Auditors of the Bank, B S R & Co.
LLP, Chartered Accountants have issued audit report on the unconsolidated and consolidated financial results of the Bank for the
three months and year ended March 31, 2017 with unmodified opinion.
Request to please take the above
on record.
Yours faithfully,
/s/ Rakesh Jha
Rakesh Jha
|
ICICI Bank Limited
ICICI Bank Towers
Bandra-Kurla Complex
Mumbai 400 051, India.
|
Tel.: (91-22) 2653 1414
Fax: (91-22) 2653 1122
Website
www.icicibank.com
CIN.: L65190GJ1994PLC021012
|
Regd. Office: ICICI Bank Tower,
Near Chakli Circle,
Old Padra Road
Vadodara 390007. India
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Item
5
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
Performance
Review: Quarter ended March 31, 2017
|
|
·
|
189%
increase in standalone profit after tax from
Rs.
702 crore (US$ 108 million) for the quarter ended March 31, 2016 (Q4-2016)
to
Rs.
2,025 crore (US$ 312 million) for the quarter ended March 31, 2017 (Q4-2017)
|
|
|
·
|
14%
year-on-year growth in domestic advances; retail portfolio grew by 19% year-on-year and constituted 52% of the total portfolio
at March 31, 2017
|
|
|
·
|
28%
year-on-year growth in current and savings account (CASA) deposits; CASA ratio at 50.4% at March 31, 2017
|
|
|
·
|
Standalone
profit after tax of
Rs.
9,801 crore (US$ 1.5 billion) for the year ended March 31, 2017 (FY2017)
|
|
|
·
|
Consolidated
profit after tax of
Rs.
2,083 crore (US$ 321 million) for Q4-2017 and
Rs.
10,188 crore (US$ 1.6 billion) for FY2017
|
|
|
·
|
Total
capital adequacy of 17.39% and Tier-1 capital adequacy of 14.36% on standalone basis at March 31, 2017
|
|
|
·
|
The
Board of Directors has recommended a dividend of
Rs
.
2.50 per equity share of face value of
Rs.
2.00 each (equivalent to dividend of US$ 0.08 per ADS) and an issue of bonus
shares in the ratio of 1 equity share for every 10 equity shares
|
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 March 31, 2017.
Profit
& loss account
|
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
|
|
·
|
Net interest income increased
by 10% on a year-on-year basis to
Rs.
5,962 crore (US$ 919 million)
in the quarter ended March 31, 2017 (Q4-2017) from
Rs.
5,404 crore
(US$ 833 million) in the quarter ended March 31, 2016 (Q4-2016)
|
|
|
·
|
Non-interest income was
Rs.
3,017 crore (US$ 465 million) in Q4-2017 compared to
Rs.
2,978 crore (US$ 459 million), excluding gains of
Rs.
2,131
crore (US$ 329 million) on sale of stake in insurance subsidiaries, in Q4-2016.
|
|
|
·
|
Fee income increased by
11% on a year-on-year basis to Rs. 2,446 crore (US$ 377 million) in Q4-2017 from Rs. 2,212 crore (US$ 341 million) in Q4-2016.
|
|
|
·
|
Standalone profit after
tax was
Rs.
2,025 crore (US$ 312 million) for Q4-2017 compared
to
Rs.
702 crore (US$ 108 million) for Q4-2016. In Q4-2016, the
Bank had on a prudent basis made a collective contingency and related reserve of
Rs.
3,600 crore (US$ 555 million).
|
|
|
·
|
Standalone profit after
tax was
Rs.
9,801 crore (US$ 1.5 billion) for FY2017 compared to
Rs.
9,726 crore (US$ 1.5 billion) for FY2016.
|
|
|
·
|
Consolidated profit after
tax was
Rs.
10,188 crore (US$ 1.6 billion) in FY2017 compared to
Rs.
10,180 crore (US$ 1.6 billion) in FY2016.
|
Operating
review
Credit
growth
The
year-on-year growth in domestic advances was 14%, about eight percentage points higher compared to non-food credit growth for
the banking system at March 31, 2017. The Bank has continued to leverage its strong retail franchise, resulting in a year-on-year
growth of 19% in the retail portfolio. The retail portfolio constituted about 52% of the loan portfolio of the Bank at March 31,
2017. Total advances increased by 7% year-on-year to
Rs.
464,232
crore (US$ 71.6 billion) at March 31, 2017 from
Rs.
435,264 crore
(US$ 67.1 billion) at March 31, 2016.
Deposit
growth
Total
CASA deposits increased by 28% year-on-year to
Rs.
246,822 crore
(US$ 38.1 billion) at March 31, 2017. During Q4-2017, savings account deposits increased by
Rs.
6,427 crore (US$ 991 million) and current account deposits increased by
Rs.
8,433 crore (US$ 1,300 million). For FY2017, savings account deposits increased by
Rs.
37,608 crore (US$ 5.8 billion) and current account deposits increased by
Rs.
16,114 crore (US$ 2.5 billion). The Bank’s CASA ratio was 50.4% at March 31, 2017 compared to 49.9% at December 31,
2016 and 45.8% at March 31, 2016. The average CASA ratio
|
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
improved
from 40.7% in FY2016 to 43.7% in FY2017. The average CASA ratio was 46.5% in Q4-2017. Total deposits increased by 16% year-on-year
to
Rs.
490,039 crore (US$ 75.6 billion) at March 31, 2017. The
Bank had a network of 4,850 branches and 13,882 ATMs at March 31, 2017.
Capital
adequacy
The
Bank’s capital adequacy at March 31, 2017 as per Reserve Bank of India’s guidelines on Basel III norms was 17.39%
and Tier-1 capital adequacy was 14.36% compared to the regulatory requirements of 10.30% and 8.30% respectively.
Asset
quality
Net
non-performing assets (NPAs) at March 31, 2017 were Rs. 25,451 crore (US$ 3.9 billion) compared to
Rs.
20,155 crore (US$ 3.1 billion) at December 31, 2016. The Bank’s net non-performing asset ratio was 4.89% at March
31, 2017 compared to 3.96% at December 31, 2016. Net loans to companies whose facilities have been restructured were
Rs.
4,265 crore (US$ 658 million) at March 31, 2017 compared to
Rs.
6,407 crore (US$ 988 million) at December 31, 2016.
The
additions to NPAs had been gradually declining from
Rs.
8,249 crore
(US$ 1.3 billion) in the quarter ended June 30, 2016 (Q1-2017) to
Rs.
8,029 crore (US$ 1.2 billion) in the quarter ended September 30, 2016 (Q2-2017) and
Rs.
7,037 crore (US$ 1.1 billion) in the quarter ended December 31, 2016 (Q3-2017). During Q4-2017, the additions to NPAs have
been elevated. Of the additions to NPAs during the quarter,
Rs.
5,378 crore (US$ 829 million) was due to one account in the cement sector. This account was included in the drill down exposures
to key sectors disclosed by the Bank and an M&A transaction has been announced in respect of this company. While the transaction
has received most of the requisite approvals, including the approval of the National Company Law Tribunal, it is awaiting certain
last-mile approvals due to which the transaction could not be concluded by March 31, 2017. As a result, the Bank has classified
the account as non-performing as per the Bank’s application of the relevant RBI guidelines. Additions to NPAs in Q4-2017
excluding this cement account were
Rs.
5,911 crore (US$ 911 million)
compared to
Rs.
7,037 crore (US$ 1.1 billion) in Q3-2017. The Bank
expects part of the loan to be upgraded on conclusion of the transaction.
Technology
initiatives
|
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
The
Bank’s transaction volumes through digital channels continue to grow at a robust pace. The number of mobile banking transactions
doubled in FY2017 compared to FY2016 and value of mobile banking transactions increased by 168% in FY2017. The number and the
value of debit card transactions at point-of-sale terminals increased by 75% and 66% respectively in FY2017. Over 30 lakhs Unified
Payment Interface (UPI) Virtual Payment Addresses have been created using the Bank’s mobile platforms during FY2017. The
Bank had acquired over 110,000 merchants till March 31, 2017 using ‘Eazypay’.
Digital
channels like internet, mobile banking, POS and call centre accounted for about 79% of the savings account transactions during
the six months ended March 31 2017 compared to about 71% during the six months ended September 30, 2016.
During
the fourth quarter, the Bank launched “Mera iMobile” which is India’s first mobile banking application for rural
customers.
During
FY2017, the Bank undertook an initiative to transform 100 villages into ‘ICICI Digital Villages’. The Bank is focusing
on enhancing access to seamless and digital banking, imparting livelihood training and providing access to credit facilities in
these villages. The Bank has announced that it will scale up this program to create another 500 ‘ICICI Digital Villages’
in the year ended March 31, 2018 (FY2018).
During
Q4-2017, the Bank launched the second season of a virtual mobile app development challenge called ‘ICICI Appathon’.
Last year, the ‘ICICI Appathon’ challenge witnessed an overwhelming response from over 2,000 participants including
a large number of entries from international developers and startups. The Bank incorporated the winning mobile innovation into
its mobile banking app as ‘iMobile Smartkeys’ that allows payments and banking from a smartphone keyboard.
Dividend
on equity shares and issue of bonus shares
The
Bank’s standalone earnings per share (EPS) (basic) for FY2017 was
Rs.
16.84 (US$ 0.26). The Board has recommended a dividend of
Rs.
2.50 per share (equivalent to dividend of US$ 0.08 per ADS), and an issue of bonus shares in the ratio of one equity share for
every 10 equity shares (including shares underlying ADS). The declaration and payment of dividend and issue of bonus shares are
subject to requisite approvals. The record/book closure/ relevant dates will be announced in due course.
Consolidated
results
|
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
Consolidated
profit after tax was
Rs.
2,083 crore (US$ 321 million) in Q4-2017
compared to
Rs.
407 crore (US$ 63 million) in Q4-2016.
Consolidated
profit after tax was
Rs.
10,188 crore (US$ 1.6 billion) in FY2017
compared to
Rs.
10,180 crore (US$ 1.6 billion) in FY2016.
Consolidated
assets grew by 7% from
Rs.
918,756 crore (US$ 141.7 billion) at
March 31, 2016 to
Rs.
986,043 crore (US$ 152.0 billion) at March
31, 2017.
|
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
Subsidiaries
ICICI
Life announced results for FY2017 on April 25, 2017. ICICI Life continued to maintain its market leadership among the private
sector players in FY2017. ICICI Life’s retail weighted received premium increased by 29% from Rs. 4,968 crore (US$ 766 million)
in FY2016 to Rs. 6,408 crore (US$ 988 million) in FY2017. ICICI Life’s profit after tax was
Rs.
1,682 crore (US$ 259 million) for FY2017 compared to
Rs.
1,650
crore (US$ 254 million) for FY2016. ICICI Life’s profit after tax was
Rs.
408 crore (US$ 63 million) for Q4-2017 compared to
Rs.
403
crore (US$ 62 million) for Q4-2016.
ICICI
Lombard General Insurance Company (ICICI General) maintained its leadership in the private sector. The gross written premium of
ICICI General increased by 32% from
Rs.
8,296 crore (US$ 1.3 billion)
in FY2016 to
Rs.
10,960 crore (US$ 1.7 billion) in FY2017. The
profit after tax of ICICI General was
Rs.
702 crore (US$ 108 million)
in FY2017 compared to
Rs.
507 crore (US$ 78 million) in FY2016.
The profit after tax of ICICI General was
Rs.
180 crore (US$ 27
million) in Q4-2017 compared to
Rs.
119 crore (US$ 18 million)
in Q4-2016.
The
profit after tax of ICICI Prudential Asset Management Company (ICICI AMC) increased by 47% year-on-year from
Rs.
326 crore (US$ 50 million) in FY2016 to
Rs.
480 crore (US$
74 million) in FY2017. ICICI AMC continues to be the largest mutual fund in India based on average assets under management for
Q4-2017.
The
profit after tax of ICICI Securities increased by 42% year-on-year from
Rs.
239 crore (US$ 37 million) in FY2016 to
Rs.
339 crore (US$
52 million) in FY2017. ICICI Securities continues to be the largest online retail broking platform in India. The company significantly
strengthened its institutional broking and investment banking franchise during FY2017. The profit after tax of ICICI Primary Dealership
was at
Rs.
412 crore (US$ 63 million) in FY2017 compared to
Rs.
195 crore (US$ 30 million) in FY2016.
|
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
Summary
Profit and Loss Statement (as per unconsolidated Indian GAAP accounts)
Rs.
crore
|
|
FY2016
|
Q4-2016
|
Q3-2017
|
Q4-2017
|
FY2017
|
|
Net
interest income
|
21,224
|
5,405
|
5,363
|
5,962
|
21,737
|
|
Non-interest
income (excl. gains on stake sale in subsidiaries)
|
11,948
|
2,978
|
3,939
|
3,017
|
13,823
|
|
-
Fee income
|
8,820
|
2,212
|
2,495
|
2,446
|
9,452
|
|
-
Lease and other income
1
|
2,442
|
707
|
551
|
68
|
1,476
|
|
-
Treasury income
2
|
686
|
59
|
893
|
503
|
2,895
|
|
Less:
|
|
|
|
|
|
|
Operating
expense
|
12,683
|
3,406
|
3,778
|
3,867
|
14,755
|
|
Operating
profit
|
20,489
|
4,977
|
5,524
|
5,112
|
20,805
|
|
Gains
on stake sale in subsidiaries
|
3,374
|
2,131
|
-
|
-
|
5,682
|
|
Operating
profit (incl. gains on stake sale in subsidiaries)
|
23,863
|
7,108
|
5,524
|
5,112
|
26,487
|
|
Less:
|
|
|
|
|
|
|
Provisions
3
|
8,067
|
3,326
|
2,713
|
2,898
|
15,208
|
|
Collective
contingency and related reserve
|
3,600
|
3,600
|
-
|
-
|
-
|
|
Profit
before tax
|
12,196
|
182
|
2,811
|
2,214
|
11,279
|
|
Less:
Tax
|
2,470
|
(520)
|
369
|
189
|
1,478
|
|
Profit
after tax
|
9,726
|
702
|
2,442
|
2,025
|
9,801
|
|
|
1.
|
As per the RBI circular
on ‘Guidelines on compliance with Accounting Standard (AS) 11 (The Effects of Changes in Foreign Exchange Rates) by banks'
dated April 18, 2017, on repatriation of accumulated profits or retained earnings from overseas operations, the banks shall not
recognise the proportionate exchange gains or losses held in the foreign currency translation reserve in the P&L account.
The Bank has therefore reversed foreign exchange gain amounting to
Rs.
288 crore in Q4-2017, which was recognised as other income in the nine months ended December 31, 2016 (9M-2017). Accordingly,
other income includes net foreign exchange gain relating to overseas operations amounting to
Rs.
82 crore in Q3-2017 (reversed in Q4-2017),
Rs.
262 crore
in Q4-2016, Nil in FY2017 and
Rs.
941 crore in FY2016
|
|
|
2.
|
Includes profit on sale
of shareholding in insurance subsidiaries of
Rs.
3,374 crore in
FY2016,
Rs.
2,131 crore in Q4-2016 and
Rs.
5,682 crore in FY2017
|
|
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
|
|
3.
|
During the three months
ended Q2-2017, the Bank had made floating provision of
Rs.
1,515
crore which had been reduced from the gross non-performing loans while computing the net NPAs. The Bank has subsequently utilised
this amount for making specific provision for non-performing loans.
|
|
|
4.
|
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
Rs.
crore
|
|
31-Mar-16
|
30-Sep-16
|
31-Dec-16
|
31-Mar-17
|
|
(Audited)
|
(Audited)
|
(Audited)
|
(Audited)
|
|
Capital
and Liabilities
|
|
|
|
|
|
Capital
|
1,163
|
1,164
|
1,164
|
1,165
|
|
Employee
stock options outstanding
|
7
|
7
|
6
|
6
|
|
Reserves
and surplus
|
88,566
|
93,845
|
96,344
|
98,780
2
|
|
Deposits
|
421,426
|
449,071
|
465,284
|
490,039
|
|
Borrowings
(includes subordinated debt)
1
|
174,807
|
171,757
|
159,098
|
147,556
|
|
Other
liabilities
|
34,726
|
36,096
|
35,901
|
34,245
2
|
|
Total
Capital and Liabilities
|
720,695
|
751,940
|
757,797
|
771,791
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Cash
and balances with Reserve Bank of India
|
27,106
|
23,959
|
26,194
|
31,702
|
|
Balances
with banks and money at call and short notice
|
32,763
|
28,605
|
34,973
|
44,011
|
|
Investments
|
160,412
|
174,349
|
168,987
|
161,507
|
|
Advances
|
435,264
|
454,256
|
457,469
|
464,232
|
|
Fixed
assets
|
7,577
|
7,608
|
7,551
|
7,805
|
|
Other
assets
|
57,573
|
63,163
|
62,623
|
62,534
|
|
Total
Assets
|
720,695
|
751,940
|
757,797
|
771,791
|
|
|
1.
|
Borrowings include preference
share capital of
Rs.
350 crore
|
|
|
2.
|
In accordance with the
revised AS 4 – ‘Contingencies and events occurring after the balance sheet date’ as notified by the Ministry
of Corporate Affairs, the Bank has not accounted proposed dividend (including dividend distribution tax) as a liability for FY2017.
However, the Bank has reckoned proposed dividend in determining capital funds in computing the capital adequacy ratio at March
31, 2017
|
|
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
|
|
3.
|
RBI, through its circular
dated April 18, 2017, has required banks to disclose the divergences in the asset classification and provisioning, arising from
RBI’s annual supervisory process, in their notes to accounts to the financial statements. The Bank has accordingly included
this disclosure in its Notes to the audited financial statements for FY2017. Further, as per the normal process followed by the
Bank, all the concerned accounts have been classified as non-performing and requisite provisions have been made during FY2017.
|
|
|
4.
|
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, 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, future levels of impaired loans, our growth and expansion in domestic and overseas markets, the adequacy of our allowance
for credit and investment losses, regulatory assessments of our asset quality, provisions, risk management, capital adequacy and
management functioning, other measures of the safety and soundness of our operations or compliance with applicable laws, regulations,
accounting and taxation norms or regulatory policies, technological changes, investment income including the ability to successfully
monetise our investment in subsidiaries, 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
.
|
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
1
crore = 10.0 million
US$
amounts represent convenience translations at US$1=
Rs.
64.85
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:
|
May 3, 2017
|
|
By:
|
/s/ P.
Sanker
|
|
|
|
|
|
|
Name:
|
P.
Sanker
|
|
|
|
|
|
|
Title:
|
Senior
General Manager (Legal) & Company Secretary
|
|
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