Edgar Filing: ICICI BANK LTD

6-K

United States
Securities and Exchange Commission
Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934

For the month of July 2003

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.

Form 20-F X		Form 40-F __

Indicate by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant to
Rule 12g 3-2(b) under the Securities Exchange Act of 1934.

Yes __

No X

If “Yes” is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g 3-2(b).

Not applicable.

INDEX TO EXHIBITS

Item

1.	Form 6-K dated July 26, 2003

2.	A copy of the presentation on Audited Accounts for the quarter ended June 30, 2003.

SIGNATURES

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 authorized.

Dated: July 26, 2003

For ICICI Bank Limited

By	:	/s/ Jyotin Mehta
Name	:	Jyotin Mehta
Title	:	General Manager & Company Secretary

Item 1

	Performance Review: Q1-2004






	July 25, 2003



	Highlights

		•	34% increase in profit after tax to Rs. 3.40 bn compared to Rs. 2.53 bn in Q1-2003




		•	Net interest margin improved to 1.7% for Q1- 2004 compared to 1.4% for FY2003




		•	Equity capital gains of Rs. 0.76 bn

			•	Capitalising on favourable market conditions to unlock value from historic long term investment portfolio


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	Highlights

		•	Sustained growth in retail portfolio, now constituting 35% of customer assets




		•	Net NPA ratio at 4.9% after compliance with 90-day norm




		•	Deposit growth of 12% in the quarter

			•	Deposits constitute 57% of funding
			•	About Rs. 23.00 bn of erstwhile ICICI borrowings repaid in Q1-2004


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	Profit & loss statement
				(Rs. in billion)
			FY	Q1-	Q4-	Q1-
			2003	2003	2003	2004
		Interest income	93.15	23.96	23.81¹	22.56
		Interest expense	79.44	20.60	19.96	18.40
		NII	13.71	3.36	3.85¹	4.16
		Non-interest income	20.20	4.60	4.62¹	6.44
		- Fee income	*8.47*	*1.95*	*2.27*	*2.36*
		- Treasury	*5.00*	*0.97*	*0.70¹*	*2.61*
		*Of which: Equity*	*1.09*	*0.11*	*0.13*	*0.76*
		- Lease income	*5.37*	*1.38*	*1.30*	*1.12*
		- Others	1.36	*0.30*	*0.35*	*0.35*
		Operating income	33.91	7.96	8.47	10.60



	*1. Dividend on mutual fund Rs. 0.53 bn excluded from NII and included in treasury*
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	Profit & loss statement
				(Rs. in billion)
			FY	Q1-	Q4-	Q1-
			2003	2003	2003	2004
		Operating income	33.91	7.96	8.47	10.60

		Operating expense	15.35	3.51	4.30	4.63

		Other DMA expense	1.62	0.13	0.56	0.58

		Lease depreciation	3.14	0.79	0.80	0.73

		Operating profit	13.80	3.53	2.81	4.66




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	Profit & loss statement
				(Rs. in billion)
			FY	Q1-	Q4-	Q1-
			2003	2003	2003	2004
		Operating profit	13.80	3.53	2.81	4.66
		Profit on sale of ICICI Bank shares	11.91	-	-	-
		Less:
		- Provisions incl. addl. provision
		on loans	21.34	1.30	1.19	1.80
		- Writeback on loans	(4.04)	(0.57)	(1.86)	(0.55)
		- Provisions/(writeback) on
		investments	0.61	(0.02)	0.23	(0.40)
		- Tax, net of deferred tax	(4.26)	0.29	(0.13)	0.41
		Profit after tax	12.06	2.53	3.38	3.40






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	Balance sheet: Assets
				(Rs. in billion)
			Mar 31,	Mar 31,	Jun 30,
			2002	2003	2003
		Cash, balances with
		banks & SLR	355.78	320.72	338.30
		- Cash & bank
		balances	127.86	64.89	68.01
		- SLR investments	227.92	255.83	270.29
		Advances	470.35	532.79	543.80
		Of which : Retail	61.25	191.32	*225.35*
		Debentures & bonds	64.36	56.90	60.08
		Other investments	66.63	41.89	41.39
		Fixed assets	42.39	40.61	39.68
		Other assets	41.55	75.21	75.16
		Total assets	1,041.06	1,068.12	1,098.41





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	Retail constitutes 21% of balance sheet


	*1. Includes advance tax, deferred tax & other current assets*

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	Balance sheet: Liabilities
				(Rs. in billion)
			Mar 31,	Mar 31,	Jun 30,
			2002	2003	2003
		Net worth	62.45	69.33	72.73
		- Equity capital	6.13	6.13	6.13
		- Reserves	56.32	63.20	66.61
		Preference capital	3.50	3.50	3.50
		Deposits	320.85	481.69	538.53
		- Savings & savings linked1	67.71	106.52	114.55
		- Current & current linked1	38.04	54.04	65.86
		- Term	215.10	321.13	358.13
		ICICI borrowings	582.10	372.50	349.32
		Other borrowings	7.60	68.02	63.86
		Other liabilities	64.56	73.08	70.47
		Total liabilities	1,041.06	1,068.12	1,098.41

		1. Includes value-added accounts linked to savings and current accounts.


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	Key ratios
			(Per cent)
			FY	Q1-
			2003	2004
		Return on assets	1.2	1.2

		Return on net worth	18.3	19.2

		EPS (Rs.)	19.7	22.2

		NIM	1.4	1.7

		Cost of deposits	6.8	6.0

		Cost to income	49.9	46.9

		Book value per share (Rs.)	113.1	118.7





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	Capital adequacy

				Mar 31, 2003		Jun 30, 2003

				Rs. bn	%	Rs. bn	%
		Total capital		91.46	11.10	94.85	11.15

		- Tier I1		58.07	7.05	60.27	7.09

		- Tier II		33.39	4.05	34.58	4.06

		Total risk
		weighted assets		823.81		850.53

		1.	Deferred tax asset netted off as per RBI guidelines Rs.5.03 bn at June 30, 2003 and Rs. 4.88 bn at March 31, 2003. This treatment had a negative impact of 59 basis points on Tier-1 capital adequacy at June 30, 2003.




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	Consolidated profits
				(Rs. in billion)
			FY	Q1-	Q4-	Q1-
			2003	2003	2003	2004
		ICICI Bank standalone profit	12.06	2.53	3.38	3.40

		Add:
		- ICICI Securities	1.08	0.18	0.32	0.63
		- ICICI Prudential Life	(1.09)	(0.25)	(0.18)	(0.26)

		Less:

		- Dividend and other adjustments	1.09	0.17	0.32	0.40

		Consolidated profit	11.52	2.33	3.37	3.37





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	Performance of key subsidiaries
						(Rs. in million)
				Profit after tax
			FY2003	Q1-2003	Q4-2003	Q1-2004
		ICICI Securities¹	1,082	177	318	627
		ICICI Prudential	(1,471)	(335)	(234)	(351)
		ICICI Lombard	33	(32)	13	64


		*1. Consolidated*





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	Asset quality and provisioning
				(Rs. in billion)
				March	June 30,
				31, 2003	2003
		Gross NPAs		84.14	86.75
		Less: cumulative write-offs		25.26	25.55
		Less: cumulative provisions		27.37	29.21
		Net NPAs		31.51	31.99
		Provision cover on NPAs		62.6%	63.1%


		•	Net NPA ratio at 4.9%, based on 90-day norm

		•	Net restructured assets at Rs. 104.91 bn

		•	5.5% provisioning coverage against performing corporate portfolio




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	Top 10 industry-wise exposure
			(% to total)
		Industry	March 31,	June 30,
			2003	2003
		Retail finance	22.9	24.1
		Power	10.1	9.1
		Iron & steel	9.6	9.0
		Telecom	5.2	6.7
		Textiles	4.9	4.2
		Other services	8.5	4.2
		Engineering	3.5	3.8
		Financial services	3.7	3.7
		Crude petroleum & refining	5.4	3.1
		Petrochemicals	2.6	2.6
		Total exposure (Rs. bn)	840.59	936.30

		1) Exposure is net of write-offs and provisions




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	Top 10 industry-wise net NPLs
			(% to total)
		Industry	March	June 30,
			31, 2003	2003
		Textiles	16.3	18.0
		Iron & Steel	13.3	11.1
		Chemicals	8.7	9.2
		Man-made fibres	9.8	7.7
		Engineering	8.9	6.9
		Metal & metal Products	6.9	6.2
		Services	4.8	4.2
		Paper & paper products	3.0	3.0
		Food-processing	3.2	2.8
		Petrochemicals	2.7	2.4




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	Shareholding pattern

	June 30, 2003




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	Interest income
							(Rs. in billion)
					FY	Q1-	Q4-	Q1-
					2003	2003	2003	2004
		Advances			60.16	14.68	15.60	15.69

		Investments			28.571	8.06	6.581	6.01

		Balances with RBI, banks
		and others			4.42	1.22	1.63	0.86

		Total interest income			93.15	23.96	23.81	22.56

		•	Interest income is net of

			•	HTM premium amortisation of Rs. 0.35 bn (Q1-2003: Rs. 0.09 bn; Q4-2003: Rs. 0.45 bn; FY2003: Rs. 1.35 bn)

			•	Auto loan DMA commission of Rs. 0.59 bn (Q1- 2003: Rs. 0.28 bn; Q4-2003: Rs. 0.54 bn; FY2003: Rs. 1.57 bn)

	*1. Excludes dividend on mutual fund Rs. 0.53 bn*

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	Interest expense
					(Rs. in billion)
			FY	Q1-	Q4-	Q1-
			2003	2003	2003	2004
		Deposits	24.80	5.97	6.67	7.27

		RBI / inter-bank borrowings	1.83	0.47	0.59	0.87

		Bonds, ICICI borrowings & others	52.81	14.16	12.70	10.26

		Total interest expense	79.44	20.60	19.96	18.40



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	Operating expenses
					(Rs. in billion)
			FY	Q1-	Q4 -	Q1-
			2003	2003	2003	2004
		Salary	4.03	0.89	1.19	1.19
		Rents, taxes & lighting	1.12	0.28	0.27	0.35
		Printing & stationery	0.75	0.13	0.22	0.21
		Postage & courier	1.04	0.23	0.36	0.32
		Repairs & maintenance	1.45	0.40	0.36	0.45
		Insurance	0.25	0.05	0.08	0.09
		Bank charges	0.23	0.05	0.07	0.07
		Depreciation	1.91	0.42	0.56	0.59
		Others	4.57	1.06	1.19	1.36
		Operating expenses	15.35	3.51	4.30	4.63



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