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 January 2002
ICICI Bank Limited
(Translation of registrant's name into English)
4th floor, South Tower
ICICI 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. Summarised audited financial results for the quarter ended
December 31, 2001.
2. Press announcement by ICICI Bank Limited.
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: January 22, 2002
ICICI Bank Limited
By: /s/ Bhashyam Seshan
-------------------------
Name: Bhashyam Seshan
Title: Company Secretary
ICICI Bank Limited
ICICI Towers
Bandra Kurla Complex
[ICICI Bank logo] Mumbai 400 051
News Release January 22, 2002
Performance Review: Nine months ended December 31, 2001
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 nine months
ended December 31, 2001 (Apr-Dec 2001). The Board of Directors has approved an
interim dividend of Rs. 2.00 per share, subject to the approval of Reserve Bank
of India (RBI). The Board also approved the unaudited US GAAP financial
statements of the Bank for Apr-Dec 2001. Consequent to the amalgamation of Bank
of Madura Limited with ICICI Bank effective March 10, 2001, the financial
statements for Apr-Dec 2001 reflect the operations of the merged entity.
Highlights
The highlights of ICICI Bank's performance during Apr-Dec 2001 compared to the
nine months ended December 31, 2000 (Apr-Dec 2000) are:
o Profit after tax as per Indian GAAP increased 82% to Rs. 201 crore;
o Return on average net worth increased to 19.33% (annualised) from 12.25%;
o Earnings per share increased to Rs. 12.19 (annualised) from Rs.7.50; and
o Net income as per US GAAP increased 77% to Rs. 175 crore.
Results under Indian GAAP
The profit after tax increased 73% to Rs. 70 crore in the quarter ended
December 31, 2001 (Q3-2002) from Rs. 41 crore in the quarter ended December 31,
2000 (Q3-2001). The profit after tax increased 82% to Rs. 201 crore in Apr-Dec
2001 from Rs. 111 crore in Apr-Dec 2000. Net interest income increased 61% to
Rs. 449 crore from Rs. 279 crore. Operating expenditure increased 106% to Rs.
439 crore from Rs. 213 crore, primarily due to the expenses on refurbishment
and automation of branches after the acquisition of Bank of Madura Limited.
ICICI Bank Limited
ICICI Towers
Bandra Kurla Complex
[ICICI Bank logo] Mumbai 400 051
--------------------------------------------------------------------------------
Progress on Merger of ICICI Limited (NYSE: IC), ICICI Personal Financial
Services and ICICI Capital Services with ICICI Bank
The progress on the merger has been in line with the expected timeframe. The
Scheme of Amalgamation ('the Scheme") has been filed with the High Court of
Judicature at Bombay and the High Court of Gujarat at Ahmedabad. An
Extraordinary General Meeting of ICICI Bank shareholders has been convened on
January 25, 2002, and of ICICI shareholders on January 30, 2002, to consider
the Scheme. Discussions with RBI on the proposal for the merger and the merged
entity's compliance with regulatory norms applicable to banks are in progress.
Plans for integration of the operations of the four companies are also
progressing satisfactorily. As provided in the Scheme, the Appointed Date for
the merger shall be March 30, 2002, or the date from which RBI's approval
becomes effective, whichever is later.
Business Review
Total deposits increased to Rs. 22,920 crore at December 31, 2001, from Rs.
17,515 crore at September 30, 2001 and Rs. 16,378 crore at March 31, 2001.
Retail deposits continued to constitute 60% of total deposits at December 31,
2001 (61% at March 31, 2001), reflecting ICICI Bank's successful retail thrust
and the benefits arising from the acquisition of Bank of Madura. Savings
deposits registered a robust growth of 130% to Rs. 2,332 crore from Rs. 1,007
crore at December 31, 2000. The average cost of deposits in Apr-Dec 2001 was
7.28% as compared to 7.93% in Apr-Dec 2000.
ICICI Bank has substantially increased its investments in Government securities
("SLR portfolio"). At December 31, 2001, ICICI Bank's SLR portfolio was Rs.
12,732 crore, an increase of Rs. 7,278 crore from September 30, 2001.
The ratio of net non-performing assets (NPAs) to customer assets was 1.36% at
December 31, 2001 compared to 1.44% at March 31, 2001. The provisioning cover
against NPAs was 65% at December 31, 2001. The Bank also maintains a general
provision of 0.50% on standard assets and a provision for operational risks at
0.50% of the paid-up capital. ICICI Bank's total capital adequacy ratio at
December 31, 2001 was 14.06%, of which Tier I capital constituted 10.99%.
2
ICICI Bank Limited
ICICI Towers
Bandra Kurla Complex
[ICICI Bank logo] Mumbai 400 051
--------------------------------------------------------------------------------
Multi-channel driven retail customer expansion
During Apr-Dec 2001, the Bank added about 1.5 million new customer accounts
taking the total customer accounts to 4.7 million. To efficiently distribute
its products and services, ICICI Bank has developed multiple access channels
comprising brick and mortar branches, automated teller machines (ATM), call
centers and Internet banking. Currently the Bank has a network of 357 branches
and 44 extension counters. Its network of 731 ATMs is the largest for any bank
in the country. The bank has over one million Internet banking accounts.
Customers in 100 cities can now access account information over the telephone.
These investments in channel infrastructure have enabled ICICI Bank to achieve
rapid growth in its retail business.
ICICI Bank Is one of the largest incremental issuers of cards in India, with a
credit card base of over 500,000 and a debit card base of over 430,000. ICICI
Bank now has a total card base of over 2.5 million including ATM cards, credit
cards, debit cards and smart cards. ICICI Bank has also commenced its acquiring
business in three cities, and launched two co-branded credit card programmes.
Results under US GAAP
ICICI Bank's net income increased 77% to Rs. 176 crore in Apr-Dec 2001 from Rs.
99 crore in Apr-Dec 2000. Net interest income increased 63% to Rs. 454 crore
in Apr-Dec 2001 from Rs. 279 crore in Apr-Dec 2000.
The summary of the audited accounts for Apr-Dec 2001 under Indian GAAP and the
unaudited accounts under US GAAP are enclosed.
Payment of interim dividend
The Record Date for ascertaining the shareholders eligible to receive interim
dividend, is proposed to be fixed for Thursday, February 28, 2002, subject to
approval of the Vadodara Stock Exchange Limited, the regional stock exchange
for the Bank. The interim dividend would be paid on receipt of the necessary
approval of the Reserve Bank of India.
Appointment of a new Director
The Board of Directors of the Bank has appointed Mr. P. M. Sinha as an
Additional Director on the Board, with immediate effect. Mr. Sinha is the
Chairman of PepsiCo India Holdings Limited and the President of Pepsi Foods
Limited. Mr. Sinha is an alumnus of the Massachusetts Institute of Technology's
Sloan School of Management, and has previously worked with Hindustan Lever
Limited. Mr. Sinha brings to the Board wide experience in marketing and
international trade. The Board now comprises 11 Directors, of whom 3 are
whole-time Directors.
3
ICICI Bank Limited
ICICI Towers
Bandra Kurla Complex
[ICICI Bank logo] Mumbai 400 051
--------------------------------------------------------------------------------
For further queries on results, please contact:
Chanda O. Kochhar - (91)-22-653 6816 or 653 7487
Nachiket Mor - (91)-22-653 8900 or 653 8974
0. Venkatakrishnan - (91)-22-653 8516 or 653 8529
For investors' queries, contact:
Bhashyam Seshan - (91)-22-653 8420 or 653 7460 (bhashyams@icicibank.com)
Note: (a) Rs.= Indian Rupees (b) 1 crore = 10 million
--------------------------------------------------------------------------------
Additional Information and Where to Find It
ICICI Bank and ICICI have made available Notice of the Shareholders' Meeting, a
copy of the Scheme of Amalgamation and an Information Statement to their
shareholders and American Depositary Receipt (ADR) holders. These documents
contain important information about the merger. Shareholders and ADR holders are
urged to read these documents carefully. Free copies of these documents may
also be obtained from ICICI Bank and ICICI. ICICI Bank's and ICICI's flings with
the Securities and Exchange Commission (SEC) are also available to the public
from commercial document- retrieval services or from the SEC website at
www.sec.gov.
Forward-Looking Statements
Except for the historical information contained herein statements in this
Release which contain words or phrases such as 'will', 'would', etc., and
similar expressions of 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 to
differ materially from those suggested by the forward-looking statements. These
risks and uncertainties include, but are not limited to our ability to obtain
statutory and regulatory approvals and to successfully implement our strategy,
future levels of non-performing loans, our growth and expansion in business,
the adequacy of our allowance for credit losses, technological implementation
and changes the actual growth in demand for banking products and services,
investment income, cash flow projections, our exposure to market risks as well
as other risks detailed in the reports filed by us with the United States
Securities and Exchange Commission. The Bank undertakes no obligation to update
forward-looking statements to reflect events or circumstances after the date
thereof.
4
[ICICI Bank logo]
AUDITED FINANCIAL RESULTS
FOR THE NINE MONTHS ENDED DECEMBER 31 2001
(Rupees in crores)
-----------------------------------------------------------------------------------------------------------------------
Nine months ended Three months ended
------------------------ -------------------------- Year ended
Sr. Dec 31, Dec 31, Dec 31, Dec 31, Mar 31,
No. Particulars 2001 2000 2001 2000 2001
-----------------------------------------------------------------------------------------------------------------------
1. Interest earned (a)+(b)+(c)+(d) 1474.59 873.00 541.59 302.10 1,242.13
a) Interest/discount on advances/bills 580.19 404.50 195.33 154.65 570.91
b) Income on investments 796.29 379.58 313.70 127.87 555.73
c) Interest on balances with Reserve Bank of
India and other interbank funds 81.70 86.30 25.58 18.43 108.67
d) Others 16.41 2.62 6.98 1.15 6.82
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2. Other Income 398.17 120.40 175.88 55.05 220.01
A) TOTAL INCOME (1)+(2) 1872.76 993.40 717.47 357.15 1,462.14
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3. Interest Expended 1025.74 594.12 383.55 204.57 837.67
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4. Operating Expenses(e)+(f) 439.00 212.61 161.53 86.32 334.30
e) Payments to and provisions for employees 110.96 34.04 43.88 10.72 51.71
f) Other operating expenses 328.04 178.57 117.65 75.60 282.59
B) TOTAL EXPENDITURE (3)+(4) (excluding
provisions and contingencies) 1464.74 806.73 545.08 290.89 1,171.97
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OPERATING PROFIT (A-B) (Profit before
5. provisions end Contingencies) 408.02 186.67 172.39 66.26 290.17
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6. Other provision and contingencies 117.15 40.16 70.24 3.66 63.65
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7. Provision for taxes 89.46 35.81 32.13 22.10 65.42
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8. Net Profit (5-6-7) 201.42 110.70 70.02 40.50 161.10
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9. Paid-up equity share capital 220.36 198.82 220.36 196.82 220.36
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10. Reserves excluding revaluation reserves 1245.11 1063.39 1245.11 1063.39 1,092.26
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11. Analytical Ratios
(i) Percentage of shares held by
Government of India
(ii) Capital Adequacy Ratio 14.06% 14.61% 14.06% 14.61% 11.57%
(iii) Earnings per share for the relevant
period (in Rs.) (basic and diluted) 9.14 5.62 3.18 2.06 8.13
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12. Aggregate of Non-Promoter Shareholding
o No. of shares 11,89,62,731 7,43,13,080 11,89,62,731 7,43,13,080 11,68,16,231
o Percentage of shareholding 53.99 37.76 53.99 37.76 53.01
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Notes
-----
1. The results for nine months ended December 31, 2001 include the results of erstwhile Bank of Madura Limited on
their merger with us effective March 10, 2001. The results are not therefore comparable with earlier periods.
2. Provision for taxes has been arrived at as per Accounting Standard 22.
3. Net non-performing assets to customer assets is 1.36% (Previous year 1.44%)
4. The Board of Directors has recommended an interim dividend of Rs.2.00 per share (20%) for the year subject to the
approval of Reserve Bank of India
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[ICICI Bank logo]
Registered Office: Landmark, Race Course Circle, Alkapuri, Vadodar - 390 007
Corporate Office: ICICI Towers, 4th Floor, South Tower, Bandra-Kurla Complex, Bandra (East), Mumbai 400 051.
Web site: http://www.icicibank.com Electronic mail: info@icicibank.com
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Reporting of Segment-Wise Revenue, Results & Capital Employed
(Rupees in crores)
-----------------------------------------------------------------------------------------------------------------------
Nine months
ended Quarter ended
Particulars Dec 31, 2001 Dec 31, 3001
-----------------------------------------------------------------------------------------------------------------------
1. Segmental Revenue
a. Retail 1000.77 362.00
b. Corporate 1110.38 375.35
c. Treasury and Corporate Office 426.01 227.71
TOTAL 2537.16 965.06
Less: Inter Segment Revenue 664.40 247.59
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Income from Operations 1872.76 717.47
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2. Segment Results (Profit/Loss) before tax)
a. Retail 48.27 34.56
b. Corporate 142.50 35.30
c. Treasury and Corporate Office 100.10 32.29
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TOTAL PROFIT BEFORE TAX 290.87 102.15
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3. Capital Employed (i.e. Segment Aseets - Segment Liabilities) (excluding
Inter-segmental funds lent and borrowed)
a. Retail (8652.64) (8652.64)
b. Corporate 5197.35 5197.35
c. Treasury and Corporate Office 4820.65 4820.65
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TOTAL 1365.36 1365.36
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Financial results under US GAAP accounting
(Rupees in crores)
-----------------------------------------------------------------------------------------------------------------------
Nine months ended Quarter ended Year ended
------------------------ ------------------------- (audited)
Dec 31, Dec 31, Dec 31, Dec 31, Mar 31,
Particulars 2001 2000 2001 2000 2001
-----------------------------------------------------------------------------------------------------------------------
Net income under US GAAP 175.02 99.00 61.55 38.32 130.84
Reconciliation between US GAAP and Accounting
Standards followed in India
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Profit under Indian GAAP 201.42 110.70 70.02 40.50 161.10
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Deferred taxation 11.00 19.75 1.68 1.35 44.21
Loan impairment (4.78) (10.57) 14.02 (3.94) (39.53)
Mark to Market impact on investments (4.22) (26.28) 4.77 2.00 (40.59)
ADR issue expenditure charged to P & L A/c 7.90 7.93 2.29 2.55 10.47
Premium Amortisation on investments (16.75) (6.04) (12.09) (4.64) (9.28)
Amortisation of fair valuation on acquisition (9.15) - (12.02) - -
Others (10.40) 3.51 (7.12) 0.50 4.46
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Profit under US GAAP 175.02 99.00 61.55 38.32 130.84
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The above financial results have been taken on record by the Board of Directors of the Bank at its meeting held on
January, 22 2002.
Place: Mumbai
Date: January 22, 2002
H. N. Sinor
Managing Director &
Chief Executive Officer