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MIRA INFORM REPORT
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Report No. : |
494631 |
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Report Date : |
01.03.2018 |
IDENTIFICATION DETAILS
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Name : |
ICICI BANK LIMITED (w.e.f.10.09.1999) |
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Formerly Known
As : |
ICICI BANKING CORPORATION LIMITED |
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Registered
Office : |
ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara – 390007, Gujarat |
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Tel. No.: |
91-265-3263701 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
05.01.1994 |
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Com. Reg. No.: |
04-021012 |
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Capital
Investment / Paid-up Capital : |
INR 11651.071 Million |
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CIN No.: [Company Identification
No.] |
L65190GJ1994PLC021012 |
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IEC No.: |
Not Divulged |
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GST No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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Legal Form : |
Public Limited
Liability Bank. The Bank’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in Providing a wide range of Banking and Financial Services including Commercial Banking and Treasury Operations. (Registered Activity) |
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No. of Employees
: |
81129 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A++ |
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
ICICI Bank was incorporated in the year 1994. It is an Indian multinational banking and financial services company and second largest bank in India in terms of assets and third in term of market capitalization. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management. During the FY 2018, the bank expanded its network to 4,850 branches and 14164 ATMs in India, and has a presence in 19 countries including India. For the financial year ended 2017, ICICI bank has reported marginally increase in its revenue but maintain decent profit margin during the year under review. Rating reflects ICICI Bank’s strong position in the Indian financial system marked by strong operating performance and its sound capitalization levels. Rating also reflect bank’s significant retail reach supported by widespread branch network, moderate asset quality along with strong funding profile and stable profitability. The company has its share price trading at around INR 326.95 on BSE as on February 26, 2018 as against the Face Value (FV) of INR 2. Business is active. Payment seems to be regular and as per commitment. In view of aforesaid, The ICICI Bank can be considered excellent for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long term loans = AAA |
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Rating Explanation |
Highest degree of safety and carry lowest credit risk |
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Date |
09.08.2017 |
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Rating Agency Name |
CARE |
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Rating |
Short term loans = A1+ |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
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Date |
09.08.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 01.03.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [TEL. NO.: 91-22-33667777]
[91-265-3263701] continuously ringing
LOCATIONS
|
Registered Office: |
ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara – 390007, Gujarat, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
ICICI Bank Towers, Bandra-Kurla Complex, Mumbai - 400051, Maharashtra,
India |
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Tel. No.: |
91-22-33667777 |
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Fax No.: |
91-22-26531122 |
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Head Office : |
Zenith House, 3rd Floor, Keshavrao Khade Marg, Mahalakshmi,
Mumbai - 400034, Maharashtra, India |
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Branch Offices : |
Located at: · Himachal Pradesh · Punjab · Haryana · Uttaranchal · Delhi · Rajasthan · Uttar Pradesh · Bihar · Assam · Madhya Pradesh · Gujarat · Jharkhand · West Bengal · Maharashtra · Chhattisgarh · Orissa · Andhra Pradesh · Goa · Karnataka · Tamilnadu · Pondicherry · Kerala |
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Overseas Offices: |
Located at: · Bahrain · Dubai · Hong Kong · Qatar · Sri Lanka · Singapore · United States of America |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Ms. Chanda Kochhar |
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Designation : |
Managing Director |
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Address : |
CCI Chambers, Flat No.45, Dinshaw Vachha Road, Churchgate, Mumbai- 400028, Maharashtra, India |
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Date of Appointment : |
01.04.2001 |
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DIN No.: |
00043617 |
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Name : |
Mr. Kannan Narayanan Srinivasa |
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Designation : |
Whole-Time Director |
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Address : |
Flat No.204, Tower - B, Kalpataru, Horizon, S.K. Ahire Marg, Worli Mumbai 400018, Maharashtra, India |
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Date of Appointment : |
01.05.2009 |
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DIN No.: |
00066009 |
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Name : |
Ms. Vishakha Vivek Mulye |
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Designation : |
Whole-Time Director |
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Address : |
A-303, Atria, Akruti Niharika Complex Prof. N.S. Phadke Marg, Andheri (East), Mumbai-400069, Maharashtra, India |
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Date of Appointment : |
19.01.2016 |
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DIN No.: |
00203578 |
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Name : |
Mr. Vijay Kumar Chandok |
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Designation : |
Whole-Time Director |
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Address : |
Flat No 102, Building No-1, Sumer Trinity Towers, New Prabhadevi Road, Prabhadevi, Mumbai-400025, Maharashtra, India |
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Date of Appointment : |
28.07.2016 |
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DIN No.: |
01545262 |
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Name : |
Mr. Dileep Chinubhai Choksi |
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Designation : |
Director |
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Address : |
E.7, Sea Face Park, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India |
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Date of Appointment : |
26.04.2013 |
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DIN No.: |
00016322 |
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Name : |
Mr. Uday Madhav Chitale |
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Designation : |
Additional Director |
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Address : |
167-C, Poonawadi Dr. Ambedkar Road, Dadar East, Mumbai - 400014, Maharashtra, India |
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Date of Appointment : |
17.01.2018 |
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DIN No.: |
00043268 |
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Name : |
Mr. Mahendra Kumar Sharma |
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Designation : |
Director |
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Address : |
192 Centrum Towers Barkhat Ali Road, Near Wadala Flyover Wadala East, Mumbai-400037, Maharashtra, India |
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Date of Appointment : |
01.07.2015 |
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DIN No.: |
00327684 |
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Name : |
Mrs. Neelam Dhawan |
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Designation : |
Additional Director |
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Address : |
H No-C-3/10, DLF City Phase-1, Gurgaon - 122002, Haryana, India |
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Date of Appointment : |
12.01.2018 |
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DIN No.: |
00871445 |
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Name : |
Mr. Anup Bagchi |
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Designation : |
Additional Director |
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Address : |
A - 801, 8th Floor, Al-Dorado Hights, Prabhadevi, Mumbai - 400025, Maharashtra, India |
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Date of Appointment : |
01.02.2017 |
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DIN No.: |
00105962 |
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Name : |
Mr. Vijay Kumar Sharma |
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Designation : |
Director |
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Address : |
Hno.6A, Mun. H.No.7 Jeevan Jyoti A-B, Laxmibai Jagmohandas Road, (Napeansea Road) Malabar Hill, Mumbai-400006, Maharashtra, India |
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Date of Appointment : |
06.03.2014 |
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DIN No.: |
02449088 |
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Name : |
Mr. Tushar Natwarlal Shah |
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Designation : |
Director |
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Address : |
Shwet Karan, 9.10 Panchamrut Park B.H Ganesh Dairy, Anand-388001, Gujarat, India |
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Date of Appointment : |
03.05.2010 |
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DIN No.: |
03055738 |
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Name : |
Mr. Amit Agrawal |
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Designation : |
Nominee Director |
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Address : |
D-4, Gad Colony, Kachana Raipur - 492007, Chattisgarh, India |
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Date of Appointment : |
16.01.2017 |
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DIN No.: |
07117013 |
KEY EXECUTIVES
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Name : |
Mr. Sanker Parameswaran |
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Designation : |
Company Secretary |
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Address : |
Block No 10, Plot No. 6, Laxmi Nivas Rifle Range, Ghatkopar, Mumbai-400086, Maharashtra, India |
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Date of Appointment : |
01.01.2014 |
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PAN No.: |
AAEPP2425Q |
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Name : |
Mr. Rakesh Jha |
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Designation : |
Chief Financial Officer |
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Address : |
701, 7th Floor, Raheja Princess, Agar Bazar, S K Bole Marg, Dadar (West), Mumbai 400028, Maharashtra, India |
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Date of Appointment : |
25.10.2013 |
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PAN No.: |
AAHPJ5749E |
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Name : |
Saurabh Singh |
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Designation : |
Group Compliance Officer |
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Group executives |
· Mr. Rakesh Jha (Chief Financial Officer) · Mr. B Madhivanan · Mr. B. Prasanna |
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Senior General
Managers : |
· Sanjay Chougule (Head-Group Internal Audit) · Sudhir Dole · Anita Pai · G. Srinivas · T. K. Srirang · Kumar Ashish · Anindya Banerjee · Anuj Bhargava · Prathit Bhobe · Partha Dey · Sujit Ganguli · Ajay Gupta · Sriram H. · Anirudh Kamani · Anil Kaul · Loknath Mishra · Ravi Narayanan · Amit Palta · Murali Ramakrishnan · Kusal Roy · Anup Saha · Avijit Saha · P. Sanker |
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BOARD COMMITTEES |
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Audit Committee : |
· Homi Khusrokhan - Chairman · Dileep Choksi - Alternate Chairman · MV. Sridar |
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Board Governance,
Remuneration and Nomination Committee : |
· Homi Khusrokhan - Chairman · M. K. Sharma · V. K. Sharma |
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Corporate Social
Responsibility Committee : |
· Tushaar Shah [Chairman] · Dileep Choksi · Amit Agrawal · Chanda Kochhar |
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Credit Committee : |
· Chanda Kochhar [Chairman] · Homi Khusrokhan · M. K. Sharma [Chairman] |
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Customer Service
Committee : |
· V. Sridar [Chairman] · Tushaar Shah · Chanda Kochhar · Anup Bagchi |
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Fraud Monitoring
Committee : |
· V. Sridar - Chairman · Dileep Choksi · Homi Khusrokhan · Chanda Kochhar · Anup Bagchi |
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Information
Technology Strategy Committee : |
· Homi Khusrokhan - Chairman · V. Sridar · Chanda Kochhar |
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Risk Committee : |
· M. K. Sharma - Chairman · Dileep Choksi · Homi Khusrokhan · V. K. Sharma · V. Sridar · Chanda Kochhar |
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Stakeholders
Relationship Committee : |
· Homi Khusrokhan - Chairman · V. Sridar · N. S. Kannan |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
Category of Shareholders |
No. of Shares |
% age holding |
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Promoter & Promoter Group |
4872441573 |
61.12 |
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Public |
1549870253 |
19.44 |
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Non Promoter-Non Public |
1549870253 |
19.44 |
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Total |
6422311826 |
100.00 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2) |
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B1) Institutions |
0 |
0.00 |
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Mutual Funds/ |
1105224424 |
22.68 |
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HDFC TRUSTEE CO
LTD (VARIOUS MUTUAL FUND ACCOUNTS)/HDFC LARGE CAP FUND |
251993363 |
5.17 |
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ICICI PRUDENTIAL
MUTUAL FUND (VARIOUS MUTUAL FUND ACCOUNTS) |
176092384 |
3.61 |
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SBI MUTUAL
FUND/SBI DUAL ADVANTAGE FUND AND OTHER VARIOUS FUND ACCOUNTS |
132248404 |
2.71 |
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RELIANCE CAPITAL
TRUSTEE CO LTD/RELIANCE ETF/RELIANCE EMERGENT INDIA FUND (VARIOUS FUND
ACCOUNTS) |
116802655 |
2.40 |
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ADITYA BIRLA SUN
LIFE TRUSTEE PRIVATE LIMITED |
98600775 |
2.02 |
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Alternate
Investment Funds |
1630029 |
0.03 |
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Foreign Portfolio
Investors |
2306511100 |
47.34 |
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DODGE & COX
INTERNATIONAL STOCK FUND |
384183576 |
7.88 |
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GOVERNMENT OF
SINGAPORE |
95515200 |
1.96 |
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NORGES BANK ON
ACCOUNT OF THE GOVERNMENT PENSION FUND GLOBAL |
67262339 |
1.38 |
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Financial
Institutions/ Banks |
3249151 |
0.07 |
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Insurance
Companies |
877919367 |
18.02 |
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LIFE INSURANCE
CORPORATION OF INDIA |
602933420 |
12.37 |
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Provident Funds/
Pension Funds |
50198059 |
1.03 |
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Any Other
(specify) |
1492476 |
0.03 |
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Sub Total B1 |
4346224606 |
89.20 |
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B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
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|
Central
Government/ State Government(s)/ President of India |
9991566 |
0.21 |
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Sub Total B2 |
9991566 |
0.21 |
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B3)
Non-Institutions |
0 |
0.00 |
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Individual share
capital upto INR 0.200 Million |
307046142 |
6.30 |
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Individual share
capital in excess of INR 0.200 Million |
39082320 |
0.80 |
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NBFCs registered
with RBI |
215899 |
0.00 |
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Any Other
(specify) |
169881040 |
3.49 |
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Sub Total B3 |
516225401 |
10.59 |
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B=B1+B2+B3 |
4872441573 |
100.00 |
Statement showing
shareholding pattern of the Non Promoter- Non Public shareholder
|
Category & Name of the Shareholders(I) |
No. of fully paid up equity shares held(IV) |
Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)(VIII) |
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C1) Custodian/DR Holder |
0 |
0.00 |
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Custodian/DR
Holder |
1549870253 |
0.00 |
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Deutsche Bank
Trust Company Americas |
1549870253 |
0.00 |
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Sub Total C1 |
1549870253 |
0.00 |
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C2) Employee
Benefit Trust |
0 |
0.00 |
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C= C1+C2 |
1549870253 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Providing a wide range of Banking and Financial Services including Commercial Banking and Treasury Operations. (Registered Activity) |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
81129 [Approximately] |
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Bankers : |
Reserve Bank of
India |
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Facilities : |
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Auditors : |
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Name : |
B S R and
Company LLP Chartered Accountants |
|
Address : |
5th Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg,
Mahalaxmi Mumbai - 400011,
Maharashtra, India |
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Tel. No.: |
91-22-43455300 |
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Fax No.: |
91-22-43455399 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/ Joint Ventures/ Other Related Entities : |
· India Infradebt Limited [U65923MH2012PLC237365] · ICICI Merchant Services Private Limited [U74140MH2009PTC194399] · I-Process Services (India) Private Limited [U72900MH2005PTC152504] · NIIT Institute of Finance Banking and Insurance Training Limited [U80903DL2006PLC149721] · Escorts Motors Limited # [U74899DL1994PLC060077] · Rajasthan Asset Management Company Private Limited # [U65999RJ2002PTC017380] · OTC Exchange of India Limited # [U67120MH1990NPL058298] · Falcon Tyres Limited # [L25114KA1973PLC002455] |
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Subsidiary Companies : |
· ICICI Bank Canada, Canada · ICICI Bank UK PLC, UK · ICICI Home Finance Company Limited [U65922MH1999PLC120106] · ICICI International Limited, Mauritius · ICICI Investment Management Company [U65990MH2000PLC124773] · ICICI Lombard General Insurance Company Limited [U67200MH2000PLC129408] · ICICI Prudential Life Insurance Company Limited [L66010MH2000PLC127837] · ICICI Securities Primary Dealership Limited [U72900MH1993PLC131900] · ICICI Securities Limited [U67120MH1995PLC086241] · ICICI Securities Holding Inc., USA · ICICI Securities Inc., USA · ICICI Trusteeship Services Limited [U65991MH1999PLC119683] · ICICI Venture Funds Management Company Limited [U72200MH1989PLC166901] · ICICI Prudential Asset Management Company Limited [U99999DL1993PLC054135] · ICICI Prudential Trust Limited [U74899DL1993PLC054134 · ICICI Prudential Pension Funds Management Company Limited [U66000MH2009PLC191935] |
CAPITAL STRUCTURE
AFTER 30.06.2017
Authorised Capital : INR 25000.000 Million
Issued, Subscribed & Paid-up Capital : INR 16347.626
Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6375000000 |
Equity Shares |
INR 2/- each |
INR 12750.000 Million |
|
15000000 |
Shares |
INR 100/- each |
INR 1500.000 Million |
|
350 |
Preference Shares |
INR 10.000 million each |
INR 3500.000 Million |
|
|
Total
|
|
INR 17750.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5814768430 |
Equity Shares |
INR 2/- each |
INR
11629.537 Million |
|
9707705 |
Equity shares of issued pursuant to exercise of employee stock options |
INR 2 each/- |
INR 19.415
Million |
|
|
Add: Equity shares of forfeited (266089 Equity shares) |
INR 10/- each |
INR 2.119
Million |
|
|
Total |
|
INR 11651.071 Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
PARTICULAR |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
CAPITAL AND
LIABILITIES |
|
|
|
|
Capital |
11651.071 |
11631.656 |
11596.608 |
|
Employees stock options outstanding |
62.562 |
67.019 |
74.388 |
|
Reserves and Surplus |
987797.070 |
885657.157 |
792622.557 |
|
Deposits |
4900390.648 |
4214257.086 |
3615627.301 |
|
Borrowings |
1475561.521 |
1748073.779 |
1724173.498 |
|
Other Liabilities and Provisions |
342451.588 |
347264.350 |
317198.572 |
|
|
|
|
|
|
TOTAL CAPITAL
AND LIABILITIES |
7717914.460 |
7206951.047 |
6461292.924 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
Cash and Balances with Reserve Bank of |
317024.051 |
271060.888 |
256529.069 |
|
Balances with Banks and Money at Call and Short Notice |
440106.563 |
327626.531 |
166517.084 |
|
Investments |
1615065.454 |
1604117.966 |
1581292.196 |
|
Advances |
4642320.842 |
4352639.419 |
3875220.728 |
|
Fixed Assets |
78052.072 |
75769.200 |
47255.187 |
|
Other Assets |
625345.478 |
575737.043 |
534478.660 |
|
|
|
|
|
|
TOTAL ASSETS |
7717914.460 |
7206951.047 |
6461292.924 |
|
|
|
|
|
|
Contingent liabilities |
10309937.127 |
9007987.789 |
8519776.091 |
|
Bills for collection |
226231.852 |
216547.286 |
162129.670 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
INCOME |
|
|
|
|
Interest Earned |
541562.793 |
527394.348 |
490911.399 |
|
Other Income |
195044.831 |
153230.516 |
121761.305 |
|
TOTAL INCOME |
736607.624 |
680624.864 |
612672.704 |
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
Interest Expended |
3324189.585 |
315153.949 |
300515.294 |
|
Operating Expenses |
147550.576 |
126835.582 |
114958.307 |
|
Provision and contingencies |
166856.557 |
141372.460 |
85445.554 |
|
TOTAL
EXPENDITURE |
638596.718 |
583361.991 |
500919.155 |
|
|
|
|
|
|
PROFIT AND LOSS |
|
|
|
|
Net Profit for the Year |
98010.906 |
97262.873 |
111753.549 |
|
Profit Brought Forward |
171321.884 |
172614.164 |
133185.885 |
|
Total Profit /
(Loss) |
269332.790 |
269877.037 |
244939.434 |
|
|
|
|
|
|
APPROPRIATION /
TRANSFERS |
|
|
|
|
Transfer to Statutory Reserve |
24503.000 |
24316.000 |
27939.000 |
|
Transfer to Reserve Fund |
9.824 |
9.340 |
7.660 |
|
Transfer to Capital Reserve |
52933.000 |
23822.375 |
2919.250 |
|
Transfer to(from) Investment Reserve Account |
0.000 |
0.000 |
(1270.000) |
|
Transfer to Revenue and Other Reserves |
0.000 |
5000.000 |
0.000 |
|
Transfer to Special Reserve |
4500.000 |
13500.000 |
11000.000 |
|
Dividend (including Corporate Dividend Tax for the Previous Year Paid
During the Year) |
(62.410) |
38.513 |
29.784 |
|
Proposed Equity Share Dividend |
0.000 |
29075.153 |
28988.072 |
|
Proposed Preference Share Dividend |
0.000 |
0.035 |
0.035 |
|
Corporate Dividend Tax |
0.000 |
2793.737 |
2711.469 |
|
Balance Carried Over to Balance Sheet |
187449.376 |
171321.884 |
172614.164 |
|
TOTAL |
269332.790 |
269877.037 |
244939.434 |
|
|
|
|
|
|
Earnings per share (INR) |
|
|
|
|
Basic
|
16.84 |
16.75 |
19.32 |
|
Diluted
|
16.77 |
16.65 |
19.13 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flow from/(used in) operating activities |
392228.124 |
224284.689 |
(48244.886) |
STOCK
PRICES
|
Face Value |
INR 2/- |
|
|
|
|
Market Value |
INR 326.95/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
490911.399 |
527394.348 |
541562.793 |
|
|
|
7.432 |
2.686 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
490911.399 |
527394.348 |
541562.793 |
|
Profit |
612672.704 |
680624.864 |
736607.624 |
|
|
124.80% |
129.05% |
136.02% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
PARTICULAR |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
CAPITAL AND
LIABILITIES |
|
|
|
|
Capital |
11651.071 |
11631.656 |
11596.608 |
|
Employees stock options outstanding |
62.562 |
67.019 |
74.388 |
|
Reserves and Surplus |
1034606.322 |
929408.451 |
835374.445 |
|
Minority interest |
48653.128 |
33556.448 |
25058.148 |
|
Deposits |
5125872.643 |
4510773.918 |
3859552.465 |
|
Borrowings |
1882867.563 |
2203776.561 |
2112520.026 |
|
Liabilities on policies in force |
1154974.441 |
970533.948 |
936193.819 |
|
Other Liabilities and Provisions |
601738.910 |
527813.976 |
480421.804 |
|
|
|
|
|
|
TOTAL CAPITAL
AND LIABILITIES |
9860426.640 |
9187561.977 |
8260791.703 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
Cash and Balances with Reserve Bank of |
318912.598 |
272775.620 |
258376.695 |
|
Balances with Banks and Money at Call and Short Notice |
485996.088 |
377584.082 |
217995.002 |
|
Investments |
3045017.431 |
2860440.872 |
2743108.109 |
|
Advances |
5153173.140 |
4937291.077 |
4384900.954 |
|
Fixed Assets |
93379.618 |
87134.646 |
58712.089 |
|
Other Assets |
763947.765 |
652335.680 |
597698.854 |
|
|
|
|
|
|
TOTAL ASSETS |
9860426.640 |
9187561.977 |
8260791.703 |
|
|
|
|
|
|
Contingent liabilities |
13078415.868 |
11176470.163 |
10190385.671 |
|
Bills for collection |
227555.510 |
217500.551 |
162914.850 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
INCOME |
|
|
|
|
Interest Earned |
609399.802 |
592937.057 |
549639.961 |
|
Other Income |
524576.505 |
421021.403 |
352522.357 |
|
TOTAL INCOME |
1133976.307 |
1013958.460 |
902162.318 |
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
Interest Expended |
348358.328 |
339964.746 |
323181.538 |
|
Operating Expenses |
481699.705 |
407895.615 |
350227.119 |
|
Provision and contingencies |
190514.979 |
156829.183 |
99330.676 |
|
TOTAL
EXPENDITURE |
1020573.012 |
904689.544 |
772739.333 |
|
|
|
|
|
|
PROFIT AND LOSS |
|
|
|
|
Net Profit for the Year |
113403.295 |
109268.916 |
129422.985 |
|
Less: Minority interest |
(11519.450) |
(7469.331) |
6954.333 |
|
Net profit after minority interest |
101883.845 |
101799.585 |
122468.652 |
|
Profit Brought Forward |
198210.764 |
198278.702 |
145475.548 |
|
Total Profit /
(Loss) |
300094.609 |
300078.287 |
267944.200 |
|
|
|
|
|
|
APPROPRIATION /
TRANSFERS |
|
|
|
|
Transfer to Statutory Reserve |
24503.000 |
24316.000 |
27939.000 |
|
Transfer to Reserve Fund |
9.824 |
9.340 |
7.660 |
|
Transfer to Capital Reserve |
52933.000 |
23822.375 |
2919.250 |
|
Transfer to(from) Investment Reserve Account |
0.000 |
0.000 |
(1270.000) |
|
Transfer to Special Reserve |
4867.000 |
13860.000 |
11396.000 |
|
Transfer to/(from) Revenue and other reserves |
446.499 |
5207.028 |
(5600.841) |
|
Dividend (including Corporate Dividend Tax for the Previous Year Paid
During the Year) |
(62.410) |
38.513 |
29.784 |
|
Proposed Equity Share Dividend |
0.000 |
29075.153 |
28988.072 |
|
Proposed Preference Share Dividend |
0.000 |
0.035 |
0.035 |
|
Corporate Dividend Tax |
2352.225 |
5539.079 |
4882.652 |
|
Balance Carried Over to Balance Sheet |
215045.471 |
198210.764 |
198652.588 |
|
TOTAL |
300094.609 |
300078.287 |
267944.200 |
|
|
|
|
|
|
Earnings per share (INR) |
|
|
|
|
Basic
|
17.51 |
17.53 |
21.17 |
|
Diluted
|
17.43 |
17.41 |
20.94 |
LEGAL CASES
NOTE: LITIGATIONS
DETAILS FILE ATTACHED
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES: NO CHARGES
EXISTS FOR COMPANY
OVERVIEW
ICICI Bank Limited (ICICI Bank or the Bank), incorporated in Vadodara, India is a publicly held banking company engaged in providing a wide range of banking and financial services including commercial banking and treasury operations. ICICI Bank is a banking company governed by the Banking Regulation Act, 1949. The Bank also has overseas branches in Bahrain, China, Dubai, Hong Kong, Qatar, Singapore, South Africa, Sri Lanka, and United States of America and Offshore Banking units.
BUSINESS OVERVIEW
ECONOMIC OUTLOOK
Global growth moderated to 3.1% in calendar year 2016, with lower growth in both advanced and emerging economies. Important global developments during the year included the US Federal Reserve increasing policy rates in December 2016 and subsequently in March 2017, partial recovery in global commodity prices, a revival in global trade flows and political events including the US presidential elections and the UK referendum decision to withdraw from the European Union. While growth in the Indian economy moderated during fiscal 2017, the Indian economy saw a number of structural reforms being initiated. The Insolvency and Bankruptcy Code was enacted and key decisions with regard to the Goods and Services Tax were taken setting the stage for its implementation in fiscal 2018. During the year, the Government of India denotified INR 1,000 and INR 500 denomination currency notes, constituting approximately 86.0% of the total currency in circulation, as legal tender. With regard to trends in the banking sector, credit growth continued to remain muted while deposit growth picked up following the demonetisation. The Indian corporate sector continued to experience challenges and the process of resolution was slow, leading to an increase in non-performing loans in the Indian banking sector.
BUSINESS REVIEW
RETAIL BANKING
ICICI Bank has always been at the forefront of innovation in the retail banking industry and is a leader in leveraging technology and analytics-led innovations to cater to the continuously evolving customer needs. ICICI Bank has many firsts to its credit including launch of ATMs on a large scale, introduction of internet banking and mobile banking, the icici direct online broking platform with a 3-in-1 account, 24x7 fully automated branches, allowing transactions on social media, integrating Unified Payment Interface (UPI) in the mobile app and the first digital wallet by a bank. ICICI Bank won the award for the ‘Best Retail Bank’ in India at The Asian Banker Excellence in Retail Financial Services International Awards 2017 for the fourth year in a row.
In fiscal 2017, ICICI Bank made significant headway in its vision of digitising banking transactions. The Bank has created a best-in class mobile banking application, iMobile, with more than 165 services including many industry first features. iMobile was enriched by adding next generation features. Customers can now instantly pay taxes, book rail tickets and send images of their cheque for faster processing. During the year, the Bank introduced ‘iMobile SmartKeys’, Asia’s first payment service using a smartphone keyboard. This service was conceptualised in the second season of ‘ICICI Appathon’, ICICI Bank’s virtual mobile app development challenge, which saw participation from over 2,000 developers and start-ups in the fintech and insurtech space. Customers can transfer money, pay bills and recharge their pre-paid mobile connections while being on any application or browser using their smartphone keyboard. There is no requirement to switch between chat, messenger or other applications, thus reducing transaction time and ensuring quick and secure transactions.
The Bank played a pivotal role in conceptualising the payment platform Unified Payment Interface (UPI) along with National Payments Corporation of India (NPCI) and other banks, and was the first bank to introduce UPI in its mobile app. The Bank also enabled payment through the Bharat Interface for Money (BHIM), a mobile application launched by NPCI and built using the UPI interface. ICICI Bank launched ‘Eazypay’, India’s first-of-its-kind mobile app by a bank for merchants to accept payments on mobile phones through multiple digital modes. It allows transactions through UPI, credit/debit card of any bank, internet banking, and ‘Pockets’ the digital wallet of ICICI Bank. The Bank also integrated UPI in the Truecaller app, thus making UPI available to 150 million users of the Truecaller app in the country. ‘Truecaller Pay’ allows users of the app to instantly create a UPI id and send money to any UPI id or a mobile number registered with the BHIM app. It also enables users to recharge their prepaid mobile connections from within the Truecaller app itself.
ICICI Bank took several steps during the year to expedite
processes using technology. It became the first bank in the country and among a
few globally to roll-out ‘Software Robotics’. Over 500 software robots are
performing over 1.0 million banking transactions every working day, paring down
response time to customers by up to 60% and raising productivity. In another
pioneering initiative, the Bank became the first in the country and among the
first few globally to execute transactions in international trade finance and
remittance using blockchain technology, thus significantly reducing the time
taken in these transactions from a few days to a few minutes.
The Bank launched the country’s first contactless business credit card in association with Jet Airways for SMEs and their employees. The card offers a dual advantage rewards programme on both card spends and repayments. This is a global first with the flexibility to split the reward on the card between the cardholder and the SME.
ICICI Bank integrated its retail internet banking platform with ‘DigiLocker’, an initiative of the Ministry of Electronics & Information Technology (MeitY), Government of India. ‘DigiLocker’ is an online repository platform for issuance, verification and storage of digital certificates and documents on cloud. With this integration, all savings account customers of ICICI Bank who have mapped their Aadhaar numbers with bank accounts can directly register and access ‘DigiLocker’ while they are logged in to their internet banking account at no additional charges.
The Bank continued to harness its information management and analytics capabilities to provide a superior experience to customers. The Bank’s multi-channel architecture and best-in-class customer relationship management tools provide a 360 degree view of customers enabling the Bank to offer product and services best suited to them. These bundled product offerings and best offers during each interaction help the Bank to deliver best-in-class relationship services.
ICICI Bank worked towards bringing home loans to the
finger-tips of customers through Express Home Loan, the country’s first fully
online process for sanctioning home loans with approval provided within eight
working hours. In April 2016, the Bank launched a state-of-the art online
platform for applying for loans and credit cards online. This ‘Insta PL’
facility is available to select customers who are pre-approved to apply for a
personal loan within a certain limit.
The country witnessed an important event on November 8, 2016, when the Prime Minister announced the withdrawal of legal tender status of currency notes of INR 500 and INR 1,000 denomination (“Specified Bank Notes”). During this period, the Bank introduced several measures to smoothen the transition process and minimise the inconvenience to customers. ICICI Bank was the first to announce 10 customer-friendly measures including extended work hours, creating additional cash counters, regular updates on guidelines, instructions for specific transactions and setting-up of a dedicated centralised helpdesk. Branches were equipped to provide amenities like drinking water and seating area for senior citizens. The Bank created multi-channel touch-points with customers for spreading awareness.
During fiscal 2017, the Bank expanded its network to 4,850 branches and 13,882 ATMs at March 31, 2017, the largest network among private sector banks. The Bank’s savings deposits grew by 28.0% to ` 1,718.38 billion as on March 31, 2017. The retail loan portfolio (including business banking and rural banking) grew by 18.5% year-on-year at March 31, 2017. Total retail loans were ` 2,403.15 billion at March 31, 2017 and the share of retail loans in total loans increased from 46.6% at March 31, 2016 to 51.8% at March 31, 2017.
RURAL AND
INCLUSIVE BANKING GROUP
Opportunities in the Indian rural market have always driven
the Bank to expand its presence through various channels and also leverage
technology for sustainable growth. The Bank continued to increase its rural
network during fiscal 2017. At March 31, 2017, the Bank had 2,513 branches in
rural and semi-urban locations, comprising 52% of the Bank’s branch network. Of
these, 570 branches were in villages which were previously unbanked. Further,
the Bank had also deployed business correspondents in the rural areas, and had
a network of 7,977 service points at March 31, 2017.
The Bank offers customised financial products and services to meet the financial requirements of a range of customers including farmers, traders, processors as well as rural entrepreneurs among others.
The Bank issued over 110,000 Kisan Credit Cards (KCCs) in fiscal 2017. It is actively involved in financing post-harvest storage across the value chain, including to small and marginal farmers. The Bank also tied up with National Commodity and Derivatives Exchange Limited (NCDEX) to fund against electronic warehouse receipts. Further, the Bank also evolved i-flexi OD to cater to small businesses in rural areas. Catering to the financial needs of women entrepreneurs through the Self-Help Group (SHG) programme, the Bank has scaled up the programme significantly over the years. Loans had been extended to nearly 2.5 million women beneficiaries through about 270,000 SHGs. Of these, 1.4 million women took a loan from a formal financial institution for the first time. The Bank’s rural portfolio grew by 19.4% to ` 359.43 billion during fiscal 2017.
At March 31, 2017, the Bank had opened over 21 million Basic
Savings Bank Deposit Accounts (BSBDA) through its branch and business
correspondent network. The Bank has actively pursued the agenda of seeding
Aadhaar numbers in customers’ accounts and at March 31, 2017, over 11.5 million
customer accounts had been seeded with Aadhaar numbers.
The Bank contributed significantly to various Government schemes for financial inclusion. Under the Pradhan Mantri Jan-Dhan Yojana (PMJDY), the Bank opened 3.3 million accounts, the highest among private sector banks. The Bank has actively participated in the three schemes promoted under the government’s Jan Suraksha Yojana (JSY) - Pradhan Mantri Jeevan Jyoti Bima Yojana for providing life insurance, Pradhan Mantri Suraksha Bima Yojana for providing accident insurance and Atal Pension Yojana for providing pension benefits. Till March 31, 2017, a total of 4.0 million customers were enrolled under the three JSY schemes, the highest among private sector banks.
The Indian rural market is moving up the digital curve and ICICI Bank had taken several initiatives during fiscal 2017 to meet this growing requirement of rural customers. The Bank launched a unique mobile app called “Mera iMobile” which allows users in rural areas to access banking services as well as information on agricultural services. The app can also be used by non-ICICI Bank customers. This app provides around 135 services and is available in English and 11 Indian regional languages. Services that can be availed through this app include KCC, loan against gold jewellery, farm equipment loan and loans to SHGs. Additionally, around 14 frequently used banking services can also be accessed without mobile internet connectivity.
In November 2016, following the withdrawal of Specified Bank
Notes as legal tender by the Government of India, the Bank proactively ensured
that its rural and semi-urban branches were adequately staffed and deployed
mobile branches to facilitate transactions in under-banked locations. The Bank
conducted awareness campaigns to encourage rural customers to transact at the
Bank’s branches and at micro-ATMs deployed by the Bank covering 15,000
villages. The Bank also conducted financial awareness programmes for farmers to
introduce them to the benefits of banking through various channels and
encouraged them to open savings accounts.
The Bank successfully transformed 100 villages into ‘ICICI Digital Villages’ in as many days, as part of its continuing effort to provide a digital ecosystem across the country. This is inspired by the first ‘ICICI Bank Digital Village’ which the Bank transformed in Akodara in Sabarkantha district in Gujarat, and in line with the government’s focus to shift towards a less-cash economy. This is one of the unique village promotion programmes in the country encompassing digitisation of transactions and commercial activities, besides providing credit facility and market linkage to help villagers earn a sustainable livelihood. In association with ICICI Foundation for Inclusive Growth, free vocational training is provided to the villagers, with a special focus on training women. More than 11,300 villagers were trained under this initiative in fiscal 2017.
SMALL AND MEDIUM
ENTERPRISES
Small and medium enterprises (SMEs) have emerged as a highly vibrant and dynamic sector of the Indian economy. SMEs play a critical role in providing large scale employment opportunities and also facilitate inclusive growth. They are vital for overall socio-economic development of the country. At the same time, they face challenges arising from rapid technological developments, increasing competition and barriers to scaling up their operations.
AWARDS
· At ICICI Bank, we offer a comprehensive suite of banking products and solutions to SMEs for meeting their business and growth requirements. Our long-standing experience of partnering with SMEs has enabled us to develop non-traditional techniques for assessing credit risks. These techniques are unique and provide appropriate solutions customised to their needs. The Bank also offers supply chain financing solutions and vendor bill discounting through small-ticket funding to the channel partners of large corporates. The Bank has set up dedicated desks across major branches to assist SMEs. It also has specialised teams for current accounts, trade finance, cash management services and door-step banking. The Bank has also tailored its internet banking platform to cater to the unique banking needs of SMEs.
· The Bank continued to pursue a strategy of calibrated growth of the SME portfolio with higher focus on managing concentration risks, diversification of portfolio, monitoring and enhancement of collateral.
· ‘Best Company to Work for’ award by Business Today magazine in the Indian Banking, Financial Services and Insurance sector.
· Featured among the top 10 organisations in the list of ‘Best Companies for Women in India’, published by Working Mother Media, a US-based company.
· Best Retail Bank’ in India for the fourth year in a row at The Asian Banker Excellence in Retail Financial Services International Awards 2017.
· Two awards in the ‘Best Core Banking Project- Single Country’ and ‘Best Retail Payments Project’ categories at The Asian Banker Technology Innovation Awards 2016.
· Two awards at the National Payments Excellence Awards 2016 in the Large Bank category. Winner for the ‘Immediate Payment System’ (IMPS) application and first runner up for ‘Cheque Truncation System’ (CTS).
· CNBC-TV18’s Financial Inclusion Award 2016 for Banks/NBFCs in ‘Impactful Financial Inclusion through Innovation & Processes’ category.
· ‘Best Bank for SME’ award at the Asia money India Banking Awards 2017 for the automation initiative ‘COLORS’ (Corporate Loan Origination System).
· Awards at Finance Asia’s Fixed Income Research Poll 2016 in these two categories: ‘Most Impressive Issuers in India’ and ‘Most Impressive Investment Grade Financial Institution Borrower’.
· Voted ‘Best Domestic Provider of FX Services by financial institutions in the Asiamoney FX Poll 2016.
· ‘Best Foreign Exchange Provider in India by Global Finance magazine.
· Celent Model Bank 2017 award as the ‘Most Promising Proof-of-Concept’ for the work done on block chain.
· Best Private Sector Bank’ award in the Global Businesses category at Dun & Bradstreet Banking Awards 2016.
· ‘Best Bond House-Domestic’ award in the Best House category and the ‘Best Syndicated Loan’ award in the Best Deal category at the Asset Triple A Country Awards 2016.
· Awards under the ‘Best Derivatives House of the Year’ and ‘Best Structured Products House of the Year’ categories in the Indian region at The Asset Triple A Private Banking, Wealth Management, Investment and ETF Awards 2016.
· Best Digital Strategy’ award at the Retail Banking Awards and Conference 2017 in London.
· Awards in the categories of ‘Website of the Year – India’ and ‘Core Banking System Initiative of the Year – India’ and a silver in the category of ‘Branch Innovation of the Year’ at the Asian Banking and Finance (ABF) Retail Banking Awards 2016.
· Pocketsby ICICI Bank‘selected as the ‘App of the Year’ for 2015-16 at the Financial Express Best Banks Awards.
· BFSI Digital Innovators Award 2016 for the Bank’s Software Robotics initiative in the ‘Innovative Usage of Emerging Technology’ category.
· Gold award in ‘Bank’ and ‘Credit card issuing Bank’ segments under Finance category as per the Reader’s Digest Trusted Brand 2016 Survey.
· Winner at the Global Safety Awards 2016 organised by the Energy and Environment Foundation. This award is sponsored by Ministry of Petroleum & Natural Gas and Ministry of Coal, Government of India.
· Platinum rating in the ‘Green Existing Building’ category by the Indian Green Building Council.
UNCONSOLIDATED FINANCIAL RESULTS
(INR IN MILLION)
|
Particulars |
Three Months Ended |
Nine Months Ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
Interest earned |
136653.500 |
135770.500 |
407015.300 |
|
a) Interest/discount on advances/bills |
102381.400 |
100902.600 |
301757.100 |
|
b) Income on investments |
28607.100 |
28789.100 |
85667.500 |
|
c) Interest on balances with reserve bank of india and other inter-bank funds |
1540.400 |
1448.200 |
4973.600 |
|
d)Other |
4124.600 |
4630.600 |
14617.100 |
|
Other income |
31668.700 |
51862.400 |
117410.200 |
|
Total Income |
168322.200 |
187632.900 |
524425.500 |
|
|
|
|
|
|
Interest expended |
79600.800 |
78679.800 |
236973.500 |
|
Operating expenses |
38143.900 |
39088.100 |
115176.400 |
|
e) Employee cost |
13625.500 |
15140.600 |
43877.700 |
|
f) Other operating expenses |
24518.400 |
23947.500 |
71298.700 |
|
|
|
|
|
|
Total expenditure |
117744.700 |
117767.900 |
352149.900 |
|
|
|
|
|
|
Operating profit |
50577.500 |
69865.000 |
172275.600 |
|
|
|
|
|
|
Provisions (other than tax) and contingencies |
35695.600 |
45029.300 |
106812.300 |
|
|
|
|
|
|
Profit/(Loss) from ordinary activities before exceptional items and tax |
14881.900 |
24835.700 |
65463.300 |
|
|
|
|
|
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Profit /(Loss) from ordinary activities before tax |
14881.900 |
24835.700 |
65463.300 |
|
|
|
|
|
|
Tax expenses |
(1620.500) |
4253.800 |
7889.000 |
|
g) Current period tax |
4396.100 |
16162.400 |
28838.100 |
|
h) deferred tax adjustment |
(6016.600) |
(11908.600 |
(20949.100) |
|
|
|
|
|
|
Net profit/(Loss) from ordinary activities after tax |
16502.400 |
20581.900 |
57574.300 |
|
Extraordinary items |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Net profit /(Loss) for the period |
16502.400 |
20581.900 |
57574.300 |
|
|
|
|
|
|
Paid up equity share capital (Face value INR 2 each) |
12846.700 |
12835.800 |
12846.700 |
|
|
|
|
|
|
Reserves excluding revaluates |
1001682.500 |
984565.200 |
1001682.500 |
|
|
|
|
|
|
Analytical ratios |
|
|
|
|
i) Percentage of share held by government of india |
0.16 |
0.14 |
0.16 |
|
ii) Capital adequacy ratio |
17.65% |
17.56% |
17.65% |
|
iii) Earning per share |
|
|
|
|
a) Basic EPS before and after extraordinary items |
2.57 |
3.21 |
8.98 |
|
b) Diluted EPS before and after extraordinary items, net of tax expanse |
2.55 |
3.18 |
8.89 |
|
|
|
|
|
|
NPA Ratio |
|
|
|
|
i) Gross non-performing customer assets |
46038.70 |
44488.54 |
46038.70 |
|
ii) Net non-performing customer assets |
23810.25 |
24129.78 |
23810.25 |
|
iii) % of gross non-performing customer assets (net of write-off) to gross customer assets |
7.82% |
7.87% |
7.82% |
|
iv) % of net non-performing customer assets to net customer assets |
4.20% |
4.43% |
4.20% |
|
Return on assets (annualised) |
0.83% |
1.08% |
1.00% |
|
Particulars |
Three Months Ended |
Nine Months Ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
CAPITAL AND LIABILITIES |
|
|
|
|
Capital |
12846.700 |
12835.800 |
11643.300 |
|
Employees and surplus |
56.600 |
61.600 |
63.600 |
|
Deposits |
103299.900 |
1014982.600 |
963427.800 |
|
Borrowings |
5174030.700 |
4986427.500 |
4652842.900 |
|
Other liabilities and provision |
158760.500 |
1507023.700 |
15909.802 |
|
Total Capital and Liabilities |
334694.800 |
356690.400 |
359011.400 |
|
|
8136489.200 |
7878021.600 |
75779.692 |
|
ASSETS |
|
|
|
|
Cash balance with reserve bank of india |
324844.600 |
277841.000 |
261935.700 |
|
Balances with banks and money at call short notice |
233799.100 |
255778.500 |
349730.100 |
|
Investments |
1798065.700 |
1799352.300 |
1689874.700 |
|
Advances |
5053869.000 |
4827801.300 |
4574694.500 |
|
Fixed assets |
79230.200 |
79953.500 |
75509.600 |
|
Other assets |
645680.600 |
637295.000 |
626224.600 |
|
Total Assets |
8135489.200 |
7878021.600 |
7577969.200 |
UNCONSOLIDATED SEGMENTAL RESULTS
|
Particulars |
Three Months Ended |
Nine Months Ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
Segment Revenue |
|
|
|
|
Retail banking |
126799.300 |
122851.400 |
371615.200 |
|
Wholesale banking |
74387.600 |
75717.000 |
222390.500 |
|
Treasury |
117355.500 |
136916.800 |
373823.200 |
|
Other banking |
2502.600 |
3271.900 |
10062.600 |
|
Total Segment revenue |
321045.000 |
338757.100 |
977891.500 |
|
|
|
|
|
|
Less: inter segment revenue |
152722.800 |
151124.2000 |
453466.000 |
|
Income from operations |
68322.200 |
187632.900 |
570750.000 |
|
|
|
|
|
|
Segment results |
|
|
|
|
Retail banking |
19296.300 |
15553.100 |
51713.900 |
|
Wholesale banking |
(15870.500) |
15553.1000 |
(46599.500) |
|
Treasury |
11022.500 |
(24075.300) |
56372.500 |
|
Other banking |
433.600 |
1212.300 |
3976.400 |
|
Total segment results |
14881.900 |
24835.700 |
65463.300 |
|
|
|
|
|
|
Unallocated expenses |
0.000 |
0.000 |
0.000 |
|
Profit before tax |
14881.900 |
24835.700 |
65463.300 |
|
Segment assets |
|
|
|
|
Retail banking |
2418012.200 |
2320611.400 |
2418012.200 |
|
Wholesale banking |
2744918.100 |
2639921.200 |
2744918.100 |
|
Treasury |
2737178.700 |
2692021.900 |
2737178.700 |
|
Other banking |
109571.900 |
112584.500 |
109571.900 |
|
Unallocated |
125808.300 |
112982.600 |
125808.300 |
|
Total segment assets |
8135489.200 |
7878021.600 |
8135489.200 |
|
|
|
|
|
|
Segment liabilities |
|
|
|
|
Retail banking |
3893837.200 |
3779174.500 |
3893837.200 |
|
Wholesale banking |
1512487.500 |
1459558.000 |
1512487.500 |
|
Treasury |
164561.600 |
1576028.100 |
1645461.600 |
|
Other banking |
38699.700 |
36381.000 |
38699.700 |
|
Unallocated |
0.000 |
0.000 |
0.000 |
|
Total segment liabilities |
7090486.000 |
6850141.600 |
7090486.000 |
|
|
|
|
|
|
Capital employed |
|
|
|
|
Retail banking |
(1475825.000) |
(1458663.100) |
(1475825.000 |
|
Wholesale banking |
1232430.600 |
1180363.200 |
123430.600 |
|
Treasury |
1091717.100 |
1116993.800 |
1091717.100 |
|
Other banking |
70872.200 |
76203.500 |
70872.200 |
|
Unallocated |
125808.300 |
112982.600 |
125808.300 |
|
Total capital employed |
1045003.200 |
1027880.000 |
1045003.200 |
NOTES:
1. The above financial results have been approved by the Board of Directors at its meeting held on January 31, 2018. The auditors have issued an unmodified opinion on the unconsolidated financial statements for Q3-2018 and 9M-2018.
2. The financial statements have been prepared in accordance with Accounting
Standard (AS) 25 on 'Interim Financial Reporting'.
3. In accordance with RBI guidelines on 'Basel 111 Capital Regulations' read
together with the RBI circular dated July 1, 2015, the consolidated Pillar 3
disclosure (unaudited) at December 31, 2017 including leverage ratio
4. Pursuant to approval by the Board of Directors of the Bank on June 5, 2017,
the Bank sold equity shares representing 7.00% shareholding in ICICI Lombard
General Insurance Company Limited in the initial public offer (IPO) during
G2-2018 for a total consideration of INR 20994.300 million. The sale resulted
in a gain (before tax and after IPO related expenses) of INR 20121.500 million
in unconsolidated financial results and INR 17113.200 million in consolidated
financial results for Q2-2018 and 9M-2018.
During 9M-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 INR 60567.900 million. The sale resulted in a gain (before tax
and after IPO related expenses) of INR 56820.300 million in unconsolidated
financial results and INR 51298.800 Million in consolidated financial results
for 9M-2017 and FY2017.
5. The shareholders of the Bank approved the issue of: bonus shares of INR 2
each in the proportion of 1:10, i.e. 1 (one) bonus equity share of INR 2 each
for every 10 (ten) fully paid-up equity shares held (including shares
underlying ADS), through postal ballot on June 12, 2017. Accordingly, the Bank
issued 582,984,544 equity shares as bonus shares during G1-2018. Further, the
basic and diluted earnings per share have been restated for Q3-2017, 9M-2017
and FY2017 as required by Accounting Standard (AS) 20 - Earnings per share.
6. On April 18, 2017, RBI through its circular advised that the provisioning
rates prescribed as per the prudential norms circular are the regulatory
minimum and banks are encouraged to make provisions at higher rates in respect
of advances to stressed sectors of the economy and had specifically highlighted
the telecom sector. Accordingly, during 9M-2018, the Bank as per its Board
approved policy made additional general provision amounting to INR 1987.700
million on standard loans to borrowers.
7. During Q1-2018, RBI advised banks to initiate insolvency resolution process
in respect of 12 accounts under the provisions of Insolvency and Bankruptcy
Code, 2016 (IBC) and also required banks to make higher provisions for these
accounts during the year. RBI allowed banks to spread this additional provision
over three quarters starting Q2-2018. The Bank, during FY2018, was required to
make additional provision of INR 6511.700 million due to the above in addition
to the provisions to be made as per the existing RBI guidelines. The Bank, on
prudent basis, has made this entire additional provision during Q2-2018.
Further, during Q2-2018, RBI advised banks to make efforts to complete the
resolution process as agreed in JLF/consortium and implement a viable
resolution plan in respect of certain additional accounts by a specified date,
failing which, the JLF/consortium were required to initiate insolvency
proceedings for those accounts under the provisions of the IBC and banks will
be required to make higher provision by March 31, 2018. At December 31, 2017,
the Bank had outstanding loans to 18 such borrowers amounting to INR 100607.500
million (excluding non-fund outstanding amount of INR 13350.400 million). Out
of these loans, 98.6% of the loans amounting to INR 99150.600 million are to
borrowers classified as non-performing at December 31, 2017. At December 31,
2017, the Bank holds provision of INR 36625.900 million against these
outstanding loans, which amounts to 36.4% provision coverage in respect of
outstanding loans to these borrowers. Of the above 18 accounts, insolvency
proceedings in respect of 16 accounts have been initiated under the
provisions of the IBC. The additional provision on such accounts would be made
by March 31, 2018.
8. During Q1-2018, with the approval of Board of Directors, the Bank has
transferred securities amounting to INR 24362060.0000 million from
held-to-maturity (FITM) category to available-for-sale (AFS) category, being
transfer of securities at the beginning of the accounting year as permitted by
RBI. Further, the Bank undertook 51 transactions for sale of securities with
net book value of INR 43440.900 million, amounting to 4.62% of HTM portfolio
during 9M-2018. During FY2017, the Bank undertook 1,547 transactions for sale
of securities with a net book value of INR 70,0024.500 million, amounting to
70.60% of the HTM portfolio at the beginning of FY2017 (Q3-2017: 351
transactions for INR 15,1698.100 million, amounting to 15.30% of HTM portfolio;
9M-2017: 981 transactions for INR 479756.500 million, amounting to 48.39% of
HTM portfolio). The above sate is excluding sale to RBI under pre-announced
Open Market Operation auctions and repurchase of government securities by
Government of India as permitted by RBI guidelines.
9. Other income for 9M-2017 includes net foreign exchange gain relating to
overseas operations amounting to INR 2884.100 million. The net foreign exchange
gain amounting to INR 2884.100 million recognised upto December 31, 2016 was
subsequently reversed in Q4-2017 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.
10. During Q3-2018, the Bank has allotted 5,467,649 equity shares of INR 2 each
pursuant to exercise of employee stock options.
11. Previous period/year figures have been re-grouped/re-classified where
necessary to conform to current period classification.
12. The above unconsolidated financial results are audited by the statutory
auditors, B S R & Co. LLP, Chartered Accountants.
13. INR 10.000 million - INR 10.000 million.
PRESS RELEASE
ICICI BANK FLATTERS
ON ASSET QUALITY BUT NIGGLING CONCERNS REMAIN
Feb 01 2018
ICICI Bank’s management has guided that provisioning costs are unlikely to come down in the following quarters too as clarity on IBC-referred loans will emerge only beyond April
Following two brutal years that wreaked havoc on its loan portfolio, ICICI Bank Ltd is finally turning the corner on asset quality. The largest private sector lender saw its fresh slippages fall for the second straight quarter and its bad loan ratios improve.
For the December quarter, the bank reported an accretion of Rs4,368 crore to its bad loan stock, the lowest addition in nine quarters. What is encouraging is that its stock of total stressed assets, which includes loans internally rated below investment grade and restructured loans under various schemes, has fallen by about 30%. Clearly, stress is reducing. But it would be hazardous to ignore the fact that a large chunk of corporate loans (about Rs10,000 crore) are tied to court proceedings because of being referred under the Insolvency and Bankruptcy Code (IBC). To be fair to the lender, ICICI Bank has made the required 50% provisioning to the first set of 12 accounts under IBC but it still has to make 14% more with regards to the second set of 18 accounts.
The management has guided that provisioning costs are unlikely to come down in the following quarters too as clarity on the IBC referred loans will emerge only after April.
But before we rejoice, the lender and the Reserve Bank of India (RBI) have looked differently on a set of loans to be labelled bad. This divergence highlighted by RBI in its inspection of the lender’s FY17 accounts is under 15% of its reported gross non-performing assets for the year. Therefore, by regulation, ICICI Bank is not obligated to disclose. This means that the divergence is below Rs6,000 crore. Given that it is no small figure, the lender would gain investor trust by disclosing the divergence figure rather than just following the letter of the law.
Meanwhile, ICICI Bank is back to doing what it did best before the bad loan blowout— lend to the retail customer. Its retail loans galloped at 22% while its corporate loan book grew just 4.2%. However, recall that in the December quarter of FY17, loan growth was anaemic due to demonetization. So growth percentages for the third quarter this time should be discounted.
Furthermore, a look at the core income growth begins to cause some concern. ICICI Bank’s net interest income growth continues to languish in single digits and its operating profit fell by over 8%. The current fiscal year hasn’t been good in terms of operating metrics. The fall in operating profit is due to the absence of any gain from its treasury and overseas operations. It is unlikely that these two factors would begin to contribute to operating profit any time soon.
The ICICI Bank stock has risen 17%, outperforming the benchmark Sensex in the last three months. Perhaps it is time to temper expectations in the light of operating performance.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.10 |
|
UK Pound |
1 |
INR 90.45 |
|
Euro |
1 |
INR 79.59 |
INFORMATION
DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.