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 2024
Commission File Number: 001-15002
ICICI Bank Limited
(Translation of registrant’s name into English)
ICICI Bank Towers,
Bandra-Kurla Complex
Mumbai, India 400 051
(Address of principal executive office)
Indicate by check
mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.
| Form
20-F X |
|
Form 40-F ___ |
Table of Contents
| Items: |
|
| 1. |
Other
news. |
| 2. |
Unaudited
financial results (standalone and consolidated) for the quarter and nine months ended December 31, 2023. |
| 3. |
Limited
review reports on the unaudited financial results (standalone and consolidated) issued by M S K A & Associates, Chartered Accountants
and KKC & Associates LLP, Chartered Accountants, the joint statutory auditors of the Bank for the corresponding period. |
| 4. |
News
Release on the unaudited financial results for the quarter and nine months ended December 31, 2023. |
ICICI Bank
Limited
ICICI Bank Towers
Bandra-Kurla Complex
Mumbai 400 051, India.
|
Tel.: (91-22)
2653 1414
Fax: (91-22) 2653 1122
Website www.icicibank.com
CIN.: L65190GJ1994PLC021012
|
Regd. Office:
ICICI Bank Tower,
Near Chakli Circle,
Old Padra Road
Vadodara 390007. India
|
OTHER
NEWS
Subject: Outcome
of Board Meeting held on January 20, 2024
IBN
ICICI Bank Limited
(the ‘Bank’) Report on Form 6-K
The Bank has made
the below announcement to the Indian stock exchanges:
In terms of Regulation
30, 33, 52(4) and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (SEBI
Listing Regulations), we write to inform you that the Board of Directors of ICICI Bank Limited (the Bank), at its meeting held today,
inter alia, approved unaudited financial results (standalone and consolidated) for the quarter and nine months ended December
31, 2023. We enclose herewith the following:
| 1. | Unaudited financial
results (standalone and consolidated) for the quarter and nine months ended December 31,
2023; |
| 2. | Limited review
reports on the unaudited financial results (standalone and consolidated) issued by M S K
A & Associates, Chartered Accountants and KKC & Associates LLP, Chartered Accountants,
the joint statutory auditors of the Bank for the corresponding period; and |
| 3. | News Release
on the unaudited financial results for the quarter and nine months ended December 31, 2023. |
Additionally, pursuant
to the changes in the organization structure, the Board, at its meeting held today, also approved the inclusion of Mr. Atul Kumar, Mr.
Divyesh Shah, Mr. Manish Maheshwari, Mr. Pankaj Kohli, Mr. Pramod Dubey, Mr. Rohit Poddar, Ms. Shamala Potnis, Ms. Swanandi Phalnikar
and Mr. Vikas Singhvi in the category of senior management personnel. The details as required under Regulation 30 read with para A of
part A of Schedule III of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, as amended, read with SEBI
circular no. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023 are provided in Annexure A.
Please take the
above information on record.
ICICI Bank
Limited
ICICI Bank Towers
Bandra-Kurla Complex
Mumbai 400 051, India.
|
Tel.: (91-22)
2653 1414
Fax: (91-22) 2653 1122
Website www.icicibank.com
CIN.: L65190GJ1994PLC021012
|
Regd. Office:
ICICI Bank Tower,
Near Chakli Circle,
Old Padra Road
Vadodara 390007. India
|
 |
| ICICI Bank Limited |
| CIN-L65190GJ1994PLC021012 |
| Registered Office: ICICI Bank Tower,
Near Chakli Circle, Old Padra Road, Vadodara - 390 007. |
| Corporate Office: ICICI Bank Towers,
Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. |
Phone:
022-26538900, Fax: 022-26531228, Email:
companysecretary@icicibank.com
Website: www.icicibank.com |
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| STANDALONE FINANCIAL RESULTS |
| (Rs. in crore) |
| Sr.
no. |
Particulars |
Three
months ended |
Nine months
ended |
Year
ended |
December
31, 2023
(Q3-2024) |
September
30, 2023
(Q2-2024) |
December
31, 2022
(Q3-2023) |
December
31, 2023
(9M-2024) |
December
31, 2022
(9M-2023) |
March
31, 2023
(FY2023) |
| (Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
| 1. |
Interest
earned (a)+(b)+(c)+(d) |
36,694.58 |
34,920.39 |
28,505.63 |
104,942.58 |
78,210.21 |
109,231.34 |
| |
a) |
Interest/discount
on advances/bills |
28,557.51 |
27,118.87 |
22,180.28 |
81,520.53 |
59,743.47 |
83,942.97 |
| |
b) |
Income
on investments |
7,210.67 |
7,020.31 |
5,343.57 |
20,848.98 |
15,048.71 |
20,888.46 |
| |
c) |
Interest
on balances with Reserve Bank of India and other inter-bank funds |
454.19 |
494.34 |
470.08 |
1,361.23 |
1,299.76 |
1,850.51 |
| |
d) |
Others |
472.21 |
286.87 |
511.70 |
1,211.84 |
2,118.27 |
2,549.40 |
| 2. |
Other
income |
6,097.06 |
5,776.68 |
5,023.63 |
17,308.99 |
14,743.70 |
19,831.45 |
| 3. |
TOTAL
INCOME (1)+(2) |
42,791.64 |
40,697.07 |
33,529.26 |
122,251.57 |
92,953.91 |
129,062.79 |
| 4. |
Interest
expended |
18,016.03 |
16,612.48 |
12,040.65 |
49,729.66 |
33,748.40 |
47,102.74 |
| 5. |
Operating
expenses (e)+(f) |
10,051.99 |
9,855.32 |
8,217.39 |
29,429.90 |
23,945.08 |
32,873.24 |
| |
e) |
Employee
cost |
3,812.67 |
3,725.42 |
2,921.18 |
11,421.75 |
8,658.92 |
12,059.93 |
| |
f) |
Other
operating expenses |
6,239.32 |
6,129.90 |
5,296.21 |
18,008.15 |
15,286.16 |
20,813.31 |
| 6. |
TOTAL
EXPENDITURE (4)+(5) |
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(excluding
provisions and contingencies) |
28,068.02 |
26,467.80 |
20,258.04 |
79,159.56 |
57,693.48 |
79,975.98 |
| 7. |
OPERATING
PROFIT (3)–(6) |
14,723.62 |
14,229.27 |
13,271.22 |
43,092.01 |
35,260.43 |
49,086.81 |
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(Profit
before provisions and contingencies) |
| 8. |
Provisions
(other than tax) and contingencies (refer note no. 3 and 4) |
1,049.37 |
582.63 |
2,257.44 |
2,924.44 |
5,045.78 |
6,665.58 |
| 9. |
PROFIT
FROM ORDINARY ACTIVITIES BEFORE EXCEPTIONAL ITEMS AND TAX (7)–(8) |
13,674.25 |
13,646.64 |
11,013.78 |
40,167.57 |
30,214.65 |
42,421.23 |
| 10. |
Exceptional
items |
.. |
.. |
.. |
.. |
.. |
.. |
| 11. |
PROFIT
FROM ORDINARY ACTIVITIES BEFORE TAX (9)–(10) |
13,674.25 |
13,646.64 |
11,013.78 |
40,167.57 |
30,214.65 |
42,421.23 |
| 12. |
Tax
expense (g)+(h) |
3,402.71 |
3,385.64 |
2,701.93 |
9,986.83 |
7,440.02 |
10,524.73 |
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g) |
Current
tax |
3,366.19 |
3,246.52 |
2,601.91 |
9,750.08 |
7,446.26 |
10,254.48 |
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h) |
Deferred
tax |
36.52 |
139.12 |
100.02 |
236.75 |
(6.24) |
270.25 |
| 13. |
NET
PROFIT FROM ORDINARY ACTIVITIES AFTER TAX (11)–(12) |
10,271.54 |
10,261.00 |
8,311.85 |
30,180.74 |
22,774.63 |
31,896.50 |
| 14. |
Extraordinary
items (net of tax expense) |
.. |
.. |
.. |
.. |
.. |
.. |
| 15. |
NET
PROFIT FOR THE PERIOD (13)–(14) |
10,271.54 |
10,261.00 |
8,311.85 |
30,180.74 |
22,774.63 |
31,896.50 |
| 16. |
Paid-up
equity share capital (face value Rs. 2 each) |
1,403.18 |
1,400.83 |
1,395.62 |
1,403.18 |
1,395.62 |
1,396.78 |
| 17. |
Reserves
excluding revaluation reserves |
221,129.31 |
210,508.56 |
186,042.33 |
221,129.31 |
186,042.33 |
195,495.25 |
| 18. |
Analytical
ratios |
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i) |
Percentage
of shares held by Government of India |
0.22% |
0.21% |
0.20% |
0.22% |
0.20% |
0.20% |
| |
ii) |
Capital
adequacy ratio (Basel III) |
14.61% |
16.07% |
16.26% |
14.61% |
16.26% |
18.34% |
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iii) |
Earnings
per share (EPS) |
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a) |
Basic
EPS before and after extraordinary items, net of tax expense (not annualised) (in Rs.) |
14.65 |
14.66 |
11.92 |
43.12 |
32.71 |
45.79 |
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b) |
Diluted
EPS before and after extraordinary items, net of tax expense (not annualised) (in Rs.) |
14.40 |
14.40 |
11.68 |
42.34 |
32.07 |
44.89 |
| 19. |
NPA
Ratio1 |
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i) |
Gross
non-performing customer assets (net of write-off) |
28,774.63 |
29,836.94 |
32,528.24 |
28,774.63 |
32,528.24 |
31,183.70 |
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ii) |
Net
non-performing customer assets |
5,378.48 |
5,046.47 |
5,651.22 |
5,378.48 |
5,651.22 |
5,155.07 |
| |
iii) |
%
of gross non-performing customer assets (net of write-off) to gross customer assets |
2.30% |
2.48% |
3.07% |
2.30% |
3.07% |
2.81% |
| |
iv) |
%
of net non-performing customer assets to net customer assets |
0.44% |
0.43% |
0.55% |
0.44% |
0.55% |
0.48% |
| 20. |
Return
on assets (annualised) |
2.32% |
2.41% |
2.20% |
2.38% |
2.08% |
2.16% |
| 21. |
Net
worth2 |
215,432.30 |
204,617.01 |
179,246.33 |
215,432.30 |
179,246.33 |
189,125.63 |
| 22. |
Outstanding
redeemable preference shares |
.. |
.. |
.. |
.. |
.. |
.. |
| 23. |
Capital
redemption reserve |
350.00 |
350.00 |
350.00 |
350.00 |
350.00 |
350.00 |
| 24. |
Debt-equity
ratio3 |
0.32 |
0.30 |
0.38 |
0.32 |
0.38 |
0.37 |
| 25. |
Total
debts to total assets4 |
7.11% |
6.79% |
8.58% |
7.11% |
8.58% |
7.53% |
| 1. |
At December 31, 2023, the percentage of gross non-performing
advances (net of write-off) to gross advances was 2.37% (September 30, 2023: 2.55%, March 31, 2023: 2.87%, December 31, 2022: 3.13%)
and net non-performing advances to net advances was 0.47% (September 30, 2023: 0.45%, March 31, 2023: 0.51%, December 31, 2022: 0.58%). |
| 2. |
Net worth is computed as per RBI Master Circular No. RBI/2015-16/70
DBR.No.Dir.BC.12/13.03.00/2015-16 on Exposure Norms dated July 1, 2015. |
| 3. |
Debt represents borrowings with residual maturity of more
than one year. |
| 4. |
Total debts represents total borrowings of the Bank. |
SUMMARISED
STANDALONE BALANCE SHEET
(Rs. in crore)
| Particulars |
At |
December
31, 2023 |
September
30, 2023 |
March
31, 2023 |
December
31, 2022 |
| (Unaudited) |
(Unaudited) |
(Audited) |
(Unaudited) |
| Capital
and Liabilities |
|
|
|
|
|
| Capital |
|
1,403.18 |
1,400.83 |
1,396.78 |
1,395.62 |
| Employees
stock options outstanding |
|
1,242.55 |
1,078.01 |
760.89 |
635.49 |
| Reserves
and surplus |
|
224,190.83 |
213,570.08 |
198,557.72 |
189,237.43 |
| Deposits |
|
1,332,314.54 |
1,294,741.72 |
1,180,840.69 |
1,122,049.48 |
| Borrowings
(includes subordinated debt) |
|
126,871.26 |
116,758.02 |
119,325.49 |
130,550.00 |
| Other
liabilities and provisions |
|
97,199.72 |
93,230.90 |
83,325.08 |
77,880.09 |
| Total
Capital and Liabilities |
|
1,783,222.08 |
1,720,779.56 |
1,584,206.65 |
1,521,748.11 |
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| Assets |
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| Cash
and balances with Reserve Bank of India |
|
64,869.20 |
66,221.19 |
68,526.17 |
62,281.19 |
| Balances
with banks and money at call and short notice |
|
34,458.91 |
43,240.51 |
50,912.10 |
60,189.63 |
| Investments |
|
436,649.75 |
413,253.09 |
362,329.73 |
337,050.56 |
| Advances |
|
1,153,771.02 |
1,110,542.14 |
1,019,638.31 |
974,047.50 |
| Fixed
assets |
10,353.96 |
10,165.93 |
9,599.84 |
9,574.52 |
| Other
assets |
|
83,119.24 |
77,356.70 |
73,200.50 |
78,604.71 |
| Total
Assets |
|
1,783,222.08 |
1,720,779.56 |
1,584,206.65 |
1,521,748.11 |
2
| STANDALONE SEGMENTAL RESULTS |
| (Rs. in crore) |
| Sr.
no. |
Particulars |
Three
months ended |
Nine
months ended |
Year
ended |
December
31, 2023
(Q3-2024) |
September
30, 2023
(Q2-2024) |
December
31, 2022
(Q3-2023) |
December
31, 2023
(9M-2024) |
December
31, 2022
(9M-2023) |
March
31, 2023
(FY2023) |
| (Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
| 1. |
Segment
revenue |
|
|
| a |
Retail
Banking |
34,000.52 |
33,080.02 |
26,325.77 |
98,137.75 |
75,036.00 |
103,775.34 |
| b |
Wholesale
Banking |
19,454.81 |
17,383.77 |
13,593.64 |
52,907.71 |
36,018.21 |
50,614.85 |
| c |
Treasury |
29,473.80 |
27,859.08 |
22,253.30 |
83,637.99 |
60,762.04 |
84,770.74 |
| d |
Other
Banking |
949.56 |
727.96 |
684.37 |
2,521.71 |
1,669.72 |
2,383.06 |
| |
Total
segment revenue |
83,878.69 |
79,050.83 |
62,857.08 |
237,205.16 |
173,485.97 |
241,543.99 |
| |
Less:
Inter segment revenue |
41,087.05 |
38,353.76 |
29,327.82 |
114,953.59 |
80,532.06 |
112,481.20 |
| |
Income
from operations |
42,791.64 |
40,697.07 |
33,529.26 |
122,251.57 |
92,953.91 |
129,062.79 |
| 2. |
Segmental
results (i.e. Profit before tax) |
|
|
| a |
Retail
Banking |
4,288.46 |
4,895.97 |
4,288.56 |
13,363.06 |
12,631.04 |
17,533.68 |
| b |
Wholesale
Banking |
5,746.05 |
4,670.00 |
3,876.69 |
14,495.75 |
11,282.19 |
15,785.78 |
| c |
Treasury |
3,327.70 |
3,966.92 |
4,257.14 |
11,656.75 |
10,036.32 |
14,271.55 |
| d |
Other
Banking |
312.04 |
113.75 |
91.39 |
652.01 |
315.10 |
480.22 |
| e |
Unallocated
expenses |
.. |
.. |
(1,500.00) |
.. |
(4,050.00) |
(5,650.00) |
| |
Total
segment results |
13,674.25 |
13,646.64 |
11,013.78 |
40,167.57 |
30,214.65 |
42,421.23 |
| 3. |
Segment
assets |
|
| a |
Retail
Banking |
690,053.22 |
668,057.40 |
564,925.73 |
690,053.22 |
564,925.73 |
603,959.37 |
| b |
Wholesale
Banking |
476,924.80 |
463,638.43 |
407,505.95 |
476,924.80 |
407,505.95 |
432,874.35 |
| c |
Treasury |
575,869.22 |
550,912.76 |
510,710.02 |
575,869.22 |
510,710.02 |
508,469.75 |
| d |
Other
Banking |
33,024.20 |
30,867.69 |
28,646.13 |
33,024.20 |
28,646.13 |
29,791.54 |
| e |
Unallocated |
7,350.64 |
7,303.28 |
9,960.28 |
7,350.64 |
9,960.28 |
9,111.64 |
| |
Total
segment assets |
1,783,222.08 |
1,720,779.56 |
1,521,748.11 |
1,783,222.08 |
1,521,748.11 |
1,584,206.65 |
| 4. |
Segment
liabilities |
|
|
| a |
Retail
Banking |
977,391.31 |
940,334.15 |
851,158.87 |
977,391.31 |
851,158.87 |
891,354.54 |
| b |
Wholesale
Banking |
419,641.39 |
416,050.16 |
327,091.38 |
419,641.39 |
327,091.38 |
347,276.49 |
| c |
Treasury |
140,077.86 |
129,456.51 |
138,455.45 |
140,077.86 |
138,455.45 |
129,240.96 |
| d |
Other
Banking |
6,174.96 |
5,126.69 |
2,273.87 |
6,174.96 |
2,273.87 |
2,519.27 |
| e |
Unallocated |
13,100.00 |
13,763.13 |
11,500.00 |
13,100.00 |
11,500.00 |
13,100.00 |
| |
Total
segment liabilities |
1,556,385.52 |
1,504,730.64 |
1,330,479.57 |
1,556,385.52 |
1,330,479.57 |
1,383,491.26 |
| 5. |
Capital
employed |
226,836.56 |
216,048.92 |
191,268.54 |
226,836.56 |
191,268.54 |
200,715.39 |
| 6. |
Total
(4)+(5) |
1,783,222.08 |
1,720,779.56 |
1,521,748.11 |
1,783,222.08 |
1,521,748.11 |
1,584,206.65 |
|
Notes
on segmental results: |
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| 1. |
The disclosure on segmental reporting has been prepared
in accordance with Securities and Exchange Board of India (SEBI) circular no. CIR/CFD/FAC/62/2016 dated July 5, 2016 on Revised Formats
for Financial Results and Implementation of Ind-AS by Listed Entities. |
| 2. |
"Retail Banking" includes exposures of the Bank
which satisfy the four criteria of orientation, product, granularity and low value of individual exposures for retail exposures laid
down in Basel Committee on Banking Supervision document 'International Convergence of Capital Measurement and Capital Standards:
A Revised Framework'. This segment also includes income from credit cards, debit cards, third party product distribution and the
associated costs. |
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| |
RBI’s Master Direction on Financial Statements –
Presentation and Disclosures, requires to sub-divide ‘Retail banking’ into (a) Digital Banking (as defined in RBI circular
on Establishment of Digital Banking Units dated April 7, 2022) and (b) Other Retail Banking segment. Accordingly, the segmental results
for retail banking segment is subdivided as below: |
3
(Rs. in crore)
| |
Sr. no. |
Particulars |
Segment
revenue |
Segment Results |
Segment
assets |
Segment
liabilities |
| |
Q3-2024 |
|
|
|
|
| |
|
Retail
Banking |
34,000.52 |
4,288.46 |
690,053.22 |
977,391.31 |
| |
(i) |
Digital
Banking |
8,308.75 |
1,031.74 |
111,841.19 |
174,210.51 |
| |
(ii) |
Other
Retail Banking |
25,691.77 |
3,256.72 |
578,212.03 |
803,180.80 |
| |
Q2-2024 |
|
|
|
|
| |
|
Retail
Banking |
33,080.02 |
4,895.97 |
668,057.40 |
940,334.15 |
| |
(i) |
Digital
Banking |
7,644.09 |
1,162.52 |
99,513.41 |
161,717.18 |
| |
(ii) |
Other
Retail Banking |
25,435.93 |
3,733.45 |
568,543.99 |
778,616.97 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3. |
"Wholesale Banking" includes all advances to
trusts, partnership firms, companies and statutory bodies, by the Bank which are not included under Retail Banking. |
| 4. |
"Treasury" primarily includes the entire investment
and derivative portfolio of the Bank. |
| 5. |
"Other Banking" includes leasing operations
and other items not attributable to any particular business segment of the Bank. |
| 6. |
"Unallocated" includes items such as tax paid
in advance net of provision, deferred tax and provisions to the extent reckoned at the entity level. |
4
| CONSOLIDATED FINANCIAL RESULTS |
| (Rs. in crore) |
| Sr.
no. |
Particulars |
Three
months ended |
Nine
months ended |
Year
ended |
December
31, 2023
(Q3-2024) |
September
30, 2023
(Q2-2024) |
December
31, 2022
(Q3-2023) |
December
31, 2023
(9M-2024) |
December
31, 2022
(9M-2023) |
March
31, 2023
(FY2023) |
| (Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
| 1. |
Interest
earned (a)+(b)+(c)+(d) |
40,865.23 |
38,938.08 |
31,618.81 |
116,909.20 |
86,627.90 |
121,066.81 |
| |
a) |
Interest/discount
on advances/bills |
30,030.69 |
28,501.06 |
23,259.99 |
85,619.44 |
62,575.56 |
87,929.24 |
| |
b) |
Income
on investments |
9,523.04 |
9,279.96 |
7,136.29 |
27,634.05 |
20,077.16 |
27,905.03 |
| |
c) |
Interest
on balances with Reserve Bank of India and other inter-bank funds |
680.86 |
699.56 |
595.39 |
1,962.63 |
1,598.32 |
2,305.46 |
| |
d) |
Others |
630.64 |
457.50 |
627.14 |
1,693.08 |
2,376.86 |
2,927.08 |
| 2. |
Other
income |
18,614.53 |
18,354.18 |
16,240.69 |
51,946.82 |
45,628.15 |
65,111.99 |
| 3. |
TOTAL
INCOME (1)+(2) |
59,479.76 |
57,292.26 |
47,859.50 |
168,856.02 |
132,256.05 |
186,178.80 |
| 4. |
Interest
expended |
19,408.76 |
17,908.01 |
12,977.89 |
53,684.43 |
36,063.92 |
50,543.39 |
| 5. |
Operating
expenses (e)+(f) |
23,908.69 |
23,911.01 |
20,511.90 |
67,876.37 |
58,201.93 |
82,439.02 |
| |
e) |
Employee
cost |
4,749.19 |
4,662.23 |
3,723.10 |
14,222.75 |
10,986.17 |
15,234.17 |
| |
f) |
Other
operating expenses |
19,159.50 |
19,248.78 |
16,788.80 |
53,653.62 |
47,215.76 |
67,204.85 |
| 6. |
TOTAL
EXPENDITURE (4)+(5) |
43,317.45 |
41,819.02 |
33,489.79 |
121,560.80 |
94,265.85 |
132,982.41 |
| |
(excluding
provisions and contingencies) |
| 7. |
OPERATING
PROFIT (3)–(6) |
16,162.31 |
15,473.24 |
14,369.71 |
47,295.22 |
37,990.20 |
53,196.39 |
| |
(Profit
before provisions and contingencies) |
| 8. |
Provisions
(other than tax) and contingencies (refer note no. 3 and 4) |
1,020.45 |
649.01 |
2,434.12 |
3,014.50 |
5,217.88 |
6,939.93 |
| 9. |
PROFIT
FROM ORDINARY ACTIVITIES BEFORE EXCEPTIONAL ITEMS AND TAX (7)–(8) |
15,141.86 |
14,824.23 |
11,935.59 |
44,280.72 |
32,772.32 |
46,256.46 |
| 10. |
Exceptional
items |
.. |
.. |
.. |
.. |
.. |
.. |
| 11. |
Add:
Share of profit in associates |
259.96 |
335.45 |
229.44 |
846.45 |
747.22 |
998.29 |
| 12. |
PROFIT
FROM ORDINARY ACTIVITIES BEFORE TAX AND MINORITY INTEREST (9)–(10)+(11) |
15,401.82 |
15,159.68 |
12,165.03 |
45,127.17 |
33,519.54 |
47,254.75 |
| 13. |
Tax
expense (g)+(h) |
3,886.67 |
3,808.82 |
2,999.41 |
11,246.71 |
8,294.52 |
11,793.44 |
| |
g) |
Current
tax |
3,810.46 |
3,638.50 |
2,905.98 |
10,956.53 |
8,278.38 |
11,456.44 |
| |
h) |
Deferred
tax |
76.21 |
170.32 |
93.43 |
290.18 |
16.14 |
337.00 |
| 14. |
Less:
Share of profit/(loss) of minority shareholders |
462.55 |
454.73 |
373.20 |
1,295.61 |
1,041.08 |
1,424.67 |
| 15. |
NET
PROFIT FROM ORDINARY ACTIVITIES AFTER TAX (12)–(13)–(14) |
11,052.60 |
10,896.13 |
8,792.42 |
32,584.85 |
24,183.94 |
34,036.64 |
| 16. |
Extraordinary
items (net of tax expense) |
.. |
.. |
.. |
.. |
.. |
.. |
| 17. |
NET
PROFIT FOR THE PERIOD (15)-(16) |
11,052.60 |
10,896.13 |
8,792.42 |
32,584.85 |
24,183.94 |
34,036.64 |
| 18. |
Paid-up
equity share capital (face value Rs. 2/- each) |
1,403.18 |
1,400.83 |
1,395.62 |
1,403.18 |
1,395.62 |
1,396.78 |
| 19. |
Reserves
excluding revaluation reserves |
238,096.82 |
226,314.47 |
199,333.21 |
238,096.82 |
199,333.21 |
209,248.29 |
| 20. |
Earnings
per share (EPS) |
|
|
|
|
|
|
| |
Basic
EPS before and after extraordinary items, net of tax expense (not annualised) (in Rs.) |
15.77 |
15.57 |
12.61 |
46.55 |
34.74 |
48.86 |
| |
Diluted
EPS before and after extraordinary items, net of tax expense (not annualised) (in Rs.) |
15.47 |
15.27 |
12.35 |
45.65 |
34.01 |
47.84 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SUMMARISED CONSOLIDATED BALANCE SHEET |
| (Rs. in crore) |
| Particulars |
At |
December
31, 2023 |
September
30, 2023 |
March
31, 2023 |
December
31, 2022 |
| (Unaudited) |
(Unaudited) |
(Audited) |
(Unaudited) |
| Capital
and Liabilities |
|
|
|
|
| Capital |
1,403.18 |
1,400.83 |
1,396.78 |
1,395.62 |
| Employees
stock options outstanding |
1,242.55 |
1,078.01 |
760.89 |
636.11 |
| Reserves
and surplus |
241,184.80 |
229,405.37 |
212,340.13 |
202,561.15 |
| Minority
interest |
7,431.64 |
7,203.63 |
6,686.75 |
6,573.21 |
| Deposits |
1,366,842.09 |
1,325,252.62 |
1,210,832.15 |
1,152,325.13 |
| Borrowings
(includes subordinated debt) |
200,966.94 |
189,709.79 |
189,061.81 |
192,496.93 |
| Liabilities
on policies in force |
273,564.40 |
259,349.87 |
238,867.36 |
239,975.30 |
| Other liabilities
and provisions |
115,382.83 |
111,449.63 |
98,544.63 |
91,245.56 |
| Total
Capital and Liabilities |
2,208,018.43 |
2,124,849.75 |
1,958,490.50 |
1,887,209.01 |
| |
|
|
|
|
| Assets |
|
|
|
|
| Cash and
balances with Reserve Bank of India |
64,935.13 |
66,269.76 |
68,648.94 |
62,323.30 |
| Balances
with banks and money at call and short notice |
56,514.16 |
62,832.19 |
67,807.55 |
77,556.73 |
| Investments |
754,864.94 |
715,263.84 |
639,551.97 |
612,557.65 |
| Advances |
1,229,198.02 |
1,182,108.54 |
1,083,866.32 |
1,038,091.18 |
| Fixed assets |
11,913.77 |
11,657.62 |
10,969.00 |
10,858.87 |
| Other assets |
90,491.08 |
86,616.47 |
87,545.39 |
85,719.95 |
| Goodwill
on consolidation |
101.33 |
101.33 |
101.33 |
101.33 |
| Total
Assets |
2,208,018.43 |
2,124,849.75 |
1,958,490.50 |
1,887,209.01 |
| CONSOLIDATED SEGMENTAL RESULTS |
| (Rs.
in crore) |
| Sr.
no. |
Particulars |
Three
months ended |
Nine
months ended |
Year
ended |
December
31, 2023
(Q3-2024) |
September
30, 2023
(Q2-2024) |
December
31, 2022
(Q3-2023) |
December
31, 2023
(9M-2024) |
December
31, 2022
(9M-2023) |
March
31, 2023
(FY2023) |
| (Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
| 1. |
Segment
revenue |
|
|
|
|
|
|
| a |
Retail
Banking |
34,000.52 |
33,080.02 |
26,325.77 |
98,137.75 |
75,036.00 |
103,775.34 |
| b |
Wholesale
Banking |
19,454.81 |
17,383.77 |
13,593.64 |
52,907.71 |
36,018.21 |
50,614.85 |
| c |
Treasury |
29,356.10 |
27,718.83 |
22,147.29 |
83,380.45 |
60,527.61 |
84,536.92 |
| d |
Other
Banking |
1,747.71 |
1,497.57 |
1,273.30 |
4,811.91 |
3,084.90 |
4,464.00 |
| e |
Life
Insurance |
13,150.14 |
13,413.14 |
11,923.16 |
36,500.97 |
32,975.10 |
47,930.17 |
| f |
Others |
3,607.65 |
3,287.17 |
2,526.81 |
10,024.60 |
7,027.49 |
9,725.98 |
| |
Total
segment revenue |
101,316.93 |
96,380.50 |
77,789.97 |
285,763.39 |
214,669.31 |
301,047.26 |
| |
Less:
Inter segment revenue |
41,837.17 |
39,088.24 |
29,930.47 |
116,907.37 |
82,413.26 |
114,868.46 |
| |
Income
from operations |
59,479.76 |
57,292.26 |
47,859.50 |
168,856.02 |
132,256.05 |
186,178.80 |
| 2. |
Segmental
results (i.e. Profit before tax and minority interest) |
|
| a |
Retail
Banking |
4,288.46 |
4,895.97 |
4,288.56 |
13,363.06 |
12,631.04 |
17,533.68 |
| b |
Wholesale
Banking |
5,746.05 |
4,670.00 |
3,876.69 |
14,495.75 |
11,282.19 |
15,785.78 |
| c |
Treasury |
3,209.97 |
3,826.64 |
4,151.08 |
11,399.12 |
9,801.78 |
14,037.21 |
| d |
Other
Banking |
521.95 |
323.65 |
219.41 |
1,277.26 |
659.17 |
1,001.45 |
| e |
Life
Insurance |
232.10 |
248.31 |
224.92 |
688.89 |
580.09 |
896.89 |
| f |
Others |
1,674.77 |
1,367.63 |
1,086.25 |
4,386.80 |
3,146.84 |
4,202.37 |
| g |
Unallocated
expenses |
.. |
.. |
(1,500.00) |
.. |
(4,050.00) |
(5,650.00) |
| |
Total
segment results |
15,673.30 |
15,332.20 |
12,346.91 |
45,610.88 |
34,051.11 |
47,807.38 |
| |
Less:
Inter segment adjustment |
531.44 |
507.97 |
411.32 |
1,330.16 |
1,278.79 |
1,550.92 |
| |
Add:
Share of profit in associates |
259.96 |
335.45 |
229.44 |
846.45 |
747.22 |
998.29 |
| |
Profit
before tax and minority interest |
15,401.82 |
15,159.68 |
12,165.03 |
45,127.17 |
33,519.54 |
47,254.75 |
| 3. |
Segment
assets |
|
| a |
Retail
Banking |
690,053.22 |
668,057.40 |
564,925.73 |
690,053.22 |
564,925.73 |
603,959.37 |
| b |
Wholesale
Banking |
476,924.80 |
463,638.43 |
407,505.95 |
476,924.80 |
407,505.95 |
432,874.35 |
| c |
Treasury |
581,439.71 |
556,107.71 |
515,090.22 |
581,439.71 |
515,090.22 |
512,940.50 |
| d |
Other
Banking |
90,976.81 |
85,485.62 |
83,428.58 |
90,976.81 |
83,428.58 |
83,696.05 |
| e |
Life
Insurance |
290,291.18 |
276,072.97 |
255,466.24 |
290,291.18 |
255,466.24 |
255,689.90 |
| f |
Others |
81,565.42 |
79,509.73 |
60,930.70 |
81,565.42 |
60,930.70 |
71,134.84 |
| g |
Unallocated |
7,891.62 |
7,409.61 |
10,661.65 |
7,891.62 |
10,661.65 |
9,656.72 |
| |
Total |
2,219,142.76 |
2,136,281.47 |
1,898,009.07 |
2,219,142.76 |
1,898,009.07 |
1,969,951.73 |
| |
Less:
Inter segment adjustment |
11,124.33 |
11,431.72 |
10,800.06 |
11,124.33 |
10,800.06 |
11,461.23 |
| |
Total
segment assets |
2,208,018.43 |
2,124,849.75 |
1,887,209.01 |
2,208,018.43 |
1,887,209.01 |
1,958,490.50 |
| 4. |
Segment
liabilities |
|
| a |
Retail
Banking |
977,391.31 |
940,334.15 |
851,158.87 |
977,391.31 |
851,158.87 |
891,354.54 |
| b |
Wholesale
Banking |
419,641.39 |
416,050.16 |
327,091.38 |
419,641.39 |
327,091.38 |
347,276.49 |
| c |
Treasury |
155,996.16 |
145,118.41 |
153,461.88 |
155,996.16 |
153,461.88 |
144,338.32 |
| d |
Other
Banking |
58,540.17 |
54,431.14 |
52,081.33 |
58,540.17 |
52,081.33 |
51,378.80 |
| e |
Life
Insurance |
279,465.00 |
265,576.06 |
245,592.15 |
279,465.00 |
245,592.15 |
245,755.62 |
| f |
Others |
71,178.20 |
69,541.69 |
52,530.58 |
71,178.20 |
52,530.58 |
62,250.16 |
| g |
Unallocated |
13,100.00 |
13,345.66 |
11,500.00 |
13,100.00 |
11,500.00 |
13,100.00 |
| |
Total |
1,975,312.23 |
1,904,397.27 |
1,693,416.19 |
1,975,312.23 |
1,693,416.19 |
1,755,453.93 |
| |
Less:
Inter segment adjustment |
11,124.33 |
11,431.72 |
10,800.06 |
11,124.33 |
10,800.06 |
11,461.23 |
| |
Total
segment liabilities |
1,964,187.90 |
1,892,965.55 |
1,682,616.13 |
1,964,187.90 |
1,682,616.13 |
1,743,992.70 |
| 5. |
Capital
employed |
243,830.53 |
231,884.20 |
204,592.88 |
243,830.53 |
204,592.88 |
214,497.80 |
| 6. |
Total
(4)+(5) |
2,208,018.43 |
2,124,849.75 |
1,887,209.01 |
2,208,018.43 |
1,887,209.01 |
1,958,490.50 |
| |
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|
| Notes on segmental results: |
|
|
|
|
|
|
| 1. |
The disclosure on segmental reporting has been prepared
in accordance with Securities and Exchange Board of India (SEBI) circular no. CIR/CFD/FAC/62/2016 dated July 5, 2016 on Revised Formats
for Financial Results and Implementation of Ind AS by Listed Entities. |
| 2. |
'Retail Banking' includes exposures of the Bank which satisfy
the four criteria of orientation, product, granularity and low value of individual exposures for retail exposures laid down in Basel
Committee on Banking Supervision document 'International Convergence of Capital Measurement and Capital Standards: A Revised Framework'.
This segment also includes income from credit cards, debit cards, third party product distribution and the associated costs. |
| 3. |
'Wholesale Banking' includes all advances to trusts, partnership
firms, companies and statutory bodies, by the Bank which are not included under Retail Banking. |
| 4. |
'Treasury' primarily includes the entire investment and
derivative portfolio of the Bank. |
| 5. |
'Other Banking' includes leasing operations and other items
not attributable to any particular business segment of the Bank. Further, it includes the Bank’s banking subsidiaries i.e.
ICICI Bank UK PLC and ICICI Bank Canada. |
| 6. |
'Life Insurance' represents ICICI Prudential Life Insurance
Company Limited. |
| 7. |
'Others' comprises the consolidated entities of the Bank,
not covered in any of the segments above. |
| 8. |
'Unallocated' includes items such as tax paid in advance
net of provision, deferred tax and provisions to the extent reckoned at the entity level. |
| Notes: |
|
|
|
|
|
|
| 1. |
The above standalone and consolidated financial results
have been approved by the Board of Directors at its meeting held on January 20, 2024. The joint statutory auditors have conducted
limited review and issued an unmodified report on the standalone and consolidated financial results for Q3-2024 and 9M-2024. |
| 2. |
The financial results have been prepared in accordance
with the recognition and measurement principles given in Accounting Standard (AS) 25 on 'Interim Financial Reporting' as prescribed
under the Companies Act, 2013. |
| 3. |
At December 31, 2023, the Bank holds contingency provision
of Rs. 13,100.00 crore (September 30, 2023 and March 31, 2023: Rs. 13,100.00 crore; December 31, 2022: Rs. 11,500.00 crore). |
| 4. |
During Q3-2024, the Bank has made a provision of Rs. 627.03
crore against its investments in Alternate Investment Funds (AIFs) as per RBI circular dated December 19, 2023. |
| 5. |
During Q3-2024, the Bank has allotted 11,738,550 equity
shares of Rs. 2 each pursuant to exercise of employee stock options. |
| 6. |
In accordance with RBI guidelines, consolidated Pillar
3 disclosure (unaudited), leverage ratio, liquidity coverage ratio, net stable funding ratio and details of loans transferred/acquired
under the RBI Master Direction on Transfer of Loan Exposures dated September 24, 2021 is available at https://www.icicibank.com/regulatory-disclosure.page. |
| 7. |
Previous period/year figures have been re-grouped/re-classified
where necessary to conform to current period classification. |
| 8. |
The above standalone and consolidated financial results
have been reviewed/audited by the joint statutory auditors, M S K A & Associates, Chartered Accountants and KKC & Associates
LLP, Chartered Accountants. |
| 9. |
Rs. 1.00 crore = Rs. 10.0 million. |
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For and
on behalf of the Board of Directors |
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Rakesh Jha |
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Executive Director |
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DIN-00042075 |
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7
| M S K A & Associates |
KKC & Associates LLP |
| Chartered Accountants |
Chartered Accountants |
| |
(formerly Khimji Kunverji & Co LLP) |
| 602 Floor 6, Raheja Titanium, |
Level-19, Sunshine Tower, |
| Western Express Highway, |
Senapati Bapat Marg, |
| Geetanjali, Railway Colony, |
Elphinstone Road. |
| Ram Nagar, Goregaon (E), |
Mumbai 400 013 |
| Mumbai 400 063 |
|
Independent
Auditors’ Review Report on unaudited standalone financial results for the quarter and nine months ended 31 December 2023 of ICICI
Bank Limited pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended.
To
The Board of Directors
of
ICICI Bank Limited
| 1. | We have reviewed
the accompanying statement of unaudited standalone financial results of ICICI Bank Limited
(‘the Bank’) for the quarter and nine months ended 31 December 2023 (‘the
Statement’), being submitted by the Bank pursuant to the requirements of Regulation
33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘the
Listing Regulations’), except for the disclosures relating to Pillar 3 disclosures
as at 31 December 2023, including leverage ratio, liquidity coverage ratio and net stable
funding ratio under Basel III Capital Regulations as have been disclosed on the Bank’s
website and in respect of which a link has been provided in the Note 06 to the Statement
and have not been reviewed by us. |
| 2. | This Statement,
which is the responsibility of the Bank's Management and approved by the Board of Directors
of the Bank, has been prepared in accordance with the recognition and measurement principles
laid down in the Accounting Standard 25 ‘Interim Financial Reporting’(‘AS
25’), prescribed under section 133 of the Companies Act, 2013, read with relevant rules
issued thereunder, in so far as they apply to Banks, the relevant provisions of the Banking
Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank
of India (the ‘RBI’) from time to time (the ‘RBI Guidelines’) and
other accounting principles generally accepted in India, and in compliance with Regulation
33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations. Our responsibility
is to express a conclusion on the Statement based on our review. |
| 3. | We conducted
our review in accordance with the Standard on Review Engagements (‘SRE’) 2410,
“Review of Interim Financial Information Performed by the Independent Auditor of the
Entity” issued by the Institute of Chartered Accountants of India. This standard requires
that we plan and perform the review to obtain moderate assurance as to whether the Statement
is free of material misstatement. A review is limited primarily to inquiries of the Bank’s
personnel and analytical procedures applied to financial data and thus provides less assurance
than an audit. We have not performed an audit and accordingly, we do not express an audit
opinion. |
1
| M S K A & Associates |
KKC & Associates LLP |
| Chartered Accountants |
Chartered Accountants |
| |
(formerly Khimji Kunverji & Co LLP) |
| 4. | Based on our
review conducted as stated in paragraph 3 above, nothing has come to our attention that causes
us to believe that the accompanying Statement, prepared in accordance with the recognition
and measurement principles laid down in AS 25 prescribed under Section 133 of the Companies
Act, 2013, read with relevant rules thereunder, the RBI Guidelines and other accounting principles
generally accepted in India, has not disclosed the information required to be disclosed in
terms of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations,
including the manner in which it is to be disclosed, or that it contains any material misstatement
or that it has not been prepared in accordance with the relevant prudential norms issued
by the RBI in respect of income recognition, asset classification, provisioning and other
related matters, except for the disclosures relating to Pillar 3 disclosures as at 31 December
2023, including leverage ratio, liquidity coverage ratio and net stable funding ratio under
Basel III Capital Regulations, as have been disclosed on the Bank’s website and in
respect of which a link has been provided in the Note 06 to the Statement and have not been
reviewed by us. |
| For M S K A & Associates |
For KKC & Associates LLP |
| Chartered Accountants |
Chartered Accountants |
| |
(formerly Khimji Kunverji & Co LLP) |
| ICAI Firm Registration No. 105047W |
ICAI Firm Registration No. 105146W/W100621 |
| |
|
| |
|
| /s/ Tushar Kurani |
/s/ Vinit Jain |
| Tushar Kurani |
Vinit Jain |
| Partner |
Partner |
| ICAI Membership No.: 118580 |
ICAI Membership No.: 145911 |
| |
|
| UDIN : 24118580BKFLW05606 |
UDIN : 24145911BKFXL03983 |
| |
|
| Place: Mumbai |
Place: Mumbai |
| Date: 20 January 2024 |
Date: 20 January 2024 |
2
| M S K A & Associates |
KKC & Associates LLP |
| Chartered Accountants |
Chartered Accountants |
| |
(formerly Khimji Kunverji & Co LLP) |
| 602 Floor 6, Raheja Titanium, |
Level-19, Sunshine Tower, |
| Western Express Highway, |
Senapati Bapat Marg, |
| Geetanjali, Railway Colony, |
Elphinstone Road. |
| Ram Nagar, Goregaon (E), |
Mumbai 400 013 |
| Mumbai 400 063 |
|
Independent Auditors’ Review Report on
unaudited consolidated financial results for the quarter and nine months ended 31 December 2023 of ICICI Bank Limited pursuant to the
Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
To
The Board of Directors of
ICICI Bank Limited
| 1. | We have reviewed the accompanying statement of unaudited consolidated financial results of ICICI Bank
Limited (‘the Parent Bank’ or ‘the Bank’), its subsidiaries (the Parent Bank and its subsidiaries together referred
to as ‘the Group’) and its share of the net profit / (loss) after tax of its associates for the quarter and nine months ended
31 December 2023 (the ‘Statement’), being submitted by the Bank pursuant to the requirements of Regulation 33 of the Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the ‘Listing Regulations’),
except for the disclosures relating to consolidated Pillar 3 disclosures as at 31 December 2023, including leverage ratio, liquidity coverage
ratio and net stable funding ratio under Basel III Capital Regulations as have been disclosed on the Bank’s website and in respect
of which a link has been provided in the Note 06 of the Statement and have not been reviewed by us. |
| 2. | This Statement, which is the responsibility of the Bank’s Management and has been approved by the
Bank’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Accounting
Standard (‘AS’) 25 ‘Interim Financial Reporting’ (‘AS 25’), prescribed under section 133 of the Companies
Act, 2013, read with relevant rules thereunder, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines
and directions issued by the Reserve Bank of India (the ‘RBI’) from time to time (the ‘RBI Guidelines’) and other
accounting principles generally accepted in India, and in compliance with Regulation 33 of the Listing Regulations. Our responsibility
is to express a conclusion on the Statement based on our review. |
| 3. | We conducted our review of the Statement in accordance with the Standard on Review Engagements (‘SRE’)
2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute
of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than
an audit conducted in accordance with the Standards on Auditing and consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. |
We also performed procedures in accordance
with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, as amended,
to the extent applicable.
| 4. | The Statement includes the results/information of the entities referred in Annexure 1. |
| 5. | Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the
consideration of the review/audit reports of other auditors, referred to in paragraph 8 & 9 below, nothing has come to our attention
that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid
down in AS 25, prescribed under Section 133 of the Companies Act, 2013, read with relevant rules thereunder, the RBI Guidelines, and other
accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements
of Regulation 33 of the Listing Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement,
except for the disclosures relating to consolidated Pillar 3 disclosures as at 31 December 2023, including leverage ratio, liquidity coverage
ratio and net stable funding ratio under Basel III Capital Regulations, as have been disclosed on the Bank’s website and in respect
of which a link has been provided in Note 06 to the Statement and have not been reviewed by us. |
1
| M S K A & Associates |
KKC & Associates LLP |
| Chartered Accountants |
Chartered Accountants |
| |
(formerly Khimji Kunverji & Co LLP) |
| 6. | The joint statutory auditors of ICICI Prudential Life Insurance Company Limited (‘ICICI Life’),
vide their audit report dated 17 January 2024 have expressed an unmodified opinion and have reported in the 'Other Matter' section that
'The actuarial valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued
but liability exists as at 31 December 2023 is the responsibility of the Company's Panel Actuary (the ‘Appointed Actuary’).
The actuarial valuation of these liabilities for life policies in force and for policies in respect of which premium has been discontinued
but liability exists as at 31 December 2023 has been duly certified by the Appointed Actuary and in his opinion, the assumptions for such
valuation are in accordance with the guidelines and norms issued by the Insurance Regulatory and Development Authority of India (‘IRDAI')
and the Institute of Actuaries of India in concurrence with the Authority. The joint auditors have relied upon the Appointed Actuary's
certificate in this regard for forming their opinion on the valuation of liabilities for life policies in force and for policies in respect
of which premium has been discontinued but liability exists, as contained in the condensed standalone interim financial statements of
the Company’. Our conclusion on the Statement is not modified in respect of this matter based on the opinion expressed by the joint
statutory auditors of ICICI Life. |
| 7. | The joint statutory auditors of ICICI Lombard General Insurance Company Limited (‘ICICI General’),
vide their audit report dated 16 January 2024, have expressed an unmodified opinion and have reported in the 'Other Matter' section that,
'The actuarial valuation of liabilities in respect of Claims Incurred But Not Reported (‘IBNR'), Claims Incurred But Not Enough
Reported ('IBNER') and the Premium Deficiency Reserve ('PDR') is the responsibility of the Company's Appointed Actuary (the 'Appointed
Actuary'). The actuarial valuation of these liabilities, which are estimated using statistical methods as at 31 December 2023 has been
duly certified by the Appointed Actuary and in his opinion, the assumptions considered by him for such valuation are in accordance with
the guidelines and norms issued by the IRDAI and the Institute of Actuaries of India in concurrence with IRDAI. The joint auditors have
relied upon the Appointed Actuary's certificate in this regard for forming their opinion on the valuation of liabilities for outstanding
claims reserves and the PDR contained in the financial results of the Company’. Our conclusion on the Statement is not modified
in respect of this matter based on the opinion expressed by the joint statutory auditors of ICICI General. |
| 8. | We did not review / audit the interim financial statements / financial results of ten subsidiaries, included
in the Statement, whose interim financial statements / financial results reflects total assets of Rs. 4,29,925.38 crore (before consolidation
adjustments) as at 31 December 2023 and total revenues of Rs. 17,528.07 crore and Rs. 48,733.85 crore (before consolidation adjustments)
and total net profit after tax of Rs. 1,631.34 crore and Rs. 4,446.34 crore (before consolidation adjustments) for the quarter and nine
months ended 31 December 2023 respectively as considered in the Statement. These interim financial statements/ financial results have
been reviewed/audited by other auditors whose review/ audit reports have been furnished to us by the management, and our conclusion on
the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the
review reports of such other auditors, and the procedures performed by us as stated in paragraph 3 above. Further, of these subsidiaries,
three subsidiaries are located outside India whose interim financial statements / information have been prepared in accordance with accounting
principles generally accepted in their respective countries and which have been reviewed/audited by their respective auditors under generally
accepted auditing standards applicable in their respective countries. Our review report in so far as it relates to the balances and affairs
of such subsidiaries located outside India, is based on the reports of other auditors. According to the information and explanations given
to us by the management, the interim financial statements/information of these three subsidiaries are not material to the Group. Our conclusion
on the statement is not modified in respect of the above matter. |
| 9. | The Statement also includes the Group's share of net profit after tax of Rs. 205.86 crore and Rs. 670.28
crore for the quarter and nine months ended 31 December 2023 respectively, as considered in the Statement, in respect of an associate,
whose interim financial information / financial result have not been reviewed by us. This interim financial statements/information have
been audited/reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement,
in so far as it relates to the amounts and disclosures included in respect of this associate, is based solely on the reports of the other
auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect
of the above matter. |
2
| M S K A & Associates |
KKC & Associates LLP |
| Chartered Accountants |
Chartered Accountants |
| |
(formerly Khimji Kunverji & Co LLP) |
| 10. | The Statement includes the interim financial statements / information of six subsidiaries which have not
been reviewed / audited by their auditors, whose interim financial statements / financial results reflect total assets of Rs. 441.41 crore
(before consolidation adjustments) as at 31 December 2023, total revenues of Rs. 32.48 crore and Rs. 96.89 crore (before consolidation
adjustments) and total net (loss) after tax of Rs. 1.18 crore and Rs. 3.96 crore (before consolidation adjustments) for the quarter and
nine months ended 31 December 2023 respectively as considered in the Statement. The Statement also includes the Group's share of net profit
after tax of Rs. 54.10 crore and Rs. 176.16 crore for the quarter and nine months ended 31 December 2023 respectively, as considered in
the Statement, in respect of seven associates based on their interim financial statements / financial results which have not been reviewed/audited
by their auditors. According to the information and explanations given to us by the Management, these interim financial statements / financial
results are not material to the Group. Our conclusion on the Statement is not modified in respect of the above matter. |
| For M S K A & Associates |
For KKC & Associates LLP |
| Chartered Accountants |
Chartered Accountants |
| |
(formerly Khimji Kunverji & Co LLP) |
| ICAI Firm Registration No. 105047W |
ICAI Firm Registration No. 105146W/W100621 |
| |
|
| |
|
| /s/ Tushar Kurani |
/s/ Vinit Jain |
| Tushar Kurani |
Vinit Jain |
| Partner |
Partner |
| ICAI Membership No.: 118580 |
ICAI Membership No.: 145911 |
| |
|
| UDIN: 24118580BKFLW05606 |
UDIN: 24145911BKFXL03983 |
| |
|
| Place: Mumbai |
Place: Mumbai |
| Date: 20 January 2024 |
Date: 20 January 2024 |
3
| M S K A & Associates |
KKC & Associates LLP |
| Chartered Accountants |
Chartered Accountants |
| |
(formerly Khimji Kunverji & Co LLP) |
Annexure 1
List of entities included in the Statement.
Parent Bank
Subsidiaries
| 4. | ICICI International Limited |
| 5. | ICICI Prudential Life Insurance Company Limited |
| 6. | ICICI Prudential Pension Funds Management Company Limited |
| 7. | ICICI Securities Primary Dealership Limited |
| 8. | ICICI Home Finance Company Limited |
| 9. | ICICI Investment Management Company Limited |
| 10. | ICICI Securities Limited |
| 11. | ICICI Securities Holdings Inc. |
| 13. | ICICI Venture Funds Management Company Limited |
| 14. | ICICI Trusteeship Services Limited |
| 15. | ICICI Prudential Asset Management Company Limited |
| 16. | ICICI Prudential Trust Limited |
| 17. | ICICI Strategic Investments Limited |
Associates
| 18. | ICICI Lombard General Insurance Company Limited |
| 19. | I-Process Services (India) Private Limited |
| 20. | NIIT Institute of Finance Banking and Insurance Trading Limited |
| 21. | ICICI Merchant Services Private Limited |
| 22. | Arteria Technologies Private Limited |
| 23. | India Infradebt Limited |
| 24. | India Advantage Fund III |
| 25. | India Advantage Fund IV |
4
| |
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
| News
Release |
January
20, 2024 |
Performance
Review: Quarter ended December 31, 2023
| · | Profit
before tax excluding treasury grew by 23.4% year-on-year to ₹ 13,551 crore (US$ 1.6 billion)
in the quarter ended December 31, 2023 (Q3-2024) |
| · | Core
operating profit grew by 10.3% year-on-year to ₹ 14,601 crore (US$ 1.8 billion) in Q3-2024 |
| · | Profit
after tax grew by 23.6% year-on-year to ₹ 10,272 crore (US$ 1.2 billion) in Q3-2024 |
| · | Total
period-end deposits grew by 18.7% year-on-year to ₹ 13,32,315 crore (US$ 160.1 billion) at
December 31, 2023 |
| · | Average
current account and savings account (CASA) ratio was 39.4% in Q3-2024 |
| · | Domestic
loan portfolio grew by 18.8% year-on-year to ₹ 11,14,820 crore (US$ 134.0 billion) at December
31, 2023 |
| · | Net
NPA ratio was 0.44% at December 31, 2023 compared to 0.43% at September 30, 2023 |
| · | Provisioning
coverage ratio on non-performing assets was 80.7% at December 31, 2023 |
| · | Including
profits for the nine months ended December 31, 2023 (9M-2024), total capital adequacy ratio
was 16.70% and CET-1 ratio was 16.03%, on a standalone basis, at December 31, 2023 |
The
Board of Directors of ICICI Bank Limited (NSE: ICICIBANK, BSE: 532174, NYSE: IBN) at its meeting held at Mumbai today, approved the standalone
and consolidated accounts of the Bank for the quarter ended December 31, 2023 (Q3-2024). The statutory auditors have conducted a limited
review and have issued an unmodified report on the standalone and consolidated financial statements for the quarter ended December 31,
2023.
| |
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
Profit
& loss account
| · | Profit
before tax excluding treasury grew by 23.4% year-on-year to ₹ 13,551 crore (US$ 1.6 billion)
in Q3-2024 from ₹ 10,978 crore (US$ 1.3 billion) in the quarter ended December 31, 2022 (Q3-2023) |
| · | The
core operating profit grew by 10.3% year-on-year to ₹ 14,601 crore (US$ 1.8 billion) in Q3-2024
from ₹ 13,235 crore (US$ 1.6 billion) in Q3-2023; excluding dividend income from subsidiaries/associates,
core operating profit grew by 9.7% year-on-year in Q3-2024 |
| · | Net
interest income (NII) increased by 13.4% year-on-year to ₹ 18,678 crore (US$ 2.2 billion)
in Q3-2024 from ₹ 16,465 crore (US$ 2.0 billion) in Q3-2023 |
| · | The
net interest margin was 4.43% in Q3-2024 compared to 4.53% in Q2-2024 and 4.65% in Q3-2023.
The net interest margin was 4.57% in 9M-2023 |
| · | Non-interest
income, excluding treasury, increased by 19.8% year-on-year to ₹ 5,975 crore (US$ 718 million)
in Q3-2024 from ₹ 4,987 crore (US$ 599 million) in Q3-2023 |
| · | Fee
income grew by 19.4% year-on-year to ₹ 5,313 crore (US$ 638 million) in Q3-2024 from ₹ 4,448
crore (US$ 535 million) in Q3-2023. Fees from retail, rural, business banking and SME customers
constituted about 79% of total fees in Q3-2024 |
| · | There
was a treasury gain of ₹ 123 crore (US$ 15 million) in Q3-2024 compared to ₹ 36 crore (US$
4 million) in Q3-2023 |
| · | Provisions
(excluding provision for tax) were ₹ 1,050 crore (US$ 126 million) in Q3-2024 compared to
₹ 2,257 crore (US$ 271 million) in Q3-2023 |
| · | In
Q3-2024, provisions included ₹ 627 crore (US$ 75 million) on investments in Alternate Investment
Funds as per RBI circular dated December 19, 2023 |
| · | The
profit before tax grew by 24.2% year-on-year to ₹ 13,674 crore (US$ 1.6 billion) in Q3-2024
from ₹ 11,014 crore (US$ 1.3 billion) in Q3-2023 |
| · | The
profit after tax grew by 23.6% year-on-year to ₹ 10,272 crore (US$ 1.2 billion) in Q3-2024
from ₹ 8,312 crore (US$ 999 million) in Q3-2023 |
2
| |
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
Growth
in digital and payments platforms
There
have been more than one crore activations from non-ICICI Bank account holders on the Bank’s mobile banking app, iMobile Pay as
of end-December 2023.
ICICI
Bank’s Merchant STACK offers an array of banking and value-added services to retailers, online businesses and large e-commerce
firms such as digital current account opening, instant overdraft facilities based on point-of-sale transactions, connected banking services
and digital store management, among others. The value of the Bank’s merchant acquiring transactions through UPI grew by 85.0% year-on-year
and 20.7% sequentially in Q3-2024. The Bank had a market share of about 28.8% by value in electronic toll collections through FASTag
in Q3-2024, with a 11.9% year-on-year growth in collections in Q3-2024.
The Bank
has created more than 20 industry specific STACKs which provide bespoke and purpose-based digital solutions to corporate clients and
their ecosystems. The Bank’s Trade Online and Trade Emerge platforms allow customers to perform most of their trade finance and
foreign exchange transactions digitally. The Bank’s digital solutions integrate the import transaction lifecycle with bespoke solutions
providing frictionless experience to our clients and simplify customer journeys. About 72% of trade transactions were done digitally
in Q3-2024. The volume of transactions done through Trade Online platform in Q3-2024 grew by 26.2% year-on-year.
The Bank
has further simplified cross-border remittance journeys with new enhancements. SmartIRM is a multi-party cross-border inward remittance
solution with virtual account architecture, enhanced security features and remittances reconciliation with payer identification. SmartORM
enables pre-vetting of outward remittance transactions to ensure error-free submission before booking foreign exchange deals.
iLens,
the retail lending platform currently enable for the mortgage, is being upgraded on an ongoing basis with new features such as integration
with account aggregators, opening of instant paperless saving bank account for newly on-boarded mortgage customers and instant property
valuation reports for select developers to provide enhanced customer experience and serve the customer’s 360° needs digitally.
3
| |
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
Credit
growth
The net
domestic advances grew by 18.8% year-on-year and 3.8% sequentially at December 31, 2023. The retail loan portfolio grew by 21.4%
year-on-year and 4.5% sequentially, and comprised 54.3% of the total loan portfolio at December 31, 2023. Including non-fund
outstanding, the retail portfolio was 46.4% of the total portfolio at December 31, 2023. The business banking portfolio grew by
31.9% year-on-year and 6.5% sequentially at December 31, 2023. The SME business, comprising borrowers with a turnover of less than
₹ 250 crore (US$ 30 million), grew by 27.5% year-on-year and 6.7% sequentially at December 31, 2023. The rural portfolio grew
by 18.2% year-on-year and 4.6% sequentially at December 31, 2023. The domestic corporate portfolio grew by 13.3% year-on-year and
2.9% sequentially at December 31, 2023. Total advances increased by 18.5% year-on-year and 3.9% sequentially to ₹ 11,53,771
crore (US$ 138.7 billion) at December 31, 2023.
Deposit
growth
Total
period-end deposits increased by 18.7% year-on-year and 2.9% sequentially to ₹ 13,32,315 crore (US$ 160.1 billion) at December 31, 2023.
Period-end term deposits increased by 31.2% year-on-year and 4.9% sequentially to ₹ 8,04,320 crore (US$ 96.7 billion) at December 31,
2023. Average current account deposits increased by 11.6% year-on-year in Q3-2024. Average savings account deposits increased by 2.8%
year-on-year in Q3-2024.
With
the addition of 471 branches in 9M-2024, the Bank had a network of 6,371 branches and 17,037 ATMs and cash recycling machines at December
31, 2023.
Asset
quality
The
gross NPA ratio declined to 2.30% at December 31, 2023 from 2.48% at September 30, 2023. The net NPA ratio was 0.44% at December 31,
2023 compared to 0.43% at September 30, 2023 and 0.55% at December 31, 2022. The net additions to gross NPAs, excluding write-offs and
sale, were ₹ 363 crore (US$ 44 million) in Q3-2024 compared to ₹ 116 crore (US$ 14 million) in Q2-2024. The gross NPA additions were
₹ 5,714 crore (US$ 687 million) in Q3-2024 compared to ₹ 4,687 crore (US$ 563 million) in Q2-2024. Recoveries and upgrades of NPAs, excluding
write-offs and sale, were ₹ 5,351 crore (US$ 643 million) in Q3-2024 compared to ₹ 4,571 crore (US$ 549 million) in Q2-2024. The Bank
has written off gross NPAs amounting to ₹ 1,389 crore (US$ 167 million) in Q3-2024. The provisioning coverage ratio on NPAs was 80.7%
at December 31, 2023.
Excluding
NPAs, the total fund based outstanding to all borrowers under resolution as per the various extant regulations/guidelines declined
to ₹ 3,318 crore (US$ 399 million) or 0.3% of total advances at December 31, 2023 from ₹ 3,536 crore (US$ 425 million) at
September 30, 2023. The Bank holds provisions amounting to ₹ 1,032 crore (US$ 124 million) against these borrowers under
resolution, as of December 31, 2023. In addition, the Bank continues to hold contingency provisions of ₹ 13,100 crore (US$ 1.6
billion) at December 31, 2023. The loan and non-fund based outstanding to performing corporate and SME borrowers rated BB and below
was ₹ 5,853 crore (US$ 703 million) at December 31, 2023 compared to ₹ 4,789 crore (US$ 576 million) at September 30,
2023. The loan and non-fund based outstanding of ₹ 5,853 crore (US$ 703 million) at December 31, 2023 includes ₹ 661
crore (US$ 79 million) to borrowers under resolution.
4
| |
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
Capital
adequacy
Including
profits for the nine months ended December 31, 2023, the Bank’s total capital adequacy ratio at December 31, 2023 was 16.70% and
CET-1 ratio was 16.03% compared to the minimum regulatory requirements of 11.70% and 8.20% respectively.
Consolidated
results
The consolidated
profit after tax increased by 25.7% year-on-year to ₹ 11,053 crore (US$ 1.3 billion) in Q3-2024 from ₹ 8,792 crore (US$ 1.1 billion)
in Q3-2023.
Consolidated
assets grew by 17.0% year-on-year to ₹ 22,08,018 crore (US$ 265.3 billion) at December 31, 2023 from ₹ 18,87,209 crore (US$ 226.8 billion)
at December 31, 2022.
Key
subsidiaries and associates
The annualised
premium equivalent increased by 1.7% year-on-year to ₹ 5,430 crore (US$ 653 million) in 9M-2024 compared to ₹ 5,341 crore (US$ 642 million)
in 9M-2023. The VNB margin was 26.7% in 9M-2024 compared to 32.0% in FY2023 and 32.0% in 9M-2023. Value of New Business (VNB) of ICICI
Prudential Life Insurance (ICICI Life) was ₹ 1,451 crore (US$ 174 million) in 9M-2024 compared to 1,710 crore (US$ 205 million) in 9M-2023.
The profit after tax was ₹ 679 crore (US$ 82 million) in 9M-2024 compared to ₹ 576 crore (US$ 69 million) in 9M-2023 and ₹ 227 crore
(US$ 27 million) in Q3-2024 compared to ₹ 221 crore (US$ 27 million) in Q3-2023.
The Gross
Direct Premium Income (GDPI) of ICICI Lombard General Insurance Company (ICICI General) grew by 13.4% year-on-year to ₹ 6,230 crore (US$
749 million) in Q3-2024 from ₹ 5,493 crore (US$ 660 million) in Q3-2023. The combined ratio stood at 103.6% in Q3-2024 compared to 104.4%
in Q3-2023. Excluding the impact of CAT losses, the combined ratio was 102.3% in Q3-2024. The profit after tax of ICICI General grew
by 22.1% to ₹ 431 crore (US$ 52 million) in Q3-2024 from ₹ 353 crore (US$ 42 million) in Q3-2023.
The profit
after tax of ICICI Prudential Asset Management Company, as per Ind AS, grew by 30.0% year-on-year to ₹ 546 crore (US$ 66 million) in
Q3-2024 from ₹ 420 crore (US$ 50 million) in Q3-2023.
The profit
after tax of ICICI Securities, on a consolidated basis, as per Ind AS, grew by 65.8% year-on-year to ₹ 466 crore (US$ 56 million) in
Q3-2024 from ₹ 281 crore (US$ 34 million) in Q3-2023.
5
Summary
Profit and Loss Statement (as per standalone Indian GAAP accounts)
₹
crore
| |
FY2023 |
Q3-2023 |
9M-2023 |
Q2-2024 |
Q3-2024 |
9M-2024 |
| |
Audited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
| Net
interest income |
62,129 |
16,465 |
44,462 |
18,308 |
18,678 |
55,213 |
| Non-interest
income |
19,883 |
4,987 |
14,755 |
5,861 |
5,975 |
17,019 |
| -
Fee income |
18,001 |
4,448 |
13,171 |
5,204 |
5,313 |
15,360 |
| -
Dividend income from subsidiaries/associates |
1,784 |
516 |
1511 |
648 |
650 |
1,589 |
| -
Other income |
98 |
23 |
73 |
9 |
12 |
70 |
| Less: |
|
|
|
|
|
|
| Operating
expense |
32,873 |
8,217 |
23,945 |
9,855 |
10,052 |
29,430 |
| Core
operating profit1 |
49,139 |
13,235 |
35,272 |
14,314 |
14,601 |
42,802 |
| Total
net provision |
6,666 |
2,257 |
5,045 |
583 |
1,050 |
2,924 |
| -
Impact of change in provisioning norms |
- |
1,196 |
1,196 |
- |
- |
- |
| -
Contingency provisions2 |
5,650 |
1,500 |
4,050 |
- |
- |
- |
| -
Other provisions |
1,016 |
(439) |
(201) |
583 |
1,050 |
2,924 |
| Profit
before tax excl. treasury |
42,473 |
10,978 |
30,237 |
13,731 |
13,551 |
39,878 |
| Treasury |
(52) |
36 |
(12) |
(85) |
123 |
290 |
| Profit
before tax |
42,421 |
11,014 |
30,215 |
13,646 |
13,674 |
40,168 |
| Less: |
|
|
|
|
|
|
| Provision
for taxes |
10,525 |
2,702 |
7,440 |
3,385 |
3,402 |
9,987 |
| Profit
after tax |
31,896 |
8,312 |
22,775 |
10,261 |
10,272 |
30,181 |
| 2. | The Bank continues to
hold contingency provision of ₹ 13,100 crore (US$ 1.6 billion) at December 31, 2023 |
| 3. | Prior period numbers
have been re-arranged wherever necessary |
6
| |
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
Summary balance sheet
₹
crore
| |
31-Dec-22 |
31-Mar-23 |
30-Sep-23 |
31-Dec-23 |
| |
Unaudited |
Audited |
Unaudited |
Unaudited |
| Capital
and liabilities |
|
|
|
|
| Capital |
1,396 |
1,397 |
1,401 |
1,403 |
| Employee stock options outstanding |
635 |
761 |
1,078 |
1,243 |
| Reserves and surplus |
1,89,238 |
1,98,558 |
2,13,570 |
2,24,191 |
| Deposits |
11,22,049 |
11,80,841 |
12,94,742 |
13,32,315 |
| Borrowings (includes subordinated debt) |
1,30,550 |
1,19,325 |
1,16,758 |
1,26,871 |
| Other liabilities and provisions |
77,880 |
83,325 |
93,231 |
97,199 |
| Total
capital and liabilities |
15,21,748 |
15,84,207 |
17,20,780 |
17,83,222 |
| |
|
|
|
|
| Assets |
|
|
|
|
|
Cash and balances with
Reserve Bank of India
|
62,281 |
68,526 |
66,221 |
64,869 |
|
Balances with banks and
money at call and short notice
|
60,190 |
50,912 |
43,241 |
34,459 |
| Investments |
3,37,050 |
3,62,330 |
4,13,253 |
4,36,650 |
| Advances |
9,74,047 |
10,19,638 |
11,10,542 |
11,53,771 |
| Fixed assets |
9,575 |
9,600 |
10,166 |
10,354 |
| Other assets |
78,605 |
73,201 |
77,357 |
83,119 |
| Total
assets |
15,21,748 |
15,84,207 |
17,20,780 |
17,83,222 |
| 1. | Prior period figures have been re-grouped/re-arranged wherever necessary |
7
| |
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
|
Certain statements in this release
relating to a future period of time (including inter alia concerning our future business plans or growth prospects) are forward-looking
statements intended to qualify for the 'safe harbor' under applicable securities laws including the US Private Securities Litigation Reform
Act of 1995. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially
from those in such forward-looking statements. These risks and uncertainties include, but are not limited to statutory and regulatory
changes, international economic and business conditions; political or economic instability in the jurisdictions where we have operations,
increase in non-performing loans, unanticipated changes in interest rates, foreign exchange rates, equity prices or other rates or prices,
our growth and expansion in business, the adequacy of our allowance for credit losses, the actual growth in demand for banking products
and services, investment income, cash flow projections, our exposure to market risks, changes in India’s sovereign rating, as well
as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. Any forward-looking statements
contained herein are based on assumptions that we believe to be reasonable as of the date of this release. ICICI Bank undertakes no obligation
to update forward-looking statements to reflect events or circumstances after the date thereof. Additional risks that could affect our
future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings
are available at www.sec.gov.
This release
does not constitute an offer of securities.
For further press queries
please email Sujit Ganguli / Kausik Datta at sujit.ganguli@icicibank.com / datta.kausik@icicibank.com
or corporate.communications@icicibank.com
For investor queries
please email Abhinek Bhargava at abhinek.bhargava@icicibank.com or Nitesh
Kalantri nitesh.kalantri@icicibank.com or ir@icicibank.com.
1 crore = 10.0 million
US$ amounts represent convenience
translations at US$1= ₹ 83.21
8
Annexure
A
| · | Mr.
Atul Kumar has completed Bachelor of Science and joined the Bank in December 2000. He is
the Head – Payment Operations Group in the Bank. |
| · | Mr.
Divyesh Shah has completed Post Graduate Diploma in Business Administration and joined the
Bank in February 2003. He is the Head – Operations Innovation, Digitisation, Analytics
and Customer relationship management in the Bank. |
| · | Mr.
Manish Maheshwari is a Chartered Accountant and has joined the Bank in September 2005. He
is the Head – Treasury and securities services group in the Bank. |
| · | Mr.
Pankaj Kohli is a Chartered Accountant and has joined the Bank in December 2015. He is the
Head – Business credit and credit policy – business banking in the Bank. |
| · | Mr.
Pramod Dubey has completed Master in International Business Administration and joined the
Bank in August 2000. He is the Head – Assets & liabilities operations in the Bank. |
| · | Mr.
Rohit Poddar is a Chartered Accountant and has joined the Bank in July 2001. He is the Head
– Retail credit and credit policy – retail banking & Mortgage valuation group
in the Bank. |
| · | Ms.
Shamala Potnis is a Chartered Accountant and has joined the Bank in January 2012. She is
the Head – Central reconciliation in the Bank. |
| · | Ms.
Swanandi Phalnikar has completed Bachelor of Commerce and joined the Bank in July 1999. She
is the Head – Trade finance operations group in the Bank. |
| · | Mr.
Vikas Singhvi has completed Master in Business Administration and joined the Bank in August
1996. He is the Head – Retail remittance & international operations in the Bank. |
ICICI Bank
Limited
ICICI Bank Towers
Bandra-Kurla Complex
Mumbai 400 051, India.
|
Tel.: (91-22)
2653 1414
Fax: (91-22) 2653 1122
Website www.icicibank.com
CIN.: L65190GJ1994PLC021012
|
Regd. Office:
ICICI Bank Tower,
Near Chakli Circle,
Old Padra Road
Vadodara 390007. India
|
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.
| |
|
|
For
ICICI Bank Limited
|
| Date
: |
January 20, 2024 |
|
By: |
/s/
Prachiti Lalingkar
|
| |
|
|
|
Name : |
Prachiti Lalingkar
|
| |
|
|
|
Title : |
Company
Secretary |
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