Item 3
ICICI Limited
AUDITED FINANCIAL RESULTS FOR THE HALF-YEAR ENDED SEPTEMBER 2000
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(Rupees in crores)
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Sr. Particulars Half-year ended Three months ended Year ended
No. ----------------------------------------------------------------------------
Sept 30, 2000 Sept 30, 1999 Sept 30, 2000 Sept 30, 1999 Mar. 31, 2000
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<S> <C> <C> <C> <C> <C>
1 Interest Income 570.90 387.58 287.34 188.66 852.87
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2 Other Income 65.35 54.99 34.12 31.71 194.05
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3 Total Income 636.25 442.57 321.46 220.37 1046.92
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4 Interest Expenditure 389.55 316.08 191.36 155.25 666.95
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5 Total Operating Expenditure
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(a) Staff Cost 23.32 13.71 11.29 6.87 36.37
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(b) Depreciation 11.24 9.05 8.57 4.96 24.79
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(c) Other Expenditure 91.73 29.62 51.70 15.39 92.15
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6 Total Expenditure (4) + (5) 515.84 368.46 262.92 182.47 820.26
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7 Gross Profit before tax and provisions 120.41 74.11 58.54 37.90 226.66
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8 Provision for taxes 13.71 12.89 6.05 11.47 33.02
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9 Other provisions 36.50 17.12 22.43 2.58 88.34
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10 Net Profit 70.20 44.10 30.06 23.85 105.30
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11 Paid up Equity Share Capital (face value
of Rs.10/- per equity share) 196.82 165.00 196.82 165.00 196.82
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12 Reserves (excluding Revaluation Reserves) 1022.89 187.43 1022.89 187.43 952.69
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13 Total deposits 9728.27 6579.70 9728.27 6579.70 9866.02
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14 Total advances (including Credit
substitutes) 6324.20 3415.07 6324.20 3415.07 5030.96
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15 Basic and diluted Earnings Per Share For the relevant
(not annualised) half-year For the relevant quarter Weighted avg.
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3.57 2.67 1.53 1.45 6.38
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Notes:
1. Out of amortised ADS issue expenditure, Rs.5.38 crores has been charged off during the half-year.
2. Net non-performing assets to advances (including credit substitutes) is 1.33 % (1.14% as on 31.03.2000)
3. Item 5(c) includes Rent, taxes and lighting Rs.15.00 crores (H1:1999-2000 - Rs.7.87 crores and LY - Rs.18.01
crores). Other items included in 5(c) individually do not exceed 10% of total operating expenditure.
4. Investment portfolio has been categorised into `Held to Maturity', `Available for Sale' and `Trading' as on
September 30, 2000
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<PAGE>
Unaudited financial results under US GAAP accounting
<TABLE>
(Rupees in crores)
-----------------------------------------------------------------------------------------------------------------------------
Sr. Particulars Half-year ended Three months ended Year ended
No. ----------------------------------------------------------------------------
Sept 30, 2000 Sept 30, 1999 Sept 30, 2000 Sept 30, 1999 Mar. 31, 2000
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net income under US GAAP 60.68 62.62 16.08 36.18 140.20
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Reconciliation between US GAAP and Accounting Standards followed in India
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Profit under Indian GAAP 70.20 44.10 30.06 23.85 105.30
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Deferred taxation 18.40 5.12 17.30 4.57 (11.30)
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Loan impairment (6.63) 8.23 (2.67) 4.03 35.80
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Mark to Market impact on investments (28.28) 11.34 (32.17) 7.02 2.10
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ADR Issue expenditure charged to P & L A/c 5.38 -- 2.93 -- 9.90
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Others 1.61 (6.17) 0.63 (3.29) (1.60)
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Profit under US GAAP 60.68 62.62 16.08 36.18 140.20
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The above financial results have been taken on record by the Board of Directors
of the Bank at its meeting held on October 19, 2000.
Place: Mumbai
Date: October 19, 2000
END
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