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 April 2000
ICICI Limited
(Translation of registrant's name into English)
ICICI Towers
Bandra-Kurla Complex
Mumbai, India 400 051
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F __
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g 3-2(b) under the Securities Exchange Act
of 1934.
Yes __ No. X
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g 3-2(b).
Not applicable.
<PAGE>
INDEX TO EXHIBITS
Item
1. Audited results of ICICI Limited for the financial year ended March 31,
2000 as per Indian GAAP
2. Press announcement by ICICI Limited
3. Audited results of ICICI Bank Limited (subsidiary of ICICI Limited) for
the financial year ended March 31, 2000 as per Indian GAAP
4. Audited results of ICICI Bank Limited (subsidiary of ICICI Limited) for
the financial year ended March 31, 2000 as per US GAAP
5. Press announcement by ICICI Bank Limited
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Dated: April 28, 2000
ICICI Ltd.
By: /s/Jyotin Mehta
---------------------------------
Name: Jyotin Mehta
Title: Joint General Manager &
Company Secretary
<TABLE>
Item 1
ICICI Limited
Audited results of ICICI Limited for the financial year ended March 31, 2000 as per Indian GAAP
(Rs. in millions)
- --------------------------------------------------------------------------------------------------------------------
No. Particulars Year Year Quarter Quarter
Ended Ended Ended Ended
31-Mar-2000 31-Mar-99 31-Mar-2000 31-Mar-99
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(1) Net Operating Income:
(i) Income from Operations 81,114.8 72,299.7 21,305.5 19,699.4
(ii) Profit on Sale of Investments 2,934.3 444.2 1,129.7 69.2
-------------------------------------------------------
84,049.1 72,743.9 22,435.2 19,768.6
-------------------------------------------------------
Less:
(i) Interest and other Operating Expenses 60,055.6 52,798.9 15,265.8 14,249.2
(ii) Depreciation on assets given on lease 3,669.2 3,582.2 867.6 852.9
(iii) Bad and Doubtful Debts 3,725.1 2,321.1 851.4 587.5
(iv) General Provision against Sub-standard assets 792.4 1,314.4 471.8 637.8
-------------------------------------------------------
68,242.3 60,016.6 17,456.6 16,327.4
-------------------------------------------------------
15,806.8 12,727.3 4,978.6 3,441.2
-------------------------------------------------------
(2) Other Income 544.8 474.7 188.2 272.5
(3) Expenditure:
(i) Depreciation (other than on assets
Given on lease) (Note 2) 314.7 276.2 100.4 112.5
(ii) Other Expenses 2,659.4 1,967.4 734.9 574.3
-------------------------------------------------------
13,377.5 10,958.4 4,331.5 3,026.9
(4) Provision against Standard Assets (Note 1) 100.0 1,100.0 50.0 1,100.0
Provision against Bad & Doubtful Debts & Others - 397.8 - 397.8
-------------------------------------------------------
100.0 1,497.8 50.0 1,497.8
Less:
Appropriated from Capital Reserve - 290.0 - 290.0
Special Reserve created under Section
36(1)(viii) of the Income-tax Act, 1961 - 1,207.8 - 1,207.8
-------------------------------------------------------
- 1,497.8 - 1,497.8
-------------------------------------------------------
100.0 - 50.0 -
-------------------------------------------------------
(5) Profit before Taxation 13,277.5 10,958.4 4,281.5 3,026.9
(6) Provision for Taxation 1,220.0 950.0 335.0 225
- --------------------------------------------------------------------------------------------------------------------
(7) Profit after Taxation 12,057.5 10,008.4 3,946.5 2,801.9
- --------------------------------------------------------------------------------------------------------------------
(8) SEBI Adjustments relating to change in Accounting
policies for corresponding Previous periods (Note 3) - 136.2 - 60
- --------------------------------------------------------------------------------------------------------------------
(9) Adjusted Profit after Taxation 12,057.5 10,144.6 3,946.5 2,861.9
- --------------------------------------------------------------------------------------------------------------------
(10) Profit after Taxation reported earlier 12,057.5 10,008.4 3,946.5 2,801.9
(11) Adjustments relating to earlier
Years/change in Accounting policies 405.4 558.6 (9.4) (15.1)
(12) Taxation of earlier years 36.7 271.9 36.7 211.2
(13) Balance brought from previous year 681.9 531.5 - -
-------------------------------------------------------
(14) Disposable Profit 13,181.5 11,370.4 3,973.8 2,998.0
-------------------------------------------------------
(15) Appropriation of Profit and Reserves
(a) Special Reserve - in terms of Section
36(1)(viii) of the Income-tax Act, 1961
written back on completion of assessments (3,102.7) -
(b) Investment allowance Reserve written back (16.6) -
(c) Capital Reserve 2,934.3 444.3
(d) Capital Redemption Reserve 750.0 160.0
(e) Special Reserve in terms of Section
36(1)(viii) of the Income-tax Act, 1961 3,200.0 3,400.0
(f) Deferred Tax Credit Reserve 1,200.0 800.0
(g) General Reserve 2,250.0 2,250.0
(h) Dividend (including corporate dividend-tax)
- Equity Shares (Interim) 3,182.8 -
- Equity Shares 777.3 2,931.0
- Preference Shares 1,088.8 703.2
(16) Balance Carried to Balance Sheet 917.6 681.9
- --------------------------------------------------------------------------------------------------------------------
16,300.8 11,370.4 3,973.8 2,998.0
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
- --------------------------------------------------------------------------------------------------------------------
No. Particulars Year Year Quarter Quarter
Ended Ended Ended Ended
31-Mar-2000 31-Mar-99 31-Mar-2000 31-Mar-99
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(17) Dividend (in Rs.)
(a) per ordinary share; 5.5* 5.5 - -
(b) per right share, if any - - - -
(c) per bonus share, if any - - - -
(d) per share arising out on conversion
of debentures into ordinary share; - _ - -
(e) per preference share $ - - - -
(18) Share Capital
(a) Paid-up equity capital 7,830.6 4,800.9 7,830.6 4,800.9
(b) Paid-up Preference Shares 13,076.6 13,826.6 13,076.6 13,826.6
(19) Reserve except Revaluation Reserve @ 72,394.7 46,550.9 7,2394.7 46,550.9
- --------------------------------------------------------------------------------------------------------------------
*Includes interim dividend of Rs. 4.5 per equity share.
$ Dividend at the rate of Rs. 100 per share on Preference shares of Rs. 1 crore each and
at rates ranging between Rs. 0.925 to Rs. 1.325 per share on various series of
preference shares of Rs. 10 each. The total dividend paid for the above state periods
in mentioned under para 17 of this report
@ No Revaluation Reserve created
</TABLE>
Notes
1. Incremental Provision of Rs.100 million against Standard Assets for the
year ended March 31, 2000 has been charged to Revenue Account. During
the year ended March 31, 1999 such provision of Rs.110.0 million, being
the cumulative provision against standard assets as on March 31, 1999
made for the first time, had been appropriated out of Special Reserve.
2. (a) The company has changed the method of providing for depreciation on
fixed assets other than assets given on lease from written down value
method to straight line method at the rates prescribed in Schedule XIV
to the Companies Act, 1956. Consequently, for the year ended March 31,
2000 depreciation is lower and profit after tax is higher by Rs.226.4
million. Depreciation rendered excess in earlier years Rs.390 million
has been written-back. Accordingly, surplus carried to Balance sheet is
higher by Rs.616.4 million.
(b) The company has capitalised software expenses as against the earlier
policy of treating it as deferred revenue expenditure and amortizing it
over the period(s) during which the benefits are expected to accrue.
Consequently profit after tax for the year is higher by Rs.22.3 million.
Amount written-off in the earlier years Rs.15.4 million (net of
income-tax Rs.1.8 million) has been written-back. Accordingly, surplus
carried to Balance sheet is higher by Rs.37.7 million.
3. Adjustments as required by SEBI guidelines to recast the results of the
corresponding previous periods as per the present accounting policies as
stated in Note 2 above.
4. The above results were taken on record by the Board of Directors of the
Company at its meeting held on April 28, 2000.
April 28, 2000
END
Item 2
ICICI Limited
PERFORMANCE REVIEW - FY1999-2000
The Board of Directors of ICICI at its meeting held in Mumbai today, approved
the audited accounts of ICICI (NYSE: IC and IC.d) for the financial year ended
March 31, 2000 ("FY1999-2000").
Results - Indian GAAP : 41% increase in Q4 Profit after Tax
Profit after tax for Q4:99-2000 increased 41% to Rs. 3.95 billion compared to
Rs. 2.80 billion in the corresponding quarter of the previous year. During
FY1999-2000, profit before tax and provisions increased 28% to Rs. 20.18
billion from Rs. 15.74 billion in the previous year. Notwithstanding the
enhanced provisions and write-offs of Rs. 6.90 billion (Rs. 4.78 billion in the
previous year), profit after tax amounted to Rs. 12.06 billion in FY1999-2000.
This represented an increase of 21% over the corresponding figure of Rs. 10.01
billion in the previous year.
The Directors have proposed a dividend rate of 55% (Rs. 5.50 per share of Rs.
10/- each) for FY1999-2000 including the interim dividend of 45% declared on
March 17, 2000. The summary of the financial statements as per Indian GAAP at
March 31, 2000 is enclosed.
Results - US GAAP : 30% increase in Q4 Net Income
The Board of Directors of ICICI also considered the consolidated US GAAP
financial statements of ICICI for the financial year ended March 31, 2000.
Net income as per US GAAP for Q4:99-2000 increased 30% to Rs. 2.39 billion (US$
55 million) compared to Rs. 1.84 billion (US$ 42 million) in the corresponding
quarter of the previous year. Net income as per US GAAP for the year ended
March 31, 2000 increased 26% to Rs. 9.08 billion (US$ 207 million) from Rs.
7.23 billion (US$ 166 million) in the previous year. Net income for the year
ended March 31, 2000 includes a non-recurring expense of Rs. 0.27 billion (US$
6 million) on account of the Voluntary Retirement Scheme. Net income for these
periods excludes extraordinary income and cumulative effect of change in
accounting policy. Stockholders' equity as per US GAAP increased 94% during the
year to Rs. 70.91 billion (US$ 1.6 billion) at March 31, 2000.
Business Operations : Loan approvals up 37%
During the year ended March 31, 2000, ICICI's approvals increased 37% to Rs.
444.79 billion compared to Rs. 323.71 billion in the previous year. During the
same period, ICICI's disbursements increased 34% to Rs. 258.36 billion compared
to Rs. 192.25 billion in the previous year.
ICICI launched a number of pioneering financial products including intangible
asset financing in the form of `brand financing' and floating rate leases.
ICICI's customized approach to specific client requirements has helped it to
forge relationships with several leading PSU and multinational clients. While
the infrastructure and oil & gas sectors aggregated 42% and 36% of approvals
and disbursements respectively, non-project corporate finance assistance
accounted for 41% and 47% of approvals and disbursements respectively.
Asset Quality : Decline in net NPA ratio to 7.6% at March 31, 2000 from 8.1% at
March 31, 1999
ICICI's net NPA ratio as per Indian GAAP declined to 7.6% at March 31, 2000
from 8.1% at March 31, 1999. Net NPA ratio as per US GAAP was 6.2% at March 31,
2000, down from 6.3% at March 31, 1999. During the year, Indian industry
witnessed a recovery from the cyclical downturn of the previous two years and
several key sectors of the economy were able to achieve significant growth.
ICICI continued to focus on its initiatives in respect of recovery and
settlements of problem cases. During the year under review, ICICI settled dues
aggregating Rs. 5.15 from 112 cases (Rs. 3.80
<PAGE>
billion from 100 cases in previous year). The present value of principal dues
settled was about 76% during this period.
e-Commerce initiatives
ICICI's e-commerce focus revolves around web-enabling existing businesses,
entering non-traditional high-growth businesses and investing in dot.com
companies. ICICI has launched ICICIDirect.com, India's leading stock trading
service, with over 20,000 registrations, which offers customers a single-click,
hassle free investment experience by seamlessly integrating the customer's
brokerage account, savings account and depository account. ICICI has also
launched a pioneering closed loop, Internet-based supply chain management
solution, which links corporate clients with their vendors and suppliers, and
is developing an open payment gateway.
Retail Business : Impressive market share gains
The year under review was marked by ICICI consolidating its presence in retail
asset businesses with market share gains in home loans, auto loans and consumer
durable loans. Home loans were made available at 13 geographically diverse
locations, auto loans in 19 locations and consumer-durable loans at 24
locations. ICICI expanded its retail offering through the launch of additional
retail asset products including dealer financing and commercial vehicle loans.
Further, ICICI also opened four state-of-the-art Call Centers during the year
and 75 ICICI Centres (thin physical distribution points) to complement ICICI's
electronic distribution channels.
Resources
During the year under review, ICICI mobilised rupee resources of about Rs.
158.72 billion. Of this about Rs. 25.75 billion was raised through seven public
issues of bonds to about 1 million retail investors.
Equity Issue
ICICI successfully completed a three-tier equity offering amounting to about
US$ 500 million in September 1999. ICICI became the first Indian company to be
listed on the New York Stock Exchange with its US$ 315 American Depositary
Shares offering. Equity shares outstanding increased 64% to 785 million at
March 31, 2000 from 480 million at March 31, 1999.
Capital Adequacy
Total capital adequacy ratio, as per Indian GAAP, increased to 17.1% at March
31, 2000 compared to 12.5% at March 31, 1999. Tier-1 capital adequacy ratio
increased to 11.4% from 8.3% at March 31, 1999.
Performance of Subsidiaries
ICICI Bank's net profit in FY1999-2000 increased 66% to Rs. 1.05 billion from
Rs. 0.63 billion in the previous year. Profit after tax of ICICI Securities in
FY1999-2000 increased 263% to Rs. 0.72 billion from Rs. 0.20 billion in the
previous year. Profit after tax of ICICI Infotech in FY1999-2000 increased 249%
to Rs. 0.11 billion from Rs. 0.03 billion in the previous year. ICICI Venture
registered more than 500% rise in profits in FY1999-2000 to Rs. 0.38 billion
from Rs. 0.06 billion in the previous year.
<PAGE>
Summary Profit and Loss Statement (Indian GAAP)
<TABLE>
Rs. crore
---------------------------------------------------------------------------------------------
Q4: Q4: Growth Growth
1998-99 1999-00 % FY 1999 FY 2000 %
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Fund based income 1,888 2,242 18.7 7,033 8,308 18.1
---------------------------------------------------------------------------------------------
Less: Interest and
depreciation charges 1,510 1,613 6.8 5,638 6,372 13.0
---------------------------------------------------------------------------------------------
Net fund based income 378 629 66.3 1,395 1,936 38.8
---------------------------------------------------------------------------------------------
Add: Fees and commissions 136 119 (12.6) 311 324 4.1
---------------------------------------------------------------------------------------------
Net income from operations 514 748 45.4 1,706 2,260 32.4
---------------------------------------------------------------------------------------------
Less: Operating expenses 69 84 21.6 224 297 32.6
---------------------------------------------------------------------------------------------
Profit from operations 446 664 49.0 1,482 1,963 32.4
---------------------------------------------------------------------------------------------
Add: Other income 34 19 (44.4) 92 55 (40.1)
---------------------------------------------------------------------------------------------
Profit before provisions
and tax 479 683 42.4 1,574 2,018 28.2
---------------------------------------------------------------------------------------------
Less: Provisions and
write-offs 176 255 44.1 478 690 44.2
---------------------------------------------------------------------------------------------
- For loans & debentures 122 138 12.1 364 462 27.0
---------------------------------------------------------------------------------------------
- For investments 54 117 116.7 114 228 98.8
---------------------------------------------------------------------------------------------
Profit before tax 303 428 41.4 1,096 1,328 21.2
---------------------------------------------------------------------------------------------
Less: Provision for tax 23 33 48.9 95 122 28.4
---------------------------------------------------------------------------------------------
Profit after tax (1) 280 395 40.9 1,001 1,206 20.5
---------------------------------------------------------------------------------------------
(1) Including extraordinary gain of Rs. 19 crore from sale of real estate in FY2000.
Summary Balance Sheet (Indian GAAP)
Rs. crore
------------------------------------------------------------------------
Mar 31, 1999 Mar 31, 2000 Growth %
------------------------------------------------------------------------
Net loans and debentures 42,211 48,299 14.4
------------------------------------------------------------------------
Other Investments 2,598 3,075 18.4
------------------------------------------------------------------------
Current assets 9,685 9,171 (5.3)
------------------------------------------------------------------------
Fixed assets 3,734 4,499 20.5
------------------------------------------------------------------------
Miscellaneous expenditure 319 346 8.2
------------------------------------------------------------------------
Total assets 58,547 65,390 11.7
------------------------------------------------------------------------
Shareholders' equity and reserves 5,135 8,023 56.2
------------------------------------------------------------------------
Of which : Equity capital 480 783 63.1
------------------------------------------------------------------------
Preference capital 1,383 1,308 (5.4)
------------------------------------------------------------------------
Borrowings 47,659 50,881 6.8
------------------------------------------------------------------------
Current liabilities 4,370 5,178 18.5
------------------------------------------------------------------------
Total liabilities 58,547 65,390 11.7
------------------------------------------------------------------------
</TABLE>
<PAGE>
Except for the historical information contained herein, statements in this
release which contain words or phrases such as "will", "aim", "will likely
result", "believe", "expect", "will continue", "anticipate", "estimate",
"intend", "plan", "contemplate", "seek to", "future", "objective", "goal",
"project", "should", "will pursue" and similar expressions or variations of
such expressions may constitute "forward-looking statements". These
forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those
suggested by the forward-looking statements. These risks and uncertainties
include, but are not limited to our ability to successfully implement our
strategy, future levels of non-performing loans, our growth and expansion, the
adequacy of our allowance for credit losses, technological changes, investment
income, cash flow projections, our exposure to market risks as well as other
risks detailed in the reports filed by ICICI Limited with the Securities and
Exchange Commission of the United States. ICICI undertakes no obligation to
update forward-looking statements to reflect events or circumstances after the
date thereof.
For further investor queries:
Contact: A.P Singh at 91-22-653 6262 or email at [email protected]
April 28, 2000
END
Item 3
ICICI Limited
Audited results of ICICI Bank Limited (subsidiary of ICICI Limited) for the
financial year ended March 31 2000 as per Indian GAAP.
<TABLE>
(Rupees in crores)
- ----------------------------------------------------------------------------------------------------------------------
Sl. No. Particulars Fourth Quarter ended Year ended
- ----------------------------------------------------------------------------------------------------------------------
March 31, 2000 March 31, 1999 March 31, 2000 March 31, 1999
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1. Interest income 259.79 166.32 852.87 544.05
- ----------------------------------------------------------------------------------------------------------------------
2. Other income 89.91 22.36 194.05 89.03
- ----------------------------------------------------------------------------------------------------------------------
3. Total income 349.70 188.68 1,046.92 633.08
- ----------------------------------------------------------------------------------------------------------------------
4. Interest expenditure 186.17 128.58 666.95 425.51
- ----------------------------------------------------------------------------------------------------------------------
5. Other expenditure 57.04 21.84 128.52 65.44
- ----------------------------------------------------------------------------------------------------------------------
6. Total expenditure 243.21 150.42 795.47 490.95
- ----------------------------------------------------------------------------------------------------------------------
7. Gross Profit before depreciation,
provisions and contingencies 106.49 38.26 251.45 142.13
- ----------------------------------------------------------------------------------------------------------------------
8. Depreciation on fixed assets 10.45 4.90 24.79 17.53
- ----------------------------------------------------------------------------------------------------------------------
9. Profit before provisions and contingencies 96.04 33.36 226.66 124.60
- ----------------------------------------------------------------------------------------------------------------------
10. Provision for depreciation on investments 26.26 (10.24) 12.84 (4.84)
- ----------------------------------------------------------------------------------------------------------------------
11. Other provisions and contingencies
including taxes 36.84 24.34 108.52 66.08
- ----------------------------------------------------------------------------------------------------------------------
12. Profit after tax [9 - (10+11) ] 32.94 19.26 105.30 63.36
- ----------------------------------------------------------------------------------------------------------------------
13. Paid up Equity Share Capital 196.82 165.00 196.82 165.00
- ----------------------------------------------------------------------------------------------------------------------
14. Reserves (excluding Revaluation Reserves) 952.69 143.33 952.69 143.33
- ----------------------------------------------------------------------------------------------------------------------
15. Total deposits 9,866.02 6,072.94 9,866.02 6,072.94
- ----------------------------------------------------------------------------------------------------------------------
16. Total advances (including Credit-like
corporate debt instruments) 5,030.96 3,387.60 5,030.96 3,387.60
- ----------------------------------------------------------------------------------------------------------------------
17. Earnings Per Share (Weighted average - in
Rupees) 1.99 1.17 6.38 3.84
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
1. The Board of Directors have recommended a dividend of Rs. 1.50 per equity
share on 16,50,00,700 equity shares of the face value of Rs. 10/- each (15
per cent) for the year ended March 31, 2000.
2. Pursuant to the international offering of 1,59,09,090 American Depository
Shares (ADS) at USD 11 per ADS with underlying 2 equity shares, the Bank
has allotted 3,18,18,180 shares of Rs. 10/- each on March 31, 2000.
Consequently, capital adequacy ratio as on March 31, 2000 has improved to
19.64 per cent (11.06 per cent as on March 31, 1999). The additional
equity shares represented by ADSs are pari passu with the existing equity
shares save and except that they would be entitled to full dividends for
fiscal 2001 onwards and would not be entitled for any dividend for the
current financial year ended March 31, 2000.
3. The Bank has amortised ADS issue expenditure over three years and
accordingly included Rs. 9.90 crores towards issue expenditure in
1999-2000.
4. Net Non Performing Assets (NPAs) on advances (including credit like
corporate debt instruments) is 1.14 per cent (1.80 per cent as on March
31, 1999).
5. The Bank did not face any Year 2000 related problem during the switch over
to January 1, 2000 or thereafter.
6. The above financial results have been taken on record by the Board of
Directors of the Bank at its meeting held on April 24, 2000.
April 24, 2000
END
Item 4
ICICI Limited
Audited results of ICICI Bank Limited (subsidiary of ICICI Limited) for the
financial year ended March 31 2000 as per US GAAP.
<TABLE>
- -------------------------------------------------------------------------------------------------
Sl.No. Particulars Fiscal ended
-------------------------------
March 31, 1999 March 31, 2000
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1 Interest revenue 5,390 8,434
- -------------------------------------------------------------------------------------------------
2 Interest expense 4,244 6,656
- -------------------------------------------------------------------------------------------------
3 Net interest revenue 1,146 1,778
- -------------------------------------------------------------------------------------------------
4 Provision for credit losses (540) (427)
- -------------------------------------------------------------------------------------------------
5 Net interest revenue after provision for credit losses 606 1,351
- -------------------------------------------------------------------------------------------------
6 Fees and commissions 370 607
- -------------------------------------------------------------------------------------------------
7 Treasury revenue including trading account, securities
and foreign exchange 496 1,152
- -------------------------------------------------------------------------------------------------
8 Non-interest revenue (6+7) 866 1,759
- -------------------------------------------------------------------------------------------------
9 Net revenue (5+8) 1,472 3,110
- -------------------------------------------------------------------------------------------------
10 Salaries and employee benefits 204 316
- -------------------------------------------------------------------------------------------------
11 Premises and equipment expense 232 340
- -------------------------------------------------------------------------------------------------
12 Administration and other expense 363 673
- -------------------------------------------------------------------------------------------------
13 Non-interest expense (10+11+12) 799 1,329
- -------------------------------------------------------------------------------------------------
14 Income before taxes (9-13) 673 1,781
- -------------------------------------------------------------------------------------------------
15 Income tax expense 170 379
- -------------------------------------------------------------------------------------------------
16 Net income 503 1,402
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
17 Loans, net 27,597 47,016
- -------------------------------------------------------------------------------------------------
18 Total assets 76,265 130,416
- -------------------------------------------------------------------------------------------------
19 Deposits 60,729 98,660
- -------------------------------------------------------------------------------------------------
20 Total liabilities 73,435 119,029
- -------------------------------------------------------------------------------------------------
21 Stockholders' equity 2,830 11,387
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
22 Earnings per share (in rupees)
- -------------------------------------------------------------------------------------------------
Basic 3.05 8.49
- -------------------------------------------------------------------------------------------------
Diluted 3.05 8.49
- -------------------------------------------------------------------------------------------------
</TABLE>
April 24, 2000
END
Item 5
ICICI Limited
Performance Review - financial year ended March 31, 2000 of ICICI Bank Limited
(subsidiary of ICICI Limited)
The Board of Directors of ICICI Bank Limited (NYSE: IBN), a subsidiary of ICICI
Limited (NYSE: IC and IC.d), met in Mumbai, India, on April 24, 2000 to adopt
the audited financial results for the year ended March 31, 2000.
Results under Indian GAAP
For the year ended March 31, 2000, the Net Profit of the Bank increased by 66
per cent to Rs. 105.30 crores as compared to Rs. 63.36 crores during the
previous year. Net interest income increased by 57 per cent to Rs. 185.92
crores (previous year Rs. 118.54 crores). Interest income increased by 57 per
cent to Rs. 852.87 crores (previous year Rs. 544.05 crores) and interest
expenditure by 57 per cent to Rs. 666.95 crores (previous year Rs. 425.51
crores). Other income also recorded a robust growth and increased by 118 per
cent to Rs. 194.05 crores (previous year Rs. 89.03 crores). As a result
operating profit increased by 77 per cent to Rs. 251.45 crores from Rs. 142.13
crores.
Results under US GAAP
The Board of Directors also took on record the Bank's audited financials
prepared under the United States Generally Accepted Accounting Principles (US
GAAP) for the year ended March 31, 2000. The net income for the year increased
by 179 per cent to Rs. 1402 million from Rs. 503 million. The net interest
income after provision for credit losses for the year increased by 123 per cent
to Rs. 1,351 million from Rs. 606 million the previous year. The stockholders'
equity at March 31, 2000 was Rs. 11,387 million.
Significant growth in customer accounts and 27 times growth in Internet banking
accounts
During the year, the total number of accounts of the Bank more than doubled to
about 6,50,000. The number of savings accounts increased by 168 per cent from
1,09,000 to 2,92,000. The number of NRI accounts increased by 118 per cent from
10,800 to 23,500. The number of Internet Banking customers increased from 4,000
to 1,10,000, registering a 27 times growth.
Growth in Deposits reaffirm status as largest new private sector bank
There was a significant increase in the Bank's Balance Sheet size. Deposits
rose by 62 per cent from Rs. 6,072.94 crores at March 31, 1999 to Rs. 9,866.02
crores at March 31, 2000, reaffirming the Bank's status as the largest new
private sector bank in terms of deposits. The Bank's share in incremental
deposits in the banking system in the year ended March 31, 2000 was 2.72 per
cent. Total advances (including credit substitutes) recorded a substantial
increase of 49 per cent from Rs. 3,387.60 crores to Rs. 5,030.96 crores.
Reduction in NPA Ratio
The Bank has provided for depreciation on investments, and provision for bad
debts and standard assets as per the guidelines of the Reserve Bank of India.
The net non-performing assets (including credit substitutes) have reduced from
1.80 per cent as at March 31,1999 to 1.14 per cent as at March 31, 2000.
First Indian Commercial bank to list on NYSE
During the year, the Bank strengthened its capital base through an issue of
American Depositary Shares (ADS) to raise USD 175 million from the
international capital markets. The ADSs were listed
<PAGE>
on the New York Stock Exchange (NYSE) on March 28, 2000. The Bank became the
first commercial bank in India and the second in Asia to list on the NYSE. The
entire issue took just 64 days from start to completion. Following the equity
infusion, the Bank's capital adequacy ratio stood at a healthy 19.64 per cent
at March 31, 2000 as against 9 per cent mandated by the Reserve Bank of India.
Technology driven distribution and product strategy
ICICI Bank has actively pursued a `click and brick' distribution strategy, with
products offered through an optimum mix of physical branches and electronic
delivery channels, to maximize customer reach and convenience. Having pioneered
Internet banking the Bank has consistently upgraded its offerings to offer
utility bill payments, funds transfer (own and third party) etc. ICICI Bank
also became the first bank in India to offer online account opening facility
for NRIs and a web based easy remittance product `Money2India'. The Bank
launched India's first web-enabled credit card in association with VISA
International. Credit cardholders can access any ICICI Bank credit card related
information with the option to actually carry out certain transactions on their
cards through the Internet. The Bank has enhanced its Utility Bills payment
product to provide electronic bills presentment and payment facility to its
customers. Other initiatives include student accounts, Business-to-Business and
Business-to-Consumer payments.
During the year the Bank significantly expanded its distribution network by
opening 26 branches and 7 extension counters and installing 68 work-site and
off-site ATMs. As on March 31, 2000, the Bank's physical network consisted of
81 branches and 16 extension counters. The Bank presently has 175 ATMs - the
largest network of ATMs in the country, spread across 47 centres in 17 States
and Union Territories. This effective physical distribution network is
complemented by technology driven delivery channels which includes call
centres, mobile phone banking and internet banking.
The Bank did not face any Y2K problem during the transition to January 1, 2000.
The Board has recommended 15 per cent dividend for the year ended March 31,
2000 on 16,50,00,700 equity shares. Holders of 1,59,09,090 American Depositary
Shares represented by 3,18,18,180 equity shares allotted on March 31, 2000 are
not entitled to dividend, if any to be declared for 1999-2000, as per the terms
of the issue prospectus dated March 28, 2000. An Annual General Meeting of the
shareholders is scheduled on Monday, May 29, 2000 at Vadodara, India at 3.00
p.m. for adoption of accounts and declaration of dividend as above.
The summary of the accounts as at March 31, 2000 both under Indian Accounting
Standards and US GAAP is enclosed.
<PAGE>
Except for the historical information contained herein, statements in this
Release which contain words or phrases such as 'will', 'would', 'aim', 'will
likely result', 'believe', 'expected', 'will continue', 'anticipate',
'estimate', 'enable', 'enabling', 'intend', 'plan', 'contemplate', 'seek to',
'future', 'objective', 'goal', 'project', 'should', 'will pursue' and similar
expressions or variations of such expressions may constitute 'forward-looking
statements'. These forward-looking statements involve a number of risks,
uncertainties and other factors that could cause actual results to differ
materially from those suggested by the forward-looking statements. These risks
and uncertainties include, but are not limited to our and ICICI's Group's
ability to obtain statutory and regulatory approvals and to successfully
implement our strategy, future levels of non-performing loans, our growth and
expansion in business, the adequacy of our allowance for credit losses,
technological implementation and changes, the actual growth in demand for
banking products and services, investment income, cash flow projections, our
exposure to market risks as well as other risks detailed in the reports filed
by us and the ICICI Limited (promoter and holding company of the Bank) with the
Securities and Exchange Commission of the United States of America. The Bank
and ICICI undertake no obligation to update forward-looking statements to
reflect events or circumstances after the date thereof.
April 24, 2000
For further investor queries:
Contact: Bhashyam Seshan at 91-22-653 8420 or email at [email protected]
END
