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 Bank Limited
(Translation of registrant's name into English)
4th floor, South Tower
ICICI Towers,
Bandra-Kurla Complex
Mumbai, India 400 051
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F __
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g 3-2(b) under the Securities
Exchange Act of 1934.
Yes __ No. X
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g 3-2(b).
Not applicable.
<PAGE>
INDEX TO EXHIBITS
Item
1. Press announcement by ICICI Bank Limited.
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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 24, 2000
ICICI Bank Limited
By: /s/ Bhashyam Seshan
--------------------------------
Name: Bhashyam Seshan
Title: Company Secretary
EXHIBIT 99.1
News Release
April 24, 2000
Performance Review for the year ended March 31, 2000
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.
<PAGE>
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 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
<PAGE>
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.
For further queries on results:
Contact :
P. H. Ravikumar - (91)-22-653 8413 or 653 8433
G. Venkatakrishnan - (91)-22-653 8516 or 653 8529
Mohan N. Shenoi - (91)-22-653 8418 or 653 8487
For investor queries, contact :
Bhashyam Seshan
Phone: (91)-22-653 8420 or 653 7460
e-mail: [email protected]
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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.
<PAGE>
AS PER INDIAN ACCOUNTING STANDARDS
Audited financial Results
for the year ended March 31, 2000
<TABLE>
(Rupees in crores)
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Sl. No. Particulars Fourth Quarter ended Year ended
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March 31, March 31, March 31, March 31,
2000 1999 2000 1999
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<S> <C> <C> <C> <C> <C>
1. Interest income 259.79 166.32 852.87 544.05
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2. Other income 89.91 22.36 194.05 89.03
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3. Total income 349.70 188.68 1,046.92 633.08
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4. Interest expenditure 186.17 128.58 666.95 425.51
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5. Other expenditure 57.04 21.84 128.52 65.44
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6. Total expenditure 243.21 150.42 795.47 490.95
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7. Gross Profit before depreciation,
provisions and contingencies 106.49 38.26 251.45 142.13
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8. Depreciation on fixed assets 10.45 4.90 24.79 17.53
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9. Profit before provisions and
contingencies 96.04 33.36 226.66 124.60
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10. Provision for depreciation on
investments 26.26 (10.24) 12.84 (4.84)
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11. Other provisions and contingencies
including taxes 36.84 24.34 108.52 66.08
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12. Profit after tax [9 - (10+11) ] 32.94 19.26 105.30 63.36
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13. Paid up Equity Share Capital 196.82 165.00 196.82 165.00
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14. Reserves (excluding Revaluation
Reserves) 952.69 143.33 952.69 143.33
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15. Total deposits 9,866.02 6,072.94 9,866.02 6,072.94
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16. Total advances (including Credit-
like corporate debt instruments) 5,030.96 3,387.60 5,030.96 3,387.60
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17. Earnings Per Share
(Weighted average - in Rupees) 1.99 1.17 6.38 3.84
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</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
<PAGE>
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.
For and on behalf of the Board of Directors
Place: Mumbai H. N. Sinor
Date: April 24, 2000 Managing Director and
Chief Executive Officer
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ICICI Bank Limited
Registered Office: Landmark, Race Course Circle, Vadodara - 390 007
Corporate Office: ICICI Towers, 4th Floor, South Tower, Bandra-Kurla Complex
Bandra (East), Mumbai 400 051
Web site: http://www.icicibank.com Electronic mail: [email protected]
<PAGE>
AS PER US GAAP
Audited Financial Results under United States Generally Accepted Accounting
Principles for the year ended March 31, 2000
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Fiscal ended
---------------------------------
S1. No. Particluars March 31, 1999 March 31, 2000
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1 Interest revenue 5,390 8,434
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2 Interest expense 4,244 6,656
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3 Net interest revenue 1,146 1,778
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4 Provision for credit losses (540) (427)
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5 Net interest revenue after provision
for credit losses 606 1,351
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6 Fees and commissions 370 607
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7 Treasury revenue including trading
account, securities and foreign
exchange 496 1,152
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8 Non-interest revenue (6+7) 866 1,759
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9 Net revenue (5+8) 1,472 3,110
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10 Salaries and employee benefits 204 316
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11 Premises and equipment expense 232 340
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12 Administration and other expense 363 673
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13 Non-interest expense (10+11+12) 799 1,329
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14 Income before taxes (9-13) 673 1,781
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15 Income tax expense 170 379
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16 Net income 503 1,402
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17 Loans, net 27,597 47,016
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18 Total assets 76,265 130,416
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19 Deposits 60,729 98,660
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20 Total liabilities 73,435 119,029
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21 Stockholders' equity 2,830 11,387
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22 Earnings per share (in rupees)
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Basic 3.05 8.49
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Diluted 3.05 8.49
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