FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of January, 2020
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.
Indicate by
check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by
check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7):
Indicate by
check mark whether by furnishing the information
contained in this Form, the Registrant is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934:
If “Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g 3-2(b): Not Applicable
Table of Contents
|
Item
|
|
|
|
|
|
1.
|
Unaudited Financial Results
(Standalone and Consolidated) for the quarter and nine –months ended December 31, 2019
|
|
2
|
Limited review reports
|
|
3
|
Press Release dated January 25, 2020
|
Item 1
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: 022-26531230,
Email: investor@icicibank.com
Website: www.icicibank.com
STANDALONE FINANCIAL RESULTS
|
|
|
(Rs. in crore)
|
|
Sr.
no.
Particulars
|
Three
months ended
|
Nine
months ended
|
Year
ended
|
|
|
December
31, 2019
(Q3-2020)
|
September
30, 2019
(Q2-2020)
|
December
31, 2018
(Q3-2019)
|
December
31, 2019
(9M-2020)
|
December
31, 2018
(9M-2019)
|
March
31, 2019
(FY2019)
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
(Unaudited)
|
(Audited)
|
(Audited)
|
|
1. Interest earned (a)+(b)+(c)+(d)
|
19,064.28
|
18,565.30
|
16,280.40
|
55,609.64
|
46,108.39
|
63,401.19
|
|
a) Interest/discount on advances/bills
|
14,795.57
|
14,304.00
|
12,523.87
|
42,715.99
|
35,017.42
|
47,942.62
|
|
b) Income on investments
|
3,678.93
|
3,725.89
|
3,236.84
|
11,050.26
|
9,458.91
|
12,796.88
|
c) Interest on balances with Reserve Bank of India and other inter-
bank funds
|
184.24
|
136.22
|
134.80
|
467.94
|
508.82
|
736.09
|
|
d) Others
|
405.54
|
399.19
|
384.89
|
1,375.45
|
1,123.24
|
1,925.60
|
|
2. Other income (refer note no. 5)
|
4,573.98
|
4,194.22
|
3,882.85
|
12,193.64
|
10,891.15
|
14,512.17
|
|
3. TOTAL INCOME (1)+(2)
|
23,638.26
|
22,759.52
|
20,163.25
|
67,803.28
|
56,999.54
|
77,913.36
|
|
4. Interest expended
|
10,518.96
|
10,507.87
|
9,405.15
|
31,269.46
|
26,713.66
|
36,386.40
|
|
5. Operating expenses (e)+(f)
|
5,570.67
|
5,377.55
|
4,611.68
|
15,822.63
|
13,081.37
|
18,089.06
|
|
e) Employee cost
|
1,942.11
|
2,141.32
|
1,734.00
|
6,036.73
|
4,909.25
|
6,808.24
|
|
f) Other operating expenses
|
3,628.56
|
3,236.23
|
2,877.68
|
9,785.90
|
8,172.12
|
11,280.82
|
|
6. TOTAL EXPENDITURE (4)+(5)
|
|
|
|
|
|
|
|
(excluding provisions and contingencies)
|
16,089.63
|
15,885.42
|
14,016.83
|
47,092.09
|
39,795.03
|
54,475.46
|
|
7. OPERATING PROFIT (3)–(6)
|
|
|
|
|
|
|
|
(Profit before provisions and contingencies)
|
7,548.63
|
6,874.10
|
6,146.42
|
20,711.19
|
17,204.51
|
23,437.90
|
|
8. Provisions (other than tax) and contingencies
|
2,083.20
|
2,506.87
|
4,244.15
|
8,085.80
|
14,209.73
|
19,661.14
|
|
9. PROFIT/(LOSS)
FROM ORDINARY ACTIVITIES BEFORE
EXCEPTIONAL ITEMS AND TAX
(7)–(8)
|
5,465.43
|
4,367.23
|
1,902.27
|
12,625.39
|
2,994.78
|
3,776.76
|
|
10. Exceptional items
|
−
|
−
|
−
|
−
|
−
|
−
|
|
11. PROFIT/(LOSS)
FROM ORDINARY ACTIVITIES BEFORE TAX
(9)–(10)
|
5,465.43
|
4,367.23
|
1,902.27
|
12,625.39
|
2,994.78
|
3,776.76
|
|
12. Tax expense (g)+(h)
|
1,318.97
|
3,712.27
|
297.36
|
5,915.94
|
600.54
|
413.46
|
|
g) Current period tax
|
1,514.60
|
691.60
|
2,170.46
|
2,941.27
|
2,452.85
|
3,360.60
|
|
h) Deferred tax adjustment (refer note no. 4)
|
(195.63)
|
3,020.67
|
(1,873.10)
|
2,974.67
|
(1,852.31)
|
(2,947.14)
|
|
13. NET
PROFIT/(LOSS) FROM ORDINARY ACTIVITIES AFTER TAX
(11)–(12)
|
4,146.46
|
654.96
|
1,604.91
|
6,709.45
|
2,394.24
|
3,363.30
|
|
14. Extraordinary items (net of tax expense)
|
−
|
−
|
−
|
−
|
−
|
−
|
|
15. NET PROFIT/(LOSS)
FOR THE PERIOD
(13)– (14)
|
4,146.46
|
654.96
|
1,604.91
|
6,709.45
|
2,394.24
|
3,363.30
|
|
16. Paid-up equity share capital (face value Rs. 2 each)
|
1,294.08
|
1,292.15
|
1,288.38
|
1,294.08
|
1,288.38
|
1,289.46
|
|
17. Reserves excluding revaluation reserves
|
110,659.00
|
106,269.32
|
102,873.78
|
110,659.00
|
102,873.78
|
104,029.40
|
|
18. Analytical ratios
|
|
|
|
|
|
|
|
i) Percentage of shares held by Government of India
|
0.31%
|
0.30%
|
0.23%
|
0.31%
|
0.23%
|
0.25%
|
|
ii) Capital adequacy ratio (Basel III)
|
16.50%
|
16.14%
|
17.15%
|
16.50%
|
17.15%
|
16.89%
|
|
iii) Earnings per share (EPS)
|
|
|
|
|
|
|
|
a) Basic EPS before and after extraordinary items, net of tax expense (not annualised) (in Rs.)
|
6.41
|
1.01
|
2.49
|
10.39
|
3.72
|
5.23
|
|
b) Diluted EPS before and after extraordinary items, net of tax expense (not annualised) (in Rs.)
|
6.30
|
1.00
|
2.46
|
10.23
|
3.68
|
5.17
|
|
19. NPA Ratio(1)
|
|
|
|
|
|
|
|
i) Gross non-performing customer assets (net of write-off)
|
43,453.86
|
45,638.79
|
51,591.47
|
43,453.86
|
51,591.47
|
46,291.63
|
|
ii) Net non-performing customer assets
|
10,388.50
|
10,916.40
|
16,252.44
|
10,388.50
|
16,252.44
|
13,577.43
|
|
iii) % of gross non-performing customer assets (net of write-off) to gross customer assets
|
5.95%
|
6.37%
|
7.75%
|
5.95%
|
7.75%
|
6.70%
|
|
iv) % of net non-performing customer assets to net customer assets
|
1.49%
|
1.60%
|
2.58%
|
1.49%
|
2.58%
|
2.06%
|
|
20. Return on assets (annualised)
|
1.68%
|
0.27%
|
0.73%
|
0.93%
|
0.37%
|
0.39%
|
|
|
1.
|
At December 31, 2019, the percentage of gross non-performing advances (net of write-off) to gross advances was 6.39% (September
30, 2019: 6.90%, March 31, 2019: 7.38%, December 31, 2018: 8.54%) and net non-performing advances to net advances was 1.60% (September
30, 2019: 1.74%, March 31, 2019: 2.29%, December 31, 2018: 2.87%).
|
SUMMARISED STANDALONE BALANCE SHEET
|
|
(Rs. in crore)
|
|
Particulars
|
At
|
|
December
31, 2019
|
September
30, 2019
|
March
31, 2019
|
December
31, 2018
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
(Audited)
|
|
Capital and Liabilities
|
|
|
|
|
|
Capital
|
1,294.08
|
1,292.15
|
1,289.46
|
1,288.38
|
|
Employees stock options outstanding
|
3.64
|
4.06
|
4.68
|
5.42
|
|
Reserves and surplus
|
113,703.51
|
109,313.83
|
107,073.91
|
105,874.33
|
|
Deposits
|
716,345.08
|
696,272.98
|
652,919.67
|
606,754.68
|
|
Borrowings (includes preference shares and subordinated debt)
|
137,374.68
|
151,032.83
|
165,319.97
|
164,292.84
|
|
Other liabilities and provisions
|
38,347.01
|
39,095.08
|
37,851.46
|
34,148.10
|
|
Total Capital and Liabilities
|
1,007,068.00
|
997,010.93
|
964,459.15
|
912,363.75
|
|
Assets
|
|
|
|
|
|
Cash and balances with Reserve Bank of India
|
36,214.56
|
41,495.45
|
37,858.01
|
34,364.66
|
|
Balances with banks and money at call and short notice
|
34,222.46
|
30,143.97
|
42,438.28
|
32,094.12
|
|
Investments
|
227,479.99
|
223,375.62
|
207,732.68
|
197,730.32
|
|
Advances
|
635,654.26
|
613,358.73
|
586,646.58
|
564,307.81
|
|
Fixed assets
|
8,087.87
|
7,936.37
|
7,931.43
|
7,818.07
|
|
Other assets
|
65,408.86
|
80,700.79
|
81,852.17
|
76,048.77
|
|
Total Assets
|
1,007,068.00
|
997,010.93
|
964,459.15
|
912,363.75
|
CONSOLIDATED FINANCIAL RESULTS
|
|
|
(Rs. in crore)
|
|
|
|
|
|
Sr.
no. Particulars
|
Three
months ended
|
Nine
months ended
|
Year
ended
|
|
December
31, 2019
(Q3-2020)
|
September
30, 2019
2-2020)
|
December
31, 2018
(Q3-2019)
|
December
31, 2019
(9M-2020)
|
December
31, 2018
(9M-2019)
|
March
31, 2019
(FY2019)
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
1. Interest earned (a)+(b)+(c)+(d)
|
21,622.94
|
21,106.28
|
18,515.55
|
63,095.09
|
52,477.92
|
71,981.65
|
|
a) Interest/discount on advances/bills
|
15,679.02
|
15,136.52
|
13,307.32
|
45,247.23
|
37,161.67
|
50,884.83
|
|
b) Income on investments
|
5,243.29
|
5,364.14
|
4,600.14
|
15,733.47
|
13,470.71
|
18,102.29
|
|
c) Interest on balances with Reserve Bank of India and other inter-bank funds
|
238.39
|
188.25
|
186.23
|
634.81
|
651.35
|
927.10
|
|
d) Others
|
462.24
|
417.37
|
421.86
|
1,479.58
|
1,194.19
|
2,067.43
|
|
2. Other income
|
16,748.01
|
16,318.50
|
14,917.76
|
46,569.53
|
42,044.33
|
59,324.85
|
|
3. TOTAL INCOME (1)+(2)
|
38,370.95
|
37,424.78
|
33,433.31
|
109,664.62
|
94,522.25
|
131,306.50
|
|
4. Interest expended
|
11,297.12
|
11,334.69
|
10,146.50
|
33,640.43
|
28,825.49
|
39,177.54
|
|
5. Operating expenses (e)+(f)
|
18,177.11
|
17,726.78
|
16,027.19
|
50,997.19
|
45,247.09
|
64,258.88
|
|
e) Employee cost
|
2,717.36
|
2,872.68
|
2,410.30
|
8,258.34
|
6,904.65
|
9,425.26
|
|
f) Other operating expenses
|
15,459.75
|
14,854.10
|
13,616.89
|
42,738.85
|
38,342.44
|
54,833.62
|
|
6. TOTAL
EXPENDITURE (4)+(5)
(excluding
provisions and contingencies)
|
29,474.23
|
29,061.47
|
26,173.69
|
84,637.62
|
74,072.58
|
103,436.42
|
|
7. OPERATING
PROFIT (3)–(6)
(Profit
before provisions and contingencies)
|
8,896.72
|
8,363.31
|
7,259.62
|
25,027.00
|
20,449.67
|
27,870.08
|
|
8. Provisions (other than tax) and contingencies
|
2,131.44
|
2,725.80
|
4,380.22
|
8,415.86
|
14,722.10
|
20,461.82
|
|
9. PROFIT/(LOSS)
FROM ORDINARY ACTIVITIES
BEFORE EXCEPTIONAL ITEMS AND
TAX (7)–(8)
|
6,765.28
|
5,637.51
|
2,879.40
|
16,611.14
|
5,727.57
|
7,408.26
|
|
10. Exceptional items
|
−
|
−
|
−
|
−
|
−
|
−
|
|
11. PROFIT/(LOSS) FROM ORDINARY ACTIVITIES BEFORE TAX (9)–(10)
|
6,765.28
|
5,637.51
|
2,879.40
|
16,611.14
|
5,727.57
|
7,408.26
|
|
12. Tax expense (g)+(h)
|
1,651.00
|
4,052.99
|
643.91
|
6,998.89
|
1,565.88
|
1,719.10
|
|
g) Current period tax
|
1,864.38
|
971.65
|
2,575.31
|
4,111.49
|
3,552.25
|
4,808.28
|
|
h) Deferred tax adjustment (refer note no. 4)
|
(213.38)
|
3,081.34
|
(1,931.40)
|
2,887.40
|
(1,986.37)
|
(3,089.18)
|
13. Less: Share of profit/(loss) of minority
shareholders
|
444.18
|
453.32
|
361.16
|
1,297.26
|
1,077.81
|
1,434.92
|
|
14. NET PROFIT/(LOSS) FROM ORDINARY ACTIVITIES AFTER TAX (11)–(12)–(13)
|
4,670.10
|
1,131.20
|
1,874.33
|
8,314.99
|
3,083.88
|
4,254.24
|
|
15. Extraordinary items (net of tax expense)
|
−
|
−
|
−
|
−
|
−
|
−
|
|
16. NET PROFIT/(LOSS)
FOR THE PERIOD
(14)-(15)
|
4,670.10
|
1,131.20
|
1,874.33
|
8,314.99
|
3,083.88
|
4,254.24
|
|
17. Paid-up
equity share capital (face value Rs. 2/- each)
|
1,294.08
|
1,292.15
|
1,288.38
|
1,294.08
|
1,288.38
|
1,289.46
|
|
18. Reserves excluding revaluation reserves
|
117,867.53
|
112,910.38
|
108,496.49
|
117,867.53
|
108,496.49
|
109,889.27
|
|
19. Analytical ratios
|
|
|
|
|
|
|
|
Basic EPS before and after extraordinary items, net of tax expense (not annualised) (in Rs.)
|
7.22
|
1.75
|
2.91
|
12.88
|
4.79
|
6.61
|
|
Diluted EPS before and after extraordinary items, net of tax expense (not annualised) (in Rs.)
|
7.09
|
1.72
|
2.87
|
12.66
|
4.74
|
6.53
|
SUMMARISED CONSOLIDATED BALANCE SHEET
|
|
(Rs. in crore)
|
|
Particulars
|
At
|
|
December
31, 2019
|
September
30, 2019
|
March
31, 2019
|
December
31, 2018
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
(Unaudited)
|
|
Capital and Liabilities
|
|
|
|
|
|
Capital
|
1,294.08
|
1,292.15
|
1,289.46
|
1,288.38
|
|
Employees stock options outstanding
|
3.64
|
4.06
|
4.68
|
5.42
|
|
Reserves and surplus
|
120,937.53
|
115,980.38
|
112,959.27
|
111,521.49
|
|
Minority interest
|
7,058.94
|
6,848.42
|
6,580.53
|
6,302.78
|
|
Deposits
|
746,786.81
|
725,582.67
|
681,316.94
|
635,445.52
|
|
Borrowings (includes preference shares and subordinated debt)
|
189,302.83
|
204,541.59
|
210,324.12
|
214,203.17
|
|
Liabilities on policies in force
|
163,856.71
|
157,817.04
|
152,378.75
|
142,357.41
|
|
Other liabilities and provisions
|
75,670.15
|
76,123.41
|
73,940.14
|
66,373.92
|
|
Total Capital and Liabilities
|
1,304,910.69
|
1,288,189.72
|
1,238,793.89
|
1,177,498.09
|
|
Assets
|
|
|
|
|
|
Cash and balances with Reserve Bank of India
|
36,309.55
|
41,595.13
|
38,066.28
|
34,468.63
|
|
Balances with banks and money at call and short notice
|
43,086.10
|
38,307.25
|
49,324.62
|
38,352.51
|
|
Investments
|
435,262.70
|
428,113.53
|
398,200.75
|
378,048.73
|
|
Advances
|
700,474.11
|
675,452.42
|
646,961.68
|
625,025.24
|
|
Fixed assets
|
10,079.90
|
9,708.09
|
9,660.42
|
9,489.75
|
|
Other assets
|
79,698.33
|
95,013.30
|
96,580.14
|
92,113.23
|
|
Total Assets
|
1,304,910.69
|
1,288,189.72
|
1,238,793.89
|
1,177,498.09
|
CONSOLIDATED SEGMENTAL RESULTS
|
|
|
|
(Rs. in crore)
|
|
Sr.
no. Particulars
|
Three months ended
|
Nine months ended
|
Year ended
|
|
December
31, 2019
(Q3-2020)
|
September
30, 2019
(Q2-2020)
|
December
31, 2018
(Q3-2019)
|
December
31, 2019
(9M-2020)
|
December
31, 2018
(9M-2019)
|
March
31, 2019
(FY2019)
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
1. Segment Revenue
|
|
|
|
|
|
|
|
a Retail Banking
|
18,748.23
|
18,261.59
|
15,050.52
|
53,706.82
|
43,202.90
|
59,172.33
|
|
b Wholesale Banking
|
10,196.08
|
9,827.22
|
9,047.74
|
29,774.05
|
25,005.96
|
34,168.50
|
|
c Treasury
|
16,038.24
|
15,517.15
|
14,115.92
|
46,339.75
|
39,968.25
|
54,102.18
|
|
d Other Banking
|
947.06
|
1,019.03
|
886.56
|
3,126.69
|
2,444.87
|
3,742.51
|
|
e Life Insurance
|
9,872.88
|
9,941.71
|
8,962.14
|
27,511.26
|
25,144.52
|
36,698.77
|
|
f General Insurance
|
3,198.67
|
3,067.43
|
2,742.73
|
9,316.01
|
8,279.67
|
11,152.68
|
|
g Others
|
1,779.88
|
1,770.66
|
1,641.92
|
5,164.48
|
4,522.17
|
6,099.57
|
|
Total segment revenue
|
60,781.04
|
59,404.79
|
52,447.53
|
174,939.06
|
148,568.34
|
205,136.54
|
|
Less: Inter segment revenue
|
22,410.09
|
21,980.01
|
19,014.22
|
65,274.44
|
54,046.09
|
73,830.04
|
|
Income from operations
|
38,370.95
|
37,424.78
|
33,433.31
|
109,664.62
|
94,522.25
|
131,306.50
|
|
2. Segmental Results (i.e. Profit before tax)
|
|
|
|
|
|
|
|
a Retail Banking
|
2,557.71
|
2,568.93
|
1,953.21
|
7,094.30
|
6,120.06
|
8,223.12
|
|
b Wholesale Banking
|
1,230.86
|
513.86
|
(2,091.83)
|
1,239.17
|
(7,452.40)
|
(10,242.34)
|
|
c Treasury
|
1,597.88
|
1,111.90
|
2,017.91
|
3,863.28
|
4,331.88
|
5,340.10
|
|
d Other Banking
|
351.54
|
348.59
|
22.09
|
1,130.55
|
210.57
|
591.63
|
|
e Life Insurance
|
303.49
|
306.34
|
297.78
|
896.74
|
884.45
|
1,162.40
|
|
f General Insurance
|
389.92
|
461.06
|
360.67
|
1,326.25
|
1,252.92
|
1,598.42
|
|
g Others
|
689.85
|
657.60
|
630.22
|
1,946.02
|
1,388.74
|
2,014.27
|
|
Total segment results
|
7,121.25
|
5,968.28
|
3,190.05
|
17,496.31
|
6,736.22
|
8,687.60
|
|
Less: Inter segment adjustment
|
355.97
|
330.77
|
310.65
|
885.17
|
1,008.65
|
1,279.34
|
|
Unallocated expenses
|
−
|
−
|
−
|
−
|
−
|
−
|
|
Profit before tax
|
6,765.28
|
5,637.51
|
2,879.40
|
16,611.14
|
5,727.57
|
7,408.26
|
|
3. Segment assets
|
|
|
|
|
|
|
|
a Retail Banking
|
345,711.33
|
330,218.45
|
289,554.96
|
345,711.33
|
289,554.96
|
307,155.83
|
|
b Wholesale Banking
|
300,887.98
|
291,424.14
|
281,402.99
|
300,887.98
|
281,402.99
|
288,495.45
|
|
c Treasury
|
334,677.95
|
341,571.54
|
310,364.62
|
334,677.95
|
310,364.62
|
333,104.97
|
|
d Other Banking
|
75,548.44
|
79,073.85
|
77,112.80
|
75,548.44
|
77,112.80
|
76,525.15
|
|
e Life Insurance
|
174,399.54
|
167,756.97
|
151,855.16
|
174,399.54
|
151,855.16
|
162,699.92
|
|
f General Insurance
|
36,065.99
|
34,886.08
|
31,673.38
|
36,065.99
|
31,673.38
|
32,950.45
|
|
g Others
|
36,458.44
|
38,880.83
|
31,946.39
|
36,458.44
|
31,946.39
|
31,490.95
|
|
h Unallocated
|
14,967.35
|
18,022.01
|
16,634.25
|
14,967.35
|
16,634.25
|
21,124.56
|
|
Total
|
1,318,717.02
|
1,301,833.87
|
1,190,544.55
|
1,318,717.02
|
1,190,544.55
|
1,253,547.28
|
|
Less: Inter segment adjustment
|
13,806.33
|
13,644.15
|
13,046.46
|
13,806.33
|
13,046.46
|
14,753.39
|
|
Total segment assets
|
1,304,910.69
|
1,288,189.72
|
1,177,498.09
|
1,304,910.69
|
1,177,498.09
|
1,238,793.89
|
|
4. Segment liabilities
|
|
|
|
|
|
|
|
a Retail Banking
|
542,292.98
|
523,595.45
|
457,475.81
|
542,292.98
|
457,475.81
|
488,976.00
|
|
b Wholesale Banking
|
203,622.20
|
198,247.93
|
169,978.87
|
203,622.20
|
169,978.87
|
187,478.42
|
|
c Treasury
|
160,294.44
|
173,257.09
|
188,740.81
|
160,294.44
|
188,740.81
|
189,732.88
|
|
d Other Banking
|
61,352.54
|
65,367.14
|
62,287.63
|
61,352.54
|
62,287.63
|
62,755.05
|
|
e Life Insurance
|
167,020.49
|
160,602.20
|
145,227.77
|
167,020.49
|
145,227.77
|
155,884.72
|
|
f General Insurance
|
30,502.78
|
29,512.46
|
26,685.77
|
30,502.78
|
26,685.77
|
27,742.96
|
|
g Others
|
31,396.34
|
33,975.01
|
27,332.59
|
31,396.34
|
27,332.59
|
26,723.84
|
|
h Unallocated
|
−
|
−
|
−
|
−
|
−
|
−
|
|
Total
|
1,196,481.77
|
1,184,557.28
|
1,077,729.25
|
1,196,481.77
|
1,077,729.25
|
1,139,293.87
|
|
Less: Inter segment adjustment
|
13,806.33
|
13,644.15
|
13,046.46
|
13,806.33
|
13,046.46
|
14,753.39
|
|
Total segment liabilities
|
1,182,675.44
|
1,170,913.13
|
1,064,682.79
|
1,182,675.44
|
1,064,682.79
|
1,124,540.48
|
|
5. Capital employed (i.e. Segment assets –
Segment liabilities)
|
|
|
|
|
|
|
|
a Retail Banking
|
(196,581.65)
|
(193,377.00)
|
(167,920.85)
|
(196,581.65)
|
(167,920.85)
|
(181,820.17)
|
|
b Wholesale Banking
|
97,265.78
|
93,176.21
|
111,424.12
|
97,265.78
|
111,424.12
|
101,017.03
|
|
c Treasury
|
174,383.51
|
168,314.45
|
121,623.81
|
174,383.51
|
121,623.81
|
143,372.09
|
|
d Other Banking
|
14,195.90
|
13,706.71
|
14,825.17
|
14,195.90
|
14,825.17
|
13,770.10
|
|
e Life Insurance
|
7,379.05
|
7,154.77
|
6,627.39
|
7,379.05
|
6,627.39
|
6,815.20
|
|
f General Insurance
|
5,563.21
|
5,373.62
|
4,987.61
|
5,563.21
|
4,987.61
|
5,207.49
|
|
g Others
|
5,062.10
|
4,905.82
|
4,613.80
|
5,062.10
|
4,613.80
|
4,767.11
|
|
h Unallocated
|
14,967.35
|
18,022.01
|
16,634.25
|
14,967.35
|
16,634.25
|
21,124.56
|
|
Total capital employed
|
122,235.25
|
117,276.59
|
112,815.30
|
122,235.25
|
112,815.30
|
114,253.41
|
Notes on segmental results:
|
|
1.
|
The disclosure on segmental reporting has been prepared in accordance with Reserve Bank of India (RBI) circular no. DBOD.No.BP.BC.81/21.04.018/2006-07
dated April 18, 2007 on guidelines on enhanced disclosures on ‘Segmental Reporting’ which is effective from the reporting
period ended March 31, 2008 and 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 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, which are
not included under Retail Banking.
|
|
|
4.
|
‘Treasury’ includes the entire investment and derivative portfolio of the Bank and ICICI Strategic Investments
Fund.
|
|
|
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.
|
‘General Insurance’ represents ICICI Lombard General Insurance Company Limited.
|
|
|
8.
|
‘Others’ comprises the consolidated entities of the Bank, not covered in any of the segments above.
|
|
|
1.
|
The above financial results have been approved by the Board of Directors at its meeting held on January 25, 2020. The statutory
auditors have conducted limited review and issued an unmodified report on the standalone and consolidated financial statements
for Q3-2020 and 9M-2020.
|
|
|
2.
|
The financial statements have been prepared in accordance with Accounting Standard (AS) 25 on 'Interim Financial Reporting'
as prescribed under Companies Act 2013.
|
|
|
3.
|
In terms of the RBI notification no. DBR.BP.BC.No. 32/21.04.018/ 2018-19 dated April 1, 2019, banks are required to disclose
the divergences in asset classification and provisioning consequent to RBI’s annual supervisory process in their notes to
accounts to the financial statements, wherever either (a) the additional NPA provisioning requirements assessed by RBI exceed 10%
of the reported net profits before provisions and contingencies for the reference period or (b) the additional gross NPAs identified
by RBI exceed 15% of the published incremental gross NPAs for the reference period, or both. Based on the above, no disclosure
on divergence in asset classification and provisioning for NPAs is required with respect to RBI’s annual supervisory process
for FY2019, which was concluded in Q3-2020.
|
|
|
4.
|
During Q2-2020, the Bank and certain group companies decided to exercise the option of lower tax rate available under Section
115BAA of the Income Tax Act, 1961, as introduced by Taxation Laws (Amendment) Ordinance, 2019, with effect from FY2020. Accordingly,
the Bank and certain group companies have recognised the provision for income tax and re-measured the accumulated deferred tax
asset at March 31, 2019 based on the rate prescribed under Section 115BAA. The resultant impact has been taken through the profit
and loss account. The re-measurement of accumulated deferred tax asset has resulted in a one-time additional charge of Rs. 2,919.75
crore in standalone financial results and Rs. 2,970.08 crore (net of minority interest) in consolidated financial results in Q2-2020
and 9M-2020.
|
|
|
5.
|
The Bank did not divest any stake in its subsidiaries during 9M-2020. During 9M-2019 and FY2019, the Bank sold equity shares
representing 2.00% shareholding in ICICI Prudential Life Insurance Company Limited through an offer for sale on stock exchanges.
The sale resulted in net gain of Rs. 1,109.59 crore in standalone financial results and Rs. 1,005.93 crore in consolidated financial
results for 9M-2019 and FY2019.
|
|
|
6.
|
In accordance with RBI guidelines on 'Basel III Capital Regulations', read together with the RBI circular dated July 1, 2015,
the consolidated Pillar 3 disclosure (unaudited) at December 31, 2019, including leverage ratio and liquidity coverage ratio, is
available at https://www.icicibank.com/regulatory-disclosure.page.
|
|
|
7.
|
During Q3-2020, the Bank has allotted 9,679,016 equity shares of Rs. 2 each pursuant to exercise of employee stock options.
|
|
|
8.
|
Previous period/year figures have been re-grouped/re-classified where necessary to conform to current period classification.
|
|
|
9.
|
The above standalone and consolidated financial results have been reviewed/audited by the statutory auditors, Walker Chandiok
& Co LLP, Chartered Accountants.
|
|
|
10.
|
Rs. 1 crore = Rs. 10.0 million.
|
|
|
For and on
behalf of the Board of Directors
|
|
|
|
|
|
|
|
|
Anup Bagchi
|
|
Mumbai
|
Executive Director
|
|
January 25, 2020
|
DIN-0010596
|
Item 2
Walker Chandiok
&.Co LLP
|
|
Walker Ch.tndiok & Co LLP
|
|
|
16th Floor, Tower
II,
|
|
|
lndiabulls finance Centre.
|
|
|
SBM;.v9. Elphinstone (W)
|
|
|
Mumbai · 400 0 13
|
|
|
India
|
|
|
|
|
|
T +91 22 6626 2600
|
|
|
F +91 2266262601
|
Independent
Auditor’s Review Report on Standalone Unaudited Quarterly and Year to Date Financial Results of ICICI Bank Limited pursuant
to the Regulation 33 of the SEBI (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 standalone unaudited financial results (‘the
Statement’) of ICICI Bank Limited (‘the Bank’) for the quarter ended 31 December 2019 and the year to date results
for the period 01 April 2019 to 31 December 2019, being submitted by the Bank pursuant to the requirements of Regulation 33 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued
by the SEBI from time to time, except for the disclosures relating to Pillar 3 disclosure as at 31 December 2019, including leverage
ratio and liquidity coverage 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 Statement, and have not been reviewed by us.
|
|
|
2.
|
The 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 Accounting Standard 25, Interim Financial Reporting (‘AS 25’), prescribed under Section 133 of the Companies Act,
2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended), 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’), SEBI Circular CIR/CFD/FAC/62/2016 dated 5 July 2016 (hereinafter referred to as ‘the
SEBI Circular’), and other accounting principles generally accepted in India. 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 specified under section 143(10) of the Companies
Act, 2013, 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.
|
Walker Chandiok
&.Co LLP
ICICI Bank Limited
Independent
Auditor’s Review Report on Standalone Unaudited Quarterly and Year to Date Financial Results of ICICI Bank Limited pursuant
to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
|
|
|
|
|
|
4.
|
Based on our review conducted as above, and the consideration of the review reports of the branch
auditor, referred to in paragraph 5 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 Rule 7 of the Companies (Accounts) Rules, 2014 (as amended), the RBI guidelines, the SEBI Circular,
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 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended),
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 disclosure as at 31 December 2019, including leverage
ratio and liquidity coverage 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 Statement and have not been reviewed by us.
|
|
|
5.
|
We did not review the interim financial information of one branch of the Bank located in Dubai,
included in the Statement, whose financial information reflects total assets of ₹ 41,659.57 crores as at 31 December 2019
and total revenues of ₹ 339.85 crores and ₹ 1,116.97 crores for the quarter and nine months ended 31 December 2019,
respectively and cash outflow of ₹ 2,681.40 crores for the nine months ended 31 December 2019, as considered in the Statement.
The aforementioned financial information have been reviewed by the branch auditor, whose review reports have been furnished to
us by the management, and our conclusion, in so far as it relates to the amounts and disclosures included in respect of such branch,
is based solely on the reports of such branch auditor. Our conclusion is not modified in respect of this matter.
|
For Walker Chandiok &
Co LLP
Chartered Accountants
Firm Registration No: 001076N/N500013
/s/ Sudhir N. Pillai
Sudhir N. Pillai
Partner
Membership No. 105782
UDIN No:20105782AAAAAT3858
Place: Mumbai
Date: 25 January 2020
Walker Chandiok
&.Co LLP
|
|
Walker Ch.tndiok & Co LLP
|
|
|
16th Floor, Tower
11,
|
|
|
lndiabulls finance Centre.
|
|
|
SBM;.v9. Elphinstone (W)
|
|
|
Mumbai · 400 0 13
|
|
|
India
|
|
|
|
|
|
T +91 22 6626 2600
|
|
|
F +91 2266262601
|
Independent Auditor’s Review Report
on Consolidated Unaudited Quarterly and Year to Date Financial Results of ICICI Bank Limited pursuant to the Regulation of the
SEBI (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 consolidated unaudited financial results (‘the
Statement’) of ICICI Bank Limited (‘the Holding Company’ or ‘the Bank’) and its subsidiaries (the
Holding Company and its subsidiaries together referred to as ‘the Group’), and its associates (refer Annexure 1 for
the list of subsidiaries and associates included in the Statement) for the quarter ended 31 December 2019 and the consolidated
year to date results for the period 01 April 2019 to 31 December 2019, being submitted by the Holding Company pursuant to the requirements
of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant
circulars issued by the SEBI from time to time, except for the disclosures relating to consolidated Pillar 3 disclosures as at
31 December 2019, including leverage ratio and liquidity coverage 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 Statement and have not been reviewed by us.
|
|
|
2.
|
This Statement, which is the responsibility of the Holding Company’s management and has been
approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles
laid down in Accounting Standard 25, Interim Financial Reporting (‘AS 25’), prescribed under Section 133 of the Companies
Act 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended), 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’), SEBI Circulars CIR/CFD/FAC/62/2016 dated 5 July 2016 (hereinafter referred to as ‘the
SEBI Circular’), and other accounting principles generally accepted in India. 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 specified under section 143(10) of the Companies
Act, 2013, 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.
|
Walker Chandiok
&.Co LLP
ICICI Bank Limited
Independent
Auditor’s Review Report on Consolidated Unaudited Quarterly and Year to Date Financial Results of ICICI Bank Limited pursuant
to the Regulation of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
We also performed procedures
in accordance with the SEBI Circular CIR/CFD/CMD1/44/2019 dated 29 March 2019 issued by the SEBI under Regulation 33 (8) of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), to the extent applicable.
|
|
4.
|
Based on our review conducted and procedures performed as stated in paragraph 3 above and upon
consideration of the review reports of the branch auditor and other auditors, nothing has come to our attention that causes us
to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in AS
25, prescribed under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended),
the RBI guidelines, the SEBI Circular 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 SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (as amended), 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 disclosure as at 31 December 2019, including leverage ratio and liquidity
coverage 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 Statement and have not been reviewed by us.
|
|
|
5.
|
We did not review the interim financial information of one branch of the Bank located in Dubai,
included in the Statement, whose financial information reflects total assets of ₹ 41,659.57 crores as at 31 December 2019
and total revenues of ₹ 339.85 crores and ₹ 1,116.97 crores for the quarter and nine months ended 31 December 2019,
as considered in the Statement. The aforementioned financial information have been reviewed by the branch auditor, whose review
reports have been furnished to us by the management, and our conclusion, in so far as it relates to the amounts and disclosures
included in respect of such branch, is based solely on the reports of such branch auditor. Our conclusion is not modified in respect
of this matter.
|
|
|
6.
|
We did not review the interim financial statements / financial information
of ten subsidiaries, whose financial statements / financial information reflect total assets of ₹ 136,516.54 crores as at
31 December 2019, total revenues of ₹ 5,563.97 crores and ₹ 16,165.37 crores and total net profit after tax of ₹
981.99 crores and ₹ 2,793.45 crores, for the quarter and nine months ended 31 December 2019, respectively, as considered
in the Statement. These interim financial statements / financial information have been reviewed / audited by other auditors whose
review / audit reports have been furnished to us by the management, and our conclusion in so far as it relates to the amounts and
disclosures included in respect of these subsidiaries is based solely on the review / audit 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 / financial 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.
Our conclusion is not modified
in respect of this matter.
|
|
7.
|
We have jointly audited with other auditors, the financial statements
of one subsidiary, whose interim financial statements reflect total assets of ₹ 174,538.55 crores as at 31 December 2019,
total revenues of ₹ 9,873.14 crores and ₹ 27,511.61 crores and total net profit after tax of ₹ 302.46 crores
and ₹ 889.26 crores, for the quarter and nine months ended 31 December 2019, respectively, as considered in the Statement.
For the purpose of our conclusion on the Statement, we have relied upon the work of such other auditor, to the extent of work performed
by them. Our conclusion is not modified in respect of this matter.
|
Walker Chandiok
&.Co LLP
ICICI Bank Limited
Independent
Auditor’s Review Report on Consolidated Unaudited Quarterly and Year to Date Financial Results of ICICI Bank Limited pursuant
to the Regulation of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
|
|
8.
|
The Statement includes the interim financial statements / financial
information of six subsidiaries, whose condensed interim financial statements / financial information reflect total assets of ₹
381.46 crores as at 31 December 2019, total revenues of ₹ 24.23 crores and ₹ 83.56 crores and total net profit of ₹
0.70 crores and ₹ 17.52 crores, for the quarter and nine months ended 31 December 2019, respectively, as considered in the
Statement. The Statement also includes the Group’s share of net profit of ₹ 34.04 crores and ₹ 141.96 crores
for the quarter and nine months ended 31 December 2019, respectively, in respect of seven associates. The financial statements
/ financial information of the these subsidiaries and associates have not been reviewed / audited and have been furnished to us
by the management. Our conclusion on the Statement, and our report in terms of Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, read with the SEBI Circular, in so far as it relates to the aforesaid subsidiaries
and associates, are based solely on such unaudited/unreviewed financial statements / financial information. According to the information
and explanations given to us by the management, these interim financial statements / financial information are not material to
the Group. Our conclusion is not modified in respect of this matter.
|
|
|
9.
|
The joint auditors, Walker Chandiok & Co LLP, Chartered Accountants,
and B S R & Co. LLP, Chartered Accountants, of ICICI Prudential Life Insurance Company Limited, vide their audit report dated
21 January 2020, 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 policies in respect of which premium has been discontinued but
liability exists as at 31 December 2019 is the responsibility of the Company’s Appointed 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 2019, has been duly certified by the Appointed Actuary and in her 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 on the interim
condensed financial statements of the Company. Our conclusion is not modified in respect of this matter.
|
|
|
10.
|
The joint auditors of ICICI Lombard General Insurance Company Limited,
vide their audit report dated 17 January 2020, have expressed an unmodified opinion and have reported in the ‘Other Matter’
section that, ‘The actuarial valuation of liabilities in respect of Incurred But Not Reported (‘IBNR’), Incurred
But Not Enough Reported (‘IBNER’) and Premium Deficiency Reserve (the ‘PDR’) is the responsibility of the
Company’s Panel Actuary (the ‘Panel Actuary’). The actuarial valuation of these liabilities, that are estimated
using statistical methods as at 31 December 2019, has been duly certified by the Panel 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 Panel 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 interim
condensed financial statements of the Company. Our conclusion is not modified in respect of this matter.
|
For Walker Chandiok &
Co LLP
Chartered Accountants
Firm Registration No: 001076N/N500013
/s/ Sudhir N. Pillai
Sudhir N. Pillai
Partner
Membership No. 105782
UDIN No:20105782AAAAAU3823
Place: Mumbai
Date: 25 January 2020
Walker Chandiok
&.Co LLP
ICICI Bank Limited
Independent Auditor’s Review Report
on Consolidated Unaudited Quarterly and Year to Date Financial Results of ICICI Bank Limited pursuant to the Regulation of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
Annexure 1
List of entities included in the Statement
Holding Company
Subsidiaries
|
|
iv)
|
ICICI International Limited
|
|
|
v)
|
ICICI Prudential Life Insurance Company Limited
|
|
|
vi)
|
ICICI Prudential Pension Funds Management Company Limited
|
|
|
vii)
|
ICICI Securities Primary Dealership Limited
|
|
|
viii)
|
ICICI Home Finance Company Limited
|
|
|
ix)
|
ICICI Investment Management Company Limited
|
|
|
x)
|
ICICI Securities Limited,
|
|
|
xi)
|
ICICI Securities Holdings Inc.
|
|
|
xii)
|
ICICI Securities Inc.
|
|
|
xiii)
|
ICICI Venture Funds Management Company Limited
|
|
|
xiv)
|
ICICI Trusteeship Services Limited
|
|
|
xv)
|
ICICI Prudential Asset Management Company Limited
|
|
|
xvi)
|
ICICI Lombard General Insurance Company Limited
|
|
|
xvii)
|
ICICI Prudential Trust Limited
|
Consolidated as per AS 21
|
|
xviii)
|
ICICI Strategic Investments Fund
|
Associates
|
|
xix)
|
I-Process Services (India) Private Limited
|
|
|
xx)
|
NIIT Institute of Finance Banking and Insurance Training Limited
|
|
|
xxi)
|
ICICI Merchant Services Private Limited
|
|
|
xxii)
|
Arteria Technologies Private Limited
|
|
|
xxiii)
|
India Infradebt Limited
|
|
|
xxiv)
|
India Advantage Fund III; and
|
|
|
xxv)
|
India Advantage Fund IV
|
Item 3
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
|
News
Release
|
January
25, 2020
|
Performance
Review: Quarter ended December 31, 2019
|
|
|
Core operating profit (profit before provisions and tax,
excluding treasury income) grew by 24% year-on-year to ₹ 7,017 crore (US$ 983 million)
in the quarter ended December 31, 2019 (Q3-2020)
|
|
|
|
Net interest margin
at 3.77% in Q3-2020
|
|
|
|
Fee income grew by 17%
year-on-year in Q3-2020
|
|
|
|
Provisions (excluding taxes)
declined by 51% year-on-year to ₹ 2,083 crore (US$ 292 million) at December 31, 2019
|
|
|
|
Profit before tax grew
by 187% year-on-year to ₹ 5,465 crore (US$ 766 million) in Q3-2020
|
|
|
|
On a standalone basis, the profit after tax was ₹ 4,146 crore (US$ 581 million) in
Q3-2020 compared to ₹ 1,605 crore (US$225 million) in the quarter ended December 31, 2018 (Q3-2019)
|
|
|
|
15% growth in average current
and savings account (CASA) deposits in Q3-2020; average CASA ratio was 42.8% in Q3-2020
|
|
|
|
Term deposits grew by 24%
year-on-year at December 31, 2019
|
|
|
|
Domestic loan growth at
16% year-on-year at December 31, 2019 driven by retail
|
|
|
|
Retail loans grew by
19% year-on-year
|
|
|
|
Performing domestic
corporate portfolio grew by 12% year- on-year
|
|
|
|
Balance sheet crossed the ₹ 10 lakh crore milestone, total assets were
₹1,007,068 crore (US$ 141.1 billion) at December 31, 2019
|
|
|
|
Net non-performing asset
(NPA) ratio decreased from 2.58% at December 31, 2018 to 1.49% at December 31, 2019
|
|
|
|
Recoveries, upgrades
and other deletions, excluding write- offs were ₹ 4,088 crore (US$ 573 million) in Q3-2020
|
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
|
|
|
Total capital adequacy
ratio of 16.50% and Tier-1 capital adequacy ratio of 14.98% on a standalone basis at December 31, 2019, including profits for
nine months ended December 31, 2019 (9M-2020)
|
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, 2019. 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, 2019.
Profit
& loss account
|
|
|
The core
operating profit (profit before provisions and tax, excluding treasury income) increased
by 24% year-on-year to ₹ 7,017 crore (US$983 million) in the quarter ended December
31, 2019 (Q3-2020) from ₹ 5,667 crore (US$ 794 million) in the quarter ended December
31, 2018 (Q3-2019)
|
|
|
|
Net interest
income (NII) increased by 24% year-on-year to ₹ 8,545 crore (US$ 1.2 billion) in Q3-2020
from ₹ 6,875 crore (US$1.0 billion) in Q3-2019
|
|
|
|
The net
interest margin was 3.77% in Q3-2020 compared to 3.64% in the quarter ended September
30, 2018 (Q2-2020) and 3.40% in Q3-2019
|
|
|
|
Non-interest
income, excluding treasury income, was ₹ 4,043 crore (US$566 million) in Q3-2020
compared to ₹ 3,404 crore (US$ 477 million) in Q3-2019
|
|
|
|
Fee
income grew by 17% year-on-year to ₹ 3,596 crore (US$ 504 million) in Q3-2020 from
₹ 3,062 crore (US$ 429 million) in Q3-2019. Retail fees constituted 77% of total
fees in Q3-2020
|
|
|
|
Treasury
income grew by 11% year-on-year to ₹ 531 crore (US$ 74 million) in Q3-2020 from ₹ 479
crore (US$ 67 million) in Q3-2019
|
|
|
|
Provisions
(excluding taxes) declined by 51% year-on-year to ₹ 2,083 crore (US$ 292 million)
in Q3-2020 from ₹ 4,244 crore (US$ 595 million) in Q3-2019
|
|
|
|
On a standalone
basis, the profit after tax was ₹ 4,146 crore (US$ 581 million) in Q3-2020 compared to
₹ 1,605 crore (US$ 225 million) in Q3-2019
|
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
Operating
review
Credit
growth
The
year-on-year growth in domestic advances was 16% at December 31, 2019. The Bank has continued to leverage its strong
retail franchise, resulting in a 19% year-on-year growth in the retail loan portfolio at December 31, 2019. Including
non-fund outstanding, retail was 52.0% of the total portfolio at December 31, 2019. Growth in the performing domestic
corporate portfolio was about 12% year-on-year. Total advances increased by 13% year-on-year to ₹ 635,654 crore (US$
89.0 billion) at December 31, 2019 from ₹ 564,308 crore (US$ 79.1 billion) at December 31, 2018.
Deposit
growth
Total
deposits increased by 18% year-on-year to ₹ 716,345 crore (US$ 100.3 billion) at December 31, 2019. Average
current and savings account (CASA) deposits increased by 15% year-on-year in Q3-2020. The average CASA ratio was 42.8% in
Q3-2020 compared to 42.2% in Q2-2020 and 46.0% in Q3-2019. The period-end CASA ratio was 47.0% at December 31, 2019 compared
to 46.7% at September 30, 2019 and 49.3% at December 31, 2018. Term deposits increased by 24% year-on-year to ₹
379,936 crore (US$53.2 billion) at December 31, 2019.
The
Bank had a network of 5,275 branches and 15,589 ATMs at December 31, 2019.
Digital
initiatives and transactions
In
the month of January, the Bank launched India’s largest API (application programming interface) Banking portal. This consists
of 250 APIs and enables businesses, fintechs, corporates and e-commerce start-ups to easily partner with the Bank and co-create
innovative customer solutions in a frictionless manner, with the convenience of a single portal. The APIs are available across
an array of product and service categories.
The
Bank recently launched a cardless ATM cash withdrawal service using ‘iMobile’, the mobile banking application.
Customers can withdraw cash from ICICI Bank ATMs by making a request on iMobile. It is a simple and convenient way to
withdraw cash without using a debit card.
The
volume of mobile banking transactions increased by 118% y-o-y in Q3-2020. The volume of transactions on Unified Payments
Interface (UPI) increased by 168% y-o-y in Q3-2020. Digital channels like internet, mobile banking, POS and others accounted
for over 87% of the savings account transactions in the nine months ended December 31, 2019 (9M-2020).
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
Asset
quality
During
the quarter, the gross additions to NPAs were ₹ 4,363 crore (US$ 611 million). Recoveries, upgrades and
other deletions, excluding write-offs, from non-performing loans were ₹ 4,088 crore (US$ 573 million) in Q3-2020.
Net non-performing assets (NPAs) decreased by 36% from ₹ 16,252 crore (US$ 2.3 billion) at December 31, 2018 to
₹ 10,389 crore (US$ 1.5 billion) at December 31, 2019. The net NPA ratio decreased from 2.58% at December 31, 2018 to
1.49% at December 31, 2019. The provision coverage on non- performing loans, excluding cumulative technical write-offs,
increased from 68.4% at December 31, 2018 to 76.2% at December 31, 2019. The provision coverage ratio on non-performing
loans, including cumulative technical write-offs, was 85.7% at December 31, 2019 compared to 76.3% at December 31, 2018. At
December 31, 2019, the fund-based and non-fund based outstanding to borrowers rated BB and below (excluding non- performing
assets) was ₹ 17,403 crore (US$ 2.4 billion) compared to ₹ 17,525 crore (US$ 2.5 billion) at March 31, 2019 and
₹ 16,074 crore (US$ 2.3 billion) at September 30, 2019.
Capital
adequacy
The
Bank’s total capital adequacy at December 31, 2019 as per Reserve Bank of India’s guidelines on Basel III norms,
including profits for 9M-2020, was 16.50% and Tier-1 capital adequacy was 14.98% compared to the minimum regulatory
requirements of 11.08% and 9.08% respectively.
Consolidated
results
Consolidated
profit after tax was ₹ 4,670 crore (US$ 654 million) in Q3-2020 compared to ₹ 1,131 crore crore (US$ 158
million) in Q2-2020 and ₹ 1,874 crore (US$ 263 million) in Q3-2019.
Consolidated
assets grew by 11% year-on-year to ₹ 1,304,911 crore (US$182.8 billion) at December 31, 2019 from ₹ 1,177,498
crore (US$ 165.0 billion) at December 31, 2018.
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
Subsidiaries
Value
of New Business (VNB) of ICICI Life grew by 25% year-on-year from ₹ 910 crore (US$ 127 million) in the nine months
ended December 31, 2018 (9M-2019) to ₹ 1,135 crore (US$ 159 million) in 9M-2020. The new business margin increased
from 17.0% in FY2019 to 21.0% in 9M-2020. Protection based annualised premium equivalent grew by 66% year-on-year to ₹
764 crore (US$ 107 million) in 9M-2020 and accounted for 14.1% of the total annualised premium equivalent in 9M-2020.
New business received premium grew by 20% to ₹ 8,173 crore (US$ 1.1 billion) in 9M-2020. ICICI Life’s profit
after tax increased from ₹ 297 crore (US$ 42 million) in Q3-2019 to ₹ 302 crore (US$ 42 million)
in Q3-2020.
The
Gross Direct Premium Income (GDPI) of ICICI General was ₹ 10,132 crore (US$ 1.4 billion) in 9M-2020 compared to
₹ 11,003 crore (US$ 1.5 billion) in 9M-2019. Excluding the crop segment, GDPI of ICICI General increased to ₹
10,058 crore (US$ 1.4 billion) in 9M-2020 compared to ₹ 8,883 crore (US$ 1.2 billion) in 9M-2019. The company’s
combined ratio was 100.5% in 9M-2020 compared to 98.7% in 9M-2019. ICICI General’s profit after tax increased by 23% to
₹ 294 crore (US$ 41 million) in Q3-2020 from ₹ 239 crore (US$ 33 million) in Q3-2019.
The
profit after tax of ICICI Securities, on a consolidated basis, as per Ind AS, was ₹ 137 crore (US$ 19 million) in Q3-2020
compared to ₹ 101 crore (US$14 million) in Q3-2019.
The
profit after tax of ICICI Prudential Asset Management Company (ICICI AMC), as per Ind AS, was ₹ 305 crore (US$ 43 million)
in Q3-2020 compared to ₹ 196 crore (US$ 27 million) in Q3-2019.
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
Summary
Profit and Loss Statement (as per standalone Indian
|
|
|
FY
2019
|
|
Q3-
2019
|
|
9M-
2019
|
|
Q2-
2020
|
|
Q3-
2020
|
|
9M-
2020
|
|
Net
interest income
|
|
|
27,015
|
|
|
|
6,875
|
|
|
|
19,395
|
|
|
|
8,057
|
|
|
|
8,545
|
|
|
|
24,340
|
|
|
Non-interest
income
|
|
|
13,146
|
|
|
|
3,404
|
|
|
|
9,681
|
|
|
|
3,854
|
|
|
|
4,043
|
|
|
|
11,143
|
|
|
-
Fee income
|
|
|
11,989
|
|
|
|
3,062
|
|
|
|
8,811
|
|
|
|
3,478
|
|
|
|
3,596
|
|
|
|
10,112
|
|
|
-
Dividend income from subsidiaries
|
|
|
1,078
|
|
|
|
324
|
|
|
|
809
|
|
|
|
377
|
|
|
|
367
|
|
|
|
935
|
|
|
-
Other income
|
|
|
79
|
|
|
|
18
|
|
|
|
61
|
|
|
|
(1
|
)
|
|
|
80
|
|
|
|
96
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expense
|
|
|
18,089
|
|
|
|
4,612
|
|
|
|
13,081
|
|
|
|
5,378
|
|
|
|
5,571
|
|
|
|
15,823
|
|
|
Core
operating profit1
|
|
|
22,072
|
|
|
|
5,667
|
|
|
|
15,995
|
|
|
|
6,533
|
|
|
|
7,017
|
|
|
|
19,660
|
|
|
-
Treasury income
|
|
|
1,366
|
2
|
|
|
479
|
|
|
|
1,210
|
2
|
|
|
341
|
|
|
|
531
|
|
|
|
1,051
|
|
|
Operating
profit
|
|
|
23,438
|
|
|
|
6,146
|
|
|
|
17,205
|
|
|
|
6,874
|
|
|
|
7,548
|
|
|
|
20,711
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions
|
|
|
19,661
|
|
|
|
4,244
|
|
|
|
14,210
|
|
|
|
2,507
|
|
|
|
2,083
|
|
|
|
8,086
|
|
|
Profit
before tax
|
|
|
3,777
|
|
|
|
1,902
|
|
|
|
2,995
|
|
|
|
4,367
|
|
|
|
5,465
|
|
|
|
12,625
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax
|
|
|
414
|
|
|
|
297
|
|
|
|
601
|
|
|
|
792
|
|
|
|
1,319
|
|
|
|
2,996
|
|
|
One
time additional charge on remeasurement of deferred tax assets3
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,920
|
|
|
|
-
|
|
|
|
2,920
|
|
|
Profit
after tax
|
|
|
3,363
|
|
|
|
1,605
|
|
|
|
2,394
|
|
|
|
655
|
|
|
|
4,146
|
|
|
|
6,709
|
|
|
|
1.
|
Excluding treasury income
|
|
|
2.
|
Includes profit on sale of shareholding in subsidiaries
of ₹ 1,110 crore in FY2019 and 9M-2019
|
|
|
3.
|
The Bank had decided to exercise the option of lower
tax rate available under Section 115BAA of the Income Tax Act, 1961, as introduced by Taxation Laws (Amendment) Ordinance, 2019,
with effect from FY2020. Accordingly, the Bank had recognised the provision for income tax for Q2-2020 and H1-2020 and re-measured
the accumulated deferred tax asset at March 31, 2019 based on the rate prescribed under Section 115BAA. The resultant impact had
been taken through the profit and loss account. The re-measurement of accumulated deferred tax asset has resulted in a one-time
additional charge of ₹ 29.20 billion in standalone financial results in Q2-2020 and 9M-2020.
|
|
|
4.
|
Prior period figures have been re-grouped/re-arranged
where necessary
|
|
|
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051
|
Summary
Balance
|
|
|
|
31-Dec-18
|
|
31-Mar-19
|
|
30-Sep-19
|
|
31-Dec-19
|
|
|
Capital and Liabilities
|
|
|
|
|
|
|
|
|
|
|
Capital
|
|
|
1,288
|
|
|
|
1,289
|
|
|
|
1,292
|
|
|
|
1,294
|
|
|
|
Employee
stock options outstanding
|
|
|
5
|
|
|
|
5
|
|
|
|
4
|
|
|
|
4
|
|
|
|
Reserves
and surplus
|
|
|
105,874
|
|
|
|
107,074
|
|
|
|
109,314
|
|
|
|
113,703
|
|
|
|
Deposits
|
|
|
606,755
|
|
|
|
652,920
|
|
|
|
696,273
|
|
|
|
716,345
|
|
|
|
Borrowings
(includes subordinated debt)
|
|
|
164,293
|
|
|
|
165,320
|
|
|
|
151,033
|
|
|
|
137,375
|
|
|
|
Other
liabilities
|
|
|
34,149
|
|
|
|
37,851
|
|
|
|
39,095
|
|
|
|
38,347
|
|
|
|
Total
Capital and Liabilities
|
|
|
912,364
|
|
|
|
964,459
|
|
|
|
997,011
|
|
|
|
1,007,068
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and balances
with Reserve Bank of India
|
|
|
34,365
|
|
|
|
37,858
|
|
|
|
41,495
|
|
|
|
36,215
|
|
|
|
Balances
with banks and money at call and short notice
|
|
|
32,094
|
|
|
|
42,438
|
|
|
|
30,144
|
|
|
|
34,222
|
|
|
|
Investments
|
|
|
197,730
|
|
|
|
207,733
|
|
|
|
223,376
|
|
|
|
227,480
|
|
|
|
Advances
|
|
|
564,308
|
|
|
|
586,647
|
|
|
|
613,359
|
|
|
|
635,654
|
|
|
|
Fixed
assets
|
|
|
7,818
|
|
|
|
7,931
|
|
|
|
7,936
|
|
|
|
8,088
|
|
|
|
Other
assets
|
|
|
76,049
|
|
|
|
81,852
|
|
|
|
80,701
|
|
|
|
65,409
|
|
|
|
Total
Assets
|
|
|
912,364
|
|
|
|
964,459
|
|
|
|
997,011
|
|
|
|
1,007,068
|
|
|
|
1.
|
Prior period figures have been re-grouped/re-arranged
where necessary.
|
|
|
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 call Sujit Ganguli / Kausik Datta at 91-22-2653 8525 / 91-22-2653
7026 or email corporate.communications@icicibank.com
For
investor queries please call Anindya Banerjee at 91-22-2653 7131 or Sonal Bagaria at 91-22-2653 6124 or email ir@icicibank.com
1
crore = 10.0 million
US$
amounts represent convenience translations at US$1= ₹ 71.39
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 25, 2020
|
|
By:
|
/s/ Vivek Ranjan
|
|
|
|
|
|
|
Name :
|
Vivek Ranjan
|
|
|
|
|
|
Title :
|
Chief Manager
|
|
|
|
|
|
|
|
|
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