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ICICI BANK

ICICI Bank is India's second-largest bank with total assets of Rs. 3,634.00 billion at
March 31, 2010 and profit after tax Rs. 40.25 billion for the year ended March 31, 2010.
ICICI Bank is spread across the length and breadth of the country. The Bank has a network of
2,035 branches and about 5,518 ATMs in India and presence in 18 countries. It comes as
little surprise that ICICI Bank tops private sector banks and comes first in overall ranking.

ICICI was formed in 1955 at the initiative of the World Bank, the Government of
India and representatives of Indian industry. ICICI Bank Limited was founded in 1955 and is
based in Mumbai. The principal objective was to create a development financial institution
for providing medium-term and long-term project financing to Indian businesses. In the
1990s, ICICI transformed its business from a development financial institution offering only
project finance to a diversified financial services group offering a wide variety of products
and services, both directly and through a number of subsidiaries and affiliates like ICICI
Bank. In 1999, ICICI become the first Indian company and the first bank or financial
institution from non-Japan Asia to be listed on the NYSE.

ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial
institution, and was its wholly-owned subsidiary. ICICI’s shareholding in ICICI Bank was
reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering
in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank’s acquisition of Bank of
Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by
ICICI to institutional investors in fiscal 2001 and fiscal 2002.

ICICI Bank offers a wide range of banking products and financial services to
corporate and retail customers through a variety of delivery channels and through its
specialised subsidiaries and affiliates in the areas of investment banking, life and non-life
insurance, venture capital and asset management. The Bank currently has subsidiaries in the
United Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong
Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in
United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia.
The company’s UK subsidiary has established branches in Belgium and Germany.
It offers savings accounts, fixed deposits, security deposits, recurring deposits, child
education plans, salary accounts, EEFC accounts, and resident foreign currency accounts; and
consumer and commercial cards. The company also provides home loans, automobile loans,
commercial business loans, two wheeler loans, personal loans, and credit cards, as well as
dealer funding and financing products, and loans against securities and gold. In addition, it
offers tax saving bonds, government of India bonds, mutual funds, initial public offers,
investment in gold, foreign exchange services, and senior citizens savings schemes; and
health, overseas travel, student medical, motor, home, and life insurance products. Further,
the company provides dematerialization services; NRI services, such as accounts, money
transfer, investments, property solutions, and loans; and online services, such as bill payment,
shopping, ticket booking, account to card transfer, prepaid mobile recharge, share trading,
money order, and customer services. Additionally, it offers business services, which include
transaction banking, treasury banking, investment banking, capital market, custodial,
international banking, rural and agri banking, structured finance, and technology finance; and
kiosk banking, inquiry card, payment cards, phone and mobile banking, and online tax
services, as well as cash management services, business loans, current accounts, trade, and
other services for small and medium sized enterprises.

Expansion and brand recognition have come through acquisitions and mergers as well
(Anagram Finance and Bank of Madura). The bank believes its strength is constant
innovation in retail products and hi-tech delivery channels. Nearly 70 per cent of its
transactions take place electronically, and it was among the first banks to go online for all
services including opening and using accounts, utility payments and Web trade. Technology-
driven transaction banking has strong growth potential. Right now, though, the MNC banks
lead in terms of service quality in these areas. In Phone or Net banking, ICICI Bank is on
sixth place. However, the shocker is that in overall service quality, ICICI Bank ranks a poor
12th.
SWOT ANALYSIS OF ICICI BANK

STRENGHTS
1) Online Services: ICICI Bank provides online services of all its banking facilities. It also
provides D-Mart account facilities on-line, so a person can access his account from anywhere
he is. [D-Mart is a dematerialized account opened by a salaried person for purchase & sale of
shares of different companies.]

2) Advanced Infrastructure: Branches of ICICI Bank are well equipped with advanced
technology to provide the customers with taster banking services. All the computerized
machines are located in suitable manner & are very useful to the customers & staff of the
bank.

3) Friendly Staff: The staff of ICICI Bank in all branches is very friendly & helps the
customers in all cases. They provide faster services along with bonding & personal
relationship with the customers.

4) 12 hrs. Banking services: Compared to other bank ICICI bank provides long hrs. of
services i.e. 8-8 services to the customers. This service is one of it’s kind & is very helpful
for the customers who are in urgent need of money.

5) Other Facilities to the Customers & Employees: ICICI Bank also provides other
facilities like drinking water facilities, proper sitting arrangements to the customers. And
there are also proper Ventilation & sanitary facilities for the employees of the bank.

6) Late night ATM services: ICICI bank provides late night ATM services to the customers.
The ATM centers of ICICI bank works even after 11:00pm. at night in certain branches.

7) Brand Name: ICICI Bank has earned a reputation in the market for extending quality
services to the market vis-à-vis its competitors. It has earned a strong Brand name in banking
in a very short span of time.

8) Market Share: ICICI Bank has the largest market share of 34% in the IT & ITES industry
in Hyderabad according to our survey (within the limitation of the sample size.)

9) Huge Network: ICICI Bank has the highest number of linked branches in the country. The
bank operates through a network of 450 BRANCHES AND over 1800 ATMs across India,
thus enabling them to serve customer in better way.
10) Diversified Portfolio: ICICI Bank has all the products under its belt, which help it to
extend the relationship with existing customer. ICICI Bank has umbrella of products to offer
their customers, if once customer has relationship with the bank. Some Products, which ICICI
Bank is offering are:

• Retail Banking
• Business Banking
• Merchant Establishment Services (EDC Machine)
• Personal loans & Car loans
• Demat Services with E-Broking
• Mutual Fund (ICICI Bank is the Distributor of all Mutual Fund)
• Insurance
• Housing Loans
11) Salary Account: One very interesting thing that we have observed in our survey is that
ICICI is having an edge over other banks in case of Salary Account. Most of the companies
are having their Salary Account with ICICI even if their Current Account is with any other
Bank. This is mainly because of the huge network of ATMs and branches of ICICI.

12) Treasury Department: ICICI is the only bank which is having its treasury department
especially for Hyderabad Customers. So customers can get the best rates for foreign
exchange.

13) Aggressive Marketing: ICICI Bank is known for its aggressive marketing of its
products. Recent Endorsement of its product by AMITABH BAHCHAN proves the same.
This gives ICICI an edge over other banks.

14) Technology: From its inception, ICICI Bank has adopted a policy of selecting


internationally proven and specialized Packaged Systems for its technology. ICICI banks
technology platform has been acknowledged globally as one of the best in terms of
robustness, flexibility and cost efficiency. ICICI Bank is in a position to leverage this
platform to further build cost and service advantage.
WEAKNESS
1) Transaction Cost: ICICI Bank charges high cost for its transactions. Through our data
analysis we have find out that most of the small companies prefer nationalized banks only
because of this cost factor. Also the group has found out that there are companies which are
going for multi bank system i.e. they are using only those facilities of ICICI Bank which are
provided at cheaper rates (read Salary Account) and for other services they are going to
nationalize banks and MNCs (read Forex). So there exists a huge potential for ICICI Bank if
they are ready to make their transaction cost flexible. 

2) Focus Only On High End Customers: The bank targets only the top bracket of clients
and does not cater to the needs of small customers. Due to this reason the bank may
sometimes loose good clients.

3) Defensive Approach In Lending: ICICI Bank has a defensive approach in lending.


Mainly to IT & ITES companies Bank do not provide loan as these companies are not having
collaterals so bank hesitate in giving loans to them. Because of this policy companies prefer
nationalized banks and ICICI Bank in turn sometimes loose potential customers. 

4) Little Presence Outside India: ICICI Bank is having little presence Outside India,
because of which companies are preferring MNC Bank, mainly Citibank. So if ICICI
Bank tries to emerge outside India then it has a huge potential of customers. 

5) Poor Customer Care/Service: With its aggressive marketing ICICI Bank is rapidly


increasing its customer base. They are not however, increasing the number of employees
accordingly. This is leading to deterioration of the standard of customer service. 

OPPORTUNITIES
1) Bank –Insurance services: The bank should also provide insurance services. That means
the bank can have a tie-up with a insurance company. The bank will advertise & promote the
different policies introduced by the insurance company & convince their customers to buy
insurance policies.

2) Increase in percentage of Returns on increase: The bank should provide higher returns
on deposits in comparison of the present situation. These will also upto large extent help the
bank earn profits & popularity.
3) Recruit professionally guided students: Bank & Insurance is a special non-aid course
where the students specialize in the functioning & services of the bank & also are knowledge
about various tax policies. The bank can recruit these students through tieups with colleges.
Such students will surely prove as an asset to the bank.

4) Associate with social cause: The bank can also associate itself with social causes like
providing relief aid patients, funding towards natural calamities. But this falls in the 4th
quadrant so the bank should neglect it.

5) New IT & ITES Companies: IT & ITES sector is on a boom in the Indian market
context, with new companies mushrooming in the market; it opens the door for ICICI bank to
capture the huge untapped market.

6) Dissatisfied Customers of Other Banks: The group from its survey and analysis of IT
companies have found out that there are many companies which are not satisfied with its
current bank, so ICICI with its superior service quality and long working hours can capture
those customers.

7) Remittances: From the analysis group has also found out that ICICI bank has very little
presence as far as the EEFC account is concerned. Companies prefer to bank with MNCs
(which have greater presence in the foreign countries) and nationalized banks (which
according to the companies provide lower transaction rates) to get their inward remittances in
spite of ICICI being providing one of the most competitive rates. So the bank can promote its
EEFC account better and get the key to the door of huge potential market. 

8) Business advising for smaller Players: The analysis has also indicated that the concept of
business advising though very popular with the higher end players is virtually non existent in
the lower end of the market. ICICI should take this opportunity to provide business advising
to the smaller companies at competitive rates and try to take the first mover advantage. 

THREATS
1) Competition: ICICI Bank is facing tight competition locally as well as internationally.
Bank like CITI Bank, HSBC, ABM, Standered Chartered, HDFC also provide equivalent
facilities like ICICI do and also ICICI do not have consistency in its international operation.

2) Net Services: ICICI Bank provides all kind of services on-line. There can be easy access
to the e-mail ids of the customers through wrong people. The confidential information of the
customers can be leaked easily through the e-mail ids.

3) Decentralized Management: Each branch manager is given the authority of taking


decisions in their respective branches. The decisions made by different managers are diverse
and any one wrong decision can laid to heavy losses to the bank.

4) No Proper Facilities To Uneducated customers: ICICI Bank provides all services


through electronic computerized machines. This creates problems to the less educated people.
But this threat falls in the 4th quadrant so its negligible. The company can avoid this threat.

5) Advent of MNC banks: Large numbers of MNC banks are mushrooming in the Indian
market due to the friendly policies adopted by the government. This can increase the level of
competition and prove a potential threat for the market share of ICICI bank.

6) Dissatisfied Customers: The analysis indicated that though most of the companies are
satisfied with the products offered by ICICI bank but the poor customer support/ service is
creating a lot of dissatisfaction among the customers, this can prove to be a serious problem
as far as the market reputation of the bank is concerned and cane be a major threat in future
business acquisition.

7) Ever improving nationalized banks: With PSU banks like SBI going all out to compete
with the private banks and government giving them a free hand to do so, it can prove to be
serious threat for banks like ICICI.

COMPETITIVE ADVANTAGES OF THE ICICI BANK


EMPLOYEES STOCK OPTION SCHEME

The progress of the Bank in a short period of six years would not have been possible without
the dedication of staff members of the Bank and the team spirit displayed by staff of both the
Bank and ICICI. The Bank has ensured that all its employees are given adequate training.
During 1999-2000, on an average 37 hours of training was given to employees, which
compares well with the best globally. The pay scales of employees were recently rationalised
to align them with the levels of remuneration of a few of the comparable banks.

Further, in order to attract talent and motivate its staff, the Bank has introduced an Employee
Stock Option Scheme. The Scheme drawn up in accordance with the guidelines prescribed by
the Securities and Exchange Board of India (SEBI) has been implemented effective February
21, 2000. In all 17,13,000 stock options have been granted to 426 employees and Directors of
the bank and ICICI Limited. Of these, 3 senior managerial personnel of the Bank were
granted 81,250 stock options.

The list, which may be treated as part of the Report of the Directors, giving details of stock
options granted to senior managerial personnel as also the certificate of the Statutory
Auditors, subject to above reference, on the Employee Stock Option Scheme as required
under the guidelines of SEBI is available for inspection by the Members. These are available
for perusal at this venue with the Company Secretary and the copies are available at the
Registered Office for perusal by the Members during the business hours on all working days.

The current year being the first in which the stock option scheme was implemented, there
have been no instances of vesting of stock options, exercise of stock options for conversion to
the underlying equity shares, lapse of stocks option due to passage of time, variation of terms
in the Scheme, etc., since its introduction. No employee or director has been give stock
options amounting to 5 per cent or more of the options granted during the year. Further, no
employee or director has been granted stock options equal to or exceeding 1 per cent of the
issued capital of the Bank at the time of grant of stock options.

CORPORATE GOVERNANCE

The Bank is committed to follow the tenets of good corporate governance. Right from its
inception, the Bank has assiduously practised good governance. It has set up among other
committees of the Board, a Compensation Committee which looks into and recommends to
the Board the amount of compensation payable to the executive directors, the fees payable to
other directors and framing the internal guidelines for and management of the employee stock
option scheme. The Nomination Committee reviews the functioning of the members of the
Board. The Audit and Risk Committee reviews and monitors audit of branches and overall
systems and procedures. The Committee also monitors periodically risk management
measures to control risks like market risks, operational risks, liquidity risks, etc.

EXEMPTION OF CERTAIN BRANCHES FROM YEARLY AUDIT

Members may recall that they had approved at the last Annual General Meeting in terms of
Section 228 of the Companies Act, 1956, the proposal of the Bank to seek exemption of
certain branches from yearly audit.

The Bank has since received the approval of the Government of India exempting 19 of its
branches which had in their books outstanding total advances amounting to Rs. 1.00 crore or
less, per branch from the purview of yearly audit. As required in terms of the approval of the
Government, the Order exempting these branches would be read out at this meeting. With the
net work of branches and extension counters increasing to 97 during 1999-2000, we are
contemplating seeking approval of the government for including additional branches to the
above list of 19 branches. I may assure the Members that satisfactory arrangements are made
for the scrutiny and checking of accounts of these branches at regular intervals, by
responsible persons who are competent to scrutinise and check accounts and also that these
branches would be subject to audit at least once in a period of three years.

THE FUTURE

The Indian economy was quite clearly on the upward path as evidenced by an expected
growth of around 5.9 per cent in 1999 - 2000. This was brought about mainly by a high
growth rate in the industrial sector of 8 per cent compared with just 3.9 per cent in 1998-99.
This growth came under stable inflationary conditions with the Wholesale Price Index
increasing by a mere 3.1 per cent in 1999-2000 as against 5.9 per cent in 1998-99. The higher
growth in the industrial sector was supported by an increase of 21.9 per cent in bank credit.

It is estimated that the Indian economy would grow by 6.5 to 7 per cent in 2000-2001, which
has to be supported by a growth rate of at least 8 per cent in the industrial sector (on a higher
base of 1999-2000). The Reserve Bank of India has provided the right impulses, on April 1,
2000 itself, to propel the economy further in 2000-2001 by reducing the Cash Reserve Ratio
and Bank Rate by 1 percentage point each, which has helped in lowering interest rates by
50200 basis points.

However, with growing competition with other savings instruments, especially mutual funds,
there would be pressure on the supply of funds for banks. Demand for funds, on the other
hand, would be higher because of increased needs of the industrial sector as well as of the
government (whose expected borrowings are close to Rs. 117 billion). Therefore, there could
be some pressure on liquidity, and interest rates during the second half of the year. Inflation
too has already started rising to a 73-week high of 6.3 per cent as on May 6, 2000. Further,
with closer integration into the world economy, with the process of globalisation, we need to
monitor the developments taking place elsewhere apart from those within the country. The
recent decision of the Federal Reserve of New York to raise interest rates is also indicative of
interest rates rising in the rest of the world.

We, in India and more particularly banks like ours, cannot afford to ignore these changes.
There is, therefore, some compulsion to think hard on these issues. The future would continue
to be dynamic, vibrant, competitive and challenging to banks.

Banking and payment systems are expected to grow rapidly in the years to come. Thanks to
the straight through processing facilitated by technology, banks like ours which have
leveraged advanced banking technology for their activities are expected to garner much of
this business flows. Further banks that are able to sense the direction of changes and attune
their business processes in the right direction, stand to post good results and surge ahead. We
are confident that, with our expertise that we have built so far, we would be able to steer clear
and take advantages of many emerging opportunities that the environment is likely to
provide.

RISK MANAGEMENT IN KEY SUBSIDIARIES


ICICI Securities provides investment banking services, including corporate advisory, fixed
income and equity services, to corporate customers. All investment banking mandates,
including underwriting commitments, are approved by the Commitments Committee
comprising the Managing Director and CEO and relevant group heads, of ICICI Securities.
ICICI Securities is a primary dealer and has government of India securities as a significant
proportion of its portfolio. It has a corporate risk management group for managing principally
the credit and market risks arising out of the various activities of the company.

ICICI Prudential Life Insurance is exposed to business risks arising out of the nature of
products and underwriting, and market risk arising out of the investments made out of the
corpus of premiums collected and the returns guaranteed to policyholders. ICICI Prudential
Life Insurance believes it has a well-developed framework for assessing and managing these
risks. We believe it has the largest team of underwriters among private sector insurance
companies in India. The key risks and the risk management framework are periodically
reviewed by the Risk Management and Audit Committee of its board of directors. The
Investment Committee oversees investment-related risk management by approving and
reviewing the implementation of the investment policy within the norms stipulated by the
Insurance Regulatory and Development Authority. ICICI Prudential Life Insurance has an
assetliability management framework for its investment related risks. At year-end fiscal 2004,
linked insurance plans constituted about 48.0% of the portfolio. These are exposed to low
market risk as the returns are linked to the value of underlying investments. In order to
manage the interest rate risk on the non-linked portfolio, ICICI Prudential Life Insurance has
hedged the single premium nonparticipating portfolio by duration matching, re-balanced at
monthly intervals. For the participating portfolio, ICICI Prudential Life Insurance has
adopted an asset allocation strategy which includes investments in equities. The equity
portfolio is benchmarked to a stock market index. ICICI Prudential Life Insurance follows a
disciplined approach to portfolio construction to manage the volatility of equity investments
and achieve superior equity asset class returns over the long term. The portfolio largely
comprises index stocks and is constructed with small limits for sector and stock deviation vis-
àvis index stock weighs. In addition, there are limits on exposures to companies, groups and
industries. ICICI Lombard General Insurance is principally exposed to risks arising out of the
nature of business underwritten and credit risk on its investment portfolio. In respect of
business risk, ICICI Lombard General Insurance seeks to diversify its insurance portfolio
across industry sectors and geographical regions. It focuses on product segments that have
historically experienced low loss ratios. It also has the ability to reduce the risk retained on its
own balance sheet by re-insuring a part of the risks underwritten. Its investments are
governed by the investment policy approved by its board of directors within the norms
stipulated by the Insurance Regulatory and Development Authority. The Investment
Committee overseas the implementation of this policy and reviews it periodically. Exposure
to any single entity is normally restricted to 5.0% of the portfolio and to any industry to
10.0% of the portfolio. Investments in debt instruments are generally restricted to instruments
with a
domestic credit rating of AA or higher.

TECHNOLOGY
We seek to be at the forefront of usage of technology in the financial services sector. We use
information technology as a strategic tool for our business operations, to gain a competitive
advantage and to improve our overall productivity and efficiency. Our technology initiatives
are aimed at enhancing value, offering customers enhanced convenience and improved
service while optimizing costs. Our focus on technology emphasises:

• Electronic and online channels to:


• offer easy access to our products and services;
• reduce distribution and transaction costs;
• reach new target customers; and
• enhance existing customer relationships.
• Application of information systems to:
• effectively market to our target customers;
• monitor and control risks; and
• identify, assess and capitalise on market opportunities.
We also seek to leverage our domestic technology capabilities in our international operations.

TECHNOLOGY ORGANISATION
While we have dedicated technology groups for our products and services for retail and
corporate customers, our enterprise-wide technology initiatives are coordinated by the
Technology Management Group.

BANKING APPLICATION SOFTWARE


We use a banking application software that is flexible and scaleable and allows us to
effectively and efficiently serve our growing customer base. In fiscal 2003, our core banking
software was upgraded and enabled with multicurrency features. A central stand-in server
provides services all days of the week, throughout the year, to delivery channels. The server
stores the latest customer account balances, which are continuously streamed from the core
banking database. We have a data center in Mumbai for centralised data base management,
data storage and retrieval.

ELECTRONIC AND ONLINE CHANNELS


We use a combination of physical and electronic delivery channels to maximise customer
choice and convenience, which has helped the differentiation of our products in the
marketplace. Our branch banking software is flexible and scaleable and integrates well with
its electronic delivery channels. Our ATMs are sourced from some of the world’s leading
vendors. These ATMs work with the branch banking software. At year-end fiscal 2004, we
had 1,790 ATMs across India. We were one of the first banks to offer online banking
facilities to our customers. We
now offer a number of online banking services to our customers for both corporate and retail
products and services. Our telephone banking call centers have a total seating capacity of
2,075 seats, across two locations, at Mumbai and Hyderabad. These telephone banking call
centers use an Interactive Voice Response System. In fiscal 2003, weupgraded the existing
hardware and deployed a new integrated Interactive Voice Response System to enhance
capacity. The call centers are based on the latest technology and provide an integrated
customer database that allows the call agents to get a complete overview of the customer’s
relationship with us. The database enables customer segmentation and assists the call agent in
identifying cross-selling opportunities. We launched mobile banking services in India in
March 2000, in line with our strategy to offer multi-channel
access to our customers. This service has now been extended to all mobile telephone service
providers across India and non-resident Indian customers in the United States of America, the
United Kingdom, the Middle East and Singapore.

HIGH-SPEED ELECTRONIC COMMUNICATIONS INFRASTRUCTURE


We have a nationwide data communications network linking all our channels and offices. The
network design is based on a mix of dedicated leased lines and satellite links to provide for
reach and redundancy, which is imperative in a vast country like India. The communications
network is monitored 24 hours a day using advanced network management software.

TREASURY AND OPERATIONS RELATING TO COMMERCIAL BANKING FOR


CORPORATE CUSTOMERS
We use technology to monitor risk limits and exposures. We have invested significantly to
acquire advanced systems from some of the world’s leading vendors and connectivity to the
SWIFT network. In fiscal 2003, we successfully centralised our corporate banking back
office operations and rolled out a business process management solution to automate our
activities in the areas of trade services and general banking operations. Through integration of
the workflow system with the imaging and document management system, we have achieved
substantial savings and practically eliminated the use of paper for these processes.
In fiscal 2004, we have centralised the systems of the treasuries of all our international
branches and subsidiaries. As a result, the processing of transactions as well as the
applications used for deal entry are now centrally located and maintained out of India.

CUSTOMER RELATIONSHIP MANAGEMENT


We have implemented a customer relationship management solution for automation of
customer handling in all key retail products. Our customer relationship management solution
enables various channels to service the customer needs at all touch points, and across all
products and services. The solution has been deployed at the telephone banking call centers
as well as a large number of branches. We have also undertaken a retail data warehouse
initiative to achieve customer data integration at the back-office level. We have implemented
an Enterprise Application Integration initiative across our retail and corporate products and
services, to link various products, delivery and channel systems. This initiative underpins our
multi-channel customer service strategy and seeks to deliver customer related information
consistently across access points.

DATA CENTER AND DISASTER RECOVERY SYSTEM


While our primary data center is located in Mumbai, a separate disaster recovery data center
has been set up in another city and is connected to the main data center in Mumbai. The
disaster recovery data center has facilities to host critical banking applications in the event of
a disaster at the primary site.
Financial Structure

Balance Sheet of ICICI Bank

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

Capital and Liabilities:

Total Share Capital 1,239.83 1,249.34 1,462.68 1,463.29 1,114.89

Equity Share Capital 889.83 899.34 1,112.68 1,113.29 1,114.89

Share Application Money 0.00 0.00 0.00 0.00 0.00

Preference Share Capital 350.00 350.00 350.00 350.00 0.00

Reserves 21,316.16 23,413.92 45,357.53 48,419.73 50,503.48

Revaluation Reserves 0.00 0.00 0.00 0.00 0.00

Net Worth 22,555.99 24,663.26 46,820.21 49,883.02 51,618.37

Deposits 165,083.17 230,510.19 244,431.05 218,347.82 202,016.60

Borrowings 38,521.91 51,256.03 65,648.43 67,323.69 94,263.57

Total Debt 203,605.08 281,766.22 310,079.48 285,671.51 296,280.17

Other Liabilities & Provisions 25,227.88 38,228.64 42,895.39 43,746.43 15,501.18

Total Liabilities 251,388.95 344,658.12 399,795.08 379,300.96 363,399.72

Assets

Cash & Balances with RBI 8,934.37 18,706.88 29,377.53 17,536.33 27,514.29

Balance with Banks, Money at Call 8,105.85 18,414.45 8,663.60 12,430.23 11,359.40

Advances 146,163.11 195,865.60 225,616.08 218,310.85 181,205.60

Investments 71,547.39 91,257.84 111,454.34 103,058.31 120,892.80

Gross Block 5,968.57 6,298.56 7,036.00 7,443.71 7,114.12

Accumulated Depreciation 1,987.85 2,375.14 2,927.11 3,642.09 3,901.43

Net Block 3,980.72 3,923.42 4,108.89 3,801.62 3,212.69

Capital Work In Progress 147.94 189.66 0.00 0.00 0.00

Other Assets 12,509.57 16,300.26 20,574.63 24,163.62 19,214.93

Total Assets 251,388.95 344,658.11 399,795.07 379,300.96 363,399.71

Contingent Liabilities 119,895.78 177,054.18 371,737.36 803,991.92 694,948.84


Bills for collection 15,025.21 22,717.23 29,377.55 36,678.71 38,597.36

Book Value (Rs) 249.55 270.37 417.64 444.94 463.01


(Rs in crore)

Profit & Loss account of ICICI Bank (in Rs. Cr.)

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10
Income
Interest Earned 13,784.50 22,994.29 30,788.34 31,092.55 25,706.93
Other Income 5,036.62 6,962.95 8,878.85 8,117.76 7,292.43
Total Income 18,821.12 29,957.24 39,667.19 39,210.31 32,999.36
Expenditure
Interest expended 9,597.45 16,358.50 23,484.24 22,725.93 17,592.57
Employee Cost 1,082.29 1,616.75 2,078.90 1,971.70 1,925.79
Selling and Admin Expenses 2,360.72 4,900.67 5,834.95 5,977.72 6,056.48
Depreciation 623.79 544.78 578.35 678.60 619.50
Miscellaneous Expenses 2,616.78 3,426.32 3,533.03 4,098.22 2,780.03
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00
Operating Expenses 5,274.23 8,849.86 10,855.18 10,795.14 10,221.99
Provisions & Contingencies 1,409.35 1,638.66 1,170.05 1,931.10 1,159.81
Total Expenses 16,281.03 26,847.02 35,509.47 35,452.17 28,974.37
Net Profit for the Year 2,540.07 3,110.22 4,157.73 3,758.13 4,024.98
Extraordionary Items 0.00 0.00 0.00 -0.58 0.00
Profit brought forward 188.22 293.44 998.27 2,436.32 2,809.65
Total 2,728.29 3,403.66 5,156.00 6,193.87 6,834.63
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 759.33 901.17 1,227.70 1,224.58 1,337.95
Corporate Dividend Tax 106.50 153.10 149.67 151.21 164.04
Per share data (annualised)
Earnings Per Share (Rs) 28.55 34.59 37.37 33.76 36.10
Equity Dividend (%) 85.00 100.00 110.00 110.00 120.00
Book Value (Rs) 249.55 270.37 417.64 444.94 463.01
Appropriations
Transfer to Statutory Reserves 248.69 1,351.12 1,342.31 2,008.42 1,867.22
Transfer to Other Reserves 1,320.34 0.00 0.01 0.01 1.04
Proposed Dividend/Transfer to Govt 865.83 1,054.27 1,377.37 1,375.79 1,501.99
Balance c/f to Balance Sheet 293.44 998.27 2,436.32 2,809.65 3,464.38
Total 2,728.30 3,403.66 5,156.01 6,193.87 6,834.63

Particulars Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

Net Profit Before Tax 3096.61 3648.04 5056.10 5116.97 5345.32

Net Cash From Operating Activities 4652.93 23061.95 -11631.15 -14188.49 1869.21
Net Cash (used in)/from
-7893.98 -18362.67 -17561.11 3857.88 6150.73
Investing Activities
Net Cash (used in)/from Financing
7350.90 15414.58 29964.82 1625.36 1382.62
Activities
Net (decrease)/increase In Cash and
4110.25 20081.10 683.55 -8074.57 8907.13
Cash Equivalents
Opening Cash & Cash Equivalents 12929.97 17040.22 37357.58 38041.13 29966.56

Closing Cash & Cash Equivalents 17040.22 37121.32 38041.13 29966.56 38873.69

Cash Flow Statement (in Rs Cr)


Ratios of ICICI Bank

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

Investment Valuation Ratios

Face Value 10.00 10.00 10.00 10.00 10.00

Dividend Per Share 8.50 10.00 11.00 11.00 12.00

Operating Profit Per Share (Rs) 36.75 42.19 51.29 48.58 49.80

Net Operating Profit Per Share (Rs) 196.87 316.45 354.71 343.59 293.74

Free Reserves Per Share (Rs) 193.24 199.52 346.21 351.04 356.94

Bonus in Equity Capital -- -- -- -- --

Profitability Ratios

Interest Spread 2.67 3.43 3.51 3.66 5.66

Adjusted Cash Margin(%) 17.55 12.30 11.81 11.45 -39.58

Net Profit Margin 14.12 10.81 10.51 9.74 12.17

Return on Long Term Fund(%) 56.24 82.46 62.34 56.72 10.63

Return on Net Worth(%) 14.33 13.17 8.94 7.58 7.79

Adjusted Return on Net Worth(%) 11.40 12.31 8.80 7.55 -26.54


Return on Assets Excluding
1.01 0.90 417.64 444.94 463.01
Revaluations
Return on Assets Including
1.01 0.90 417.64 444.94 463.01
Revaluations
Management Efficiency Ratios

Interest Income / Total Funds 8.36 9.55 10.60 9.82 8.82

Net Interest Income / Total Funds 3.78 4.06 4.29 3.99 4.08
Non Interest Income / Total Funds 0.22 0.10 0.02 0.08 0.08

Interest Expended / Total Funds 4.58 5.49 6.31 5.83 4.74

Operating Expense / Total Funds 2.22 2.79 2.76 2.60 2.59


Profit Before Provisions / Total
1.49 1.19 1.40 1.30 1.41
Funds
Net Profit / Total Funds 1.21 1.04 1.12 0.96 1.08

Loans Turnover 0.15 0.17 0.20 0.18 0.17

Total Income / Capital Employed(%) 8.58 9.65 10.62 9.90 8.90


Interest Expended / Capital
4.58 5.49 6.31 5.83 4.74
Employed(%)
Total Assets Turnover Ratios 0.08 0.10 0.11 0.10 0.09

Asset Turnover Ratio 2.94 4.52 5.61 5.14 4.60

Profit And Loss Account Ratios

Interest Expended / Interest Earned 69.62 71.14 76.28 73.09 68.44

Other Income / Total Income 2.59 1.07 0.17 0.86 0.92

Operating Expense / Total Income 25.86 28.87 26.00 26.22 29.05


Selling Distribution Cost
4.80 6.12 4.43 1.74 0.72
Composition
Balance Sheet Ratios

Capital Adequacy Ratio 13.35 11.69 13.97 15.53 19.41

Advances / Loans Funds(%) 84.89 77.72 72.67 69.86 58.57

Debt Coverage Ratios

Credit Deposit Ratio 87.59 83.83 84.99 91.44 90.04

Investment Deposit Ratio 46.07 41.15 42.68 46.35 53.28

Cash Deposit Ratio 5.77 6.99 10.12 10.14 10.72

Total Debt to Owners Fund 7.45 9.50 5.27 4.42 3.91

Financial Charges Coverage Ratio 1.39 1.25 1.25 1.25 0.33


Financial Charges Coverage Ratio
1.33 1.22 1.20 1.20 1.26
Post Tax
Leverage Ratios

Current Ratio 0.08 0.09 0.11 0.13 0.14

Quick Ratio 6.64 6.04 6.42 5.94 14.70

Cash Flow Indicator Ratios


Dividend Payout Ratio Net Profit 34.08 33.89 33.12 36.60 37.31

Dividend Payout Ratio Cash Profit 27.36 28.84 29.08 31.00 32.33

Earning Retention Ratio 65.82 64.80 66.35 63.23 110.96

Cash Earning Retention Ratio 72.58 70.22 70.51 68.87 66.70

AdjustedCash Flow Times 52.30 65.12 52.34 49.41 44.79

Earnings Per Share 28.55 34.59 37.37 33.76 36.10

Book Value 249.55 270.37 417.64 444.94 463.01

REFERENCES

1. http://in.reuters.com/finance/stocks/companyProfile?symbol=ICBK.BO

2. http://www.icicibank.com/aboutus/about-us.html

3. http://www.naukrihub.com/india/banking-insurance/top-companies/icici.html

4. http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=411168

5. http://money.outlookindia.com/article.aspx?93174

6. http://www.oppapers.com/essays/Swot-Analysis-Icici-Bank/185043?topic

7. http://www.managementparadise.com/forums/miscellaneous-projects/85241-swot-
icici.html

8. www.moneycontrol.com › Markets

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