Financial Statement Analysis of

AGENDA• Timeline of ICICI Bank• BOD’s Report and MDA• Significant Accounting Policies• Cash Flow Analysis• Ratio Analysis• Track Announcements

TIMELINE OF ICICI BANK• 1994 - Promoted by ICICI Limited• 1996 - Appointed KV Kamath as CEO & MD• 1998 - Issued public equity shares in India• 1999 - Listed in NYSE (First Indian Company)• 2001 - Merged with Bank of Madura Ltd• 2010 - Merged with The Bank of Rajasthan

Ltd

BOD’S REPORT AND MDA• RBI introduced Base Rate System– ‘I-Base’ was at 9.25% p.a on May 7th 2011

• Banks paid interest to Savings Bank Account on daily average basis at 4%

• RBI increased repo and reverse repo to 6.75% and

5.75% from 5% and 3.5% respectively

• ICICI Bank issued 25 equity shares of ICICI Bank for every 118 equity shares of The Bank of Rajasthan Ltd

• RBI imposed a regulatory ceiling on Loan to Value Ratio at 80% for housing loans

• Non interest expenses increased to Rs.66.17 billion from Rs.58.6 billion due to increase in employee expenses

BOD’S REPORT AND MDA

• ICICI bank decreased provisions and contingencies from 43.87 billion to 22.87 billion

• Total advances increased to 2163.66 billion from 1,812.06 billion due to increase in– Domestic corporate loans–Overseas corporate loans– Loans taken over from Bank of Rajasthan

BOD’S REPORT AND MDA

SIGNIFICANT ACCOUNTING POLICIES

ITEM METHOD FOLLOWED

PURCHASE AND SALE OF INVESTMENTS

TRADE DATE

GOVERNMENT SECURITIES SETTLEMENT DATE

DEPRECIATION STRAIGHT LINE

BULLION BUSINESS CONSIGNMENT

SCHEDULE 17

CASH FLOW ANALYSIS• From operating activities: DECREASED– Increase in advances

• From investing activities: DECREASED– Increase in purchase of securities

• From financing activities: INCREASED– Increase in funds for expanding its business

ACTIVITIES 2011 2010

OPERATING ACTIVITIES (69.08) 18.69

INVESTING ACTIVITIES (21.08) 61.5

FINANCING ACTIVITIES 31.05 13.82

In Rs. billion

RATIO ANALYSIS

LIQUIDITY 2011 2010

Current Ratio 0.759 0.767

Quick Ratio 0.293 0.355

PROFIT & LOSS A/C RATIO 2011 2010

Interest expended to Interest earned

0.652 0.684

Other Income to Total Income

0.203 0.225

2011 2010

Efficiency Ratio 59.4% 54.6%

Asset Turnover Ratio 0.08 0.09

RATIO ANALYSISFOR SHAREHOLDERS 2011 2010

Earning Per Share 45.27 36.14

Book Value 478.31 463.01

Return on Equity 9.6 7.9

Earnings Retention 69% 66%

Dividend Payout 31% 34%

COVERAGE RATIO 2011 2010

Interest Coverage 1.53 1.55

RATIO ANALYSISCASA TO TOTAL DEPOSITS 2011 2010

ICICI BANK 45.1 41.7AXIS BANK 41.09 46.73HDFC BANK 51 51

NET INTEREST INCOME* 2011 2010

ICICI BANK 90.17 81.14AXIS BANK 65.63 50.04HDFC BANK 105.43 83.86

NET INTEREST MARGIN 2011 2010

ICICI BANK 2.6 2.5AXIS BANK 3.65 3.75HDFC BANK 4.2 4.4

* In Rs. billion

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 690.00

20.00

40.00

60.00

80.00

100.00

120.00

Performance of ICICI with SENSEX

ICICISENSEX

Axis Title

TRACK ANNOUNCEMENTSDATE PERCENTAGE CHANGE

IN PRICENEWS

29th July 2011 + 1.985 Q1 net profit was increased by 30%

11th August 2011 - 2.2 Base Rate was increased from 9.5% to 10%

7th October 2011 + 5.822 Moody reaffirms ICICI rating calling it as robust

28th October 2011 + 7.014 RBI paused the hike of interest rates

THANK YOU