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ICICI Bank at a Glance DIGITALLY EMPOWERING THE NATION 21st Annual Report and Accounts 2014-2015 WorldReginfo - 7522c630-1665-480d-8e7d-4a62eda4b085 Contents 02 ICICI Bank at a Glance 04 Financial Highlights 06 Message from the Chairman 08 Message from the Managing Director & CEO 10 Board and Management 11 Message from Executive Directors 12 Empowering the youth of today REGISTERED OFFICE 14 Transforming day-to-day banking Landmark 16 Creating digital banking solutions Race Course Circle for global Indians Vadodara 390 007 18 Partnering the nation by providing digital Tel : +91-265-6722222 banking services Fax : +91-265-6722020 20 Promoting Inclusive Growth CIN : L65190GJ1994PLC021012 24 Awards 25 Directors’ Report CORPORATE OFFICE 75 Auditor’s Certificate on Corporate Governance ICICI Bank Towers 76 Business Overview Bandra-Kurla Complex 88 Management’s Discussion & Analysis Mumbai 400 051 110 Key Financial Indicators: Last Ten Years Tel : +91-22-33667777 Fax : +91-22-26531122 Financials 111 Independent Auditors’ Report – Financial STATUTORY AUDITORS Statements of ICICI Bank Limited B S R & CO. LLP 114 Financial Statements of ICICI Bank Limited 1st Floor, Lodha Excelus 181 Independent Auditors’ Report – Consolidated Apollo Mills Compound Financial Statements N. M. Joshi Marg 184 Consolidated Financial Statements of ICICI Bank Mahalaxmi Limited and its Subsidiaries Mumbai 400 011 228 Statement Pursuant to Section 129 of Companies Act, 2013 REGISTRAR AND 230 Basel Pillar 3 Disclosures 231 Glossary of Terms TRANSFER AGENTS 3i Infotech Limited International Infotech Park Enclosures Tower 5, 3rd Floor Notice Vashi Railway Station Complex Attendance Slip and Form of Proxy Vashi, Navi Mumbai 400 703 WorldReginfo - 7522c630-1665-480d-8e7d-4a62eda4b085 Pioneering the digital banking revolution in India, ICICI Bank has been at the forefront of developing solutions, which make banking simple and convenient for its customers. In line with its philosophy of Khayaal Aapka, the Bank offers digital solutions which are customised to specific segments. With solutions which make banking more accessible, easy and less time-consuming, ICICI Bank continues to partner the nation by digitally empowering its citizens. Mobile devices and social media are an integral part of the life of today’s youth. They want everything – to communicate, transact and get entertained – in an instant. ICICI Bank caters to this need by offering a range of solutions that enable them to carry out banking transactions while on the move. Customers in urban areas lead a fast-paced life that leaves them with little time to attend to their banking requirements. ICICI Bank has created multiple solutions and platforms that enable these customers to bank at a time and place of their choice. Non-Resident Indians want a quick, convenient and secure way to transfer money back home. ICICI Bank caters to their needs by offering a range of innovative solutions. These services allow global Indians to connect with their homes in a hassle-free manner. Partnering the Government in nation-building initiatives has always been a priority for the ICICI Group. The Bank offers multiple digitally-enabled services making banking more accessible to rural citizens. In line with the Government’s ‘Digital India’ mission, ICICI Bank has set up a model ‘Digital Village’ at Akodara, Gujarat. Annual Report 2014-2015 1 WorldReginfo - 7522c630-1665-480d-8e7d-4a62eda4b085 ICICI Bank at a Glance ` 6,461billion ` 111.75 billion Assets Profit After Tax 45.5% 36.8% CASA ratio Cost to Income Ratio Over 52 million 4,050 Customers Branches WorldReginfo - 7522c630-1665-480d-8e7d-4a62eda4b085 ICICI Bank is India’s largest private sector bank. Its subsidiaries include India’s leading private sector insurance companies and among India’s largest securities brokerage, asset management and private equity companies. The Bank’s presence spans 17 countries, including India. Around 50% of Over 20,000 under- transactions privileged youth were carried out on trained by ICICI Internet and mobile Foundation for Inclusive Growth in FY2015 ‘Pockets’, India’s 3.5 million fans first digital bank on Facebook on a mobile phone allows highest for any bank in India users to download and instantly activate an e-wallet All information as on March 31, 2015 WorldReginfo - 7522c630-1665-480d-8e7d-4a62eda4b085 Financial Highlights PAT & EPS1 Return on Equity 19.32 14.7% 14.9% 15.0% 17.00 13.0% 14.44 11.6% 11.22 9.05 111.75 13.7% 14.3% 98.10 12.9% 11.1% 83.25 9.6% 64.65 51.51 FY2011 FY2012 FY2013 FY2014 FY2015 FY2011 FY2012 FY2013 FY2014 FY2015 Profit After Tax (PAT) (` in billion) Return on Equity (Standalone) Earnings per Share (EPS) (`) Return on Equity (Consolidated) 1. Prior period numbers have been adjusted for the sub-division of equity shares Total Deposits Total Advances 3,615.63 3,875.22 3,319.14 3,387.03 2,926.14 24.29% 2,902.49 2,555.00 26.48% 1,971.83 2,537.28 4.44% 2,256.02 1,895.36 2,163.66 25.27% 4.43% 1,700.37 27.35% 28.84% 1,444.81 5.22% 25.47% 1,239.55 6.02% 30.12% 6.98% 32.52% 28.65% 1,148.60 28.24% 991.33 760.46 856.51 42.43% 668.69 38.97% 36.99% 39.31% 37.98% 495.20 347.78 349.73 369.26 432.45 FY2011 FY2012 FY2013 FY2014 FY2015 FY2011 FY2012 FY2013 FY2014 FY2015 Current Accounts (` in billion) Total (` in billion) Retail Overseas Savings Accounts (` in billion) Domestic corporate Total (` in billion) Term Deposits (` in billion) SMEAG 4 Annual Report 2014-2015 WorldReginfo - 7522c630-1665-480d-8e7d-4a62eda4b085 NII & NIM Cost to Income Ratio 3.48% 3.33% 3.11% 2.73% 2.64% 190.40 42.91% 41.95% 40.49% 38.25% 164.75 36.83% 138.66 107.34 90.17 FY2011 FY2012 FY2013 FY2014 FY2015 FY2011 FY2012 FY2013 FY2014 FY2015 Net Interest Income (NII) (` in billion) Cost to Income Ratio Net Income Margin (NIM) Total Assets Capital Adequacy Ratio 19.54% 18.52% 18.74% 17.70% 17.02% 6.37% 5.84% 5.94% 4.92% 4.24% 6,461.29 5,946.42 5,367.95 4,890.69 13.17% 4,062.34 12.68% 12.80% 12.78% 12.78% FY2011 FY2012 FY2013 FY2014 FY2015 FY20111 FY20121 FY20131 FY20142 FY20152 Total Assets (` in billion) Tier I Tier II Total 1. In accordance with Basel II guidelines of RBI 2. In accordance with Basel III guidelines of RBI Annual Report 2014-2015 5 WorldReginfo - 7522c630-1665-480d-8e7d-4a62eda4b085 Message from the Chairman Last year, I had mentioned three sets of actions to kick-start the economic recovery process in the country. The first set pertained to actions needed to address some of the immediate concerns on slowing growth. There has been good progress towards easing of bottlenecks related to clearances of projects. Among others, the auctions for coal blocks and telecom spectrum allocation are key positive developments in this direction. The second set of actions was related to a clear articulation of policy to set right the investment climate in the country. Efforts have been made not only to resolve existing issues but also to ensure that a well-defined policy approach is articulated for areas where ambiguity in the past has discouraged investor participation. In addition to auctioning of natural resources, gas pricing has also been rationalised. The opportunity provided by benign commodity prices has been well utilised for deregulating diesel prices. The government through the Union Budget provided investors an assurance of a non-adversarial tax regime. Greater foreign investment was enabled in major As I had mentioned last year, the decisive mandate in the areas like defence, railways and insurance. Efforts were general elections was a very positive development for also made to remove the hurdles in infrastructure projects the economy. The immediate impact was felt in the form and the Union Budget has proposed a plug-and-play model of a strong improvement in sentiment. India’s inherent for awarding projects where the key clearances would be strengths are well-known – the demographic dividend and in place before the project is awarded. The proposals for the vast potential for investment. It is these strengths that reduction in corporate tax rate and a stated timeframe for propelled us on a high growth path for several years, before implementation of the goods and services tax regime are we experienced a sharp and sustained slowdown due to a both positive steps. combination of domestic and global factors. In fiscal 2015, we saw renewed confidence that India’s growth potential The third set of actions involved structural improvements in would indeed be realised on a sustainable basis, as the the economy, where the goals are more long term in nature. necessary policy and administrative measures would be put Here too, a number of positive steps have been taken. The in place to harness the underlying growth drivers. current account deficit continued to be contained, and the commitment to fiscal responsibility has been reaffirmed. Over the last year, the Government has taken a number of Some steps for structural reform are being steadily put important steps in this direction. There has been a focus into place. The mission-mode focus on providing banking on improving governance; enhancing the ease of doing access through Jan-Dhan accounts was pathbreaking and business; creating a conducive environment for investment opens up the opportunity for further reform in the delivery by both international and domestic participants; and of social benefits, while ensuring greater coverage of the adopting a stable and prudent fiscal policy. At the same time, formal financial system and the linkages to the mainstream the Government has sought to bring about the engagement economy that it facilitates.
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