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Understanding Needs. Evolving Solutions UNDERSTANDING NEEDS. EVOLVING SOLUTIONS. ANNUAL REPORT 2019-20 OUR APPROACH TO REPORTING ABOUT THIS REPORT SAFE HARBOUR In this Annual Report, ICICI Bank Limited has sought Certain statements in this Annual Report relating to a to adopt the principles of the International Integrated future period of time (including inter alia concerning our Reporting Framework as developed by the International future business plans or growth prospects) are forward- Integrated Reporting Council (IIRC). Through this report, looking statements intended to qualify for the 'safe the Bank aims to provide its stakeholders a comprehensive harbour' under applicable securities laws including the view of the organisation’s financial and non-financial US Private Securities Litigation Reform Act of 1995. Such resources and its strategy to create long-term value. The forward-looking statements involve a number of risks report provides insights into the Bank’s primary activities, and uncertainties that could cause actual results to differ its strategic priorities, risks and mitigants, governance materially from those in such forward-looking statements. structure, and the manner in which it has leveraged the These risks and uncertainties include, but are not limited six capitals, namely Financial, Manufactured, Intellectual, to statutory and regulatory changes, international Human, Social and Relationship, and Natural. Details on the economic and business conditions; political or economic various capitals are covered in the chapters: ICICI Bank's instability in the jurisdictions where we have operations, Business Model, Management's Discussion & Analysis, increase in non-performing loans, unanticipated changes Strategic Focus Areas for Business, Human Capital, Social in interest rates, foreign exchange rates, equity prices and Relationship Capital and Natural Capital. 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 REPORTING BOUNDARY services, investment income, cash flow projections, our exposure to market risks, changes in India’s sovereign The non-financial information in the integrated report rating, and the impact of the Covid-19 pandemic which largely covers data on the India operations of ICICI Bank could result in fewer business opportunities, lower Limited and ICICI Foundation for Inclusive Growth. revenues, and an increase in the levels of non-performing assets and provisions, depending among other factors upon the period of time for which the pandemic extends, REPORTING PERIOD the remedial measures adopted by governments and central banks, and the time taken for economic activity The Annual Report provides material information relating to resume at normal levels after the pandemic, as well to the Bank's strategy and business model, operating as other risks detailed in the reports filed by us with the context, performance and statutory disclosures covering United States Securities and Exchange Commission. Any the financial year April 1, 2019 to March 31, 2020. 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 CONTENTS 2-52 53-147 INTEGRATED REPORT STATUTORY REPORTS 2 ICICI Bank at a Glance 53 Directors’ Report 4 Key Business Areas 117 Independent Auditor's Certificate on Corporate 6 Financial Highlights Governance 8 Message from the Chairman 118 Management’s Discussion & Analysis 10 Board of Directors 147 Key Financial Indicators: Last 10 Years 11 Message from the Wholetime Directors and President 12 Business Model 148-315 FINANCIAL STATEMENTS 14 Strategic Focus Areas for Business 30 Risk Governance Framework 148 Independent Auditors’ Report – Financial Statements 31 Key Risks Impacting the Bank's Business 158 Financial Statements of ICICI Bank Limited 36 Human Capital 243 Independent Auditors’ Report – Consolidated 42 Social and Relationship Capital Financial Statements 48 Natural Capital 258 Consolidated Financial Statements of ICICI Bank Limited and its Subsidiaries 313 Statement Pursuant to Section 129 of Companies Act, 2013 314 Basel Pillar 3 Disclosures 315 Glossary of Terms Annual Report 2019-20 Integrated Report Statutory Reports Financial Statements ICICI BANK AT A GLANCE ICICI Bank is a large private sector bank in India offering a ICICIStack InstaBIZ diversified portfolio of financial products and services to retail, ICICI Bank launched ‘ICICIStack’, the most ‘InstaBIZ’ is the country’s first digital banking SME and corporate customers. The Bank has an extensive comprehensive digital infrastructure platform that helps the self-employed network of branches, ATMs and other touchpoints. It is at available in the banking industry in India. segment and businesses to undertake It enables millions of retail customers and almost all their banking transactions in one the forefront of leveraging technology and offering services businesses to continue uninterrupted single place. It allows customers to avail through digital channels like mobile and internet banking. banking services digitally, without visiting over 115 products and services in a digital any bank branch. and secure manner on their mobile phone and on the Bank’s internet banking platform. VISION MISSION To be the trusted financial To grow our risk-calibrated core operating profit by: services provider of iMobile 88% • Delivering products and services that create value choice for our customers, for customers ICICI Bank's mobile banking application, Over 88% of savings account transactions thereby creating iMobile, offers over 270 services. The were done through digital channels during sustainable value for our • Bringing together all our capabilities to seamlessly app has emerged as the leader among fiscal 2020. stakeholders meet customer needs mobile banking apps in India in a report • Conducting our business within well-defined risk by Forrester, a marquee American tolerance levels research firm. 21,000 Best Company Network of over 21,000 branches and ATMs at March 31, 2020. to Work For Business Today magazine ranked ICICI Bank `13.77 trillion `268.08 billion 16.11% as the 'Best Company to Work For' in the BFSI Consolidated Total Assets Core Operating Profit* Total Capital sector for the fourth year in a row. Adequacy Ratio India’s first ‘Net Zero 520,000 42.7% 3.73% 53.3% ICICI Foundation for Inclusive Growth Energy - Platinum’ rated has skilled over 520,000 underprivileged * * Average CASA Ratio Net Interest Margin Retail portfolio as a building individuals till March 31, 2020. proportion of total portfolio (including non-fund based ICICI Rural Self-Employment Training outstanding) Institute inaugurated India’s first IGBC* rated ‘Net Zero Energy - Platinum’ building 12.9% 28.6% in Jodhpur. Growth in Domestic Growth in Term Loan Y-o-Y Deposits Y-o-Y * The Indian Green Building Council (IGBC), part of the Confederation of Indian Industry (CII), is the country’s premier body for green building certification. The ratings are awarded based on assessment of energy efficiency, use of renewable energy, water conservation, waste management, indoor air quality *During fiscal 2020; others at March 31, 2020 and sustainable sourcing of material. IGBC rating levels (in ascending order) are: Certified, Silver, Gold and Platinum. 2 3 Annual Report 2019-20 KEY BUSINESS AREAS Providing financial solutions for every customer RETAIL, RURAL AND WHOLESALE BANKING SME BANKING We offer deposit, credit and other financial We offer financial solutions to large and products and services to individuals, medium sized companies and their business households and small businesses across and channel partners, and to financial India, through digital channels and extensive and government/public sector entities. branch network spanning urban and rural The product offerings include deposits, areas. We also offer select products like long-term finance, working capital, trade, deposits and remittances to non-resident cash management, transaction banking Indians, and local market offerings in select and treasury management. In addition international geographies. to our network in India, we leverage our international presence to meet the cross- border requirements of our clients. TREASURY Our treasury operations comprise management of the Bank’s liquidity, government securities portfolio and interest rate risk, proprietary trading, and foreign exchange and derivative solutions for clients. 4 Integrated Report Statutory Reports Financial Statements KEY SUBSIDIARIES Canada 5 Annual Report 2019-20 FINANCIAL HIGHLIGHTS TOTAL DEPOSITS TOTAL ADVANCES 6,452.90 7,709.69 5,866.47 8.4% 4,231.51 10.7% 28.4% 6,529.20 5,123.95 29.2% 3,289.79 4,642.32 12.5% 5,609.75 4,352.64 16.1% 30.9% 4,900.39 2,710.50 21.6% 32.1% 63.2% 4,214.26 2,432.17 31.8% 60.1% 2,283.26 56.6% 2,455.91 2,276.71 2,009.67 51.8% 1,718.39 46.6% 1,342.30 889.58 962.70 1,022.27 588.70 749.83 March March March March March March March March March March 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Current Account (` in billion) Term Deposit (` in billion) Retail Overseas Savings Account (` in billion) Total (` in billion) Domestic
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