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ICICI Bank Directors Report, ICICI Bank Reports by Directors
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ICICI Bank
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Download Annual Report PDF Format 2014 | 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '14    « Mar 13
The Directors have pleasure in presenting the Twentieth Annual Report
 of ICICI Bank Limited along with the audited statement of accounts for
 the year ended March 31, 2014.
 
 FINANCIAL HIGHLIGHTS
 
 The financial performance for fiscal 2014 is summarised in the
 following table:
 
 Rs. billion, except percentages       Fiscal 2013   Fiscal 2014  % change
 
 Net interest income and other 
 income                                   222.12        269.03     21.1%
 
 Operating expenses                        90.13        103.09     14.4%
 
 Provisions & contingencies1               18.02         26.26     45.7%
 
 Profit before tax                        113.97        139.68     22.6%
 
 Profit after tax                          83.25         98.10     17.8%
 
 
 1.  Excludes provision for taxes.
 
 Rs. billion, except percentages       Fiscal 2013   Fiscal 2014  % change
 
 Consolidated profit after tax             96.04        110.41     15.0%
 
 
 Appropriations
 
 The profit after tax of the Bank for fiscal 2014 is Rs. 98.10 billion
 after provisions and contingencies of Rs. 26.26 billion, provision for
 taxes of Rs. 41.58 billion and all expenses. The disposable profit is Rs.
 197.12 billion, taking into account the balance of Rs. 99.02 billion
 brought forward from the previous year. Your Bank''s dividend policy is
 based on the profitability and key financial metrics of the Bank, the
 Bank''s capital position & requirements and the regulations pertaining
 to the same. Your Bank has a consistent dividend payment history. Given
 the financial performance for fiscal 2014 and in line with the Bank''s
 dividend policy, your Directors are pleased to recommend a dividend of
 Rs. 23.00 per equity share of Rs. 10 for the year ended March 31, 2014 as
 against Rs. 20.00 per equity share of Rs. 10 for the year ended March 31,
 2013 and have appropriated the disposable profit as follows:
 
 
 Rs. billion                                 Fiscal 2013   Fiscal 2014
 
 To Statutory Reserve, making in all 
 Rs. 135.27 billion                                20.82         24.53
 
 To Special Reserve created and 
 maintained in terms of Section
 36(1)(viii) of the Income-tax Act, 
 1961, making in all Rs. 54.79 billion              7.60          9.00
 
 To Capital Reserve, making in all 
 Rs. 22.93 billion                                  0.33          0.76
 
 To Investment Reserve Account, making 
 in all Rs. 1.27 billion                              __          1.27
 
 To Revenue and other reserves, making 
 in all Rs. 35.76 billion1                          0.03          0.05
 
 Dividend for the year (proposed)
 
 - On equity shares @ Rs. 23.00 per share (@ 
 Rs. 20 per share for fiscal 2013)2                23.07         26.57
 
 - On preference shares (Rs.)                     35,000        35,000
 
 - Corporate dividend tax                         2.92            1.76
 
 Leaving balance to be carried forward to 
 the next year                                   99.02          133.18
 
 
 1.  Includes transfer of Rs. 46.1 million to Reserve Fund and Investment
 Fund account for fiscal 2014 (Rs. 27.8 million for fiscal 2013) in
 accordance with regulations applicable to Sri Lanka branch. During
 fiscal 2014, an amount of Rs. 14.19 billion was reduced from General
 Reserve for creation of deferred tax liability on balance in Special
 Reserve at March 31, 2013 in accordance with RBI circular dated
 December 20, 2013.
 
 2.  Includes dividend for the prior year paid on shares issued after
 the balance sheet date and prior to the record date.
 
 SUBSIDIARY COMPANIES
 
 At March 31, 2014, ICICI Bank had 17 subsidiaries as listed in the
 following table:
 
 Domestic Subsidiaries International Subsidiaries
 
 ICICI Prudential Life Insurance ICICI Bank UK Plc
 
 Company Limited
 
 ICICI Lombard General Insurance ICICI Bank Canada
 
 Company Limited
 
 ICICI Prudential Asset ICICI Bank Eurasia Limited
 
 Management Company Limited Liability Company
 
 ICICI Prudential Trust Limited ICICI Securities Holdings Inc.2
 
 ICICI Securities Limited ICICI Securities Inc.3
 
 ICICI Securities Primary ICICI International Limited
 
 Dealership Limited
 
 ICICI Venture Funds Management Company Limited
 
 ICICI Home Finance Company Limited
 
 ICICI Investment Management Company Limited
 
 ICICI Trusteeship Services Limited
 
 ICICI Prudential Pension Funds Management Company Limited1
 
 1.  Subsidiary of ICICI Prudential Life Insurance Company Limited
 
 2.  Subsidiary of ICICI Securities Limited
 
 3.  Subsidiary of ICICI Securities Holdings Inc.
 
 The Ministry of Corporate Affairs (MCA) vide its Circular No.
 51/12/2007-CL-III dated February 8, 2011 has granted general exemption
 under Section 212(8) of the Companies Act, 1956 to companies from
 attaching the accounts of their subsidiaries in their annual reports
 subject to fulfillment of certain conditions prescribed. Pursuant to the
 requirements of the above Circular, the Board of Directors of the Bank
 at its Meeting held on April 26, 2013 passed the necessary resolution
 granting the requisite approvals for not attaching the balance sheet,
 profit & loss account, report of the board of directors and report of
 the auditors of each of the subsidiary companies to the accounts of the
 Bank for fiscal 2013 as well as future financial years till such time
 the provisions of the aforesaid circular are in force. The provisions
 of this circular are valid for the disclosure of accounts for fiscal
 2014.  The Bank will make available these documents/details upon
 request by any Member of the Bank. These documents/details will be
 available on the Bank''s website (www.icicibank.com) and will also be
 available for inspection by any Member of the Bank at its Registered
 Office and Corporate Office and also at the registered offices of the
 concerned subsidiaries. As required by Accounting Standard-21 (AS-21)
 issued by the Institute of Chartered Accountants of India, the Bank''s
 consolidated financial statements included in this Annual Report
 incorporate the accounts of its subsidiaries and other consolidating
 entities. A summary of key financials of the Bank''s subsidiaries is
 also included in this Annual Report.
 
 THE COMPANIES ACT, 2013
 
 The Ministry of Corporate Affairs (MCA) has notified 282 sections of
 the Companies Act, 2013 (CA2013/Act) in tranches in September 2013 and
 March 2014 with majority of the sections as well as rules being
 notified in March 2014. The Companies Act, 1956 continues to be in
 force to the extent of the corresponding provisions of the CA2013 which
 are yet to be notified. MCA vide its Circular dated April 4, 2014 has
 clarified that the financial statements and documents annexed thereto,
 auditor''s report and board''s report in respect of financial year that
 have commenced earlier than April 1, 2014 shall be governed by the
 provisions of the Companies Act, 1956 and in line with the same, the
 Bank''s financial statements, auditor''s report and Board''s report and
 attachments thereto have been prepared in accordance with the
 provisions of the Companies Act, 1956. With respect to other provisions
 of the Act, appropriate references have been made in this report to the
 extent these provisions have become applicable effective April 1, 2014.
 
 DIRECTORS
 
 Changes in the composition of the Board of Directors
 
 Swati Piramal, a non-executive Director of the Bank, resigned from the
 Board effective February 26, 2014. The Board placed on record its
 appreciation and gratitude for her guidance and contribution to the
 Bank.
 
 The Board, at its Meeting held on March 6-7, 2014, appointed V. K.
 Sharma, Managing Director of Life Insurance Corporation of India as an
 additional Director effective March 6, 2014. V. K. Sharma holds office
 upto the date of the forthcoming Annual General Meeting (AGM) and is
 eligible for appointment.
 
 Classification of Directors as per CA2013/Act
 
 Section 149 of the Act which defines the composition of the Board and
 the criteria for a director to be considered as independent has been
 notified effective April 1, 2014. Nominee directors i.e. a director
 nominated by any financial institution in pursuance of the provisions
 of any law for the time being in force, or of any agreement, or
 appointed by any Government, or any other person to represent the
 interests of the financial institution/Government/any other person are
 excluded from the definition of independent director. The Board of the
 Bank consists of 12 Directors, out of which seven are independent
 Directors, one is a Government Nominee Director and four are Executive
 Directors.
 
 In classification of Directors as independent, the Bank has relied on
 the declaration of independence provided by the independent Directors
 as prescribed under Section 149(7) of the Act and placed at the Board
 Meeting of the Bank held on April 25, 2014 and based on the applicable
 RBI guidelines and circulars and the legal advice obtained in this
 regard.
 
 Retirement by rotation
 
 Section 149 provides that an independent director shall not hold office
 for more than two consecutive terms of five years each provided that
 the director is re-appointed by passing a special resolution on
 completion of first term of five consecutive years. Independent
 directors are no longer liable to retire by rotation.
 
 As per the explanation provided under Section 149 of the Act, any
 tenure of an independent director on the date of commencement of this
 Section i.e. April 1, 2014 shall not be counted as a term. The tenure
 of every independent director to compute the period of first five
 consecutive years would be reckoned afresh from April 1, 2014.
 
 The Banking Regulation Act, 1949 (BR Act) specifies that no director
 other than Chairman or wholetime Director shall hold office
 continuously for a period exceeding eight years. The CA2013 also
 provides that in respect of banking companies, the provisions of the
 Act shall apply except in so far as the said provisions are
 inconsistent with the provisions of the BR Act.
 
 K. V. Kamath, Chairman, has a fixed term approved by Members and RBI.
 Members at the AGM held on June 24, 2013 have approved the
 re-appointment of K. V. Kamath for a period of five years effective May
 1, 2014 up to April 30, 2019 and RBI has approved his re-appointment for
 a period of three years effective May 1, 2014 upto April 30, 2017.
 
 Of the remaining independent directors, Dileep Choksi and V. K. Sharma
 have a residual tenure of more than five years out of their total eight
 year tenure. Dileep Choksi''s tenure as per CA2013 would be up to March
 31, 2019 and he would be eligible for re-appointment up to April 25,
 2021, which is the balance period permitted under BR Act. Appointment
 of V. K. Sharma is proposed in the Notice of the current AGM vide item
 no. 7 for a period of five years up to March 31, 2019, after which he
 would be eligible for re-appointment up to March 5, 2022.
 
 The other independent directors whose residual tenure under the BR Act
 is less than five years viz, M. S. Ramachandran, Homi Khusrokhan, V.
 Sridar and Tushaar Shah will continue to hold office as independent
 Director till the expiry of their tenure under the BR Act, 1949. In
 terms of Section 152 of the CA2013, K. Ramkumar would retire by
 rotation at the forthcoming AGM and is eligible for re-appointment.  K.
 Ramkumar has offered himself for re-appointment.
 
 Re-appointments/Approvals for Executive Directors
 
 The Members of the Company at the AGM held on June 24, 2013 approved
 the re-appointments of Chanda Kochhar as Managing Director & CEO, N. S.
 Kannan as Executive Director (designated as Executive Director & CFO)
 and K. Ramkumar as Executive Director of the Bank for a period of five
 years upto March 31, 2019; April 30, 2019; and January 31, 2019
 respectively. K. Ramkumar who retires by rotation at the forthcoming
 AGM has offered himself for re-appointment.
 
 RBI has approved the re-appointments of Chanda Kochhar as Managing
 Director & CEO and N. S. Kannan as Executive Director for a period of
 three years effective May 1, 2014 upto April 30, 2017. RBI also
 approved the re-appointment of K. Ramkumar as Executive Director for a
 period of three years effective February 1, 2014 upto January 31, 2017.
 
 The Board at its Meeting held on October 25, 2013 approved the change
 in designation of N. S. Kannan to Executive Director. The Board at the
 same Meeting designated Rakesh Jha, Deputy Chief Financial Officer as
 the Chief Financial Officer. He continues to report to N. S. Kannan.
 
 The Board at its Meeting held on April 25, 2014 (based on the
 recommendations of the Board Governance, Remuneration & Nomination
 Committee) approved the re-appointment of Rajiv Sabharwal subject to
 the approval of Members and RBI on the expiry of his current term on
 June 23, 2015 for a further period of five years effective June 24,
 2015 up to June 23, 2020. The resolution for re-appointment is proposed
 to the Members in the Notice of the current AGM vide item no. 8 and the
 explanatory statement includes the duration and terms of
 re-appointment. You are requested to consider the re-appointment of
 Rajiv Sabharwal.
 
 AUDITORS
 
 The auditors, S. R. Batliboi & Co. LLP, Chartered Accountants, will
 retire at the ensuing AGM and will also complete their tenure of four
 years as prescribed by RBI. As recommended by the Audit Committee, the
 Board has proposed the appointment of B S R & Co. LLP, Chartered
 Accountants as statutory auditors.  Their appointment has been approved
 by RBI vide its letter dated April 21, 2014. The appointment of the
 auditors is proposed to the Members in the Notice of the current AGM
 vide item no. 5 for a period of four years commencing from the current
 AGM till the conclusion of the twenty fourth AGM subject to the annual
 approval of RBI and ratification by the Members every year. You are
 requested to consider their appointment.
 
 PERSONNEL
 
 The statement containing particulars of employees as required under
 Section 217(2A) of the Companies Act, 1956 (Act) and the rules
 hereunder is given in an Annexure and forms part of this report. In
 terms of Section 219(1)(b)(iv) of the Act, the Report and Accounts are
 being sent to the Members excluding the aforesaid Annexure. Any Member
 interested in obtaining a copy of the Annexure may write to the Company
 Secretary at the Registered Office of the Bank.
 
 BUSINESS RESPONSIBILITY REPORTING
 
 Business Responsibility (BR) Report as mandated by Securities and
 Exchange Board of India (SEBI) vide its Circular dated August 13, 2012
 has been hosted on the website of the Bank http://www.icicibank.com/
 about us/annual.html. Any Member interested in obtaining a physical copy
 of the same may write to the Company Secretary at the Registered Office
 of the Bank.
 
 RISK MANAGEMENT FRAMEWORK
 
 The Bank''s risk management strategy is based on a clear understanding
 of various risks, disciplined risk assessment and measurement
 procedures and continuous monitoring. The policies and procedures
 established for this purpose are continuously benchmarked with
 international best practices. The Board of Directors has oversight on
 all the risks assumed by the Bank. Specific Committees have been
 constituted to facilitate focused oversight of various risks, as
 follows:
 
 - The Risk Committee of the Board reviews risk management policies of
 the Bank pertaining to credit, market, liquidity, operational,
 outsourcing and reputation risks and business continuity management.
 The Committee also reviews the risk management framework with respect
 to Enterprise Risk Management and risk appetite, Internal Capital
 Adequacy Assessment Process (ICAAP) and stress testing. The stress
 testing framework includes a wide range of Bank-specific and market
 (systemic) scenarios. The ICAAP exercise covers the domestic and
 overseas operations of the Bank, banking subsidiaries and material
 non-banking subsidiaries. The Committee reviews migration to the
 advanced approaches under Basel II and implementation of Basel III,
 risk return profile of the Bank, outsourcing activities, compliance
 with RBI guidelines pertaining to credit, market and operational risk
 management systems and the activities of the Asset Liability Management
 Committee. The Committee reviews the level and direction of major risks
 pertaining to credit, market, liquidity, operational, compliance,
 group, management and capital at risk as part of risk profile
 templates. In addition, the Committee has oversight on risks of
 subsidiaries covered under the Group Risk Management Framework. The
 Risk Committee also reviews the Liquidity Contingency Plan (LCP) for
 the Bank and the threshold limits.
 
 - Apart from sanctioning credit proposals, the Credit Committee of the
 Board reviews developments in key industrial sectors and the Bank''s
 exposure to these sectors as well as to large borrower accounts and
 borrower groups. The Credit Committee also reviews the major credit
 portfolios, non-performing loans, accounts under watch, over dues and
 incremental sanctions.
 
 - The Audit Committee of the Board provides direction to and monitors
 the quality of the internal audit function and also monitors compliance
 with inspection and audit reports of RBI, other regulators and
 statutory auditors.
 
 - The Asset Liability Management Committee is responsible for managing
 liquidity and interest rate risk and reviewing the asset-liability
 position of the Bank.
 
 Summaries of reviews conducted by these Committees are reported to the
 Board on a regular basis.
 
 Policies approved from time to time by the Board of
 Directors/Committees of the Board form the governing framework for each
 type of risk. The business activities are undertaken within this policy
 framework. Independent groups and sub-groups have been constituted
 across the Bank to facilitate independent evaluation, monitoring and
 reporting of various risks. These groups function independently of the
 business groups/sub-groups.
 
 The Bank has dedicated groups, viz., the Risk Management Group,
 Compliance Group, Corporate Legal Group, Internal Audit Group and the
 Financial Crime Prevention & Reputation Risk Management Group, with a
 mandate to identify, assess and monitor all of the Bank''s principal
 risks in accordance with well- defined policies and procedures. The
 Risk Management Group is further organised into the Credit Risk
 Management Group, Market Risk Management Group and Operational Risk
 Management Group. These groups are completely independent of all
 business operations and coordinate with representatives of the business
 units to implement ICICI Bank''s risk management policies and
 methodologies. The internal audit and compliance groups are responsible
 to the Audit Committee of the Board.
 
 The Bank has complied with the mandatory and majority of non-mandatory
 requirements mentioned in the listing agreement, with respect to
 corporate governance.
 
 The above disclosure is as per the guideline issued by the RBI vide its
 Circular no. DBOD.  BP.BC.49/21.04.018/2013-14 dated September 3, 2013
 on Disclosure of customer complaints and unreconciled balances on
 account of ATM transactions.
 
 COMPLIANCE CERTIFICATE OF THE AUDITORS
 
 ICICI Bank has annexed to this report, a certificate obtained from the
 statutory auditors, S. R. Batliboi & Co.  LLP, Chartered Accountants,
 regarding compliance of conditions of Corporate Governance as
 stipulated in Clause 49 of the Listing Agreement.
 
 EMPLOYEE STOCK OPTION SCHEME
 
 In fiscal 2000, ICICI Bank instituted an Employee Stock Option Scheme
 (ESOS) to enable the employees and Directors of ICICI Bank and its
 subsidiaries to participate in future growth and financial success of
 the Bank. The ESOS aims at achieving the twin objectives of (i)
 aligning employee interest to that of the shareholders; and (ii)
 retention of talent. Through employee stock option grants, the Bank
 seeks to foster a culture of long-term sustainable value creation. As
 per the ESOS, as amended from time to time, the maximum number of
 options granted to any employee/Director in a year is limited to 0.05%
 of ICICI Bank''s issued equity shares at the time of the grant, and the
 aggregate of all such options is limited to 10% of ICICI Bank''s issued
 equity shares on the date of the grant (equivalent to 115.50 million
 shares at April 25, 2014).
 
 The Bank has up to April 25, 2014 granted 66.39 million stock options
 from time to time aggregating to 5.75% of the issued equity capital of
 the Bank at April 25, 2014.
 
 Options granted till March 31, 2004 vested in a graded manner over a
 three-year period, with 20%, 30% and 50% of the grants vesting in each
 year, commencing not earlier than 12 months from the date of the grant.
 Options granted after April 1, 2004 through March 31, 2014 vest in a
 graded manner over a four- year period, with 20%, 20%, 30% and 30% of
 the grants vesting in each year commencing from the end of 12 months
 from the date of grant, other than the following:
 
 - Options granted in April 2009 vest in a graded manner over a five
 year period with 20%, 20%, 30% and 30% of the grant vesting in each
 year, commencing from the end of 24 months from the date of the grant.
 
 - Out of the options, the grant of which was approved by the Board at
 its Meeting held on October 29, 2010 (for which RBI approval for grant
 to whole time Directors was received in January 2011), 50% of the
 options granted vested on April 30, 2014 and the balance 50% will vest
 on April 30, 2015.
 
 - Options granted in September 2011 vest in a graded manner over a five
 year period with 15%, 20%, 20% and 45% of the grant vesting in each
 year, commencing from end of 24 months from the date of grant.
 
 The Board at its Meeting held on April 25, 2014 approved a grant of
 approximately 6.55 million options for fiscal 2014 to eligible
 employees and whole time Directors of ICICI Group (options granted to
 whole time Directors of ICICI Bank being subject to RBI approval). Each
 option confers on the employee a right to apply for one equity share of
 face value of Rs. 10 of ICICI Bank at Rs.  1,299.55 which was closing price
 on the stock exchange which recorded the highest trading volume in
 ICICI Bank shares on April 23, 2014, the last trading day before the
 date of the Board Meeting. These options would vest over a three year
 period, with 30%, 30%, and 40% respectively of the grant vesting in
 each year commencing from the end of 12 months from the date of grant.
 Out of the total options granted, for a grant of 50,000, 50% of the
 options granted would vest on April 30, 2017 and the balance are
 scheduled to vest on April 30, 2018.
 
 Options can be exercised within 10 years from the date of grant or five
 years from the date of vesting, whichever is later. The price of the
 options granted prior to June 30, 2003 is the closing market price on
 the stock exchange, which recorded the highest trading volume on the
 date of grant. The price for options granted on or after June 30, 2003
 till July 21, 2004 is equal to the average of the high and low market
 price of the equity shares in the two week period preceding the date of
 grant of the options, on the stock exchange which recorded the highest
 trading volume during the two week period. The price for options
 granted on or after July 22, 2004 (other than the grants approved by
 the Board at its Meeting held on October 29, 2010 where the grant price
 was the average closing price of the ICICI Bank stock on the stock
 exchange during the six months up to October 28, 2010) is equal to the
 closing price on the stock exchange which recorded the highest trading
 volume preceding the date of grant of options. The above disclosure is
 in line with the SEBI guidelines, as amended from time to time.
 
 1.  Includes options granted to whole time directors of ICICI Bank
 pending RBI approval.
 
 No employee was granted options during anyone year equal to or
 exceeding 0.05% of the issued equity shares of ICICI Bank at the time
 of the grant.
 
 The diluted earnings per share (EPS) pursuant to issue of shares on
 exercise of options calculated in accordance with AS-20 was Rs. 84.65 in
 fiscal 2014 compared to basic EPS of Rs. 84.99. The Bank recognised a
 compensation cost of Rs. 20.9 million in fiscal 2014 based on the
 intrinsic value of options. However, if ICICI Bank had used the fair
 value of options based on the binomial tree model, compensation cost in
 fiscal 2014 would have been higher by Rs. 2,359.8 million and proforma
 profit after tax would have been Rs. 95.74 billion. On a proforma basis,
 ICICI Bank''s basic and diluted earnings per share would have been Rs.
 82.95 and Rs. 82.62 respectively.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO, UNDER SECTION 217(1)(e) OF THE COMPANIES ACT, 1956.
 
 The provisions of Section 217(1)(e) of the Companies Act, 1956 relating
 to conservation of energy and technology absorption do not apply to the
 Bank. The Bank has, however, used information technology extensively in
 its operations.
 
 GREEN INITIATIVES IN CORPORATE GOVERNANCE
 
 The Bank has since the last three years in line with the ''Green
 Initiative'' circulars issued by Ministry of Corporate Affairs (MCA)
 effected electronic delivery of Notice of Annual General Meeting and
 Annual Report previously to those shareholders whose email ids were
 registered with the respective Depository Participants and downloaded
 from the depositories viz. National Securities Depository Limited
 (NSDL)/ Central Depository Services (India) Limited (CDSL). Securities
 and Exchange Board of India (SEBI) have also in line with the MCA
 circulars and as provided in Clause 32 of the Listing Agreement
 executed with the stock exchanges, permitted listed entities to supply
 soft copies of full annual reports to all those shareholders who have
 registered their email addresses for the purpose. The Companies Act,
 2013 and the underlying rules also permit the dissemination of
 financial statements in electronic mode to the shareholders. Your
 Directors are thankful to the shareholders for actively participating
 in the green initiative and seek your continued support for
 implementation of the green initiative.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 The Directors confirm:
 
 1.  that in the preparation of the annual accounts, the applicable
 accounting standards have been followed, along with proper explanation
 relating to material departures;
 
 2.  that they have selected such accounting policies and applied them
 consistently and made judgments and estimates that are reasonable and
 prudent, so as to give a true and fair view of the state of affairs of
 the Bank at the end of the financial year and of the profit of the Bank
 for that period;
 
 3.  that they have taken proper and sufficient care for the maintenance
 of adequate accounting records, in accordance with the provisions of
 the Banking Regulation Act, 1949 and the Companies Act, 1956 for
 safeguarding the assets of the Bank and for preventing and detecting
 fraud and other irregularities; and
 
 4.  that they have prepared the annual accounts on a going concern
 basis.
 
 ACKNOWLEDGEMENTS
 
 ICICI Bank is grateful to the Government of India, RBI, SEBI, IRDA and
 overseas regulators for their continued co-operation, support and
 guidance. ICICI Bank wishes to thank its investors, the domestic and
 international banking community, rating agencies and stock exchanges
 for their support.
 
 ICICI Bank would like to take this opportunity to express sincere thanks
 to its valued clients and customers for their continued patronage. The
 Directors express their deep sense of appreciation of all the
 employees, whose outstanding professionalism, commitment and initiative
 has made the organisation''s growth and success possible and continues
 to drive its progress. Finally, the Directors wish to express their
 gratitude to the Members for their trust and support.
 
 
 
                                        For and on behalf of the Board
 
 
 
                                                         K.  V. Kamath 
 
 May 20, 2014                                                 Chairman
Source : Dion Global Solutions Limited
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