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ICICI Bank Ltd.

BSE: 532174 | NSE: ICICIBANK |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE090A01021 | SECTOR: Banks - Private Sector

BSE Live

Sep 20, 16:00
710.05 -9.95 (-1.38%)
Volume
AVERAGE VOLUME
5-Day
187,968
10-Day
162,269
30-Day
204,176
169,074
  • Prev. Close

    720.00

  • Open Price

    708.90

  • Bid Price (Qty.)

    710.05 (170)

  • Offer Price (Qty.)

    711.70 (2)

NSE Live

Sep 20, 15:59
710.00 -10.15 (-1.41%)
Volume
AVERAGE VOLUME
5-Day
9,950,847
10-Day
8,165,628
30-Day
10,001,279
7,943,459
  • Prev. Close

    720.15

  • Open Price

    710.00

  • Bid Price (Qty.)

    710.00 (28856)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

1. We have audited the accompanying standalone financial statements of ICICI Bank Limited (''the Bank''), which comprise the Balance Sheet as at 31 March 2015, the Profit and Loss Account, the Cash Flow Statement for the year then ended, a summary of significant accounting policies and other explanatory information in which are incorporated the returns of the Singapore, Bahrain, Hong Kong, Dubai, Qatar and Sri Lanka branches of the Bank, audited by branch auditors. MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS 2. The Bank''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (''the Act'') with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Bank in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014, provisions of Section 29 of the Banking Regulation Act, 1949 and the Reserve Bank of India''s (''RBI'') circulars, guidelines and directions. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies, making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. AUDITOR''S RESPONSIBILITY 3. Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the applicable provisions of the Companies Act, 2013, Banking Regulation Act, 1949 and circulars and guidelines issued by the RBI from time to time, the accounting and auditing standards and matters which are required to be included in the audit report under the aforesaid provisions. We conducted our audit in accordance with Standards on Auditing (''the Standards'') specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. 4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bank''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Bank has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Bank''s Directors, as well as evaluating the overall presentation of the financial statements. 5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements. OPINION 6. I n our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Banking Regulation Act, 1949 as well as the relevant requirements of the Companies Act, 2013, in the manner so required for banking companies and give a true and fair view in conformity with accounting principles generally accepted in India (including the Accounting Standards specified under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014 and provisions of Section 29 of the Banking Regulation Act, 1949 and the RBI''s circulars, guidelines as well as matter referred to under emphasis of matter paragraph below) of the state of affairs of the Company as at 31 March 2015, and its profit and its cash flows for the year ended on that date. EMPHASIS OF MATTER 7. We draw attention to note 25 to the standalone financial statements, which provides details with regard to the creation of provision relating to Funded Interest Term Loan through the utilization of reserves, as permitted by the RBI vide letter dated 6 January 2015. Our opinion is not modified in respect of this matter. OTHER MATTERS 8. We did not audit the financial statements of the Singapore, Bahrain, Hong Kong, Dubai, Qatar and Sri Lanka branches of the Bank, whose financial statements reflect total assets of Rs. 1,48,083 crores as at 31 March 2015, total revenues of Rs. 7,088 crores for the year ended 31 March 2015 and net cash outflows amounting to Rs. 11,534 crores for the year ended 31 March 2015. These financial statements have been audited by other auditors, duly qualified to act as auditors in the country of incorporation of the said branches, whose reports have been furnished to us by the Management and our opinion, in so far as it relates to such branches is based solely on the reports of the other auditors. Our opinion is not modified in respect of this matter. 9. The standalone financial statements of the Bank for the year ended 31 March 2014 were audited by another auditor who expressed an unmodified opinion on those statements on 25 April 2014. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS 10. The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with the provisions of Section 29 of the Banking Regulation Act, 1949 read with Section 129 of the Companies Act, 2013. 11. As required sub section (3) of section 30 of the Banking Regulation Act, 1949, we report that: (a) we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit and have found them to be satisfactory; (b) the transactions of the Bank, which have come to our notice, have been within the powers of the Bank; and (c) since the key operations of the Bank are automated with the key applications integrated to the core banking systems, the audit is carried out centrally as all the necessary records and data required for the purposes of our audit are available therein. However, during the course of our audit we have visited 97 branches. As stated above, returns from six foreign branches were received duly audited by other auditors and were found adequate for the purposes of our audit. 12. Further, as required by section 143(3) of the Companies Act, 2013, we further report that: (i) we have sought and obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit; (ii) in our opinion, proper books of account as required by law have been kept by the Bank so far as appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from the foreign branches not visited by us. (iii) the reports on the accounts of the foreign branch offices audited by the respective branch auditors of the Bank under section 143(8) of the Companies Act, 2013 have been sent to us and have been properly dealt with by us in preparing this report. (iv) t he Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account and with the returns received from the foreign branches not visited by us; (v) i n our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, to the extent they are not inconsistent with the accounting policies prescribed by the RBI and to the extent of the direction given by the RBI in respect to the matter dealt with in the Emphasis of Matter paragraph above; (vi) on the basis of written representations received from the directors as on 31 March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015 from being appointed as a director in terms of Section 164 (2) of the Act. (vii) with respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: a) the Bank has disclosed the impact of pending litigations on its financial position in its financial statements - Refer note 38 to the standalone financial statements; b) the Bank has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts - Refer note 38 to the standalone financial statements; c) there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Bank. For B S R & Co. LLP Chartered Accountants Firm''s Registration No: 101248W/W-100022 Venkataramanan Vishwanath Mumbai Partner 27 April 2015 Membership No: 113156