Audited Financial Results for the year ended March 31, 2002

Rupees in crores

Sr. No.	Particulars under Indian GAAP	Year ended		Three months ended
		March 31, 2002	March 31, 2001	March 31, 2002	March 31, 2001
1.	Interest earned (a)+(b)+(c)+(d)	2151.93	1,242.13	677.34	369.13
	a) Interest/discount on advances/bills	771.67	570.91	191.48	166.41
	b) Income on investments	1233.80	555.73	437.51	176.15
	c) Interest on balances with Reserve Bank of India and other interbank funds	122.62	108.67	40.92	22.36
	d) Others	23.84	6.82	7.43	4.21
2.	Other Income	574.66	220.34	174.82	99.83
	A) TOTAL INCOME (1) + (2)	2726.59	1,462.47	852.16	468.96
3.	Interest expended	1558.92	837.67	533.18	243.55
4.	Operating expenses (e) + (f)	622.58	334.63	181.91	121.91
	e) Payments to and provisions for employees	147.18	51.71	36.22	17.67
	f) Other operating expenses	475.40	282.92	145.69	104.24
	B) TOTAL EXPENDITURE (3)+ (4) (excluding provisions and contingencies)	2181.50	1,172.30	715.09	365.46
5.	OPERATING PROFIT (A-B) (Profit before provisions and contingencies)	545.09	290.17	137.07	103.50
6.	Other provision and contingencies	255.29	63.65	138.14	23.49
7.	Provision for taxes
	a) Current period tax	121.83	65.42	37.09	29.61
	b) Deferred tax adjustment	(90.33)		(95.04)
8.	Net profit (5-6-7)	258.30	161.10	56.88	50.40
9.	Paid-up equity share capital	613.03	220.36	613.03	220.36
10.	Reserves excluding revaluation reserves	5635.54	1,092.26	5635.54	1,092.26
11.	Analytical ratios
	(i) Percentage of shares held by Government of India	..	..	..	..
	(ii) Capital adequacy ratio	11.44%	11.57%	11.44%	11.57%
	(iii) Earnings per share for the relevant period (in Rs.) (basic and diluted)	11.61	8.13	2.56	2.54
12.	Aggregate of non-promoter shareholding
	·          No. of shares	61,30,30,904	11,68,16,231	61,30,30,904	11,68,16,231
	·          Percentage of shareholding	100.00	53.01	100.00	53.01

Notes

1. ICICI Limited with its subsidiaries, ICICI-PFS Limited and ICICI Capital Services Limited was amalgamated with the Bank w.e.f. March 30, 2002 in terms of the Scheme of Amalgamation sanctioned by the Reserve Bank of India vide their letter dated April 26, 2002 and the above results include the results of the merged entity from that date.
2. Provision for taxes has been arrived as per Accounting Standard-22.
3. In addition to AS-22, the Bank adopted accounting standards on segment reporting, related party disclosures, income taxes and earning per share which became mandatory for accounting periods commencing on or after April 1, 2001.
4. Net non-performing assets to customer assets is 4.7% (Previous year 1.4%) including non-performing assets of ICICI Limited at fair value.
5. The Scheme of Amalgamation provides for transfer of shares held by ICICI Limited in the Bank amounting to 16.54% of the paid-up equity share capital to a Trust prior to their disposal. This is not treated as promoter holding for disclosure in item 12.
6. Previous period figures have been regrouped/reclassified where necessary to conform to current period classification.

Segment information in accordance with the Accounting Standard on Segment Reporting (AS17) of ICICI Bank Limited and its Subsidiaries

Sr. No.	Particulars	Year ended March 31, 2002
1.	Segmental revenue
	a.        Retail	1484.99
	b.        Corporate	1382.59
	c.        Treasury and Corporate Office	755.09
	d.        Others	53.43
	TOTAL	3676.10
	Less: Inter segment revenue	943.20
	Income from operations	2732.90
2.	Segment results
	(Profit before tax)
	a.        Retail	75.97
	b.        Corporate	76.04
	c.        Treasury and Corporate Office	127.90
	d.        Others	9.59
	TOTAL PROFIT BEFORE TAX	289.50
3.	Capital employed (i.e. Segment
	Assets – Segment Liabilities)
	(excluding inter-segmental funds
	lent and borrowed)
	a.        Retail	(11035.28)
	b.        Corporate	(826.81)
	c.        Treasury and Corporate Office	13173.88
	a)        Others	4184.95
	TOTAL	5496.74

Particulars under US GAAP	Year ended (audited)		Three months ended
	March 31, 2002	March 31, 2001	March 31, 2002	March 31, 2001
Net Profit under Indian GAAP	258.30	161.10	56.88	50.40
Reconciliation items
Profit of ICICI Ltd., ICICI-PFS and I-Caps  accounted for under Indian GAAP for 2 days	(7.89)	..	(7.89)	..
Deferred taxation	21.44	44.21	10.44	24.46
Loan impairment	9.40	(39.53)	14.18	(28.96)
Mark to market impact on investments	(5.95)	(40.59)	(1.73)	(14.31)
ADR issue expenditure charged to P & L A/c	10.19	10.47	2.29	2.54
Premium amortisation on investments	(34.25)	(9.28)	(17.50)	(3.24)
Amortisation of fair valuation	(16.76)	..	(7.61)	..
Depreciation on fixed assets	(7.63)	(5.68)	(6.73)	(0.58)
Amortisation of expenses	(8.78)	15.18	(0.08)	3.48
Others	(14.35)	(5.04)	(13.55)	(1.95)
Profit under US GAAP	203.72	130.84	28.70	31.84

The above financial results have been taken on record by the Board of Directors of the Bank at its meeting held on May 3, 2002.

Place: Mumbai Date: May 3, 2002

Kalpana Morparia Executive Director

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