AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 1999
(Rupees in crores)
| Sr. No. | Particulars | First Quarter ended | Year ended March 31, 1999 | |
|---|---|---|---|---|
| June 30, 1999 | June 30, 1998 | |||
1. |
Interest Income | 198.92 |
102.42 |
544.05 |
2. |
Other Income | 23.28 | 18.74 |
89.03 |
3. |
Total Income | 222.20 | 121.16 |
633.08 |
4. |
Interest Expenditure | 160.83 | 76.32 |
425.51 |
5. |
Other Expenditure | 21.07 | 12.17 |
65.44 |
6. |
Total Expenditure | 181.90 | 88.49 |
490.95 |
7. |
Gross Profit before depreciation, provisions and contingencies | 40.30 | 32.67 |
142.13 |
8. |
Depreciation on fixed assets | 4.09 | 4.00 |
17.53 |
9. |
Profit before provisions and contingencies |
36.21 | 28.67 |
124.60 |
10. |
Provisions and contingencies | 15.96 | 11.93 |
61.24 |
11. |
Net Profit | 20.25 | 16.74 |
63.36 |
12. |
Paid up Equity Share Capital | 165.00 | 165.00 |
165.00 |
13. |
Reserves (excluding Revaluation Reserves) | 163.58 | 118.49 |
143.33 |
14. |
Total deposits | 5,954.39 | 3,677.84 |
6,072.94 |
15. |
Total advances | 1,943.90 | 1,213.42 |
2,110.12 |
16. |
Credit-like corporate debt instruments | 1,504.66 | 431.09 |
1,277.48 |
Notes :
- Depreciation on Investments and Provision on bad debts have been made as per guidelines of the Reserve Bank of India.
- The Bank has identified and addressed the risks to its operations arising out of the Year 2000 (Y2K) problem. All critical internal technology systems in the Bank are now Y2K ready. A business continuity plan has been prepared to ensure that the mission-critical operations of the Bank will be carried out and customer interests will be fully protected in case of failure of utility services, etc. The expenditure for addressing remaining Y2K issues for the current financial year is estimated at Rs. 50 lakhs.
- The Members of the Company at their Fifth Annual General Meeting held on June 14, 1999 have approved the change of name of the Company from ‘ICICI Banking Corporation Limited’ to ‘ICICI Bank Limited’ subject to compliance of other legal formalities. The approval of the Registrar of Companies, Ahmedabad, which has been applied for, is awaited. The change of name to ‘ICICI Bank Limited’ does not suggest to any new line of business being undertaken/to be undertaken by the Bank consequent upon the change of name.
- The above results have been taken on record by the Board of Directors of the Bank at its meeting held on July 23, 1999.