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ICICI Bank Files Form 20-F on September 30, 2011

Monday, October 3, 2011 1:42 AM

As required by United States securities regulations, ICICI Bank Limited (NYSE: IBN) filed its annual report in Form 20-F for the year ended March 31, 2011 (FY2011) on September 29, 2011. The Form 20-F annual report includes the Bank's consolidated financial statements under Indian GAAP and a reconciliation of consolidated profit after tax and net worth under Indian GAAP to net income and stockholders' equity under US GAAP, approved by the Audit Committee of the Board.

The consolidated profit after tax for FY2011 under Indian GAAP was Rs 6,093 crore (US$ 1,368 million) and the net income under US GAAP was Rs 5,403 crore (US$ 1,213 million). Stockholders' equity as per US GAAP was Rs 59,012 crore (US$ 13.2 billion) at March 31, 2011 compared to the consolidated net worth as per Indian GAAP of Rs 55,303 crore (US$ 12.4 billion).

Copies of the Form 20-F are available from the United States Securities and Exchange Commission (SEC) website www.sec.gov or via a direct link to the SEC website at "About Us/Investor Relations/SEC Filings" page of ICICI Bank's website:

Shareholders may obtain a copy of the complete audited financial statements free of charge by writing to Mr. Sandeep Batra, Group Compliance Officer Company Secretary, ICICI Bank Limited, ICICI Bank Towers, Bandra Kurla Complex, Mumbai 400051 or sending an e-mail to companysecretary@icicibank.com, with details of their shareholding and mailing address.

Pursuant to its issuance and listing of securities in the United States under registration statements filed with the SEC, ICICI Bank files annual report in Form 20-F with the SEC as required by US securities laws and regulations. These regulations require that this annual report include financial statements prepared according to a comprehensive body of accounting principles with reconciliation to generally accepted accounting principles in the United States (US GAAP). When ICICI Bank first listed its securities in the United States in 2000, generally accepted accounting principles in India (Indian GAAP) were not considered a comprehensive body of accounting principles under US laws and regulations. Accordingly, ICICI Bank had included US GAAP financial statements in its annual reports in Form 20-F till fiscal year ended March 31, 2005. However, pursuant to a significant expansion of Indian accounting standards, Indian GAAP constitutes a comprehensive body of accounting standards. Accordingly, from fiscal year ended March 31, 2006 onwards ICICI Bank includes in its annual report in Form 20-F, consolidated financial statements according to Indian GAAP, with a reconciliation of profit after tax and net worth to net income and stockholders' equity under US GAAP and a description of significant differences between Indian GAAP and US GAAP.

It may be noted that there are significant differences in the basis of accounting between US GAAP and Indian GAAP primarily relating to determination of allowance for loan losses, amortization of fees and costs, accounting for securities and derivatives, accounting for securitizations, accounting for business combinations, compensation cost, deferred tax and consolidation.

For further press queries please call Charudatta Deshpande at 91-22-2653 8208 or e-mail: charudatta.deshpande@icicibank.com.

For investor queries please call Anindya Banerjee at 91-22-2653 7131 or Rakesh Mookim at 91-22-2653 6114 or email at ir@icicibank.com.

1 crore = 10.0 million.
US$ amounts represent convenience translations at US$1= Rs 44.54.

(Source: Business Wire )
(Source: Quotemedia)


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