[PPT] - Performance Review: Performance Review: FY2006 FY2006 April 29, PowerPoint Presentation

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Performance Review: Performance Review: FY2006 FY2006

April 29, 2006 April 29, 2006

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Agenda Agenda

Highlights Highlights Operating review Operating review Financial performance Financial performance

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Agenda Agenda

Highlights Highlights Operating review Operating review Financial performance Financial performance

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Highlights Highlights

26.7% increase in profit after tax to Rs. 25.40 billion

26.7% increase in profit after tax to Rs. 25.40 billion in FY2006 from Rs. 20.05 billion in FY2005 in FY2006 from Rs. 20.05 billion in FY2005

47.5% increase in net interest income to Rs. 41.87

47.5% increase in net interest income to Rs. 41.87 bn in FY2006 from Rs. 28.39 billion in FY2005 bn in FY2006 from Rs. 28.39 billion in FY2005

55.3% increase in fee income to Rs. 32.59 billion in

55.3% increase in fee income to Rs. 32.59 billion in FY2006 from Rs. 20.98 billion in FY2005 FY2006 from Rs. 20.98 billion in FY2005

28.5% increase in profit after tax to Rs. 7.90 billion

28.5% increase in profit after tax to Rs. 7.90 billion in Q4-2006 from Rs. 6.15 billion in Q4-2005 in Q4-2006 from Rs. 6.15 billion in Q4-2005 Profitability Profitability

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Highlights Highlights

Robust loan growth across businesses

Rural & agricultural portfolio increased from Rs. 74.95

Rural & agricultural portfolio increased from Rs. 74.95 bn to Rs. 162.79 bn to Rs. 162.791 bn bn

Loan portfolio of international branches increased

Loan portfolio of international branches increased from Rs. 62.18 bn to Rs. 125.24 bn from Rs. 62.18 bn to Rs. 125.24 bn

Retail portfolio increased from Rs. 561.34 bn to Rs.

Retail portfolio increased from Rs. 561.34 bn to Rs. 921.98 921.981 bn bn

Deposit growth of 65% from Rs. 998.19 bn to Rs.

Deposit growth of 65% from Rs. 998.19 bn to Rs. 1,650.83 bn 1,650.83 bn

Reduction in net NPA ratio to 0.71% at March 31,

Reduction in net NPA ratio to 0.71% at March 31, 2006 from 2.03% at March 31, 2005 2006 from 2.03% at March 31, 2005

Net worth increased 77% to Rs. 222.06 bn at March

Net worth increased 77% to Rs. 222.06 bn at March 31, 2006 31, 2006 Balance sheet Balance sheet

1. Includes cons
1. Includes consumer

umer finance in rural areas finance in rural areas

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Key profitability indicators Key profitability indicators

FY2006 FY2006 ROE ROE1

16.4%2

EPS EPS1 (Rs.) (Rs.) 32.52 NII (Rs. bn) NII (Rs. bn) 41.87 FY2005 FY2005 17.9% 27.6 28.39 Fee income (Rs. bn) Fee income (Rs. bn) 32.59 20.98 NIM NIM 2.4% 2.4% PAT (Rs. bn) PAT (Rs. bn) 25.40 20.05 Growth Growth

23.2%

47.5% 55.3%

26.7%

Treasury income Treasury income (Rs. bn) (Rs. bn) 9.28 7.11 30.5%

1. 1. Weighted average Weighted average 2. 2. Additional capital of about Rs Additional capital of about Rs. 80.00 billion raise . 80.00 billion raised in FY in FY2006 2006

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Agenda Agenda

Highlights Highlights Operating review Operating review Financial performance Financial performance

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Sustained growth in retail banking Sustained growth in retail banking

(Rs. in billion) (Rs. in billion)

March 31, March 31, 2005 2005 March 31, March 31, 2006 2006

561.34 561.34 Retail assets outstanding Retail assets outstanding 921.98 921.98 1,910 1,910 2,200 2,200 ATM ATMs (nos.) (nos.)

Growth in Growth in FY2006 FY2006

64% 64% 290 290 562 562 614 614 Branches (nos.) Branches (nos.) 52 52 Retail banking contributed about 58% of total fee income Retail banking contributed about 58% of total fee income

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Leadership in retail credit Leadership in retail credit

ICICI ICICI Bank’s Bank’s volumes volumes FY 2006 FY 2006 257.40 Mortgages Mortgages Industry Industry volumes volumes FY 2006 FY 2006 825.00 ICICI ICICI Bank’s Bank’s market market share share 31% 173.25 Auto Auto 430.00 40% 91.73 Commercial Commercial vehicle etc vehicle etc 290.00 32% 64.93 Personal/ Personal/ Consumer Consumer 230.00 28% 33.38 Two-wheeler Two-wheeler 92.00 36% Product Product

(Rs. in billion) (Rs. in billion)

1. Industry/comp
1. Industry/competitor data based on market estimates

titor data based on market estimates

2. Cards in force (
2. Cards in force (million)

illion)

620.69 620.69 Total Total 1,867.00 1,867.00 33% 33% 5.00 Credit card Credit cards2 17.50 29%

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International strategy International strategy

Complete set of

Complete set of products for NRIs for all India products for NRIs for all India related financial services needs related financial services needs

20% market share in remittances into India

Complete set of

Complete set of products for NRIs for all India products for NRIs for all India related financial services needs related financial services needs

20% market share in remittances into India

India-linked retail India-linked retail

pportunity
pportunity

Preferred partner for Indian corporates for

Preferred partner for Indian corporates for ECBs ECBs

Acquisition

Acquisition financing and advisory services financing and advisory services

Assisting corporates with trade finance

Preferred partner for Indian corporates for

Preferred partner for Indian corporates for ECBs ECBs

Acquisition

Acquisition financing and advisory services financing and advisory services

Assisting corporates with trade finance

Globalisation of Globalisation of Indian Indian corporates corporates

Launched Direct Banking in UK and Canada

Leveraging domestic technology platform in

Leveraging domestic technology platform in international markets international markets

Processing and call center based out of India

Launched Direct Banking in UK and Canada

Leveraging domestic technology platform in

Leveraging domestic technology platform in international markets international markets

Processing and call center based out of India

Leveraging the Leveraging the India base India base

Total assets USD 8.1 bn; internatio Total assets USD 8.1 bn; international operations account for about nal operations account for about 14% of consolidated banking assets 14% of consolidated banking assets

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Rural banking: The next growth horizon Rural banking: The next growth horizon

42. 42.06 74. 74.95 162. 162.79 79 20 20 40 40 60 60 80 80 100 100 120 120 140 140 160 160 180 180 Mar 2004 2004 Mar 2005 2005 Mar 2006 2006 Asset o t outs tsta tanding

Rs. bn
Rs. bn

78% 11 117%

Over 8,700 customer touch points Over 8,700 customer touch points

1. Includes cons
1. Includes consumer

umer finance in rural areas finance in rural areas

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Corporate banking strategy Corporate banking strategy

Transaction banking

Credit origination and structuring

Advisory services

Treasury products

Transaction banking

Credit origination and structuring

Advisory services

Treasury products

Meeting full range Meeting full range

f client n
f client needs

eeds

Robust increase in transaction banking

Robust increase in transaction banking volumes volumes

Growing presence in forex and

Growing presence in forex and derivatives market derivatives market

Robust increase in transaction banking

Robust increase in transaction banking volumes volumes

Growing presence in forex and

Growing presence in forex and derivatives market derivatives market

Focus on fee Focus on fee based revenue based revenue streams streams

Leadership in securitisation and

Leadership in securitisation and syndication syndication

Leadership in securitisation and

Leadership in securitisation and syndication syndication

Enhancing debt Enhancing debt markets presence markets presence

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Key subsidiaries Key subsidiaries

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Life insurance Life insurance

72% growth in new business APE

72% growth in new business APE2 to Rs. 21.63 bn to Rs. 21.63 bn

Robust renewal streams: 39% of total premium

Funds under management of about Rs. 88.00 bn

More than 2.2 million policies and 72,000 agents

72% growth in new business APE

72% growth in new business APE2 to Rs. 21.63 bn to Rs. 21.63 bn

Robust renewal streams: 39% of total premium

Funds under management of about Rs. 88.00 bn

More than 2.2 million policies and 72,000 agents

Sustained market leadership in

Sustained market leadership in private sector with private sector with retail market share of 32% retail market share of 32%1

Overall market share of 11

Overall market share of 11%1

Sustained market leadership in

Sustained market leadership in private sector with private sector with retail market share of 32% retail market share of 32%1

Overall market share of 11

Overall market share of 11%1 Highlights Highlights Market Market leadership leadership

69% increase in

69% increase in New Business Achieved Profit from New Business Achieved Profit from

Rs. 3.12 b
Rs. 3.12 bn in FY

in FY2005 to Rs. 5.28 b 2005 to Rs. 5.28 bn in FY2006 in FY2006

Expense ratio down to 13.8

Expense ratio down to 13.8% from 17.3 from 17.3%

69% increase in

69% increase in New Business Achieved Profit from New Business Achieved Profit from

Rs. 3.12 b
Rs. 3.12 bn in FY

in FY2005 to Rs. 5.28 b 2005 to Rs. 5.28 bn in FY2006 in FY2006

Expense ratio down to 13.8

Expense ratio down to 13.8% from 17.3 from 17.3% Financial Financial performance performance

1.

1. April 2005-February 2006 on ‘w

April 2005-February 2006 on ‘weighted received premium’ basis eighted received premium’ basis 2.

2. APE e

APE equals to regular premium uals to regular premium plus 10% single plus 10% single premium premium

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General insurance General insurance

80% growth in gross written premium (GWP) to

Rs. 15.92 bn
Rs. 15.92 bn

58% of GWP from non corporate segment

f GWP from non corporate segment

140% increase in policies to

140% increase in policies to 1.5 million in FY2006 1.5 million in FY2006

80% growth in gross written premium (GWP) to

Rs. 15.92 bn
Rs. 15.92 bn

58% of GWP from non corporate segment

f GWP from non corporate segment

140% increase in policies to

140% increase in policies to 1.5 million in FY2006 1.5 million in FY2006

Sustained market leadership in

Sustained market leadership in private sector with private sector with market share market share o

f 30%

30%1

Overall market share increased to 8

Overall market share increased to 8%1 from 5% from 5%1

Sustained market leadership in

Sustained market leadership in private sector with private sector with market share market share o

f 30%

30%1

Overall market share increased to 8

Overall market share increased to 8%1 from 5% from 5%1 Highlights Highlights Market Market leadership leadership Financial Financial performance performance

Profit after tax of Rs. 503.1 mn in FY2006

Profit after tax of Rs. 503.1 mn in FY2006 (Rs. 483.5 mn in FY2005) despite catastrophic (Rs. 483.5 mn in FY2005) despite catastrophic claims and investment in distribution claims and investment in distribution

RoE o

RoE of 17% in FY 17% in FY2006 2006

Profit after tax of Rs. 503.1 mn in FY2006

Profit after tax of Rs. 503.1 mn in FY2006 (Rs. 483.5 mn in FY2005) despite catastrophic (Rs. 483.5 mn in FY2005) despite catastrophic claims and investment in distribution claims and investment in distribution

RoE o

RoE of 17% in FY 17% in FY2006 2006

1.

1. April 2005-February 2006

April 2005-February 2006

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Investment banking Investment banking

66% increase in

66% increase in brokerage income brokerage income

Named “Top regional and domesti

Named “Top regional and domestic brokerage c brokerage house house in Asia-2005” b in Asia-2005” by The Asset magazine The Asset magazine

66% increase in

66% increase in brokerage income brokerage income

Named “Top regional and domesti

Named “Top regional and domestic brokerage c brokerage house house in Asia-2005” b in Asia-2005” by The Asset magazine The Asset magazine

95% increase in

95% increase in revenues revenues

Handled 31 equity transaction raising more than

Rs. 137.00 bn
Rs. 137.00 bn

Ranked #2 IPO broker and #2 in advisory and

Ranked #2 IPO broker and #2 in advisory and mergers & acquisitions mergers & acquisitions

95% increase in

95% increase in revenues revenues

Handled 31 equity transaction raising more than

Rs. 137.00 bn
Rs. 137.00 bn

Ranked #2 IPO broker and #2 in advisory and

Ranked #2 IPO broker and #2 in advisory and mergers & acquisitions mergers & acquisitions Equities Equities Corporate Corporate finance finance

146% incre

146% increase in p ase in profit after it after tax f tax from Rs. 0

m Rs. 0.64 b

64 bn in FY in FY2005 to Rs. 1.57 b 2005 to Rs. 1.57 bn in FY2006 in FY2006

RoE o

RoE of 34% in FY 34% in FY2006 2006

146% incre

146% increase in p ase in profit after it after tax f tax from Rs. 0

m Rs. 0.64 b

64 bn in FY in FY2005 to Rs. 1.57 b 2005 to Rs. 1.57 bn in FY2006 in FY2006

RoE o

RoE of 34% in FY 34% in FY2006 2006 Financial Financial performance performance

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Asset management Asset management

Among top two private sector mutual funds with

Among top two private sector mutual funds with funds under management (FUM) of Rs. 235.61 funds under management (FUM) of Rs. 235.61 bn and 10.1 bn and 10.1% market share market share

Among top two private sector mutual funds with

Among top two private sector mutual funds with funds under management (FUM) of Rs. 235.61 funds under management (FUM) of Rs. 235.61 bn and 10.1 bn and 10.1% market share market share Highlights Highlights Market Market leadership leadership Financial Financial performance performance

FUM in equity category

FUM in equity category increased by 340% to increased by 340% to

Rs. 73.97 bn at Mar 31, 2006 (30% of FUM)
Rs. 73.97 bn at Mar 31, 2006 (30% of FUM)

Named “Mutual Fund of the Year” by CNBC

Named “Mutual Fund of the Year” by CNBC TV18-CRISIL TV18-CRISIL

FUM in equity category

FUM in equity category increased by 340% to increased by 340% to

Rs. 73.97 bn at Mar 31, 2006 (30% of FUM)
Rs. 73.97 bn at Mar 31, 2006 (30% of FUM)

Named “Mutual Fund of the Year” by CNBC

Named “Mutual Fund of the Year” by CNBC TV18-CRISIL TV18-CRISIL

81% increase in

increase in profit after tax from Rs. 17 profit after tax from Rs. 171.7 1.7 mn in FY2005 to Rs. 311.3 mn in FY2006 mn in FY2005 to Rs. 311.3 mn in FY2006

RoE o

RoE of 37% in FY 37% in FY2006 2006

81% increase in

increase in profit after tax from Rs. 17 profit after tax from Rs. 171.7 1.7 mn in FY2005 to Rs. 311.3 mn in FY2006 mn in FY2005 to Rs. 311.3 mn in FY2006

RoE o

RoE of 37% in FY 37% in FY2006 2006

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Private equity Private equity

India Advantage Funds I & II:

Closed 19 transactions till date

Landmark

Landmark secondary sale to Coller Capital secondary sale to Coller Capital

India Advantage Funds I & II:

Closed 19 transactions till date

Landmark

Landmark secondary sale to Coller Capital secondary sale to Coller Capital

Larges

Largest private equity & venture fund player t private equity & venture fund player

Funds under management (committed) over

Rs. 63.87 bn
Rs. 63.87 bn

Larges

Largest private equity & venture fund player t private equity & venture fund player

Funds under management (committed) over

Rs. 63.87 bn
Rs. 63.87 bn

India India Advantage Advantage Funds Funds Market Market leadership leadership

55% increase in

increase in profit after tax from Rs. 32 profit after tax from Rs. 324.0 4.0 mn in FY2005 to Rs. 503.0 mn in FY2006 mn in FY2005 to Rs. 503.0 mn in FY2006

RoE o

RoE of 176% in FY2006 176% in FY2006

55% increase in

increase in profit after tax from Rs. 32 profit after tax from Rs. 324.0 4.0 mn in FY2005 to Rs. 503.0 mn in FY2006 mn in FY2005 to Rs. 503.0 mn in FY2006

RoE o

RoE of 176% in FY2006 176% in FY2006 Financial Financial performance performance

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Agenda Agenda

Highlights Highlights Operating review Operating review Financial performance Financial performance

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Profit & loss statement Profit & loss statement

37.63 2.77 2.77 6.55 6.55 35.47 35.47 82.42 7.96 7.96 32.59 32.59 40.55 40.55 41.87 41.87 FY FY 2006 2006 67.7% (6.7%) (6.7%) 35.1% 35.1% 40.9% 40.9% 48.7% 31.1% 31.1% 55.3% 55.3% 50.0% 50.0% 47.5% 47.5% Y-o-Y Y-o-Y Gr Growth th 97.1%

35.4%

35.4% 46.6% 46.6% 62.6% 43.0% 43.0% 79.5% 79.5% 72.4% 72.4% 53.9% 53.9% Q4-o-Q4 Q4-o-Q4 growth growth 11.45 0.73 0.73 2.06 2.06 10.57 10.57 24.81 2.16 2.16 10.50 10.50 12.67 12.67 12.16 12.16 Q4- Q4- 2006 2006 22.45 5.81 Core operating profit 2.97 2.97 0.73 0.73 Lease depn. Lease depn. 4.85 4.85 1.51 1.51 Other DMA Other DMA1 exp. exp. 25.17 25.17 7.21 7.21 Operatin erating ex g exp. p. 55.44 15.26 Core operating income 6.07 6.07 1.51 1.51

Others
Others

20.98 20.98 5.85 5.85

F

Fee i ee income me 27.05 27.05 7.36 7.36 Non-interest inc. Non-interest inc. 28.39 28.39 7.90 7.90 NII NII FY FY 2005 2005 Q4- Q4- 2005 2005

(Rs. in billion) (Rs. in billion)

1. Direct marketing agents
1. Direct marketing agents

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Profit & loss statement Profit & loss statement

25.40 5.57 5.57 30.97 15.94 15.94 46.91 9.28 9.28 37.63 FY FY 2006 2006 26.7% 6.7% 6.7% 22.6% 271.6% 271.6% 58.7% 30.5% 30.5% 67.7% Y-o-Y Y-o-Y Gr Growth th 28.7% (48.4%) (48.4%) 11.1% 646.3% 646.3% 68.9% 13.5% 13.5% 97.1% Q4-o-Q4 Q4-o-Q4 growth growth 7.90 0.94 0.94 8.84 5.97 5.97 14.81 3.36 3.36 11.45 Q4- Q4- 2006 2006 25.27 7.97 Profit before tax 22.45 5.81 Core operating profit 7.11 7.11 2.96 2.96 Treasury income Treasury income 20.05 6.15 PAT 5.22 5.22 1.82 1.82 Tax Tax 4.29 4.29 0.80 0.80 Provisions Provisions1

1

29.56 8.77 Operating profit FY FY 2005 2005 Q4- Q4- 2005 2005

(Rs. in billion) (Rs. in billion)

1. Includes premium
1. Includes premium amortisa

amortisation on SLR securities of tion on SLR securities of Rs.2.43 bn in Q4-2006 and Rs.2.43 bn in Q4-2006 and

Rs. 8.02 bn in
Rs. 8.02 bn in FY2006.

FY2006.

Consolidated profit after tax incr Consolidated profit after tax increased 31% from Rs. 18.52 bn in eased 31% from Rs. 18.52 bn in FY2005 to FY2005 to Rs. 24.20 b

Rs. 24.20 bn in FY2006

in FY2006

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Balance sheet: Assets Balance sheet: Assets

1,676.59 128.37 128.37 160.05 160.05 914.05 914.05 344.82 344.82 129.30 129.30 474.12 474.12 Mar 31, 2005 2,124.32 148.53 148.53 159.23 159.23 1,226.13 1,226.13 412.57 412.57 177.86 177.86 590.43 590.43 Dec 31, 2005 50% 30% 30% 28% 28% 60% 60% 48% 48% 32% 32% 44% 44% Y-o-Y growth 2,513.89 Total assets 166.39 166.39 Fixed & other assets Fixed & other assets 204.73 204.73 Investments Investments 1,461.63 1,461.63 Advances Advances 510.74 510.74

SLR invest
SLR investments

ments 170.40 170.40

Cash & bank
Cash & bank

balances balances 681.14 681.14 Cash balances with Cash balances with banks & SL banks & SLR R Mar 31, 2006 (Rs. in billion) (Rs. in billion)

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Balance sheet: Liabilities Balance sheet: Liabilities

58% 58% 354.77 354.77 296.90 296.90 224.05 224.05 Borrowings Borrowings 1,676.59 131.87 131.87 193.48 193.48 998.19 998.19 3.50 3.50 118.13 118.13 7.37 7.37 125.50 125.50 Mar 31, 2005 2,124.32 133.42 133.42 141.17 141.17 1,338.81 1,338.81 3.50 3.50 201.78 201.78 8.74 8.74 210.52 210.52 Dec 31, 2005 50% 14% 14% (32%) (32%) 65% 65%

80%

80% 21% 21% 77% 77% Y-o-Y growth 2,513.89 Total liabilities 150.83 150.83 Other liabilities Other liabilities 131.90 131.90 eICICI borrowings eICICI borrowings 1,650.83 1,650.83 Deposits Deposits 3.50 3.50 Preference Preference 213.16 213.16

Reserves
Reserves

8.90 8.90

Equity capi
Equity capital

l 222.06 222.06 Net worth Net worth Mar 31, 2006 (Rs. in billion) (Rs. in billion)

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Key ratios Key ratios

1.8 1.8 1.8 1.8 Cost to average assets Cost to average assets1

1

36.6 36.6 39.9 39.9 2.4 2.4 32.5 32.5 16.4 16.4 FY2006 FY2006 35.2 35.2 Fee to income Fee to income 42.2 42.2 Cost to income Cost to income1

1

2.4 2.4 NIM NIM 27.6 27.6 Weighted avg EPS (Rs.) Weighted avg EPS (Rs.) 17.9 17.9 Return on weighted Return on weighted average net worth average net worth FY2005 FY2005 (Percent) (Percent)

1. Excluding DMA commissions a
1. Excluding DMA commissions and lease

d lease deprecia depreciatio tion

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2.03% 2.03% 19.83 19.83 31.57 31.57 51.40 51.40 Mar 31, Mar 31, 2005 2005 0.71% 0.71% 10.75 10.75 18.88 18.88 29.63 29.63 Mar 31, Mar 31, 2006 2006 Net NPA ratio Net NPA ratio Net NPAs Net NPAs Less: Cumulative w/offs Less: Cumulative w/offs & provisions & provisions Gross NPAs Gross NPAs1

1

Asset quality and provisioning Asset quality and provisioning

(Rs. in billion) (Rs. in billion)

Net retail N

Net retail NPAs: Rs. 7.10 bn As: Rs. 7.10 bn

Net restructured loans: Rs. 53.16

Net restructured loans: Rs. 53.16 bn (Mar 31, 2005: Rs. 62.63 bn) bn (Mar 31, 2005: Rs. 62.63 bn)

1. Including credit and credit substit
1. Including credit and credit substitutes

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Capital adequacy Capital adequacy

4.15 4.15 9.20 9.20 13.35 13.35 % % 2,085.94 2,085.94 86.61 86.61 191.82 191.82 278.43 278.43

Rs. bn
Rs. bn

Mar 31, 2006 Mar 31, 2006 1,350.17 1,350.17 Risk weighted Risk weighted assets assets 4.19 4.19 56.57 56.57

Tier II
Tier II

7.59 7.59 102.46 102.46

Tier I
Tier I

11.78 11.78 159.03 159.03 Total Capital Total Capital % %

Rs. bn
Rs. bn

Mar 31, 2005 Mar 31, 2005

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Except for the historical informatio Except for the historical information contained herein, n contained herein, statements in statements in this Release which contain words or phrases such as 'will', 'would', this Release which contain words or phrases such as 'will', 'would', ‘indicating’, ‘expected to’ etc., and ‘indicating’, ‘expected to’ etc., and similar expressions or variations similar expressions or variations

f such expressions may constitute
f such expressions may constitute 'forward-looking statements'.

'forward-looking statements'. These forward-looking statements involve a number of risk These forward-looking statements involve a number of risks, s, uncertainties and other factors that uncertainties and other factors that could cause actual results to could cause actual results to differ materially from those su differ materially from those suggested by the forward-looking ggested by the forward-looking

statements. These risks and uncertainties include, but are not
statements. These risks and uncertainties include, but are not

limited to our ability to successfully implement our strategy, future limited to our ability to successfully implement our strategy, future levels of non-performing loans, levels of non-performing loans, our growth and expansion in

ur growth and expansion in

business, the adequacy of our business, the adequacy of our allowance for credit losses, allowance for credit losses, technological implementation and technological implementation and changes, the actual growth in changes, the actual growth in demand for banking products and demand for banking products and services, investment income, services, investment income, cash flow projections, our exposure cash flow projections, our exposure to market risks as well as other to market risks as well as other risks detailed in risks detailed in the reports file the reports filed by us with the United States d by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no Securities and Exchange Commission. ICICI Bank undertakes no

bligation to update forward-looking
bligation to update forward-looking statements to reflect events or

statements to reflect events or circumstances after the date thereof. circumstances after the date thereof.

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