Icici Bank Annual Report 2015 16 PDF

Leadership in banking
through technology
OVE
ON THE M
22 ANNUAL REPORT AND ACCOUNTS

ND
2015 - 2016
L
AT OUR P
L ACE
P
AT YOUR
ACE
CONTENTS
1 Leadership through Technology
2 ICICI Bank at a Glance
4 Financial Highlights
6 Message from the Chairman
8 Message from the Managing Director & CEO
10 Board and Management
11 Messages from Executive Directors
12 Banking on the Move
16 Banking at Your Place
18 Banking at Our Place
20 Promoting Inclusive Growth
24 Awards
25 Directors Report
77 Auditors Certificate on Corporate Governance
78 Business Overview
92 Managements Discussion and Analysis
116 Key Financial Indicators: Last Ten Years
FINANCIALS
117

122
193

198

243

245
246
Independent Auditors Report Financial

Statements of ICICI Bank Limited
Financial Statements of ICICI Bank Limited
Independent Auditors Report Consolidated
Financial Statements
Consolidated Financial Statements of
ICICI Bank Limited and its Subsidiaries
Statement Pursuant to Section 129 of
Companies Act, 2013
Basel Pillar 3 Disclosures
Glossary of Terms
ENCLOSURES
Notice
Attendance Slip and Form of Proxy
REGISTERED OFFICE
Landmark
Race Course Circle
Vadodara 390 007
Tel : +91-265-3263701
CIN : L65190GJ1994PLC021012
CORPORATE OFFICE
ICICI Bank Towers
Bandra-Kurla Complex
Mumbai 400 051
Tel : +91-22-33667777
Fax : +91-22-26531122
STATUTORY AUDITORS
B S R & CO. LLP
1st Floor, Lodha Excelus
Apollo Mills Compound
N. M. Joshi Marg
Mahalaxmi
Mumbai 400 011
REGISTRAR AND
TRANSFER AGENTS
3i Infotech Limited
International Infotech Park
Tower 5, 3rd Floor
Vashi Railway Station Complex
Vashi, Navi Mumbai 400 703
LEADERSHIP THROUGH
TECHNOLOGY...
Digital technology is transforming the way we lead
our lives today. The banking and financial services
industry is a clear representation of this transformation.
Consumers are more mobile than ever before and
expect services to be available at the time and place
of their choice.
At ICICI Bank, we have always realised this need of our
customers and developed technology-led offerings to
deliver a seamless banking experience at all places of
their choice, be it their place, our place or while they
are on the move.
Our consistency and speed in introducing these
offerings has been recognised at various national
and international forums, through the years. Our zeal
to improve the banking experience for customers
continues to drive us to innovate and carry forward our
leadership in delivering banking services using cuttingedge technology.
...AT YOUR PLACE
Be it home or office, over the years, we have

successfully brought banking closer to the customers,
at their place of choice. Our sales officers visit
customers and use tablets to open their bank
accounts. This service was an industry first and is
now almost an industry standard. Innovations like
Express Home Loans, where customers get their
home loan sanctioned online within eight hours, shift
the paradigm completely for a process that has always
been considered cumbersome. Banking at the place
of your choice was never so easy and simple.
...more on page 16
...ON THE MOVE
...AT OUR PLACE
Recent advances in telecommunications have made

todays world an always connected world where
people demand and consume products and services
on the move. At ICICI Bank, we have always leveraged
technology effectively to stay ahead of customer
needs. iMobile, the first mobile banking application
of the country was launched in 2008, way before
smartphones were widely embraced, and continues
to be the most comprehensive mobile banking app
in the country. Pockets, launched just over a year
ago, is Indias first and largest digital wallet launched
by a bank.
The banking experience at our branches today is

a confluence of personalised human connect and
technology-enabled services. Wait times are now
history with customers either servicing themselves
at Insta Banking kiosks or pre-processing part of their
transactions on their iMobile app in advance. Smart
Vault, our state-of-the-art locker facility, uses robotic
technology to enable customers to access their
valuables 24x7, with multi-layer security systems
using biometrics. These services represent seamless
integration of the digital and physical.
...more on page 12
...more on page 18
Annual Report 2015-2016
ICICI Bank at a Glance

ICICI Bank, the countrys largest private
sector bank, offers a comprehensive range
of products and services through a multichannel delivery network.
ICICI Bank continues to be at the forefront of technological innovation to provide simplicity
and convenience in banking, in line with its philosophy of khayaal aapka. This has helped
the Bank to build a robust pipeline of innovative products and services and consolidate
its leadership position. With its cutting-edge technology, wide distribution network and
energetic workforce, the Bank continues to stay ahead of competition.
9,188 BILLION
CONSOLIDATED TOTAL ASSETS
101.80 BILLION
CONSOLIDATED PROFIT AFTER TAX
97.26 BILLION
STANDALONE PROFIT AFTER TAX
45.8%
34.7%
CASA RATIO
COST TO INCOME RATIO
41 MILLION+
CARDS IN FORCE
95%
3.6 MILLION
` TRILLION
Close to 95% of all savings

account transactions happen
outside the branches
Pockets, largest wallet launched

by a bank, has recorded over 3.6
million downloads
First private sector bank

to cross mortgage
portfolio of ` 1 trillion
18,216
150+ SERVICES
Largest retail network of 18,216

branches and ATMs among
private sector banks
iMobile, the most comprehensive

banking app in India, offers over
150 services
Funds Transfer
3 TRILLION
Digital channels recorded over

` 3 trillion worth of transactions
in fiscal 2016
All information as on March 31, 2016
Financial Highlights
Total Deposits
Total Advances
4,352.64
4,214.26
3,875.22
3,615.63
3,319.14
3,387.03
2,926.14
2,555.00
2,537.28
1,971.83
1,895.36
27.4%
1,700.37
6.0%
1,444.81
760.46
856.51
2,902.49
2,283.26
991.33
1,148.60
349.73
369.26
432.45
495.20
FY2012
FY2013
FY2014
FY2015
Current Accounts (` in billion)

Savings Accounts (` in billion)
Term Deposits (` in billion)
1,342.30
588.70
FY2016
Total (` in billion)
Total Assets
28.6%
FY2013
4.4%
4.4%
5,946.42
FY2014
Total Assets (` in billion)
27.5%
28.8%
30.1%
32.5%
38.0%
FY2012
FY2013
39.0%
FY2014
Retail
Domestic corporate
SMEAG
42.5%
FY2015
46.6%
FY2016
Overseas
Total (` in billion)
6,461.29
FY2015
5.94%
4.92%
12.68%
12.80%
FY20121
FY20131
4.24%
3.55%
12.78%
12.78%
13.09%
FY20142
FY20152
FY20162
7,206.95
FY2016
Tier I
1. In accordance with Basel II guidelines of RBI
2. In accordance with Basel III guidelines of RBI
4.3%
Capital Adequacy Ratio
4,890.69
FY2012
5.2%
37.0%
5.84%
5,367.95
25.3%
26.5%
24.3%
21.6%
Tier II
NII & NIM
Cost to Income Ratio
3.33%
3.48%
3.49%
3.11%
2.73%
190.40
212.24
42.9%
40.5%
38.2%
36.8%
34.7%
164.75
138.66
107.34
FY2012
FY2013
FY2014
FY2015
FY2016
FY2012
Net Interest Income (NII) (` in billion)

Net Income Margin (NIM)
FY2014
FY2015
FY2016
Cost to Income Ratio
Standalone PAT
Consolidated PAT
111.75
83.25
FY2013
98.10
97.26
96.04
110.41
122.47
101.80
76.43
64.65
FY2012
FY2013
FY2014
FY2015
Standalone Profit after Tax (PAT) (` in billion)
FY2016
FY2012
FY2013
FY2014
FY2015
FY2016
Consolidated Profit after Tax (PAT) (` in billion)
Message from the Chairman

continuous journey of transformation, diversification and
expansion to become a truly universal bank. The Group
seeks to address every aspect of the financial services needs
savings, investments, credit, protection and payments
of each and every customer segment large corporations,
small & medium enterprises, urban customers, farming and
non-farming rural communities and the under-privileged
who have thus far been excluded from access to financial
services. ICICI Bank has helped millions of individuals and
families achieve their aspirations, as well as played a key
role in the creation of infrastructure and industrial capacity
in the country.
The Indian banking sector is passing through a phase that
is both challenging and exciting. The growth slowdown
that the economy experienced from 2012 onwards has
led to stress on the corporate sector, resulting in both
pressure on asset quality as well as limited new growth
opportunities in the corporate segment for the banking
sector. At the same time, there are robust growth
opportunities in the retail segment and in rural areas; and
in the continuing opportunities for transformation led by
technology. The policy measures put in place over the last
two years have also led to a substantial improvement in
macro-economic parameters and are laying the foundation
for new opportunities for the corporate sector.
It is a pleasure to be addressing my first message to the

shareholders of ICICI Bank as the Chairman of the Board
of Directors. I have had a long prior association with the
Bank as an independent Director on the Board, and I am
honoured by the confidence the Board and shareholders
have reposed in me in appointing me as the Chairman. On
behalf of the Board, I would like to express our appreciation
of Mr. K. V. Kamath, who made an invaluable contribution
to the ICICI Group first as the CEO from 1996 to 2009, and
then as the Chairman of the Board for six years.
The ICICI Group is a financial conglomerate with a long
and rich history of leadership, of service to the nation and
of partnership in its growth. Founded as a development
finance institution in 1955, the Group has been on a
Over the last few years, ICICI Bank has substantially

strengthened its retail and rural business, as evidenced
both by its strong deposit franchise and funding profile,
the robust growth in its retail loan portfolio and healthy
and stable asset quality in this segment. It has continued
to innovate using technology to enhance the customer
proposition. The Bank has calibrated growth and reoriented
the strategy of its international operations in line with the
new global environment. The corporate segment, where
the Bank had in earlier years supported industrial and
infrastructure investment critical to Indias growth, has
experienced challenges. The Bank has calibrated growth
in its corporate loan portfolio as the economic pressures
emerged. It is addressing the risks in this segment in a
focused manner, by working closely with clients to ensure
deleveraging, by ensuring that the Banks interests are
protected and by reformulating its risk appetite and risk
management framework to rebalance the portfolio mix
towards a lower risk profile. Underpinning the Banks
strategy and approach are its operating earnings and very
strong capital base, which enable it to absorb risks while
capitalising on growth opportunities. During fiscal 2016,
given the elevated risks in certain sectors, the Bank on a

prudent basis made a collective contingency and related
reserve towards its exposure to these sectors, thereby
further strengthening the balance sheet.
The ICICI Group franchise is unique in that it extends
beyond banking to outstanding franchises in every
segment of financial services. It is a matter of great
satisfaction that the value created by the insurance
businesses of the Group was demonstrated during the
year through investments in each of the subsidiaries.
This further adds to the Groups financial strength and its
platform for capitalising on the vast growth potential for
financial services in India.
The Board of Directors is fully committed to maintaining
the highest standards of corporate governance, with a
view to ensuring that the Bank is well-placed to address
risks as well as capitalise on growth opportunities, within
a framework of regulatory compliance and adherence to

the highest ethical standards. The executive management
team led by the Managing Director & CEO has set out
a growth path based on the defined risk appetite and
risk management and capital allocation framework,
while focusing on addressing stress in the portfolio and
maintaining a strong balance sheet. The ICICI Group has
substantial depth of leadership talent, and is well-placed to
execute its strategy. I am confident that the coming years
will see the Group maintain and enhance its strength and
capitalise on the diverse growth opportunities that our
country presents.
With best wishes,
M. K. Sharma
Message from the Managing Director & CEO

Against this backdrop, at ICICI Bank, we focused on
capitalising on growth opportunities while at the same
time taking necessary steps to address challenges in the
environment. We continued to enhance our franchise, and
maintained our financial strength with robust capital levels.
I would like to share some highlights for the Bank during
the year.
We sustained robust growth in our retail loan portfolio
which grew by 23.3% and now constitutes 46.6% of
total loans.
We selectively grew our corporate portfolio focusing
on higher rated clients, with a revised limit framework
aimed at reducing concentration risk in the portfolio.

We maintained our healthy funding profile, with an
addition of ` 193.70 billion to savings deposits and
` 93.50 billion to current account deposits, and a CASA
ratio of 45.8%. We expanded our network to 4,450
branches and 13,766 ATMs.

We continued to be at the forefront of leveraging
technology to improve the customer experience. We
were the first bank in India to introduce contactless
mobile payments using smartphones. We introduced
Express Home Loans, the countrys first fully online
process for sanctioning home loans. Our digital wallet,
Pockets, has had over 3.6 million downloads. Our
banking application, iMobile, is the most comprehensive
banking app in the country, offering over 150 services,
many of which are industry firsts.
The global economy experienced challenging conditions

in fiscal 2016, with weak growth and divergent monetary
policies in advanced economies, slowdown in China
and significant decline in commodity prices. The Indian
economy continued to make progress during the year,
with improvement in key macroeconomic parameters
and focused government initiatives to drive sustainable
growth. However, the corporate sector continued to
experience challenges given the prolonged slowdown in
growth in earlier years and the global environment. Credit
growth in the banking sector was moderate, with robust
retail loan demand being offset by muted demand from
the corporate sector. While retail asset quality was healthy
and stable, the challenges facing the corporate sector
impacted the asset quality metrics and profitability of
banks. Other segments of financial services, like insurance
and mutual funds, witnessed healthy growth.

With our focus on core operating parameters, we
achieved an operating profit of ` 238.63 billion, a yearon-year growth of 21.0%.
In view of the challenges being experienced by certain
sectors of the economy, the Bank further strengthened
its balance sheet by creating a collective contingency
and related reserve of ` 36.00 billion on a prudent
basis. This is over and above provisions made for nonperforming and restructured loans as per Reserve Bank
of India guidelines.

The Banks standalone profit before the above
collective contingency and related reserve and tax
was ` 157.96 billion. Even after taking into account the
above prudent reserving and provision for tax, the Bank
achieved a standalone profit after tax of ` 97.26 billion
and a consolidated profit after tax of ` 101.80 billion.
We demonstrated the substantial value created by our

subsidiaries, with a 6% stake sale in ICICI Prudential
Life Insurance Company at a company valuation of
` 325.00 billion and a 9% stake sale in ICICI Lombard
General Insurance Company at a company valuation
of ` 172.25 billion.
4.
Resolution of exposures through asset sales by
borrowers, change in management and working with
stakeholders to ensure that companies are able to
operate at an optimal level and generate cash flows.
The Bank maintained a very strong capital position,

with Tier-1 capital adequacy of 13.09% and total
capital adequacy of 16.64%, well above regulatory
requirements.
1. Sustaining the robust funding profile;
The profits and the strong capital position enabled the

Bank to maintain a healthy proposed dividend of ` 5
per equity share.
3. Continued focus on cost efficiency; and
We continued to strengthen our position across the

financial sector. Our insurance subsidiaries maintained
their leadership position among private sector players.
ICICI Prudential Asset Management Company became
the largest mutual fund in India, with assets under
management of over ` 1.8 trillion.
We continued to partner the nation in its journey of inclusive
growth. ICICI Foundation for Inclusive Growth scaled up the
ICICI Academy for Skills to 22 skill training centres across
the country and imparted training to over 25,000 youth,
including 10,000 women. Through the Academy and our
Rural Self Employment Training Institutes in Rajasthan,
ICICI Foundation has trained over 60,000 youth, and we
are targeting the milestone of training 100,000 youth by
March 2017. We continued to focus on rural development
through financial inclusion. At the end of fiscal 2016, the
Bank had 20.7 million basic savings bank accounts. The
Bank actively participated in the government schemes
launched under the Jan Suraksha Yojana and was among
the first to initiate enrollments for insurance schemes
through SMS.
Continuing to enhance the franchise
2. Maintaining digital leadership and a strong customer

franchise;
4. Focus on capital efficiency and further unlocking of

value in subsidiaries.
The Indian economy is poised to build on the progress
made in the last two years to move ahead on its growth
path. The ICICI Group is well-positioned to address
the challenges in certain sectors and capitalise on the
opportunities that will arise out of Indias growth and
transformation. I look forward to your continued support
in this journey.
With best wishes,
Chanda Kochhar
Our strategic priorities going forward are summarised

below as the 4 x 4 Agenda:
Portfolio quality
1.
Proactive monitoring
businesses;
of
loan
portfolios
across
2. Improvement in credit mix driven by focus on retail

lending and lending to higher rated corporates;
3. Reduction of concentration risk; and
Board and Management

BOARD COMMITTEES
BOARD OF DIRECTORS
M. K. Sharma
Chanda Kochhar
Chairman
M. S. Ramachandran
Managing Director & CEO
Homi Khusrokhan
V. Sridar
Audit Committee
Homi Khusrokhan Chairman
Dileep Choksi Alternate Chairman
M. S. Ramachandran
V. Sridar
Board Governance,Remuneration &
Nomination Committee
M. K. Sharma
M. S. Ramachandran
Corporate Social Responsibility Committee
M. S. Ramachandran Chairman
Tushaar Shah
Alok Tandon
Chanda Kochhar
Tushaar Shah
Dileep Choksi
V. K. Sharma
N. S. Kannan
Alok Tandon
Rajiv Sabharwal
Executive Director
Vishakha Mulye
Executive Director
Executive Director
Vijay Chandok
Executive Director (Designate)

Subject to RBI approval
GROUP EXECUTIVES
Rakesh Jha Chief Financial Officer

Maninder Juneja
Shilpa Kumar
SENIOR GENERAL MANAGERS

Sanjay Chougule Head-Group Internal Audit
Sudhir Dole
K. M. Jayarao
Anita Pai
T. K. Srirang
Kumar Ashish
Abonty Banerjee
Anindya Banerjee
Prathit Bhobe
Partha Dey
Sujit Ganguli
Ajay Gupta
Sriram H.
10
Anirudh Kamani
Anil Kaul
Ravi Narayanan
Amit Palta
Murali Ramakrishnan
Kusal Roy
Anup Saha
P. Sanker Company Secretary
Supritha Shetty Group Compliance Officer
Saurabh Singh
G. Srinivas
Rahul Vohra
Credit Committee
Chanda Kochhar Chairperson
Homi Khusrokhan
M. S. Ramachandran
Customer Service Committee
M. S. Ramachandran Chairman
V. Sridar
Alok Tandon
Chanda Kochhar
Fraud Monitoring Committee
V. Sridar Chairman
Dileep Choksi
Homi Khusrokhan
V. K. Sharma
Chanda Kochhar
Rajiv Sabharwal
Information Technology Strategy Committee
V. Sridar
Chanda Kochhar
Risk Committee
M. K. Sharma Chairman
Dileep Choksi
Homi Khusrokhan
V. K. Sharma
V. Sridar
Alok Tandon
Chanda Kochhar
Stakeholders Relationship Committee
V. Sridar
N. S. Kannan
Messages from Executive Directors
N. S. Kannan
Executive Director
Rajiv Sabharwal
Executive Director
Vishakha Mulye
Executive Director
Vijay Chandok
Executive Director
(Designate), Subject
to RBI approval
Fiscal 2016 was marked by a weak global economic environment, sharp downturn in the commodity
prices, gradual nature of the domestic economic recovery and high corporate leverage. Against this
backdrop, we continued to maintain and enhance the strength of our balance sheet with granularity
in funding, efficiency in capital usage and proactive reserving. With subdued corporate loan
demand, we increased the momentum in retail lending. The monetisation transactions in insurance
subsidiaries during the year demonstrated the significant value creation in the Group. We have
continued to build on our franchise through a robust funding mix, cost efficiency, digital leadership
and large physical footprint. We believe that, given our strong core earnings, healthy capital
position, large customer base, talented management team and substantial value in subsidiaries,
we will be able to enhance our franchise further and capitalise on growth opportunities.
Providing exemplary customer service across channels continues to be our top priority. We
have made significant investments in Big Data Analytics, Multi-channel Architecture and bestin-class Customer Relationship Management tools to ensure we have a 360 degree view of our
customers and can offer best suited products and services to them. In future, we will leverage new
technologies like Artificial Intelligence to drive customer engagement. We continue to innovate to
empower our customers - we dematerialised credit and debit cards on our digital bank, Pockets,
to allow NFC payments through mobile, introduced self-service kiosks and gave India its first 24x7
robotic lockers (Smart Vaults). Additionally, we added to our branch and ATM network we are
now closer to our customers with 4,450 branches and have the largest number of 13,766 ATMs
across all private banks.
In fiscal 2016, the operating environment for the corporate sector remained challenging due to
high leverage, shortfalls in cash flow generation, continued weak corporate investment activity
and decline in commodity prices which had an impact on borrowers in commodity-linked sectors
such as iron and steel. During the year, we explored new income streams while proactively
monitoring our existing exposure and further strengthening our frameworks for exposure and risk
management. We focused on further enhancing our commercial banking franchise and incremental
disbursements were largely to higher rated corporates. In the new financial year, the Wholesale
Banking Group will continue to focus on enhancing the quality of the portfolio and the quality of
earnings by further developing our expertise in products, processes and technology to meet client
requirements and leverage growth opportunities in the market.
During fiscal 2016, our focus was to balance risks in the global economy - arising out of monetary
tightening in the US, continuing growth concerns in China and the sharp drop in commodity prices
- with the growth momentum in India. In this context, the Bank identified growth opportunities in
select areas with enhanced controls, while repatriating surplus capital and profits from its overseas
businesses. Accordingly, the Bank continued to leverage its strong brand, service culture and
technological capabilities to grow its franchise with multinational companies and non-resident
Indians. ICICI Bank became the first bank in India to launch its online Money2World service for its
customers. In the SME segment in India, the Bank continued to leverage its presence to grow in a
more granular manner and enabled a larger number of entrepreneurs to participate in the emerging
economic opportunities.
11
Leadership Through Technology
BANKING
ON THE MOVE
Consumers today are increasingly

demanding more and more
services on the move. ICICI Bank
continues to deploy cutting-edge
technology to deliver innovative
banking solutions on mobile
devices.
12
3.6 million
downloads of Pockets,
Indias largest digital
wallet by a bank
Touch & Pay

Indias first contactless
mobile payment solution
that allows payments at
over 60,000 merchant
outlets
mVisa
service allows customers

to scan a QR code at
merchant outlets and
make a payment
60%
of savings account
transactions are done
through mobile and
internet banking
Smartphones are redefining every aspect of

life today. Banking is no exception. Today,
mobile banking is mainstream. Over the
years, we have played a leading role in this
transformation: educating customers and
showing the way to the rest of the industry
to join along.
From money transfers to contactless
payments to loan applications, the Bank has
made virtually every transaction possible
on the move, so customers are no longer
constrained by time or place.
In February 2015, we launched Pockets,
Indias first digital wallet by a bank, which
can be used by customers and noncustomers alike. Users, especially the young
generation who may not have access to a
traditional bank account, can download the
Pockets app instantly on their phone, fund
it and start transacting immediately. Within
the first year of its launch, Pockets has
garnered over 3.6 million downloads. In an
industry ruled by discounts and cashbacks,
the Pockets app ranks among the top digital
wallets of the country, despite limited spends
on promotions.
In todays fast paced world, customers like

to complete their transactions quickly and
pay in a jiffy. Realising this, the all-new
Pockets app now sports a revolutionary
feature. Touch & Pay, Indias first contactless
mobile payment solution, enables secure
payments through smartphones at retail
stores and does away with the need to
carry physical cards. All ICICI Bank credit
and debit card users can use this feature to
make payments at over 60,000 merchant
outlets across the country. They simply
need to wave their phones on Near Field
Communication (NFC) enabled merchant
terminals to make the payment.
Pockets is increasingly growing to become
a comprehensive payments app. mVisa, a
service launched in parternship with Visa
earlier in the year, allows customers to
use their Pockets app to make cashless
payments at merchant outlets. Customers
can use mVisa to scan a QR code
available at the merchant outlet, enter
the bill amount and confirm the payment
by entering their debit card PIN. A firstof-its-kind service in the world, mVisa
ensures that the transactions are faster
and more convenient.
13
BANKING
ON THE MOVE
eftCheques
replicates the chequewriting experience on

customers smartphones.
Recipients can encash
these cheques using their
phone.
14
Leadership through technology is about

continuous improvement and evolution.
In early 2008, when ICICI Bank launched
iMobile, Indias first mobile banking app,
smartphones were still at their nascence
in the country. ICICI Bank foresaw the
potential of mobile applications early and
provided this convenient way of banking
to its customers much ahead of others!
iMobile today has evolved to become
Indias most comprehensive mobile
banking application, which brings 150+
banking services on a single platform. It
offers a range of essential banking features
such as funds transfer, bill payment,
checking account balance and opening
fixed and recurring deposits. In addition,
users can also now add payees, personalise
their debit cards with an image of their
choice and even book railway tickets.
iMobile today also bridges the digital and
the physical world. For customers writing
physical cheques for payments, it offers
additional security measures through
Positive Pay where they click an image of

the cheque and upload it over their iMobile
app. Once received at our back-office, the
physical cheque is verified against the
image uploaded, eliminating any chance
of fraudulent encashment.
Electronic payments have become
ubiquitous today. Millions of money
transfers
take
place
every
day
electronically. However, we realise that
there are many customers who still derive
comfort from writing a physical cheque.
We leveraged technology to make this
process easier for such customers. The
eftCheques app by the Bank replicates the
cheque writing experience on customers
smartphones. Customers can flip open a
virtual cheque book on their eftCheques
app and write a cheque to any person from
their phone-book. The recipient receives
a web-link over SMS and can encash the
cheque into a bank account of his or her
choice instantly. Cheques can be written
iLoans
An app that makes it easy
for customers to track and
access all their loan-related
details while on the move
iMobile
the first mobile banking

app in India is also the
most comprehensive
banking app in India
Eazypay
enables customers of all

banks to pay merchants
online without any
registration
and encashed any time of the day, all days

of the week including holidays, without
the need to walk into a branch. Another
feature of eftCheques allows customers
to scan a cheque they have received and
upload the image before depositing the
cheque in a nearby branch. This eliminates
the cheque-scanning activity at our backoffice and saves a few hours in the chequeclearing process, thereby benefiting the
customers.
The overwhelming adoption of iMobile
has clearly indicated high customer
appetite for accessing banking services on
smartphones. With this insight, the Bank
created a comprehensive app for its asset
products, iLoans an app that makes it
easy for customers to track and access
all their loan-related details while on the
move. As an industry first, the app also
allows customers to submit a request for
the disbursement of a new tranche of an
existing home loan from the comfort of
their phones and enjoy a seamless, fast
and easy disbursement experience.
Consumers have for long struggled
to track and conveniently make bill
payments to merchants who may not

have elaborate online payment systems,
such as schools and housing societies.
An innovative online solution, aptly
named Eazypay was launched this year
to ease such payments for customers,
while reducing collection overheads for
merchants. Merchants can upload bills of
their customers and simply link the bills
to the mobile number of the customer.
Customers can log on to the Eazypay
portal, submit their phone numbers
and view and pay all their bills from
various merchants. The service is bankagnostic: customers of all banks can use
it to make their bill payments. Initiatives
like Eazypay not only strengthen our
leadership status in the sector, but also
boost the usage of electronic payments
in the country.
The world as we see today is fast
evolving into a place where consumers
are increasingly demanding more
and more services on the move. By
deploying cutting-edge technology to
deliver innovative banking solutions on
mobile devices, ICICI Bank continues to
be a trendsetter for the banking industry.
15
BANKING
AT YOUR PLACE
From opening bank accounts to

transferring money anywhere in
the world, the Banks technology
solutions empower customers to
fulfil their banking needs, without
stepping out of their homes or
offices.
16
4.2 million
bank accounts opened

through Tab Banking
since inception
Money2World
Indias first fully online service
aimed at resident Indians
enabling them to send money
overseas
Voice Biometric
enables us to recognise
our customers voices
over the phone, allowing
them to access their
accounts
Express
Home Loans
enables customers to get a

home loan sanction online
in just 8 working hours, for
the first time in India
At ICICI Bank, we realised very early that

customers would soon wish to carry out
banking transactions from the comfort of
their homes. We popularised our internet
banking services in the early part of this
century, much before e-commerce took
root in the country. We also innovated
to launch several other solutions which
enable customers to carry out their key
banking activities from their homes or
offices.
One such revolutionary initiative is Tab
Banking, an example of how the physical
and digital worlds can converge without
losing the human connect. Our sales
officers use a tablet today to complete the
entire account-opening activity, including
scanning of the KYC documents, at a
location of the customers choice. Since
its launch in 2013, we have opened over
4.2 million bank accounts through Tab
Banking. An industry first, the service has
now become almost a standard across
many leading Indian banks.
As another first in the banking industry,
our Voice Biometric solution enables
us to recognise our customers by their
voices over the phone and then allow
them to conduct banking transactions
with enhanced security. By deploying a
sophisticated technology that matches the

customers voice with their pre-recorded
samples, we have eliminated passwords
and PINs from this activity.
Express Home Loans is another such
implementation of technology to disrupt
the traditional home loan sanction
process, which has always involved a large
amount of paperwork and multiple branch
visits. ICICI Bank was the first to launch
a fully online sanction process, wherein
customers can fill in their details, upload
relevant documents and get a home loan
sanctioned within eight working hours.
The Bank has always been a leader
in inward remittances. This year we
launched Money2World, Indias first fully
online service enabling resident Indians
to send money abroad from any bank in
India to any bank overseas, within one
international working day. The service is
available round the clock and funds can be
transferred in 16 currencies.
From opening bank accounts to
transferring money anywhere in the world,
the Banks technology solutions empower
customers to fulfil their banking needs,
without stepping out of their homes or
offices.
17
BANKING
AT OUR PLACE
Fully automated, state-of-the-art

branches available round-theclock, kiosks that offer a complete
suite of banking services and many
other innovations are redefining
the customer experience at
ICICI Bank today.
18
1st
fully automated locker

facility in India, Smart
Vault is available
round-the-clock
Touch Banking
110 fully automated branches
across 33 cities offer
complete banking solutions
round the clock
20%
of the transactions in
Touch Banking branches
happen on Sundays and
holidays
Insta Banking
enables customers to preprocess transactions on

their phone, reducing their
waiting times at branches
At a time when officers tallying cash on

physical ledgers and long waiting times at
counters defined the banking experience
in India, ICICI Bank revolutionised the
industry with computers at the branches
and ATMs in the neighbourhood. Since
then, our journey in harnessing technology
to deliver a quick and efficient customer
experience at our premises has come a
long way.
This year, we introduced Smart Vault, a fully
automated state-of-the-art locker which is
available 24x7, including weekends. The
Smart Vault uses robotic technology to
access the lockers from a safe vault and
enables customers to conveniently operate
their lockers in the comfort and privacy of
a secure lounge, without any intervention
of the branch staff. The enhanced security
features of Smart Vault include biometric
authentication, a direct call line to a central
security team available round-the-clock,
automatic alarms for sessions beyond
a specified time, armed security, video
patrolling and SMS alerts.
Our network of Touch Banking branches,
Indias first fully automated bank branches
that we introduced a few years ago,
continues to expand. These branches
operate in self-service mode, round-theclock, 365 days of the year. At 110 of
these branches across 33 cities in India,

customers can deposit cash or cheques,
print bank statements and do much more.
They can also interact with our Bank staff
through video-conference.
Usage of Touch Banking branches by a
large number of customers encouraged
us to design self-service kiosks. The
Bank has deployed more than 1,800 selfservice kiosks, which include Cash Deposit
machines and Insta Banking kiosks, across
its branches. A first-of-its-kind device in
the country, Insta Banking kiosk enables
customers to access their accounts,
transfer funds, print statements, pay bills
and avail many other banking services.
At bank branches, customers are required
to fill in various forms to submit their
transaction requests like depositing cash
and requesting for a demand draft. Insta
Banking, an innovative feature introduced
in the iMobile app, now allows customers
to fill in the requisite forms on their phones
while on their way to the branch.
Branches, ATMs and kiosks, all physical
touch points of ICICI Bank today employ
cutting-edge technology to deliver
a seamless and convenient banking
experience.
19
Promoting Inclusive Growth

ICICI Foundation for Inclusive Growth
ICICI Foundation for Inclusive Growth (ICICI Foundation)
was set up in early 2008 to build upon the ICICI Groups
legacy of promoting inclusive growth. It works on highimpact projects that are sustainable and scalable in four
key areas: skill development and sustainable livelihood,
financial inclusion, elementary education and primary
healthcare.
FOCUS AREAS
1. Skill Development & Sustainable Livelihood
In fiscal 2016, ICICI Foundation significantly enhanced the
outreach of the ICICI Academy for Skills. ICICI Academy
provides vocational training to youth from economically
weaker sections to help them earn a sustainable livelihood.
During the year, 11 new centres were opened with the
most recent centre opened in Mumbai. In addition, ICICI
Foundation further strengthened its activities under the
Rural Self Employment Training Institutes (RSETIs) in
Udaipur and Jodhpur districts of Rajasthan. During fiscal
2016, over 40,000 youth were trained through these
initiatives.
livelihood. The centres exclusively for women are located

in Bhubaneswar, Cochin, Lucknow, Kolkata, Mysore,
Nagpur, New Delhi, Trichy, Vijayawada and Zirakpur.
These centres offer courses in retail sales and office
administration.
In fiscal 2016, ICICI Academy entered into a partnership
with the Government of Madhya Pradesh to operate a
vocational training centre at Indore. ICICI Foundation also
entered into a Memorandum of Understanding with the
Government of Maharashtra in fiscal 2016. Under this
MoU, the state government will collaborate with ICICI
Foundation to identify underprivileged youth to facilitate
skill training.
Central air conditioning course at ICICI Academy
ICICI Academy added four new courses in fiscal 2016,

namely: tractor mechanic, lab assistant at diagnostic
centres, two & three wheeler service technician and retail
sales. With these additions, ICICI Academy now offers
training in 13 courses. It also provides training in soft skills
like communication, etiquette & grooming and financial
literacy, to help the youth adapt to an organised work
environment.
(i) ICICI Academy for Skills
Knowledge partners, who are leaders in their industry,

guide ICICI Academy to develop curriculum and content,
design laboratories and train the trainers. This helps to
ensure the courses are industry relevant. ICICI Academy
has tied up with over 800 industry partners to provide
employment opportunities to the trained youth.
As of March 31, 2016, ICICI Academy for Skills had 22

centres, including 10 centres exclusively for women. The
centres provide underprivileged youth with vocational
training of 12-weeks duration on pro bono basis. These
programmes enable the youth to earn a sustainable
ICICI Bank and ICICI Foundation launched #GiftALivelihood,

a referral programme for tapping deserving candidates for
ICICI Academy through the website www.giftalivelihood.
com.
Shri Devendra Fadnavis, Honble Chief Minister of

Maharashtra with Ms. Chanda Kochhar, MD & CEO, ICICI Bank
Ltd, at Mumbai centre inauguration of ICICI Academy
20
Highlights - ICICI Academy

Over 25,000 youth were trained in fiscal 2016 with
women representation at 41%

Over 10,000 women were trained during fiscal
2016 with 4,400 at the women-only centres
Highlights - RSETI
Over 15,000 youth were trained in fiscal 2016; with
women representation at 50%
Around 1,000 trainees were provided with credit

facilities for starting their own enterprises
60 new women Self Help Groups were formed

Continued achievement of 100% placement of the
trained youth
(ii) Rural Self Employment Training Institutes (RSETI)

ICICI Foundation operates RSETIs in Udaipur and Jodhpur.
It also manages 13 satellite centres across these two
districts, which impart skills in 33 diversified trades. The
institutes also facilitate livelihood opportunities for the
underprivileged youth.
Trained 427 Bank Mitras (Business Correspondents)
2. Elementary Education
(i) School and Teacher Education Reform Programme
ICICI Foundation has partnered with the Governments
of Rajasthan and Chhattisgarh to implement the School
and Teacher Education Reform Programme (STERP)
aimed at improving the quality of school education in
government schools in these states. In fiscal 2016, the
programme focused on strengthening District Institutes of
Education & Training, capacity building and development
of 250 demonstration schools (150 in Rajasthan and 100
in Chhattisgarh) to make them compliant as per Right
to Education Act standards. In Rajasthan, 17 of these
schools have been selected by the state government as
model schools.
Highlights STERP Rajasthan

Over 15,000 student teachers and 2,700 faculty
members benefited from revised course material
for the first year of Basic School Training Certificate
4,500 new and 850 drop-out students were enrolled
in Standard I to VIII via the school enrollment
campaigns organised under the Sarva Shiksha
Abhiyan
Mobile repairing course at RSETI
ICICI RSETIs secured AA grade under Category II in the

grading exercise carried out by the Ministry of Rural
Development, Government of India in July 2015.

20 new nodal-level Academic Resource Centres
were added taking the total number to 55

School Management Committees (SMCs) in 150
schools were made operational and 1,140 SMC
members were trained
21
Promoting Inclusive Growth

Impact
An end-line study to assess the impact of the
programme was completed. Some of the key results
were:

Severe underweight (SUW) children under 3 years
reduced from 26% to 12%
SUW children between 3-5 years reduced from 28%
to 11%
Growth monitoring of children between 6 months-3
years increased from 20% to 99%
Increase in referral of pregnant and lactating women
to AWCs for ante-natal and post-natal services from
1% to 70%
Use of Teaching Learning Material in classroom
Highlights STERP Chhattisgarh

Under the Swachh Bharat - Swachh Vidyalaya
programme, ICICI Foundation constructed toilets
in 100 schools in Raipur, Bastar, Kawardha, Surguja
and Mahasamund districts

SMC members were trained in the upkeep and
maintenance of toilets to ensure hygiene and
proper utilisation
3. Primary Healthcare
(i) Strengthening Convergent Action for Reducing
Child Under-nutrition, Rajasthan:
ICICI Foundation in partnership with the Government
of Rajasthan implemented a three-year pilot project
across 494 Anganwadi Centres (AWCs) in Shahabad and
Kishanganj blocks of Baran district. It aimed to improve
the nutrition level of children up to five years through
prevention, management and treatment of undernutrition. Mother and Child Health and Nutrition days
were institutionalised across these 494 AWCs resulting in
monitoring of the childrens growth and referral of undernourished children to Malnutrition Treatment Centres. In
addition, 186 Village Health Sanitation Water and Nutrition
Committees were made operational in the project area.
22
Growth monitoring at Anganwadi centre
4. Other Initiatives
ICICI Bank Limited
ICICI Bank continued to support ICICI Foundation in its
efforts to promote inclusive growth. During fiscal 2016, the
Bank has contributed ` 450.0 million to support initiatives
in skill building, elementary education, healthcare and
rural development.
A focus area for the Bank in promoting inclusive growth
has been to support rural development. This involves
adopting a holistic approach to improve livelihoods
and enhance access to financial services. The Bank has
developed an extensive network of branches and Business
Correspondents (BCs) to strengthen efforts in this space.
Training is provided to individuals to become self-employed
and facilitate financial inclusion of a larger population. As
on March 31, 2016, the Bank had 2,294 branches in rural
and semi-urban locations, of which 573 branches were
in unbanked villages. The Bank is working with over 265
BCs who have a network of about 8,200 Customer Service
Points (CSPs) covering over 15,800 villages. At the end

of fiscal 2016, the Bank had opened 20.7 million Basic
Savings Bank Deposit Accounts (BSBDA), of which, 2.9
million were opened under the Pradhan Mantri Jan-Dhan
Yojana (PMJDY). The Bank also conducts financial literacy
workshops called Gram Samvad across the country and
uses innovative and engaging methods like comic books
and audio/visual tools as a communication medium.
Other Contributions
(i) Employee salary donation for Chennai relief
In December 2015, Chennai faced unprecedented rainfall,
which inundated several parts of the city. The ICICI Group
contributed ` 100.0 million to the Chief Ministers Relief
Fund to help the people affected by the floods. The
donation comprised contribution from the salaries of the
employees of ICICI Bank and its group companies, as well
as the companies themselves.
ICICI Prudential Life Insurance Company (ICICI Life)

ICICI Life supports ICICI Foundation in its efforts to promote
inclusive growth and also independently undertakes
programmes in the areas of consumer protection,
healthcare, education and skill development.
The company continued with its consumer awareness
and education programme Act early. Be prepared.
Protect yourself. Consumers were urged to be proactive
in managing their health, protect themselves financially
through the right financial planning and having an
e-Insurance Account. As part of the programme, the
company facilitated discounted health checkups for
consumers.
ICICI Life initiated a programme with Tata Memorial
Hospital to support the cancer treatment of 40 underprivileged children each year. The company also supports
a healthcare programme for rural patients in Tamil Nadu
for treatment of chronic diseases and primary healthcare
issues. Over 6,500 patients have already received
assistance through this programme. The company also
supports the developmental needs of 730 underprivileged
children across 15 Child Care Institutes (CCI) in Madhya
Pradesh with the aim of enhancing their living conditions.
(ii) Daan Utsav

The annual event organised by the Bank in partnership
with Give India provided customers and employees of the
ICICI Group an opportunity to donate towards education
for underprivileged children through multiple channels
such as ATMs and internet banking. A total amount of `
12.0 million was mobilised through participation from
121,805 donors.
(iii) Blood donation
Over 4,800 Bank employees have participated in blood
donation drives conducted by ICICI Foundation since
2011. This year, ICICI Foundation organised a blood
donation camp at its Hyderabad office, in partnership with
the NTR Trust Blood Bank. It was ICICI Foundations first
such initiative outside Mumbai. Around 800 employees
donated blood in the drive.
ICICI Lombard General Insurance Company (ICICI

General)
ICICI General supports ICICI Foundation and has
undertaken activities in healthcare and sustainable
livelihood. In addition, ICICI General conducted its annual
employee volunteering initiative Caring Hands. The
companys employees organised eye check-up camps for
under-privileged children in 245 schools across 98 cities
covering almost 29,000 children. More than 4,000 children
diagnosed with poor vision were provided spectacles. The
company also introduced a Ride to Safety campaign, to
make roads safer for children. The company conducted
over 100 workshops across Mumbai, Pune and Delhi
through which it reached out to 15,000 children and
parents. The company also distributed specially designed
ISI mark helmets to 9,000 children.
Blood donation camp organised by ICICI Foundation
23
Awards
ICICI BANK RECEIVED SEVERAL AWARDS AND RECOGNITIONS IN FISCAL
2016, IN INDIA AND ABROAD. SOME OF THESE ARE:
Best Retail Bank in India at the Asian
Banker International Excellence in
Retail Financial Services Awards 2016.
The Bank has won this award three
years in a row.
Best bank in the categories of Use of Technology

for Fraud Prevention and NPA Management and
Evangelising Technology Adoption among Large
Banks at the annual IDRBT Banking Technology
Excellence Awards.
First in India in the Euromoney Private Banking &
Wealth Management Survey, in four categories:
Net-worth-specific services, Philanthropic Advice,
Socially Responsible Investing/Social Impact Investing
and Innovative Technology - Client Experience.
First among private sector banks in The Economic
Times Brand Equitys Most Trusted Brands survey
2015.
Gold awards in the Bank and Credit card issuing
Bank segments under Finance category in the
Readers Digest Trusted Brand 2016 Survey.
Best Bank - Innovation in the Business Today - KPMG
survey. The Bank was ranked second in the category
of Bank of the Year among large banks.
First in The Brand Trust Report, India Study 2016 by
Trust Research Advisory under the Banking Financial
Services and Insurance category.
Best Local Trade Finance Bank in India at Global
Trade Review Asia Leaders in Trade Awards 2015.
Best Foreign Exchange Bank in India, at FinanceAsias
2015 Country Banking Achievement Awards.
Best Private Sector Bank under Global Business
category at the Dun & Bradstreet Banking Awards
2015.
24
Winner in Best Use of Technology

to Enhance Customer Experience
and runner up in Best Use of Digital
and Channels Technology at the IBA
Banking Technology Awards 2016.
Five awards in the categories of BI/Analytics,

Enterprise Security, Virtualisation, Social Media and
Social Cause, at the Dataquest Business Technology
Awards.
Best Website Design in Asia-Pacific at Global Finance:
2015 Worlds Best Digital Bank Awards.
Winner in the Sustainable Business category
and second runner up in the Big Data & Analytics
category at the EFMA Accenture Innovation Awards
in Amsterdam.
Winner at the Global Safety Awards 2016 organised
by the Energy and Environment Foundation. This
award is sponsored by Ministry of Petroleum & Natural
Gas and Ministry of Coal, Government of India.
Winner at the National Energy Conservation Awards
2015 under the Office Buildings category (energy
consumption of over 1 million units per annum).
Second prize for the ICICI Bank BKC Tower in the
Service category at 12th - CII (Western Region)
Safety, Health and Environment Excellence Award
2015 -16.
Runner up in the categories of Immediate Payment
Service, Cheque Truncation System and National
Financial Switch at the National Payments Excellence
Awards 2015 organised by the National Payments
Corporation of India. The Bank was also felicitated
with a special award for issuing the largest number of
RuPay Platinum cards.
Directors Report
Your Directors have pleasure in presenting the Twenty-Second Annual Report of ICICI Bank Limited along with the audited
financial statements for the year ended March 31, 2016.
FINANCIAL HIGHLIGHTS
The financial performance for fiscal 2016 is summarised in the following table:
` in billion, except percentages
Net interest income and other income
Operating expenses
Provisions & contingencies (excluding collective contingency
and related reserve)1
Profit before collective contingency and related reserve and tax
Collective contingency and related reserve2
Profit before tax
Profit after tax
1.
2.
Fiscal 2016
% change
312.16
114.96
365.46
126.83
17.1%
10.3%
39.00
158.20
158.20
111.75
80.67
157.96
36.00
121.96
97.26
106.8%
(22.9)%
(13.0)%
Fiscal 2015
Fiscal 2016
% change
183.39
183.39
122.47
179.04
36.00
143.04
101.80
(2.4)%
(22.0)%
(16.9)%
Excludes provision for taxes.

Refer detailed note no. 39 in schedule 18 Notes to Accounts of the financial statements.

Consolidated profit before collective contingency and related
reserve, tax and minority interest
Consolidated profit before tax and minority interest
Consolidated profit after tax and minority interest
1.
Fiscal 2015
Refer note no. 7 in schedule 18 'Notes to Accounts' of the consolidated financial statements.
Appropriations
The profit after tax of the Bank for fiscal 2016 is ` 97.26 billion after provisions and contingencies of ` 116.67 billion
(including collective contingency and related reserve amounting to ` 36.00 billion), provision for taxes of ` 24.70 billion
and all expenses. The disposable profit is ` 269.87 billion, taking into account the balance of ` 172.61 billion brought
forward from the previous year. Your Banks dividend policy is based on the profitability and key financial metrics of the
Bank, the Banks capital position and requirements and the regulations pertaining to the same. Your Bank has a consistent
dividend payment history. Given the financial performance for fiscal 2016 and in line with the Banks dividend policy, your
Directors are pleased to recommend a dividend of ` 5.00 per equity share for the year ended March 31, 2016 and have
appropriated the disposable profit as follows:
` in billion
To Statutory Reserve, making in all ` 187.52 billion
To Special Reserve created and maintained in terms of Section 36(1)(viii) of the Income
Tax Act, 1961, making in all ` 79.29 billion
To Capital Reserve, making in all ` 49.67 billion1
To/(from) Investment Reserve Account, making in all Nil
To Revenue and other reserves, making in all ` 31.48 billion2,3
Dividend for the year (proposed)

On equity shares @ ` 5.00 per share of face value ` 2.00 each (@ ` 5.00 per
share of face value ` 2.00 each for fiscal 2015)4

On preference shares @ ` 100.00 per preference share (@ ` 100.00 per
preference share for fiscal 2015) (`)

Corporate dividend tax
Leaving balance to be carried forward to the next year
Fiscal 2015
Fiscal 2016
27.94
24.32
11.00
2.92
(1.27)
0.01
13.50
23.82
5.01
29.02
29.11
35,000
2.71
172.61
35,000
2.79
171.32
25
Directors Report
1. Includes transfer of ` 19.47 billion on account of sale of part of equity investment in the Banks insurance subsidiaries during
fiscal 2016.
2. Includes transfer of ` 9.3 million to Reserve Fund for fiscal 2016 (` 7.7 million for fiscal 2015) in accordance with regulations
applicable to the Sri Lanka branch.
3. During fiscal 2015, an amount of ` 9.29 billion was utilised with approval of Reserve Bank of India (RBI) to provide for outstanding
Funded Interest Term Loan related to accounts restructured prior to the issuance of RBI guidelines in 2008. Refer detailed note no.
25 in schedule 18 notes to accounts of the financial statements.
4. Includes dividend for the prior year paid on shares issued after the balance sheet date and prior to the record date.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The provisions of Section 186(4) of the Companies Act, 2013 requiring disclosure in the financial statements of the full
particulars of the loans given, investment made or guarantee given or security provided and the purpose for which
the loan or guarantee or security is proposed to be utilised by the recipient of the loan or guarantee or security is not
applicable to a banking company.
SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANIES

3i Infotech Limited, which was considered as an associate under Section 2(6) of the Companies Act, 2013, ceased to be
an associate of the Bank effective May 13, 2015.
The particulars of subsidiary and associate companies as on March 31, 2016 have been included in Form MGT-9 which is
annexed to this report as Annexure D.
PERFORMANCE AND FINANCIAL POSITION OF SUBSIDARIES, JOINT VENTURES AND

ASSOCIATES
The performance and financial position of subsidiaries and associates of the Bank as on March 31, 2016 has been
annexed to this report as Annexure A.
The Bank will make available separate audited financial statements of the subsidiaries to any Member upon request.
These documents/details are available on the Banks website (www.icicibank.com) and will also be available for inspection
by any Member or trustee of the holder of any debentures of the Bank at its Registered Office and Corporate Office.
As required by Accounting Standard-21 (AS-21) issued by the Institute of Chartered Accountants of India, the Banks
consolidated financial statements included in this Annual Report incorporate the accounts of its subsidiaries and other
consolidating entities. A summary of key financials of the Banks subsidiaries is also included in this Annual Report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR

TRIBUNALS IMPACTING THE GOING CONCERN STATUS OF THE COMPANY AND ITS
FUTURE OPERATIONS
There are no significant and/or material orders passed by the Regulators or Courts or Tribunals impacting the going
concern status of future operations of the Bank.
DIRECTORS AND OTHER KEY MANAGERIAL PERSONNEL

Changes in the composition of the Board of Directors and other Key Managerial Personnel
K. V. Kamath ceased to be a Director on the Board of the Bank effective close of business hours on June 30, 2015. The
Board placed on record its deep appreciation of K. V. Kamaths leadership of the ICICI Group as the CEO of ICICI Bank till
2009, and as Chairman of the Bank's Board thereafter for a period of six years.
Pursuant to the approval granted by Reserve Bank of India (RBI), M. K. Sharma was appointed as the independent nonexecutive (part-time) Chairman on the Board of the Bank effective July 1, 2015 upto June 30, 2018. The appointment was
approved by the Members through a postal ballot on April 22, 2016.
26
The Board of Directors at their Meeting held on November 16, 2015 approved the appointment of Vishakha Mulye as
wholetime Director (designated as executive Director) for a period of five years effective from the date of receipt of RBI
approval. Pursuant to approval granted by RBI, Vishakha Mulye was appointed as an executive Director on the Board of
the Bank effective January 19, 2016 for a period of three years. The Members through a postal ballot on April 22, 2016
approved the appointment of Vishakha Mulye for a period of five years effective January 19, 2016 upto January 18, 2021.
K. Ramkumar, executive Director stepped down from his position as an executive Director effective close of business
hours on April 29, 2016 consequent to his decision to opt for early retirement to pursue other interests. The Board placed
on record its appreciation of K. Ramkumars immense contribution to the Bank.
Appointment subject to regulatory approvals

Vijay Chandok was appointed as an executive Director by the Board of the Bank at its Meeting held on April 29, 2016 for
a period of five years subject to approval of RBI and Members and other approvals, as may be applicable.
The appointment of Vijay Chandok as an executive Director would be effective from the date of receipt of RBI approval.
Approval of the Members is being sought for Vijay Chandok's appointment in the Notice of the forthcoming Annual
General Meeting vide item nos. 8 and 9.
Independent Directors
The Board of the Bank at March 31, 2016 consisted of 13 Directors, out of which seven are independent Directors, one is
a Government Nominee Director and five are wholetime Directors.
All independent Directors have given declarations that they meet the criteria of independence as laid down
under Section 149 of the Companies Act, 2013 and Regulation 16 of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 which have been relied on by the Bank and were
placed at the Board Meeting held on April 29, 2016.
Retirement by rotation
In terms of Section 152 of the Companies Act, 2013, Rajiv Sabharwal and N. S. Kannan would retire by rotation at the
forthcoming AGM and are eligible for re-appointment. Rajiv Sabharwal and N. S. Kannan have offered themselves for
re-appointment.
AUDITORS
Statutory Auditors
At the AGM held on June 30, 2014, the Members approved the appointment of M/s B S R & Co. LLP, Chartered
Accountants as statutory auditors for a period of four years commencing from the Twentieth AGM till the conclusion
of the Twenty-Fourth AGM subject to the annual approval of Reserve Bank of India (RBI) and ratification by the
Members every year. As recommended by the Audit Committee, the Board has proposed the ratification of
appointment of M/s B S R & Co. LLP, Chartered Accountants as statutory auditors for fiscal 2017. Their appointment
for fiscal 2017 has been approved by RBI. The appointment is accordingly proposed in the Notice of the forthcoming
AGM vide item no. 6 for ratification by Members.
There are no qualifications, reservation or adverse remarks made by the statutory auditors in the audit report.
Secretarial Auditors
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, the Bank with the approval of its Board, appointed M/s. Parikh Parekh & Associates,
a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Bank for the financial year ended
March 31, 2016. The Secretarial Audit Report is annexed herewith as Annexure B. There are no qualifications, reservation
or adverse remark or disclaimer made by the auditor in the report save and except disclaimer made by them in discharge
of their professional obligation.
27
Directors Report
PERSONNEL
The statement containing particulars of employees as required under Section 197(12) of the Companies Act, 2013 read
with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given in an
Annexure and forms part of this report. In terms of Section 136(1) of the Companies Act, 2013, the Report and the
Accounts are being sent to the Members excluding the aforesaid Annexure. Any Member interested in obtaining a copy
of the Annexure may write to the Company Secretary at the Registered Office of the Bank.
INTERNAL CONTROL AND ITS ADEQUACY

The Bank has adequate internal controls and processes in place with respect to its financial statements which provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements. These
controls and processes are driven through various policies, procedures and certifications. The processes and controls
are reviewed periodically. The Bank has a mechanism of testing the controls at regular intervals for their design and
operating effectiveness to ascertain the reliability and authenticity of financial information.
DISCLOSURE UNDER FOREIGN EXCHANGE MANAGEMENT ACT, 1999

The Bank has obtained a certificate from its statutory auditors that it is in compliance with the Foreign Exchange
Management Act, 1999 provisions with respect to investments made in its consolidated subsidiaries during fiscal 2016.
RELATED PARTY TRANSACTIONS

The Bank undertakes various transactions with related parties in the ordinary course of business. The Bank has a Board
approved policy on Related Party Transactions, which has been disclosed on the website of the Bank and can be viewed at
http://www.icicibank.com/managed-assets/docs/personal/general-links/related-party-transactions-policy.pdf. The Bank
also has a Board approved Group Arms Length Policy which requires transactions with the group companies to be at
arms length. The transactions between the Bank and its related parties, during the year ended March 31, 2016, were
in the ordinary course of business and based on the principles of arms length. The details of material related party
transactions at an aggregate level for year ended March 31, 2016 is annexed as Annexure C.
EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in Form MGT-9 is annexed herewith as Annexure D.
BUSINESS RESPONSIBILITY REPORTING

Business Responsibility Report as stipulated under Regulation 34 of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 has been hosted on the website of the Bank
(http://www.icicibank.com/aboutus/annual.html). Any Member interested in obtaining a physical copy of the same
may write to the Company Secretary at the Registered Office of the Bank.
RISK MANAGEMENT FRAMEWORK

The Banks risk management framework is based on a clear understanding of various risks, disciplined risk assessment
and measurement procedures and continuous monitoring. The policies and procedures established for this purpose are
continuously benchmarked with international best practices. The Board of Directors has oversight on all the risks assumed
by the Bank. Specific Committees have been constituted to facilitate focused oversight of various risks, as follows:

The Risk Committee of the Board reviews risk management policies of the Bank pertaining to credit, market, liquidity,
operational, outsourcing risks and business continuity management. The Committee also reviews the Risk Appetite &
Enterprise Risk Management frameworks, Internal Capital Adequacy Assessment Process (ICAAP) and stress testing.
The stress testing framework includes a wide range of Bank-specific and market (systemic) scenarios. The ICAAP
exercise covers the domestic and overseas operations of the Bank, banking subsidiaries and material non-banking
28
subsidiaries. The Committee reviews migration to the advanced approaches under Basel II and implementation of
Basel III, risk return profile of the Bank, compliance with RBI guidelines pertaining to credit, market and operational
risk management systems and the activities of the Asset Liability Management Committee. The Committee reviews
the level and direction of major risks pertaining to credit, market, liquidity, operational, technology, compliance,
group, management and capital at risk as part of risk dashboard. In addition, the Committee has oversight on risks of
subsidiaries covered under the Group Risk Management Framework. The Risk Committee also reviews the Liquidity
Contingency Plan for the Bank and the threshold limits.

The Credit Committee of the Board, apart from sanctioning credit proposals based on the Banks credit authorisation
framework, reviews developments in key industrial sectors and the Banks exposure to these sectors as well as to
large borrower accounts and borrower groups. The Credit Committee also reviews the major credit portfolios, nonperforming loans, accounts under watch, overdues and incremental sanctions.

The Audit Committee of the Board provides direction to and monitors the quality of the internal audit function and also
monitors compliance with inspection and audit reports of Reserve Bank of India, other regulators and statutory auditors.

The Asset Liability Management Committee is responsible for managing liquidity and interest rate risk and reviewing
the asset-liability position of the Bank.
Summaries of reviews conducted by these Committees are reported to the Board on a regular basis.
Policies approved from time to time by the Board of Directors/Committees of the Board form the governing framework
for each type of risk. The business activities are undertaken within this policy framework. Independent groups and subgroups have been constituted across the Bank to facilitate independent evaluation, monitoring and reporting of various
risks. These groups function independently of the business groups/sub-groups.
The Bank has dedicated groups, namely, the Risk Management Group, Compliance Group, Corporate Legal Group,
Internal Audit Group and the Financial Crime Prevention & Reputation Risk Management Group, with a mandate to
identify, assess and monitor all of the Banks principal risks in accordance with well-defined policies and procedures.
The Risk Management Group is further organised into the Credit Risk Management Group, Market Risk Management
Group and Operational Risk Management Group. These groups are completely independent of all business operations
and coordinate with representatives of the business units to implement the Banks risk management policies and
methodologies. The Internal Audit and Compliance groups are responsible to the Audit Committee of the Board.
INFORMATION REQUIRED UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

(PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013
Please refer Principle 3 under Section E of the Business Responsibility Report.
CORPORATE GOVERNANCE
The corporate governance framework at ICICI Bank is based on an effective independent Board, the separation of the
Boards supervisory role from the executive management and the constitution of Board Committees, which at March 31,
2016 comprised majority of independent Directors and most of the Committees were chaired by independent Directors,
to oversee critical areas.
I.
Philosophy of Corporate Governance
ICICI Banks corporate governance philosophy encompasses regulatory and legal requirements, which aims at a high
level of business ethics, effective supervision and enhancement of value for all stakeholders. The corporate governance
framework adopted by the Bank already encompasses significant portion of the recommendations contained in the
Corporate Governance Voluntary Guidelines 2009 issued by the Ministry of Corporate Affairs, Government of India.
Whistle Blower Policy
The Bank has formulated a Whistle Blower Policy. The policy comprehensively provides an opportunity for any employee/
Director of the Bank to raise any issue concerning breaches of law, accounting policies or any act resulting in financial
29
Directors Report
or reputation loss and misuse of office or suspected or actual fraud. The policy provides for a mechanism to report
suchconcerns to the Audit Committee through specified channels. The policy has been periodically communicated to
the employees and also posted on the Banks intranet. The Whistle Blower Policy complies with the requirements of
Vigil mechanism as stipulated under Section 177 of the Companies Act, 2013. The details of establishment of the Whistle
Blower Policy/Vigil mechanism have been disclosed on the website of the Bank.
Code of Conduct as prescribed under Securities and Exchange Board of India (Prohibition of Insider Trading)
Regulations, 2015
In accordance with the requirements of the Securities and Exchange Board of India (Prohibition of Insider Trading)
Regulations, 2015, ICICI Bank has instituted a comprehensive code of conduct to regulate, monitor and report trading by
its employees and other connected persons.
Group Code of Business Conduct and Ethics
The Group Code of Business Conduct and Ethics for Directors and employees of the ICICI Group aims at ensuring
consistent standards of conduct and ethical business practices across the constituents of the ICICI Group. This Code is
reviewed on an annual basis and the latest Code is available on the website of the Bank (www.icicibank.com). Pursuant
to Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, a
confirmation from the Managing Director & CEO regarding compliance with the Code by all the Directors and senior
management forms part of the Annual Report.
Material Subsidiaries
In accordance with the requirements of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Bank has formulated a Policy for determining Material Subsidiaries and the
same has been hosted on the website of the Bank (http://www.icicibank.com/managed-assets/docs/investor/policy-fordetermining-material-subsidiaries/policy-for-determining-material-subsidiaries.pdf).
Familiarisation Programme for independent Directors
Independent Directors are familiarised with their roles, rights and responsibilities in the Bank as well as with the nature
of industry and business model of the Bank through induction programmes at the time of their appointment as Directors
and through presentations on economy & industry overview, key regulatory developments, strategy and performance
which are made to the Directors from time to time. The details of the familiarisation programmes have been hosted on
the website of the Bank and can be accessed on the link: (http://www.icicibank.com/managed-assets/docs/about-us/
board-of-directors/familiarisation-programme-for-independent-directors.pdf).
CEO/CFO Certification
In terms of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015,
the certification by the Managing Director & CEO and Chief Financial Officer on the financial statements and internal
controls relating to financial reporting has been obtained.
Board of Directors
ICICI Bank has a broad-based Board of Directors, constituted in compliance with the Banking Regulation Act, 1949, the
Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and in accordance with good corporate governance practices. The Board functions either as a full
Board or through various committees constituted to oversee specific operational areas. The Board has constituted various
committees, namely, Audit Committee, Board Governance, Remuneration & Nomination Committee, Corporate Social
Responsibility Committee, Credit Committee, Customer Service Committee, Fraud Monitoring Committee, Information
Technology Strategy Committee, Risk Committee, Stakeholders Relationship Committee and Review Committee for
Identification of Wilful Defaulters/Non Co-operative Borrowers. At March 31, 2016, independent Directors constituted
a majority of these Board Committees and all Committees except the Credit Committee and Review Committee for
Identification of Wilful Defaulters/Non Co-operative Borrowers were chaired by independent Directors.
There were ten Meetings of the Board during fiscal 2016 - on April 27, June 9, June 29, July 31, September 16, October
30 and November 16 in 2015 and January 28, March 9 and March 31-April 1 in 2016.
30
At March 31, 2016, the Board of Directors consisted of 13 members. There were no inter-se relationships between any
of the Directors. The names of the Directors, their attendance at Board Meetings during the year, attendance at the last
Annual General Meeting (AGM) and the number of other directorships and board committee memberships held by them
at March 31, 2016 are set out in the following table.
Name of Director
Number of other directorships

Number of other
of Indian
committee3
of other
public limited
2
memberships
companies
companies1
Board Meetings
attended during
the year
Attendance at
last AGM
(June 29, 2015)
7/7
N.A.
5(1)
2/3
Present
N.A.
N.A
N.A.
10/10
Present
8(5)
10/10
Present
2(1)
10/10
Present
2(1)
7/10
Present
7/10
Present
9/10
Present
7(4)
2/10
Absent
2(1)
10/10
Present
10/10
Absent
8/10
Present
3/3
N.A.
10/10
Present
Independent Directors
M. K. Sharma, Chairman (w.e.f. July 1, 2015)
(DIN: 00327684)
K. V. Kamath (upto close of business hours
on June 30, 2015)*
(DIN: 00043501)
Dileep Choksi
(DIN: 00016322)
Homi Khusrokhan
(DIN: 00005085)
M. S. Ramachandran
(DIN: 00943629)
Tushaar Shah*
(DIN: 03055738)
V. K. Sharma*
(DIN : 02449088)
V. Sridar*
(DIN: 02241339)
Government Nominee Director

Alok Tandon
(DIN: 01841717)
Wholetime/executive Directors
Chanda Kochhar
(DIN: 00043617)
N. S. Kannan
(DIN: 00066009)
K. Ramkumar*
(DIN: 00244711)
Vishakha Mulye (w.e.f. January 19, 2016)
(DIN: 00203578)
Rajiv Sabharwal
(DIN: 00057333)
* Participated in one Meeting through tele-conference.

1. Comprises public limited companies incorporated in India.
2. Comprises private limited companies incorporated in India, foreign companies, statutory bodies and insurance corporations but
excludes Section 8 companies and not for profit foreign companies.
3.
Comprises only Audit Committee and Stakeholders Relationship Committee of Indian public limited companies. Figures in
parentheses indicate committee chairpersonships.
In terms of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the
number of Committees (Audit Committee and Stakeholders Relationship Committee) of public limited companies in which
a Director is a member/chairman were within the limits provided under listing regulations, for all the Directors of the Bank.
The number of directorships of each independent Director is also within the limits prescribed under listing regulations.
31
Directors Report
The terms of reference of the Board Committees as mentioned earlier, their composition and attendance of the respective
Members at the various Committee Meetings held during fiscal 2016 are set out below:
II. Audit Committee

Terms of Reference
The Audit Committee provides direction to the audit function and monitors the quality of internal and statutory audit. The
responsibilities of the Audit Committee include examining the financial statements and auditors report and overseeing
the financial reporting process to ensure fairness, sufficiency and credibility of financial statements, recommendation of
appointment, terms of appointment and removal of central and branch statutory auditors and chief internal auditor and
fixation of their remuneration, approval of payment to statutory auditors for other permitted services rendered by them,
review and monitor with the management the auditors independence, performance and effectiveness of audit process,
review of functioning of Whistle Blower Policy, review of the quarterly and annual financial statements before submission
to the Board, review of the adequacy of internal control systems and the internal audit function, review of compliance with
inspection and audit reports and reports of statutory auditors, review of the findings of internal investigations, approval
of transactions with related parties or any subsequent modifications, review of statement of significant related party
transactions, review of management letter/letters on internal control weaknesses issued by statutory auditors, reviewing with
the management the statement of uses/application of funds raised through an issue (public issue, rights issue, preferential
issue, etc.), the statement of funds utilised for the purposes other than those stated in the offer document/prospectus/notice
and the report submitted by the monitoring agency, monitoring the utilisation of proceeds of a public or rights issue and
making appropriate recommendations to the Board to take steps in this matter, discussion on the scope of audit with external
auditors and examination of reasons for substantial defaults, if any, in payment to stakeholders, valuation of undertakings
or assets, evaluation of risk management systems, scrutiny of inter-corporate loans and investments. The Audit Committee
is also empowered to appoint/oversee the work of any registered public accounting firm, establish procedures for receipt
and treatment of complaints received regarding accounting and auditing matters and engage independent counsel as also
provide for appropriate funding for compensation to be paid to any firm/advisors. In addition, the Audit Committee also
exercises oversight on the regulatory compliance function of the Bank. The Audit Committee is also empowered to approve
the appointment of the CFO (i.e., the wholetime Finance Director or any other person heading the finance function or
discharging that function) after assessing the qualifications, experience and background, etc. of the candidate.
Composition
At March 31, 2016, the Audit Committee comprised of four independent Directors and was chaired by Homi Khusrokhan,
an independent Director. There were eight Meetings of the Committee during the year.
The details of the composition of the Committee and attendance at its Meetings are set out in the following table:
Name of Member
Homi Khusrokhan, Chairman
Dileep Choksi, Alternate Chairman
M. S. Ramachandran
V. Sridar
Number of meetings attended

8/8
8/8
8/8
7/8
III. Board Governance, Remuneration & Nomination Committee

Terms of Reference
The functions of the Committee include recommending appointments of Directors to the Board, identifying persons
who are qualified to become Directors and who may be appointed in senior management in accordance with the criteria
laid down and recommending to the Board their appointment and removal, formulate a criteria for the evaluation of the
performance of the wholetime/independent Directors and the Board and to extend or continue the term of appointment
of independent Director on the basis of the report of performance evaluation of independent Directors, recommending
to the Board a policy relating to the remuneration for the Directors, key managerial personnel and other employees,
recommending to the Board the remuneration (including performance bonus and perquisites) to wholetime Directors
(WTDs), commission and fee payable to non-executive Directors subject to applicable regulations, approving the policy
for and quantum of bonus payable to the members of the staff including senior management and key managerial
personnel, formulating the criteria for determining qualifications, positive attributes and independence of a Director,
framing policy on Board diversity, framing guidelines for the Employees Stock Option Scheme (ESOS) and decide on the
grant of the Banks stock options to employees and WTDs of the Bank and its subsidiary companies.
32
Composition
At March 31, 2016, the Board Governance, Remuneration & Nomination Committee comprised of three independent
Directors and was chaired by Homi Khusrokhan, an independent Director. There were eight Meetings of the Committee
during the year. The details of the composition of the Committee and attendance at its Meetings are set out in the
following table:
Name of Member
K. V. Kamath (upto close of business hours on June 30, 2015)1
M. K. Sharma (w.e.f. July 1, 2015)
M. S. Ramachandran
1.

8/8
3/4
4/4
8/8
Participated in one Meeting through tele-conference.
Policy/Criteria for Directors Appointment

The Bank with the approval of its Board Governance, Remuneration & Nomination Committee (Committee) has put in
place a policy on Directors appointment and remuneration including criteria for determining qualifications, positive
attributes, independence of a Director as well as a policy on Board diversity. The policy has been framed based on the
broad principles as outlined hereinafter. The Committee would evaluate the composition of the Board and vacancies
arising in the Board from time to time. The Committee while recommending candidature of a Director would consider
the special knowledge or expertise possessed by the candidate as required under Banking Regulation Act, 1949. The
Committee would assess the fit and proper credentials of the candidate and the companies/entities with which the
candidate is associated either as a director or otherwise and as to whether such association is permissible under RBI
guidelines and the internal norms adopted by the Bank. For the above assessment, the Committee would be guided by
the guidelines issued by RBI in this regard.
The Committee will also evaluate the prospective candidate for the position of a Director from the perspective of the
criteria for independence prescribed under Companies Act, 2013 as well as the listing regulations. For a non-executive
Director to be classified as independent he/she must satisfy the criteria of independence as prescribed and sign a
declaration of independence. The Committee will review the same and determine the independence of a Director.
The Committee, based on the above assessments, will make suitable recommendations on the appointment of Directors
to the Board.
Remuneration policy
Reserve Bank of India (RBI) vide its circular DBOD No. BC. 72/29.67.001/2011-12 dated January 13, 2012 has issued
guidelines on Compensation of wholetime Directors/Chief executive Officers/Risk takers and Control function staff etc.
for implementation by private sector banks and foreign banks from the financial year 2012-13. The Bank adopted a
Compensation Policy in January 2012 which is amended from time to time based on regulatory requirements. The
Compensation Policy of the Bank as adopted in line with the RBI circular is in compliance with the requirements for the
Remuneration Policy as prescribed under Companies Act, 2013. Further details with respect to the Compensation Policy
are provided under the section titled Compensation Policy and Practices.
The remuneration payable to non-executive/independent Directors is governed by the provisions of the Banking
Regulation Act, 1949, RBI guidelines issued from time to time and the provisions of the Companies Act, 2013 and related
rules to the extent it is not inconsistent with the provisions of the Banking Regulation Act, 1949/RBI guidelines. The
remuneration for the non-executive/independent Directors (other than Government nominee) would be sitting fee for
attending each Meeting of the Committee/Board as approved by the Board from time to time within the limits as provided
under Companies Act, 2013 and related rules. RBI vide its guidelines dated June 1, 2015 regarding Compensation of nonexecutive Directors (NEDs) (except part-time Chairman) of Private Sector Banks has permitted payment of profit related
Commission up to ` 1,000,000 per annum for non-executive Directors (other than non-executive (part-time) Chairman).
The Board at its Meeting held on September 16, 2015, approved the payment of profit related commission upto
` 1,000,000 per annum to non-executive Directors (other than the non-executive (part-time) Chairman and the Government
Nominee Director) subject to the approval of Members. Accordingly, this proposal is being placed for approval of the
Members vide item no. 10 of the Notice of the Annual General Meeting.
33
Directors Report
For the non-executive (part-time) Chairman, the remuneration, in addition to sitting fee includes such fixed payments
on such periodicity as may be recommended by the Board and approved by the Members and RBI from time to time,
maintaining a Chairmans office at the Banks expense, bearing expenses for travel on official visits and participation
in various forums (both in India and abroad) as Chairman of the Bank and bearing travel/halting/other expenses and
allowances for attending to duties as Chairman of the Bank and any other modes of remuneration as may be permitted
by RBI through any circulars/guidelines as may be issued from time to time.
All the non-executive/independent Directors would be entitled to reimbursement of expenses for attending Board/
Committee Meetings, official visits and participation in various forums on behalf of the Bank.
Performance evaluation of the Board, Committees and Directors

The Bank with the approval of its Board Governance, Remuneration & Nomination Committee has put in place an
evaluation framework for evaluation of the Board, Directors and Chairperson. The Board also carries out an evaluation
of the working of its Audit Committee, Board Governance, Remuneration & Nomination Committee, Corporate Social
Responsibility Committee, Credit Committee, Customer Service Committee, Fraud Monitoring Committee, Information
Technology Strategy Committee, Risk Committee, Stakeholders Relationship Committee and Review Committee for
Identification of Wilful Defaulters/Non Co-operative Borrowers. The evaluation of the Committees is based on the
assessment of the compliance with the terms of reference of the Committees.
The evaluations for the Directors and the Board were undertaken through circulation of two questionnaires, one for the
Directors and the other for the Board which assessed the performance of the Board on select parameters related to
roles, responsibilities and obligations of the Board and functioning of the Committees including assessing the quality,
quantity and timeliness of flow of information between the company management and the Board that is necessary for
the Board to effectively and reasonably perform their duties. The evaluation criteria for the Directors was based on their
participation, contribution and offering guidance to and understanding of the areas which were relevant to them in their
capacity as members of the Board. The evaluation process for wholetime Directors is further detailed under the section
titled Compensation Policy and Practices.
Details of Remuneration paid to wholetime Directors

The Board Governance, Remuneration & Nomination Committee determines and recommends to the Board the amount
of remuneration, including performance bonus and perquisites, payable to the wholetime Directors.
The following table sets out the details of remuneration (including perquisites and retiral benefits) paid to wholetime
Directors for fiscal 2016:
Basic
Performance bonus for fiscal 2016
Allowances and perquisites2
Contribution to provident fund
Contribution to superannuation fund
Contribution to gratuity fund
Chanda Kochhar
23,192,040
16,578,411
2,783,043
3,478,810
1,931,897
Details of Remuneration (`)

N. S. Kannan
K. Ramkumar Vishakha Mulye3
15,321,360
15,321,360
5,065,934
12,466,572
13,367,997
4,448,443
1,838,568
1,838,568
607,912
2,298,204
2,298,204
1,276,269
1,276,269
421,992
Rajiv Sabharwal
14,481,840
12,998,352
1,737,816
2,172,278
1,206,337
Stock options4 (Numbers)

Fiscal 20161
Fiscal 2015
Fiscal 2014
1,375,000
1,450,000
1,450,000
685,000
725,000
725,000
685,000
725,000
725,000
685,000
685,000
655,000
725,000
1. Options granted for fiscal 2016 are subject to Reserve Bank of India (RBI) approval.
2. Allowances and perquisites exclude stock options exercised during fiscal 2016 which does not constitute remuneration paid to the
wholetime Directors for fiscal 2016.
3. Vishakha Mulye has joined the services of the Bank on December 2, 2015. Pursuant to approval granted by RBI vide its letter dated
January 15, 2016 Vishakha Mulye assumed office as executive Director with effect from January 19, 2016.
4. The above table excludes special grant of stock options approved by RBI in November 2015 aggregating to 2,100,000 for Chanda
Kochhar and 1,000,000 each for N. S. Kannan, K. Ramkumar and Rajiv Sabharwal.
34
Perquisites (evaluated as per Income-Tax rules wherever applicable and otherwise at actual cost to the Bank) such as the
benefit of the Banks furnished accommodation, gas, electricity, water and furnishings, club fees, group insurance, use of
car and telephone at residence or reimbursement of expenses in lieu thereof, medical reimbursement, leave and leave
travel concession, education benefits, provident fund, superannuation fund and gratuity, were provided in accordance
with the scheme(s) and rule(s) applicable from time to time. In line with the staff loan policy applicable to specified grades
of employees who fulfill prescribed eligibility criteria to avail loans for purchase of residential property, the wholetime
Directors are also eligible for housing loans subject to approval of RBI.
The Members have approved the minimum and maximum ranges for remuneration as well as supplementary allowance
for the wholetime Directors. In terms of the said approvals, the monthly basic salary for Chanda Kochhar, Managing
Director & CEO would be within the range of ` 1,350,000 ` 2,600,000, N. S. Kannan and Vishakha Mulye, executive
Directors would be within the range of ` 950,000 ` 1,700,000 and Rajiv Sabharwal, executive Director would be within
the range of ` 900,000 ` 1,600,000. The monthly supplementary allowances for the Managing Director & CEO, would be
within the range of ` 1,000,000 ` 1,800,000, for N. S. Kannan and Vishakha Mulye, executive Directors would be within
the range of ` 675,000 - ` 1,225,000 and for Rajiv Sabharwal, executive Director would be within the range of ` 650,000 ` 1,200,000. The Board would determine the actual remuneration/supplementary allowance payable within the above
ranges from time to time subject to the approval of RBI.
Details of Remuneration paid to non-executive Directors

As provided under Article 132 of the Articles of Association of the Bank, the fees payable to a non-executive Director
(other than to the nominee of Government of India) for attending a Meeting of the Board or Committee thereof are
decided by the Board of Directors from time to time within the limits prescribed by the Companies Act, 2013 and the rules
thereunder. The Board of Directors have approved the payment of ` 100,000 as sitting fee for each Meeting of the Board
and ` 20,000 as sitting fee for each Meeting of the Committee attended.
The Board of Directors at its Meeting held on June 9, 2015 approved a remuneration range of ` 3,000,000 ` 5,000,000
per annum for M. K. Sharma, Chairman of the Board with the remuneration for each year to be determined by the
Board within this range. This remuneration range was also approved by the Members through a postal ballot resolution
dated April 22, 2016. The Board approved remuneration of ` 3,000,000 per annum effective July 1, 2015 to be paid to
M. K. Sharma for the first year of his tenure. RBI while approving the appointment of M. K. Sharma for the period
July 1, 2015 to June 30, 2018 also approved the above remuneration.
Information on the total sitting fees paid to each non-executive Director during fiscal 2016 for attending Meetings of the
Board and its Committees is set out in the following table:
Amount (`)
Name of Director
M. K. Sharma (w.e.f July 1, 2015)
K. V. Kamath (upto close of business hours on June 30, 2015)
Dileep Choksi
Homi Khusrokhan
M. S. Ramachandran
Tushaar Shah
V. K. Sharma
V. Sridar
Alok Tandon1
Total
1.
860,000
380,000
1,420,000
2,200,000
1,940,000
700,000
860,000
1,600,000
9,960,000
Being a Government Nominee Director, not entitled to receive sitting fees.
35
Directors Report
The details of shares and convertible instruments of the Bank, held by the non-executive Directors as at March 31, 2016
are set out in the following table:
Instrument
No. of shares held
M. K. Sharma
Equity
50,000
Dileep Choksi
Equity
2,500
Homi Khusrokhan
Equity
3,5001
M. S. Ramachandran
Name of Director
Equity
1,300
Tushaar Shah
V. K. Sharma
V. Sridar
Alok Tandon
1.
Shares held jointly with relatives.
Remuneration disclosures as required under RBI guidelines

The RBI circular DBOD No. BC. 72/29.67.001/2011-12 on Compensation of wholetime Directors/Chief Executive Officers/
Risk takers and Control function staff etc. requires the Bank to make following disclosures on remuneration on an annual
basis in their Annual Report:
COMPENSATION POLICY AND PRACTICES

(A) Qualitative disclosures
a) Information relating to the bodies that oversee remuneration

Name, composition and mandate of the main body overseeing remuneration
The Board Governance, Remuneration & Nomination Committee (BGRNC/Committee) is the body which
oversees the remuneration aspects. The functions of the Committee include recommending appointments of
Directors to the Board, identifying persons who are qualified to become Directors and who may be appointed in
senior management in accordance with the criteria laid down and recommending to the Board their appointment
and removal, formulate a criteria for the evaluation of the performance of the wholetime/independent Directors
and the Board and to extend or continue the term of appointment of independent Director on the basis of the
report of performance evaluation of independent Directors, recommending to the Board a policy relating to the
remuneration for the Directors, Key Managerial Personnel and other employees, recommending to the Board the
remuneration (including performance bonus and perquisites) to wholetime Directors (WTDs), commission and
fee payable to non-executive Directors subject to applicable regulations, approving the policy for and quantum
of bonus payable to the members of the staff including senior management and key managerial personnel,
formulating the criteria for determining qualifications, positive attributes and independence of a Director, framing
policy on Board diversity, framing guidelines for the Employees Stock Option Scheme (ESOS) and decide on the
grant of the Banks stock options to employees and WTDs of the Bank and its subsidiary companies.

xternal consultants whose advice has been sought, the body by which they were commissioned and in what
E
areas of the remuneration process
The Bank did not take advice from an external consultant on any area of remuneration during the year ended
March 31, 2016.

Scope of the Banks remuneration policy (eg. by regions, business lines), including the extent to which it is
applicable to foreign subsidiaries and branches
The Compensation Policy of the Bank as last amended and approved by the BGRNC and the Board at its Meeting
held on September 16, 2015, pursuant to the guidelines issued by RBI, covers all employees of the Bank, including
those in overseas branches of the Bank. In addition to the Banks Compensation Policy guidelines, the overseas
branches also adhere to relevant local regulations.
36
Type of employees covered and number of such employees
All employees of the Bank are governed by the compensation policy. The total number of permanent employees
governed by the compensation policy of the Bank at March 31, 2016 was 72,175.
b) Information relating to the design and structure of remuneration processes

Key features and objectives of remuneration policy
The Bank has under the guidance of the Board and the BGRNC, followed compensation practices intended to
drive meritocracy within the framework of prudent risk management. This approach has been incorporated in the
Compensation Policy, the key elements of which are given below:

Effective governance of compensation:
The BGRNC has oversight over compensation. The Committee defines Key Performance Indicators (KPIs) for
WTDs and equivalent positions and the organisational performance norms for bonus based on the financial
and strategic plan approved by the Board. The KPIs include both quantitative and qualitative aspects. The
BGRNC assesses organisational performance as well as the individual performance for WTDs and equivalent
positions. Based on its assessment, it makes recommendations to the Board regarding compensation for
WTDs and equivalent positions and bonus for employees, including senior management and key management
personnel.

Alignment of compensation philosophy with prudent risk taking:
The Bank seeks to achieve a prudent mix of fixed and variable pay, with a higher proportion of variable pay
at senior levels and no guaranteed bonuses. Compensation is sought to be aligned to both financial and nonfinancial indicators of performance including aspects like risk management and customer service. In addition,
the Bank has an employee stock option scheme aimed at aligning compensation to long term performance
through stock option grants that vest over a period of time. Compensation to staff in financial and risk control
functions is independent of the business areas they oversee and depends on their performance assessment.

Whether the Remuneration Committee reviewed the firms remuneration policy during the past year, and if so,
an overview of any changes that were made
The Banks Compensation Policy was reviewed by the BGRNC and the Board on April 27, 2015. The section
on Effective Governance of Compensation in the Compensation Policy was then modified pursuant to the
Guidelines for Implementation of Countercyclical Capital Buffer (CCCB). The Compensation Policy was further
modified by the BGRNC and the Board at its Meeting held on September 16, 2015 to include the aspects relating
to Compensation to non-executive part-time Chairman and to non-executive Directors (other than part-time
Chairman and Government Nominee).

Discussion of how the Bank ensures that risk and compliance employees are remunerated independently of
the businesses they oversee
The compensation of staff engaged in control functions like risk and compliance depends on their performance,
which is based on achievement of the key results of their respective functions. Their goal sheets do not include
any business targets.
c) Description of the ways in which current and future risks are taken into account in the remuneration processes

Overview of the key risks that the Bank takes into account when implementing remuneration measures
The Board approves the risk framework for the Bank and the business activities of the Bank are undertaken within
this framework to achieve the financial plan. The risk framework includes the Banks risk appetite, limits framework
and policies and procedures governing various types of risk. KPIs of WTDs & equivalent positions, as well as
employees, incorporate relevant risk management related aspects. For example, in addition to performance
targets in areas such as growth and profits, performance indicators include aspects such as the desired funding
profile and asset quality. The BGRNC takes into consideration all the above aspects while assessing organisational
and individual performance and making compensation-related recommendations to the Board.
37
Directors Report

Overview of the nature and type of key measures used to take account of these risks, including risk difficult to
measure
The annual performance targets and performance evaluation incorporate both qualitative and quantitative
aspects including asset quality, provisioning, increase in stable funding sources, refinement/improvement of the
risk management framework, effective management of stakeholder relationships and mentoring key members of
the top and senior management.

Discussion of the ways in which these measures affect remuneration
Every year, the financial plan/targets are formulated in conjunction with a risk framework with limit structures for
various areas of risk/lines of business, within which the Bank operates to achieve the financial plan. To ensure
effective alignment of compensation with prudent risk taking, the BGRNC takes into account adherence to the risk
framework in conjunction with which the financial plan/targets have been formulated. KPIs of WTDs & equivalent
positions, as well as employees, incorporate relevant risk management related aspects. For example, in addition
to performance targets in areas such as growth and profits, performance indicators include aspects such as
the desired funding profile and asset quality. The BGRNC takes into consideration all the above aspects while
assessing organisational and individual performance and making compensation-related recommendations to the
Board.

Discussion of how the nature and type of these measures have changed over the past year and reasons for the
changes, as well as the impact of changes on remuneration
The nature and type of these measures have not changed over the past year and hence, there is no impact on
remuneration.
d) Description of the ways in which the Bank seeks to link performance during a performance measurement period
with levels of remuneration

Overview of main performance metrics for the Bank, top level business lines and individuals
The main performance metrics include profits, loan growth, deposit growth, risk metrics (such as quality of
assets), compliance with regulatory norms, refinement of risk management processes and customer service. The
specific metrics and weightages for various metrics vary with the role and level of the individual.

Discussion of how amounts of individual remuneration are linked to the Bank-wide and individual performance
The BGRNC takes into consideration all the above aspects while assessing organisational and individual
performance and making compensation-related recommendations to the Board regarding the level of performance
bonus for employees and the performance assessment of WTDs and equivalent positions. The performance
assessment of individual employees is undertaken based on achievements vis--vis their goal sheets, which
incorporate the various aspects/metrics described earlier.

iscussion of the measures the Bank will in general implement to adjust remuneration in the event that
D
performance metrics are weak, including the Banks criteria for determining weak performance metrics
The Banks Compensation Policy outlines the measures the Bank will implement in the event of a reasonable
evidence of deterioration in financial performance. Should such an event occur in the manner outlined in the
policy, the BGRNC may decide to apply malus on none, part or all of the unvested deferred variable compensation.
e) Description of the ways in which the Bank seeks to adjust remuneration to take account of the longer term
performance

Discussion of the Banks policy on deferral and vesting of variable remuneration and, if the fraction of variable
remuneration that is deferred differs across employees or groups of employees, a description of the factors
that determine the fraction and their relative importance
The quantum of bonus for an employee does not exceed a certain percentage (as stipulated in the compensation
policy) of the total fixed pay in a year. Within this percentage, if the quantum of bonus exceeds a predefined
threshold percentage of the total fixed pay, a part of the bonus is deferred and paid over a period. These
thresholds for deferrals are same across employees.
38

Discussion of the Banks policy and criteria for adjusting deferred remuneration before vesting and (if permitted
by national law) after vesting through claw back arrangements
The deferred portion of variable pay is subject to malus, under which the Bank would prevent vesting of all or
part of the variable pay in the event of an enquiry determining gross negligence, breach of integrity or in the
event of a reasonable evidence of deterioration in financial performance. In such cases, variable pay already paid
out may also be subjected to clawback arrangements, as applicable.
f) Description of the different forms of variable remuneration that the Bank utilises and the rationale for using these
different forms

verview of the forms of variable remuneration offered. A discussion of the use of different forms of variable
O
remuneration and if the mix of different forms of variable remuneration differs across employees or group of
employees, a description of the factors that determine the mix and their relative importance.
The Bank pays performance linked retention pay (PLRP) to its front-line staff and junior management and
performance bonus to its middle and senior management. PLRP aims to reward front line and junior managers,
mainly on the basis of skill maturity attained through experience and continuity in role which is a key differentiator
for customer service. The Bank also pays variable pay to sales officers and relationship managers in wealth
management roles while ensuring that such pay-outs are in accordance with applicable regulatory requirements.
The Bank ensures higher proportion of variable pay at senior levels and lower variable pay for front-line staff and
junior management levels.
(B) Quantitative disclosures

The following table sets forth, for the period indicated, the details of quantitative disclosure for remuneration of wholetime
Directors (including MD & CEO) and President.
Particulars
Number of meetings held by the BGRNC during the financial year
Remuneration paid to its members during the financial year (` in million) (sitting fees)
Number of employees having received a variable remuneration award during the
financial year
Number and total amount of sign-on awards made during the financial year
Number and total amount of guaranteed bonuses awarded during the financial year
Details of severance pay, in addition to accrued benefits
Breakdown of amount of remuneration awards for the financial year (` in million)
Fixed1
Variable
Deferred
Non-deferred
Share-linked instruments2
Total amount of outstanding deferred remuneration
Cash (` in million)
Shares (nos.)
Shares-linked instruments3
Other forms
At March 31, 2015
At March 31, 2016
5
0.3
8
0.5
6
Nil
Nil
Nil
Nil
Nil
Nil
Nil
172.6
65.0
65.0
4,395,000
201.7
Nil
4,610,000
54.3
Nil
13,057,500
Nil
23.4
Nil
16,725,000
Nil
1. Fixed pay includes basic salary, supplementary allowances, superannuation, contribution to provident fund and gratuity fund by
the Bank. The amount contains part year payouts for Vishakha Mulye and Zarin Daruwala for fiscal 2016.
2. The share-linked instruments (ESOPs) are at a face value of ` 2.00. Excludes special grant of stock options approved by RBI in
November 2015, aggregating to 5.8 million and grant of 1.0 million options to Vishakha Mulye.
3. Comprises special grants, including grant to Vishakha Mulye.
39
Directors Report
Disclosures required with respect to Section 197(12) of the Companies Act, 2013
The ratio of the remuneration of each Director to the median employees remuneration and such other details in terms
of Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014.
(i) The ratio of the remuneration of each director to the median remuneration of the employees of the company for
the financial year;
Chanda Kochhar, Managing Director & CEO
N. S. Kannan
K. Ramkumar
Vishakha Mulye
Rajiv Sabharwal
100:1
67:1
67:1
67:1
64:1
(ii) The percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer, Company
Secretary or Manager, if any, in the financial year;
The percentage increase in remuneration of each Director, Chief Financial Officer, Chief Executive Officer and Company
Secretary ranged between 12.0% and 15.0%.
(iii) The percentage increase in the median remuneration of employees in the financial year;
The percentage increase in the median remuneration of employees in the financial year was around 12.0%.
(iv) The number of permanent employees on the rolls of company;
The number of employees, as mentioned in the section on Managements Discussion & Analysis is 74,096. Out of this,
the number of employees on permanent rolls of the company is 72,175, including employees in overseas locations.
(v) The explanation on the relationship between average increase in remuneration and company performance;
The Bank follows prudent remuneration practices under the guidance of the Board and the BGRNC. The Banks approach
to remuneration is intended to drive meritocracy within the framework of prudent risk management. Remuneration is
linked to corporate performance, business performance and individual performance.
The Bank has a judicious and prudent approach to compensation and does not use compensation as the sole lever to
attract and retain employees. Employee compensation takes into account a mix of external market pay and internal
equity. The total compensation is a prudent mix of fixed pay and variable pay. The proportion of variable pay to total
compensation is higher at senior levels and lower at junior levels.
The increase in remuneration is a function of factors outlined above. The performance of the company has bearing on
the quantum of variable pay declared for employees across levels.
The profit before collective contingency and related reserve and tax was ` 157.96 billion for fiscal 2016 compared to
` 158.20 billion for fiscal 2015. The average increase in the remuneration of employees was around 9.0% in fiscal 2016
compared to 10.0% in fiscal 2015. Further the senior management of the Bank did not receive performance bonus for
fiscal 2016. Performance bonus was paid to employees in the grades of Deputy General Manager and below only.
In fiscal 2016, the weak global economic environment, the sharp downturn in the commodity cycle and the gradual
nature of the domestic economic recovery has adversely impacted the borrowers in certain sectors like iron and steel,
mining, power, rigs and cement. While the banks are working towards resolution of stress on certain borrowers in these
sectors, it may take some time for solutions to be worked out, given the weak operating and recovery environment. In
view of the above, the Bank has on a prudent basis made a collective contingency and related reserve of ` 36.00 billion
towards exposures to these sectors. This is over and above provisions made for non-performing and restructured loans
as per Reserve Bank of India (RBI) guidelines.
In view of the above, the Banks profit after tax (PAT) was ` 97.26 billion in FY2016 compared to ` 111.75 billion in FY2015.
40
(vi) Comparison of the remuneration of the Key Managerial Personnel (KMP) against the performance of the company;
For the FY2016, the KMPs were paid around 0.22% of the PAT.
(vii) variations in the market capitalisation of the company, price earnings ratio as at the closing date of the current
financial year and previous financial year and percentage increase or decrease in the market quotations of the
shares of the company in comparison to the rate at which the company came out with the last public offer in
case of listed companies;
March 31, 2015
March 31, 2016
1,829.03
16.33
1,376.06
14.13
67.8%
25.9%
Market capitalisation (` in billion)

Price/Earnings multiple1
Increase in the market quotations of the equity shares in comparison to the rate at
which the last public offer made in August 2007
1.
Price earnings multiple is the ratio of market price per share to earnings per share.
(viii) Average percentile increase already made in the salaries of employees other than the managerial personnel
in the last financial year and its comparison with the percentile increase in the managerial remuneration and
justification thereof and point out if there are any exceptional circumstances for increase in the managerial
remuneration;
The average percentage increase in the salaries of total employees other than the Key Managerial Personnel for fiscal
2016 was around 9.0%, while the average increase in the remuneration of the Key Managerial Personnel was in the range
of 12.0% to 15.0%.
(ix) Comparison of each remuneration of the Key Managerial Personnel against the performance of the company;
The ratio of the remuneration of each KMP to the PAT of the Bank is given below:
Chanda Kochhar, Managing Director & CEO
N. S. Kannan
K. Ramkumar
Vishakha Mulye
Rajiv Sabharwal
Rakesh Jha, Chief Financial Officer
P. Sanker, Company Secretary
0.049%
0.033%
0.033%
0.033%
0.031%
0.021%
0.018%
(x) The key parameters for any variable component of remuneration availed by the directors;
The Banks compensation policy and practices are in line with the guidelines issued by the RBI in January 2012. The Bank
undertakes an annual strategic planning exercise where the KPIs are fixed for the WTDs by the BGRNC. These KPIs, in
addition to financial parameters, include parameters related to risk and compliance. At the end of the financial year, the
performance of the Bank as well as performance of each WTD based on their respective KPIs (including those pertaining
to compliance and risk) is presented to the BGRNC. Based on the performance assessment by the BGRNC, the variable
component of the remunerations for the WTDs is recommended to and approved by the Board.
(xi) The ratio of the remuneration of the highest paid director to that of the employees who are not directors but
receive remuneration in excess of the highest paid director during the year;
Not applicable
(xii) Affirmation that the remuneration is as per the remuneration policy of the company.
Yes
41
Directors Report
IV. Corporate Social Responsibility Committee
Terms of Reference
The functions of the Committee include review of corporate social responsibility (CSR) initiatives undertaken by the ICICI
Group and the ICICI Foundation for Inclusive Growth, formulation and recommendation to the Board of a CSR Policy
indicating the activities to be undertaken by the Company and recommendation of the amount of expenditure to be
incurred on such activities, reviewing and recommending the annual CSR plan to the Board, making recommendations
to the Board with respect to the CSR initiatives, policies and practices of the ICICI Group, monitoring the CSR activities,
implementation and compliance with the CSR Policy and reviewing and implementing, if required, any other matter
related to CSR initiatives as recommended/suggested by RBI or any other body.
Composition
At March 31, 2016, the Corporate Social Responsibility Committee comprised four Directors including two independent
Directors, the Government Nominee Director and the Managing Director & CEO and was chaired by M. S. Ramachandran,
an independent Director. There were three Meetings of the Committee during the year. The details of the composition of
the Committee and attendance at its Meetings are set out in the following table:
Name of Member
M. S. Ramachandran, Chairman
Tushaar Shah1
Alok Tandon
Chanda Kochhar
1.

3/3
Please refer Note
1/3
3/3
Participated in all the Meetings through tele-conference.
Details about the policy developed and implemented by the company on corporate social responsibility initiatives
taken during the year
The CSR policy has been hosted on the website of the Company http://www.icicibank.com/managed-assets/docs/aboutus/ICICI-Bank-CSR-Policy.pdf.
The Annual Report on CSR activities is annexed herewith as Annexure E.
V. Credit Committee
Terms of Reference
The functions of the Committee include review of developments in key industrial sectors, major credit portfolios and
approval of credit proposals as per the authorisation approved by the Board.
Composition
At March 31, 2016, the Credit Committee comprised three Directors including two independent Directors and the Managing
Director & CEO and was chaired by the Managing Director & CEO. There were 23 Meetings of the Committee during the
year. The details of the composition of the Committee and attendance at its Meetings are set out in the following table:
Name of Member
Chanda Kochhar (Chairperson w.e.f. July 1, 2015)
Homi Khusrokhan
M. S. Ramachandran
42

23/23
2/5
23/23
21/23
VI. Customer Service Committee

Terms of Reference
The functions of this Committee include review of customer service initiatives, overseeing the functioning of the Customer
Service Council and evolving innovative measures for enhancing the quality of customer service and improvement in the
overall satisfaction level of customers.
Composition
At March 31, 2016, the Customer Service Committee comprised four Directors including two independent Directors,
the Government Nominee Director and the Managing Director & CEO and was chaired by M. S. Ramachandran, an
independent Director. There were six Meetings of the Committee during the year. The details of the composition of the
Committee and attendance at its Meetings are set out in the following table:
Name of Member
M. S. Ramachandran, Chairman
V. Sridar
Alok Tandon
Chanda Kochhar

6/6
0/1
6/6
0/6
6/6
VII. Fraud Monitoring Committee

Terms of Reference
The Committee monitors and reviews all the frauds involving an amount of ` 10.0 million and above with the objective of
identifying the systemic lacunae, if any, that facilitated perpetration of the fraud and put in place measures to rectify the
same. The functions of this Committee include identifying the reasons for delay in detection, if any, and reporting to top
management of the Bank and RBI on the same. The progress of investigation and recovery position is also monitored by
the Committee. The Committee also ensures that staff accountability is examined at all levels in all the cases of frauds
and action, if required, is completed quickly without loss of time. The role of the Committee is also to review the efficacy
of the remedial action taken to prevent recurrence of frauds, such as strengthening of internal controls and put in place
other measures as may be considered relevant to strengthen preventive measures against frauds.
Composition
At March 31, 2016, the Fraud Monitoring Committee comprised six Directors including four independent Directors, one
executive Director and the Managing Director & CEO and was chaired by V. Sridar, an independent Director. There were
seven Meetings of the Committee during the year. The details of the composition of the Committee and attendance at its
Meetings are set out in the following table:
Name of Member
V. Sridar, Chairman
Dileep Choksi
Homi Khusrokhan
V. K. Sharma
Chanda Kochhar
Rajiv Sabharwal

7/7
6/7
1/1
6/7
4/7
6/7
7/7
43
Directors Report
VIII. Information Technology Strategy Committee
Terms of Reference
The functions of the Committee are to approve strategy for Information Technology (IT) and policy documents, ensure
that IT strategy is aligned with business strategy, review IT risks, ensure proper balance of IT investments for sustaining
the Banks growth, oversee the aggregate funding of IT at Bank-level, ascertain if the management has resources to
ensure the proper management of IT risks and review contribution of IT to business.
Composition
At March 31, 2016, the IT Strategy Committee comprised three Directors including two independent Directors and the
Managing Director & CEO and was chaired by Homi Khusrokhan, an independent Director. There were four Meetings of
the Committee held during the year. The details of the composition of the Committee and attendance at its Meetings are
set out in the following table:
Name of Member
V. Sridar
Chanda Kochhar

4/4
1/1
4/4
4/4
IX. Risk Committee

Terms of Reference
The functions of the Committee are to review ICICI Banks risk management policies pertaining to credit, market, liquidity,
operational, outsourcing, reputation risks and business continuity plan and disaster recovery plan. The functions of the
Committee also include review of the Enterprise Risk Management (ERM) framework, risk appetite framework (RAF),
stress testing framework, Internal Capital Adequacy Assessment Process (ICAAP) and framework for capital allocation;
review of the status of Basel II and Basel III implementation, risk return profile of the Bank, risk dashboard covering
various risks, outsourcing activities and the activities of the Asset Liability Management Committee. The Committee also
has oversight on risks of subsidiaries covered under the Group Risk Management Framework.
Composition
At March 31, 2016, the Risk Committee comprised seven Directors including five independent Directors, the Government
Nominee Director and the Managing Director & CEO and was chaired by M. K. Sharma, an independent Director. There
were seven Meetings of the Committee during the year. The details of the composition of the Committee and attendance
at its Meetings are set out in the following table:
Name of Member
M. K. Sharma (Chairman w.e.f. July 1, 2015)
Dileep Choksi
Homi Khusrokhan
V. K. Sharma
V. Sridar
Alok Tandon
Chanda Kochhar

4/4
7/7
2/3
6/7
4/7
7/7
0/7
7/7
X. Stakeholders Relationship Committee

Terms of Reference
The functions and powers of the Committee include approval and rejection of transfer or transmission of equity shares,
preference shares, bonds, debentures and securities, issue of duplicate certificates, allotment of shares and securities
44
issued from time to time, review redressal and resolution of grievances of shareholders, debenture holders and other
security holders, delegation of authority for opening and operation of bank accounts for payment of interest, dividend
and redemption of securities and the listing of securities on stock exchanges.
Composition
At March 31, 2016, the Stakeholders Relationship Committee comprised three Directors including two independent
Directors and was chaired by Homi Khusrokhan, an independent Director. There were four Meetings of the Committee
during the year. The details of the composition of the Committee and attendance at its Meetings are set out in the
following table:
Name of Member
V. Sridar
N. S. Kannan

4/4
4/4
3/4
P. Sanker, Senior General Manager (Legal) is the Company Secretary of the Bank and acts as the Compliance Officer
of the Bank in accordance with the requirements of the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015. 76 shareholder complaints received in fiscal 2016 were processed. At
March 31, 2016, no complaints were pending.
XI. Review Committee for Identification of Wilful Defaulters/Non Co-operative Borrowers

Terms of Reference
The function of the Committee is to review the order of the Committee for identification of wilful defaulters/non cooperative borrowers (a Committee comprising wholetime Directors and senior executives of the Bank to examine the
facts and record the fact of the borrower being a wilful defaulter/non co-operative borrower) and confirm the same for
the order to be considered final.
Composition
The Managing Director & CEO is the Chairperson of this Committee and any two independent Directors will comprise the
remaining members. There was one Meeting of the Committee during the year and the details of the same is set out in
the following table:
Name of Member
Chanda Kochhar, Chairperson
Homi Khusrokhan
M. S. Ramachandran

1/1
1/1
1/1
XII. Other Committees

In addition to the above, the Board has from time to time constituted various committees, namely, Committee of Executive
Directors, Asset Liability Management Committee, Committee for Identification of Wilful Defaulters/Non Co-operative
Borrowers, Committee of Senior Management (comprising certain wholetime Directors and executives) and Committee
of Executives, Compliance Committee, Product & Process Approval Committee, Regional Committees for India and
overseas operations, Outsourcing Committee, Operational Risk Management Committee and other Committees (all
comprising executives). These committees are responsible for specific operational areas like asset liability management,
approval/renewal of credit proposals, approval of products and processes and management of operational risk, under
authorisation/supervision of the Board and its Committees.
45
Directors Report
XIII. General Body Meetings
The details of General Body Meetings held in the last three years are given below:
General Body Meeting
Day, Date
Time
Venue
Twenty-First AGM
Monday, June 29, 2015
12:00 noon
Twentieth AGM
1:00 p.m.
Nineteenth AGM
1:15 p.m.
Sir Sayajirao Nagargruh,

Vadodara Mahanagar Seva Sadan,
Near GEB Colony, Old Padra Road,
Akota, Vadodara 390 020
The details of the Special Resolutions passed in the General Meetings held in the previous three years are given below:
General Body Meeting
Day, Date
Resolution
Annual General Meeting
Private placement of securities under Section 42 of the Companies Act,

2013
1) Amendment to Articles of Association of the Bank pursuant to
The Banking Laws (Amendment) Act, 2012
2) Borrowing limits under Section 180(1)(c) of the Companies Act, 2013
3) Private placement of securities under Section 42 of the Companies
Act, 2013
Postal Ballot
Special Resolution was passed through postal ballot during fiscal 2016 vide Postal Ballot Notice dated March 10, 2016
under Section 110 of the Companies Act, 2013 pertaining to amendment to the Employees Stock Option Scheme.
The Bank followed the procedure as prescribed under the Companies (Management and Administration), Rules, 2014, as
amended and Secretarial Standard 2 issued by the Institute of Company Secretaries of India. The Members were provided
the facility to cast their votes through electronic voting (e-voting) or through postal ballot. The Board of Directors of the
Company, appointed Alwyn Dsouza of Alwyn Dsouza & Co., Company Secretaries, as the Scrutinizer for conducting the
postal ballot voting process. The scrutinizer submitted his report to the Chairman after the completion of the scrutiny
of the postal ballots (including e-voting). Considering the combined results of the Postal Ballot via postal ballot forms
and e-voting facility, the resolution was approved on April 22, 2016. The results were declared on April 25, 2016 and
communicated to the stock exchanges and displayed on the Banks website www.icicibank.com. The details of the voting
pattern is given below:
Resolution
Amendment to the
Employees Stock
Option Scheme
Total number
of votes polled
% of votes
polled on
outstanding
shares
Votes cast in
favour of the
Resolution
Votes cast
against the
Resolution
% of Votes
in favour on
votes polled
% of votes
against on
votes polled
Invalid votes
3,602,690,566
61.97
3,457,458,223
145,232,343
95.97
4.03
188,617
At present, no special resolution is proposed to be passed through postal ballot.
XIV. Disclosures
1. There are no materially significant transactions with related parties i.e. directors, management, subsidiaries or
relatives conflicting with the Banks interests. The Bank has no promoter.
2. No penalties or strictures have been imposed on the Bank by any of the Stock Exchanges, the Securities & Exchange
Board of India (SEBI) or any other statutory authority, for any non-compliance on any matter relating to capital
markets, during the last three years.
3. In terms of the Whistle Blower Policy of the Bank, no employee of the Bank has been denied access to the Audit
Committee.
46
XV. Means of Communication

It is ICICI Banks belief that all stakeholders should have access to complete information regarding its position to enable
them to accurately assess its future potential. ICICI Bank disseminates information on its operations and initiatives on a
regular basis. ICICI Banks website (www.icicibank.com) serves as a key awareness facility for all its stakeholders, allowing
them to access information at their convenience. It provides comprehensive information on ICICI Banks strategy, financial
performance, operational performance and the latest press releases.
ICICI Banks investor relations personnel respond to specific queries and play a proactive role in disseminating information
to both analysts and investors. In accordance with SEBI and Securities Exchange Commission (SEC) guidelines, all
information which could have a material bearing on ICICI Banks share price is released through leading domestic and
global wire agencies. The information is also disseminated to the National Stock Exchange of India Limited (NSE), the
BSE Limited (BSE), New York Stock Exchange (NYSE), Singapore Stock Exchange, Japan Securities Dealers Association
and SIX Swiss Exchange AG from time to time.
The financial and other information and the various compliances as required/prescribed under the Listing Regulations are
filed electronically with NSE/BSE through NSE Electronic Application Processing (NEAP) System and through BSE Listing
Centre and are also available on their respective websites in addition to Bank's website. Additionally information is also
disseminated to BSE/NSE where required by email or fax.
ICICI Banks quarterly financial results are published either in the Financial Express (Mumbai, Pune, Ahmedabad, New
Delhi, Lucknow, Chandigarh, Kolkata, Chennai, Bengaluru, Hyderabad and Kochi editions) or the Business Standard
(Ahmedabad, Bengaluru, Bhubaneshwar, Chandigarh, Chennai, Hyderabad, Kochi, Kolkata, Lucknow, Mumbai, New
Delhi and Pune editions), and Vadodara Samachar (Vadodara). The financial results, official news releases, analyst call
transcripts and presentations are also available on the Banks website.
The Managements Discussion & Analysis forms part of the Annual Report.
General Shareholder Information

Day, Date & Time
Venue
Twenty-Second AGM
Monday,
July 11, 2016
12:00 noon
Sir Sayajirao Nagargruh, Vadodara Mahanagar Seva Sadan,

Near GEB Colony, Old Padra Road, Akota, Vadodara 390 020
Financial Year
April 1, 2015 to March 31, 2016
Book Closure
June 18, 2016 to July 11, 2016
Dividend Payment Date
July 12, 2016
Listing of equity shares/ADSs/Bonds on Stock Exchanges

Stock Exchange
Code for ICICI Bank
BSE Limited (BSE) (Equity)

Phiroze Jeejeebhoy Towers,
Dalal Street, Mumbai 400 001
National Stock Exchange of India Limited (NSE) (Equity)
Exchange Plaza, Bandra-Kurla Complex
Bandra (East), Mumbai 400 051
New York Stock Exchange (ADSs)2
11, Wall Street, New York, NY 10005, United States of America
1.
2.
532174
&
6321741
ICICIBANK
IBN
FII segment of BSE.

Each ADS of ICICI Bank represents two underlying equity shares.
47
Directors Report
The bonds issued in domestic market comprise of privately placed bonds and also bonds issued via public issues which
are listed on BSE/NSE.
ICICI Bank has paid annual listing fees for the relevant periods to BSE and NSE where its equity shares/bonds are listed
and NYSE where its ADSs are listed.
Listing of other securities

The bonds issued overseas under the Global Medium Term Note (GMTN) programme are issued either in public or private placement
format. The listed bonds are traded on Singapore Exchange Securities Trading Limited, 11 North Buona Vista Drive, #06-07 The
Metropolis Tower 2, Singapore 138589 or SIX Swiss Exchange AG, SIX Exchange Regulation, Selnaustrasse 30, P.O. Box 1758, CH-8021
Zurich, Switzerland.
Market Price Information

The reported high and low closing prices and volume of equity shares of ICICI Bank traded during fiscal 2016 on BSE and
NSE are set out in the following table:
Month
April 2015
May 2015
June 2015
July 2015
August 2015
September 2015
October 2015
November 2015
December 2015
January 2016
February 2016
March 2016
Fiscal 2016
High `
BSE
Low `
Volume
High `
331.25
329.15
317.40
317.40
314.10
279.40
290.00
279.30
273.60
263.00
217.15
237.45
331.25
302.40
304.50
283.25
285.05
269.85
249.25
267.35
260.25
246.35
222.70
183.35
205.10
183.35
22,367,383
13,912,269
28,922,338
23,215,372
24,230,371
32,100,937
11,782,249
12,380,404
29,342,304
23,257,588
56,129,418
32,247,202
309,887,835
331.15
329.30
317.75
317.45
314.05
279.30
290.05
279.55
273.90
263.00
217.20
237.50
331.15
NSE
Low `
Volume
Total Volume on
BSE and NSE
302.30
245,184,776
304.60
216,014,004
283.15
332,143,422
285.00
270,967,092
269.95
286,993,903
249.10
301,016,092
267.10
168,271,739
260.45
189,413,838
246.40
234,104,424
223.10
316,957,199
183.00
543,577,573
204.95
378,617,400
183.00 3,483,261,462
267,552,159
229,926,273
361,065,760
294,182,464
311,224,274
333,117,029
180,053,988
201,794,242
263,446,728
340,214,787
599,706,991
410,864,602
3,793,149,297
The reported high and low closing prices and volume of ADRs of ICICI Bank traded during fiscal 2016 on the NYSE are
given below:
Month
April 2015
May 2015
June 2015
July 2015
August 2015
September 2015
October 2015
November 2015
December 2015
January 2016
February 2016
March 2016
Fiscal 2016
48
High (USD)
Low (USD)
Number of
ADS traded
10.94
10.84
10.56
10.47
10.38
8.81
9.21
8.74
8.37
7.64
6.42
7.16
10.84
10.16
10.30
9.36
9.35
8.51
8.19
8.57
7.81
7.22
6.48
5.18
6.12
5.18
156,428,721
142,753,084
216,107,534
128,940,720
167,182,281
176,311,999
170,305,507
174,907,808
175,381,754
219,631,696
429,945,596
255,974,959
2,413,871,659
The performance of ICICI Bank equity shares relative to the S&P BSE Sensitive Index (Sensex), S&P BSE Bank Index
(Bankex) and NYSE Financial Index during the period April 1, 2015 to March 31, 2016 is given in the following chart:
120.00
100.00
80.00
60.00
40.00
20.00
S&P BSE Sensex
S&P BSE Bankex
NYSE Financial Index
Mar/16
Feb/16
Jan/16
Dec/15
Nov/15
Oct/15
Sep/15
Aug/15
Jul/15
Jun/15
May/15
Apr/15
0.00
ICICI Bank
Share Transfer System

ICICI Banks investor services are handled by 3i Infotech Limited (3i Infotech). 3i Infotech is a SEBI registered Category
I - Registrar to an Issue & Share Transfer (R&T) Agent. 3i Infotech is an information technology company and in addition
to R&T services, provides a wide range of technology & technology-enabled products and services.
ICICI Banks equity shares are traded mainly in dematerialised form. During the year, 1,899,935 equity shares of face
value ` 2/- each involving 5,122 certificates were dematerialised. At March 31, 2016, 99.47% of paid-up equity share
capital (including equity shares represented by ADS constituting 25.21% of the paid-up equity share capital) are held in
dematerialised form.
Physical share transfer requests are processed and the share certificates are returned normally within a period of seven
days from the date of receipt, if the documents are correct, valid and complete in all respects.
The number of equity shares of ICICI Bank transferred during the last three years (excluding electronic transfer of shares
in dematerialised form) is given below:
Number of transfer deeds

Number of shares transferred
Fiscal 2014
Shares of
face value ` 10
1,014
77,655
Fiscal 2015
Shares of
face value ` 10
706
38,382
Shares of
face value ` 2
564
153,150
Fiscal 2016
Shares of
face value ` 2
1,114
314,890
As required under Regulation 40(9) of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, a certificate is obtained every six months from a practising Company Secretary that all
transfers have been completed within the stipulated time. The certificates are filed with BSE and NSE.
In terms of SEBI circular no. D&CC/FITTC/CIR-16 dated December 31, 2002, as amended vide circular no. CIR/MRD/
DP/30/2010 dated September 6, 2010 an audit is conducted on a quarterly basis by a firm of Chartered Accountants, for
the purpose of, inter alia, reconciliation of the total admitted equity share capital with the depositories and in the physical
form with the total issued/paid up equity share capital of ICICI Bank. Certificates issued in this regard are placed before
the Stakeholders Relationship Committee and filed with BSE and NSE, where the equity shares of ICICI Bank are listed.
49
Directors Report
Physical Share Disposal Scheme
With a view to mitigate the difficulties experienced by physical shareholders in disposing off their shares, ICICI Bank,
in the interest of investors holding shares in physical form (upto 250 shares of face value of ` 2 each) has instituted a
Physical Share Disposal Scheme. The scheme was started in November 2008 and continues to remain open. Interested
shareholders may contact the R&T Agent, 3i Infotech Limited for further details.
Registrar and Transfer Agents

The Registrar and Transfer Agent of ICICI Bank is 3i Infotech Limited. Investor services related queries/requests/complaints
may be directed to R. C. Dsouza at the address as under:
3i Infotech Limited
Tower 5, 3rd Floor
Vashi, Navi Mumbai 400 703
Maharashtra, India
Tel No. : +91-22-6792 8000
Fax No. : +91-22-6792 8099
E-mail : [email protected]
Queries relating to the operational and financial performance of ICICI Bank may be addressed to:
Rakesh Jha/Anindya Banerjee/Nayan Bhatia
ICICI Bank Limited
ICICI Bank Towers
Mumbai 400 051
Tel No. : +91-22-2653 7144
Fax No. : +91-22-2653 1175
Debenture Trustees
Pursuant to Regulation 53 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the names and contact details of the debenture trustees for the public issue bonds and privately
placed bonds of the Bank are given below:
Bank of Maharashtra
Legal Dept.
"1501", Lokmangal
Shivaji Nagar,
Pune - 411 005
Tel. No: +91- 020 - 2553 6256
[email protected]
Axis Trustee Services Limited

Axis House, Second Floor,
Bombay Dyeing Mill Compound,
Pandurang Budhkar Marg,
Worli, Mumbai - 400 025
Tel No: +91 - 22- 2425 5202
[email protected]
IDBI Trusteeship Services Limited

Asian Building, Ground Floor,
17, R Kamani Marg,
Ballard Estate,
Mumbai 400 001
Tel No: +91 - 22 - 4080 7001
[email protected]
The details are available on the website of the Bank at the link http://www.icicibank.com/Personal-Banking/investments/
icici-bank-bonds/index.page.
50
Information on Shareholding
Shareholding pattern of ICICI Bank at March 31, 2016
Shareholder Category
Deutsche Bank Trust Company Americas (Depositary for ADS holders)
FIIs, NRIs, Foreign Banks, Foreign Companies, OCBs and Foreign Nationals
Insurance Companies
Bodies Corporate (including Government Companies)
Banks & Financial Institutions
Mutual Funds
Individuals, HUF and Trusts
NBFCs Registered with RBI
Provident Fund / Pension Fund
Total
Shares
% holding
1,466,169,782
2,295,147,894
888,935,954
167,028,036
6,206,786
619,626,671
352,911,607
180,043
18,561,657
5,814,768,430
25.21
39.47
15.29
2.87
0.11
10.66
6.07
0.00
0.32
100.00
No. of
shares
% to total no. of
shares
1,466,169,782
598,147,787
322,026,107
130,051,772
70,388,556
58,900,000
2,645,684,004
25.21
10.29
5.54
2.24
1.21
1.01
45.50
Shareholders of ICICI Bank with more than one percent holding at March 31, 2016
Name of the Shareholder
Deutsche Bank Trust Company Americas (Depositary for ADS holders)
Life Insurance Corporation of India
Dodge and Cox International Stock Fund
Europacific Growth Fund
Carmignac Gestion A\C Carmignac Patrimoine
Aberdeen Global Indian Equity (Mauritius) Limited
Total
Distribution of shareholding of ICICI Bank at March 31, 2016

Range Shares
No. of Folios
No. of Shares
Upto 1,000
1,001 5,000
5,001 10,000
10,001 50,000
50,001 & above
Total
931,900
47,478
3,375
2,522
1,692
986,967
94.42
4.81
0.34
0.26
0.17
100.00
175,386,931
91,954,293
23,904,675
53,663,475
5,469,859,056
5,814,768,430
3.02
1.58
0.41
0.92
94.07
100.00
Disclosure with respect to shares lying in suspense account

The Bank had 103,415 equity shares held by 521 shareholders lying in suspense account at the beginning of the fiscal
2016. The Bank has been transferring the shares lying unclaimed to the eligible shareholders as and when the request
for the same has been received after proper verification. During the year, the Bank had received requests from 21
shareholders holding 3,603 shares for claiming these shares out of which 2,465 shares held by 13 shareholders were
transferred from the suspense account. As on March 31, 2016, 100,950 shares held by 508 shareholders remained
unclaimed in the suspense account.
The voting rights on the shares lying in suspense account are frozen till the rightful owner of such shares claims the shares.
Outstanding GDRs/ADSs/Warrants or any Convertible Debentures, conversion date and likely impact on equity.
ICICI Bank has 733.08 million ADS (equivalent to 1,466.17 million equity shares) outstanding, which constituted25.21%
of ICICI Banks total equity capital at March 31, 2016. Currently, there are no convertible debentures outstanding.
51
Directors Report
Commodity price risk or foreign exchange risk and hedging activities
The foreign exchange risk position including bullion is managed within the ` 10.00 billion net overnight open position
(NOOP) limit approved by the Board of Directors. The Bank does not undertake positions in commodities. The Bank
primarily has floating rate linked assets. Wholesale liability raising takes place in US dollar or other currencies via bond
issuances, bilateral loans, syndicated / club loans as well as refinance from Export Credit Agencies (ECA) which may be
at a fixed rate or floating rate linked. In case of fixed rate fund raising in US dollars, the interest rate risk is hedged via
interest rate swaps wherein the Bank moves to a floating rate index in order to match the asset profile. In case of fund
raising in non US dollar currencies, the foreign exchange risk is hedged via foreign exchange swaps or currency interest
rate swaps.
Plant Locations Not applicable
Address for Correspondence
P. Sanker
Senior General Manager (Legal) & Company Secretary
or
Ranganath Athreya
General Manager & Joint Company Secretary
ICICI Bank Limited
ICICI Bank Towers
Mumbai 400 051
Tel No. : +91-22-2653 8900
Fax No. : +91-22-2653 1230
The Bank is in compliance with requirements specified in Regulations 17 to 27 and clauses (b) to (i) of sub-regulation
(2) of Regulation 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
The Bank has also complied with the discretionary requirements such as maintaining a separate office for the Chairman
at the Bank's expense, ensuring financial statements with unmodified audit opinion, separation of posts of Chairman and
Chief Executive Officer and reporting of internal auditor directly to the Audit Committee.
ANALYSIS OF CUSTOMER COMPLAINTS

a) Customer complaints in fiscal 2016
No. of complaints pending at the beginning of the year
No. of complaints received during the year
No. of complaints redressed during the year
No. of complaints pending at the end of the year
2,887
191,453
190,940
3,400
Note: The above does not include complaint redressed within 1 working day.
b) Awards passed by the Banking Ombudsman in fiscal 2016

No. of unimplemented awards at the beginning of the year
No. of awards passed by the Banking Ombudsman during the year
No. of awards implemented during the year
No. of unimplemented awards at the end of the year
52
Nil
Nil
Nil
Nil
COMPLIANCE CERTIFICATE OF THE AUDITORS

ICICI Bank has annexed to this report, a certificate obtained from the statutory auditors, M/s B S R & Co. LLP, Chartered
Accountants, regarding compliance of conditions of Corporate Governance as stipulated in Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
EMPLOYEE STOCK OPTION SCHEME

The Bank has an Employee Stock Option Scheme (ESOS/Scheme) which was instituted in fiscal 2000 to enable the
employees and wholetime Directors of ICICI Bank and its subsidiaries to participate in future growth and financial
success of the Bank. The ESOS aims at achieving the twin objectives of (i) aligning employee interest to that of the
shareholders; and (ii) retention of talent. Through employee stock option grants, the Bank seeks to foster a culture of
long-term sustainable value creation. The Scheme is in compliance with the SEBI (Share Based Employee Benefits)
Regulations, 2014 and the below disclosures are available at www.icicibank.com/aboutus/annual.page. Pursuant to SEBI
(Share Based Employee Benefits) Regulations, 2014, options are granted by the Board Governance, Remuneration &
Nomination Committee (BGRNC) and noted by the Board.
The Scheme was initially approved by the Members at their meeting held on February 21, 2000 and thereafter further
amended through resolutions at the General Meetings held on September 20, 2004 and June 25, 2012 and vide a postal
ballot resolution passed on April 22, 2016. The Bank has upto April 28, 2016 granted 423.62 million stock options from
time to time aggregating to 7.28% of the issued equity capital of the Bank at April 28, 2016. As per the ESOS, as amended
from time to time, the maximum number of options granted to any employee/Director in a year is limited to 0.05% of ICICI
Banks issued equity shares at the time of the grant, and the aggregate of all such options is limited to 10% of ICICI Banks
issued equity shares on the date of the grant (equivalent to 581.52 million shares of face value ` 2 each at April 28, 2016).
Options granted after April 1, 2014 vest in a graded manner over a three year period, with 30%, 30% and 40% of the
grant vesting in each year, commencing from the end of 12 months from the date of the grant, other than the following:

250,000 options granted in April 2014 would vest in equal proportions on April 30, 2017 and April 30, 2018.
Options granted in September 2015 would vest in equal proportions on April 30, 2018 and April 30, 2019. The
unvested options would lapse upon termination of employment due to retirement (including pursuant to early/
voluntary retirement scheme).
Options granted prior to April 1, 2014 vest in a graded manner over a four-year period, with 20%, 20%, 30% and 30% of
the grants vesting in each year commencing from the end of 12 months from the date of grant, other than the following:
Options granted in April 2009 vested in a graded manner over a five year period with 20%, 20%, 30% and 30% of the
grant vesting in each year, commencing from the end of 24 months from the date of the grant.
The grant approved by the Board at its Meeting held on October 29, 2010 (for which RBI approval for grant to
wholetime Directors was received in January 2011), vested 50% on April 30, 2014 and the balance 50% vested on
April 30, 2015.
Options granted in September 2011 vest in a graded manner over a five year period with 15%, 20%, 20% and 45%
of the grant vesting in each year, commencing from end of 24 months from the date of grant.
The price for options granted (except for grants approved on October 29, 2010 where the grant price was the average
closing price of the ICICI Bank stock on the stock exchange during the six months upto October 28, 2010) is equal to the
closing price on the stock exchange which recorded the highest trading volume preceding the date of grant of options
in line with the SEBI regulations.
Pursuant to the postal ballot resolution dated April 22, 2016 approved by the Members, the definition of exercise period
has been modified from the period commencing from the date of vesting of Options and ending on the later of (i) the
tenth anniversary of the date of grant of Options or (ii) the fifth anniversary of the date of vesting of Options to the period
commencing from the date of vesting of Options and ending on the tenth anniversary of the date of vesting of Options.
53
Directors Report
The BGRNC at its Meeting held on April 28, 2016 approved a grant of approximately 34 million options for fiscal 2016 to
eligible employees and wholetime Directors of ICICI Bank and its subsidiaries (options granted to wholetime Directors of
ICICI Bank being subject to RBI approval). Each option confers on the employee a right to apply for one equity share of
face value of ` 2 of ICICI Bank at ` 244.60 which was the closing price on the stock exchange which recorded the highest
trading volume in ICICI Bank shares on April 27, 2016. The grant price is calculated as per the SEBI regulations.
Particulars of options granted by ICICI Bank upto April 28, 2016 are given below:
Options granted till April 28, 2016 (excluding options forfeited/lapsed)
Options forfeited/lapsed
Options vested
Options exercised
Total number of options in force
Number of shares allotted pursuant to exercise of options
Extinguishment or modification of options
Amount realised by exercise of options (`)
423,619,395
61,946,430
329,304,290
200,135,180
223,484,215
200,135,180
Nil
14,716,308,943
Note:
For details on option movement during the year refer Financials-Schedule 18-Employee Stock Option Scheme. 31,838,150 options
vested during FY2016 and ` 2,824,199,624 was realised by exercise of options during FY2016.
The following Key Managerial Personnel (other than wholetime Directors) and Senior Management Personnel were
granted ESOPs in the range of 64,600-495,000, aggregating to 3,361,150 in April 2016. This excludes special grant of
stock options approved by RBI in November 2015.
Sr. No. Name
Grade
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
Executive Director (Designate) subject to RBI approval

Group Executive (Chief Financial Officer)
Group Executive
Group Executive
Senior General Manager
Senior General Manager (Company Secretary)
Vijay Chandok
Rakesh Jha
Maninder Juneja
Shilpa Kumar
Sanjay Chougule
K. M. Jayarao
Anita Pai
T. K. Srirang
Sujit Ganguli
Anirudh Kamani
Anil Kaul
Kusal Roy
Anup Kumar Saha
P. Sanker
Supritha Shirish Shetty
Saurabh Singh
G. Srinivas
Rahul Vohra
No employee was granted options during any one year equal to or exceeding 0.05% of the issued equity shares of ICICI
Bank at the time of the grant.
The diluted earnings per share (EPS) pursuant to issue of shares on exercise of options calculated in accordance with
AS-20 was ` 16.65 in fiscal 2016 compared to basic EPS of ` 16.75. The Bank recognised a compensation cost of ` 0.8
million in fiscal 2016 based on the intrinsic value of options. However, if the Bank had used the fair value of options based
54
on the binomial tree model, compensation cost in fiscal 2016 would have been higher by ` 3.73 billion and proforma
profit after tax would have been ` 93.54 billion. On a proforma basis, the Banks basic and diluted earnings per share
would have been ` 16.11 and ` 16.02 respectively.
The key assumptions used to estimate the fair value of options granted during fiscal 2016 are given below:
Risk-free interest rate
Expected life
Expected volatility
Expected dividend yield
7.58% to 8.19%
3.16 to 5.78 years
30.67% to 32.77%
1.62% to 2.11%
Expected early exercise of options is estimated based on the historical stock option exercise pattern of the Bank. Expected
volatility is based on historical volatility determined based on observed market prices of the Banks publicly traded equity
shares.
The weighted average fair value of options grantedduring fiscal 2016 is ` 100.50 (March 31, 2015: ` 90.09).The weighted
average exercise price of options exercised during fiscal 2016 is ` 161.16 (March 31, 2015: ` 150.66)
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE

EARNINGS AND OUTGO
The Bank has undertaken various initiatives for energy conservation at its premises, further details are given under
Principle 6 of Section E of the Business Responsibility Report. The Bank has used information technology extensively in
its operations, for more details please refer the section on Information Technology under Business Overview.
GREEN INITIATIVES IN CORPORATE GOVERNANCE

In line with the Green Initiative since the last five years, the Bank has effected electronic delivery ofNotice of Annual
General Meeting and Annual ReporttothoseMembers whose e-mail IDs were registered with the respective Depository
Participants and downloaded from the depositories viz. National Securities Depository Limited/Central Depository
Services (India) Limited. The Companies Act, 2013 and the underlying rules as well as Regulation 36 of Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, permit the dissemination
of financial statements and annual report in electronic mode to the Members. Your Directors are thankful to the Members
for actively participating in the Green Initiative and seek your continued support for implementation of the Green Initiative.
DIRECTORS RESPONSIBILITY STATEMENT

The Directors confirm:
1. that in the preparation of the annual accounts, the applicable accounting standards had been followed along with
proper explanation relating to material departures;
2. that they have selected such accounting policies and applied them consistently and made judgements and estimates
that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Bank at the end of the
financial year and of the profit of the Bank for that period;
3. that they have taken proper and sufficient care for the maintenance of adequate accounting records, in accordance
with the provisions of the Banking Regulation Act, 1949 and the Companies Act, 2013 for safeguarding the assets of
the Bank and for preventing and detecting fraud and other irregularities;
4. that they have prepared the annual accounts on a going concern basis;
5. that they have laid down internal financial controls to be followed by the Bank and that such internal financial controls
are adequate and were operating effectively; and
6. that they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such
systems were adequate and operating effectively.
55
Directors Report
ACKNOWLEDGEMENTS
ICICI Bank is grateful to the Government of India, Reserve Bank of India, Securities and Exchange Board of India, Insurance
Regulatory and Development Authority of India and overseas regulators for their continued co-operation, support and
guidance. ICICI Bank wishes to thank its investors, the domestic and international banking community, rating agencies
and stock exchanges for their support.
ICICI Bank would like to take this opportunity to express sincere thanks to its valued clients and customers for their
continued patronage. The Directors express their deep sense of appreciation to all the employees, whose outstanding
professionalism, commitment and initiative has made the organisations growth and success possible and continues to
drive its progress. Finally, the Directors wish to express their gratitude to the Members for their trust and support.
For and on behalf of the Board
May 26, 2016
M. K. Sharma
Chairman
Compliance with the Group Code of Business Conduct and Ethics

I confirm that all Directors and members of the senior management have affirmed compliance with Group Code of
Business Conduct and Ethics for the year ended March 31, 2016.
Chanda Kochhar
May 26, 2016
56
ANNEXURE A
Performance and financial position of subsidiaries and associates of the
Bank as on March 31, 2016
Name of the entity
Net assets1
% of total
Amount
net assets
(` in million)
Share in profit or loss

% of total
Amount
net profit
(` in million)
Parent
ICICI Bank Limited
95.4%
897,355.9
95.5%
97,262.9
0.9%
0.4%
1.6%
0.0%
0.0%
0.2%
5.9%
3.7%
0.0%
0.7%
0.0%
8,668.6
3,942.3
15,292.1
5.3
115.5
1,975.6
55,116.6
34,846.6
12.8
6,372.5
255.6
1.9%
2.3%
1.8%
0.0%
(0.0%)
(0.2%)
16.2%
5.0%
0.0%
3.2%
(0.0%)
1,954.7
2,357.4
1,798.5
0.5
(18.5)
(212.3)
16,504.6
5,074.5
0.3
3,256.9
(3.2)
3.8%
4.0%
0.0%
0.0%
0.0%
36,143.9
37,789.8
93.7
127.7
128.9
0.0%
1.1%
(0.0%)
(0.5%)
0.0%
35.5
1,120.5
(4.8)
(477.5)
28.3
0.1%
482.0
(0.1%)
(108.7)
(3.6%)
(33,556.4)
(7.3%)
(7,469.3)
0.0%
(0.0%)
0.0%
0.1%
0.1%
(0.0%)
13.7
(4.4)
12.2
90.6
79.5
(17.6)
(13.1%)
100.0%
(124,061.9)
941,107.1
(19.1%)
100.0%
(19,474.7)
101,799.6
Subsidiaries
Indian
ICICI Securities Primary Dealership Limited
ICICI Securities Limited
ICICI Home Finance Company Limited
ICICI Trusteeship Services Limited
ICICI Investment Management Company Limited
ICICI Venture Funds Management Company Limited
ICICI Prudential Life Insurance Company Limited
ICICI Lombard General Insurance Company Limited
ICICI Prudential Trust Limited
ICICI Prudential Asset Management Company Limited
ICICI Prudential Pension Funds Management Company Limited
Foreign
ICICI Bank UK PLC
ICICI Bank Canada
ICICI International Limited
ICICI Securities Holdings Inc.
ICICI Securities Inc.
Other consolidated entities

Indian
ICICI Strategic Investments Fund
Foreign
NIL
Minority interests
Associates
Indian
Fino Pay Tech Limited
I-Process Services (India) Private Limited
NIIT Institute of Finance Banking and Insurance Training Limited
ICICI Merchant Services Private Limited
India Infradebt Limited
India Advantage Fund III
India Advantage Fund IV
Foreign
NIL
Joint Ventures
NIL
Inter-company adjustments
Total
1.
Total assets minus total liabilities.
57
Directors Report
ANNEXURE B
FORM NO. MR-3
Secretarial Audit Report
For the financial year ended 31st March, 2016
(Pursuant to Section 204(1) of the Companies Act, 2013 and Rule no. 9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014)
To,
The Members,
ICICI Bank Limited
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by ICICI Bank Limited (hereinafter called the Company). Secretarial Audit was conducted in a manner
that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our
opinion thereon.
Based on our verification of the Companys books, papers, minute books, forms and returns filed and other records
maintained by the company, the information provided by the company, its officers, agents and authorised representatives
during the conduct of secretarial audit, the explanations and clarifications given to us and the representations made by
the Management, we hereby report that in our opinion, the company has, during the audit period covering the financial
year ended on 31st March, 2016 generally complied with the statutory provisions listed hereunder and also that the
Company has proper Board processes and compliance mechanism in place to the extent, in the manner and subject to
the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records made available to us and
maintained by the Company for the financial year ended on 31st March, 2016 according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made thereunder;
(ii) The Securities Contract (Regulation) Act, 1956 (SCRA) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign
Direct Investment, Overseas Direct Investment and External Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992
(SEBI Act)

(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 and Securities and
Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
and amendments from time to time;
(d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase
Scheme) Guidelines, 1999 and The Securities and Exchange Board of India (Share Based Employees Benefits)
Regulations, 2014;
(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
regarding the Companies Act and dealing with client; (Not applicable to the Company during the audit period);
58
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; (Not applicable to the
Company during the audit period) and
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998; (Not applicable to the
Company during the audit period)
(i) The Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992
(j) The Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994
(k) The Securities and Exchange Board of India (Debenture Trustee) Regulations, 1993
(l) The Securities and Exchange Board of India (Custodian of Securities) Regulations, 1996
(m) The Securities and Exchange Board of India (Investment Advisers) Regulations, 2013
(n) The Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014
(vi) Other laws applicable specifically to the Company namely:

(a) Banking Regulation Act, 1949, Master Circulars, Notifications and Guidelines issued by the RBI from time to time.
(b) The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest, 2002
(c) Recovery of debts due to banks and financial institutions Act, 1993
(d) The Shops and Establishments Act, 1953
We have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by The Institute of Company Secretaries of India with respect to Board and General
meetings.
(ii) The Listing Agreements entered into by the Company with BSE Limited and National Stock Exchange of India Limited
read with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
uring the period under review, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,
D
standards etc. mentioned above. However, as against the prescribed 2% threshold, the Company has spent 1.6% of the
average net profits of the company for the last three financial years (as calculated in accordance with the Companies Act,
2013) towards Corporate Social Responsibility.
We further report that:
he Board of Directors of the Company is duly constituted with proper balance of executive Directors, non-executive
T
Directors and independent Directors. The changes in the composition of the Board of Directors that took place during the
period under review were carried out in compliance with the provisions of the Act.
dequate notice was given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were
A
sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications
on the agenda items before the meeting and for meaningful participation at the meeting.
Decisions at the Board Meetings were taken unanimously.
uring the period under review, the Company deposited with IEPF an amount of ` 3,020,190 being the value of demand
D
drafts returned undelivered pertaining to dividend outstanding for the financial year 2006-2007.
e further report that there are adequate systems and processes in the Company commensurate with the size and
W
operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
59
Directors Report
We further report that during the audit period the Company had following events which had bearing on the Companys
affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards etc.

1. Sale of 9% Shareholding in ICICI Lombard General Insurance Company Limited to Fairfax Financial Holdings
Limited.
2. Sale of 6% Shareholding in ICICI Prudential Life Insurance Company Limited to Premji Invest & Affiliates (4.0%)
and Compassvale Investments Pte Ltd (2.0%) an indirect wholly owned subsidiary of Temasek.
For Parikh Parekh & Associates
Company Secretaries
Place: Mumbai
Date : April 29, 2016
Signature:
P. N. Parikh
Partner
FCS No: 327 CP No: 1228
This Report is to be read with our letter of even date which is annexed as Annexure A and Forms an integral part of this
report.
60
ANNEXURE A
To,
The Members
ICICI Bank Limited
Our report of even date is to be read along with this letter.
1. Maintenance of Secretarial record is the responsibility of the management of the Company. Our responsibility is to
express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and process as were appropriate to obtain reasonable assurance about the
correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct
facts are reflected in Secretarial records. We believe that the process and practices, we followed provide a reasonable
basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Where ever required, we have obtained the Management representation about the Compliance of laws, rules and
regulations and happening of events etc.
5. The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of management. Our examination was limited to the verification of procedure on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.
For Parikh Parekh & Associates
Company Secretaries
Place: Mumbai
Signature:
P. N. Parikh
Partner
FCS No: 327 CP No: 1228
61
Directors Report
ANNEXURE C
Details of material related party transactions at an aggregate level for the year ended March 31, 2016
Sr. Nature of contracts/
No. transactions
1.
2.
3.
4.
5.
Term deposits placed

with the Bank
Short-term lending by
the Bank
Guarantee given by
the Bank
Standby letters of
credit given by the
Bank
Purchases of
investment securities
of third parties
Name of the related party
Nature of
relationship
ICICI Lombard General

Subsidiary
Insurance Company Limited
Associate
Duration of
contracts
Salient terms of contracts/

transactions
Interest at applicable
coupon rate
Interest at applicable
coupon rate
Interest at market rate
ICICI Securities Primary

Dealership Limited
ICICI Bank UK PLC
Subsidiary
Subsidiary
Various
maturities
Various
maturities
Various
maturities
1.04 years
ICICI Bank UK PLC
Subsidiary
2.99 years
Subsidiary
Subsidiary
At market price
At market price
4,237.6
2,409.0
Subsidiary
At market price
712.9
Subsidiary
At market price
2,475.3
Subsidiary
Subsidiary
At market price
At market price
1,355.8
529.5
Others
At market price
995.6
Subsidiary
Various
maturities
Purchase of loans given

to customers at market
competitive rate
Sale of loans given to
customers at market
competitive rate
Funded risk participation in
underlying loans given to
customers by ICICI Bank UK
PLC at market competitive
rates
Unfunded risk participation
in underlying standby
letters of credit given to
a customer at market
competitive rate
Outstanding balance
at March 31, 2016 in
current account deposits
maintained for normal
banking transactions
8.
Sale of loans
ICICI Bank UK PLC
Subsidiary
Various
maturities
9.
Risk participation
ICICI Bank UK PLC
Subsidiary
Various
maturities
ICICI Bank Canada
Subsidiary
1.55 years
Current account
deposits
62
ICICI Prudential Life

Subsidiary
Subsidiary
Life Insurance Corporation Others
of India
149,110.0
Purchase of loans
10.
8,605.0
1,025.0
7.
Sale of investment
securities of third
parties
4,990.0
Commission on guarantee
at negotiated rate
Commission on guarantee
at negotiated rate
ICICI Bank UK PLC

Dealership Limited
Life Insurance Corporation
of India
ICICI Bank UK PLC
6.
` in million
607.8
5,650.3
2,091.2
6,876.2
588.0
1,003.6
784.7
5,634.1
Sr. Nature of contracts/

No. transactions
11.
12.
13.
14.
Principal amounts of
foreign currencies
transactions including
derivatives such as
swaps and forwards
contracts
Name of the related party

Dealership Limited
ICICI Bank UK PLC
Nature of
relationship
Duration of
contracts
Salient terms of contracts/

transactions
Subsidiary
Various
maturities
Various
maturities
At market rates
185,500.0
At market rates
17,103.0
At market rates
3,065.3
3 years
At market rates
Commission for corporate
agency services to solicit
and procure the sale and
distribution of the policies
Commission for corporate
agency services to solicit
and procure the sale and
distribution of the policies
Charges for publicity and
advertisements at branches
and ATMs
636.4
3,312.5
Verification and valuation

services of the borrowers
properties
Outsourcing of services and
resources
Merchant management fees
600.7
Subsidiary

Subsidiary
Subsidiary
Commission income
Subsidiary
on insurance products Insurance Company Limited
Administration,
publicity and
marketing support
income
Expenses towards
service provider
arrangements
15.
Interest expenses
16.
Interest income

Subsidiary
3 years

Subsidiary
6 years
ICICI Home Finance

Company Limited
Subsidiary
20 years
I-Process Services (India)

Private Limited
ICICI Merchant Services
Private Limited
Life Insurance Corporation
of India
ICICI Home Finance
Company Limited
Associate
1 year
Associate
10 years
Others
Subsidiary
Interest on bonds at
applicable rates
Interest on loans and
advances at applicable rates
` in million
727.7
4,290.7
2,830.9
2,089.0
19,411.0
720.9
M. K. Sharma
Chairman
May 26, 2016
63
Directors Report
ANNEXURE D
FORM NO. MGT-9
Extract of Annual Return
as on the financial year ended on March 31, 2016
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the
Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:

CIN
Registration Date
Name of the Company
Category/Sub-Category of the Company
Address of the Registered office and contact details
Whether listed company

Name, Address and Contact details of Registrar and
Transfer Agent, if any
L65190GJ1994PLC021012
January 5, 1994
ICICI Bank Limited
Company limited by shares/Indian Non-Government Company
Landmark,
Race Course Circle,
Vadodara - 390 007
Tel.: +91-265-3263701
Email : [email protected]
Yes
3i Infotech Limited
Tower 5, 3rd Floor
Vashi, Navi Mumbai - 400 703
Tel. : +91-22-6792 8000
Fax : +91-22-6792 8098
Email : [email protected]
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the company shall be stated:
Sr.
No.
Name and Description of

main products/services
1.
Banking and Financial Services
NIC Code of the

product/service
% to total turnover
of the Company
64191
100%
The Bank is a publicly held banking company engaged in providing a wide range of banking and financial services
including retail banking, corporate banking and treasury operations.
64
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Sr.
Name and address of the Company
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
ICICI Bank Canada, Canada

150 Ferrand Drive
Suite 1200
Toronto, ON M3C 3E5
Canada
ICICI Bank UK PLC, UK
Registered Office:
One Thomas More Square
Five Thomas More
Street London
E1W 1YN
Registered Office:
ICICI Bank Towers
Mumbai 400 051
ICICI International Limited, Mauritius
Registered Office:
IFS Court
Twenty Eight, Cybercity
Ebene,
Mauritius
Registered Office:
ICICI Bank Towers
Mumbai 400 051
ICICI Lombard General Insurance Company
Limited
Registered Office:
ICICI Lombard House, 414
Veer Savarkar Marg, Near Siddhivinayak Temple
Pradhadevi,
Mumbai 400 025
Registered Office:
ICICI PruLife Towers
1089 Appasaheb Marathe Marg
Prabhadevi
Mumbai 400 025
Registered Office:
ICICI Centre
H. T. Parekh Marg
Churchgate
Mumbai 400 020
Registered Office:
ICICI Centre
H. T. Parekh Marg
Churchgate
Mumbai 400 020
% of
shares
held
Applicable
Section
Subsidiary
Company
100.00%
2(87)
Subsidiary
Company
100.00%
2(87)
Subsidiary
Company
100.00%
2(87)
Subsidiary
Company
100.00%
2(87)
U65990MH2000PLC124773
Subsidiary
Company
100.00%
2(87)
U67200MH2000PLC129408
Subsidiary
Company
63.82%
2(87)
U66010MH2000PLC127837
Subsidiary
Company
67.66%
2(87)
U72900MH1993PLC131900
Subsidiary
Company
100.00%
2(87)
U67120MH1995PLC086241
Subsidiary
Company
100.00%
2(87)
CIN/GLN*
U65922MH1999PLC120106
Holding/
Subsidiary/
Associate
65
Directors Report
Sr.
No.
10.
11.
12.
13.
14.
15.
16
17.
18.
19.
ICICI Securities Holdings Inc., USA

Registered Office:
2711 Centerville Road Suite 400
Wilmington, DE 19808
United States of America
ICICI Securities Inc., USA
Registered Office:
2711 Centerville Road Suite 400
Wilmington, DE 19808
United States of America
Registered Office:
ICICI Bank Towers, Bandra-Kurla Complex
Mumbai 400 051
ICICI Venture Funds Management Company
Limited
Registered Office:
ICICI Venture House, Ground Floor
Appasaheb Marathe Marg
Prabhadevi
Mumbai 400 025
ICICI Prudential Asset Management Company
Limited
Registered Office:
12th floor, Narain Manzil
23, Barakhamba Road
New Delhi 110 001
Registered Office:
12th floor, Narain Manzil
23, Barakhamba Road
New Delhi 110 001
ICICI Prudential Pension Funds Management
Company Limited
Registered Office:
ICICI Prulife Towers
1089, Appasaheb Marathe Marg, Prabhadevi
Mumbai 400 025
Registered Office:
ICICI Bank Towers, Bandra-Kurla Complex
Mumbai 400 051
FlNO PayTech Limited
Shree Sawan Knowledge Park
Plot No D-507, Second floor
MIDC Turbhe
Navi Mumbai 400 705
Registered Office:
Edelweiss House, 7th Floor, South Wing
Off CST Road, Vidhyanagari Marg, Santacruz (E)
Mumbai 400 098
66
% of
shares
held
Applicable
Section
Subsidiary
Company
100.00%
2(87)
Subsidiary
Company
100.00%
2(87)
U65991MH1999PLC119683
Subsidiary
Company
100.00%
2(87)
U72200MH1989PLC166901
Subsidiary
Company
100.00%
2(87)
U99999DL1993PLC054135
Subsidiary
Company
51.00%
2(87)
U74899DL1993PLC054134
Subsidiary
Company
50.80%
2(87)
U66000MH2009PLC191935
Subsidiary
Company
100.00%
2(87)
U65923MH2012PLC237365
Associate
Company
31.00%
2(6)
U72900MH2006PLC162656
Associate
Company
27.05%
2(6)
U74140MH2009PTC194399
Associate
Company
19.00%
2(6)
CIN/GLN*
Holding/
Subsidiary/
Associate
Sr.
No.
20.
21.
22.
23.
24.
25.
26.

Registered Office:
Acme Plaza, 4th Floor, Unit #408-409
Andheri-Kurla Road, Opp. Sangam Cinema
Mumbai 400 059
NIIT Institute of Finance Banking and Insurance
Training Limited
Registered Office:
8, Balaji Estate, First Floor
Guru Ravi Das Marg, Kalkaji, New Delhi 110 019
Escorts Motors Limited #
Registered Office:
1 Shivji Marg
Westend Greens, NH-8,
New Delhi 110 037
Jhagadia Copper Limited #
Registered Office:
Plot No. 747, GIDC Industrial Estate, P O Jhagadia
Bharuch 393 110
Rajasthan Asset Management Company Private
Limited #
Registered Office:
7th Floor, Ganga Heights
Bapu Nagar, Tonk Road
Jaipur, Rajasthan 302 015
OTC Exchange of India Limited #
Registered Office:
92-93 Maker Tower F, Cuffe Parade
Mumbai 400 005
Falcon Tyres Limited #
Registered Office:
K R S Road , Metagalli
Mysore, Karnataka 570 016
CIN/GLN*
Holding/
Subsidiary/
Associate
% of
shares
held
Applicable
Section
U72900MH2005PTC152504
Associate
Company
19.00%
2(6)
U80903DL2006PLC149721
Associate
Company
18.79%
2(6)
U74899DL1994PLC060077
Associate
Company
30.00%
2(6)
L27202GJ1962PLC040548
Associate
Company
24.70%
2(6)
U65999RJ2002PTC017380
Associate
Company
24.30%
2(6)
U67120MH1990NPL058298
Associate
Company
20.00%
2(6)
L25114KA1973PLC002455
Associate
Company
26.39%
2(6)
*CIN has been mentioned for Indian subsidiaries/Associate Companies.

# These companies are not considered as associates in the financial statements, in accordance with the provisions of AS 23 on
Accounting for Investments in Associates in Consolidated Financial Statements.
67
Directors Report
IV. SHAREHOLDING PATTERN (Equity Share Capital Break-up as percentage of Total Equity)
(i) Category-wise Shareholding
No. of Shares held at the end of

the year (March 31, 2016)
No. of Shares held at the beginning

of the year (April 1, 2015)
Sl
Category of shareholders
No.
Demat
Physical
Total
% of Total
Shares
Demat
Physical
Total
% of Total
Shares
% change
during the
year
Promoters
(1) Indian
a)
Individual / HUF
b)
Central Govt
c)
State Govt(s)
d)
Bodies Corporate
e)
Banks/Financial Institutions
f)
Any Other
Sub-total (A) (1)
(2) Foreign
a)
NRIs - Individuals
b)
Other - Individuals
c)
Bodies Corporate
d)
Banks/Financial Institutions
e)
Any Other
Sub-total (A) (2)
Total Shareholding of Promoter (A) =

(A)(1)+(A)(2)
Public Shareholding
(1) Institutions
a)
Mutual Funds
477,932,370
69,260
478,001,630
8.25
619,557,411
69,260
619,626,671
10.66
2.41
b)
Banks /Financial Institutions
3,401,295
109,200
3,510,495
0.06
6,097,586
109,200
6,206,786
0.11
0.05
c)
Central Govt
3,624,764
390
3,625,154
0.06
7,989,386
390
7,989,776
0.14
0.07
d)
State Govt(s)
e)
Venture Capital Funds
f)
Insurance Companies
772,186,079
1,100
772,187,179
13.32
888,934,854
1,100
888,935,954
15.29
1.97
g)
FIIs
116,800 2,256,881,838
38.81
(2.17)
h)
Foreign Venture Capital Funds
i)
Other (specify)
j)
2,375,508,640
117,300 2,375,625,940
925,840
1,991,665
0.03
1,247,465
925,840
2,173,305
0.04
0.00
4,609,825
0.08
4,224,966
4,224,966
0.07
(0.01)
18,561,657
18,561,657
0.32
0.32
1,222,590 3,804,600,953
65.43
2.65
Foreign Banks
1,065,825
FII - DR
4,609,825
Provident Funds/Pension Funds#
Sub-total (B) (1)
3,638,328,798
40.98 2,256,765,038
1,223,090 3,639,551,888
62.78 3,803,378,363
(2) Non-Institutions
a
Bodies Corporate
i Indian
125,663,508
1,422,515
127,086,023
2.19
142,762,650
1,375,025
144,137,675
2.48
0.29
3,000
3,000
0.00
3,000
3,000
0.00
232,753,765
29,197,395
261,951,160
4.52
273,077,696
27,585,585
300,663,281
5.17
0.65
36,601,690
144,475
36,746,165
0.63
39,455,517
144,475
39,599,992
0.68
0.05
180,043
180,043
0.00
0.00
13,012,726
1,075
13,013,801
0.22
979,094
1,075
980,169
0.02
(0.21)
3,554,026
3,554,026
0.06
3,576,465
77,000
3,653,465
0.06
0.00
ii Overseas
b
Individuals
i Individual shareholders
holding nominal share
capital upto Rs.1 lakh
ii Individual shareholders
holding nominal share
capital excess of Rs.1 lakh
NBFCs registered with RBI#
Others (specify)
Trust
Directors & their Relatives
(Resident)
68
Non-Resident Indian Directors

Foreign Nationals
Demat
Physical
Total
% of Total
Shares
Demat
Physical
Total
% of Total
Shares
% change
during the
year
73,540
73,540
0.00
81,549
81,549
0.00
0.00
12,040,344
391,100
12,431,444
0.21
19,302,543
312,485
19,615,028
0.34
0.12
Clearing Member
8,345,722
8,345,722
0.14
14,900,585
14,900,585
0.26
0.11
Hindu Undivided Families
6,254,001
36,710
6,290,711
0.11
7,981,395
33,305
8,014,700
0.14
0.03
Foreign Companies
143,200
143,200
0.00
143,200
143,200
0.00
Foreign Bodies - DR
3,500,605
3,500,605
0.06
12,025,008
12,025,008
0.21
0.15
Non-Resident Indians
441,799,927
31,339,470
473,139,397
8.16
514,322,545
29,675,150
543,997,695
9.36
1.19
30,897,740 4,348,598,648
74.79
3.84
NRI - DR
Sub-total (B) (2)
Total Public Shareholding
(B) = (B)(1)+(B)(2)
c
No. of Shares held at the end of

the year (March 31, 2016)
No. of Shares held at the beginning

of the year (April 1, 2015)
Sl
Category of shareholders
No.
Shares held by Custodian for

GDRs & ADRs
Grand Total (A+B+C)
4,080,128,725
32,562,560 4,112,691,285
70.94 4,317,700,908
1,684,553,360
0 1,684,553,360
29.06 1,466,169,782
0 1,466,169,782
25.21
(3.84)
5,764,682,085
32,562,560 5,797,244,645
100.00 5,783,870,690
30,897,740 5,814,768,430
100.00
# Provident Fund/Pension Funds and NBFCs registered with RBI (reported only for March 31, 2016) are two new categories introduced
in the new shareholding format prescribed by SEBI under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Percentages have been rounded off to the nearest decimals.
(ii) Shareholding of Promoters

N.A. ICICI Bank Limited does not have any promoters.
(iii) Change in Promoters Shareholding (please specify, if there is no change)

N.A. ICICI Bank Limited does not have any promoters.
(iv) Shareholding of top ten shareholders (other than Directors, Promoters and Holders of ADRs)
Shareholding at the beginning of the
year (April 1, 2015)
Top Ten Shareholders
Life Insurance Corporation of India
Dodge and Cox International Stock Fund
Europacific Growth Fund
Carmignac Gestion a\c Carmignac Patrimoine
Aberdeen Global Indian Equity (Mauritius) Limited
Stichting Depository Apg Emerging Markets Equity Pool
Bajaj Holdings and Investment Ltd
Government Pension Fund Global
Government of Singapore
Vanguard Emerging Markets Stock Index fund, a series
of Vanguard International Equity Index Fund
HDFC Standard Life Insurance Company Limited
Carmignac Gestion a\c Carmignac Investissement
SBI Life Insurance Co Ltd
Centaura Investments (Mauritius) PTE Ltd
Merrill Lynch Capital Markets Espana S.A. S.V.
Shareholding at the end of the year

(March 31, 2016)
No of % of total shares
shares
of the company
No of
shares
% of total shares
of the company
470,276,753
257,911,785
164,528,802
90,881,374
62,100,000
50,909,085
32,609,200
48,964,722
8.11
4.45
2.84
1.57
1.07
0.88
0.56
0.84
598,147,787
322,026,107
130,051,772
70,388,556
58,900,000
50,159,097
49,392,070
48,768,891
47,695,409
10.29
5.54
2.24
1.21
1.01
0.86
0.85
0.84
0.82
50,820,891
44,939,640
45,745,960
42,705,445
37,045,215
29,655,662
0.88
0.78
0.79
0.74
0.64
0.51
43,188,899
40,243,430
3,73,69,602
34,584,286
31,699,538
9,815,657
0.74
0.69
0.64
0.59
0.55
0.17
Note:
1. The above excludes shares held by Deutsche Bank Trust Company Americas in its capacity of Depositary for ADS holders. The
shares of the Bank are substantially held in dematerialised form, and are traded on a daily basis and hence the date wise increase/
decrease in shareholding is not indicated.
69
Directors Report
(v) Shareholding of Directors and Key Managerial Personnel
Sl.
Name of the Director
No.
1
2.
3.
4.
5.
6.
7.
8.
9.
M. K. Sharma
At July 1, 2015@
At the end of the year
Dileep Choksi
At the beginning of the year
Homi Khusrokhan
M. S. Ramachandran
Chanda Kochhar
April 20, 2015 Allotment
September 14, 2015 Allotment
March 17, 2016 Allotment
March 31, 2016 Allotment
N. S. Kannan
K. Ramkumar
April 29, 2015 Sale
Vishakha Mulye
At January 19, 2016@
March 16, 2016 Sale
March 18, 2016 Sale
March 21, 2016 Sale
March 22, 2016 Sale
March 23, 2016 Sale
March 28, 2016 Sale
March 29, 2016 Sale
March 30, 2016 Sale
March 31, 2016 Sale
Rajiv Sabharwal

May 29, 2015 Allotment
Shareholding at the beginning

of the year
Cumulative shareholding
during the year
No. of
shares
% of total shares
of the company#
No. of
shares
% of total shares
of the company#
50,000
50,000
0.00
0.00
50,000
50,000
0.00
0.00
2,500
2,500
0.00
0.00
2,500
2,500
0.00
0.00
3,500
3,500
0.00
0.00
3,500
3,500
0.00
0.00
1,300
1,300
0.00
0.00
1,300
1,300
0.00
0.00
1,844,625
100,000
75,000
200,000
120,000
27,000
77,000
2,443,625
0.03
0.00
0.00
0.00
0.00
0.00
0.00
0.04
1,844,625
1,944,625
2,019,625
2,219,625
2,339,625
2,366,625
2,443,625
2,443,625
0.03
0.03
0.03
0.04
0.04
0.04
0.04
0.04
426,125
426,125
0.01
0.01
426,125
426,125
0.01
0.01
321,426
(321,426)
0
0.01
0.01
0.00
321,426
0
0
0.01
0.00
0.00
889,385
(75,000)
(50,000)
(25,000)
(25,000)
(25,000)
(25,000)
(25,000)
(25,000)
(25,000)
5,89,385
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
889,385
814,385
764,385
739,385
714,385
689,385
664,385
639,385
614,385
589,385
5,89,385
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0
29,500
30,000
65,000
124,500
0.00
0.00
0.00
0.00
0.00
0
29,500
59,500
124,500
124,500
0.00
0.00
0.00
0.00
0.00
Note:
@ M. K. Sharma was appointed as Chairman effective July 1, 2015 and Vishakha Mulye was appointed as executive Director effective
January 19, 2016.
# Indicates negligible percentage as a % of total shares of the Company.
The cumulative shareholding column reflects the balance as on day end.
70
Sl.
Name of the Key Managerial Personnel
No.
1.
Rakesh Jha
April 30, 2015 Sale
May 7, 2015 Allotment
May 14, 2015 Sale
2.
P. Sanker
Shareholding at the beginning

of the year
Cumulative Shareholding
during the year
No. of
shares
% of total shares
of the company#
No. of
shares
% of total shares
of the company#
18,750
(12,750)
20,000
(12,500)
13,500
0.00
0.00
0.00
0.00
0.00
18,750
6,000
26,000
13,500
13,500
0.00
0.00
0.00
0.00
0.00
5,000
5,000
0.00
0.00
5,000
5,000
0.00
0.00
# Indicates negligible percentage as a % of total shares of the Company.

The cumulative shareholding column reflects the balance as on day end.
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment
` in Crores
Secured Loans
excluding deposits
Unsecured
Loans
Deposits
Total
Indebtedness
12,905.68
3.53
12,909.21
1,59,511.67
2,471.90
161,983.58
172,417.35
2,475.43
174,892.78
Indebtedness at the beginning of the financial

year
i) Principal Amount
ii) Interest due but not paid
iii) Interest accrued but not due
Total (i+ii+iii)
Change in Indebtedness during the financial year

(see note 1 & 2)
Addition
Reduction
Net Change
37,477.16
37,477.16
8,892.55
26,194.58
35,087.14
(8,892.55)
11,282.58
2,390.03
4,013.12
11.04
4,024.17
170,794.26
2,582.08
173,376.34
174,807.38
2,593.13
177,400.50
Indebtedness at the end of the financial year

i) Principal Amount
ii) Interest due but not paid
iii) Interest accrued but not due
Total (i+ii+iii)
Data is pertaining to Schedule 4 borrowings under "Secured Loans/Unsecured loans".

Notes:
1. Movement in short-term market borrowing is shown on net basis.
2. Unamortised premium and accrual of discount is included under "Addition" row.
3. Principal amount for secured and unsecured loan consists of Schedule 4 borrowings balance.
4. Secured loans include borrowings under Collateralised Borrowing and Lending Obligation, market repurchase transactions with
banks and financial institutions and transactions under Liquidity Adjustment Facility and Marginal Standing Facility.
5. Being a banking company, there are no public deposits.
71
Directors Report
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Wholetime Directors and/or Manager:
Chanda
Kochhar
Sl.
Particulars of Remuneration
No.
1.
N. S.
Kannan
K.
Ramkumar
Vishakha
Rajiv
Mulye1 Sabharwal
Amount in `
Total (`)
Gross Salary
(a)
Salary as per provisions contained in
section 17(1) of the Income-tax Act, 1961
Salary and Allowances for Fiscal 2016 - (A)
Bonus paid in Fiscal 2016 including deferred
bonuses for previous three years - (B)
39,081,252 26,423,293
26,253,960
22,855,786 15,320,773
15,320,773
9,440,635 25,318,039 126,517,179

13,407,760
66,905,092
(b) Value of perquisites u/s 17(2) of the

Income-tax Act, 1961
Perquisites - (C)
3,979,418
3,505,242
4,576,000
33,1672
4,085,404
16,179,231
120,326,510
0
0
0
0
0
0
0
0
0
0
0
0 16,388,900 136,715,410
0
0
0
0
0
0
0
0
0
65,916,456 45,249,308
46,150,733
9,473,802 42,811,203 209,601,502
(c) Profits in lieu of salary under section

17(3) of the Income-tax Act, 1961
2.
3.
4.
5.
Stock Option (Perquisite on stock options

exercised in fiscal 2016, w.r.t options granted
upto 10 years prior to date of exercise)
Sweat Equity
Commission (as % of Profit/Others)
Others
(A)+(B)+(C) Total remuneration paid in fiscal
2016 (excludes perquisites on stock options
reported in point 2)
Ceiling as per the Act 3
1. Vishakha Mulye has joined the services of the Bank on December 2, 2015. Pursuant to approval granted by Reserve Bank of India
(RBI) vide its letter dated January 15, 2016, Vishakha Mulye assumed office as executive Director with effect from January 19, 2016.
2. Does not include superannuation perquisite, since it is cashed out and hence included in Salary and Allowances for fiscal 2016 - (A).
3. Being a Banking Company, the provisions of Banking Regulation Act, 1949 apply to the Bank and the remuneration of every wholetime
Director is subject to the approval of RBI. The remuneration is however well within the limits prescribed under the Companies Act, 2013.
B. Remuneration to other Directors:

1. Independent Directors
Name of Directors
Particulars of
Remuneration
K. V.
Kamath
M. K.
Sharma
Dileep
Homi
M. S.
Choksi Khusrokhan Ramachandran
380,000
860,000
1,420,000
2,200,000
750,000
1,130,000
2,250,000
3,110,000
1,420,000
Total
Amount
Tushaar
Shah
V. K.
Sharma
V.
Sridar
1,940,000
700,000
860,000
1,600,000
9,960,000
2,200,000
1,940,000
700,000
860,000
1,600,000
3,000,000
12,960,000
2,200,000
1,940,000
700,000
860,000
1,600,000
12,960,000

Fee for attending
Board/Committee
meetings

Commission

Others, please
specify (see Note 1)
Total (1)
2. Other Non-executive Directors Please refer Note 2

Total (2)
Total (B)=(1+2)
Total Managerial
Remuneration
Overall Ceiling as per
the Act (refer Note 3)
1,130,000
3,110,000
1,420,000
222,561,502
Note 1: Pursuant to Section 35B of the Banking Regulation Act, 1949 the appointment/re-appointment and remuneration payable to the
Chairman of a Bank is subject to approval of RBI. K. V. Kamath was Chairman of the Bank till close of business hours on June 30, 2015.
72
The annual remuneration as approved by RBI for K. V. Kamath was ` 3,000,000 and for the period April 1, 2015 June 30, 2015, the
remuneration paid was ` 750,000. M. K. Sharmas appointment as Chairman effective July 1, 2015 alongwith an annual remuneration
of ` 3,000,000 was approved by RBI vide its letter dated June 30, 2015. Accordingly M. K. Sharma was paid remuneration for the
period July 1, 2015 March 31, 2016 aggregating to ` 2,250,000.
Note 2: Alok Tandon is a non-executive Director nominated by the Government of India. As a Government Nominee Director he is
not eligible to be paid any sitting fees, he is only entitled to reimbursement of expenses for attending Board/Committee Meetings.
Note 3: Being a Banking Company, the provisions of Banking Regulation Act, 1949 apply to the Bankand any payments to nonexecutive/independent Directors other than sitting fees can be paid only with the approval of RBI. Independent Directors are paid
only sitting fees except for Chairman who is paid an annual remuneration with the approval of RBI as mentioned in Note 1. All
non-executive/independent Directors are entitled to reimbursement of expenses for attending Board/Committee Meetings. The
remuneration is however well within the limits prescribed under the Companies Act, 2013.
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD

P. Sanker
Rakesh Jha
Company Secretary
CFO
Amount in `
Sl.
Particulars of Remuneration
No.
1.
Gross Salary
(a) Salary as per provisions contained in section 17(1) of the Incometax Act, 1961
Salary and Allowances for Fiscal 2016 - (A)
Bonus Paid in Fiscal 2016 - (B)
(b) Value of perquisites u/s 17(2) of the Income-tax Act, 1961

Perquisites (C)
2
3
4
5
(c) Profits in lieu of salary under section 17(3) of the Income-tax

Act, 1961
Stock Option (Perquisite on stock options exercised in Fiscal 2016 w.r.t
Options granted upto 10 years prior to date of exercise)
Sweat Equity
Commission (as % of Profit/Others)
Others
(A)+(B)+(C) Total Remuneration paid in Fiscal 2016
(excludes Perquisites on Stock Options reported in point 2)
Total (`)
14,373,512
4,149,852
16,831,023
5,009,256
31,204,535
9,159,108
2,523,186
3,775,479
6,298,665
0
0
0
0
4,314,400
0
0
0
4,314,400
0
0
0
21,046,550
25,615,758
46,662,308
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:

Type
A.
B.
C.
COMPANY
Penalty
Punishment
Compounding
DIRECTORS
Penalty
Punishment
Compounding
OTHER OFFICERS IN DEFAULT
Penalty
Punishment
Compounding
Section
of the
Companies
Act
Brief
Description
Details of Penalty/
Punishment/
Compounding
fees imposed
Authority Appeal made,

[RD / NCLT/
if any (give
Court]
Details)
None
None
None
M. K. Sharma
Chairman
May 26, 2016
73
Directors Report
ANNEXURE E
Annual Report on Corporate Social Responsibility activities
1. A brief outline of the companys CSR policy, including overview of projects or programs proposed to be undertaken
and a reference to the web-link to the CSR policy and projects or programs
Corporate Social Responsibility (CSR) has been a long-standing commitment at ICICI Bank. The Banks contribution
to social sector development includes several pioneering interventions and is implemented through the involvement
of stakeholders within the Bank and through the broader community. The Bank established the ICICI Foundation for
Inclusive Growth (ICICI Foundation) in 2008 with a view to significantly expand the activities in the area of CSR. Over
the last few years ICICI Foundation has developed significant projects in specific areas, and has built capabilities for
direct project implementation as opposed to extending financial support to other organisations.
The CSR Policy of the Bank sets the framework guiding the Banks CSR activities. It outlines the governance structure,
operating framework, monitoring mechanism, and CSR activities that would be undertaken. The CSR Committee is
the governing body that articulates the scope of CSR activities and ensures compliance with the CSR policy. The
Banks CSR activities are largely focused in the areas of education, health, skill development and rural development
and other activities as the Bank may choose to select in fulfilling its CSR objectives.
The CSR policy was approved by the Committee in July 2014, and subsequently was put up on the Banks website.
Web-link to the Banks CSR policy:

http://www.icicibank.com/managed-assets/docs/about-us/ICICI-Bank-CSR-Policy.pdf
2. The Composition of the CSR Committee
The Banks CSR Committee comprises three independent Directors and the Managing Director & CEO of the Bank,
and is chaired by an independent Director. The composition of the Committee is set out below:

M. S. Ramachandran, Chairman;
Tushaar Shah;
Alok Tandon;
Chanda Kochhar.
The functions of the Committee include: review of CSR initiatives undertaken by the ICICI Group and ICICI Foundation;
formulation and recommendation to the Board of a CSR Policy indicating the activities to be undertaken by the
company and recommendation of the amount of the expenditure to be incurred on such activities; reviewing and
recommending the annual CSR plan to the Board; making recommendations to the Board with respect to the CSR
initiatives, policies and practices of the ICICI Group; monitoring the CSR activities, implementation of and compliance
with the CSR Policy; and reviewing and implementing, if required, any other matter related to CSR initiatives as
recommended/suggested by RBI or any other body.
3. Average net profit of the company for last three financial years
The average net profit of the company for the last three financial years calculated as specified by the Companies Act
2013 for FY2016 was ` 106.05 billion.
4. Prescribed CSR Expenditure (two per cent of the amount as in item 3 above)

The prescribed CSR expenditure requirement for FY2016 was ` 2.12 billion.
5. Details of CSR spent during the financial year

(a) Total amount to be spent for the financial year
Total amount spent towards CSR during FY2016 was ` 1.72 billion.
(b) Amount unspent, if any
Amount unspent was ` 0.40 billion
74
(c) Manner in which the amount spent during the financial year is detailed below:
S.
No
CSR Project or
activity identified
Sector in which
the project is
covered
1.
Projects of ICICI
Foundation for
Inclusive Growth
1. Promoting
education,
employment
enhancing
vocational
skills,
livelihood
enhancement
projects,
2. Eradication
of hunger,
poverty and
malnutrition;
promoting
preventive
healthcare
2.
Rural development
projects including
financial inclusion
and financial
literacy
Contribution
towards relief and
welfare in calamity
affected areas
Gift a Livelihood
programme
Supporting
research and
capacity building
in education sector
Rural
development
3.
4.
5.
Contribution to
Prime Ministers/
Chief Ministers
Relief Fund
Livelihood
enhancement
Promoting
education
Projects or programs
1. Local area or other
2. Specify the state
and district where
projects or programs
was undertaken
Amount
outlay
(budget)
project or
program
wise
(` mn)

22 skill training
450.0
centres located
in Bengaluru,
Bhubaneswar,
Chennai, Coimbatore,
Delhi, Durg,
Guwahati, Hyderabad,
Indore, Jaipur, Kochi,
Kolkata, Lucknow,
Mumbai, Mysore,
Nagpur, Narsobawadi,
Patna, Pune, Trichy,
Vijaywada and
Zirakpur.

Elementary education
projects in Rajasthan
and Chhattisgarh.

Healthcare
programmes
including in Baran
(Rajasthan).
Pan-India
1,400.0
Amount spent
on the projects
or programs
Sub-heads
1. Direct
expenditure
on
projects or
programs
2. Overheads
(` mn)
450.0
Cumulative
expenditure
upto the
reporting
period
(` mn)
710.0
1,196.6
2,334.3
Amount spent
direct or through
implementing
agency*
Amount spent
through ICICI
Foundation for
Inclusive Growth.
Direct & through

Banks business
correspondent
network
Chennai
38.7
76.5
Direct
Pan-India
10.0
25.7
Direct
54.0
5.1
59.1
1. Teach to Lead
in Mumbai to
support their
Teach for India
fellowship
programme.
2. Praxis Business
School, Kolkata,
supporting
a chair for
research for the
banking sector.
Mumbai and Kolkata
75
Directors Report
S.
No
CSR Project or
activity identified
Sector in which
the project is
covered
Projects or programs
1. Local area or other
2. Specify the state
and district where
projects or programs
was undertaken
Amount
outlay
(budget)
project or
program
wise
(` mn)
6.
Health sector
related projects
Promoting
preventive
healthcare
Rajasthan
7.
Financial
counsellling
Promoting
education
At multiple centres
15.0
7.7
16.9
8.
Others
41.0
6.1
12.0
Amount spent
on the projects
or programs
Sub-heads
1. Direct
expenditure
on
projects or
programs
2. Overheads
(` mn)
0.9
Cumulative
expenditure
upto the
reporting
period
(` mn)
7.1
Amount spent
direct or through
implementing
agency*
Support to
hospitals in
Jaipur towards
maintenance,
cleaning and other
requirements
Disha Trust set
up to assist
consumers in
financial distress
and provide
counselling.
6. In case the company has failed to spend the 2% of the average net profits of the last three financial years or any
part thereof, the company shall provide the reasons for not spending the amount in its Board report.
The amount spent in FY2016 was ` 1.72 billion, 10.3% higher compared to ` 1.56 billion spent towards CSR in
FY2015. The amount spent in FY2016 was 1.6% of the average net profits of the last three financial years. The lower
spend vis--vis the plan was due to lower than anticipated project requirements and delay in implementation of
certain planned spends.
7. A responsibility statement of the CSR Committee that the implementation and monitoring of CSR Policy, is in
compliance with CSR objectives and Policy of the company.
The CSR Committee hereby confirms that the implementation and monitoring of CSR activities is in compliance with
CSR objectives and the CSR Policy of the company.
Chanda Kochhar
May 13, 2016
76
M.S. Ramachandran
CSR Committee Chairman
Auditors Certificate on
Corporate Governance
To the Members of ICICI Bank Limited
Auditors Certificate on Corporate Governance

We have examined the compliance of the conditions of Corporate Governance by ICICI Bank Limited (the Bank) for the
year ended 31March 2016, as stipulated in Clause 49 of the Listing Agreement (Listing Agreement) of the Bank with the
stock exchanges for the period 1 April 2015 to 30 November 2015 and as per regulations 17 to 27, clauses (b) to (i) of
sub-regulation (2) of regulation 46 and paragraphs C, D and E of Schedule V of the Securities and Exchange Board of India
(Listing Obligations and Disclosure requirements) Regulations, 2015 (Listing Regulations) for the period 1 December
2015 to 31 March 2016.
Managements responsibility
The Banks management takes full responsibility of the compliance of the conditions of corporate governance as stipulated
in the regulations mentioned above.
Auditors responsibility
Our examination was limited to procedures and implementation thereof, adopted by the Bank for ensuring the compliance
of the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial
statements of the Bank.
We conducted our engagement in accordance with the Guidance Note on Audit Reports and Certificates for Special
Purposes issued by the Institute of Chartered Accountants of India. Our responsibility is to certify based on the work
done.
Conclusion
In our opinion, and to the best of our information and according to the explanations given to us, we certify that the
Bank has complied with the conditions of Corporate Governance as specified in clause 49 of the Listing Agreement and
regulations 17 to 27, clauses (b) to (i) of sub-regulation (2) of regulation 46 and paragraphs C, D and E of Schedule V of
the Listing Regulations, as applicable.
We further state that such compliance is neither an assurance as to the future viability of the Bank nor the efficiency or
effectiveness with which management has conducted the affairs of the Bank.
Restrictions on use
This certificate is issued solely for the purposes of complying with the aforesaid Regulations and may not be suitable for
any other purpose.
For B S R & Co. LLP
Chartered Accountants
Firms Registration No: 101248W/W-100022
Mumbai
May 26, 2016
Venkataramanan Vishwanath
Partner
Membership No: 113156
77
Business Overview
ECONOMIC OUTLOOK
During fiscal 2016, the global economic environment remained challenging and was marked by three key factors: divergent
monetary policy in advanced and emerging economies, slowdown in growth in China and decline in global commodity
prices. These trends led to significant volatility in global financial markets and currency depreciation in emerging market
economies. The Indian economy continued to witness a gradual recovery, with improvements in key macroeconomic
parameters. Inflation moderated, interest rates came down, fiscal consolidation continued, foreign investments were
strong and the current account deficit remained stable. Policy measures were taken in the areas of infrastructure, foreign
investments and financial sector reforms and programmes were launched for financial inclusion and inclusive growth.
However, the global slowdown, commodity cycle, gradual pace of domestic recovery and high leverage in the corporate
sector led to muted credit growth and an increase in non-performing loans, including slippages from restructured loans,
for the Indian banking sector.
For a detailed discussion of economic developments in fiscal 2016, please refer Managements Discussion & Analysis.
BUSINESS REVIEW
Retail Banking
ICICI Bank has been a pioneer in introducing innovative products and services for its customers. Many of these products
and services have been industry firsts, thus becoming trendsetters. ICICI Bank has made digital technology core to its
strategy and has developed solutions which have made banking simple for its customers. Due to these solutions, the
Bank is an integral part of the lives of many of its customers who use the Banks applications for their diverse needs, even
beyond banking. The Banks solutions are also designed to cater to different life-cycle needs of its customers.
Last year, the Bank became the first in the country to introduce contactless debit and credit cards using Near-Field
Communication (NFC) technology. This enabled its customers to make electronic payments by just waving the contactless
card near the NFC-enabled merchant terminal. In fiscal 2016, the Bank unveiled the countrys first contactless mobile
payment solution to make in-store payments using smartphones. This solution provides the improved convenience of
Touch & Pay to the Banks credit and debit card customers, superseding the use of a physical card or cash, and is available
on Pockets, the Banks digital wallet. ICICI Bank also became the first bank globally to launch mVisa, a new mobile
payment solution from VISA. With this service, users of Pockets can make cashless payments from their smartphones
using their debit card by simply scanning an mVisa Quick Response (QR) code at a merchant location without swiping
the card at a POS machine. This service provides customers the convenience of speed to complete a transaction along
with enhanced security as the card remains in the custody of the customer.
Pockets gained the distinction of becoming the largest e-wallet launched by a bank with over 3.6 million downloads.
Interestingly, 80% of the registered users on Pockets are new customers to the Bank. With Pockets, users can instantly
download the e-wallet, fund it from any bank account in the country and start transacting immediately.
ICICI Bank has been at the forefront of mobile banking technology. It was one of the first banks to launch a mobile
banking application in India. The Bank launched the latest version of iMobile in May 2015. Today, iMobile is the most
comprehensive banking application offering over 150 services, many of which are industry firsts. Some of the features
available in the latest version are tagging transactions as favourites, direct call to call centre and iTrack to track all
deliverables from the Bank on the mobile.
In February 2016, the Bank launched a unique campaign, ICICI Appathon, a mobile app development challenge. This
campaign seeks to foster innovation and provides a platform for tapping into the immense talent of a techno-innovative
generation to bring new ideas and develop the next generation of banking applications on mobile phones. The Bank will
incorporate some of the winning ideas into its digital roadmap.
78
For the Bank, communication is an important tool to stay connected with its customers. The Bank realises that customers
interact with it through multiple channels, leading to the possibility of inconsistent communication. This leads to
a poor customer experience. To address this challenge, the Bank has invested in building an omni-channel real-time
communication architecture. This architecture is integrated with all its channels like call centre, emails, SMS, internet
banking, ATM, social media and branch.
This year, the Bank also launched the Smart Vault, a fully automated state-of-the-art locker service available 24x7. The
Smart Vault uses robotic technology to enable access to the lockers from the safe vault. Customers can conveniently
access their lockers at any time of the day, in the comfort of a secure lounge where the locker automatically comes up
to the customer. The Smart Vault is equipped with multi-layered state-of-the-art security systems including biometric
authentication. The launch of the Smart Vault marks a milestone in the Indian banking industry as it joins a select group
of overseas markets which has access to this unique robotic vault. This innovation is an exemplary illustration of the
potential of Make in India, as it has been designed and manufactured by Indian partners.
Keeping in mind customer convenience, ICICI Bank launched Money2World, a fully online outward remittance service for
resident Indians. This service is available even to non-account holders of ICICI Bank. Individuals can now transfer money
online from any bank account in India to any bank account overseas in 16 major currencies, in a convenient and fully
secure manner.
In fiscal 2016, ICICI Bank became the first private sector bank in the country to have a mortgage portfolio of more than
` 1 trillion. To commemorate the achievement, the Bank announced two breakthrough initiatives in India. Express Home
Loans is the countrys first fully online process for sanctioning home loans. This service provides online approval for
home loans within eight working hours. The second initiative helps individuals taking home loans for under construction
projects to get subsequent disbursements, after the first disbursement. Through iMobile, customers can upload the
demand letter from the builder and the proof of their contribution. The Bank assesses the demand and makes the
disbursement without the borrower having to visit the branch, thereby saving time and enhancing convenience for the
customers.
ICICI Bank also launched its new range of co-branded credit cards in association with the Italian luxury sports car
manufacturer, Ferrari. The Ferrari Credit Cards by ICICI Bank have been specially designed for discerning customers, who
are enthusiasts of the iconic luxury brand.
The Bank expanded its network to 4,450 branches and 13,766 ATMs at March 31, 2016. The Banks automation footprint
has also multiplied. At March 31, 2016, the Bank had 110 Touch Banking branches across 33 cities. The Bank has also
deployed more than 1,300 self-service kiosks for accepting cash, where anyone including non-customers of the Bank can
deposit cash in an ICICI Bank account in a completely automated manner with the account receiving instant credit, rather
than manually depositing cash at the teller counter. The Bank has also deployed 516 Insta Banking self-service kiosks at
its branches. Customers can access these kiosks by typing their debit card number and PIN number. These self-service
kiosks enable the customers to pre-process their transactions, reducing their waiting time at the branch.
These initiatives in terms of network expansion as well as technological upgrades for enhanced customer experience
have helped the Bank to achieve robust growth in its retail business. The Banks savings account deposits grew by 16.9%
to ` 1,342.30 billion at March 31, 2016. The Banks retail loan portfolio (including business banking and rural banking)
grew by 23.3% year-on-year at March 31, 2016 and constituted 46.6% of total loans.
Rural and Inclusive Banking Group

The Indian rural market presents significant growth opportunities as the market adapts to rapidly growing mobile
connectivity and access to formal financial services. The Banks rural strategy is focused on leveraging these trends and
building a sustainable model for extending financial services to rural customers. This is being made possible by offering
them a comprehensive product suite backed by technology. The Bank has set up a robust distribution network over the
last few years to reach customers in this market. At March 31, 2016, the Bank had 2,293 branches in rural and semi-urban
79
Business Overview
locations, which constituted 52% of the Banks total branch network and included 573 branches in hitherto unbanked
locations.
The Bank has developed customised financial products and services to cater to a wide range of rural customers including
farmers, traders, processors, as well as rural entrepreneurs. During fiscal 2016, the Bank issued 90,000 Kisan Credit Cards
(KCCs) and renewed the limits for 45,000 KCCs.
The Bank caters to the financial needs of women entrepreneurs through its Self-Help Group (SHG) programme as a part
of its microfinance initiatives. During fiscal 2016, the Bank impacted the lives of close to 2.5 million women by extending
loans under the SHG-Bank linkage programme. ICICI Bank also continues to be a significant lender to the microfinance
institutions for on-lending to customers.
As of March 31, 2016, the Bank had opened over 20 million Basic Savings Bank Deposit Accounts (BSBDA) through
its branch and Business Correspondent (BC) network. The Bank has actively pursued the agenda of seeding Aadhaar
numbers in customers accounts and has communicated with its customers through branches, e-mails, SMSs and letters.
As of March 31, 2016, the Bank has seeded over 7.0 million accounts with Aadhaar numbers.
The Bank has contributed significantly in promoting the Pradhan Mantri Jan-Dhan Yojana (PMJDY). It has opened 2.9
million accounts under the PMJDY scheme as of March 31, 2016, which is the highest among private sector banks.
About 89% of these accounts were opened in rural India. The Bank has also issued RuPay cards to these account
holders, which are inter-operable across various customer service points as well as ATMs of other banks. The Bank
has imparted financial literacy to its customers and encouraged transactions through their savings accounts, using
these RuPay cards.
The Bank has actively participated in the three schemes promoted under the governments Jan Suraksha Yojana (JSY).
These include the Pradhan Mantri Jeevan Jyoti Bima Yojana providing life insurance, the Pradhan Mantri Suraksha Bima
Yojana for accident insurance and Atal Pension Yojana for providing pension benefits. The Bank facilitated enrollment
of beneficiaries through its branches as well as digital channels like internet banking, SMS and phone banking. The
Banks effort in enrolling beneficiaries for the insurance schemes through SMS was much appreciated by the Ministry of
Finance, Government of India, and directed other banks to follow the Banks approach. The Bank has enrolled a total of
2.9 million customers under the three JSY schemes.
The Banks rural portfolio grew by 25.2% to ` 300.91 billion during fiscal 2016.
Small & Medium Enterprises

Small and medium enterprises (SMEs) play a significant role in Indias economic development, generating large scale
employment and facilitating inclusive growth. A strong SME sector is crucial for building a resilient and dynamic corporate
sector. At the same time, SMEs also face multiple challenges in terms of scale of production, increasing competition and
rapid adoption of innovative practices in their operations.
At ICICI Bank, we offer a comprehensive suite of banking products and solutions to SMEs for meeting their business and
growth requirements. Our long-standing experience of partnering with SMEs has enabled us to develop non-traditional
techniques for assessing credit risks. These techniques are unique and provide appropriate solutions customised to their
needs. The Bank also offers supply chain financing solutions and small-ticket funding to the channel partners of large
corporates. The Bank has set up dedicated desks in 360 branches to assist SMEs. It also has specialised teams for current
accounts, trade finance, cash management services and door-step banking. The Bank has also tailored the internet
banking platform to cater to the unique banking needs of SMEs.
Fiscal 2016 continued to remain a challenging year for SMEs due to the gradual pick-up in economic activity, high
leverage among corporates and subdued investments. The Bank continued to pursue a strategy of calibrated growth
of the SME portfolio, with higher focus on managing concentration risks, diversification of portfolio, monitoring and
enhancement of collateral.
80
Wholesale Banking
The Wholesale Banking Group (WBG) provides customised solutions to corporate clients by analysing their specific
business and financial needs. It provides an array of financial solutions for working capital finance, export finance, trade,
transaction and commercial banking, foreign exchange and derivative products and rupee as well as foreign currency
term loans. The group comprises several teams focused on specific areas to facilitate specialisation and customised
product offerings.
The Corporate Banking Group is WBGs principal coverage group. It develops new corporate relationships and enhances
the existing ones through continuous engagements. It acts as a single point of contact for clients to cater to their
requirements across businesses. The relationship team collaborates with relevant groups within the Bank to address
specific needs of clients.
The Commercial Banking Group manages banking transactions, trade based requirements and cash management needs
of corporate customers, thereby improving client servicing capabilities at the operational level. This results in granularity
and stability of revenues and enhanced visibility of clients cash flows for the Bank, while being in proximity to clients
locations. The group maintains superior customer service through its network of mega branches. It also helps in growing
the Banks transaction banking business with the help of constantly evolving technology-enabled solutions.
The Syndications Group works in synergy with our corporate banking and project finance teams. It is one of the market
leaders in the loan syndication segment for corporate and project finance transactions. It specialises in the primary
and secondary loan distribution market and leverages strong relationships with market participants like banks, financial
institutions, non-bank finance companies (NBFCs), insurance companies and other financial entities. It also closely
interfaces with other market participants like private equity players and sovereign wealth funds.
The relationship teams also work with the Markets Group to address the currency and interest rate risk in client businesses;
and support clients in arranging market related funding products.
In fiscal 2016, the operating environment for the corporate sector remained challenging due to high leverage, shortfalls
in cash flow generation, continued weak corporate investment activity, gradual nature of the economic recovery, the
global economic slowdown and the decline in commodity prices which had an impact on borrowers in commoditylinked sectors such as iron and steel. The Wholesale Banking Group focused on proactive monitoring of the portfolio, as
well as on generating new income streams and developing new processes and products by leveraging technology. The
incremental lending during fiscal 2016 was largely focused on higher rated corporates. During fiscal 2016, a dedicated
group was created for special focus on borrowers requiring proactive steps for resolution and recovery. The Banks
approach to resolution and recovery encompasses working with sponsors for deleveraging through sale of assets and
businesses, working with all stakeholders to ensure improvement in the operations of borrowers and cash flow generation
and enforcement of contractual rights.
A framework for managing concentration risk with limits for lending to individual borrowers/groups based on factors
like rating of borrower, vintage of the company, vintage of relationship with the borrower, the industry of operations
and ownership (public sector vs. private sector) was put in place. The Bank has strengthened the credit monitoring
function and established a Credit Monitoring Group to further enhance its ability to develop early warning mechanisms
by proactive monitoring and analysis of the portfolio and account-level trends.
Project Finance
A challenging operating environment led to a slowdown in new project commitments and implementation, coupled with
operating issues with existing investments. During fiscal 2016, the Government undertook a series of reforms and policy
initiatives to help revive the infrastructure sector. In the power sector, the UDAY Scheme was announced to turnaround
ailing state government owned power distribution companies; allowing captive coal utilization for medium-term power
purchase agreements (PPAs) and implementation of scheme for gas linkages by way of reverse bidding to revive stranded
gas projects were some of the key initiatives. Taken together, these steps are expected to help the power sector in India
to recover gradually. In addition, the renewable energy segment has also gained momentum and new investments have
81
Business Overview
been announced. The Bank pursued lending opportunities in the roads and ports sectors and to a limited extent in the
power sector, particularly transmission and distribution.
In roads, execution under the National Highway Development Program (NHDP) has picked up speed in fiscal 2016. The
government has set an aggressive target of building 30 km/day of highways and has awarded several road projects
during the year. To mitigate the limitations of Build Operate Transfer (BOT) projects, the Government has introduced the
Hybrid Annuity Model which allows for greater risk sharing between the public and private sector. To provide a further
fillip to private participation, a few other key reforms were announced. These include allowing the private sector to exit
projects after two years of completion of construction, introduction of a one-time fund infusion for stalled road projects
and extension of concession period or upfront compensatory annuities for delays not attributable to the concessionaire,
amongst others. The sector is poised for growth on the back of renewed Government focus and an improving macroeconomic sentiment.
Railways, which was predominantly government-owned, has been opened up for private investments and is focusing
on improving passenger amenities. The public-private partnership mode has been envisaged for investments via redevelopment of various identified railway stations and unlocking of associated commercial real estate. This is expected
to open up opportunities for greater private sector participation.
The infrastructure and core sector developments are critical to Indias growth and the Banks sectoral expertise ensures
tapping opportunities to invest judiciously and for the long-term.
International Banking
ICICI Banks strategy for international banking continues to be focused on three pillars which include providing end-toend solutions for the international banking requirements of its Indian corporate clients; leveraging economic corridors
between India and the rest of the world; and establishing ICICI Bank as the preferred bank for Non-Resident Indians
(NRIs) in key global markets. The International Banking Group has positioned itself as the preferred partner for global
corporations seeking to expand their presence in India. The Bank also strives to build stable and diversified international
funding sources and strong syndication capabilities to support its corporate and investment banking businesses.
The Bank continued to sharpen its focus in fiscal 2016 on managing risks in its international operations due to the volatile
global business environment. It also focused on diversifying the funding profile of its international operations, expanding
its trade finance business and building relationships with global corporates doing business in India. ICICI Bank was
named Indias Best Borrower in FinanceAsias 2015 Fixed Income Research Poll. The Bank continued to rationalise the
capital invested in its overseas operations. During fiscal 2016, ICICI Bank Canada repatriated equity and preference share
capital aggregating CAD 87.1 million. ICICI Banks foreign branches also repatriated a portion of their retained earnings,
resulting in exchange rate gains of ` 9.41 billion.
India continues to be the highest recipient globally of inward remittances. ICICI Bank continues to be a leader in the
remittance market by offering innovative and customer friendly products and customised service offerings that meet
the requirements of the widely dispersed NRI population. In fiscal 2016, the Banks key platform for inward remittances,
Money2India was launched on Facebook. The mobile app for the same was enhanced to provide full-service capability
and the online service was extended to United Arab Emirates.
The Banks international footprint consists of subsidiaries in the United Kingdom and Canada, branches in the United
States, Singapore, Bahrain, Hong Kong, Sri Lanka, Dubai International Finance Centre, Qatar Financial Centre, China and
South Africa; and representative offices in the United Arab Emirates, Bangladesh, Malaysia and Indonesia. The Banks
wholly-owned subsidiary, (ICICI Bank UK Plc), has eight branches in the United Kingdom and a branch each in Belgium
and Germany. ICICI Bank Canada also has eight branches. During fiscal 2016, the Bank opened its first branch in China and
in South Africa. ICICI Bank also set up its International Banking Unit (IBU), in Indias first International Financial Services
Centre (IFSC), at GIFT City, Gandhinagar in Gujarat. The Bank envisages the IBU to be at the core of its international
strategy aimed at offering trade, treasury and credit solutions to its corporate customers.
82
Treasury
ICICI Banks treasury operations comprise the Asset Liability Management Group, Markets Group and Proprietary Trading
Group.
The Asset Liability Management Group actively manages the Banks liquidity and securities portfolio held for compliance
with statutory and regulatory requirements. The Group focuses on optimisation of yield on the overall portfolio, while
maintaining an appropriate portfolio duration given the volatile interest rate environment.
The Markets Group offers foreign exchange and derivative solutions to clients and continues to be a major player in the
segment. The Bank provides global coverage of markets with a detailed insight into local markets. It provides clients
with regular market updates as well as quantitative and qualitative research on topics, related to macroeconomics and
financial markets. The Bank has also launched the gold metal loan product for domestic jewellery manufacturers in fiscal
2016 as restrictions imposed on gold imports were relaxed by the RBI.
The Proprietary Trading Group manages trading positions within the approved risk limits. The Bank is a leading player in
private placements of bonds/debentures. It has dedicated sales coverage of institutional debt investors across various
segments.
The Bank continues to receive awards and recognition in this area. It has been recognised as the Best Foreign Exchange
Bank India by FinanceAsia in its 2015 Country Awards for Achievement and the Derivatives House of the Year India
by The Asset in its 2015 Triple A Private Banking, Wealth Management and Investment Awards.
Risk Management
Risk is an integral part of the banking business and the Bank aims at achieving an appropriate trade-off between risk
and returns. Key risks that the Bank is exposed to include credit, market, liquidity, operational (including information
security), legal, compliance and reputation risks, among others. The Bank has put in place an Enterprise Risk Management
framework that articulates its risk appetite and details the drill down of the same into a limit framework for various risk
categories. The risk governance framework ensures oversight and accountability, continuous monitoring for vulnerability
mapping and an integrated evaluation for effective risk management.
The Board of Directors has oversight on all the risks assumed by the Bank. The Board has established Committees to
facilitate focused oversight of various risks. These Committees have specific terms of reference. Policies approved from
time to time by the Board of Directors or Committees of the Board constitute the governing framework for each type
of risk. Business activities are undertaken within this policy framework. Independent groups and sub-groups have been
constituted across the Bank to facilitate independent evaluation, monitoring and reporting of various risks. These groups
function independently of the business groups.
Every year, the Risk Committee approves a detailed calendar of reviews. The calendar of reviews include reviews of
risk management policies in relation to various risks, risk profile of the Bank, its overseas banking subsidiaries and key
non-banking subsidiaries, assessment of capital adequacy based on the risk profile of the balance sheet and status with
respect to the implementation of advanced approaches under the Basel framework. The Credit Committee also approves
a detailed calendar of reviews every year covering the Banks exposure to various industries and outlook for those
industries, analysis of non-performing loans, overdues, incremental sanctions and specific review of key portfolios. A
summary of the reviews carried out by the Credit Committee and Risk Committee is reported to the Board of Directors.
The Bank has dedicated groups (Risk Management Group, Compliance Group, Corporate Legal Group, Internal Audit
Group and Financial Crime Prevention and Reputation Risk Management Group) with a mandate to identify, assess and
monitor the Banks principal risks in accordance with well-defined policies and procedures. The Risk Management Group,
Corporate Legal Group and Financial Crime Prevention and Reputation Risk Management Group report to an Executive
Director. The Audit Committee provides direction to and monitors the quality of the compliance and internal audit function.
83
Business Overview
The Compliance and Internal Audit Groups have administrative reporting to an Executive Director. These groups are
independent of all business operations and coordinate with representatives of the business units to implement the Banks
risk-management methodologies.
Credit Risk
Credit risk entails the risk of loss that may occur from any partys failure to abide by the terms and conditions of any
financial contract, principally the failure to make required payments to the Bank. All credit risk related aspects are
governed by a Credit and Recovery policy, approved by the Banks Board of Directors. The Credit and Recovery policy
outlines the type of products that can be offered, customer categories, targeted customer profile and the credit approval
process and limits. The Bank measures, monitors and manages credit risk at an individual borrower level and at the
portfolio level for non-retail borrowers. The credit risk for retail borrowers is being managed at portfolio level. The Banks
structured and standardised credit approval process includes a well-established procedure of comprehensive appraisal.
It has also established a Country Risk Management Policy, which addresses the identification, measurement, monitoring
and reporting of country risk.
The credit risk associated with any corporate financing proposal is assessed based on an analysis of the borrower and the
industry in which the borrower operates. The Bank has developed internal credit rating methodologies for rating obligors.
In case of facilities backed by third-party comforts such as corporate guarantees, letters of comfort, put option or shortfall
undertaking, the rating of the borrower for such facilities is anchored to that of the comfort provider. The rating serves
as a key input in the approval as well as post-approval credit processes. The Bank has a framework for conducting asset
reviews. The risk based review framework outlines the review schedule wherein the frequency of asset review is higher
for cases with higher exposure and/or lower credit ratings. These reviews are conducted periodically (quarterly, halfyearly or yearly) based on the review schedule. Relevant industry knowledge is constantly updated through field visits
and interactions with clients, sector regulators and industry experts.
The appraisal and execution of project finance transactions involves a detailed evaluation of technical, commercial,
financial, marketing and management factors and the sponsors financial strength and experience. The Bank identifies
the project risks, mitigating factors and residual risks associated with the project. As a part of its due diligence, the Bank
appoints consultants, including technical advisors, business analysts, legal counsel and insurance consultants, whenever
necessary. Risk mitigating factors in project finance loans include creation of debt service reserves and channelling
project revenues through a trust and retention account. The Banks project finance loans are generally fully secured, and
have full recourse to the borrower. In some cases, the Bank also takes additional credit comforts such as corporate or
personal guarantees from one or more sponsors of the project or a pledge of the sponsors equity holding in the project
company.
The Bank has refined and strengthened its framework for managing concentration risk, including limits/ thresholds with
respect to single borrower and group exposure.
In case of retail loans, sourcing and approval have been segregated to maintain independence. The Credit Risk Management
Group has oversight on the credit risk issues for retail assets including vetting of all credit policies and operating notes
proposed for approval by the Board of Directors or forums authorised by the Board. The Credit Risk Management Group
is also involved in portfolio monitoring for all retail assets and suggesting and implementing policy changes.
The Retail Credit and Policy Group is an independent unit focusing on policy formulation and portfolio tracking and
monitoring. This group also includes the Credit Administration Unit that services various retail business units for
credit underwriting. In addition, there is also a Business Intelligence Unit to provide support for analytics, score card
development and database management. The credit officers evaluate retail credit proposals on the basis of the product
policy vetted by the Credit Risk Management Group and approved by the Committee of Executive Directors. These
criteria vary across product segments but typically include factors like the borrowers income, the loan-to-value ratio
and demographic parameters. Reports from credit bureaus also serve as an important input in making credit decisions.
84
The technical valuations in case of residential mortgages are conducted by empanelled valuers or technical teams.
External agencies (field investigation agencies and credit processing agencies) are used to facilitate a comprehensive due
diligence. The process includes visits to offices and homes in case of loans to individual borrowers. In addition, the credit
officer checks a centralised delinquent database and reviews the borrowers profile before disbursements. The Bank also
avails the services of certain fraud-control agencies operating in India to check applications before disbursements.
The Credit Monitoring Group, the Treasury Control and Services Group and the Operations Group monitor operational
adherence to regulations, policies and internal approvals. The Bank has centralised operations to manage operational
risk in most back office processes of the Banks retail loan business. It has established the Financial Crime Prevention
Group as a dedicated and independent group, handling fraud prevention, detection, investigation, monitoring, reporting
and awareness creation functions. The segregation of responsibilities and oversight by groups external to the business
groups ensure adequate checks and balances.
The Banks credit approval authorisation framework is laid down by the Board of Directors. Several levels of credit approval
authorities have been established for corporate banking activities like the Credit Committee of the Board of Directors,
the Committee of Executive Directors (COED), the Committee of Senior Management, the Committee of Executives
(Credit) and the Regional Committee (Credit). The authorisation framework is risk based with lower rated borrowers and/
or larger exposures being escalated to higher committees. Retail Credit Forums and Small Enterprise Group Forums
have been created for approval of retail loans and credit facilities to small enterprises and agriculture based enterprises
respectively. In addition, the Bank conducts programme lending, which involves a cluster-based approach, wherein a
lending programme is implemented for a homogeneous group of individuals/business entities that comply with certain
laid down parameterised norms. All such programmes and applicable limits are pre-approved by the COED. Individual
executives are also delegated with powers to approve lending within the exposure limits set by the Board of Directors,
in case of retail products.
Market Risk
Market risk arises when movements in market factors (foreign exchange rates, interest rates, credit spreads and equity prices)
impact the Banks income or the market value of its portfolios. Exposure to market risk is segregated into two portfoliostrading and structural banking books. Trading portfolios comprise positions arising from market making activity and trading
on own account. Market risk on the trading portfolio is assessed and managed through measures such as net overnight open
position limit, price value of one basis point, value-at-risk and stop loss limits. The structural banking book comprises the nontrading portfolio, which includes the Banks corporate/retail assets and liabilities, the available for sale portfolio and the held
to maturity portfolio. The risks associated with non-trading portfolios are measured through metrics such as the duration of
equity, earnings at risk and liquidity gap limits. The limits are stipulated in our Investment Policy, Asset Liability Management
Policy and Derivatives Policy. These policies are reviewed and approved by the Banks Board of Directors.
The Asset Liability Management Committee (ALCO) comprises the MD & CEO, wholetime Directors and senior executives.
The ALCO meets periodically to review the Banks business profile and its impact on asset liability management. It
determines the asset liability management strategy in light of the current and expected business environment. It reviews
positions of the trading groups and the interest rate and liquidity gap positions on the banking book. The ALCO also sets
deposit and benchmark lending rates. The Market Risk Management Group recommends changes in risk policies and
processes and methodologies for quantifying and assessing market risks. Risk limits including position limits and stop
loss limits for the trading book are reported by the Treasury Control & Services Group and reviewed periodically.
Foreign exchange risk is tracked through the net overnight open position limit. Interest rate risk is measured through the
use of re-pricing gap analysis and duration analysis; and is tracked through interest rate risk limits approved by the ALCO.
The Bank uses various measurement tools of liquidity risk, including the statement of structural liquidity, dynamic liquidity
gap statements, liquidity ratios and stress testing. It maintains diverse sources of liquidity to facilitate flexibility in meeting
funding requirements. Incremental operations in the domestic market are principally funded by accepting deposits from
retail and corporate depositors. The deposits are augmented by borrowings in the short-term inter-bank market and
85
Business Overview
through the issuance of bonds, including long-term bonds (for financing infrastructure projects and affordable housing).
Loan maturities and sale of investments also provide liquidity. The Banks international branches are primarily funded by
debt capital market issuances, lines of financing from export credit agencies, syndicated loans, bilateral loans and bank
lines, while its international subsidiaries raise deposits from their local markets.
Operational Risk
Operational risk is the risk of loss resulting from inadequate or failed internal processes, people or systems, or from
external events. Operational risk includes legal risk but excludes strategic and reputational risks. Operational risk is
inherent in the Banks business activities in both domestic as well as overseas operations and spans a wide spectrum
of issues. Operational risk can result from a variety of factors, including (but not limited to) failure to obtain proper
internal authorisations, improperly documented transactions, failure of operational and information security procedures,
computer systems, software or equipment, fraud, inadequate training and errors committed by employees. The Banks
operational risk is managed through a comprehensive system of internal controls, systems and procedures to monitor
transactions, key back-up procedures and undertaking regular contingency planning. The control framework is designed,
based on categorisation of functions into front-office comprising business groups, middle office comprising credit and
treasury middle offices, back office comprising operations, corporate and support functions.
The Banks operational risk management governance and framework is defined in the Operational Risk Management
(ORM) Policy approved by the Board of Directors. The Policy is applicable across the Bank, including overseas
branches, ensuring a clear accountability and responsibility for management and mitigation of operational risk,
developing a common understanding of operational risk; and helping the business and operation groups to improve
internal controls, thereby reducing the probability and potential impact of losses from operational risks. While
the policy provides a broad framework, detailed standard operating procedures for operational risk management
processes have been established. The Bank has adopted the three lines of defence approach for internal operational
risk management. The business, operation and support functions are responsible for managing the operational
risks inherent in the products, processes, services and activities undertaken by them. A functionally independent
Operational Risk Management Group (ORMG) is the second line of defence, complementing and challenging the
business lines operational risk management activities. The ORMG is responsible for design, implementation and
enhancement of operational risk management framework; and to support business and operations groups in
operational risk management on an on-going basis. The Internal Audit Department (IAD) is the third line of defence,
which undertakes an independent review of the first and second lines. The operational risk management framework
comprises identification and assessment of risks and controls, new products and process approval framework,
measurement through incidents and exposure reporting, monitoring through key risk indicators and mitigation
through process and control enhancement and insurance. The objective of the Banks operational risk management
is to manage and control operational risks within targeted levels of operational risk consistent with the Banks risk
appetite as specified in the ORM Policy.
The Board-level Committees that undertake supervision and review of operational risk aspects are the Risk Committee,
Fraud Monitoring Committee, Audit Committee and Information Technology Strategy Committee. The Bank has also
constituted an Operational Risk Management Committee (ORMC) to oversee internal operational risk management.
The ORM Policy specifies the composition, roles and responsibilities of the ORMC. Other executive level committees
that oversee operational risk related aspects are Product and Process Approval Committee, Outsourcing Committee,
Information Security Committee, Information Technology Steering Committee, Committee of Executive Directors and
Business Continuity Management Steering Committee.
Human Resources
ICICI Bank has always been committed to its employee value propositions called saath aapka which was formally
articulated in 2011.These propositions focus on creating a more enabling workplace, ensuring employee welfare and
offering opportunities to learn and grow.
86
Several initiatives focussed on women employees were launched during fiscal 2016. An important initiative is
iWork@Home, which is designed to help the Banks women employees to deal with life-stage related challenges. Under
this initiative, women employees can opt to work from home for up to a year. This period is extendable depending on
circumstances. Employees are provided access to the operating system in a safe and secure manner, thereby creating
a seamless office-like environment. A unique face recognition technology platform has been developed in partnership
with IIT, Delhi for this initiative.
Managerial responsibilities like client interaction, business reviews or training often requires travelling outside ones
neighbourhood limits. In order to support these employees, the Bank bears expenses for the young child and the
caregiver to accompany the woman employee on such outstation travel. This initiative will help our women managers to
balance their professional and motherhood responsibilities.
In another initiative, the Bank launched iTravelSafe, a mobile application, to support women employees. This app tracks
the location of women employees (subject to their consent) while commuting to and from work. On activation of the
tracking option, the app provides easy access to a distress signal through the emergency panic button. Its unique car
sharing feature also helps employees share a ride with colleagues.
Capturing the rich legacy of the ICICI Group, the Bank has launched I-museum, a digital museum, in the form of a
mobile app. The museum captures the theme of: Born out of history to create history. It chronicles the ICICI Groups
rich legacy and celebrates the institutions culture built by its great leaders over six decades. The museum presents the
organisations journey and its deep-rooted linkage with Indias economic growth and progress. The museum provides
employees a unique glimpse into the creation and growth of the ICICI Group.
In December 2015, Chennai faced unprecedented heavy rainfall which flooded several parts of the city. During this
period, the Bank made all efforts to ensure safety and well-being of its employees in the flood affected areas. Field
teams were deployed to ascertain the whereabouts of the employees who could not be contacted and support them
and their families in distress. The Bank ensured timely assistance to the local teams and their families by availing help
from the Indian Coast Guard and the Indian Air Force for the rescue operations. The Bank extended salary advances and
medical help to all employees impacted by floods. Medical camps were set-up to administer prophylactic treatment to
the affected people.
The Bank accords high importance to initiatives which aim at improving the efficiency of employees.Structured handholding programmes for new employees in the frontline relationship and sales teams are conducted for improving
their productivity. In line with this, the Bank continues to leverage the internal role-linked and functional training
academies for its employees to provide the requisite knowledge and skills. Some of the initiatives like ICICI Sales
Academy, Probationary Officers Programme, Young Leaders Programme and the Business Leadership Programme
help sharpen the skillset of new recruits and focus on making them productive right from first day first hour. The
Sales Academy has been one of the Banks key strategic initiatives, ensuring the requisite number of ready and trained
front-end officers. The curriculum and pedagogy followed at the Sales Academy was revamped this year to enhance
focus on important products and regulations.
The Bank also introduced video-based learning modules for its employees. A new learning framework was developed
where content was re-designed to make it more interactive through audio-visual experience-based learning. The Bank
has upgraded its learning management system to host video based content. i-Studio, a custom-made video-conferencing
and web-casting tool, has been extensively used for learning sessions. The tool is also used for engaging with employees.
Given the geographical spread of branches and other work premises, i-Studio has been leveraged by the employee
relations managers to connect with teams on a real-time basis.
An interactive learning portal for the Probationary Officers (PO) Programme was made functional from the August 2015
batch. Its core feature was to ensure technology-based delivery of the PO Programme. The portal was designed to
enhance the learning experience using self-paced e-learning modules, gaming exercises, quizzes, Q&A forums, discussion
87
Business Overview
boards and webinar sessions. The portal can be accessed from a range of devices, including laptops, tablets and mobiles.
The programme content has been designed to facilitate a comprehensive learning using interactive modules and casestudies.
The Bank received the Employee Engagement Initiative of the Year award for 2016 at The Asian Bankers International
Excellence in Retail Financial Services 2016 Awards in Hong Kong. The Bank won the award for its unique approach to
hiring and professional development of POs and the implementation of an innovative and structured learning platform
for them.
Information Technology
At ICICI Bank, technology is an integral part of our business strategy serving multiple objectives and plays a key role
in promoting innovations in serving our customers. During fiscal 2016, the focus of the Banks IT strategy has been on
business alignment and engagement, innovation, stability and availability, information security, and risk and compliance.
The Bank continues to invest in advanced technologies and undertake effective utilisation of resources, thereby
delivering a technology architecture that is futuristic. This enables the Bank to provide a secure, superior, seamless and
uniform service experience to our customers across all channels. In order to further enhance the organise-wide focus
on leveraging technology and capitalising on opportunities in the digital space, the Bank has created a Technology and
Digital Group to be headed by a Chief Technology and Digital Officer, which will integrate all the technology teams as
well as the digital channels, business intelligence and analytics teams. The Technology and Digital Group will also be
responsible for incubating innovative projects and developing partnerships in the digital space.
The Bank made significant strides in mobile banking during fiscal 2016. Some important mobility-based solutions
comprise the following:
1. Revamped iMobile: The Bank has migrated its mobile banking application iMobile to a robust framework. The
application has been revamped to make it the most comprehensive banking application in the country. iMobile
currently offers more than 150 functionalities and is available across all mobile platforms. The first-of-its-kind
offerings integrated in the app enable the customers to enjoy the option of logging in through either their mobile pin
(MPIN) or personalised username, initiate a transaction before reaching the branch through Insta Banking, purchase
mutual funds and avail forex services, connect with the Banks call centre, avail of cardless cash withdrawal services
from an ATM, tag frequent transactions as favourites and receive alerts from Google Now and Touch ID (from Apple)
as an alternate authentication method for secured login.
2. Touch & Pay: The Bank has launched a retail payment initiative called Touch & Pay, which is a contactless mobile
payment solution for in-store payments from mobile phones by leveraging Host Card Emulation (HCE) technology.
This innovative technology emulates a payment card on a mobile device. The details of the card, however, are
stored on the Banks secure cloud server and not on the customers phone. Using these virtual cards, an ICICI Bank
customer can initiate electronic payments from NFC enabled smartphones by just waving his/her phone near a
contactless merchant terminal.
3. Quick Checkout: Quick checkout is a unique feature in merchant payments through digital channels where the
user can make payments without entering the user id/password. The user has to register for this service through
merchant sites and once registered, the user will not be asked the credentials (User id & Password) when making
a payment at the pre-registered merchant site. The authentication of the user happens through the unique identity
validation between merchant and the Bank. The users can also enable or disable this facility through net banking.
4. Rail ticket booking: ICICI Bank is Indias first bank to offer railway ticket booking to customers of any bank on its
website, in association with Indian Railways Catering and Tourism Corporation Limited (IRCTC).
5. Bulk Immediate Payment Service (IMPS) payments for corporates: This facility enables corporates to transfer
funds 24x7 using the IMPS platform provided by the National Payments Corporation of India. This facility provides
additional bank payment options to meet the payment cycles of corporates.
88
In addition, the Bank launched a range of technology-based products to offer more convenience to customers. Some of
these initiatives include Forex@click (a facility to purchase foreign exchange and travel card products 24x7), a dedicated
portal for the collection of central/state taxes, e-SOFTEX which enables software exporters to manage export reporting
to the authorities and doorstep banking for corporate customers which enables them to request collection and provide
disbursement instructions online.
To enhance fraud prevention measures, the Bank launched a real-time fraud monitoring tool for managing the fraud
on credit and debit cards. Big data and multi-channel campaign management have helped the Bank in campaigns,
management of real time offers, geospatial analytics and event-based marketing. The Bank continues to adopt state-ofthe-art technologies for infrastructure monitoring and data-centre optimisation to cater to evolving customer aspirations.
Additionally, the Bank has migrated its key systems (Core Banking System, Payment Gateway, Dealing Room Primary,
among others) to their latest versions enabling access to new features, enhanced security and better scalability.
KEY SUBSIDIARIES
ICICI Prudential Life Insurance Company (ICICI Life)
ICICI Life remains the market leader among private life insurers in terms of retail weighted received premium (RWRP) with
an overall market share of 11.3% and private market share of 21.9% for fiscal 2016. ICICI Lifes total premium in fiscal
2016 was ` 191.64 billion as compared to ` 153.07 billion during fiscal 2015 while the annualised premium equivalent
for fiscal 2016 was ` 51.70 billion as compared to ` 47.44 billion for fiscal 2015. The profit after tax was ` 16.50 billion as
compared to ` 16.34 billion in fiscal 2015. The total assets under management for ICICI Life stood at ` 1,039.39 billion
as on March 31, 2016. During fiscal 2016, ICICI Bank sold a 6.0% stake in ICICI Life to two investors, at a company
valuation of ` 325.00 billion. Post the transaction, our share ownership in ICICI Life came down from approximately 74%
to approximately 68%.
ICICI Lombard General Insurance Company (ICICI General)

ICICI Generals Gross Written Premium (GWP) was ` 83.07 billion in fiscal 2016. The company maintained its market
leadership in the private sector with an overall market share of 8.4%. The company witnessed an increase in policy
volumes by 13.90% from 13.87 million in fiscal 2015 to ` 15.80 million in fiscal 2016. ICICI Generals profit before tax
increased from ` 6.91 billion in fiscal 2015 to ` 7.08 billion in fiscal 2016 despite the impact of Chennai floods and high
weather insurance claims. ICICI Generals profit after tax decreased from ` 5.36 billion in fiscal 2015 to ` 5.07 billion
fiscal 2016, due to a higher effective tax rate in fiscal 2016, as loss carried forward from earlier years had already been
absorbed in prior periods. In fiscal 2016, ICICI Bank sold a 9.0% stake in ICICI General to its joint venture partner, Fairfax
Financial Holdings, at a company valuation of ` 172.25 billion. Following the transaction, the share ownership in ICICI
Lombard General Insurance Company of ICICI Bank and Fairfax Financial Holdings Limited is approximately 64% and
35%, respectively.
ICICI Prudential Asset Management Company (ICICI AMC)

ICICI Prudential AMC had quarterly average assets under management of ` 1,758.81 billion for quarter ended March 31,
2016, making it the largest asset management company in India. The overall market share in mutual fund business has
grown to 13.0% on quarterly average basis compared to 12.5% in fiscal 2015. At March 31, 2016, the closing equity mutual
fund AUM (excluding exchange traded funds) has moved up to ` 614.10 billion and the market share has increased to
14.4% from 13.5% in March 2015. ICICI AMC posted a profit after tax of ` 3.26 billion for the year ended March 31, 2016,
an increase of 32% as compared to ` 2.47 billion for the year ended March 31, 2015.
In fiscal 2016, the Company won the Best Fund House (Equity Category) in the Morningstar Fund Awards 2016, the Best
Debt Fund House Award in Business Today - Money Today Financial Awards 2016 and the Best Fund House - India 2016
at the APAC Investment Awards 2016.
89
Business Overview
ICICI Venture Funds Management Company (ICICI Venture)
ICICI Venture is a diversified specialist alternative asset manager with a presence across private equity, real estate,
infrastructure and special situations. During fiscal 2016, the fourth private equity fund concluded its first closing at ~USD
190 million (including co-investment capital). This comes after the final closing, during the last fiscal, of one of the largest
India focused alternative funds ever raised (AION), a USD 825 million special situations fund to which ICICI Venture is
an advisor under a strategic alliance with a leading global alternative asset manager (Apollo Global Management). ICICI
Ventures momentum of exits was sustained during fiscal 2016 as well. ICICI Venture has concluded 51 exits worth about
USD 1.3 billion since 2009 which is amongst the highest in the Indian market for this period. During fiscal 2016, the
company also concluded a diverse range of investments across its various funds into sectors such as consumer products
and services, retail and financial services. In fiscal 2016, ICICI Venture posted a loss of ` 0.21 billion for the year ended
March 31, 2016 compared to profit after tax of ` 0.01 billion for the year ended March 31, 2015.
ICICI Securities
During fiscal 2016, the Company introduced innovative products and services using effective technology to aid its 3.8
million retail customers. The Corporate Finance business continued to build a deal pipeline of diverse products whereas
the Institutional Broking segment enhanced corporate access through various conferences and events. The Company
achieved a consolidated profit after tax ` 2.39 billion in fiscal 2016 compared to ` 2.94 billion in fiscal 2015.
ICICI Securities Primary Dealership (I-Sec PD)

I-Sec PD maintained its leadership in primary subscription and underwriting and has clocked a CAGR of 23.9% since fiscal
2010 to fiscal 2016 in volumes achieved in government securities. Along with its established franchise with domestic
institutional investors, the Company also increased its outreach to the Foreign Portfolio Investors segment. The Company
managed multiple corporate debt placements aggregating to ` 753.92 billion in fiscal 2016 and is ranked amongst the
top five in the PRIME league tables. The Company is one of the fund managers managing the corpus of the Employee
Provident Fund Organisation, Indias largest retirement fund as well as the Coal Mines Provident Fund, the second largest
fund, making it one of the largest discretionary fund managers in the country. I-Sec PDs profit after tax was ` 1.95 billion
in fiscal 2016 compared to ` 2.17 billion in fiscal 2015.
ICICI Bank UK Plc. (ICICI Bank UK)

ICICI Bank UKs profit after tax in fiscal 2016 was USD 0.5 million compared to USD 18.3 million in fiscal 2015. The
decrease in profits was primarily on account of higher specific provisions on impaired loans. At March 31, 2016, ICICI
Bank UK had total assets of USD 4.61 billion compared to USD 4.13 billion at March 31, 2015. It had a capital adequacy
ratio of 16.7% at March 31, 2016 compared to 19.2% at March 31, 2015.
ICICI Bank Canada

ICICI Bank Canadas profit after tax for fiscal 2016 was CAD 22.4 million compared to CAD 33.7 million in fiscal 2015. The
decrease in profits was on account of higher specific provision on existing impaired loans. As at March 31, 2016, ICICI
Bank Canada had total assets of CAD 6.52 billion compared to CAD 5.95 billion as at March 31, 2015. ICICI Bank Canada
had a capital adequacy ratio of 23.6% as at March 31, 2016 compared to 28.5% as at March 31, 2015.
90
CREDIT RATING
ICICI Banks credit ratings by various agencies at March 31, 2016 are given in the following table:
Rating Agency
Rating
ICRA Limited
Credit Analysis & Research Limited (CARE)
CRISIL Limited
Moody's Investors Service
Standard and Poor's (S&P)
Japan Credit Rating Agency (JCRA)
[ICRA] AAA
CARE AAA
CRISIL AAA
Baa31
BBB-1
BBB+1
1.
Senior foreign currency debt ratings
Vision
To be the leading provider of financial services in India and enhance our
positioning among global banks through sustainable value creation.
Mission
To create value for our stakeholders by:

being the financial services provider of first choice for our customers
by delivering high quality, world-class products and services
playing a proactive role in the full realisation of Indias potential and

contributing positively in all markets where we operate
maintaining high standards of governance and ethics; and balancing

growth, profitability and risk to deliver and sustain healthy returns on
capital
91
Managements Discussion & Analysis

BUSINESS ENVIRONMENT
The global economic environment remained subdued during fiscal 2016. The U.S. Federal Reserve raised interest
rates by 25 basis points in December 2015, while other advanced and emerging economies continued to pursue an
accommodative monetary policy. The U.S. Federal Reserve thereafter kept interest rates stable in the subsequent monetary
policy statement and indicated that the rate increase would be gradual. There was a slowdown in economic growth in
China to 6.9% in calendar year 2015 compared to 7.3% in calendar year 2014, and a depreciation of the Chinese currency.
Commodity prices continued to weaken given low demand and excess supply. The price of the benchmark Brent crude
fell from US$ 55 per barrel at end-March 2015 to a low of US$ 28 per barrel around mid-January 2016 but recovered
thereafter to US$ 40 per barrel at end-March 2016. Metal prices also declined during the year. These developments
led to significant volatility in global financial markets. Several emerging market economies saw a depreciation of their
currencies during the period.
In India, economic activity during the first nine months of fiscal 2016 showed a gradual improvement. Indias gross
domestic product grew by 7.5% during the first nine months of fiscal 2016, compared to growth of 7.4% during the first
nine months of fiscal 2015. As per industry-wise growth estimates (gross value added), the agriculture sector grew by
0.6%, the industrial sector by 7.4% and the services sector by 9.2% during the first nine months of fiscal 2016 compared
to 0.3%, 5.9% and 10.7%, respectively, during the corresponding period of fiscal 2015.
Inflation remained moderate during fiscal 2016. Retail inflation, as measured by the Consumer Price Index (CPI), eased
from 5.3% in March 2015 to a low of 3.7% in July-August 2015, and increased subsequently to 4.8% in March 2016. Core
CPI inflation, excluding food and fuel products, increased from 4.2% in March 2015 to 4.7% in March 2016. Inflation, as
measured by the Wholesale Price Index (WPI), remained negative through fiscal 2016 and was -0.9% in March 2016.
With inflation remaining within its target range, Reserve Bank of India (RBI) reduced the repo rate by 75 basis points during
fiscal 2016 with a 25 basis points reduction from 7.50% to 7.25% in June 2015 and another 50 basis points reduction to
6.75% in September 2015. This took the cumulative reduction in the repo rate since January 2015, when the policy rate
reduction cycle began, to 125 basis points. In April 2016, RBI has reduced the repo rate by a further 25 basis points to 6.50%.
Trends in merchandise trade remained muted during fiscal 2016. Exports declined by 15.6% to US$ 261.12 billion and
imports declined by 15.3% to US$ 379.60 billion. The decline was primarily due to continued weak global demand and low
global commodity prices. Indias Current Account Deficit (CAD) was at 1.4% of gross domestic product during the first nine
months of fiscal 2016. Foreign Direct Investment (FDI) improved to US$ 33.66 billion during the first nine months of fiscal
2016 compared to US$ 24.80 billion during the corresponding period of fiscal 2015. There was a net outflow of investments
by Foreign Portfolio Investors (FPIs) of US$ 3.99 billion during the first nine months of fiscal 2016, with a net outflow of US$
4.31 billion in equity markets and a net inflow of US$ 0.32 billion in debt markets. The benchmark S&P BSE Sensex declined
by 9.4% during fiscal 2016 to close at 25,342. The Rupee depreciated from ` 62.3 per U.S. dollar at March 31, 2015 to ` 66.4
per U.S. dollar at March 31, 2016. Yields on the benchmark 10-year government securities remained in the range of 7.7% to
7.8% for most part of the year but eased towards the end of the year to 7.4% at March 31, 2016.
During fiscal 2016, the government announced several policy measures. A composite cap on foreign investments was
introduced which is applicable across all sectors and has brought different kinds of foreign investments under a single
combined limit. Further, the list of economic activities eligible for foreign investment under the automatic route was
expanded. In the area of financial inclusion, apart from the Pradhan Mantri Jan Dhan Yojana which was announced in
fiscal 2015, the government announced several new schemes including pension and insurance schemes and a financial
scheme for micro, small and medium enterprises. A scheme to support start-ups was also announced. During the year,
the first 20 cities to be converted into Smart Cities were identified. With regard to the financial sector, the Indradhanush
scheme for public sector banks was announced. Key proposals announced in the Union Budget for fiscal 2017 included
a plan to introduce a Comprehensive Code on Resolution of Financial Firms which together with the Bankruptcy Code
is expected to provide a strong resolution framework for banks; operationalising the Bank Board Bureau; and allowing
foreign investment in the insurance and pension sectors under the automatic route.
With regard to trends in banking, non-food credit growth remained subdued during fiscal 2016. Growth moderated from
12.7% year-on-year at April 3, 2015 to 10.3% at April 1, 2016. Credit growth was mainly driven by the retail segment.
Based on sector-wise credit deployment, growth in credit to industry was 2.7%, services 9.1%, retail 19.4% and agriculture
15.3% year-on-year at March 18, 2016. Deposit growth in the banking system also remained muted in the range of 9-12%
92
during the year. Total deposits grew by 9.7% year-on-year at April 1, 2016 compared to a growth of 12.1% at April 3, 2015.
Demand deposits grew by 15.0% year-on-year at April 1, 2016 compared to a growth of 23.7% at April 3, 2015. Time
deposits grew by 9.1% year-on-year at April 1, 2016 compared to a growth of 10.9% at April 3, 2015.
The operating environment for the Indian corporate sector continued to remain challenging in view of the subdued global
scenario, gradual nature of the domestic economic recovery, continued weak corporate investment activity, delays and
shortfalls in cash flow generation from investments and high leverage. The decline in commodity prices had an impact
on borrowers in commodity-linked sectors, such as iron and steel. These conditions led to increasing levels of nonperforming loans for the Indian banking sector.
With regard to performance of the insurance sector, the first year retail premium underwritten in the life insurance sector
(on weighted received premium basis) grew by 8.1% to ` 440.76 billion during fiscal 2016 compared to ` 407.65 billion
in fiscal 2015. Gross premium of the non-life insurance sector (excluding specialised insurance institutions) grew by
13.6% to ` 915.72 billion during fiscal 2016 compared to ` 805.84 billion during fiscal 2015. The average assets under
management of mutual funds increased by 13.9% from ` 11,886.90 billion for the three months ended March 31, 2015 to
` 13,534.43 billion for the three months ended March 31, 2016.
Some important regulatory measures announced during fiscal 2016 were:
In April 2015, RBI issued revised guidelines on priority sector lending, based on the recommendations of the internal
working group set up to revisit the priority sector lending guidelines. These revised priority sector guidelines are
applicable from fiscal 2016. The overall target for priority sector lending would continue to be 40.0% of adjusted net
bank credit. Sub-targets for direct and indirect lending to agriculture were combined and sub-targets of 8.0% for
lending to small and marginal farmers and 7.5% lending target to micro-enterprises were introduced. These subtargets are to be achieved in a phased manner by March 2017. Sectors qualifying for priority sector lending have
been broadened to include medium-size enterprises, social infrastructure and renewable energy. Priority sector
lending achievements will be evaluated on a quarterly average basis from fiscal 2017. According to the guidelines,
foreign banks with less than 20 branches will also now be required to meet priority sector lending targets of 40.0%
of adjusted net bank credit, on par with domestic banks and foreign banks with 20 or more branches by fiscal 2020.
Further, in July 2015, RBI directed banks to maintain direct lending to non-corporate farmers at the banking systems
average level for the last three years, failing which banks will attract penalties for the shortfall. The banking systems
average level will be notified at the beginning of each year. The target for fiscal 2016 was set at 11.51%;
In April 2015, RBI allowed banks to introduce an early withdrawal facility in term deposits as a distinguishing feature
for offering differential rates of interest. All term deposits of individuals of ` 1.5 million and below will have a
premature withdrawal facility. For other term deposits, customers have the option to choose between term deposits
either with or without premature withdrawal facility;
In May 2015, RBI allowed banks to spread the shortfall from the sale of non-performing assets to asset reconstruction
companies over a period of two years, in the event the sale value is lower than the net book value. This dispensation
is available only for non-performing assets sold up to March 31, 2016;
In May 2015, RBI issued draft guidelines on net stable funding ratio. According to the draft guidelines, the net stable
funding ratio is defined as the amount of available stable funding required to cover the liquidity requirements and
asset maturities coming up over the next year. Banks will be required to maintain a ratio of at least 100.0% on an
ongoing basis. These guidelines are expected to be applicable from January 1, 2018;
In May 2015, RBI introduced a framework for dealing with loan frauds. The guidelines relate to detection, reporting
and monitoring of fraud accounts. They prescribe continuous monitoring and red flagging of accounts based on
early warning signals for accounts above ` 500.0 million. Frauds have to be reported on RBIs central repository of
information on large credits for dissemination to other banks and decision-making by the joint lenders forum in
case of consortium or multiple banking arrangements. Restructuring or grant of additional facilities would not be
permitted in case of fraud or red flagged accounts;
In June 2015, RBI issued guidelines on the compensation of non-executive directors of private sector banks. According
to the guidelines, the board of directors, in consultation with its remuneration committee, should formulate and
adopt a comprehensive compensation policy for the non-executive directors (other than the part-time non-executive
chairman). In the policy, the board may provide for the payment of compensation in the form of a profit related
93

commission, subject to the Bank making profits. Such compensation should not exceed ` 1.0 million per annum for
each director. Further, private sector banks have to obtain prior approval of RBI for paying remuneration to the parttime non-executive chairman;
In June 2015, RBI permitted banks to invest in long term infrastructure bonds issued by other banks subject to certain
conditions including (i) investments in these bonds cannot be considered as inter-bank assets for the purpose of the
calculation of net demand and time liabilities, (ii) they cannot be held under the held-to-maturity category, (iii) a banks
investment in these bonds cannot exceed 2.0% of its Tier 1 capital or 5.0% of the issue size, whichever is lower, and
(iv) aggregate holding in such bonds cannot exceed 10.0% of a banks total non-statutory liquidity ratio investments;
In June 2015, RBI issued guidelines on strategic debt restructuring. The guidelines provide for conversion of debt into
equity and acquisition of majority ownership of the borrower by banks. On conversion of debt into equity, banks are
allowed to continue with the current asset classification for an 18-month period. On transfer of ownership to a new sponsor,
the asset can be upgraded to the standard category and refinancing of the debt is allowed without such refinancing being
treated as a restructuring. However, in the event a new sponsor is not identified within the 18 month period, the Bank
has to revert to the earlier asset classification norm as was applicable prior to the stand-still in asset classification. In
September 2015, RBI expanded the eligibility for strategic debt restructuring to accounts where the corrective action plan
has failed. In February 2016, RBI allowed banks to classify the asset as standard on divesting 26.0% of the shares of the
company, lower than the earlier requirement of 51.0%. To avoid a sudden increase in provisioning in case the strategic
debt restructuring fails, RBI has directed banks to increase provisions on such accounts to up to 15.0% by the end of the
18 month stand-still period, to be made in equal installments over four quarters;
In July 2015, RBI issued guidelines on the discount rate for computing the present value of future cash flows of a
restructured account. The guideline prescribes that a rate equal to the actual interest rate charged to the borrower
before restructuring may be used to discount the future cash flows for the purpose of determining the diminution of
fair value of the loan on restructuring;
In August 2015, the Insurance Regulatory and Development Authority of India issued regulations on registration of
corporate agents for the sale of insurance products where an agent can tie up with up to three insurance companies
each in life, non-life and health insurance sectors;
Under the Framework for Revitalising Distressed Assets in the economy, in September 2015, RBI issued revisions
to the guidelines on Joint Lenders Forum and corrective action plan. According to the revisions, the Joint Lenders
Forum can initiate strategic debt restructuring in the event the corrective action plan fails. All lenders would have
to provide additional finance once agreed by the Joint Lenders Forum unless they exit. An empowered group of
lenders would be formed which will approve the rectification/restructuring package under the corrective action plan.
In February 2016, a further revision was issued requiring that the corrective action plan be approved by 50% of the
lenders, as compared to the earlier requirement of 60% of lenders;
In October 2015, RBI issued directions to banks on the implementation of the Government of Indias Gold Monetisation
Scheme and the Sovereign Gold Bond Scheme;
In November 2015, RBI issued a revised framework for external commercial borrowings. The key features of
the revised framework include fewer restrictions on end-use, a liberal approach for Indian rupee denominated
borrowings where the currency risk is borne by the lender, an expanded list of overseas lenders to include sovereign
wealth funds, pension funds and insurance companies, and enhanced limits for small value external commercial
borrowings with minimum average maturity of three years from US$ 20 million to US$ 50 million. The framework
comprises three components or tracks: 1) medium-term foreign currency borrowing with minimum average
maturity of three to five years; 2) long-term foreign currency borrowing with minimum average maturity of 10 years
and 3) Indian rupee denominated borrowings with minimum average maturity of three to five years. Lending by
overseas branches and subsidiaries of Indian banks is permitted only for medium term borrowings. Further, in March
2016, RBI issued amendments to the framework and allowed infrastructure NBFCs, asset finance NBFCs and core
investment companies to raise ECBs under Track I of the framework with minimum average maturity period of five
years subject to 100% hedging;
In December 2015, RBI issued final guidelines on the computation of lending rates based on marginal cost of funds.
The Marginal Cost of funds based Lending Rate (MCLR) is applicable for loans made and credit limits renewed from
April 1, 2016. It is a tenor linked benchmark. The methodology for computing the marginal cost of funds based
94
lending rate comprises marginal cost of funds, negative carry on account of cash reserve ratio, operating costs and
tenor premium. The guideline has specified categories of loans which can be priced without linkage to the marginal
cost of funds based lending rate. Banks have to review and publish their marginal cost of funds based lending rate
every month on a pre-announced date for different maturities ranging from overnight rate to up to one year. The
periodicity of reset shall be one year or lower. Loans linked to the base rate can continue till repayment or renewal
with existing borrowers having the option to move to the marginal cost of funds based lending rate linked loan at
mutually acceptable terms. Earlier, banks were not permitted to extend fixed rate loans at a rate of interest lower
than the base rate. This restriction no longer applies in the MCLR framework;
During the three months ended December 31, 2015, RBI articulated the objective of early and conservative
recognition of stress and provisioning, held discussions with and asked a number of Indian banks to review certain
loan accounts and their classification over the three months ended December 31, 2015 and the three months ended
March 31, 2016. As a result of the above factor, non-performing loans increased significantly in the banking system
during the second half of fiscal 2016. RBI also directed banks to make an additional provision of 10% during the year
ending March 31, 2017 in respect of restructured loan accounts highlighted by RBI;
In March 2016, RBI issued guidelines expanding the eligibility for common equity Tier 1 capital to include 45.0% of
revaluation reserves, which earlier qualified for inclusion in Tier 2 capital, and 75.0% of foreign currency translation
reserves. The guidelines further allowed recognition of deferred tax assets arising due to timing differences,
excluding accumulated losses, as Tier 1 capital up to 10.0% of a banks common equity Tier 1 capital, in line with
the guidelines of the Basel Committee on Banking Supervision (BCBS); and
In March 2016, the Ministry of Finance revised the methodology for determining interest rates on various small
savings schemes. As per the guidelines, interest rates of such savings schemes would be reset every quarter based
on G-sec yields of the previous three months.
STANDALONE FINANCIALS AS PER INDIAN GAAP

Summary
Over the past two years, the domestic economic recovery has been gradual and the global economic environment has
become challenging. Fiscal 2016 witnessed a slowdown in global economic growth mainly on account of lower growth in
China and emerging market economies, divergence in global monetary policy and significant decline in commodity prices
including crude oil and metals. Due to the increased level of risks in the business environment, the Indian banking system in
general has experienced an increase in the level of additions to non-performing loans including slippages from restructured
loans. During three months ended December 31, 2015, RBI articulated the objective of early and conservative recognition of
stress and provisioning, held discussions with and asked a number of Indian banks to review certain loan accounts and their
classification over the three months ended December 31, 2015 and three months ended March 31, 2016, through its Asset
Quality Review. As a result of the above factors, non-performing loans of the Bank increased significantly in the second half
of fiscal 2016.
Profit before collective contingency and related reserve and tax decreased marginally from ` 158.20 billion in fiscal 2015
to ` 157.96 billion in fiscal 2016. The decrease in profit before collective contingency and related reserve was mainly due
to an increase in provisions for non-performing assets and a 10.3% increase in non-interest expenses, offset, in part, by
an 11.5% increase in net interest income and a 25.8% increase in non-interest income.
Net interest income increased by 11.5% from ` 190.40 billion in fiscal 2015 to ` 212.24 billion in fiscal 2016 reflecting an
increase of 11.1% in the average volume of interest-earning assets.
Non-interest income increased by 25.8% from ` 121.76 billion in fiscal 2015 to ` 153.22 billion in fiscal 2016 primarily
due to an increase in income from treasury-related activities and fee income. Income from treasury-related activities for
fiscal 2016 included gains of ` 33.74 billion from sale of stake in ICICI Prudential Life Insurance Company Limited and
ICICI Lombard General Insurance Company Limited. Fee income increased by 6.4% from ` 82.87 billion in fiscal 2015 to
` 88.20 billion in fiscal 2016.
Non-interest expenses increased by 10.3% from ` 114.96 billion in fiscal 2015 to ` 126.83 billion in fiscal 2016 primarily
due to an increase in non-employee related expenses.
95

Provisions and contingencies (excluding collective contingency and related reserve and provision for tax) increased by
` 41.68 billion from ` 39.00 billion in fiscal 2015 to ` 80.67 billion in fiscal 2016. This increase was primarily due to an
increase in provisions on non-performing assets. The net NPA ratio increased from 1.40% at March 31, 2015 to 2.67% at
March 31, 2016. Provisions for non-performing assets are likely to remain elevated in the near term.
The weak global economic environment, the sharp downturn in the commodity cycle and the gradual nature of the
domestic economic recovery has adversely impacted the borrowers in certain sectors such as iron and steel, mining,
power, rigs and cement. While the banksare working towards resolution of stress on certain borrowers in these sectors,
it may take some time for solutions to be worked out, given the weak operating and recovery environment.In view of the
above, the Bank, on a prudent basis, has created a collective contingency and related reserve of ` 36.00 billion towards
its exposures to these sectors.
The income tax expense (including wealth tax) decreased by 46.8% from ` 46.45 billion in fiscal 2015 to ` 24.70 billion in
fiscal 2016 primarily due to lower applicable tax on sale of equity investments and set-off of carry forward capital losses
pertaining to earlier periods.
The profit after tax decreased by 13.0% from ` 111.75 billion in fiscal 2015 to ` 97.26 billion in fiscal 2016.
Net-worth increased from ` 804.29 billion at March 31, 2015 to ` 897.36 billion at March 31, 2016 primarily due to accretion
to reserves from profit for the year and creation of revaluation reserves on fixed assets. Total assets increased by 11.5%
from ` 6,461.29 billion at March 31, 2015 to ` 7,206.95 billion at March 31, 2016. Total deposits increased by 16.6% from
` 3,615.63 billion at March 31, 2015 to ` 4,214.26 billion at March 31, 2016. Savings account deposits increased by 16.9%
from ` 1,148.60 billion at March 31, 2015 to ` 1,342.30 billion at March 31, 2016. Current account deposits increased
by 18.9% from ` 495.20 billion at March 31, 2015 to ` 588.70 billion at March 31, 2016. Term deposits increased by
15.8% from ` 1,971.83 billion at March 31, 2015 to ` 2,283.26 billion at March 31, 2016. The current and savings account
(CASA) ratio was 45.8% at March 31, 2016 compared to 45.5% at March 31, 2015. Total advances increased by 12.3%
from ` 3,875.22 billion at March 31, 2015 to ` 4,352.64 billion at March 31, 2016 primarily due to an increase in domestic
advances. Retail advances increased by 23.3% from ` 1,644.41 billion at March 31, 2015 to ` 2,027.90 billion at March
31, 2016.
The Bank continued to expand its branch network in India. The branch network of the Bank in India increased from 4,050
branches at March 31, 2015 to 4,450 branches at March 31, 2016. The ATM network of the Bank increased from 12,451
ATMs at March 31, 2015 to 13,766 ATMs at March 31, 2016.
The Bank is subject to the Basel III capital adequacy guidelines stipulated by RBI. The total capital adequacy ratio of the
Bank at March 31, 2016 in accordance with RBI guidelines on Basel III was 16.64% with a Tier-1 capital adequacy ratio of
13.09% as compared to 17.02% with a Tier-1 capital adequacy ratio of 12.78% at March 31, 2015.
Operating results data

The following table sets forth, for the periods indicated, the operating results data.
Particulars
Interest income
Interest expense
Net interest income
Non-interest income

- Fee income1

- Treasury income

- Dividend from subsidiaries

- Other income (including lease income)2
Operating income
Operating expenses
96
Fiscal 2015
Fiscal 2016
% change
` 490.92
300.52
190.40
` 527.39
315.15
212.24
7.4%
4.9
11.5
82.87
16.93
15.59
6.37
312.16
114.96
88.20
40.60
15.35
9.07
365.46
126.83
6.4
(1.5)
42.4
17.1
10.3

Particulars
Operating profit
Provisions, net of write-backs (excluding collective contingency
and related reserve (CCRR))
Profit before CCRR and tax
Collective contingency and related reserve
Profit before tax
Tax, including deferred tax
Profit after tax
1.
2.
3.
4.
Fiscal 2015
Fiscal 2016
% change
197.20
238.63
21.0
39.00
158.20
158.20
46.45
` 111.75
80.67
157.96
36.00
121.96
24.70
` 97.26
(0.2)
(22.9)
(46.8)
(13.0%)
Fiscal 2015
Fiscal 2016
14.32
1.86
19.32
138.74
26.55
36.83
11.32
1.49
16.75
154.32
24.13
34.70
Includes merchant foreign exchange income and margin on customer derivative transactions.
Includes exchange gains related to overseas operations.
All amounts have been rounded off to the nearest ` 10.0 million.
Prior period figures have been re-grouped/re-arranged, where necessary.
Key ratios
The following table sets forth, for the periods indicated, the key financial ratios.
Particulars
Return on average equity (%)1
Return on average assets (%)2
Earnings per share (`)
Book value per share (`)
Fee to income (%)
Cost to income (%)3
1.
2.
3.
Return on average equity is the ratio of the net profit after tax to the quarterly average equity share capital and reserves.
Return on average assets is the ratio of net profit after tax to average assets.
Cost represents operating expense. Income represents net interest income and non-interest income.
Net interest income and spread analysis

The following table sets forth, for the periods indicated, the net interest income and spread analysis.
Interest income
Interest expense
Net interest income
Average interest-earning assets1
Average interest-bearing liabilities1
Net interest margin
Average yield on interest-earning assets
Average cost of funds
Interest spread
Fiscal 2015
Fiscal 2016
% change
` 490.92
300.52
190.40
` 527.39
315.15
212.24
7.4%
4.9
11.5
5,476.64
` 4,870.63
3.48%
8.96%
6.17%
2.79%
6,084.83
` 5,391.57
3.49%
8.67%
5.85%
2.82%
11.1
10.7
1. The average balances are the sum of the daily average balances outstanding except for the averages of overseas branches of ICICI
Bank which are calculated on a fortnightly basis up to September 2014. From October 2014, averages of foreign branches are
averages of daily balances.
2. All amounts have been rounded off to the nearest ` 10.0 million.
97

Net interest income increased by 11.5% from ` 190.40 billion in fiscal 2015 to ` 212.24 billion in fiscal 2016 reflecting an
increase of 11.1% in the average volume of interest-earning assets.
The yield on average interest-earning assets decreased by 29 basis points from 8.96% in fiscal 2015 to 8.67% in fiscal
2016. The cost of funds decreased by 32 basis points from 6.17% in fiscal 2015 to 5.85% in fiscal 2016. The interest
spread increased by 3 basis points from 2.79% in fiscal 2015 to 2.82% in fiscal 2016. Net interest margin increased
marginally by 1 basis point from 3.48% in fiscal 2015 to 3.49% in fiscal 2016.
The net interest margin on domestic operations decreased by 7 basis points from 3.90% in fiscal 2015 to 3.83% in fiscal
2016 primarily due to a decrease in the yield on interest-earning assets, offset, in part, by a decrease in the cost of funds.
The yield on interest-earning assets decreased primarily due to a decrease in the yield on advances and investments,
offset, in part, by an increase in the yield on other interest-earning assets. The cost of funds decreased primarily due to
a decrease in cost of term deposits and cost of borrowings.
Net interest margin of overseas branches increased from 1.65% in fiscal 2015 to 1.86% in fiscal 2016 primarily due to
a decrease in cost of funds. Cost of funds decreased primarily due to re-pricing/prepayment of high-cost borrowings.
The following table sets forth, for the periods indicated, the trend in yield, cost, spread and margin.
Fiscal 2015
Fiscal 2016
- Cost of deposits

- Current and savings account (CASA) deposits

- Term deposits
- Cost of borrowings
8.96%
9.95
7.87
8.01
7.49
5.20
6.17
6.18
3.00
8.25
6.16
8.67%
9.47
7.61
7.84
6.83
5.49
5.85
5.88
3.00
7.86
5.77
Interest spread
Net interest margin
2.79
3.48%
2.82
3.49%
Yield on interest-earning assets

- On advances
- On investments1

- On SLR investments

- On other investments1
- On other interest-earning assets1
Cost of interest-bearing liabilities
1. In accordance with the Reserve Bank of India circular dated July 16, 2015, investment in the Rural Infrastructure and Development
Fund and other related deposits has been re-grouped to line item Others under Schedule 11 - Other Assets and interest on the
Rural Infrastructure and Development Fund and other related deposits has been re-grouped from line item income on investments
to Others. Accordingly, figures of the previous periods have been re-grouped to conform to the current year presentation.
The yield on average interest-earning assets decreased primarily due to the following factors:
The yield on average interest-earning assets decreased by 29 basis points from 8.96% in fiscal 2015 to 8.67% in
fiscal 2016 primarily due to a decrease in yield on advances and yield on investments, offset, in part, by an increase
in proportion of average advances in total interest-earning assets. The yield on average advances decreased by 48
basis points from 9.95% in fiscal 2015 to 9.47% in fiscal 2016 and yield on average investments decreased by 26
basis points from 7.87% in fiscal 2015 to 7.61% in fiscal 2016.
The yield on advances was impacted by an increase in non-performing assets during fiscal 2016, as interest income
is not accrued on non-performing assets. The yield on domestic advances decreased by 78 basis points from 11.85%
in fiscal 2015 to 11.07% in fiscal 2016 primarily due to the above and a reduction in the base rate by 65 basis points
during fiscal 2016. The yield on overseas advances decreased by 10 basis points from 4.44% in fiscal 2015 to 4.34%
in fiscal 2016. However, the overall yield on average advances decreased by 48 basis points from 9.95% in fiscal
2015 to 9.47% in fiscal 2016 reflecting the positive impact of the increase in the proportion of domestic advances in
total advances.
98
The Reserve Bank of India reduced the repo rate by 125 basis points from 8.00% to 6.75% in four phases on January
15, 2015, March 4, 2015, June 2, 2015 and September 29, 2015. The Bank reduced its base rate by 65 basis points
from 10.00% to 9.35% in three phases - 25 basis points with effect from April 10, 2015, 5 basis points with effect from
June 26, 2015 and 35 basis points with effect from October 5, 2015.
The yield on average interest-earning investments decreased from 7.87% in fiscal 2015 to 7.61% in fiscal 2016 primarily
due to a decrease in the yield on Statutory Liquidity Ratio (SLR) investments. The yield on SLR investments decreased
by 17 basis points from 8.01% in fiscal 2015 to 7.84% in fiscal 2016 primarily due to softening of yield on Government
securities. The yield on non-SLR investments decreased by 66 basis points from 7.49% in fiscal 2015 to 6.83% in fiscal
2016 primarily due to a decrease in yield on bonds and debentures, certificate of deposits, pass through certificates
(PTCs) and commercial paper reflecting softening of interest rates. In accordance with RBI circular dated July 16, 2015,
deposits in the Rural Infrastructure Development Fund (RIDF) and other related deposits have been re-grouped from
investments to other assets. Figures for previous periods have also been re-grouped accordingly.
The above factors were offset, in part, by the following:
The yield on other interest-earning assets increased from 5.20% in fiscal 2015 to 5.49% in fiscal 2016 primarily due
to an increase in the yield on RIDF and other related deposits and a decrease in average term money lent from
overseas locations which is low yielding.
Interest on income tax refund was at ` 3.12 billion in fiscal 2016 (fiscal 2015: ` 2.71 billion). The receipt, amount
and timing of such income depend on the nature and timing of determinations by tax authorities and are neither
consistent nor predictable.
The cost of funds decreased by 32 basis points from 6.17% in fiscal 2015 to 5.85% in fiscal 2016 primarily due to the
following factors:
The cost of average deposits decreased from 6.18% in fiscal 2015 to 5.88% in fiscal 2016 primarily due to a decrease
in the cost of term deposits and an increase in proportion of CASA deposits. The cost of term deposits decreased
by 39 basis points from 8.25% in fiscal 2015 to 7.86% in fiscal 2016 primarily due to a decrease in cost of domestic
term deposits by 51 basis points from 8.61% in fiscal 2015 to 8.10% in fiscal 2016, offset, in part, by a decrease in
the proportion of overseas term deposits in total term deposits. The proportion of average CASA deposits in the
average deposits increased from 39.5% in fiscal 2015 to 40.7% in fiscal 2016.
The cost of borrowings decreased by 39 basis points from 6.16% in fiscal 2015 to 5.77% in fiscal 2016. The cost of
borrowings decreased primarily due to a decrease in the cost of call and term borrowings, cost of borrowing under
the Liquidity Adjustment Facility of RBI and an increase in foreign currency term borrowings which are lower cost.
While the net interest margin for fiscal 2016 was 3.49%, the net interest margin for the three months ended March 31,
2016 was 3.37%, reflecting primarily the impact of non-accrual of income on the higher level of non-performing assets.
Our interest income, yield on advances, net interest income and net interest margin are likely to continue to be impacted
going forward, due to the increase in non-performing assets, increased proportion of retail advances in total advances
and lending to higher rated corporates.
The following table sets forth, for the periods indicated, the trend in average interest-earning assets and average interestbearing liabilities:
Advances
Interest-earning investments1
Other interest-earning assets1
Total interest-earning assets
Deposits
Borrowings2
Total interest-bearing liabilities
Fiscal 2015
Fiscal 2016
% change
` 3,579.93
1,345.46
551.25
5,476.64
` 4,110.47
1,397.00
577.36
6,084.83
14.8%
3.8
4.7
11.1
3,285.52
1,585.11
` 4,870.63
3,665.55
1,726.02
` 5,391.57
11.6
8.9
10.7%
99

1. In accordance with RBI circular dated July 16, 2015, investment in the Rural Infrastructure and Development Fund and other related
deposits has been re-grouped to line item Others under Schedule 11 - Other Assets. Accordingly, figures of the previous periods
have been re-grouped to conform to the current year presentation.
2. Borrowings exclude preference share capital.
3. The average balances are the sum of the daily average balances outstanding except for the averages of overseas branches of ICICI
Bank which are calculated on a fortnightly basis up to September 2014. From October 2014, averages of foreign branches are
averages of daily balances.
The average volume of interest-earning assets increased by 11.1% from ` 5,476.64 billion in fiscal 2015 to ` 6,084.83
billion in fiscal 2016. The increase in average interest-earning assets was primarily on account of an increase in average
advances by ` 530.54 billion and average interest-earning investments by ` 51.55 billion.
Average advances increased by 14.8% from ` 3,579.93 billion in fiscal 2015 to ` 4,110.47 billion in fiscal 2016 primarily
due to an increase in domestic advances.
Average interest-earning investments increased from ` 1,345.46 billion in fiscal 2015 to ` 1,397.00 billion in fiscal 2016,
primarily due to an increase in SLR investments by 8.5% from ` 992.42 billion in fiscal 2015 to ` 1,076.45 billion in
fiscal 2016, offset, in part, by a decrease in interest-earning non-SLR investments by 9.2% from ` 353.03 billion in fiscal
2015 to ` 320.55 billion in fiscal 2016. Average interest-earning non-SLR investments primarily include investments in
corporate bonds and debentures, PTCs, commercial papers, certificates of deposits and investments in liquid mutual
funds to deploy excess liquidity. Average interest-earning non-SLR investments decreased primarily due to a decrease
in investment in certificates of deposit, preference shares, bonds and debentures, mutual funds and PTCs, offset, in part,
by an increase in investment in commercial papers.
There was an increase in average other interest-earning assets by 4.7% from ` 551.25 billion in fiscal 2015 to ` 577.36
billion in fiscal 2016 primarily due to an increase in deposits with the RIDF and other related deposits and balances with
RBI, offset, in part, by a decrease in call and term money lent.
Average interest-bearing liabilities increased by 10.7% from ` 4,870.63 billion in fiscal 2015 to ` 5,391.57 billion in fiscal
2016 on account of an increase of ` 380.03 billion in average deposits and an increase of ` 140.91 billion in average
borrowings.
Average deposits increased due to an increase in average CASA deposits by ` 193.46 billion and an increase in average
term deposits by ` 186.57 billion.
Average borrowings increased by 8.9% from ` 1,585.11 billion in fiscal 2015 to ` 1,726.02 billion in fiscal 2016 primarily
due to an increase in term borrowings, bond borrowings and refinance borrowings, offset, in part, by a decrease in
borrowings under the Liquidity Adjustment Facility of RBI.
Non-interest income
The following table sets forth, for the periods indicated, the principal components of non-interest income.
Particulars
Fee income1
Income from treasury-related activities
Dividend from subsidiaries
Other income (including lease income)2
Total non-interest income
1.
2.
3.
Fiscal 2015
Fiscal 2016
% change
` 82.87
16.93
15.59
6.37
` 121.76
` 88.20
40.60
15.35
9.07
` 153.22
6.4%
(1.5)
42.4
25.8%
Includes merchant foreign exchange income and income on customer derivative transactions.
Includes exchange gains related to overseas operations.
Non-interest income primarily includes fee and commission income, income from treasury-related activities, dividend
from subsidiaries and other income including lease income. The non-interest income increased by 25.8% from ` 121.76
100
billion in fiscal 2015 to ` 153.22 billion in fiscal 2016 primarily due to an increase in income from treasury-related activities,
fee and commission income and other income.
Fee income
Fee income primarily includes fees from corporate clients such as loan processing fees and transaction banking fees and
fees from retail customers such as loan processing fees, fees from credit cards business, account servicing charges and
third party referral/distribution fees.
Fee income increased by 6.4% from ` 82.87 billion in fiscal 2015 to ` 88.20 billion in fiscal 2016 primarily due to an increase
in income from transaction banking fees and third party referral fees, offset, in part, by a decrease in lending linked fees.
Profit/(loss) on treasury-related activities (net)
Income from treasury-related activities includes income from sale of investments and revaluation of investments on
account of changes in unrealised profit/(loss) in the fixed income, equity and preference share portfolio, units of venture
funds and security receipts issued by asset reconstruction companies.
Profit from treasury-related activities increased from ` 16.93 billion in fiscal 2015 to ` 40.60 billion in fiscal 2016 primarily
due to gains on sale of stake in ICICI Prudential Life Insurance Company Limited and ICICI Lombard General Insurance
Company Limited amounting to ` 33.74 billion, offset, in part, by lower gains on government securities and other fixed
income positions and provisioning on security receipts.
Dividend from subsidiaries
Dividend from subsidiaries decreased by 1.5% from ` 15.59 billion in fiscal 2015 to ` 15.35 billion in fiscal 2016. Dividend
from subsidiaries in fiscal 2016 primarily included dividend of ` 8.74 billion from ICICI Prudential Life Insurance Company
Limited, ` 1.61 billion from ICICI Securities Limited, ` 1.26 billion from ICICI Home Finance Company Limited and ` 1.22
billion from ICICI Securities Primary Dealership Limited. Dividend from subsidiaries in fiscal 2015 primarily included
dividend of ` 6.17 billion from ICICI Prudential Life Insurance Company Limited, ` 1.87 billion from ICICI Bank UK, ` 1.86
billion from ICICI Securities Limited and ` 1.61 billion from ICICI Home Finance Company Limited.
Other income (including lease income)
Other income increased from ` 6.37 billion in fiscal 2015 to ` 9.07 billion in fiscal 2016 primarily due to an increase in
exchange gains relating to overseas operations.
Non-interest expense
The following table sets forth, for the periods indicated, the principal components of non-interest expense.
Particulars
Payments to and provisions for employees
Depreciation on own property (including non-banking assets)
Other administrative expenses
Depreciation (net of lease equalisation) on leased assets
Total non-interest expense
1.
Fiscal 2015
Fiscal 2016
% change
` 47.50
6.24
60.87
0.35
` 114.96
` 50.02
6.79
69.83
0.19
` 126.83
5.3%
8.9
14.7
(45.1)
10.3%
Non-interest expenses primarily include employee expenses, depreciation on assets and other administrative expenses.
Non-interest expenses increased by 10.3% from ` 114.96 billion in fiscal 2015 to ` 126.83 billion in fiscal 2016.
Payments to and provisions for employees
Employee expenses increased by 5.3% from ` 47.50 billion in fiscal 2015 to ` 50.02 billion in fiscal 2016 primarily on
account of higher salary due to annual increments and promotions and an increase in average staff strength, offset, in
part, by lower provision for retirement benefit obligations due to movement in the discount rate linked to the yield on
101

government securities. The number of employees was 67,857 at March 31, 2015 and 74,096 at March 31, 2016 (average
staff strength was 69,853 for fiscal 2015 and 71,810 for fiscal 2016). The employee base includes sales executives,
employees on fixed term contracts and interns.
Depreciation
Depreciation on owned property increased by 8.9% from ` 6.24 billion in fiscal 2015 to ` 6.79 billion in fiscal 2016 due to
an increase in fixed assets with higher depreciation rates. Depreciation on leased assets decreased from ` 0.35 billion in
fiscal 2015 to ` 0.19 billion in fiscal 2016.
Other administrative expenses
Other administrative expenses primarily include rent, taxes and lighting, advertisement, sales promotion, repairs and
maintenance, direct marketing expenses and other expenditure. Other administrative expenses increased by 14.7% from
` 60.87 billion in fiscal 2015 to ` 69.83 billion in fiscal 2016. The increase in other administrative expenses was primarily
due to an increase in the Banks branch and ATM network and retail business volumes. The number of branches in India
increased from 4,050 at March 31, 2015 to 4,450 at March 31, 2016. The ATM network of the Bank increased from 12,451
ATMs at March 31, 2015 to 13,766 ATMs at March 31, 2016.
Provisions and contingencies (excluding provisions for tax)

The following table sets forth, for the periods indicated, the components of provisions and contingencies.
Particulars
Provision for non-performing and other assets1
Provision for investments (including credit substitutes) (net)
Provision for standard assets
Others
Total provisions and contingencies (excluding collective
contingency and related reserve and provision for tax)
Total provisions and contingencies (excluding provision for tax)
1.
2.
Fiscal 2015
Fiscal 2016
% change
` 31.41
2.98
3.85
0.76
` 72.16
1.71
2.97
3.84
(42.6)
(22.9)
39.00
` 39.00
80.67
36.00
` 116.67
Includes restructuring related provision.

Provisions are made by the Bank on standard, sub-standard and doubtful assets at rates prescribed by RBI. Loss assets
and the unsecured portion of doubtful assets are provided for/written off as required by RBI guidelines. For loans and
advances of overseas branches, provisions are made as per RBI regulations or host country regulations whichever is
higher. Provisions on retail non-performing loans are made at the borrower level in accordance with the retail assets
provisioning policy of the Bank, subject to the minimum provisioning levels prescribed by RBI. The specific provisions
on retail loans and advances held by the Bank are higher than the minimum regulatory requirement. Provision on loans
and advances restructured/rescheduled is made in accordance with the applicable RBI guidelines on restructuring of
loans and advances by banks. In addition to the specific provision on NPAs, the Bank maintains a general provision on
standard loans and advances at rates prescribed by RBI. For standard loans and advances in overseas branches, the
general provision is made at the higher of host country regulatory requirements and RBI requirements.
Provisions and contingencies (excluding collective contingency and related reserve and provisions for tax) increased from
` 39.00 billion in fiscal 2015 to ` 80.67 billion in fiscal 2016. This increase was primarily due to an increase in provisions
on non-performing assets. Provision for non-performing and other assets increased from ` 31.41 billion in fiscal 2015
to ` 72.16 billion in fiscal 2016 primarily due to an increase in additions to non-performing assets in the corporate and
small and medium enterprises loan portfolio, including downgrades from the restructured loan portfolio. The provision
coverage ratio at March 31, 2016 including cumulative technical/prudential write-offs was 61.0%. Excluding cumulative
technical/prudential write-offs, the provision coverage ratio was 50.6%.
102
Provision for investments decreased from ` 2.98 billion in fiscal 2015 to ` 1.71 billion in fiscal 2016. Provision on standard
assets decreased from ` 3.85 billion in fiscal 2015 to ` 2.97 billion in fiscal 2016.
The weak global economic environment, the sharp downturn in the commodity cycle and the gradual nature of the
domestic economic recovery has adversely impacted the borrowers in certain sectors such as iron and steel, mining,
power, rigs and cement. While the banksare working towards resolution of stress on certain borrowers in these sectors,
it may take some time for solutions to be worked out, given the weak operating and recovery environment.In view of the
above, the Bank, on a prudent basis, has created a collective contingency and related reserve of ` 36.00 billion towards
its exposures to these sectors.
Tax expense
The income tax expense (including wealth tax) decreased by 46.8% from ` 46.45 billion in fiscal 2015 to ` 24.70 billion
in fiscal 2016. The effective tax rate decreased from 29.4% in fiscal 2015 to 20.3% in fiscal 2016 primarily due to lower
applicable tax on sale of equity investments and set-off of carry forward capital losses pertaining to earlier periods.
Financial condition
Assets
The following table sets forth, at the dates indicated, the principal components of assets.
Assets
Cash and bank balances
Investments

- Government and other approved investments1

- Equity investment in subsidiaries

- Other investments
Advances

- Domestic

- Overseas branches
Fixed assets (including leased assets)
Other assets

- RIDF and other related deposits2
Total assets
At March 31, 2015
At March 31, 2016
% change
` 423.04
1,581.29
1,056.11
110.89
414.29
3,875.22
2,934.02
941.20
47.26
534.48
284.51
` 6,461.29
` 598.69
1,604.12
1,104.05
107.63
392.44
4,352.64
3,414.52
938.12
75.76
575.74
280.66
` 7,206.95
41.5%
1.4
4.5
(2.9)
(5.3)
12.3
16.4
(0.3)
60.3
7.7
(1.4)
11.5%
1. Banks in India are required to maintain a specified percentage, currently 21.5%, of their net demand and time liabilities by way of
liquid assets like cash, gold or approved unencumbered securities.
2. Deposits made in Rural Infrastructure Development Fund and other such entities pursuant to shortfall in the amount required to be
lent to certain specified sectors called priority sector as per RBI guidelines.
3. In accordance with the Reserve Bank of India circular dated July 16, 2015, investment in the Rural Infrastructure and Development
Fund and other related deposits of ` 280.66 billion at March 31, 2016 (March 31, 2015: ` 284.51 billion) has been re-grouped to line
item Others under Schedule 11 - Other Assets.
Total assets of the Bank increased by 11.5% from ` 6,461.29 billion at March 31, 2015 to ` 7,206.95 billion at March 31,
2016, primarily due to 12.3% increase in advances, 41.5% increase in cash and cash equivalents, 7.7% increase in other
assets and 60.3% increase in fixed assets.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and balances with RBI and other banks, including money at call and short
notice. Cash and cash equivalents increased from ` 423.04 billion at March 31, 2015 to ` 598.69 billion at March 31, 2016
primarily due to an increase in money at call and short notice, balances with banks outside India and balances with RBI.
103

Investments
Total investments increased by 1.4% from ` 1,581.29 billion at March 31, 2015 to ` 1,604.12 billion at March 31, 2016
primarily due to an increase in investments in government securities by ` 50.38 billion, commercial paper by ` 18.91 billion
and pass through certificates by ` 10.64 billion, offset, in part, by a decrease in investments in bonds and debentures by
` 23.08 billion. At March 31, 2016, the Bank had an outstanding net investment of ` 7.91 billion in security receipts
including application money issued by asset reconstruction companies compared to ` 8.41 billion at March 31, 2015.
Advances
Net advances increased by 12.3% from ` 3,875.22 billion at March 31, 2015 to ` 4,352.64 billion at March 31, 2016
primarily due to an increase in domestic advances. Domestic advances increased by 16.4% from ` 2,934.02 billion at
March 31, 2015 to ` 3,414.52 billion at March 31, 2016. Net advances of overseas branches, in US dollar terms, decreased
from US$ 15.1 billion at March 31, 2015 to US$ 14.2 billion at March 31, 2016. However, due to rupee depreciation from
` 62.50 per US dollar at March 31, 2015 to ` 66.26 per US dollar at March 31, 2016, the decrease in rupee terms was lower,
from ` 941.20 billion at March 31, 2015 to ` 938.12 billion at March 31, 2016.
Fixed and other assets
Fixed assets (net block) increased by 60.3% from ` 47.26 billion at March 31, 2015 to ` 75.76 billion at March 31, 2016
primarily due to revaluation of premises by ` 28.17 billion. Other assets increased from ` 534.48 billion at March 31, 2015
to ` 575.74 billion at March 31, 2016 primarily due to an increase in deferred tax assets and non-banking assets acquired in
satisfaction of claims, offset, in part, by a decrease in mark-to-market and receivables on foreign exchange and derivative
transactions. RIDF and other related deposits made in lieu of shortfall in directed lending requirements decreased from
` 284.51 billion at March 31, 2015 to ` 280.66 billion at March 31, 2016. During fiscal 2016, the Bank acquired fixed assets
amounting to ` 17.22 billion in satisfaction of claims under debt-asset swap transactions with certain borrowers.
Liabilities
The following table sets forth, at the dates indicated, the principal components of liabilities (including capital and reserves).
Liabilities
Equity share capital
Reserves
Deposits

- Savings deposits

- Current deposits

- Term deposits
Borrowings (excluding subordinated debt and preference share capital)

- Domestic

- Overseas branches
Subordinated debt (included in Tier-1 and Tier-2 capital)

- Domestic

- Overseas branches
Preference share capital1
Other liabilities
Total liabilities
1.
2.
At March 31, 2015
At March 31, 2016
% change
` 11.60
792.69
3,615.63
1,148.60
495.20
1,971.83
1,315.29
456.29
859.00
405.39
384.16
21.23
3.50
317.19
` 6,461.29
` 11.70
885.66
4,214.26
1,342.30
588.70
2,283.26
1,363.66
426.39
937.27
380.92
358.40
22.52
3.50
347.25
` 7,206.95
0.9%
11.7
16.6
16.9
18.9
15.8
3.7
(6.6)
9.1
(6.0)
(6.7)
6.1
0.0
9.5
11.5%
Included in Schedule 4 - Borrowings of the balance sheet.

Total liabilities (including capital and reserves) increased by 11.5% from ` 6,461.29 billion at March 31, 2015 to ` 7,206.95
billion at March 31, 2016 primarily due to 16.6% increase in deposits and 1.4% increase in borrowings.
104
Deposits
Deposits increased by 16.6% from ` 3,615.63 billion at March 31, 2015 to ` 4,214.26 billion at March 31, 2016. Term
deposits increased by 15.8% from ` 1,971.83 billion at March 31, 2015 to ` 2,283.26 billion at March 31, 2016, while
savings account deposits increased by 16.9% from ` 1,148.60 billion at March 31, 2015 to ` 1,342.30 billion at March
31, 2016 and current account deposits increased by 18.9% from ` 495.20 billion at March 31, 2015 to ` 588.70 billion
at March 31, 2016. The current and savings account deposits increased from ` 1,643.80 billion at March 31, 2015 to
` 1,931.00 billion at March 31, 2016. Total deposits at March 31, 2016 constituted 70.7% of the funding (i.e., deposits and
borrowings, other than preference share capital).
Borrowings
Borrowings increased by 1.4% from ` 1,724.18 billion at March 31, 2015 to ` 1,748.08 billion at March 31, 2016 primarily
due to an increase in foreign currency bond borrowings, refinance borrowings and foreign currency term money
borrowing, offset, in part, by a decrease in borrowings from RBI under Liquidity Adjustment Facility. Borrowings of
overseas branches, in US dollar terms, decreased from US$ 15.30 billion at March 31, 2015 to US$ 14.70 billion at March
31, 2016. However, due to rupee depreciation from ` 62.50 per US dollar at March 31, 2015 to ` 66.26 per US dollar at March
31, 2016, borrowings of overseas branches, in rupee terms, increased by 2.3% from ` 953.97 billion at March 31, 2015 to
` 976.35 billion at March 31, 2016.
Other liabilities
Other liabilities increased by 9.5% from ` 317.19 billion at March 31, 2015 to ` 347.25 billion at March 31, 2016 primarily
due to an increase in the collective contingencies and related reserve, offset, in part, by a decrease in mark-to-market
amount and payables on foreign exchange and derivatives transactions.
Equity share capital and reserves
Equity share capital and reserves increased from ` 804.29 billion at March 31, 2015 to ` 897.36 billion at March 31, 2016
primarily due to accretion to reserves from profit for the year and creation of revaluation reserve of ` 28.17 billion on fixed
assets, offset, in part, by proposed dividend.
Off balance sheet items, commitments and contingencies

The following table sets forth, for the periods indicated, the principal components of contingent liabilities.
` in billion
Claims against the Bank, not acknowledged as debts

Liability for partly paid investments
Notional principal amount of outstanding forward exchange contracts
Guarantees given on behalf of constituents
Acceptances, endorsements and other obligations
Notional principal amount of currency swaps
Notional principal amount of interest rate swaps and currency options and interest rate futures
Other items for which the Bank is contingently liable
Total
1.
At March 31, 2015
At March 31, 2016
` 39.77
0.07
2,898.72
993.27
496.59
514.31
3,538.30
38.75
` 8,519.78
` 35.36
0.01
3,567.73
1,004.95
472.78
460.01
3,414.40
52.75
` 9,007.99
Contingent liabilities increased from ` 8,519.78 billion at March 31, 2015 to ` 9,007.99 billion at March 31, 2016 primarily
due to an increase in notional principal amount of outstanding forward exchange contracts, offset, in part, by a decrease
in notional amount of interest rate swaps and currency options. The notional principal amount of outstanding forward
exchange contracts increased from ` 2,898.72 billion at March 31, 2015 to ` 3,567.73 billion at March 31, 2016.
Claims against the Bank, not acknowledged as debts, represent demands made in certain tax and legal matters against
the Bank in the normal course of business and customer claims arising in fraud cases. In accordance with the Banks
accounting policy and Accounting Standard 29, the Bank has reviewed and classified these items as possible obligations
based on legal opinion/judicial precedents/assessment by the Bank. No provision in excess of provisions already made
in the financial statements is considered necessary.
105

The Bank enters into foreign exchange contracts in its normal course of business, to exchange currencies at a prefixed price at a future date. This item represents the notional principal amount of such contracts, which are derivative
instruments. With respect to the transactions entered into with its customers, the Bank generally enters into off-setting
transactions in the inter-bank market. This results in generation of a higher number of outstanding transactions, and
hence a large value of gross notional principal of the portfolio, while the net market risk is lower.
As a part of project financing and commercial banking activities, the Bank has issued guarantees to support regular
business activities of clients. These generally represent irrevocable assurances that the Bank will make payments in the
event that the customer fails to fulfill its financial or performance obligations. Financial guarantees are obligations to
pay a third party beneficiary where a customer fails to make payment towards a specified financial obligation, including
advance payment guarantee. Performance guarantees are obligations to pay a third party beneficiary where a customer
fails to perform a non-financial contractual obligation. The guarantees are generally issued for a period not exceeding
ten years. The credit risks associated with these products, as well as the operating risks, are similar to those relating to
other types of financial instruments. Cash margins available to reimburse losses realised under guarantees amounted to
` 77.78 billion at March 31, 2016 compared to ` 67.47 billion at March 31, 2015. Other property or security may also be
available to the Bank to cover potential losses under guarantees.
The Bank is obligated under a number of capital contracts. Capital contracts are job orders of a capital nature, which have
been committed. Estimated amounts of contracts remaining to be executed on capital account in domestic operations
aggregated to ` 5.71 billion at March 31, 2016 compared to ` 5.39 billion at March 31, 2015.
Capital resources
The Bank actively manages its capital to meet regulatory norms, current and future business needs and the risks in
its businesses. The capital management framework of the Bank is administered by the Finance Group and the Risk
Management Group under the supervision of the Board and the Risk Committee. The capital adequacy position and
assessment is reported to the Board and the Risk Committee periodically.
Regulatory capital
The Bank is subject to the Basel III guidelines issued by RBI, effective from April 1, 2013, which are being implemented
in a phased manner by March 31, 2019 as per the transitional arrangement provided by RBI for Basel III implementation.
The Basel III rules on capital consist of measures for improving the quality, consistency and transparency of capital,
enhancing risk coverage, introducing a supplementary leverage ratio, reducing pro-cyclicality and promoting countercyclical buffers and addressing systemic risk and inter-connectedness.
At March 31, 2016, the Bank was required to maintain a minimum Common Equity Tier-1 (CET1) capital ratio of 6.13%,
minimum Tier-1 capital ratio of 7.63% and minimum total capital ratio of 9.63%. The minimum total capital requirement
includes a capital conservation buffer of 0.63%. Under Pillar 1 of RBI guidelines on Basel III, the Bank follows the
standardised approach for measurement of credit risk, standardised duration method for measurement of market risk
and basic indicator approach for measurement of operational risk.
On March 1, 2016, RBI made certain amendments to the treatment of certain balance sheet items for the purposes of
determining banks regulatory capital. As per the revised guidelines, Foreign Currency Translation Reserve (FCTR) and
revaluation reserve are allowed to be considered under CET1 capital at a discount of 25% and 55% respectively. Further,
aligning RBI guidelines with the Basel III guidelines, deferred tax assets arising due to timing differences are allowed to
be recognised as CET1 capital up to 10% of a banks CET1 capital and risk weighted at 250%, as compared to the earlier
requirement of deduction of the entire deferred tax assets from CET1 capital.
Further, as per the framework issued for Domestic Systemically Important Banks (D-SIBs) in July 2014, RBI, on August 31,
2015, categorised ICICI Bank as a D-SIB in bucket 1 (lowest bucket) with an additional CET1 requirement as a percentage
of Risk Weighted Assets (RWA) of 0.2%. This additional requirement is applicable from April 1, 2016 in a phased manner
and would become fully effective from April 1, 2019. The additional CET1 requirement will be in addition to the capital
conservation buffer. The additional CET1 requirement for fiscal 2017 will be 0.05% of RWA.
The following table sets forth the capital adequacy ratios computed in accordance with Basel III guidelines of RBI at March
31, 2015 and March 31, 2016.
106

Basel III
CET1 capital
Tier-1 capital
Tier-2 capital
Total capital
Credit Risk RWA

On balance sheet

Off balance sheet
Market Risk RWA
Operational Risk RWA
Total RWA
Total capital adequacy ratio
CET1 capital adequacy ratio
Tier-1 capital adequacy ratio
Tier-2 capital adequacy ratio
1.
At
March 31, 2015
At
March 31, 2016
696.61
696.61
230.83
927.44
789.59
794.82
215.13
1,009.95
4,741.56
3,678.25
1,063.31
334.23
373.17
5,448.96
5,263.19
4,213.23
1,049.96
310.41
497.53
6,071.13
17.02%
12.78%
12.78%
4.24%
16.64%
13.00%
13.09%
3.55%
At March 31, 2016, the Banks Tier-1 capital adequacy ratio was 13.09% as against the requirement of 7.63% and total
capital adequacy ratio was 16.64% as against the requirement of 9.63%.
Movement in the capital funds and risk weighted assets from March 31, 2015 to March 31, 2016 as per Basel III norms
Capital funds (net of deductions) increased by ` 82.51 billion from ` 927.44 billion at March 31, 2015 to ` 1,009.95 billion at
March 31, 2016 primarily due to inclusion of retained earnings for fiscal 2016, amendments in guidelines for recognition of
FCTR at a discount of 25% and revaluation reserve at a discount of 55% in CET1 capital, risk weighting of deferred tax assets
at 250% instead of full deduction from Tier-1 capital and lower deduction for investment in subsidiaries due to repatriation
of capital from an overseas banking subsidiary and sale of shareholding in insurance subsidiaries, offset, in part, by a
decrease in the eligible amount of non-common equity capital due to application of Basel III grandfathering rules.
Credit risk RWA increased by ` 521.63 billion from ` 4,741.56 billion at March 31, 2015 to ` 5,263.19 billion at March 31,
2016 primarily due to an increase of ` 534.98 billion in RWA for on-balance sheet assets, offset, in part, by a decrease of
` 13.35 billion in RWA for off-balance sheet assets.
Market risk RWA decreased by ` 23.82 billion from ` 334.23 billion at March 31, 2015 to ` 310.41 billion at March 31, 2016
primarily due to a decrease in interest rate related positions.
Operational risk RWA increased by ` 124.36 billion from ` 373.17 billion at March 31, 2015 to ` 497.53 billion at March 31,
2016. The operational risk capital charge is computed based on 15% of the average of the previous three financial years
gross income and is revised on an annual basis at June 30. RWA is arrived at by multiplying the capital charge by 12.5.
Internal assessment of capital
The capital management framework of the Bank includes a comprehensive internal capital adequacy assessment process
conducted annually, which determines the adequate level of capitalisation necessary to meet regulatory norms and
current and future business needs, including under stress scenarios. The internal capital adequacy assessment process is
undertaken at both the standalone bank level and the consolidated group level. The internal capital adequacy assessment
process encompasses capital planning for a four-year time horizon, identification and measurement of material risks and
the relationship between risk and capital.
The capital management framework is complemented by the risk management framework, which covers the policies,
processes, methodologies and frameworks established for the management ofmaterial risks. Stress testing, which is a
key aspect of the internal capital adequacy assessment process and the risk management framework, provides an insight
into the impact of extreme but plausible scenarios on the Banks risk profile and capital position. Based on the stress
testing framework approved by the Board, the Bank conducts stress tests on various portfolios and assesses the impact
107

on the capital ratios and the adequacy of capital buffers for current and future periods. The Bank periodically assesses
and refines its stress testing framework in an effort to ensure that the stress scenarios capture material risks as well as
reflect possible extreme market moves that could arise as a result of market conditions and the operating environment.
The business and capital plans and the stress testing results of certain key group entities are integrated into the internal
capital adequacy assessment process.
Based on the internal capital adequacy assessment process, the Bank determines the level of capital that needs to be
maintained by considering the following in an integrated manner:

strategic focus, business plan and growth objectives;
regulatory capital requirements as per RBI guidelines;
assessment of material risks and impact of stress testing;
future strategy with regard to investments or divestments in subsidiaries; and
evaluation of options to raise capital from domestic and overseas markets, as permitted by RBI from time to time.
The Bank continues to monitor relevant developments and believes that its current robust capital adequacy position and
demonstrated track record of access to domestic and overseas markets for capital raising will enable it to maintain the
necessary levels of capital as required by regulations while continuing to grow its business.
ASSET QUALITY AND COMPOSITION

Loan concentration
The Bank follows a policy of portfolio diversification and evaluate its total financing exposure to a particular industry in
light of its forecasts of growth and profitability for that industry. The Banks Credit Risk Management Group monitors all
major sectors of the economy and specifically tracks industries in which the Bank has credit exposures. The Bank monitors
developments in various sectors to assess potential risks in our portfolio and new business opportunities. The Banks policy
is to limit its exposure to any particular industry, except for the retail finance segment, to 15.0% of its total exposure.
The following table sets forth, at the dates indicated, the composition of the Banks gross advances (net of write-offs).
Retail finance1, 2
Power
Road, ports, telecom, urban development and other
infrastructure
Iron/steel and products
Services non-finance
Services finance
Wholesale/retail trade
Construction
Metal & products (excluding iron & steel)
Cement
Crude petroleum/refining and petrochemicals
Mining
Food and beverages
Electronics and engineering
Shipping
Manufacturing products (excluding metal)
Other industries3
Total
108
March 31, 2015

Total
avances
` 1,736.27
248.07
244.96
221.17
233.13
129.25
116.59
99.98
92.26
91.31
114.56
71.10
61.69
69.22
66.03
34.98
359.05
` 3,989.62
March 31, 2016

Total
% of total
advances
advances
% of total
advances
43.5%
6.2
` 2,130.70
273.32
47.3%
6.1
6.1
5.6
5.8
3.2
2.9
2.5
2.3
2.3
2.9
1.8
1.6
1.7
1.7
0.9
9.0
100.0%
268.49
256.54
229.64
143.30
126.86
104.97
99.71
85.66
77.41
73.79
67.42
67.02
59.07
41.88
396.05
` 4,501.83
6.0
5.7
5.1
3.2
2.8
2.3
2.2
1.9
1.7
1.7
1.5
1.5
1.3
0.9
8.8
100.0%
1. Includes home loans, automobile loans, commercial business loans, dealer financing and small ticket loans to small businesses,
personal loans, credit cards, rural loans and loans against securities.
2. Includes loans against FCNR deposits of ` 72.65 billion at March 31, 2016 (March 31, 2015: ` 67.84 billion).
3. Other industries primarily include developer financing portfolio, gems and jewellery, chemical and fertilizers, textile, automobiles,
drugs and pharmaceuticals and FMCG.
The Banks capital allocation framework is focused on higher growth in retail finance segment and lower growth in
corporate lending with an increase in the proportion of higher rated exposures. Given the focus on the above priorities,
gross retail finance advances increased by 22.7% in fiscal 2016 compared to an increase of 12.8% in total gross advances.
As a result, the share of gross retail finance advances increased from 43.5% of gross advances at March 31, 2015 to
47.3% of gross advances at March 31, 2016. Further, the aggregate net increase in advances to power, roads, ports,
telecom, urban development & other infrastructure, iron/steel & products, metal & products (excluding iron & steel) and
mining sectors was primarily in the A- and above category based on the Banks internal ratings. The increase in advances
to these sectors also included the impact of currency depreciation between March 31, 2015 and March 31, 2016, on the
rupee equivalent of foreign currency denominated advances made by overseas branches of the Bank.
The following table sets forth, at the dates indicated, the composition of the Banks gross (net of write-offs) outstanding
retail finance portfolio.
Home loans
Automobile loans
Commercial business
Business banking1
Personal loans
Credit cards
Others2, 3
Total retail finance portfolio3
1.
2.
3.
4.
March 31, 2015

Total
% of total
retail advances
retail advances
` 894.81
51.6%
189.97
10.9
109.36
6.3
97.11
5.6
71.28
4.1
41.42
2.4
332.32
19.1
` 1,736.27
100.0%
March 31, 2016

Total
% of total
retail advances
retail advances
` 1,098.99
224.64
129.16
114.19
102.15
55.21
406.36
` 2,130.70
51.6%
10.5
6.1
5.3
4.8
2.6
19.1
100.0%
Includes dealer financing and small ticket loans to small businesses.

Includes rural loans and loans against securities.
Includes loans against FCNR deposits of ` 72.65 billion at March 31, 2016 (March 31, 2015: ` 67.84 billion).
The net retail loan portfolio of the Bank grew by 23.3% during fiscal 2016.
Directed Lending
RBI requires banks to lend to certain sectors of the economy. Such directed lending comprises priority sector lending
and export credit.
Priority Sector Lending and Investment
RBI guidelines on priority sector lending require banks to lend 40.0% of their Adjusted Net Bank Credit (ANBC), to fund
certain types of activities carried out by specified borrowers. The definition of ANBC includes bank credit in India adjusted
by bills rediscounted with RBI and other approved financial institutions and certain investments and is computed with
reference to the outstanding amount at March 31 of the previous year as prescribed by RBI guidelines Master Circular
- Priority Sector Lending - Targets and Classification. Further, RBI allowed loans extended in India against incremental
foreign currency non-resident (bank)/non-resident external deposits from July 26, 2013 and outstanding at March 7, 2014
to be excluded from ANBC. In May 2014, RBI issued guidelines allowing banks to include the outstanding investments
in Rural Infrastructure Development Fund and other specified funds at March 31 of the fiscal year to be classified as
indirect agriculture and count towards the overall priority sector target achievement. Such investments at March 31
of the preceding year are included in the ANBC which forms the base for computation of the priority sector and subsegment lending requirements. In fiscal 2015, RBI allowed banks to issue long-term bonds for financing infrastructure and
109

low-cost housing. The amount raised by way of these bonds is permitted to be excluded from the ANBC for the purpose
of computing priority sector lending targets.
The priority sectors include categories such as agriculture, micro and small enterprises, education, housing and other
sectors as prescribed by RBIs Master Circular on Priority Sector Lending - Targets and Classification. Out of the overall
target of 40.0%, banks are required to lend a minimum of 18.0% of their ANBC to the agriculture sector and the balance
to certain specified sectors. Banks are also required to lend 10.0% of their ANBC, to certain borrowers under the weaker
section category.
In April 2015, RBI issued revised guidelines on priority sector lending. Under the revised guidelines, the overall target
for priority sector lending continues to be 40% of the ANBC; sub-targets for direct and indirect lending to agriculture
have been combined; and sub-targets of 8.0% for lending to small & marginal farmers and 7.5% lending target to microenterprises have been introduced. These sub-targets are to be achieved in a phased manner by March 2017. Sectors
qualifying for priority sector lending have been broadened to include medium enterprises, social infrastructure and
renewable energy. Priority sector lending achievement would be evaluated on a quarterly average basis from fiscal 2017
instead of only at the year-end. Further, in July 2015, RBI has directed banks to maintain direct lending to non-corporate
farmers at the banking systems average level for the last three years, failing which banks will attract penalties for shortfall.
RBI would notify the banks of the banking systems average level at the beginning of each year. RBI has notified a target
level of 11.57% of ANBC for this purpose for fiscal 2016. RBI has also directed banks to maintain lending to borrowers
who constituted the direct agriculture lending category under the earlier guidelines.
The Bank is required to comply with the priority sector lending requirements prescribed by RBI from time to time. The
shortfall in the amount required to be lent to the priority sectors and weaker sections may be required to be deposited in
funds with government sponsored Indian development banks like the National Bank for Agriculture and Rural Development,
the Small Industries Development Bank of India, National Housing Bank, MUDRA Limited and other financial institutions
as decided by RBI from time to time, based on the allocations made by RBI. These deposits have a maturity of up to seven
years and carry interest rates lower than market rates. At March 31, 2016, the Banks total investment in such bonds was
` 280.66 billion, which was fully eligible for consideration in overall priority sector achievement.
The Banks priority sector lending increased by 16.1% from ` 1,130.07 billion at March 31, 2015 to ` 1,311.90 billion at
March 31, 2016, constituting 40.8% (March 31, 2015: 41.0%) of ANBC against the requirement of 40.0% of ANBC. The
qualifying total agriculture loans increased from ` 332.67 billion at March 31, 2015 to ` 545.84 billion at March 31, 2016,
constituting 17.0% (March 31, 2015: 12.1%) of ANBC against the requirement of 18.0%. The advances to weaker sections
increased from ` 94.89 billion at March 31, 2015 to ` 204.35 billion at March 31, 2016 constituting 6.3% (March 31, 2015:
3.4%) of ANBC against the requirement of 10.0% of ANBC. Lending to small and marginal farmers was ` 125.51 billion
constituting 3.9% of ANBC against the requirement of 7.0% of ANBC. The lending to micro enterprises was ` 217.85
billion constituting 6.8% of ANBC against the requirement of 7.0% of ANBC.
Classification of loans
The Bank classifies its assets as performing and non-performing in accordance with RBI guidelines. Under RBI guidelines,
an asset is classified as non-performing if any amount of interest or principal remains overdue for more than 90 days,
in respect of term loans. In respect of overdraft or cash credit, an asset is classified as non-performing if the account
remains out of order for a period of 90 days and in respect of bills, if the account remains overdue for more than 90 days.
In respect of borrowers where loans and advances made by overseas branches are identified as impaired as per host
country regulations for reasons other than record of recovery, but which are standard as per RBI guidelines, the amount
outstanding in the host country is classified as non-performing.
RBI has separate guidelines for classification of loans for projects under implementation which are based on the date of
commencement of commercial production and date of completion of the project as originally envisaged at the time of
financial closure. For infrastructure projects, a loan is classified as non-performing if it fails to commence commercial
operations within two years from the documented date of commencement and for non-infrastructure projects, the loan
is classified as non-performing if it fails to commence operations within 12 months from the documented date of such
commencement.
110
RBI also has separate guidelines for restructured loans. Upto March 31, 2015, a fully secured standard asset could be
restructured by re-schedulement of principal repayments and/or the interest element, but had to be separately disclosed
as a restructured asset. The diminution in the fair value of the restructured loan, if any, measured in present value terms,
was either written off or a provision was made to the extent of the diminution involved. Similar guidelines applied for
restructuring of non-performing loans. Loans restructured after April 1, 2015 (excluding loans given for implementation
of projects in the infrastructure sector and non-infrastructure sector and which are delayed up to a specified period) by
re-schedulement of principal repayments and/or the interest element are classified as non-performing. For such loans,
the diminution in the fair value of the loan, if any, measured in present value terms, has to be provided for in addition to
the provisions applicable to non-performing loans.
The following table sets forth, at the dates indicated, information regarding the Banks gross non-performing assets (net
of write-offs, interest suspense and derivative income reversals).
` in billion
March 31, 2015
March 31, 2016
` 26.27
100.63
25.52
` 152.42
` 40.91
195.94
30.36
` 267.21
Non-performing assets

Sub-standard assets

Doubtful assets

Loss assets
Total non-performing assets1
1.
2.
Include advances, lease receivables and credit substitutes like debentures and bonds. Excludes preference shares.
The following table sets forth, at the dates indicated, information regarding the Banks non-performing assets (NPAs).
Year ended
March 31, 2013
March 31, 2014
March 31, 2015
March 31, 2016
1.
2.
3.
Gross
NPA1
Net
NPA
Net customer
assets2
% of net NPA to net

customer assets2
` 96.47
` 105.54
` 152.42
` 267.21
` 22.34
` 33.01
` 63.25
` 132.97
` 3,517.62
` 4,037.08
` 4,516.34
` 4,972.29
0.64%
0.82%
1.40%
2.67%
Net of write-offs, interest suspense and derivatives income reversal.

Include advances, lease receivables and credit substitutes like debentures and bonds. Excludes preference shares.
From fiscal 2012, the Indian economy experienced a slowdown in growth, particularly in capital investments; high interest
rates due to high inflation; and significant currency depreciation. Indian companies experienced a decline in sales and
profit growth and also an elongation of working capital cycles and a high level of receivables. Given the concerns over
growth, companies found it difficult to access other sources of funding, resulting in high leverage. As a result, the Indian
banking sector, including the Bank, experienced a rise in non-performing assets and restructured loans. Over the past two
years, the domestic economic recovery has been gradual and the global economic environment has become challenging.
Fiscal 2016 witnessed a slowdown in global economic growth mainly on account of lower growth in China and emerging
market economies, divergence in global monetary policy and significant decline in commodity prices including crude
oil and metals. Due to the increased level of risks in the business environment, the Indian banking system in general has
experienced an increase in the level of additions to non-performing loans including slippages from restructured loans
into non-performing status. During three months ended December 31, 2015, RBI articulated the objective of early and
conservative recognition of stress and provisioning, held discussions with and asked a number of Indian banks to review
certain loan accounts and their classification over the three months ended December 31, 2015 and three months ended
March 31, 2016, through its Asset Quality Review. As a result of the above factors, non-performing loans of the Bank
increased significantly in the second half of fiscal 2016.
111

In fiscal 2016, the Gross additions to NPAs was ` 171.13 billion including slippages of ` 53.00 billion from the restructured
loan portfolio. In fiscal 2016, the Bank recovered/upgraded non-performing assets amounting to ` 21.84 billion and
written-off/sold non-performing assets amounting to ` 34.50 billion. As a result, gross NPAs (net of write-offs, interest
suspense and derivatives income reversal) of the Bank increased from ` 152.42 billion at March 31, 2015 to ` 267.21
billion at March 31, 2016.
Net NPAs increased from ` 63.25 billion at March 31, 2015 to ` 132.97 billion at March 31, 2016. The ratio of net NPAs to
net customer assets increased from 1.40% at March 31, 2015 to 2.67% at March 31, 2016. During fiscal 2016, the Bank
wrote-off NPAs, including retail NPAs, of an aggregate amount of ` 30.05 billion compared to ` 17.03 billion during fiscal
2015.
The provision coverage ratio at March 31, 2016 including cumulative technical/prudential write-offs was 61.0%. Excluding
cumulative technical/prudential write-offs, the provision coverage ratio was 50.6%.
The following table sets forth, at March 31, 2015 and March 31, 2016, the composition of gross non-performing assets
by industry sector.
Retail finance1
Iron/steel and products
Services non-finance
Road, ports, telecom, urban development and other
infrastructure
Construction
Shipping
Power
Wholesale/retail trade
Food and beverages
Manufacturing products (excluding metal)
Electronics and engineering
Metal & products (excluding iron & steel)
Services finance
Crude petroleum/refining and petrochemicals
Mining
Cement
Other industries2
Total
March 31, 2015

Amount
` 33.78
9.74
23.53
18.27
7.36
15.00
4.53
3.94
4.78
8.06
1.72
0.56
0.02
0.93
0.30
19.90
` 152.42
%
22.2%
6.4
15.4
12.0
4.8
9.8
3.0
2.6
3.1
5.3
1.1
0.4
0.0
0.6
0.2
13.1
100.0%
March 31, 2016

Amount
` 38.25
65.04
29.30
14.3%
24.3
11.0
26.01
22.22
19.60
17.51
5.90
4.55
3.58
3.01
1.10
0.52
0.02
30.60
` 267.21
9.7
8.3
7.3
6.6
2.2
1.7
1.3
1.1
0.4
0.2
0.0
11.6
100.0%
1. Includes home loans, automobile loans, commercial business loans, dealer financing and small ticket loans to small businesses,
personal loans, credit cards, rural loans and loans against securities.
2.
Other industries primarily include textile, chemical and fertilizers, gems and jewellery, drugs and pharmaceuticals, FMCG,
automobiles and developer financing.
The gross non-performing assets increased from ` 152.42 billion at March 31, 2015 to ` 267.21 billion at March 31, 2016
primarily due to additions in non-performing assets in iron/steel and products, construction and power sectors.
At March 31, 2016, net non-performing loans in the retail portfolio were 0.61% of net retail loans compared to 0.60% at
March 31, 2015.
The gross outstanding loans to borrowers whose facilities have been restructured decreased from ` 119.46 billion at
March 31, 2015 to ` 93.13 billion at March 31, 2016. During fiscal 2016, the Bank restructured loans of borrowers classified
as standard, as well as made additional disbursements to borrowers whose loans had been restructured in prior years,
aggregating ` 29.47 billion, as compared to ` 53.69 billion in fiscal 2015. Further, during fiscal 2016, restructured standard
112
loans amounting to ` 53.00 billion slipped into the non-performing category as compared to slippages of ` 45.29 billion
during fiscal 2015. The net outstanding loans to borrowers whose facilities have been restructured decreased from
` 110.17 billion at March 31, 2015 to ` 85.73 billion at March 31, 2016.
In fiscal 2016, RBI issued guidelines on Strategic Debt Restructuring (SDR) under which conversion of debt into equity
and acquisition of majority ownership of the borrower by banks is allowed. At March 31, 2016 the Bank had outstanding
SDR loans of ` 29.33 billion comprising primarily loans already classified as non-performing loans or restructured loans.
Further, in fiscal 2015, RBI had issued guidelines permitting banks to refinance long-term project loans to infrastructure
and other core industries at periodic intervals without such refinancing being considered as restructuring. Accordingly,
the outstanding portfolio of such loans for which refinancing under the 5/25 scheme has been implemented was ` 42.39
billion at March 31, 2016.
The Banks aggregate net investments in security receipts including application money issued by asset reconstruction
companies were ` 7.91 billion at March 31, 2016 as compared to ` 8.41 billion at March 31, 2015.
At March 31, 2016, the total general provision held against standard assets including general provision on restructured
assets was ` 26.58 billion.
There are uncertainties in respect of certain sectors due to the weak global economic environment, sharp downturn in the
commodity cycle, gradual nature of the domestic economic recovery and high leverage. The key sectors that have been
impacted include power, mining, iron and steel, cement and rigs. At March 31, 2016, the Banks exposure (comprising
fund-based limits and non-fund based outstanding) to companies internally rated below investment grade (excluding
borrowers classified as non-performing or restructured) was ` 119.60 billion (1.3% of the Banks total exposure) in power
sector, ` 90.11 billion (1.0%) in mining sector, ` 77.76 billion (0.8%) in iron & steel sector, ` 66.43 billion (0.7%) in cement
sector and ` 25.13 billion (0.3%) in rigs sector. Further, the Banks exposure (comprising fund-based limits and non-fund
based outstanding) to promoter entities internally rated below investment grade where the underlying is partly linked to
these sectors was ` 61.62 billion (0.7%). In view of the uncertainties relating to these sectors and the time that it may take
to resolve exposures to these sectors, the Bank on a prudent basis made a collective contingency and related reserve
of ` 36.00 billion towards its exposures to these sectors. This reserve is over and above the provisions required for nonperforming and restructured loans as per RBI guidelines. There can be no assurance that this reserve would be adequate
to cover any future provisioning requirements in respect of these exposures or that non-performing loans will not arise
from other sectors.
Segment information
RBI in its guidelines on segmental reporting has stipulated specified business segments and their definitions, for the
purposes of public disclosures on business information for banks in India.
The standalone segmental report for fiscal 2016, based on the segments identified and defined by RBI, has been presented
as follows:
Retail Banking includes exposures of the Bank, which satisfy the four qualifying criteria of regulatory retail portfolio
as stipulated by RBI guidelines on the Basel III framework.
Wholesale Banking includes all advances to trusts, partnership firms, companies and statutory bodies, by the Bank
which are not included in the Retail Banking segment, as per RBI guidelines for the Bank.
Treasury includes the entire investment portfolio of the Bank.
Other Banking includes leasing operations and other items not attributable to any particular business segment of the
Bank.
Framework for transfer pricing
All liabilities are transfer priced to a central treasury unit, which pools all funds and lends to the business units at
appropriate rates based on the relevant maturity of assets being funded after adjusting for regulatory reserve requirement
and directed lending requirements.
113

Retail banking segment
The profit before tax of the retail banking segment increased from ` 27.24 billion in fiscal 2015 to ` 38.98 billion in fiscal
2016 due to an increase in net interest income and non-interest income, offset, in part, by an increase in non-interest
expenses and higher provisions.
Net interest income increased by 28.7% from ` 71.42 billion in fiscal 2015 to ` 91.91 billion in fiscal 2016 primarily due to
growth in the loan portfolio and an increase in average current account and savings account deposits.
Non-interest income increased by 14.6% from ` 42.77 billion in fiscal 2015 to ` 49.02 billion in fiscal 2016, primarily due
to a higher level of loan processing fees, third party product distribution fees, fees from the credit cards business and
transaction banking fees.
Non-interest expenses increased by 13.7% from ` 86.15 billion in fiscal 2015 to ` 97.97 billion in fiscal 2016, primarily due
to an increase in the retail lending business and expansion in the branch network. Provision charge increased from ` 0.80
billion in fiscal 2015 to ` 3.99 billion in fiscal 2016.
Wholesale banking segment
The wholesale banking segment incurred a loss of ` 12.45 billion in fiscal 2016 primarily due to an increase in provisions.
Net interest income decreased by 1.0% from ` 84.47 billion in fiscal 2015 to ` 83.61 billion in fiscal 2016 primarily due
to the higher additions to non-performing loans, on which interest income is not accrued, offset, in part, by an increase
in net interest income on account of an increase in the portfolio size. Provisions increased from ` 35.39 billion in fiscal
2015 to ` 108.15 billion in fiscal 2016 primarily due to an increase in additions to non-performing assets and creation of
a collective contingency and related reserve of ` 36.00 billion on a prudent basis during quarter ended March 31, 2016.
Treasury segment
The profit before tax of the treasury segment increased from ` 64.50 billion in fiscal 2015 to ` 90.97 billion in fiscal 2016
primarily due to an increase in non-interest income. The non-interest income was higher primarily due to profit on sale of
stakes in subsidiaries, higher exchange rate gains on repatriation of retained earnings from overseas branches and higher
gains on government securities and other fixed income securities.
Other banking segment
The profit before tax of the other banking segment increased from ` 4.22 billion in fiscal 2015 to ` 4.46 billion in fiscal 2016
primarily due to higher net interest income.
CONSOLIDATED FINANCIALS AS PER INDIAN GAAP

The consolidated profit before collective contingency and related reserve, tax and minority interest decreased by 2.4%
from ` 183.39 billion in fiscal 2015 to ` 179.04 billion in fiscal 2016.
The consolidated profit after tax decreased by 16.9% from ` 122.47 billion in fiscal 2015 to ` 101.80 billion in fiscal 2016
primarily due to a decrease in the profit of ICICI Bank, ICICI Bank UK PLC, ICICI Bank Canada, ICICI Securities Limited,
ICICI Lombard General Insurance Company Limited and ICICI Securities Primary Dealership Limited, offset, in part, by
an increase in the profit of ICICI Prudential Asset Management Company Limited and ICICI Prudential Life Insurance
Company Limited.
At March 31, 2016, the consolidated Tier-1 capital adequacy ratio was 13.13% as against the regulatory requirement of
7.63% and the consolidated total capital adequacy ratio was 16.60% as against the current requirement of 9.63%.
The profit before tax of ICICI Prudential Life Insurance Company Limited increased from ` 16.34 billion in fiscal 2015 to
` 17.72 billion in fiscal 2016 primarily due to an increase in net premium earned and investment income and a decrease
in provision for policyholder liabilities, offset, in part, by an increase in transfer to linked funds and operating expenses.
However, profit after tax increased only marginally from ` 16.34 billion in fiscal 2015 to ` 16.50 billion in fiscal 2016 due
to a tax charge of ` 1.22 billion in fiscal 2016 as compared to nil tax charge in fiscal 2015.
114
The profit before tax of ICICI Lombard General Insurance Company Limited increased from ` 6.91 billion in fiscal 2015
to ` 7.08 billion in fiscal 2016 primarily due to an increase in net earned premium and investment income, offset, in part,
by an increase in claims and benefits paid and operating expenses. However, the profit after tax decreased from ` 5.36
billion in fiscal 2015 to ` 5.07 billion in fiscal 2016 due to a higher effective tax rate.
The profit after tax of ICICI Prudential Asset Management Company Limited increased from ` 2.47 billion in fiscal 2015 to
` 3.26 billion in fiscal 2016 primarily due to an increase in fee income, offset, in part, by an increase in other administrative
expenses and staff cost.
The consolidated profit after tax of ICICI Securities Limited and its subsidiaries decreased from ` 2.94 billion in fiscal 2015
to ` 2.39 billion in fiscal 2016 primarily due to a decrease in brokerage and fee income, reflecting lower trading volumes
in the capital markets.
The profit after tax of ICICI Securities Primary Dealership Limited decreased from ` 2.17 billion in fiscal 2015 to ` 1.95
billion in fiscal 2016 primarily due to a decrease in trading gains, offset, in part, by an increase in net interest income.
The profit after tax of ICICI Home Finance Company Limited decreased from ` 1.98 billion in fiscal 2015 to ` 1.80 billion in
fiscal 2016 primarily due to an increase in provisions and a decrease in non-interest income.
The profit after tax of ICICI Bank Canada decreased from ` 1.82 billion (CAD 33.7 million) in fiscal 2015 to ` 1.12 billion
(CAD 22.4 million) in fiscal 2016 primarily due to an increase in provisions and a decrease in other income, offset, in part,
by an increase in net interest income.
The profit after tax of ICICI Bank UK PLC decreased from ` 1.12 billion (US$ 18.3 million) in fiscal 2015 to ` 0.04 billion
(US$ 0.5 million) in fiscal 2016 primarily due to an increase in provisions and a decrease in non-interest income, offset, in
part, by an increase in net interest income.
The profit after tax of ICICI Venture Fund Management Company Limited decreased from ` 0.01 billion in fiscal 2015 to
a loss after tax of ` 0.21 billion in fiscal 2016 primarily due to a decrease in income from operations and other income,
offset, in part, by a decrease in staff costs and other administrative expenses.
The consolidated assets of the Bank and its subsidiaries and other consolidating entities increased from ` 8,260.79 billion
at March 31, 2015 to ` 9,187.56 billion at March 31, 2016 primarily due to an increase in the assets of ICICI Bank, ICICI
Prudential Life Insurance Company Limited, ICICI Bank Canada and ICICI Bank UK. Consolidated advances increased from
` 4,384.90 billion at March 31, 2015 to ` 4,937.29 billion at March 31, 2016.
The following table sets forth, for the periods indicated, the profit/(loss) and total assets of our principal subsidiaries.
` in billion
Profit after tax
Total assets
Fiscal 2015
Fiscal 2016
At March 31, 2015
At March 31, 2016
` 16.34
` 16.50
` 1,012.16
` 1,047.66
5.36
5.07
136.56
156.76
ICICI Bank Canada
1.82
1.12
291.19
333.45
ICICI Bank UK PLC
1.12
0.04
258.11
304.99
2.17
1.95
146.88
161.73
ICICI Securities Limited (consolidated)
2.94
2.39
13.63
13.97
1.98
1.80
82.99
93.88

1.
2.
2.47
3.26
7.28
8.18
` 0.01
` (0.21)
` 5.14
` 4.21
See also Financials- Statement pursuant to Section 129 of the Companies Act, 2013.
115
116
2011
2012
2013
2014
2015
2016
495.33
516.18
2.00
2.20
11.1%
7.83
7.88
41.58
2.22%
73.04
14.0%1
2.20
7.7%
6.74
6.75
37.58
2.43%
83.67
15.5%1
2.40
7.9%
7.20
7.23
40.25
2.49%
81.14
19.4%1
550.91
604.05
667.06
732.13
804.29
897.36
2.80
9.6%
9.01
9.05
51.51
2.64%
90.17
19.5%1
3.30
11.1%
11.19
11.22
64.65
2.73%
107.34
18.5%1
4.00
12.9%
14.39
14.44
83.25
3.11%
138.66
18.7%1
4.60
13.7%
16.93
17.00
98.10
3.33%
164.75
17.7%2
5.00
14.3%
19.13
19.32
111.75
3.48%
190.40
17.0%2
5.00
11.3%
16.65
16.75
97.26
3.49%
212.24
16.6%2
3. During the year ended March 31, 2015, the shareholders of the Bank approved the sub-division of each equity share having a face value of
` 10 into five equity shares having a face value of ` 2 each through postal ballot on November 20, 2014. Per share information reflect the effect of
sub-division for each of the periods presented.
2. Total capital adequacy ratio has been calculated as per Basel III framework.
1. Total capital adequacy ratio has been calculated as per Basel II framework.
Dividend per share3
13.4%
6.93
31.10
Profit after tax
Earnings per share (Diluted)3
2.19%
Net interest margin
6.97
56.37
Net interest income
Earnings per share (Basic)3
11.7%
Return on average equity
464.71
3,446.58 3,997.95 3,793.01 3,634.00 4,062.34 4,890.69 5,367.95 5,946.42 6,461.29 7,206.95
243.13
Total capital adequacy ratio
Total assets
Equity capital & reserves
1,958.66 2,256.16 2,183.11 1,812.06 2,163.66 2,537.28 2,902.49 3,387.03 3,875.22 4,352.64
2010
Total advances
2009
2,305.10 2,444.31 2,183.48 2,020.17 2,256.02 2,555.00 2,926.14 3,319.14 3,615.63 4,214.26
2008
Total deposits
2007
(` in billion, except per share data and percentages)
Key Financial Indicators: Last Ten Years
Independent Auditors Report

To the Members of
ICICI Bank Limited

REPORT ON THE STANDALONE FINANCIAL STATEMENTS
1. W
e have audited the accompanying standalone financial statements of ICICI Bank Limited (the Bank), which comprise
the Balance Sheet as at 31 March 2016, 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, China, South Africa, New York, and Sri Lanka branches
of the Bank, audited by branch auditors.
MANAGEMENTS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

2. T
he Banks 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
circulars, guidelines and directions issued by Reserve Bank of India (RBI) from time to time. 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.
AUDITORS RESPONSIBILITY
3. Our responsibility is to express an opinion on these standalone financial statements based on our audit.
4. W
e have taken into account the provisions of the Act, the accounting and auditing standards and matters which are
required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
5. W
e conducted our audit of the Bank including its branches 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.
6. A
n 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. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates
made by Banks Directors, as well as evaluating the overall presentation of the financial statements.
7. We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of
their report referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our
audit opinion on the standalone financial statements.
OPINION
8. In 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 of the state of affairs of the Bank as
at 31 March 2016, and its profit and its cash flows for the year then ended.
117

EMPHASIS OF MATTER
9. W
e 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 pertaining to the year
ended 31 March 2015, as permitted by the RBI vide letter dated 6 January 2015. Our opinion is not modified in
respect of this matter.
OTHER MATTERS
10. We did not audit the financial statements of the Singapore, Bahrain, Hong Kong, Dubai, Qatar, China, South Africa,
New York and Sri Lanka branches of the Bank, whose financial statements reflect total assets of ` 1,669,359 million
as at 31 March 2016, total revenues of ` 74,005 million for the year ended 31 March 2016 and net cash inflows
amounting to ` 12,184 million for the year ended 31 March 2016. 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 Management of the Bank 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.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

11. 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 133 of the Companies Act, 2013 read with the Rule 7 of the
Companies (Accounts) Rules, 2014.
12. As required sub section (3) of section 30 of the Banking Regulation Act, 1949, we report that:

(a) w
e 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) s ince 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 122 branches. As stated
above, returns from nine foreign branches were received duly audited by other auditors and were found adequate
for the purposes of our audit.
13. Further, as required by section 143(3) of the Companies Act, 2013, we further report that:

(i) w
e have sought and obtained all the information and explanations 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) the 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) in 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;
118

(vi) on the basis of written representations received from the directors as on 31 March 2016 taken on record by the
Board of Directors, none of the directors is disqualified as on 31 March 2016 from being appointed as a director
in terms of Section 164 (2) of the Act;
(vii) with respect to the adequacy of the internal financial controls over financial reporting of the Bank and the
operating effectiveness of such controls, refer our separate Report in Annexure A;
(viii) with respect to the other matters to be included in the Auditors 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) t he Bank has disclosed the impact of pending litigations on its financial position in its financial statements Refer Note 39 to the standalone financial statements;
b) t he 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 39 to the
standalone financial statements; and
c) t here 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
Mumbai
29 April 2016
Partner
119
Annexure A
to the Independent Auditors Report of even date on the Standalone Financial Statements of ICICI Bank Limited
REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION
143 OF THE COMPANIES ACT, 2013
1. W
e have audited the internal financial controls over financial reporting of ICICI Bank Limited (the Bank) as at 31
March 2016 in conjunction with our audit of the standalone financial statements of the Bank for the year ended on
that date.
MANAGEMENTS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

2. T
he Banks Board of Directors is responsible for establishing and maintaining internal financial controls based on
the internal control over financial reporting criteria established by the Bank considering the essential components
of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
(the Guidance Note) issued by the Institute of Chartered Accountants of India (the ICAI). These responsibilities
include the design, implementation and maintenance of adequate internal financial controls that were operating
effectively for ensuring the orderly and efficient conduct of its business, including adherence to Banks policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as required under the Companies
Act, 2013 (the Act).
3. O
ur responsibility is to express an opinion on the Banks internal financial controls over financial reporting based
on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing (the
Standards), issued by the ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable
to an audit of internal financial controls, both issued by the ICAI. Those Standards and the Guidance Note require that
we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and maintained and if such controls
operated effectively in all material respects.
4. O
ur audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial
controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls
over financial reporting included obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness
of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including
the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
5. W
e believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms
of their reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for
our audit opinion on the Banks internal financial controls system over financial reporting.
MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

6. A
banks internal financial control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A banks internal financial control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the bank; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the bank are being made only
in accordance with authorizations of management and directors of the bank; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the banks assets that
could have a material effect on the financial statements.
120
Annexure A
to the Independent Auditors Report of even date on the Standalone Financial Statements of ICICI Bank Limited
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

7. B
ecause of the inherent limitations of internal financial controls over financial reporting, including the possibility of
collusion or improper management override of controls, material misstatements due to error or fraud may occur and
not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future
periods are subject to the risk that the internal financial control over financial reporting may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
OPINION
8. In our opinion, the Bank has, in all material respects, an adequate internal financial controls system over financial
reporting and such internal financial controls over financial reporting were operating effectively as at 31 March
2016, based on the internal control over financial reporting criteria established by the Bank considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the ICAI.
OTHER MATTERS
9. O
ur aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal
financial controls over financial reporting insofar as it relates to oversseas branches, is based on the corresponding
reports of the branch auditors. Our opinion is not modified in respect of this matter.
For B S R & Co. LLP
Mumbai
29 April 2016
Partner
121
Balance Sheet
at March 31, 2016
` in 000s
Schedule
CAPITAL AND LIABILITIES

Capital
Employees stock options outstanding
Reserves and surplus
Deposits
Borrowings
Other liabilities and provisions
TOTAL CAPITAL AND LIABILITIES
1
2
3
4
5
At
31.03.2016
At
31.03.2015
11,631,656
67,019
885,657,157
4,214,257,086
1,748,073,779
347,264,350
7,206,951,047
11,596,608
74,388
792,622,557
3,615,627,301
1,724,173,498
317,198,572
6,461,292,924
ASSETS
Cash and balances with Reserve Bank of India
Balances with banks and money at call and short notice
Investments
Advances
Fixed assets
Other assets
TOTAL ASSETS
6
7
8
9
10
11
271,060,888
327,626,531
1,604,117,966
4,352,639,419
75,769,200
575,737,043
7,206,951,047
256,529,069
166,517,084
1,581,292,196
3,875,220,728
47,255,187
534,478,660
6,461,292,924
Contingent liabilities
Bills for collection
Significant accounting policies and notes to accounts
12
9,007,987,789
216,547,286
8,519,776,091
162,129,670
17 & 18
The Schedules referred to above form an integral part of the Balance Sheet.
As per our Report of even date.
For and on behalf of the Board of Directors
For B S R & Co. LLP

ICAI Firm Registration
no.: 101248W/W-100022
M. K. Sharma
Chairman
Dileep Choksi
Director
Chanda Kochhar
Partner
Membership no.: 113156
N. S. Kannan
Executive Director
K. Ramkumar
Executive Director
Rajiv Sabharwal
Executive Director
Place : Mumbai
122
P. Sanker
Rakesh Jha
Chief Financial Officer
(Legal) & Company Secretary
Ajay Mittal
Chief Accountant
Vishakha Mulye
Executive Director
Profit and Loss Account

for the year ended March 31, 2016
` in 000s
At
31.03.2016
At
31.03.2015
13
14
527,394,348
153,230,516
680,624,864
490,911,399
121,761,305
612,672,704
15
16
315,153,949
126,835,582
141,372,460
583,361,991
300,515,294
114,958,307
85,445,554
500,919,155
97,262,873
172,614,164
269,877,037
111,753,549
133,185,885
244,939,434
24,316,000
9,340
23,822,375
5,000,000
13,500,000
27,939,000
7,660
2,919,250
(1,270,000)
11,000,000
38,513
29,075,153
35
2,793,737
171,321,884
269,877,037
29,784
28,988,072
35
2,711,469
172,614,164
244,939,434
16.75
16.65
2.00
19.32
19.13
2.00
Schedule
I. INCOME

Interest earned

Other income
TOTAL INCOME
II. EXPENDITURE

Interest expended

Operating expenses

Provisions and contingencies (refer note 18.39)
TOTAL EXPENDITURE
III. PROFIT/(LOSS)

Net profit for the year

Profit brought forward
TOTAL PROFIT/(LOSS)
IV. APPROPRIATIONS/TRANSFERS

Transfer to Statutory Reserve

Transfer to Reserve Fund
Transfer to Capital Reserve
Transfer to/(from) Investment Reserve Account
Transfer to Revenue and other reserves
Transfer to Special Reserve
Dividend (including corporate dividend tax) for the previous year paid
during the year

Proposed equity share dividend

Proposed preference share dividend


Balance carried over to balance sheet
TOTAL


Earnings per share (refer note 18.1)

Basic (`)

Diluted (`)

Face value per share (`)
17 & 18
The Schedules referred to above form an integral part of the Profit and Loss Account.
For B S R & Co. LLP

no.: 101248W/W-100022
M. K. Sharma
Chairman
Dileep Choksi
Director
Chanda Kochhar
Partner
N. S. Kannan
Executive Director
K. Ramkumar
Executive Director
Rajiv Sabharwal
Executive Director
Place : Mumbai
P. Sanker
Rakesh Jha
Vishakha Mulye
Executive Director
Ajay Mittal
Chief Accountant
123
Cash Flow Statement

` in 000s
Year ended
31.03.2016
Year ended
31.03.2015
Profit before taxes
121,957,196
158,199,234
Depreciation and amortisation

Net (appreciation)/depreciation on investments1
Provision in respect of non-performing and other assets
Prudential provision for standard assets
Provision for contingencies & others
Income from subsidiaries, joint ventures and consolidated entities
(Profit)/loss on sale of fixed assets
Employees stock options grants
(i)
7,541,591
(33,500,856)
83,276,673
2,970,064
28,724,485
(15,375,521)
(280,717)
806
195,313,721
7,344,649
(152,338)
31,412,687
3,847,873
760,070
(15,750,993)
(69,186)
16,390
185,608,386
(ii)
(iii)
(A)
67,185,855
(568,482,751)
598,629,787
(10,782,335)
(1,791,686)
84,758,870
(55,787,902)
224,284,689
47,156,074
(539,603,596)
296,490,730
17,501,230
(13,721,352)
(192,176,914)
(41,676,358)
(48,244,886)
(B)
41,459,527
15,375,521
(7,004,911)
651,004
(89,980,988)
(39,499,847)
8,724,904
15,750,993
(7,874,256)
313,705
(108,910,985)
(91,995,639)
2,824,200
332,678,447
(261,945,823)
(47,669,402)
(31,738,089)
(5,850,668)
(3,292,908)
175,641,266
423,046,153
598,687,419
3,477,284
352,031,564
(217,591,059)
41,044,010
(28,905,082)
150,056,717
(2,065,996)
7,750,196
415,295,957
423,046,153
Cash flow from operating activities

Adjustments for:
Adjustments for:
(Increase)/decrease in investments
(Increase)/decrease in advances
Increase/(decrease) in deposits
(Increase)/decrease in other assets
Increase/(decrease) in other liabilities and provisions
Refund/(payment) of direct taxes
Net cash flow from/(used in) operating activities (i)+(ii)+(iii)
Cash flow from investing activities
Redemption/sale from/(investments in) subsidiaries and/or joint ventures
(including application money)
Income from subsidiaries, joint ventures and consolidated entities
Purchase of fixed assets
Proceeds from sale of fixed assets
(Purchase)/sale of held to maturity securities
Net cash used in investing activities
Cash flow from financing activities
Proceeds from issue of share capital (including ESOPs)
Proceeds from long term borrowings
Repayment of long term borrowings
Net proceeds/(repayment) of short term borrowings
Dividend and dividend tax paid
Net cash generated from/(used in) financing activities
Effect of exchange fluctuation on translation reserve
Net increase/(decrease) in cash and cash equivalents (A) + (B) + (C) + (D)
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
(C)
(D)
1. Includes gain of ` 33,683.7 million on sale of part of equity investment in its insurance subsidiaries during the year ended March
31, 2016.
Cash and cash equivalents include cash in hand, balances with RBI, balances with other banks and money at call and short notice.
For B S R & Co. LLP

no.: 101248W/W-100022
M. K. Sharma
Chairman
Dileep Choksi
Director
Chanda Kochhar
Partner
N. S. Kannan
Executive Director
K. Ramkumar
Executive Director
Rajiv Sabharwal
Executive Director
Place : Mumbai
124
P. Sanker
Rakesh Jha
Ajay Mittal
Chief Accountant
Vishakha Mulye
Executive Director
Schedules
forming part of the Balance Sheet

` in 000s
At
31.03.2016
At
31.03.2015
12,750,000
1,500,000
12,750,000
1,500,000
3,500,000
3,500,000
11,594,489
11,548,327
35,048
11,629,537
2,119
11,631,656
46,162
11,594,489
2,119
11,596,608
SCHEDULE 1 - CAPITAL
Authorised capital
6,375,000,000 equity shares of ` 2 each (March 31, 2015: 6,375,000,000 equity shares
of ` 2 each)
15,000,000 shares of ` 100 each (March 31, 2015: 15,000,000 shares of ` 100 each)1
350 preference shares of ` 10 million each (March 31, 2015: 350 preference shares of
` 10 million each)2

Issued, subscribed and paid-up capital
5,797,244,645 equity shares of ` 2 each (March 31, 2015: 5,774,163,845 equity shares)
Add: 17,523,785 equity shares of ` 2 each (March 31, 2015: 23,080,800 equity shares)
issued pursuant to exercise of employee stock options
Add: 266,089 equity shares of ` 10 each forfeited (March 31, 2015: 266,089 equity shares)
TOTAL CAPITAL
1. These shares will be of such class and with such rights, privileges, conditions or restrictions as may be determined by the Bank in
accordance with the Articles of Association of the Bank and subject to the legislative provisions in force for the time being in that behalf.
2. Pursuant to RBI circular the issued and paid-up preference shares are grouped under Schedule 4 - Borrowings.
125
Schedules
forming part of the Balance Sheet (Contd.)

` in 000s
At
31.03.2016
At
31.03.2015
163,205,519
24,316,000
187,521,519
135,266,519
27,939,000
163,205,519
65,790,000
13,500,000
79,290,000
54,790,000
11,000,000
65,790,000
318,415,084
2,797,327
321,212,411
314,976,217
3,438,867
318,415,084
1,270,000
(1,270,000)
25,851,750
23,822,375
49,674,125
22,932,500
2,919,250
25,851,750
20,275,848
6,118,977
(9,411,886)
16,982,939
22,341,844
5,475,445
(7,541,441)
20,275,848
28,174,747
28,174,747
36,694
9,340
46,034
95,865
7,660
(66,831)
36,694
26,433,498
5,000,000
31,433,498
171,321,884
885,657,157
35,658,256
66,831
(9,291,589)
26,433,498
172,614,164
792,622,557
SCHEDULE 2 - RESERVES AND SURPLUS

I. Statutory reserve
Opening balance
Additions during the year
Deductions during the year
Closing balance
II. Special reserve
Opening balance
Closing balance
III. Securities premium
Opening balance
Additions during the year1
Closing balance
IV Investment reserve account
Opening balance
Closing balance
V. Capital reserve
Opening balance
Closing balance
VI. Foreign currency translation reserve
Opening balance
Deductions during the year3
Closing balance
VII. Revaluation reserve
Opening balance
Closing balance
VIII. Reserve fund
Opening balance
Closing balance
IX. Revenue and other reserves
Opening balance
Closing balance
X. Balance in profit and loss account
TOTAL RESERVES AND SURPLUS
1. Includes ` 2,789.2 million (March 31, 2015: ` 3,431.1 million) on exercise of employee stock options.
2. Includes appropriations made for profit on sale of investments in held-to-maturity category, net of taxes and transfer to Statutory
Reserve and profit on sale of land and buildings, net of taxes and transfer to Statutory Reserve.
126
Schedules

3. Represents exchange profit on repatriation of retained earnings from overseas branches.
4. Represents gain on revaluation of premises carried out by the Bank at March 31, 2016.
5. Includes appropriations made to Reserve Fund for the year ended March 31, 2015 in accordance with regulations applicable to
Sri Lanka branch.
6. In terms of the guidelines issued by Central Bank of Sri Lanka, banks in Sri Lanka are no longer required to make appropriation
towards Investment Fund Account. The balance of ` 66.8 million outstanding in Investment Fund Account had been transferred to
revenue and other reserves during the year ended March 31, 2015 in accordance with these guidelines.
7. At March 31, 2015, represents amount utilised with approval of RBI to provide for outstanding Funded Interest Term Loans (FITL)
related to accounts restructured prior to the issuance of RBI guideline in 2008.
` in 000s
At
31.03.2016
At
31.03.2015
39,981,240
548,717,944
1,342,301,249
37,831,640
457,365,884
1,148,601,209
95,975,771
2,187,280,882
4,214,257,086
82,869,479
1,888,959,089
3,615,627,301
4,104,261,083
109,996,003
4,214,257,086
3,503,097,631
112,529,670
3,615,627,301
SCHEDULE 3 - DEPOSITS
A. I. Demand deposits

i) From banks

ii) From others

II. Savings bank deposits

III. Term deposits

i) From banks

ii) From others
TOTAL DEPOSITS
B. I. Deposits of branches in India

II. Deposits of branches outside India
TOTAL DEPOSITS
127
Schedules

` in 000s
At
31.03.2016
At
31.03.2015
40,070,000
34,783,875
119,500,000
18,750,000
163,509,806
83,420,502
134,879,740
83,975,239
13,010,000
13,010,000
98,152,555
98,159,787
3,500,000
3,500,000
187,603,348
624,050,086
216,743,837
688,518,603
22,517,983
21,227,648
59,629,500
458,729,975
583,146,235
56,250,000
404,197,597
553,979,650
1,124,023,693
1,748,073,779
1,035,654,895
1,724,173,498
SCHEDULE 4 - BORROWINGS
I. Borrowings in India

i) Reserve Bank of India

ii) Other banks

iii) Other institutions and agencies
a) Government of India
b) Financial institutions

iv) Borrowings in the form of bonds and debentures (excluding subordinated debt)

v) Application money-bonds

vi) Capital instruments
a)
Innovative Perpetual Debt Instruments (IPDI)
(qualifying as additional Tier 1 capital)
b)
Hybrid debt capital instruments issued as bonds/debentures
(qualifying as Tier 2 capital)
c)
Redeemable Non-Cumulative Preference Shares (RNCPS)
(350 RNCPS of ` 10.0 million each issued to preference share holders of
erstwhile ICICI Limited on amalgamation, redeemable at par on April 20,
2018)
d)
Unsecured redeemable debentures/bonds
(subordinated debt included in Tier 2 capital)
TOTAL BORROWINGS IN INDIA
II. Borrowings outside India

i) Capital instruments
a)
Innovative Perpetual Debt Instruments (IPDI)
b)
Hybrid debt capital instruments issued as bonds/debentures
ii) Bonds and notes

iii) Other borrowings1
TOTAL BORROWINGS OUTSIDE INDIA
TOTAL BORROWINGS
1. Includes borrowings guaranteed by Government of India for the equivalent of ` 5,132.2 million (March 31, 2015: ` 13,336.4 million).
2. Secured borrowings in I and II above amount to Nil (March 31, 2015: Nil) except borrowings of ` 40,131.2 million (March 31,
2015: ` 129,056.8 million) under Collateralised Borrowing and Lending Obligation, market repurchase transactions with banks and
financial institutions and transactions under Liquidity Adjustment Facility and Marginal Standing Facility.
128
Schedules

` in 000s
SCHEDULE 5 - OTHER LIABILITIES AND PROVISIONS

I. Bills payable
II. Inter-office adjustments (net)
III. Interest accrued
IV. Sundry creditors
V. Provision for standard assets
VI. Others1,2
TOTAL OTHER LIABILITIES AND PROVISIONS
At
31.03.2016
At
31.03.2015
47,057,517
1,295,074
32,177,245
51,995,329
26,583,449
188,155,736
347,264,350
48,691,161
2,268,830
41,023,668
43,107,796
23,336,041
158,771,076
317,198,572
1. For the year ended March 31, 2016, includes ` 36,000.0 million towards collective contingency and related reserve (Refer note 18.39).
2. Includes:

a) Proposed dividend amounting to ` 29,075.2 million (March 31, 2015: ` 28,988.1 million).

b) Corporate dividend tax payable amounting to ` 2,793.7 million (March 31, 2015: ` 2,711.5 million).
` in 000s
SCHEDULE 6 - CASH AND BALANCES WITH RESERVE BANK OF INDIA

I. Cash in hand (including foreign currency notes)
II. Balances with Reserve Bank of India in current accounts
TOTAL CASH AND BALANCES WITH RESERVE BANK OF INDIA
At
31.03.2016
At
31.03.2015
65,797,469
205,263,419
271,060,888
66,777,513
189,751,556
256,529,069
` in 000s
At
31.03.2016
At
31.03.2015
2,344,575
101,370
2,836,503
65,000
66,771,325
1,650,000
70,867,270
2,901,503
96,881,089
69,743,692
90,134,480
117,452,072
26,879,172
19,284,337
256,759,261
327,626,531
163,615,581
166,517,084
SCHEDULE 7 - BALANCES WITH BANKS AND MONEY AT CALL

AND SHORT NOTICE
I.
In India
Balances with banks

i)

ii)

TOTAL
a) In current accounts
b) In other deposit accounts
Money at call and short notice
a) With banks
b) With other institutions
II. Outside India

i) In current accounts

ii) In other deposit accounts

iii) Money at call and short notice
TOTAL
TOTAL BALANCES WITH BANKS AND MONEY AT CALL AND SHORT NOTICE
129
Schedules

` in 000s
At
31.03.2016
At
31.03.2015
1,106,492,693
19,873,644
92,741,589
64,218,449
1,056,108,701
23,196,661
115,823,333
65,482,766
239,280,471
1,522,606,846
242,180,386
1,502,791,847
21,715,158
46,063,582
13,732,380
17,824,004
49,803,396
10,872,949
81,511,120
1,604,117,966
78,500,349
1,581,292,196
1,554,622,302
32,015,456
1,522,606,846
1,529,085,419
26,293,572
1,502,791,847
82,517,459
1,006,339
81,511,120
1,604,117,966
79,061,690
561,341
78,500,349
1,581,292,196
SCHEDULE 8 - INVESTMENTS
I.
Investments in India [net of provisions]
i)
ii)
iii)
iv)
v)
vi) O
thers (commercial paper, mutual fund units, pass through certificates,
security receipts and certificate of deposits)2
Government securities
Other approved securities
Shares (includes equity and preference shares)
Debentures and bonds
Subsidiaries and/or joint ventures1
TOTAL INVESTMENTS IN INDIA
II. Investments outside India [net of provisions]

i) Government securities

ii) Subsidiaries and/or joint ventures abroad (includes equity and preference shares)

iii) Others (equity shares, bonds and certificate of deposits)
TOTAL INVESTMENTS OUTSIDE INDIA
TOTAL INVESTMENTS
A. Investments in India

Gross value of investments

Less: Aggregate of provision/depreciation/(appreciation)
Net investments
B. Investments outside India



Net investments
TOTAL INVESTMENTS
1. During the year, the Bank has sold a part of equity investment in its subsidiaries, ICICI Prudential Life Insurance Company Limited
and ICICI Lombard General Insurance Company Limited.
2. In accordance with RBI circular dated July 16, 2015, investment in Rural Infrastructure and Development Fund and other related
deposits of ` 280,661.8 million (March 31, 2015: ` 284,508.2 million) has been re-classified under Schedule 11 - Other Assets.
130
Schedules

` in 000s
SCHEDULE 9 - ADVANCES [NET OF PROVISIONS]
A. i) Bills purchased and discounted

ii) Cash credits, overdrafts and loans repayable on demand

iii) Term loans
TOTAL ADVANCES
B. i) Secured by tangible assets (includes advances against book debts)

ii) Covered by bank/government guarantees

iii) Unsecured
TOTAL ADVANCES
C. I. Advances in India

i) Priority sector

ii) Public sector

iii) Banks

iv) Others
TOTAL ADVANCES IN INDIA

II. Advances outside India

i) Due from banks

ii) Due from others

a) Bills purchased and discounted

b) Syndicated and term loans

c) Others
TOTAL ADVANCES OUTSIDE INDIA
TOTAL ADVANCES
At
31.03.2016
At
31.03.2015
125,883,999
845,132,942
3,381,622,478
4,352,639,419
3,508,024,917
91,968,107
752,646,395
4,352,639,419
124,699,264
678,157,310
3,072,364,154
3,875,220,728
3,246,003,157
96,877,890
532,339,681
3,875,220,728
924,348,694
44,329,100
283,403
2,445,558,803
3,414,520,000
762,092,862
35,374,080
146,618
2,136,406,625
2,934,020,185
4,860,662
2,483,044
37,850,081
737,769,046
157,639,630
938,119,419
4,352,639,419
44,434,806
765,973,178
128,309,515
941,200,543
3,875,220,728
` in 000s
At
31.03.2016
At
31.03.2015
At cost at March 31 of preceding year

Depreciation to date2
Net block3
40,522,620
29,414,022
(600,593)
(10,859,345)
58,476,704
39,639,238
1,095,947
(212,565)
(9,896,951)
30,625,669

Net block
46,222,026
6,217,940
(2,306,918)
(35,255,187)
14,877,861
42,567,275
6,173,584
(2,518,833)
(31,918,804)
14,303,222
17,299,544
(14,884,909)
2,414,635
75,769,200
17,299,544
(14,973,248)
2,326,296
47,255,187
SCHEDULE 10 - FIXED ASSETS

I.

Premises
II. Other fixed assets (including furniture and fixtures)

III. Assets given on lease




Depreciation to date, accumulated lease adjustment and provisions5

Net block
TOTAL FIXED ASSETS
1. Includes ` 28,174.7 million added on revaluation carried out by the Bank on March 31, 2016.
2. Includes depreciation charge amounting to ` 1,291.2 million (March 31, 2015: ` 1,270.2 million).
3. Includes assets of ` 13.6 million (March 31, 2015: ` 2.0 million) which are held for sale.
131
Schedules

4.
5.
Includes depreciation charge amounting to ` 5,501.7 million (March 31, 2015: ` 4,968.7 million).
Includes depreciation charge/lease adjustment amounting to ` 192.2 million (March 31, 2015: ` 350.6 million).
` in 000s
At
31.03.2016
At
31.03.2015
60,510,784
30,200,188
1,710
17,822,999
1,224,389
11,494,126
47,700,357
280,661,817
126,120,673
575,737,043
57,085,691
32,298,374
2,230
687,962
1,841,577
11,403,692
14,480,041
284,508,152
132,170,941
534,478,660
SCHEDULE 11 - OTHER ASSETS

I. Inter-office adjustments (net)
II. Interest accrued
III. Tax paid in advance/tax deducted at source (net)
IV. Stationery and stamps
V. Non-banking assets acquired in satisfaction of claims1,2
VI. Advances for capital assets
VII. Deposits
VIII. Deferred tax asset (net)
IX. Deposits in Rural Infrastructure and Development Fund
X. Others
TOTAL OTHER ASSETS
1. Includes certain non-banking assets acquired in satisfaction of claims which are in the process of being transferred in the Bank's
name.
2. Includes assets amounting to ` 17,218.5 million acquired by the Bank in satisfaction of claims under debt-asset swap transactions
with certain borrowers during the year ended March 31, 2016.
` in 000s
At
31.03.2016
At
31.03.2015
35,360,765
12,455
3,567,729,012
39,770,154
65,787
2,898,724,970
749,922,608
255,030,143
472,780,107
460,007,024
3,414,397,317
52,748,358
9,007,987,789
755,159,468
238,105,768
496,588,147
514,309,351
3,538,297,671
38,754,775
8,519,776,091
SCHEDULE 12 - CONTINGENT LIABILITIES

I. Claims against the Bank not acknowledged as debts
II. Liability for partly paid investments
III. Liability on account of outstanding forward exchange contracts1
IV. Guarantees given on behalf of constituents

a) In India

b) Outside India
V. Acceptances, endorsements and other obligations
VI. Currency swaps1
VII. Interest rate swaps, currency options and interest rate futures1
VIII. Other items for which the Bank is contingently liable
TOTAL CONTINGENT LIABILITIES
1.
Represents notional amount.
132
Schedules
forming part of the Profit and Loss Account

` in 000s
Year ended
31.03.2016
Year ended
31.03.2015
389,431,536
106,253,486
1,582,379
30,126,947
527,394,348
356,310,839
105,927,693
1,950,994
26,721,873
490,911,399
SCHEDULE 13 - INTEREST EARNED

I. Interest/discount on advances/bills
II. Income on investments1
III. Interest on balances with Reserve Bank of India and other inter-bank funds
IV. Others1,2,3
TOTAL INTEREST EARNED
1. Interest on Rural Infrastructure and Development Fund (RIDF) and other related deposits of ` 16,618.9 million (March 31, 2015:
` 13,518.0 million) has been re-classified from line item 'Income on investments' to 'Others' consequent to re-classification of RIDF
deposits from Schedule 8 - Investments to Schedule 11 - Other Assets.
2. Includes interest on income tax refunds amounting to ` 3,119.3 million (March 31, 2015: ` 2,707.7 million).
3. Includes interest and amortisation of premium on non-trading interest rate swaps and foreign currency swaps.
` in 000s
Year ended
31.03.2016
Year ended
31.03.2015
74,616,599
42,582,615
(4,628,535)
280,717
22,715,610
69,798,945
15,502,667
(18,002)
69,186
20,420,685
15,352,148
2,311,362
153,230,516
15,590,636
397,188
121,761,305
SCHEDULE 14 - OTHER INCOME

I.
II.
III.
IV.
V.
Commission, exchange and brokerage

Profit/(loss) on sale of investments (net)1
Profit/(loss) on revaluation of investments (net)
Profit/(loss) on sale of land, buildings and other assets (net)2
Profit/(loss) on exchange/derivative transactions (net)3
VI. Income earned by way of dividends, etc. from subsidiary companies and/or joint
ventures abroad/in India
VII. Miscellaneous income (including lease income)
TOTAL OTHER INCOME
1. Includes profit on sale of part of equity investment in its subsidiaries, ICICI Prudential Life Insurance Company Limited and ICICI
Lombard General Insurance Company Limited.
2. Includes profit/(loss) on sale of assets given on lease.
3. Includes exchange profit/(loss) on repatriation of retained earnings/capital from overseas branches/subsidiaries.
` in 000s
Year ended
31.03.2016
Year ended
31.03.2015
215,488,232
11,093,814
88,571,903
315,153,949
202,939,485
12,632,629
84,943,180
300,515,294
SCHEDULE 15 - INTEREST EXPENDED

I. Interest on deposits
II. Interest on Reserve Bank of India/inter-bank borrowings
III. Others (including interest on borrowings of erstwhile ICICI Limited)
TOTAL INTEREST EXPENDED
133
Schedules
forming part of the Profit and Loss Account (Contd.)

` in 000s
Year ended
31.03.2016
Year ended
31.03.2015
50,023,472
9,750,002
1,491,557
2,109,728
6,792,869
192,206
9,998
73,315
436,767
3,026,474
10,030,088
3,922,060
9,340,329
29,636,717
126,835,582
47,498,752
8,904,434
1,276,509
1,616,167
6,238,893
350,597
7,517
66,793
382,258
2,624,947
8,662,192
3,604,748
7,915,023
25,809,477
114,958,307
SCHEDULE 16 - OPERATING EXPENSES

I. Payments to and provisions for employees
II. Rent, taxes and lighting1
III. Printing and stationery
IV. Advertisement and publicity
V. Depreciation on Bank's property
VI. Depreciation (including lease equalisation) on leased assets
VII. Directors' fees, allowances and expenses
VIII. Auditors' fees and expenses
IX. Law charges
X. Postages, courier, telephones, etc.
XI. Repairs and maintenance
XI. Insurance
XIII. Direct marketing agency expenses
XIV. Other expenditure
TOTAL OPERATING EXPENSES
1. Includes lease payment of ` 7,176.2 million (March 31, 2015: ` 6,463.1 million).
134
Schedules
forming part of the Accounts

SCHEDULE 17
SIGNIFICANT ACCOUNTING POLICIES
Overview
ICICI Bank Limited (ICICI Bank or the Bank), incorporated in Vadodara, India is a publicly held banking company engaged
in providing a wide range of banking and financial services including commercial banking and treasury operations. ICICI
Bank is a banking company governed by the Banking Regulation Act, 1949. The Bank also has overseas branches in
Bahrain, China, Dubai, Hong Kong, Qatar, Sri Lanka, Singapore, South Africa and United States of America and Offshore
Banking units.
Basis of preparation
The financial statements have been prepared in accordance with requirements prescribed under the Third Schedule
of the Banking Regulation Act, 1949. The accounting and reporting policies of ICICI Bank used in the preparation of
these financial statements conform to Generally Accepted Accounting Principles in India (Indian GAAP), the guidelines
issued by Reserve Bank of India (RBI) from time to time and the Accounting Standards notified under Section 133 of the
Companies Act, 2013 read together with paragraph 7 of the Companies (Accounts) Rules, 2014 to the extent applicable
and practices generally prevalent in the banking industry in India. The Bank follows the historical cost convention and the
accrual method of accounting, except in the case of interest income on non-performing assets (NPAs) and loans under
strategic debt restructuring (SDR) scheme of RBI where it is recognised upon realisation.
The preparation of financial statements requires the management to make estimates and assumptions that are considered
in the reported amounts of assets and liabilities (including contingent liabilities) as of the date of the financial statements
and the reported income and expenses during the reporting period. Management believes that the estimates used in
the preparation of the financial statements are prudent and reasonable. Future results could differ from these estimates.
Significant Accounting Policies
1. Revenue recognition

a) Interest income is recognised in the profit and loss account as it accrues except in the case of non-performing
assets (NPAs) where it is recognised upon realisation, as per the income recognition and asset classification
norms of RBI. Further, the interest income on loan accounts where restructuring has been approved by the Bank
under SDR scheme of RBI is recognised upon realisation.
b) Income from finance leases is calculated by applying the interest rate implicit in the lease to the net investment
outstanding on the lease over the primary lease period. Finance leases entered into prior to April 1, 2001 have
been accounted for as per the Guidance Note on Accounting for Leases issued by the Institute of Chartered
Accountants of India (ICAI). The finance leases entered subsequent to April 1, 2001 have been accounted for as
per Accounting Standard 19 Leases.
c) Income on discounted instruments is recognised over the tenure of the instrument on a constant yield basis.
d) Dividend income is accounted on accrual basis when the right to receive the dividend is established.
e) Loan processing fee is accounted for upfront when it becomes due.
f) Project appraisal/structuring fee is accounted for on the completion of the agreed service.
g) Arranger fee is accounted for as income when a significant portion of the arrangement/syndication is completed.
h) Commission received on guarantees issued is amortised on a straight-line basis over the period of the guarantee.
i)
The annual/renewal fee on credit cards is amortised on a straight line basis over one year.
j)
All other fees are accounted for as and when they become due.
135
Schedules
forming part of the Accounts (Contd.)

k) N
et income arising from sell-down/securitisation of loan assets prior to February 1, 2006 has been recognised
upfront as interest income. With effect from February 1, 2006, net income arising from securitisation of loan
assets is amortised over the life of securities issued or to be issued by the special purpose vehicle/special purpose
entity to which the assets are sold. Net income arising from sale of loan assets through direct assignment with
recourse obligation is amortised over the life of underlying assets sold and net income from sale of loan assets
through direct assignment, without any recourse obligation, is recognised at the time of sale. Net loss arising on
account of the sell-down/securitisation and direct assignment of loan assets is recognised at the time of sale.
l)
The Bank deals in bullion business on a consignment basis. The difference between price recovered from
customers and cost of bullion is accounted for at the time of sales to the customers. The Bank also deals in
bullion on a borrowing and lending basis and the interest paid/received is accounted on accrual basis.
2. Investments

Investments are accounted for in accordance with the extant RBI guidelines on investment classification and valuation
as given below.
1. A
ll investments are classified into Held to Maturity, Available for Sale and Held for Trading. Reclassifications, if
any, in any category are accounted for as per RBI guidelines. Under each classification, the investments are further
categorised as (a) government securities, (b) other approved securities, (c) shares, (d) bonds and debentures, (e)
subsidiaries and joint ventures and (f) others.
2. Held to Maturity securities are carried at their acquisition cost or at amortised cost, if acquired at a premium over
the face value. Any premium over the face value of fixed rate and floating rate securities acquired is amortised
over the remaining period to maturity on a constant yield basis and straight line basis respectively.
3. Available for Sale and Held for Trading securities are valued periodically as per RBI guidelines. Any premium
over the face value of fixed rate and floating rate investments in government securities, classified as Available
for Sale, is amortised over the remaining period to maturity on constant yield basis and straight line basis
respectively. Quoted investments are valued based on the trades/quotes on the recognised stock exchanges,
subsidiary general ledger account transactions, price list of RBI or prices declared by Primary Dealers Association
of India jointly with Fixed Income Money Market and Derivatives Association (FIMMDA), periodically.
The market/fair value of unquoted government securities which are in the nature of Statutory Liquidity Ratio
(SLR) securities included in the Available for Sale and Held for Trading categories is as per the rates published
by FIMMDA. The valuation of other unquoted fixed income securities, including Pass Through Certificates,
wherever linked to the Yield-to-Maturity (YTM) rates, is computed with a mark-up (reflecting associated credit
risk) over the YTM rates for government securities published by FIMMDA.
Unquoted equity shares are valued at the break-up value, if the latest balance sheet is available, or at ` 1, as per
RBI guidelines.
Securities are valued scrip-wise. Depreciation/appreciation on securities, other than those acquired by way of
conversion of outstanding loans, is aggregated for each category. Net appreciation in each category, if any, being
unrealised, is ignored, while net depreciation is provided for. The depreciation on securities acquired by way of
conversion of outstanding loans is fully provided for. Non-performing investments are identified based on the
RBI guidelines.
Depreciation on equity shares acquired and held by the Bank under SDR scheme is provided over a period of
four calendar quarters from the date of conversion of debt into equity in accordance with the RBI guidelines.
4. T
reasury bills, commercial papers and certificate of deposits being discounted instruments, are valued at carrying
cost.
5. The units of mutual funds are valued at the latest repurchase price/net asset value declared by the mutual fund.
136
Schedules

6. C
osts including brokerage and commission pertaining to investments, paid at the time of acquisition, are charged
to the profit and loss account. Cost of investments is computed based on the First-In-First-Out (FIFO) method.
7. E
quity investments in subsidiaries/joint ventures are categorised as Held to Maturity in accordance with
RBI guidelines. The Bank assesses these investments for any permanent diminution in value and appropriate
provisions are made.
8. P
rofit/loss on sale of investments in the Held to Maturity category is recognised in the profit and loss account
and profit is thereafter appropriated (net of applicable taxes and statutory reserve requirements) to Capital
Reserve. Profit/loss on sale of investments in Available for Sale and Held for Trading categories is recognised
in the profit and loss account.
9. M
arket repurchase and reverse repurchase transactions are accounted for as borrowing and lending transactions
respectively in accordance with the extant RBI guidelines. The transactions with RBI under Liquidity Adjustment
Facility (LAF) are accounted for as borrowing and lending transactions.
10. Broken period interest (the amount of interest from the previous interest payment date till the date of purchase/
sale of instruments) on debt instruments is treated as a revenue item.
11. At the end of each reporting period, security receipts issued by the asset reconstruction companies are valued in
accordance with the guidelines applicable to such instruments, prescribed by RBI from time to time. Accordingly,
in cases where the cash flows from security receipts issued by the asset reconstruction companies are limited
to the actual realisation of the financial assets assigned to the instruments in the concerned scheme, the Bank
reckons the net asset value obtained from the asset reconstruction company from time to time, for valuation of
such investments at each reporting period end. The security receipts which are outstanding and not redeemed
as at the end of the resolution period are treated as loss assets and are fully provided for.
12. The Bank follows trade date method of accounting for purchase and sale of investments, except for government
of India and state government securities where settlement date method of accounting is followed in accordance
with RBI guidelines.
13. The Bank undertakes short sale transactions in dated central government securities in accordance with RBI
guidelines. The short positions are categorised under HFT category and are marked to market. The mark-tomarket loss is charged to profit and loss account and gain, if any, is ignored as per RBI guidelines.
3. Provision/write-offs on loans and other credit facilities

The Bank classifies its loans and investments, including at overseas branches and overdues arising from crystallised
derivative contracts, into performing and NPAs in accordance with RBI guidelines. Loans and advances held at the
overseas branches that are identified as impaired as per host country regulations for reasons other than record of
recovery, but which are standard as per the extant RBI guidelines, are classified as NPAs to the extent of amount
outstanding in the host country. Further, NPAs are classified into sub-standard, doubtful and loss assets based on the
criteria stipulated by RBI.
In the case of corporate loans and advances, provisions are made for sub-standard and doubtful assets at rates
prescribed by RBI. Loss assets and the unsecured portion of doubtful assets are provided/written-off as per the
extant RBI guidelines. For loans and advances booked in overseas branches, which are standard as per the extant
RBI guidelines but are classified as NPAs based on host country guidelines, provisions are made as per the host
country regulations. For loans and advances booked in overseas branches, which are NPAs as per the extant RBI
guidelines and as per host country guidelines, provisions are made at the higher of the provisions required under
RBI regulations and host country regulations. Provisions on homogeneous retail loans and advances, subject to
minimum provisioning requirements of RBI, are assessed at a borrower level, on the basis of the ageing of the loans
in the non-performing category. In respect of loans classified as fraud, the entire amount, without considering the
value of security, is provided for over a period of four quarters starting from the quarter in which fraud has been
detected. In accounts where there has been delay in reporting the fraud to the RBI, the entire amount is provided
immediately. In respect of borrowers classified as non-cooperative borrowers, willful defaulters and NPAs covered
under distressed assets framework of RBI, the Bank makes accelerated provisions as per extant RBI guidelines.
137
Schedules

The Bank holds specific provisions against non-performing loans and advances and against certain performing loans
and advances in accordance with RBI directions. The Bank also holds provisions on loans under SDR scheme of
RBI. The assessment of incremental specific provisions is made after taking into consideration the existing specific
provision held. The specific provisions on retail loans and advances held by the Bank are higher than the minimum
regulatory requirements.
a) P
rovision due to diminution in the fair value of restructured/rescheduled loans and advances is made in
accordance with the applicable RBI guidelines.
b) A
mounts recovered against debts written-off in earlier years and provisions no longer considered necessary in
the context of the current status of the borrower are recognised in the profit and loss account.
c) T
he Bank maintains general provision on performing loans and advances in accordance with the RBI guidelines,
including provisions on loans to borrowers having unhedged foreign currency exposure, provision on exposures
to step-down subsidiaries of Indian companies and floating provision taken over from erstwhile Bank of Rajasthan
upon amalgamation. For performing loans and advances in overseas branches, the general provision is made at
higher of host country regulations requirement and RBI requirement.
d) In addition to the provisions required to be held according to the asset classification status, provisions are
held for individual country exposures including indirect country risk (other than for home country exposure).
The countries are categorised into seven risk categories namely insignificant, low, moderately low, moderate,
moderately high, high and very high, and provisioning is made on exposures exceeding 180 days on a graded
scale ranging from 0.25% to 25%. For exposures with contractual maturity of less than 180 days, provision is
required to be held at 25% of the rates applicable to exposures exceeding 180 days. The indirect exposure is
reckoned at 50% of the exposure. If the country exposure (net) of the Bank in respect of each country does not
exceed 1% of the total funded assets, no provision is required on such country exposure.
In respect of non-performing loans and advances accounts subjected to restructuring, the account is upgraded
to standard only after the specified period i.e. a period of one year after the date when first payment of interest
or of principal, whichever is later, falls due, subject to satisfactory performance of the account during the period.
A standard restructured loan is upgraded to the standard category when satisfactory payment performance is
evidenced during the specified period and after the loan reverts to the normal level of standard asset provisions/
risk weights.
4. Transfer and servicing of assets

The Bank transfers commercial and consumer loans through securitisation transactions. The transferred loans are
de-recognised and gains/losses are accounted for, only if the Bank surrenders the rights to benefits specified in the
underlying securitised loan contract. Recourse and servicing obligations are accounted for net of provisions.
In accordance with the RBI guidelines for securitisation of standard assets, with effect from February 1, 2006, the
Bank accounts for any loss arising from securitisation immediately at the time of sale and the profit/premium arising
from securitisation is amortised over the life of the securities issued or to be issued by the special purpose vehicle to
which the assets are sold. With effect from May 7, 2012, the RBI guidelines require the profit/premium arising from
securitisation to be amortised over the life of the transaction based on the method prescribed in the guidelines.
In the case of loans sold to an asset reconstruction company, the excess provision is not reversed but is utilised to
meet the shortfall/loss on account of sale of other financial assets to securitisation company (SC)/reconstruction
company (RC) in accordance with RBI guideline dated July 13, 2005. With effect from February 26, 2014, in accordance
with RBI guidelines, in case of non-performing loans sold to SCs/RCs, the Bank reverses the excess provision in profit
and loss account in the year in which amounts are received.
5. Fixed assets and depreciation

Fixed assets are carried at cost and include amounts added on revaluation of premises, less accumulated depreciation
and impairment, if any. Cost includes freight, duties, taxes and incidental expenses related to the acquisition and
138
Schedules

installation of the asset. Depreciation is charged over the estimated useful life of a fixed asset on a straight-line basis.
The useful lives of the groups of fixed assets, are given below.
Asset
Useful life
Premises owned by the Bank

Leased assets and improvements to leasehold premises
ATMs1
Plant and machinery1 (including office equipment)
Computers
Furniture and fixtures1
Motor vehicles1
Others (including software and system development expenses)1
60 years
60 years or lease period whichever is lower
8 years
10 years
3 years
6 years, 8 months
5 years
4 years
1. The useful life of assets is based on historical experience of the Bank, which is different from the useful life as prescribed in
Schedule II to the Companies Act, 2013.
a) A
ssets purchased/sold during the year are depreciated on a pro-rata basis for the actual number of days the
asset has been put to use.
b) Items costing upto ` 5,000/- are depreciated fully over a period of 12 months from the date of purchase.
c) Assets at residences of Banks employees are depreciated over the estimated useful life of 5 years.
d) In case of revalued/impaired assets, depreciation is provided over the remaining useful life of the assets with
reference to revised asset values.
e) T
he profit on sale of premises is appropriated to capital reserve, net of transfer to statutory reserve and taxes, in
accordance with RBI guidelines.
6. Transactions involving foreign exchange

Foreign currency income and expenditure items of domestic operations are translated at the exchange rates prevailing
on the date of the transaction. Income and expenditure items of integral foreign operations (representative offices)
are translated at daily closing rates, and income and expenditure items of non-integral foreign operations (foreign
branches and offshore banking units) are translated at quarterly average closing rates.
Monetary foreign currency assets and liabilities of domestic and integral foreign operations are translated at closing
exchange rates notified by Foreign Exchange Dealers Association of India (FEDAI) relevant to the balance sheet date
and the resulting gains/losses are included in the profit and loss account.

Both monetary and non-monetary foreign currency assets and liabilities of non-integral foreign operations are
translated relevant to closing exchange rates notified by FEDAI at the balance sheet date and the resulting gains/
losses from exchange differences are accumulated in the foreign currency translation reserve until the disposal of
the net investment in the non-integral foreign operations. On the disposal/partial disposal of a non-integral foreign
operation, the cumulative/proportionate amount of the exchange differences which has been accumulated in the
foreign currency translation reserve and which relates to that operation are recognised as income or expenses in the
same period in which the gain or loss on disposal is recognised.
The premium or discount arising on inception of forward exchange contracts that are entered into to establish the
amount of reporting currency required or available at the settlement date of a transaction is amortised over the life
of the contract. All other outstanding forward exchange contracts are revalued based on the exchange rates notified
by FEDAI for specified maturities and at interpolated rates for contracts of interim maturities. The contracts of longer
maturities where exchange rates are not notified by FEDAI are revalued based on the forward exchange rates implied
by the swap curves in respective currencies. The resultant gains or losses are recognised in the profit and loss
account.
Contingent liabilities on account of guarantees, endorsements and other obligations denominated in foreign
currencies are disclosed at the closing exchange rates notified by FEDAI relevant to the balance sheet date.
139
Schedules

7. Accounting for derivative contracts

The Bank enters into derivative contracts such as foreign currency options, interest rate and currency swaps, credit
default swaps and cross currency interest rate swaps.
The swap contracts entered to hedge on-balance sheet assets and liabilities are structured such that they bear an
opposite and offsetting impact with the underlying on-balance sheet items. The impact of such derivative instruments
is correlated with the movement of underlying assets and liabilities and accounted pursuant to the principles of
hedge accounting. Hedge swaps are accounted for on an accrual basis and are not marked to market unless their
underlying transaction is marked to market.
Foreign currency and rupee derivative contracts entered into for trading purposes are marked to market and the
resulting gain or loss (net of provisions, if any) is accounted for in the profit and loss account. Pursuant to RBI
guidelines, any receivables under derivative contracts which remain overdue for more than 90 days and markto-market gains on other derivative contracts with the same counter-parties are reversed through profit and loss
account.
8. Employee Stock Option Scheme (ESOS)

The Employees Stock Option Scheme (the Scheme) provides for grant of options on the Banks equity shares to
wholetime directors and employees of the Bank and its subsidiaries. The Scheme provides that employees are
granted an option to subscribe to equity shares of the Bank that vest in a graded manner. The options may be
exercised within a specified period. The Bank follows the intrinsic value method to account for its stock-based
employee compensation plans. Compensation cost is measured as the excess, if any, of the fair market price of the
underlying stock over the exercise price on the grant date and amortised over the vesting period. The fair market
price is the latest closing price, immediately prior to the grant date, which is generally the date of the meeting of the
Board Governance, Remuneration & Nomination Committee in which the options are granted, on the stock exchange
on which the shares of the Bank are listed. If the shares are listed on more than one stock exchange, then the stock
exchange where there is highest trading volume on the said date is considered.
9. Employee Benefits
Gratuity

The Bank pays gratuity, a defined benefit plan, to employees who retire or resign after a minimum prescribed period
of continuous service and in case of employees at overseas locations as per the rules in force in the respective
countries. The Bank makes contribution to a trust which administers the funds on its own account or through
insurance companies.
The actuarial gains or losses arising during the year are recognised in the profit and loss account.
Actuarial valuation of the gratuity liability is determined by an actuary appointed by the Bank. Actuarial valuation of
gratuity liability is determined based on certain assumptions regarding rate of interest, salary growth, mortality and
staff attrition as per the projected unit credit method.
Superannuation Fund and National Pension Scheme
The Bank contributes 15.00% of the total annual basic salary of certain employees to superannuation funds, a defined
contribution plan, managed and administered by insurance companies. Further, the Bank contributes 10.00% of
the total basic salary of certain employees to National Pension Scheme (NPS), a defined contribution plan, which
is managed and administered by pension fund management companies. The Bank also gives an option to its
employees allowing them to receive the amount in lieu of such contributions along with their monthly salary during
their employment.
The amounts so contributed/paid by the Bank to the superannuation fund and NPS or to employee during the year
are recognised in the profit and loss account.
140
Schedules

Pension

The Bank provides for pension, a defined benefit plan covering eligible employees of erstwhile Bank of Madura,
erstwhile Sangli Bank and erstwhile Bank of Rajasthan. The Bank makes contribution to a trust which administers
the funds on its own account or through insurance companies. The plan provides for pension payment including
dearness relief on a monthly basis to these employees on their retirement based on the respective employees years
of service with the Bank and applicable salary.
Actuarial valuation of the pension liability is determined by an actuary appointed by the Bank. Actuarial valuation of
pension liability is calculated based on certain assumptions regarding rate of interest, salary growth, mortality and
Employees covered by the pension plan are not eligible for employers contribution under the provident fund plan.
Provident Fund
The Bank is statutorily required to maintain a provident fund, a defined benefit plan, as a part of retirement benefits to
its employees. Each employee contributes a certain percentage of his or her basic salary and the Bank contributes an
equal amount for eligible employees. The Bank makes contribution as required by The Employees Provident Funds
and Miscellaneous Provisions Act, 1952 to Employees Pension Scheme administered by the Regional Provident Fund
Commissioner. The Bank makes balance contributions to a fund administered by trustees. The funds are invested
according to the rules prescribed by the Government of India.
Actuarial valuation for the interest rate guarantee on the provident fund balances is determined by an actuary
appointed by the Bank.
The overseas branches of the Bank and its eligible employees contribute a certain percentage of their salary towards
respective government schemes as per local regulatory guidelines. The contribution made by the overseas branches
is recognised in profit and loss account at the time of contribution.
Leave encashment
The Bank provides for leave encashment benefit based on actuarial valuation conducted by an independent actuary.
10. Income Taxes

Income tax expense is the aggregate amount of current tax and deferred tax expense incurred by the Bank. The
current tax expense and deferred tax expense is determined in accordance with the provisions of the Income Tax Act,
1961 and as per Accounting Standard 22 - Accounting for Taxes on Income respectively. Deferred tax adjustments
comprise changes in the deferred tax assets or liabilities during the year. Deferred tax assets and liabilities are
recognised by considering the impact of timing differences between taxable income and accounting income for
the current year, and carry forward losses. Deferred tax assets and liabilities are measured using tax rates and tax
laws that have been enacted or substantively enacted at the balance sheet date. The impact of changes in deferred
tax assets and liabilities is recognised in the profit and loss account. Deferred tax assets are recognised and reassessed at each reporting date, based upon managements judgement as to whether their realisation is considered
as reasonably/virtually certain.
11. Impairment of Assets

The immovable fixed assets are reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable. An asset is treated as impaired when its carrying
amount exceeds its recoverable amount. The impairment is recognised by debiting the profit and loss account and
is measured as the amount by which the carrying amount of the impaired assets exceeds their recoverable value.
141
Schedules

12. Provisions, contingent liabilities and contingent assets

The Bank estimates the probability of any loss that might be incurred on outcome of contingencies on the basis of
information available up to the date on which the financial statements are prepared. A provision is recognised when
an enterprise has a present obligation as a result of a past event and it is probable that an outflow of resources will be
required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are determined based
on management estimates of amounts required to settle the obligation at the balance sheet date, supplemented
by experience of similar transactions. These are reviewed at each balance sheet date and adjusted to reflect the
current management estimates. In cases where the available information indicates that the loss on the contingency is
reasonably possible but the amount of loss cannot be reasonably estimated, a disclosure to this effect is made in the
financial statements. In case of remote possibility neither provision nor disclosure is made in the financial statements.
The Bank does not account for or disclose contingent assets, if any.
The Bank estimates the probability of redemption of customer loyalty reward points using an actuarial method by
employing an independent actuary and accordingly makes provision for these reward points. Actuarial valuation is
determined based on certain assumptions regarding mortality rate, discount rate, cancellation rate and redemption
rate.
13. Earnings per share (EPS)

Basic and diluted earnings per share are computed in accordance with Accounting Standard 20 Earnings per share.
Basic earnings per share is calculated by dividing the net profit or loss after tax for the year attributable to equity
shareholders by the weighted average number of equity shares outstanding during the year.
Diluted earnings per share reflect the potential dilution that could occur if contracts to issue equity shares were
exercised or converted during the year. Diluted earnings per equity share is computed using the weighted average
number of equity shares and dilutive potential equity shares outstanding during the year, except where the results
are anti-dilutive.
14. Lease transactions

Lease payments for assets taken on operating lease are recognised as an expense in the profit and loss account over
the lease term on straight line basis.
15. Cash and cash equivalents

Cash and cash equivalents include cash in hand, balances with RBI, balances with other banks and money at call and
short notice.
142
Schedules

SCHEDULE 18
NOTES FORMING PART OF THE ACCOUNTS
The following additional disclosures have been made taking into account the requirements of Accounting Standards
(ASs) and Reserve Bank of India (RBI) guidelines in this regard.
1. Earnings per share

Basic and diluted earnings per equity share are computed in accordance with AS 20 Earnings per share. Basic
earnings per equity share are computed by dividing net profit after tax by the weighted average number of equity
shares outstanding during the year. The diluted earnings per equity share is computed using the weighted average
number of equity shares and weighted average number of dilutive potential equity shares outstanding during
the year.
The following table sets forth, for the periods indicated, the computation of earnings per share.
` in million, except per share data
Year ended
March 31, 2016
Year ended
March 31, 2015
5,807,339,489
97,262.9
16.75
5,785,726,485
111,753.5
19.32
5,840,224,893
97,262.9
16.65
2.00
5,842,092,456
111,753.5
19.13
2.00
Basic
Weighted average no. of equity shares outstanding
Net profit
Basic earnings per share (`)
Diluted
Net profit
Diluted earnings per share (`)
Nominal value per share (`)

The dilutive impact is due to options granted to employees by the Bank.
2. Business/information ratios

The following table sets forth, for the periods indicated, the business/information ratios.
(i)
(ii)
(iii)
(iv)
(v)
Interest income to working funds1

Non-interest income to working funds1
Operating profit to working funds1,2
Return on assets3
Net profit per employee4 (` in million)
(vi) B
usiness (average deposits plus average advances) per employee4,5
(` in million)

Year ended
March 31, 2016
Year ended
March 31, 2015
8.06%
2.34%
3.65%
1.49%
1.4
8.19%
2.03%
3.29%
1.86%
1.6
94.3
83.2
1. For the purpose of computing the ratio, working funds represent the monthly average of total assets computed for reporting
dates of Form X submitted to RBI under Section 27 of the Banking Regulation Act, 1949.
2. Operating profit is profit for the year before provisions and contingencies.
3. For the purpose of computing the ratio, assets represent monthly average of total assets computed for reporting dates of Form
X submitted to RBI under Section 27 of the Banking Regulation Act, 1949.
4. Computed based on average number of employees which include sales executives, employees on fixed term contracts and
interns.
5. The average deposits and the average advances represent the simple average of the figures reported in Form A to RBI under
Section 42(2) of the Reserve Bank of India Act, 1934.
143
Schedules

3. Capital adequacy ratio

The Bank is subject to the Basel III capital adequacy guidelines stipulated by RBI with effect from April 1, 2013. The
guidelines provide a transition schedule for Basel III implementation till March 31, 2019. As per the guidelines, the
Tier-1 capital is made up of Common Equity Tier-1 (CET1) and Additional Tier-1.
At March 31, 2016, Basel III guidelines require the Bank to maintain a minimum capital to risk-weighted assets ratio
(CRAR) of 9.63% with minimum CET1 CRAR of 6.13% and minimum Tier-1 CRAR of 7.63%. The minimum total CRAR,
CET1 CRAR and Tier-1 CRAR requirement include capital conservation buffer of 0.63%.
The following table sets forth, for the period indicated, computation of capital adequacy as per Basel III framework.
` in million, except percentages
At
March 31, 2016
At
March 31, 2015
Common Equity Tier 1 CRAR (%)

Tier-1 CRAR (%)
13.00%
13.09%
12.78%
12.78%
Tier-2 CRAR (%)

Total CRAR (%)
Amount of equity capital raised
3.55%
16.64%
4.24%
17.02%
Amount of Additional Tier-1 capital raised; of which

Perpetual Non-Cumulative Preference Shares

Perpetual Debt Instruments
Amount of Tier-2 capital raised; of which

Debt capital instrument

Preference Share Capital Instruments
[Perpetual Cumulative Preference Shares (PCPS)/Redeemable NonCumulative Preference Shares (RNCPS)/Redeemable Cumulative Preference
Shares (RCPS)]
4. Liquidity coverage ratio

The Basel Committee for Banking Supervision (BCBS) had introduced the liquidity coverage ratio (LCR) in order to
ensure that a bank has an adequate stock of unencumbered high quality liquid assets (HQLA) to survive a significant
liquidity stress lasting for a period of 30 days. LCR is defined as a ratio of HQLA to the total net cash outflows
estimated for the next 30 calendar days. As per the RBI guidelines the minimum LCR required to be maintained by
banks shall be implemented in the phased manner from January 1, 2015 as given below.
144
2015
60.0%
2016
70.0%
2017
80.0%
2018
90.0%
2019
100.0%
657,810.1
221,848.3
22,192.3
199,656.0
631,804.6
46,302.7
509,293.2
76,208.7
58,390.8
9,038.0
373.7
48,979.1
70,145.8
79,602.7
1,061,792.2
319,975.3
23,851.8
343,827.1
657,810.1
717,965.1
91.62%
N.A.
2,440,406.7
443,846.9
1,996,559.8
1,100,323.2
185,211.0
838,903.5
76,208.7
N.A.
434,570.4
9,038.0
373.7
425,158.7
70,145.8
1,918,495.8
N.A.
381,330.5
43,097.3
424,427.8
N.A.
N.A.
N.A.
476.8
379,313.3
39,648.7
1,936,332.7
N.A.
252,788.5
43,314.3
296,102.8
N.A.
N.A.
N.A.
11,577.8
477,248.4
42,674.5
N.A.
391,367.9
2,126,588.6
405,084.6
1,721,504.0
840,202.0
320,279.2
N.A.
Total
unweighted
value
(average)
476.8
49,011.6
39,648.7
96,816.6
782,914.9
197,031.7
24,867.1
221,898.8
569,153.4
569,153.4
101.45%
11,577.8
270,234.5
42,674.5
61,066.2
192,404.6
20,254.2
172,150.4
392,978.7
80,069.8
569,153.4
Total
weighted
value
(average)
Three months ended

March 31, 2015
365.1
413,544.9
65,305.8
1,982,024.6
N.A.
254,135.7
38,951.4
293,087.1
N.A.
N.A.
N.A.
8,462.4
746,400.2
83,168.5
N.A.
422,372.4
2,315,663.0
437,369.7
1,878,293.3
1,004,305.9
174,737.2
N.A.
Total
unweighted
value
(average)
365.1
53,138.7
65,305.8
99,101.2
935,401.5
205,096.8
21,510.6
226,607.4
600,439.4
708,764.1
84.72%
8,462,4
372,447.7
83,168.5
61,996.2
209,697.8
21,868.5
187,829.3
499,300.5
43,684.3
600,439.4
Total
weighted
value
(average)
Three months ended

December 31, 2015
426.1
408,673.0
65,243.5
2,028,664.1
N.A.
242,066.1
39,839.3
281,905.4
N.A.
N.A.
N.A.
8,886.5
740,751.0
67,271.4
N.A.
417,985.6
2,253,131.1
427,509.4
1,825,621.7
973,669.5
165,647.1
N.A.
Total
unweighted
value
(average)
426.1
52,895.0
65,243.5
101,433.2
907,908.7
187,179.4
22,469.5
209,648.9
605,808.5
698,259.8
86.76%
8,886.5
366,403.6
67,271.4
62,207.6
203,937.6
21,375.5
182,562.1
475,086.8
41,411.8
605,808.5
Total
weighted
value
(average)
Three months ended

September 30, 2015
` in million
414.8
398,207.2
49,265.9
1,940,289.6
N.A.
245,792.4
38,273.5
284,065.8
N.A.
N.A.
N.A.
8,782.9
661,388.5
38,343.9
N.A.
407,404.9
2,166,232.6
415,068.1
1,751,164.5
843,829.9
144,097.4
N.A.
Total
unweighted
value
(average)
414.8
51,920.1
49,265.9
97,014.5
819,337.0
193,081.9
21,435.5
214,517.4
534,184.8
604,819.6
88.32%
8,782.9
341,700.8
38,343.9
61,117.7
195,869.9
20,753.4
175,116.4
416,069.0
36,024.3
534,184.8
Total
weighted
value
(average)
Three months ended

June 30, 2015
Liquidity of the Bank is managed by the Asset Liability Management Group (ALMG) under the central oversight of the Asset Liability Management
Committee (ALCO). For the domestic operations of the Bank, ALMG-India is responsible for the overall management of liquidity. For the
overseas branches of the Bank, a decentralised approach is followed for day-to-day liquidity management, while a centralised approach is
followed for long term funding in co-ordination with Head-Office. Liquidity in overseas branches is maintained taking into consideration both
host country as well as the RBI regulations.
High quality liquid assets

1 Total high quality liquid assets
Cash outflows
2 Retail deposits and deposits from small business
customers, of which:
(i) Stable deposits
(ii) Less stable deposits
3 Unsecured wholesale funding, of which:
(i) Operational deposits (all counterparties)

(ii) Non-operational deposits
(all counterparties)
(iii) Unsecured debt
4 Secured wholesale funding
5 Additional requirements, of which:
(i) Outflows related to derivative exposures and
other collateral requirements
(ii) Outflows related to loss of funding on debt
products
(iii) Credit and liquidity facilities
6 Other contractual funding obligations
7 Other contingent funding obligations
8 Total cash outflows
9 Secured lending (e.g. reverse repos)
10 Inflows from fully performing exposures
11 Other cash inflows
12 Total cash inflows
13 Total HQLA
14 Total net cash outflows
15 Liquidity coverage ratio (%)
Particulars
Three months ended

March 31, 2016
Total
Total
unweighted
weighted
value
value
(average)
(average)
The Bank has been computing its LCR on a monthly basis since January 2015 as per the extant RBI guidelines. The following tables set forth
the average of unweighted and weighted value of the LCR of the Bank, based on month end values, for the three months ended March 31,
2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015.
Starting from January 1

Minimum LCR
Schedules

145
Schedules

The Bank during the three months ended March 31, 2016 maintained average HQLA (after haircut) of ` 657,810.1
million (March 31, 2015: ` 569,153.4 million) against the average liquidity requirement of ` 502,575.6 million (March
31, 2015: ` 336,609.6 million) at minimum LCR requirement of 70%. HQLA primarily included government securities
in excess of minimum statutory liquidity ratio (SLR) and to the extent allowed under marginal standing facility (MSF)
and facility to avail liquidity for LCR (FALLCR) of ` 498,952.5 million (March 31, 2015: ` 405,228.9 million). Additionally,
cash, balance in excess of cash reserve requirement with RBI and the Central banks of countries where Banks
branches are located amounting to ` 104,655.2 million (March 31, 2015: ` 119,941.0 million),. Further, average level 2
assets primarily consisting of AA- and above rated corporate bonds and commercial papers amounted to ` 33,334.1
million (March 31, 2015: ` 29,028.0 million).
At March 31, 2016, top liability products/instruments and their percentage contribution to the total liabilities of the Bank
were saving account deposits 18.63% (March 31, 2015: 17.78%), term deposits 31.68% (March 31, 2015: 30.52%), bond
borrowings 12.81% (March 31, 2015: 13.83%) and current account deposits 8.17% (March 31, 2015: 7.66%). Top 20
depositors constituted 7.35% (March 31, 2015: 6.43%) of total deposits of the Bank at March 31, 2016. Further, the total
borrowings mobilised from significant counterparties (from whom, the funds borrowed were more than 1.00% of the
Banks total liabilities), were 11.81% (March 31, 2015: 13.66%) of the total liabilities of the Bank at March 31, 2016.
The weighted cash outflows are primarily driven by unsecured wholesale funding which includes operational
deposits, non-operational deposits and unsecured debt. During Q4-2016, unsecured wholesale funding contributed
59.50% (March 31, 2015: 50.19%) of the total weighted cash outflows. The non-operational deposits include term
deposits with premature withdrawal facility. Retail deposits including deposits from small business customers and
other contingent funding obligations contributed 20.89% (March 31, 2015: 24.58%) and 7.50% (March 31, 2015:
12.37%) of the total weighted cash outflows respectively. The other contingent funding obligations primarily include
bank guarantees (BGs) and letters of credit (LCs) issued on behalf of the Banks clients.
Liquidity requirement of the Bank on account of market valuation changes for derivative transactions was limited as
the Bank has not executed any Credit Support Annex (CSA) requiring it to post collateral for derivative transactions.
However, the Bank may be required to post additional collateral due to market valuation changes on derivative
transactions settled through Clearing Corporation of India (CCIL) which is a Qualified Central Counterparty (QCCP)
in India including the Clearing Corporation of India (CCIL). The outflow on account of market valuation change for
derivative transactions with QCCPs has been considered based on the prescribed look back approach.
Based on the above, monthly average LCR of the Bank for the three months ended March 31, 2016 was 91.62% (March 31,
2015: 101.45%). During the three months ended on March 31, 2016, other than Indian Rupee, USD was the only significant
foreign currency which constituted more than 5.00% of the balance sheet size of the Bank. Average LCR of the Bank for
USD currency was 87.90% (March 31, 2015: 100.83%) for the three months ended March 31, 2016.
5. Information about business and geographical segments

Business Segments

Pursuant to the guidelines issued by RBI on AS 17 - Segment Reporting - Enhancement of Disclosures dated April 18,
2007, effective from year ended March 31, 2008, the following business segments have been reported.

Retail Banking includes exposures which satisfy the four criteria of orientation, product, granularity and low
value of individual exposures for retail exposures laid down in BCBS document International Convergence of
Capital Measurement and Capital Standards: A Revised Framework.

Treasury includes the entire investment and derivative portfolio of the Bank.

Other Banking includes leasing operations and other items not attributable to any particular business segment.
Income, expenses, assets and liabilities are either specifically identified with individual segments or are allocated to
segments on a systematic basis.
All liabilities are transfer priced to a central treasury unit, which pools all funds and lends to the business units at appropriate
rates based on the relevant maturity of assets being funded after adjusting for regulatory reserve requirements.
The transfer pricing mechanism of the Bank is periodically reviewed. The segment results are determined based on
the transfer pricing mechanism prevailing for the respective reporting periods.
Wholesale Banking includes all advances to trusts, partnership firms, companies and statutory bodies, which are
not included under Retail Banking.
146
Schedules

The following tables set forth, for the periods indicated, the business segment results on this basis.
` in million
For the year ended March 31, 2016
Retail
Banking
Wholesale
Banking
Treasury
Other Banking
Business
391,878.0
328,923.5
487,496.2
18,178.6
38,977.4
(12,454.3)
90,974.1
4,460.0
1,724,805.5 2,663,659.1
2,580,529.7
160,056.2
3,133,932.7 1,197,853.2 2,764,161.42
111,003.7
Particulars
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Revenue
Less: Inter-segment revenue
Total revenue (1)(2)
Segment results
Unallocated expenses
Operating profit (4)-(5)
Income tax expenses (net of deferred tax credit)
Net profit (6)-(7)
Segment assets
Unallocated assets1
Total assets (9)+(10)
Segment liabilities
Unallocated liabilities
Total liabilities (12)+(13)
Capital expenditure
Depreciation
1.
2.
Includes tax paid in advance/tax deducted at source (net) and deferred tax asset (net).
Includes share capital and reserves and surplus.
6,474.5
5,718.9
937.0
1,016.3
11.2
14.9
34.5
235.0
Total
1,226,476.3
545,851.4
680,624.9
121,957.2
121,957.2
24,694.3
97,262.9
7,129,050.5
77,900.5
7,206,951.0
7,206,951.0
7,206,951.0
7,457.2
6,985.1
` in million
For the year ended March 31, 2015
Particulars
Retail
Banking
Wholesale
Banking
Treasury
Other Banking
Business
329,911.8
335,025.1
439,310.6
15,815.1
27,242.8
62,240.7
64,499.5
4,216.2
1,297,275.5 2,612,211.8 2,379,339.6
125,687.6
6,414,514.5
46,778.4
6,461,292.9
2,661,620.1 1,038,243.2 2,656,157.02
105,272.6
6,461,292.9
6,461,292.9
33.7
391.8
7,269.5
6,589.5
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Revenue
Less: Inter-segment revenue
Total revenue (1)(2)
Segment results
Operating profit (4)-(5)
Income tax expenses (including deferred tax credit)
Net profit (6)-(7)
Segment assets
Unallocated assets1
Total assets (9)+(10)
Segment liabilities
Total liabilities (12)+(13)
Capital expenditure
Depreciation
1.
2.
Includes tax paid in advance/tax deducted at source (net) and deferred tax asset (net).
6,109.1
5,111.4
1,110.3
1,073.5
Geographical segments
The Bank reports its operations under the following geographical segments.
16.4
12.8
Domestic operations comprise branches in India.
Foreign operations comprise branches outside India and offshore banking unit in India.
Total
1,120,062.6
507,389.9
612,672.7
158,199.2
158,199.2
46,445.7
111,753.5
147
Schedules

The following table sets forth, for the periods indicated, geographical segment revenues.
` in million
Revenue
Year ended
March 31, 2016
Year ended
March 31, 2015
620,424.0
60,200.9
680,624.9
557,994.4
54,678.3
612,672.7
Domestic operations
Foreign operations
Total
The following table sets forth, for the periods indicated, geographical segment assets.
` in million
Assets
Domestic operations
Foreign operations
Total
At
March 31, 2016
At
March 31, 2015
5,940,663.4
1,188,387.1
7,129,050.5
5,210,699.8
1,203,814.7
6,414,514.5
Segment assets do not include tax paid in advance/tax deducted at source (net) and deferred tax asset (net).
The following table sets forth, for the periods indicated, capital expenditure and depreciation thereon for the
geographical segments.
` in million
Capital expenditure
incurred during
Depreciation
provided during
Year ended
Year ended
Year ended
Year ended
March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015
Domestic operations
Foreign operations
Total
7,331.5
7,203.7
6,916.9
125.7
65.8
68.2
50.4
7,457.2
7,269.5
6,985.1
6,589.5
6,539.1
6. Maturity pattern

The following table sets forth, the maturity pattern of assets and liabilities of the Bank at March 31, 2016.
` in million
Maturity buckets
Day 1
2 to 7 days
8 to 14 days
15 to 28 days
29 days to 3 months
3 to 6 months
6 months to 1 year
1 to 3 years
3 to 5 years
Above 5 years
Total
1.
2.
3.
Loans &
Advances1
Investment
securities1
Deposits1
Borrowings1,2
Total foreign
currency
assets3
11,629.7
35,120.3
30,867.1
66,217.9
262,943.9
293,775.4
544,822.2
1,456,284.9
716,918.6
934,059.4
4,352,639.4
240,862.3
91,635.5
54,447.0
92,784.1
66,139.0
83,065.1
142,619.8
154,822.1
278,198.4
399,544.6
1,604,117.9
44,306.0
115,371.8
80,240.7
64,017.7
297,478.2
262,497.9
536,836.4
453,906.8
1,185,524.7
1,174,076.9
4,214,257.1
1,775.6
48,634.1
8,450.3
22,148.0
103,160.0
132,031.8
401,445.3
422,158.0
404,176.1
204,094.6
1,748,073.8
139,997.4
149,589.0
24,188.8
56,646.8
116,419.5
84,434.7
170,622.1
288,600.3
175,208.6
248,472.2
1,454,179.4
Includes foreign currency balances.

Includes borrowings in the nature of subordinated debts and preference shares.
Excludes off-balance sheet assets and liabilities.
148
Total foreign
currency
liabilities3
6,297.5
20,530.7
17,157.8
41,235.2
112,508.2
61,002.1
548,262.6
357,848.9
285,712.5
85,671.8
1,536,227.3
Schedules

The following table sets forth the maturity pattern of assets and liabilities of the Bank at March 31, 2015.
` in million
Maturity buckets
Day 1
2 to 7 days
8 to 14 days
15 to 28 days
29 days to 3 months
3 to 6 months
6 months to 1 year
1 to 3 years
3 to 5 years
Above 5 years
Total
1.
2.
3.
Loans &
Advances1
Investment
securities1
Deposits1
Borrowings1,2
Total foreign
currency
assets3
13,214.3
16,158.5
25,935.4
63,509.3
240,409.2
273,277.9
403,853.0
1,563,199.5
592,051.6
683,612.0
3,875,220.7
141,697.8
141,036.3
78,590.9
112,192.5
68,952.6
65,431.5
159,217.2
139,682.6
214,532.1
459,958.6
1,581,292.1
41,567.5
119,412.1
75,983.5
95,239.7
239,316.0
265,327.9
335,020.7
533,335.7
976,972.0
933,452.2
3,615,627.3
598.0
84,014.6
24,794.1
29,923.7
94,042.6
157,163.6
264,608.5
384,309.3
217,966.7
466,752.4
1,724,173.5
151,131.3
14,229.3
28,086.5
50,989.7
102,526.4
95,118.0
84,371.5
360,253.4
193,476.2
241,727.0
1,321,909.3
Total foreign
currency
liabilities3
4,647.3
14,626.4
18,353.3
27,824.4
100,679.1
126,379.4
234,962.4
486,870.8
205,960.2
188,573.1
1,408,876.4
Includes foreign currency balances.

Includes borrowings in the nature of subordinated debts and preference shares.
Excludes off-balance sheet assets and liabilities.
7. Preference shares

Certain government securities amounting to ` 3,189.8 million at March 31, 2016 (March 31, 2015: ` 3,088.6 million)
have been earmarked against redemption of preference shares issued by the Bank, which fall due for redemption on
April 20, 2018, as per the original terms of the issue.

In terms of the ESOS, as amended, the maximum number of options granted to any eligible employee in a financial
year shall not exceed 0.05% of the issued equity shares of the Bank at the time of grant of the options and aggregate
of all such options granted to the eligible employees shall not exceed 10% of the aggregate number of the issued
equity shares of the Bank on the date(s) of the grant of options. Under the stock option scheme, eligible employees are
entitled to apply for equity shares. Options granted prior to March, 2014, except mentioned below, vest in a graded
manner over a four-year period, with 20%, 20%, 30% and 30% of the grants vesting in each year, commencing
from the end of 12 months from the date of grant. Options granted in April, 2009 vest in a graded manner over a
five-year period with 20%, 20%, 30% and 30% of grant vesting each year, commencing from the end of 24 months
from the date of grant. Options granted in September, 2011 vest in a graded manner over a five-years period with
15%, 20%, 20% and 45% of grant vesting each year, commencing from the end of 24 months from the date of the
grant. Options granted after March, 2014 vest in a graded manner over a three-year period with 30%, 30%, and 40%
of the grant vesting in each year, commencing from the end of 12 months from the date of grant other than certain
options granted in April 2014 which will vest to the extent of 50% on April 30, 2017 and the balance on April 30, 2018.
The options granted in September 2015 will vest to the extent of 50% on April 30, 2018 and 50% on April 30, 2019.
However for the options granted in September 2015 if the participants employment terminates due to retirement
(including pursuant to any early/voluntary retirement scheme), the whole of the unvested options would lapse. The
options can be exercised within 10 years from the date of grant or five years from the date of vesting, whichever is
later. The exercise price of Banks options, except mentioned below, was the last closing price on the stock exchange,
which recorded highest trading volume preceding the date of grant of options. Hence, there was no compensation
cost based on intrinsic value of options.
In February 2011, the Bank granted 15,175,000 options to eligible employees and whole-time Directors of the Bank
and certain of its subsidiaries at an exercise price of ` 193.40. Of these options granted, 50% vested on April 30, 2014
and the balance 50% vested on April 30, 2015. The options can be exercised within 10 years from the date of grant
or five years from the date of vesting, whichever is later. Based on intrinsic value of options, compensation cost of
` 0.8 million was recognised during the year ended March 31, 2016 (March 31, 2015: ` 16.4 million).
149
Schedules

If the Bank had used the fair value of options based on binomial tree model, compensation cost in the year ended
March 31, 2016 would have been higher by ` 3,726.5 million and proforma profit after tax would have been
` 93.54 billion. On a proforma basis, the Banks basic and diluted earnings per share would have been ` 16.11 and
` 16.02 respectively. The key assumptions used to estimate the fair value of options granted during the year ended
March 31, 2016 are given below.
Expected life
Expected volatility
7.58% to 8.19%
3.16 to 5.78 years
30.67% to 32.77%
1.62% to 2.11%
The weighted average fair value of options granted during the year ended March 31, 2016 is ` 100.50 (March 31,
2015: ` 90.09).
The following table sets forth, for the periods indicated, the summary of the status of the Banks stock option plan.
` except number of options
Stock options outstanding
Year ended March 31, 2015

Particulars
Outstanding at the beginning of the year

Add: Granted during the year
Less: Lapsed during the year, net of re-issuance
Less: Exercised during the year
Outstanding at the end of the year
Options exercisable
Weighted
average
exercise price
148,433,700
64,904,500
4,189,850
17,523,785
191,624,565
89,788,515
205.02
289.28
260.67
161.16
236.36
198.08
140,521,765
32,375,500
1,382,765
23,080,800
148,433,700
75,938,800
183.74
259.96
235.40
150.66
205.02
180.80
Number of shares
arising out of options
Weighted average exercise

price (` per share)
Weighted average remaining

contractual life (Number of years)
60-99
100-199
2,556,700
86.96
60,755,715
180.24
3.03
3.65
200-299
96,037,150
251.67
7.85
300-399
32,275,000
308.26
9.08
The following table sets forth, the summary of stock options outstanding at March 31, 2015.
Range of exercise price
(` per share)
Number of
options
(` per share)
Number of
options
Weighted
average
exercise price
Number of shares
Weighted average
exercise price (` per share)
Weighted average remaining

contractual life (Number of years)
60-99
100-199
4,771,000
74,346,685
80.81
177.35
2.41
4.41
200-299
69,291,015
243.22
8.06
300-399
25,000
321.17
9.59
The options were exercised regularly throughout the period and weighted average share price as per NSE price
volume data during the year ended March 31, 2016 was ` 273.37 (March 31, 2015: ` 311.74).
9. Subordinated debt

During the year ended March 31, 2016, the Bank has not raised subordinated debt qualifying for Tier-2 capital (March
31, 2015: Nil).
150
Schedules

10. Repurchase transactions

The following tables set forth, for the periods indicated, the details of securities sold and purchased under repo and
reverse repo transactions respectively including transactions under Liquidity Adjustment Facility (LAF) and Marginal
Standing Facility (MSF).
` in million
Minimum
Maximum
Daily average
outstanding
outstanding
outstanding
balance during the balance during the balance during the
Outstanding
balance at
March 31, 2016

Securities sold under Repo, LAF and MSF
i) Government Securities
ii) Corporate Debt Securities
Securities purchased under Reverse Repo and LAF

1.
10.2
133,067.0
2,000.0
51,943.4
13.7
40,129.4
61,600.0
750.0
8,761.4
186.5
32,500.0
Amounts reported are based on face value of securities under repo, reverse repo, LAF and MSF.
` in million
Minimum
Maximum
Daily average
outstanding
outstanding
outstanding
balance during the balance during the balance during the
Outstanding
balance at
March 31, 2015

Securities sold under Repo and LAF
Securities purchased under Reverse Repo and LAF

1.
54.0
153,941.9
66,700.1
128,782.2
105,439.7
10,113.8
Amounts reported are based on face value of securities under repo, reverse repo, LAF and MSF.
11. Investments

The following table sets forth, for the periods indicated, the details of investments and the movement of provision
held towards depreciation on investments of the Bank.
` in million
Particulars
1. Value of Investments1

i) Gross value of investments
a) In India
b) Outside India

ii) Provision for depreciation
c) In India
d) Outside India

iii) Net value of investments
e) In India
f) Outside India
At
March 31, 2016
At
March 31, 2015
1,554,622.3
82,517.5
1,529,085.4
79,061.7
(32,015.5)
(1,006.3)
(26,293.6)
(561.3)
1,522,606.8
81,511.2
1,502,791.8
78,500.4
151
Schedules

` in million
Particulars
2.

Movement of provisions held towards depreciation on investments

i) Opening balance2
ii) Add: Provisions made during the year
iii) Less: Write-off/(write-back) of excess provisions during the year
iv) Closing balance
At
March 31, 2016
At
March 31, 2015
25,931.8
10,852.9
(3,762.9)
33,021.8
23,775.0
5,631.7
(2,551.8)
26,854.9
1. Pursuant to RBI guidelines, investment in Rural Infrastructure and Development Fund and other related deposits of ` 280,661.8
million (March 31, 2015: ` 284,508.2 million) has been re-classified to line item Others under Schedule 11 - Other Assets.
2. Application money has been re-classified from Schedule 8 - Investments to Schedule 11 - Other Assets. Accordingly, the
corresponding provision has also been re-classified.
Pursuant to approval by the Board of Directors of the Bank on October 30, 2015, the Bank has sold equity shares
representing 9% shareholding in ICICI Lombard General Insurance Company Limited during FY2016 for a total
consideration of ` 15,502.5 million.
Pursuant to approval by the Board of Directors of the Bank on November 16, 2015 the Bank has sold equity
shares representing 6% shareholding in ICICI Prudential Life Insurance Company Limited during FY2016 for a total
consideration of ` 19,500.0 million.
12. Investment in securities, other than government and other approved securities (Non-SLR investments)

i) Issuer composition of investments in securities, other than government and other approved securities
The following table sets forth, the issuer composition of investments of the Bank in securities, other than
government and other approved securities at March 31, 2016.
` in million
Sr.
No.
1
2
3
4
5
6
7
Issuer
PSUs
FIs
Banks
Private corporates
Subsidiaries/ Joint ventures
Others4,5
Provision held towards depreciation
Total
Amount
Extent of
private
placement2
Extent of below
investment
grade securities
Extent of
unrated
securities2,3
Extent of
unlisted
securities3
(a)
(b)
(c)
(d)
15,452.7
64,389.9
110,250.9
84,928.7
110,282.0
122,449.4
(31,843.6)
475,910.0
9,633.9
53,486.5
84,289.7
77,782.6
121,693.2
N.A
346,885.9
4,517.9
19,610.9
N.A
24,128.8
4,171.6
N.A
4,171.6
5,737.6
2,471.6
2,652.4
N.A
10,861.6
1. Amounts reported under columns (a), (b), (c) and (d) above are not mutually exclusive.
2. Excludes investments, amounting to ` 2,652.4 million in preference shares of subsidiary ICICI Bank Canada.
3. Excludes equity shares, units of equity-oriented mutual fund, units of venture capital fund, pass through certificates,
security receipts, commercial papers, certificates of deposit, non-convertible debentures (NCDs) with original or initial
maturity up to one year issued by corporate (including NBFCs), unlisted convertible debentures and securities acquired
by way of conversion of debt.
4. Excludes investments in non-Indian government securities by overseas branches amounting to ` 21,715.2 million.
5. Excludes investments in non-SLR Indian government securities amounting to ` 2,435.7 million.
152
Schedules

The following table sets forth, the issuer composition of investments of the Bank in securities, other than
government and other approved securities at March 31, 2015.
` in million
Sr.
No.
Issuer
1
2
3
4
5
6
7
PSUs
FIs
Banks
Private corporates
Subsidiaries/ Joint ventures
Others5,6,7
Provision held towards depreciation
Total
Amount
16,011.7
37,028.6
121,737.0
97,754.7
117,751.2
142,751.0
(25,674.7)
507,359.5
Extent of Extent of below

private investment grade
placement2
securities
(a)
10,870.8
25,340.3
107,104.2
88,835.8
141,016.6
N.A
373,167.7
Extent of
unrated
securities 3,4
Extent of
unlisted
securities4
(c)
4,054.6
N.A
4,054.6
(d)
3,032.8
6,861.9
N.A
9,894.7
(b)
7,836.4
16,888.7
N.A
24,725.1

1. Amounts reported under columns (a), (b), (c) and (d) above are not mutually exclusive.
2.
Includes ` 33,050.4 million of application money towards corporate bonds/debentures and pass through certificates.

3. Excludes investments, amounting to ` 4,396.9 million in preference shares of subsidiaries and ` 2,465.0 million in
subordinated bonds of subsidiary ICICI Bank Canada.

4. Excludes equity shares, units of equity-oriented mutual fund, units of venture capital fund, pass through certificates,
security receipts, commercial papers, certificates of deposit, non-convertible debentures (NCDs) with original or initial
maturity up to one year issued by corporate (including NBFCs), unlisted convertible debentures and securities acquired
by way of conversion of debt.

5. Excludes investments in non-Indian government securities by overseas branches amounting to ` 17,824.0 million.

6. Excludes investments in non-SLR Indian government securities amounting to ` 90.8 million.

7. Pursuant to RBI guidelines, investment in Rural Infrastructure and Development Fund and other related deposits of
` 284,508.2 million has been re-classified to line item Others under Schedule 11 - Other Assets.
ii) Non-performing investments in securities, other than government and other approved securities
The following table sets forth, for the periods indicated, the movement in gross non-performing investments in
securities, other than government and other approved securities.
` in million
Revenue
Year ended
March 31, 2016
Year ended
March 31, 2015
11,444.2
8,075.2
(2,718.9)
16,800.5
10,404.2
4,414.0
7,633.5
(549.8)
11,497.7
8,262.2
Opening balance
Reduction during the year
Closing balance
Total provision held

1. Non-performing application money outstanding at March 31, 2015 has been re-classified from Schedule 8 - Investments
to Schedule 11 - Other Assets.
13. Sales and transfers of securities to/from Held to Maturity (HTM) category

During the year ended March 31, 2016 the value of sales and transfers of securities to/from HTM category
(excluding one-time transfer of securities to/from HTM category with the approval of Board of Directors permitted
to be undertaken by banks at the beginning of the accounting year, sale to RBI under pre-announced Open Market
Operation auctions and repurchase of Government securities by Government of India) had exceeded 5% of the book
value of the investments held in HTM category at the beginning of the year. The market value of investments held
in the HTM category was ` 999,326.82 million at March 31, 2016 which includes investments in subsidiaries/joint
ventures carried at cost.
153
Schedules

14. CBLO transactions

Collateralised Borrowing and Lending Obligation (CBLO) is a discounted money market instrument, established by
The Clearing Corporation of India Limited (CCIL) and approved by RBI, which involves secured borrowings and
lending transactions. At March 31, 2016, the Bank had no outstanding borrowings (March 31, 2015: Nil) and no
outstanding lending (March 31, 2015: Nil) in the form of CBLO. The amortised book value of securities given as
collateral by the Bank to CCIL for availing the CBLO facility was ` 68,296.0 million at March 31, 2016 (March 31, 2015:
` 84,853.6 million).
15. Derivatives

The Bank is a major participant in the financial derivatives market. The Bank deals in derivatives for balance sheet
management, proprietary trading and market making purposes whereby the Bank offers derivative products to its
customers, enabling them to hedge their risks.
Dealing in derivatives is carried out by identified groups in the treasury of the Bank based on the purpose of the
transaction. Derivative transactions are entered into by the treasury front office. Treasury Control and Service Group
(TCSG) conducts an independent check of the transactions entered into by the front office and also undertakes
activities such as confirmation, settlement, accounting, risk monitoring and reporting and ensures compliance with
various internal and regulatory guidelines.
The market making and the proprietary trading activities in derivatives are governed by the Investment policy and
Derivative policy of the Bank, which lays down the position limits, stop loss limits as well as other risk limits. The
Risk Management Group (RMG) lays down the methodology for computation and monitoring of risk. The Risk
Committee of the Board (RCB) reviews the Banks risk management policy in relation to various risks including credit
and recovery policy, investment policy, derivative policy, Asset Liability Management (ALM) policy and operational
risk management policy. The RCB comprises independent directors and the Managing Director and CEO.
The Bank measures and monitors risk of its derivatives portfolio using such risk metrics as Value at Risk (VAR), stop
loss limits and relevant greeks for options. Risk reporting on derivatives forms an integral part of the management
information system.
The use of derivatives for hedging purposes is governed by the hedge policy approved by Asset Liability Management
Committee (ALCO). Subject to prevailing RBI guidelines, the Bank deals in derivatives for hedging fixed rate, floating
rate or foreign currency assets/liabilities. Transactions for hedging and market making purposes are recorded
separately. For hedge transactions, the Bank identifies the hedged item (asset or liability) at the inception of the hedge
itself. The effectiveness is assessed at the time of inception of the hedge and periodically thereafter.
Hedge derivative transactions are accounted for pursuant to the principles of hedge accounting based on guidelines
issued by RBI. Derivatives for market making purpose are marked to market and the resulting gain/loss is recorded
in the profit and loss account. The premium on option contracts is accounted for as per Foreign Exchange Dealers
Association of India (FEDAI) guidelines.
Over the counter (OTC) derivative transactions are covered under International Swaps and Derivatives Association
(ISDA) master agreements with the respective counter parties. The exposure on account of derivative transactions is
computed as per RBI guidelines.
154
Schedules

The following table sets forth, for the period indicated, the details of derivative positions.
` in million
Sr.
No.
1
3
4
Particulars
Derivatives (Notional principal amount)
a) For hedging
b) For trading
Marked to market positions3
a) Asset (+)
b) Liability (-)
Credit exposure4
Currency
derivative1
Interest rate
derivative2
13,895.2
946,749.3
565,237.3
2,348,522.6
23,695.3
1,027,190.7
463,792.9
2,537,928.1
35,782.6
(33,844.0)
86,084.6
16,697.9
(17,159.2)
62,874.1
43,892.8
(43,608.8)
99,796.9
17,658.3
(19,957.6)
65,281.4
96.9
1,380.5
16,621.7
1,076.2
218.1
1,027.8
14,423.4
694.3
228.0
93.7
16,960.1
12,732.7
345.4
172.3
15,651.1
13,067.2
1,730.8
962.4
1,708.6
88.4
1,080.8
714.7
832.8
73.9
Maximum and minimum of 100*PV01 observed

during the period
a) On hedging6

Maximum
Minimum
b) On trading

Maximum
Minimum
At March 31, 2015
Likely impact of one percentage change in interest

rate (100*PV01)5
a) On hedging derivatives6
b) On trading derivatives
At March 31, 2016

Currency
Interest rate
derivative1
derivative2
1. Exchange traded and Over the Counter (OTC) options, cross currency interest rate swaps and currency futures are included in
currency derivatives.
2. Interest rate swaps, forward rate agreements, swaptions and exchange traded interest rate derivatives are included in interest
rate derivatives.
3. For trading portfolio including accrued interest.
4. Includes accrued interest and has been computed based on Current Exposure method.
5. Amounts given are absolute values on a net basis, excluding options.
6. The swap contracts entered into for hedging purpose would have an opposite and off-setting impact with the underlying onbalance sheet items.
The following tables set forth, for the periods indicated, the details of forex contracts.
` in million
Sr.
No.
1
2
3
4
Particulars
Forex contracts (Notional principal amount)
Marked to market positions
a) Asset (+)
b) Liability (-)
Credit exposure1
Likely impact of one percentage change in interest rate
(100*PV01)2
At March 31, 2016

Trading
Non-trading
At March 31, 2015

Trading
Non-trading
3,048,537.0
519,192.1
2,380,384.1
518,340.9
16,659.3
(14,362.8)
102,000.4
3,563.5
(5,775.9)
11,278.1
22,585.2
(19,159.2)
84,003.9
3,660.1
(5,425.4)
13,116.0
28.2
88.2
23.5
189.1
1.
2.
Computed based on current exposure method.

Amounts given are absolute values on a net basis.
The net overnight open position at March 31, 2016 was ` 1,272.1 million (March 31, 2015: ` 1,193.1 million).
155
Schedules

The Bank has no exposure in credit derivative instruments (funded and non-funded) including credit default swaps
(CDS) and principal protected structures at March 31, 2016 (March 31, 2015: Nil).
The Bank offers deposits to customers of its offshore branches with structured returns linked to interest, forex, credit
or equity benchmarks. The Bank covers these exposures in the inter-bank market. At March 31, 2016, the net open
notional position on this portfolio was Nil (March 31, 2015: Nil) with mark-to-market position of net gain of ` 0.1
million (March 31, 2015: net gain of ` 1.4 million).
The profit and loss impact on the above portfolio on account of mark-to-market and realised profit and loss during
the year ended March 31, 2016 was a net loss of ` 16.5 million (March 31, 2015: net loss of ` 22.0 million). Non-Rupee
denominated derivatives are marked to market by the Bank based on counter-party valuation quotes, or internal
models using inputs from market sources such as Bloomberg/Reuters, counter-parties and Fixed Income Money
Market and Derivative Association (FIMMDA). Rupee denominated credit derivatives are marked to market by the
Bank based on FIMMDA published CDS curve.
16. Exchange traded interest rate derivatives and currency options

Exchange traded interest rate derivatives
The following table sets forth, for the periods indicated, the details of exchange traded interest rate derivatives.
` in million
Particulars
At
March 31, 2016
At
March 31, 2015
i)
Notional principal amount of exchange traded interest rate derivatives

undertaken during the year - 10 year Government Security Notional Bond
61,510.0
76,383.2
ii)

outstanding - 10 year Government Security Notional Bond
2,352.4
9,125.0
iii)

outstanding and not highly effective
N.A.
N.A.
iv)
Mark-to-market value of exchange traded interest rate derivatives

outstanding and not highly effective
N.A.
N.A.
Exchange traded currency options
The following table sets forth, for the periods indicated, the details of exchange traded currency options.
` in million
Particulars
At
March 31, 2016
At
March 31, 2015
i)
Notional principal amount of exchange traded currency options undertaken

during the year
ii)
iii)
Notional principal amount of exchange traded currency options outstanding
369,688.2
2,938.5
148,171.1
4,645.4
Notional principal amount of exchange traded currency options outstanding

and not highly effective
N.A.
N.A.
iv)
Mark-to-market value of exchange traded currency options outstanding and

not highly effective
N.A.
N.A.
156
Schedules

Exchange traded currency futures
The following table sets forth, for the periods indicated, the details of exchange traded currency futures.
` in million
Particulars
At
March 31, 2016
At
March 31, 2015
i)
Notional principal amount of exchange traded currency futures undertaken

during the year
ii)
iii)
Notional principal amount of exchange traded currency futures outstanding
1,428,952.1
38,615.7
625,328.4
1,324.8
Notional principal amount of exchange traded currency futures outstanding

and not highly effective
N.A.
N.A.
Mark-to-market value of exchange traded currency futures outstanding and

not highly effective
N.A.
N.A.
iv)
17. Forward rate agreement (FRA)/Interest rate swaps (IRS)

The Bank enters into FRA and IRS contracts for balance sheet management and market making purposes whereby the
Bank offers derivative products to its customers to enable them to hedge their interest rate risk within the prevalent
regulatory guidelines.
A FRA is a financial contract between two parties to exchange interest payments for notional principal amount on
settlement date, for a specified period from start date to maturity date. Accordingly, on the settlement date, cash
payments based on contract rate and the settlement rate, which is the agreed bench-mark/reference rate prevailing
on the settlement date, are made by the parties to one another. The benchmark used in the FRA contracts of the Bank
is London Inter-Bank Offered Rate (LIBOR) of various currencies.
An IRS is a financial contract between two parties exchanging or swapping a stream of interest payments for a notional
principal amount on multiple occasions during a specified period. The Bank deals in interest rate benchmarks like
Mumbai Inter-Bank Offered Rate (MIBOR), Indian government securities Benchmark rate (INBMK), Mumbai Inter Bank
Forward Offer Rate (MIFOR) and LIBOR of various currencies.
These contracts are subject to the risks of changes in market interest rates as well as the settlement risk with the
counterparties.
The following table sets forth, for the periods indicated, the details of the forward rate agreements/interest
rate swaps.
` in million
Particulars
i)
ii)
The notional principal of FRA/IRS
iii)
iv)
v)
Collateral required by the Bank upon entering into FRA/IRS

Concentration of credit risk2
The fair value of FRA/IRS3
Losses which would be incurred if all counter parties failed to fulfil their
obligations under the agreement1
At
March 31, 2016
At
March 31, 2015
2,885,362.8
2,936,228.7
21,423.6
1,875.8
17,371.6
22,018.1
1,610.7
15,174.9
1. For trading portfolio both mark-to-market and accrued interest have been considered and for hedging portfolio, only accrued
interest has been considered.
2. Credit risk concentration is measured as the highest net receivable under swap contracts from a particular counter party.
3. Fair value represents mark-to-market including accrued interest.
157
Schedules

The following tables set forth, for the periods indicated, the nature and terms of FRA and IRS.
Hedging
` in million
Benchmark
Type
AUD LIBOR
CHF LIBOR
JPY LIBOR
SGD SOR
USD LIBOR
Total
Fixed receivable v/s floating payable

At March 31, 2016

Notional
No. of
principal
deals
7,647.0
6,919.6
2,949.0
13,055.2
534,666.5
565,237.3
3
2
1
6
111
123
At March 31, 2015

Notional
principal
No. of
deals
7,130.3
6,422.8
2,602.4
12,960.7
434,676.8
463,792.9
3
2
1
7
90
103
Trading
` in million
Benchmark
Type
CAD CDOR
CAD CDOR
CHF LIBOR
CHF LIBOR
CHF LIBOR
EURIBOR
EURIBOR
EURIBOR
GBP LIBOR
GBP LIBOR
INBMK
INBMK
JPY LIBOR
JPY LIBOR
JPY LIBOR
MIBOR
MIBOR
MIBOR
MIFOR
MIFOR
SGD SOR
SGD SOR
USD LIBOR
USD LIBOR
USD LIBOR
USD LIBOR
v/s EURIBOR

Floating receivable v/s fixed payable
Floating receivable v/s floating payable
Others
Total
Fixed receivable v/s fixed payable
158
At March 31, 2016

Notional
No. of
principal
deals
At March 31, 2015

Notional
principal
No. of
deals
102.8
3,113.8
37,407.0
37,155.3
1,738.3
3,725.0
5,371.4
14,500.0
32,649.8
5,935.6
3,655.0
1,771.0
301,141.8
297,605.1
249,585
235,635
2,950.8
542,236.5
473,302.2
55,704.0
1
1
19
14
3
9
7
27
53
13
5
2
590
594
498
512
2
699
430
58
12,872.4
13,609.4
2,890.2
706.5
642.3
7,249.0
6,277.3
670.7
8,894.9
6,601.8
18,000.0
46,379.6
8,470.7
4,439.3
2,264.8
406,038.1
398,742.0
2,000.0
261,565.0
243,425.0
21.8
488,955.8
481,636.8
26,810.1
5
8
1
2
1
19
12
1
11
9
36
74
16
8
4
625
605
1
553
526
3
684
447
43
2,499.8
12,340.3
2,320,125.5
2
199
3,738
3,144.2
20,128.0
2,472,435.8
2
118
3,814
Schedules

18. Non-Performing Assets

The following table sets forth, for the periods indicated, the details of movement of gross non-performing assets
(NPAs), net NPAs and provisions.
` in million
Particulars
i)
ii)
iii)
iv)
Net NPAs (funded) to net advances (%)

Movement of NPAs (Gross)
At
March 31, 2016
At
March 31, 2015
2.98%
1.61%
a) Opening balance1
b) Additions: Fresh NPAs during the year
Sub-total (1)
c) Reductions during the year

Upgradations

Recoveries (excluding recoveries made from upgraded accounts)

Technical/prudential write-offs

Write-offs other than technical/prudential write-offs
Sub-total (2)
d) Closing balance1 (1-2)
150,946.9
167,108.5
318,055.4
105,058.4
79,674.1
184,732.5
(11,239.8)
(15,049.7)
(20,275.8)
(9,277.6)
(55,842.9)
262,212.5
(5,501.6)
(11,322.6)
(8,593.5)
(8,367.9)
(33,785.6)
150,946.9
a)
b)
c)
d)
62,555.3
106,209.9
(39,134.4)
129,630.8
32,979.6
50,210.1
(20,634.4)
62,555.3
88,391.6
80,732.0
169,123.6
72,078.8
38,134.8
110,213.6
(2,908.9)
(5,677.4)
(27,955.6)
(36,541.9)
132,581.7
(1,342.7)
(5,048.6)
(15,430.7)
(21,822.0)
88,391.6
Movement of Net NPAs
Opening balance1
Reductions during the year
Closing balance1
Movement of provision for NPAs (excluding provision on standard

assets)
a) Opening balance1
b) Addition during the year
Sub-total (1)
c) Write-off/(write-back) of excess provisions

Write-back of excess provision on account of upgradations

Write-back of excess provision on account of reduction in NPAs

Provision utilised for write-offs
Sub-total (2)
d) Closing balance1 (1-2)
1.
Net of write-off.
RBI had asked banks to review certain loan accounts and their classification over the two quarters ending December
31, 2015 and March 31, 2016. The bank has completed this exercise over the timeframe stipulated by RBI.
The following table sets forth, for the periods indicated, the details of movement in technical/prudential write-offs.
` in million
Particulars
Opening balance
Add: Technical/prudential write-offs during the period/year
Sub-total (1)
Less: Recoveries made from previously technical/prudential written-off accounts
during the period/year
Less: Sacrifice made from previously technical/prudential written-off accounts
during the period/year
Sub-total (2)
Closing balance (1-2)
At
March 31, 2016
At
March 31, 2015
52,476.0
20,275.8
72,751.8
46,628.1
8,593.5
55,221.6
(1,603.0)
(1,525.4)
(575.0)
(2,178.0)
70,573.8
(1,220.2)
(2,745.6)
52,476.0
159
Schedules

In accordance with RBI guidelines, the loans and advances held at the overseas branches that are identified as
impaired as per host country regulations for reasons other than record of recovery, but which are standard as per the
extant RBI guidelines, are classified as NPAs to the extent of amount outstanding in the host country.
19. Provision on standard assets

Standard assets provision amounting to ` 2,970.1 million was made during the year ended March 31, 2016 (March
31, 2015: ` 3,847.9 million) as per applicable RBI guidelines.
The provision on standard assets (including incremental provision on unhedged foreign currency exposure (UFCE))
held by the Bank at March 31, 2016 was ` 26,583.4 million (March 31, 2015: ` 23,336.0 million).
The Bank assesses the unhedged foreign currency exposures of the borrowers through its credit appraisal and internal
ratings process. The Bank also undertakes reviews of such exposures through thematic reviews by Risk Committee
based on market developments evaluating the impact of exchange rate fluctuations on the Banks portfolio, portfolio
specific reviews by the RMG and scenario-based stress testing approach as detailed in the Internal Capital Adequacy
Assessment Process (ICAAP). In addition, a periodic review of the forex exposures of the borrowers having significant
external commercial borrowings is conducted by RMG.
RBI, through its circular dated January 15, 2014 had advised banks to create incremental provision on advances to
borrowers with UFCE. Incremental provision of ` 100.0 million was made against borrowers with UFCE during the
year (March 31, 2015: ` 1,750.0 million).
The Bank held incremental capital of ` 5,580.0 million at March 31, 2016 on UFCE (March 31, 2015: ` 4,050.0 million).
20. Provision Coverage Ratio

The provision coverage ratio of the Bank at March 31, 2016 computed as per the extant RBI guidelines is 50.6%
(March 31, 2015: 58.6%).
21. Securitisation

A. T
he Bank sells loans through securitisation and direct assignment. The following tables set forth, for the periods
indicated, the information on securitisation and direct assignment activity of the Bank as an originator till May 7, 2012.
` in million, except number of loans securitised
Particulars
Total number of loan assets securitised
Total book value of loan assets securitised
Sale consideration received for the securitised assets
Net gain/(loss) on account of securitisation1
Year ended
March 31, 2016
Year ended
March 31, 2015
(39.5)
148.0
1. Includes gain/(loss) on deal closures, gain amortised during the year and expenses relating to utilisation of credit
enhancement.
` in million
Particulars
Outstanding credit enhancement (funded)
Outstanding liquidity facility
Net outstanding servicing asset/(liability)
Outstanding subordinate contributions
At
March 31, 2016
At
March 31, 2015
3,992.2
*
(25.5)
1,493.6
4,531.4
0.3
(32.9)
1,513.4
* Insignificant amount.
The outstanding credit enhancement in the form of guarantees amounted to Nil at March 31, 2016 (March 31,
2015: Nil) and outstanding liquidity facility in the form of guarantees amounted to ` 265.6 million at March 31,
2016 (March 31, 2015: ` 265.5 million).
160
Schedules

Outstanding credit enhancement in the form of guarantees for third party originated securitisation transactions
amounted to ` 4,089.3 million at March 31, 2016 (March 31, 2015: ` 5,530.3 million) and outstanding liquidity
facility for third party originated securitisation transactions amounted to Nil at March 31, 2016 (March 31, 2015:
Nil).
The following table sets forth, for the periods indicated, the details of provision for securitisation and direct
assignment transactions.
` in million
Particulars
Opening balance
Closing balance
At
March 31, 2016
At
March 31, 2015
617.5
141.5
(13.7)
745.3
832.1
(214.6)
617.5
B. T
he information on securitisation and direct assignment activity of the Bank as an originator as per RBI guidelines
Revisions to the Guidelines on Securitisation Transactions dated May 7, 2012 is given below.
a. T
he Bank, as an originator, had not sold any loan through securitisation during the year ended March 31,
2016 (March 31, 2015: Nil).
b. T
he following table sets forth, for the periods indicated, the information on the loans sold through direct
assignment.
` in million
At
March 31, 2016
At
March 31, 2015
No of SPVs sponsored by the bank for securitisation transactions

Total amount of assets sold through direct assignment during the year
Total amount of exposures retained by the Bank to comply with

Minimum Retention Requirement (MRR)
47.8
59.6
151.0
74.4
152.6
230.6
Sr.
no.
Particulars
1
2
3
a)
Off-balance sheet exposures

First loss

Others
b) On-balance sheet exposures

First loss

Others
Amount of exposure to securtisation transactions other than MRR
a) Off-balance sheet exposures

i) Exposure to own securtisation
First loss
Others

ii) Exposure to third party securtisation
First loss
Others
b) On-balance sheet exposures

i) Exposure to own securtisation
First loss
Others

ii) Exposure to third party securtisation

First loss
Others
161
Schedules

verseas branches of the Bank, as originators, have sold four loans through direct assignment amounting
O
to ` 6,536.9 million during the year ended March 31, 2016 (March 31, 2015: two loans amounting to
` 1,698.1 million).
22. Financial assets transferred during the year to securitisation company (SC)/reconstruction company (RC)

The Bank has transferred certain assets to Asset Reconstruction Companies (ARCs) in terms of the guidelines issued
by RBI circular no. DBOD.BP.BC.No.98/21.04.132/2013-14 dated February 26, 2014. For the purpose of the valuation
of the underlying security receipts issued by the underlying trusts managed by ARCs, the security receipts are valued
at their respective net asset values as advised by the ARCs.
The following table sets forth, for the periods indicated, the details of the assets transferred.
` in million, except number of accounts
Particulars
Number of accounts1
Aggregate value (net of provisions) of accounts sold to SC/RC
Aggregate consideration
Additional consideration realised in respect of accounts transferred in earlier years
Aggregate gain/(loss) over net book value
Year ended
March 31, 2016
Year ended
March 31, 2015
7
6,721.0
7,305.8
584.8
14
3,285.8
2,480.0
(805.8)
1.
Excludes accounts previously written-off.
The following table sets forth, for the periods indicated, the details of the net book value of investments in security
receipts.
` in million
Particulars
Net book value of investments in security receipts which are:

Backed by NPAs sold by the Bank as underlying1

Backed by NPAs sold by other banks/financial institutions (FIs)/non-banking
financial companies (NBFCs) as underlying
Total
At
March 31, 2016
At
March 31, 2015
4,066.1
6,069.6
241.6
4,307.7
681.4
6,751.0
1. During the year ended March 31, 2016, asset reconstruction companies have fully redeemed one security receipt. The Bank
incurred net loss of ` 470.2 million (March 31, 2015: Net loss of ` 81.3 million).
23. Details of non-performing assets purchased/sold, excluding those sold to SC/RC

The Bank has not purchased any non-performing assets in terms of the guidelines issued by RBI circular no. DBOD.
BP.BC.No.98/21.04.132/2013-14 dated February 26, 2014 during the year ended March 31, 2016. The Bank has sold
certain non-performing assets in terms of the above RBI guidelines.
The following table sets forth, for the periods indicated, details of non-performing assets sold, excluding those sold
to SC/RC.
Particulars
No. of accounts
Aggregate value (net of provisions) of accounts sold, excluding those sold to SC/RC
Aggregate consideration
Aggregate gain/(loss) over net book value
Year ended
March 31, 2016
Year ended
March 31, 2015
3
12.8
174.4
161.6
Additionally, during the year ended March 31, 2016, the Bank sold a non-performing loan to a corporate for a
consideration of ` 290.0 million on which the Bank recognised a gain of ` 290.0 million.
162
Type of Restructuring
No. of borrowers
Amount outstanding
Provision thereon
Write-offs/recovery/sale of restructured accounts during the
year ended March 31, 2016
No. of borrowers
Amount outstanding
Provision thereon
Restructured accounts at March 31, 2016
No. of borrowers
Amount outstanding
Provision thereon
Downgradations of restructured accounts during the year

ended March 31, 2016
Restructured accounts at April 1, 2015

No. of borrowers
Amount outstanding
Provision thereon
Fresh restructuring during the year ended March 31, 2016
No. of borrowers
Amount outstanding
Provision thereon
Upgradations to restructured standard category during the
No. of borrowers
Amount outstanding
Provision thereon
Increase/(decrease) in borrower level outstanding of
existing restructured cases during the year ended March
31, 20162
No. of borrowers
Amount outstanding
Provision thereon
Restructured standard advances at April 1, 2015, which cease
to attract higher provisioning and/or additional risk weight at
March 31, 2016 and hence need not be shown as restructured
standard advances at April 1, 2016
No. of borrowers
Amount outstanding
Provision thereon
32
56,661.3
4,678.0
(1)
(43.2)
(1.1)
(18)
(27,368.0)
(2,791.8)
3,336.0
(174.1)
51
80,736.5
7,645.0
(a)
SubStandard
(b)
26
61,917.0
35,524.8
(7)
(6,587.0)
(4,321.0)
12
25,961.8
14,893.0
4,703.7
8,173.8
21
37,838.5
16,770.0
(c)
Doubtful
7
2,035.8
2,035.8
(1)
(416.4)
(416.4)
6
2,016.5
2,016.5
2
435.6
435.6
(d)
Loss
65
120,614.1
42,238.6
(9)
(7,046.6)
(4,738.5)
610.3
14,117.7
8,039.7
7,999.7
74
119,010.6
24,850.6
(e)
Total
1
1.6
1.6
1
0.01
(a)
Standard
SubStandard
(b)
(c)
Doubtful
(1)
(34.0)
(34.0)
1
34.0
34.0
(d)
Loss
1
1.6
(1)
(34.0)
(34.0)
1.6
2
34.0
34.0
(e)
Total

Under SME Debt Restructuring Mechanism
1. Insignificant amount.
2. Increase/(decrease) in borrower level outstanding of restructured accounts is due to utilisation of cash credit facility, exchange rate fluctuation, accrued interest, fresh disbursement,
non-fund based devolvement, conversion of loans into equity (including application money pending allotment) as part of restructuring scheme, etc.
8.
7.
6.
5.
4.
3.
2.
1.
Standard
Under CDR Mechanism
The following tables set forth, for the year ended March 31, 2016 details of loan assets subjected to restructuring.
Sr. No. Asset Classification Details
24. Information in respect of restructured assets
Schedules
163
164

No. of borrowers
Amount outstanding
Provision thereon
No. of borrowers
Amount outstanding
Provision thereon
No. of borrowers
Amount outstanding
Provision thereon
Increase/(Decrease) in borrower level outstanding of
31, 20161
No. of borrowers
Amount outstanding
Provision thereon
No. of borrowers
Amount outstanding
Provision thereon
No. of borrowers
Amount outstanding
Provision thereon
No. of borrowers
Amount outstanding
Provision thereon
Restructured Accounts at March 31, 2016
No. of borrowers
Amount outstanding
Provision thereon
391
36,467.5
2,724.7
(75)
(2,697.5)
(14.9)
(764)
(25,634.2)
(614.6)
(1)
(78.1)
3,064.5
510.5
18
18.4
0.3
9
23,070.5
1,201.3
1,204
38,723.9
1,642.1
(a)
Standard
739
611.4
102.3
(1)
(0.2)
725
(3,039.4)
(823.0)
0.1
(5)
(1.6)
(0.3)
20
3,652.5
925.5
SubStandard
(b)
49
33,331.9
14,942.1
(7)
(1,517.3)
(1,514.1)
26
21,406.7
6,990.4
(40.6)
1,677.7
(4)
(6.9)
(6.1)
34
13,490.0
7,794.2
(c)
Others
Doubtful
120
6,644.0
6,644.0
(22)
(1,614.8)
(1,614.8)
13
6,004.3
6,004.3
(33.3)
(33.3)
(9)
(11.1)
(11.1)
138
2,298.9
2,298.9
(d)
Loss
1,299
77,054.8
24,413.1
(105)
(5,829.8)
(3,143.8)
(1,262.6)
11,557.1
(1)
(78.1)
2,990.7
2,154.9
(1.2)
(17.2)
9
23,070.5
1,201.3
1,396
58,165.3
12,660.7
(e)
Total
424
93,130.4
7,402.7
(76)
(2,740.7)
(16.0)
(782)
(53,002.2)
(3,406.4)
(1)
(78.1)
6,402.1
336.4
18
18.4
0.3
9
23,070.5
1,201.3
1,256
119,460.4
9,287.1
(a)
Standard
739
611.4
102.3
(1)
(0.2)
725
(3,039.4)
(823.0)
0.1
(5)
(1.6)
(0.3)
20
3,652.5
925.5
SubStandard
(b)
75
95,248.9.1
50,466.9
(14)
(8,104.3)
(5,826.1)
38
47,368.5
21,883.4
4,663.1
9,851.5
(4)
(6.9)
(6.1)
55
51,328.5
24,564.2
(c)
Total
Doubtful
127
8,679.8
8,679.8
(24)
(2,065.2)
(2,065.2)
14
8,020.8
8,020.8
(33.3)
(33.3)
(9)
(11.1)
(11.1)
141
2,768.5
2,768.5
(d)
Loss
1,365
197,670.5
66,651.7
(115)
(12,910.4)
(7,907.3)
(652.3)
25,674.8
(1)
(78.1)
11,030.2
10,154.6
(1.2)
(17.2)
9
23,070.5
1,201.3
1,472
177,209.9
37,545.3
(e)
Total
non-fund based devolvement, conversion of loans into equity (including application pending allotment) as part of restructuring scheme, etc.
2. Others mechanism also include cases restructured under Joint Lender Forum (JLF) mechanism.
8.
7.
6.
5.
4.
3.
2.
1.
Schedules


No. of borrowers
Amount outstanding
Provision thereon
No. of borrowers
Amount outstanding
Provision thereon
No. of borrowers
Amount outstanding
Provision thereon
Increase/(decrease) in borrower level outstanding of
31, 20152
No. of borrowers
Amount outstanding
Provision thereon
No. of borrowers
Amount outstanding
Provision thereon
No. of borrowers
Amount outstanding
Provision thereon
No. of borrowers
Amount outstanding
Provision thereon
Restructured accounts at March 31, 2015
No. of borrowers
Amount outstanding
Provision thereon
51
80,736.5
7,645.0
(2)
(2,941.2)
(67.9)
(12)
(36,160.6)
(4,066.3)
(2)
(2,750.2)
(63.9)
16,160.5
1,031.8
19
17,809.1
1,552.5
48
88,618.9
9,258.8
(a)
Standard
N.A.
N.A.
N.A.
SubStandard
(b)
21
37,838.5
16,770.0
(4)
(2,787.1)
(1,479.0)
11
35,175.3
13,583.7
N.A.
N.A.
N.A.
12.4
649.0
1
213.7
213.7
13
5,224.2
3,802.6
(c)
Doubtful
2
435.6
435.6
1
416.4
416.4
N.A.
N.A.
N.A.
(1.9)
(1.9)
1
21.1
21.1
(d)
Loss
Under CDR Mechanism
74
119,010.6
24,850.6
(6)
(5,728.3)
(1,546.9)
(568.9)
9,933.8
(2)
(2,750.2)
(63.9)
16,171.0
1,678.9
20
18,022.8
1,766.2
1
0.03
(4.0)
(0.2)
1
4.0
0.2
(a)
(e)
62
93,864.2
13,082.5
Standard
Total
N.A.
N.A.
N.A.
SubStandard
(b)
(1)
(34.0)
(34.0)
N.A.
N.A.
N.A.
1
34.0
34.0
(c)
Doubtful
1
34.0
34.0
1
34.0
34.0
N.A.
N.A.
N.A.
(d)
Loss
2
34.0
34.0
(4.0)
(0.2)
2
38.0
34.2
(e)
Total

Under SME Debt Restructuring Mechanism
1. Three borrowers with amount outstanding of ` 7,673.3 million and provision of ` 446.1 million at March 31, 2014 was reported in others mechanism during the year ended March 31, 2014.
Subsequently these account have been re-classified under CDR mechanism.
non-fund based devolvement, conversion of loans into equity (including application money pending allotment) as part of restructuring scheme, etc.
8.
7.
6.
5.
4.
3.
2.
1.
The following tables set forth, for the year ended March 31, 2015 details of loan assets subjected to restructuring.
Schedules

165
166

No. of borrowers
Amount outstanding
Provision thereon
No. of borrowers
Amount outstanding
Provision thereon
No. of borrowers
Amount outstanding
Provision thereon
Increase/(Decrease) in borrower level outstanding of
31, 20152
No. of borrowers
Amount outstanding
Provision thereon
No. of borrowers
Amount outstanding
Provision thereon
No. of borrowers
Amount outstanding
Provision thereon
No. of borrowers
Amount outstanding
Provision thereon
Restructured Accounts at March 31, 2015
No. of borrowers
Amount outstanding
Provision thereon
1,204
38,723.9
1,642.1
(24)
(11.5)
(1.6)
(34)
(9,131.4)
(1,052.6)
(17)
(10.2)
2,205.0
(62.1)
17
246.8
455
17,523.4
1,072.2
807
27,901.8
1,686.2
(a)
Standard
20
3,652.5
925.5
(3)
(1.8)
(0.2)
9
2,604.1
733.0
N.A.
N.A.
N.A.
6
762.6
114.4
8
287.6
78.3
SubStandard
(b)
34
13,490.0
7,794.2
(34)
(2,790.9)
(1,306.4)
(103)
4,780.4
790.4
N.A.
N.A.
N.A.
23.1
1,443.5
(17)
(257.2)
(168.8)
188
11,734.6
7,035.5
(c)
Doubtful
Others
138
2,298.9
2,298.9
(3)
(0.8)
(0.8)
128
1,795.6
1,795.6
N.A.
N.A.
N.A.
(99.5)
152.8
13
603.6
351.3
(d)
Loss
1,396
58,165.3
12,660.7
(64)
(2,805.0)
(1,309.0)
48.7
2,266.4
(17)
(10.2)
2,128.6
1,534.2
(10.4)
(168.8)
461
18,286.0
1,186.6
1,256
119,460.4
9,287.1
(26)
(2,952.7)
(69.5)
(46)
(45,292.0)
(5,118.9)
(19)
(2,760.4)
(63.9)
18,361.5
969.5
17
246.8
474
35,332.5
2,624.7
856
116,524.7
10,945.2
(a)
(e)
1,016
40,527.6
9,151.3
Standard
Total
20
3,652.5
925.5
(3)
(1.8)
(0.2)
9
2,604.1
733.0
N.A.
N.A.
N.A.
6
762.6
114.4
8
287.6
78.3
SubStandard
(b)
55
51,328.5
24,564.2
(38)
(5,578.0)
(2,785.4)
(93)
39,921.7
14,340.1
N.A.
N.A.
N.A.
35.5
2,092.5
(17)
(257.2)
(168.8)
1
213.7
213.7
202
16,992.8
10,872.1
(c)
Doubtful
Total
141
2,768.5
2,768.5
(3)
(0.8)
(0.8)
130
2,246.0
2,246.0
N.A.
N.A.
N.A.
(101.4)
150.9
14
624.7
372.4
(d)
Loss
1,472
177,209.9
37,545.3
(70)
(8,533.3)
(2,855.9)
(520.2)
12,200.2
(19)
(2,760.4)
(63.9)
18,295.6
3,212.9
(10.4)
(168.8)
481
36,308.8
2,952.8
1,080
134,429.8
22,268.0
(e)
Total
1. Three borrowers with amount outstanding of ` 7,673.3 million and provision of ` 446.1 million at March 31, 2014 was reported in others mechanism during the year ended March 31, 2014.
Subsequently these account have been re-classified under CDR mechanism.
non-fund based devolvement, conversion of loans into equity (including application pending allotment) as part of restructuring scheme, etc.
3. Others mechanism also include cases restructured under Joint Lender Forum (JLF) mechanism.
8.
7.
6.
5.
4.
3.
2.
1.
Schedules

Schedules

The interest income on loan accounts under strategic debt restructuring (SDR) scheme of RBI, which has been approved by
the Bank, is recognised upon realisation. Accordingly, the interest income on SDR cases not recognised for the year ended
March 31, 2016 was ` 1,093.5 million.
25. Provision on Funded Interest Term Loan

In 2008, RBI issued guidelines on debt restructuring, which also covered the treatment of funded interest in cases
of debt restructuring, that is, instances where interest for a certain period was funded by a Funded Interest Term
Loan (FITL) which was then repaid based on a contracted maturity schedule. In line with these guidelines, the Bank
was providing fully for any interest income which was funded through a FITL for cases restructured subsequent to
the issuance of the guideline. However, during the year ended March 31, 2015, RBI required similar treatment of
outstanding FITL pertaining to cases restructured prior to the 2008 guidelines which were not yet repaid. In view of
the above, and since this item relates to prior years, the Bank had with the approval of the RBI debited its reserves by
` 9,291.6 million to fully provide outstanding FITLs pertaining to restructurings prior to the issuance of the guideline
in the quarter ended March 31, 2015 as against over three quarters permitted by RBI.
26. Floating provision

The Bank holds floating provision of ` 1.9 million at March 31, 2016 (March 31, 2015:` 1.9 million) taken over from
erstwhile Bank of Rajasthan on amalgamation.
27. Concentration of Deposits, Advances, Exposures and NPAs

(I) Concentration of deposits, advances, exposures and NPAs

` in million
Concentration of deposits
Total deposits of 20 largest depositors
Deposits of 20 largest depositors as a percentage of total deposits of the Bank
At
March 31, 2016
At
March 31, 2015
309,666.1
7.35%
232,603.9
6.43%
` in million
Concentration of advances
Total advances to 20 largest borrowers (including banks)

Advances to 20 largest borrowers as a percentage of total advances of the Bank

At
March 31, 2016
At
March 31, 2015
1,316,111.4
14.61%
1,337,961.7
16.50%
1. Represents credit exposure (funded and non-funded) including derivatives exposures as per RBI guidelines on exposure
norms.
` in million
Concentration of exposures1
Total exposure to 20 largest borrowers/customers (including banks)
Exposures to 20 largest borrowers/customers as a percentage of total
exposure of the Bank
1.
At
March 31, 2016
At
March 31, 2015
1,348,617.3
1,354,445.8
14.30%
15.87%
Represents credit and investment exposures as per RBI guidelines on exposure norms.
` in million
Concentration of NPAs1
Total exposure1 to top four NPA accounts

1.
At
March 31, 2016
At
March 31, 2015
108,418.9
62,016.3
Represents gross exposure (funded and non-funded).
167
Schedules

(II) Sector-wise Advances

` in million except percentages
At March 31, 2016
Sr.
Sector
no.
A.
Priority sector
1.
2.
Agriculture and allied activities

Advances to industries sector eligible as priority
sector lending
Services of which:

Transport operators

Wholesale Trade
Personal loans of which:

Housing

Vehicle loans
Sub-total (A)
3.
4.
B.
1.
2.
3.
4.
1.
2.
Non-priority sector

Advances to industries sector of which:

Infrastructure

Basic metal and metal products
Services of which:

Commercial real estate

Wholesale Trade
Personal loans1, of which:

Housing
Sub-total (B)
Total (A+B)
Outstanding
advances
Gross NPAs
% of gross NPAs to
total advances in
that sector
292,270.1
9,202.6
3.15%
149,124.4
136,508.0
76,455.8
17,211.9
359,514.1
241,865.6
106,321.8
937,416.6
4,900.5
2,662.8
1,196.3
447.6
4,271.8
2,311.0
1,739.4
21,037.7
3.29%
1.95%
1.56%
2.60%
1.19%
0.96%
1.64%
2.24%
1,639,731.6
541,521.9
354,484.0
872,035.5
268,848.6
137,418.0
1,052,641.9
745,402.6
3,564,409.0
4,501,825.6
168,177.6
41,917.4
66,141.6
62,393.3
5,568.0
6,018.5
10,603.8
4,157.4
241,174.7
262,212.4
10.26%
7.74%
18.66%
7.15%
2.07%
4.38%
1.01%
0.56%
6.77%
5.82%
Excludes commercial business loans and dealer funding.

Sub-sectors have been disclosed where advances exceed 10% of total advances in that sector at reporting date.
At March 31, 2015
Sr.
Sector
no.
A.
Priority sector
1.
2.

Advances to industries sector eligible as priority sector
lending
Services of which:

Transport operators

Wholesale Trade
Personal loans of which:

Housing

Vehicle loans
Sub-total (A)
3.
4.
168
Outstanding
advances
Gross NPAs
% of gross NPAs to
total advances in
that sector
237,737.6
7,051.4
2.97%
114,316.8
118,499.0
61,484.7
14,487.1
301,750.1
217,485.4
78,868.5
772,303.5
3,660.3
1,963.1
1,273.5
487.7
3,818.1
2,571.4
967.2
16,492.9
3.20%
1.66%
2.07%
3.37%
1.27%
1.18%
1.23%
2.14%
Schedules

At March 31, 2015
Sr.
Sector
no.
B.
Non-priority sector
1.
2.

Advances to industries sector of which:

Infrastructure

Basic metal and metal products
Services of which:


Wholesale Trade
Personal loans1, of which:

Housing
Sub-total (B)
Total (A+B)
3.
4.
1.
2.
Outstanding
advances
Gross NPAs
% of gross NPAs to
total advances in
that sector
1,532,182.6
492,067.9
311,448.4
851,479.8
264,316.4
128,156.7
833,654.3
575,848.8
73,115.3
17,174.3
11,462.2
50,175.6
4,914.1
4,299.1
11,163.1
3,488.5
4.77%
3.49%
3.68%
5.89%
1.86%
3.35%
1.34%
0.61%
3,217,316.7
3,989,620.3
134,454.0
150,946.9
4.18%
3.78%
Excludes commercial business loans and dealer funding.

Sub-sectors have been disclosed where advances exceed 10% of total advances in that sector at reporting date.
(III) Overseas assets, NPAs and revenue

` in million
Particulars
Total assets1
Total NPAs (net)
Total revenue1
Year ended
March 31, 2016
Year ended
March 31, 2015
1,188,387.1
38,937.5
60,200.9
1,203,814.7
8,516.8
54,678.3
1.
Represents the total assets and total revenue of foreign operations as reported in Schedule 18 of the financial
statements,note no. 5 on information about business and geographical segments.
(IV) Off-balance sheet special purpose vehicles (SPVs) sponsored (which are required to be consolidated as per
accounting norms)
(a) T
he following table sets forth, the names of SPVs/trusts sponsored by the Bank/subsidiaries which are
consolidated.
Sr. no. Name of the SPV sponsored1,2
Domestic3
India Advantage Fund-III
India Advantage Fund-IV
Overseas
None
1. The nature of business of the above entities is venture capital fund.

2. SPVs/Trusts which are consolidated and set-up/sponsored by the Bank/Subsidiaries of the Bank.
3. During the three months ended December 31, 2015, ICICI Equity Fund redeemed its units held by the Group and
accordingly, ICICI Equity Fund has not been consolidated.
169
Schedules

(b) T
he following table sets forth, the names of SPVs/trusts which are not sponsored by the Bank/subsidiaries
and are consolidated.
Sr. no. Name of the SPV
Domestic
None
Overseas
None
28. Intra group exposure

The following table sets forth, for the periods indicated, the details of intra-group exposure.
` in million
Particulars
1.
2.
3.
4.
Total amount of intra-group exposures

Total amount of top 20 intra-group exposures
Percentage of intra-group exposure to total exposures of the Bank on
borrowers/customers
Details of breach of limits on intra-group exposures and regulatory action
thereon, if any
At
March 31, 2016
At
March 31, 2015
104,789.7
104,789.7
102,495.0
102,495.0
1.11%
1.20%
Nil
Nil
29. Exposure to sensitive sectors

The Bank has exposure to sectors, which are sensitive to asset price fluctuations. The sensitive sectors include
capital markets and real estate.
The following table sets forth, for the periods indicated, the position of exposure to capital market sector.
` in million
Capital Market Sector
Direct investment in equity shares, convertible bonds, convertible debentures
and units of equity-oriented mutual funds, the corpus of which is not exclusively
invested in corporate debt
II. Advances against shares/bonds/ debentures or other securities or on clean
basis to individuals for investment in shares (including IPOs/ESOPs), convertible
bonds, convertible debentures, and units of equity-oriented mutual funds
III. Advances for any other purposes where shares or convertible bonds or convertible
debentures or units of equity oriented mutual funds are taken as primary security
IV. Advances for any other purposes to the extent secured by the collateral
security of shares or convertible bonds or convertible debentures or units of
equity oriented mutual funds i.e. where the primary security other than shares/
convertible bonds/ convertible debentures/units of equity oriented mutual
funds does not fully cover the advances
V. Secured and unsecured advances to stockbrokers and guarantees issued on
behalf of stock brokers and market makers
VI. Loans sanctioned to corporate against the security of shares/bonds/debentures
or other securities or on clean basis for meeting promoters contribution to the
equity of new companies in anticipation of raising resources
VII. Bridge loans to companies against expected equity flows/issues
VIII. Underwriting commitments taken up by the Bank in respect of primary issue
of shares or convertible bonds or convertible debentures or units of equity
oriented mutual funds
IX. Financing to stockbrokers for margin trading
X. All exposures to venture capital funds (both registered and unregistered)
XI. Others
Total exposure to capital market1
At
March 31, 2016
At
March 31, 2015
18,262.1
22,597.0
1,746.0
1,867.7
85,157.5
99,828.3
47,282.3
37,754.5
10,350.1
8,256.5
171,054.5
12,400.8
8,332.4
182,780.7
I.
1. At March 31, 2016, excludes investments in equity shares under Strategic Debt Restructuring (SDR) scheme amounting to
` 4,683.4 million.
170
Schedules

The following table sets forth, for the periods indicated, the summary of exposure to real estate sector.
` in million
Real estate sector
I.
II.
Direct exposure
i)
Residential mortgages
of which: individual housing loans eligible for priority sector advances
ii) Commercial real estate1
iii) Investments in Mortgage Backed Securities (MBS) and other securitised
exposure
a.
Residential
b.
Indirect exposure
i)
Fund based and non-fund based exposures on National Housing Bank
(NHB) and Housing Finance Companies (HFCs)
Total exposure to real estate sector2
At
March 31, 2016
At
March 31, 2015
1,538,771.3
1,155,305.7
182,852.8
351,808.5
1,340,716.4
945,862.1
172,465.4
356,451.4
31,657.1
27,850.9
3,806.2
121,131.7
38,402.9
36,624.4
1,778.5
85,681.9
121,137.7
1,659,903.0
85,681.9
1,426,398.3
1. Commercial real estate exposure include loans to individuals against non-residential premises, loans given to land and building
developers for construction, corporate loans for development of special economic zone, loans to borrowers where servicing of
loans is from a real estate activity and exposures to mutual funds/venture capital funds/private equity funds investing primarily
in the real estate companies.
2. Excludes non-banking assets acquired in satisfaction of claims.
30. Factoring business

At March 31, 2016, the outstanding receivables acquired by the Bank under factoring business were ` 4,290.6 million
(March 31, 2015: ` 3,737.6).
31. Risk category-wise country exposure

As per the extant RBI guidelines, the country exposure of the Bank is categorised into various risk categories listed in
the following table. The funded country exposure (net) of the Bank as a percentage of total funded assets for United
States of America was 2.51% (March 31, 2015: 2.53%), Singapore was 1.50% (March 31, 2015: 1.31%) and United
Kingdom was 1.50% (March 31, 2015: 0.52%). As the net funded exposure to United States of America, Singapore
and United Kingdom exceeds 1.0% of total funded assets, the Bank held a provision of ` 530.0 million on country
exposure at March 31, 2016 (March 31, 2015: ` 345.0 million) based on RBI guidelines.
The following table sets forth, for the periods indicated, the details of exposure (net) and provision held by the bank.
` in million
Risk category
Insignificant
Low
Moderately Low
Moderate
Moderately High
High
Very High
Total
Exposure (net) at
March 31, 2016
902,987.8
204,850.4
20,254.5
15,425.1
1,143,517.8
Provision held at
March 31, 2016
530.0
530.0
Exposure (net) at
March 31, 2015
784,254.1
189,069.3
27,593.9
10,823.3
1,011,740.6
Provision held at
March 31, 2015
345.0
345.0
171
Schedules

32. Details of Single Borrower Limit and Borrower Group Limit exceeded by the Bank

During the year ended March 31, 2016, the Bank complied with the RBI guidelines on single borrower and borrower
group limit. As per the exposure limits permitted under the extant RBI regulation, the Bank with the approval of the
Board of Directors can enhance exposure to a single borrower or borrower group by a further 5.0% of capital funds.
In accordance with the guidelines issued by RBI, with the prior approval of the Board of Directors, the Bank had
taken additional exposure to Reliance Industries Limited during the year. At March 31, 2016, the exposure to Reliance
Industries Limited as a percentage of capital funds was 14.6% and was within the prudential exposure limit.
During the year ended March 31, 2015, the Bank complied with the RBI guidelines on single borrower and borrower
group limit.
33. Unsecured advances against intangible assets

The Bank has not made advances against intangible collaterals of the borrowers, which are classified as unsecured
in its financial statements at March 31, 2016 (March 31, 2015: Nil) and the estimated value of the intangible collaterals
was Nil at March 31, 2016 (March 31, 2015: Nil).
34. Fixed Assets

i. Revaluation

The Bank revalued its premises (land and buildings) at March 31, 2016. The revalued amount of the premises was
` 58,404.6 million as compared to the historical cost less accumulated depreciation of ` 30,229.9 million on the
date of revaluation. The valuation was carried out by external valuers using methods applicable to the valuation
of premises such as direct comparison method and income generation method.
ii. Software

The following table sets forth, for the periods indicated, the movement in software acquired by the Bank, as
included in fixed assets.
` in million
Particulars
Depreciation to date
Net block
At
March 31, 2016
At
March 31, 2015
11,260.7
1,877.7
(1.8)
(10,074.9)
3,061.7
9,433.7
1,827.9
(0.9)
(8,554.8)
2,705.9
35. Description of contingent liabilities

The following table describes the nature of contingent liabilities of the Bank.
Sr. no. Contingent liability
Brief Description
1.
Claims against the Bank,

not acknowledged as
debts
This item represents demands made in certain tax and legal matters against the Bank in the
normal course of business and customer claims arising in fraud cases. In accordance with
the Banks accounting policy and AS - 29, the Bank has reviewed and classified these items
as possible obligations based on legal opinion/judicial precedents/assessment by the Bank.
2.
Liability for partly paid

investments
This item represents amounts remaining unpaid towards liability for partly paid investments.
These payment obligations of the Bank do not have any profit/loss impact.
3.
Liability on account of
outstanding
forward
exchange contracts
The Bank enters into foreign exchange contracts in the normal course of its business, to
exchange currencies at a pre-fixed price at a future date. This item represents the notional
principal amount of such contracts, which are derivative instruments. With respect to the
transactions entered into with its customers, the Bank generally enters into off-setting
transactions in the inter-bank market. This results in generation of a higher number of
outstanding transactions, and hence a large value of gross notional principal of the portfolio,
while the net market risk is lower.
172
Schedules

Sr. no. Contingent liability
Brief Description
4.
Guarantees
given
on
behalf of constituents,
acceptances,
endorsements
and
other
obligations
This item represents the guarantees and documentary credits issued by the Bank in favour
of third parties on behalf of its customers, as part of its trade finance banking activities with
a view to augment the customers credit standing. Through these instruments, the Bank
undertakes to make payments for its customers obligations, either directly or in case the
customers fail to fulfill their financial or performance obligations.
5.
Currency swaps, interest

rate swaps, currency
options and interest rate
futures
This item represents the notional principal amount of various derivative instruments which
the Bank undertakes in its normal course of business. The Bank offers these products to its
customers to enable them to transfer, modify or reduce their foreign exchange and interest
rate risks. The Bank also undertakes these contracts to manage its own interest rate and
foreign exchange positions. With respect to the transactions entered into with its customers,
the Bank generally enters into off-setting transactions in the inter-bank market. This results in
generation of a higher number of outstanding transactions, and hence a large value of gross
notional principal of the portfolio, while the net market risk is lower.
6.
Other items for which the Other items for which the Bank is contingently liable primarily include the amount of
Bank is contingently liable government securities bought/sold and remaining to be settled on the date of financial
statements. This also includes the value of sell down options and other facilities pertaining
to securitisation, the notional principal amounts of credit derivatives, amount applied in
public offers under Application Supported by Blocked Amounts (ASBA), bill re-discounting,
amount transferred to the RBI under the Depositor Education and Awareness Fund (DEAF),
exposure under partial credit enhancement, commitment towards contribution to venture
fund and the amount that the Bank is obligated to pay under capital contracts. Capital
contracts are job orders of a capital nature which have been committed.
36. Insurance business

The following table sets forth, for the periods indicated, the break-up of income derived from insurance business.
` in million
Sr.
Nature of income
No.
1.
2.
3.
Income from selling life insurance policies

Income from selling non-life insurance policies
Income from selling mutual fund/collective investment scheme products
Year ended
March 31, 2016
Year ended
March 31, 2016
7,667.7
735.1
1,794.5
6,325.7
678.2
2,426.6
37. Employee benefits

Pension

The following tables set forth, for the periods indicated, movement of the present value of the defined benefit
obligation, fair value of plan assets and other details for pension benefits.
` in million
Particulars
Opening obligations
Service cost
Interest cost
Actuarial (gain)/loss
Liabilities extinguished on settlement
Benefits paid
Obligations at the end of year
Opening plan assets, at fair value
Expected return on plan assets
Actuarial gain/(loss)
Assets distributed on settlement
Year ended
March 31, 2015
Year ended
March 31, 2014
12,999.9
251.0
1,034.7
1,594.7
(1,554.0)
(134.7)
14,191.6
10,103.4
902.9
(4.1)
(1,726.7)
10,209.9
217.8
943.5
3,174.7
(1,381.1)
(164.9)
12,999.9
9,018.8
743.3
104.7
(1,534.6)
173
Schedules

` in million
Particulars
Contributions
Benefits paid
Closing plan assets, at fair value
Fair value of plan assets at the end of the year
Present value of the defined benefit obligations at the end of the year
Amount not recognised as an asset (limit in Para 59(b)of AS-15 on employee benefits)
Asset/(liability)
Cost for the Year1
Service cost
Interest cost
Curtailments & settlements (gain)/loss
Effect of the limit in para 59(b) of AS-15 on employee benefits
Net cost
Actual return on plan assets
Expected employers contribution next year
Investment details of plan assets
Insurer managed funds2
Government of India securities
Corporate bonds
Equity securities in listed companies
Others
Assumptions
Discount rate
Salary escalation rate:

On Basic pay

On Dearness relief
Estimated rate of return on plan assets
Year ended
March 31, 2015
Year ended
March 31, 2014
4,050.8
(134.7)
13,191.6
13,191.6
14,191.6
(1,000.0)
1,936.1
(164.9)
10,103.4
10,103.4
12,999.9
(2,896.5)
251.0
1,034.7
(902.9)
1,598.8
172.7
2,154.3
898.8
3,000.0
217.8
943.5
(743.3)
3,070.0
153.5
3,641.5
848.0
3,000.0
1.04%
48.64%
43.23%
2.48%
4.61%
84.51%
7.12%
8.12%
0.25%
7.95%
8.00%
1.50%
7.00%
8.00%
1.50%
7.00%
8.00%
1. Included in line item payments to and provision for employees of Schedule-16 Operating expenses.
2. During the year ended March 31, 2015, majority of the funds were invested in Government of India securities and corporate
bonds.
Estimated rate of return on plan assets is based on the expected average long-term rate of return on investments of
the Fund during the estimated term of the obligations.
Experience adjustment
Particulars
Plan assets
Defined benefit obligations
Amount not recognised as an asset
(limit in para 59(b) of AS-15 on employee benefits)
Surplus/(deficit)
Experience adjustment on plan assets
Experience adjustment on plan liabilities
174
Year ended
March 31,
2016
13,191.6
14,191.6
(1,000.0)
(4.1)
1,503.4
Year ended
March 31,
2015
Year ended
March 31,
2014
Year ended
March 31,
2013
` in million
Year ended
March 31,
2012
10,103.4
12,999.9
9,018.8
10,209.9
9,526.8
10,392.5
9,379.5
9,602.7
(2,896.5)
104.7
1,271.2
(1,191.1)
(29.1)
2,549.6
(865.7)
102.3
1,525.2
(223.2)
51.7
2,692.3
Schedules

Gratuity

obligation, fair value of plan assets and other details for gratuity benefits.
` in million
Particulars
Opening obligations
Add: Adjustment for exchange fluctuation on opening obligations
Adjusted opening obligations
Service cost
Interest cost
Past service cost
Liability transferred from/to other companies
Benefits paid
Obligations at the end of the year
Contributions
Asset transferred from/to other companies
Benefits paid
Amount not recognised as an asset (limit in Para 59(b) of AS-15 on employee
benefits)
Asset/(liability)
Cost for the year1
Service cost
Interest cost
Past service cost
Exchange fluctuation loss/(gain)
Effect of the limit in para 59(b) of AS15 on employee benefits
Net cost
Insurer managed funds
Corporate bonds
Special deposit schemes
Equity
Others
Assumptions
Discount rate
Salary escalation rate
1.
Year ended
March 31, 2016
Year ended
March 31, 2015
6,754.6
4.4
6,759.0
626.7
538.7
128.0
(5.9)
(659.8)
7,386.8
6,570.7
502.6
(345.7)
871.1
(5.9)
(659.8)
6,933.0
6,933.0
7,386.7
5,818.5
3.1
5,821.6
529.8
529.9
514.3
(7.3)
(633.7)
6,754.6
5,729.9
443.5
589.1
449.2
(7.3)
(633.5)
6,570.7
6,570.7
6,754.6
(453.7)
(183.9)
626.7
538.7
(502.6)
473.7
4.3
1,140.8
156.9
500.0
529.8
529.9
(443.5)
(74.8)
3.1
544.5
1,032.6
510.2
7.38%
31.08%
24.19%
4.20%
13.53%
19.62%
8.68%
40.29%
18.37%
4.43%
12.81%
15.42%
7.85%
7.00%
8.00%
7.90%
7.00%
8.00%
Included in line item payments to and provision for employees of Schedule-16 Operating expenses.
175
Schedules

Estimated rate of return on plan assets is based on the expected average long-term rate of return on investments of
the Fund during the estimated term of the obligations.
Particulars
Plan assets
Amount not recognised as an asset (limit in para
59(b) of AS-15 on employee benefits)
Surplus/(deficit)
Year ended
March 31,
2016
6,933.0
7,386.7
(453.7)
(345.7)
120.1
Year ended
March 31,
2015
Year ended
March 31,
2014
Year ended
March 31,
2013
` in million
Year ended
March 31,
2012
6,570.7
6,754.6
5,729.9
5,818.5
5,530.5
5,643.1
5,027.4
5,247.2
(183.9)
589.1
41.9
(88.6)
(29.5)
217.6
(112.6)
34.4
153.6
(219.8)
20.1
44.1
The estimates of future salary increases, considered in actuarial valuation, take into consideration inflation, seniority,
promotion and other relevant factors.
Provident Fund (PF)
As there is no liability towards interest rate guarantee on exempt provident fund on the basis of actuarial valuation,
the Bank has not made any provision for the year ended March 31, 2016 (March 31, 2015: Nil).
The following tables set forth, for the periods indicated, reconciliation of opening and closing balance of the present
value of the defined benefit obligation for provident fund.
` in million
Particulars
Opening obligations
Service cost
Interest cost
Employees contribution
Liability transferred from/to other companies
Benefits paid
Obligations at end of the year
Opening plan assets
Employer contributions
Employees contributions
Asset transferred from/to other companies
Benefits paid
Closing plan assets
Plan assets at the end of the year
Asset/(liability)
Cost for the year1
Service cost
Interest cost
Net cost
176
Year ended
March 31, 2016
Year ended
March 31, 2015
17,746.8
925.4
1,382.0
199.0
1,905.1
120.1
(2,357.8)
19,920.6
17,746.8
1,572.3
8.7
925.4
1,905.1
120.1
(2,357.8)
19,920.6
19,920.6
19,920.6
15,693.3
920.4
1,383.2
322.3
1,814.6
100.9
(2,487.9)
17,746.8
15,689.8
1,362.6
346.4
920.4
1,814.6
100.9
(2,487.9)
17,746.8
17,746.8
17,746.8
925.4
1,382.0
(1,572.3)
190.3
925.4
920.4
1,383.2
(1,362.6)
(24.1)
916.9
Schedules

` in million
Particulars
Year ended
March 31, 2016
Year ended
March 31, 2015
1,581.0
990.1
1,709.0
984.9
41.55%
53.73%
2.72%
2.00%
39.49%
54.11%
2.99%
3.41%
7.85%
9.03%
7.68%
8.68%
8.75%
7.90%
8.74%
7.96%
8.80%
8.75%

Expected employer's contribution next year
Corporate bonds
Special deposit scheme
Others
Assumption
Discount rate
Expected rate of return on assets
Discount rate for the remaining term to maturity of investments
Average historic yield on the investment
Guaranteed rate of return

1.
Included in line item payments to and provision for employees of Schedule-16 Operating expenses.
Particulars
Plan assets
Amount not recognised as an asset (limit in para 59(b) of AS-15 on
employee benefits)
Surplus/(deficit)
Year ended
March 31,
2016
19,920.6
19,920.6
Year ended
March 31,
2015
Year ended
March 31,
2014
` in million
Year ended
March 31,
2013
17,746.8
17,746.8
15,689.8
15,693.3
13,719.5
13,719.5
8.7
199.0
346.4
322.3
(3.5)
(150.5)
(49.1)
(22.1)
(26.4)

The Bank has contributed ` 1,612.8 million to provident fund for the year ended March 31, 2016 (March 31, 2015:
` 1,511.0 million), which includes compulsory contribution made towards employee pension scheme under
Employees Provident Fund and Miscellaneous Provisions Act, 1952.
Superannuation Fund
Bank has contributed ` 122.7 million for the year ended March 31, 2016 (March 31, 2015: ` 110.7 million) to
superannuation fund.
38. Movement in provision for credit card/debit card/savings account reward points

The following table sets forth, for the periods indicated, movement in provision for credit card/debit card/savings
account reward points.
` in million
Particulars
Opening provision for reward points
Provision for reward points made during the year
Utilisation/write-back of provision for reward points
Closing provision for reward points1
Year ended
March 31, 2016
Year ended
March 31, 2015
1,083.2
1,535.1
(1,200.8)
1,417.5
836.0
1,144.0
(896.8)
1,083.2
1. The closing provision is based on the actuarial valuation of accumulated credit card/debit card/savings account reward points.
This amount will be utilised towards redemption of the credit card/debit card/savings accounts reward points.
177
Schedules

39. Provisions and contingencies

The following table sets forth, for the periods indicated, the break-up of provisions and contingencies included in
profit and loss account.
` in million
Particulars
Provisions for depreciation of investments
Provision towards non-performing and other assets1
Provision towards income tax

- Current

- Deferred
Provision towards wealth tax
Other provisions and contingencies3
Total provisions and contingencies
Year ended
March 31, 2016
Year ended
March 31, 2015
1,706.9
72,156.7
2,979.2
31,412.7
57,886.1
(33,191.8)
36,000.0
6,814.6
141,372.5
48,591.4
(2,195.7)
50.0
4,607.9
85,445.5
1. Includes provision towards NPA amounting to ` 64,019.9 million (March 31, 2015: ` 30,232.5 million).
2. The weak global economic environment, the sharp downturn in the commodity cycle and the gradual nature of the domestic
economic recovery has adversely impacted the borrowers in certain sectors like iron and steel, mining, power, rigs and
cement. While the banks are working towards resolution of stress on certain borrowers in these sectors, it may take some
time for solutions to be worked out, given the weak operating and recovery environment. In view of the above, the Bank has
on a prudent basis made a collective contingency and related reserve during the year ended March 31, 2016, amounting
to ` 36,000.0 million towards exposures to these sectors. This is over and above provisions made for non-performing and
restructured loans as per RBI guidelines.
3. Includes general provision towards standard assets amounting to ` 2,970.1 million (March 31, 2015: ` 3,847.9 million).
The Bank has assessed its obligations arising in the normal course of business, including pending litigations,
proceedings pending with tax authorities and other contracts including derivative and long term contracts. In
accordance with the provisions of Accounting Standard - 29 on Provisions, Contingent Liabilities and Contingent
Assets, the Bank recognises a provision for material foreseeable losses when it has a present obligation as a result of
a past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which
a reliable estimate can be made. In cases where the available information indicates that the loss on the contingency
is reasonably possible but the amount of loss cannot be reasonably estimated, a disclosure to this effect is made as
contingent liabilities in the financial statements. The Bank does not expect the outcome of these proceedings to have
a materially adverse effect on its financial results.
The following table sets forth, for the periods indicated, the movement in provision for legal and fraud cases,
operational risk and other contingencies.
` in million
Particulars
Opening provision
Movement during the year (net)
Closing provision
1.
Excludes provision towards sundry expenses.
178
At
March 31, 2016
At
March 31, 2015
3,978.0
2,168.6
6,146.6
3,795.2
182.8
3,978.0
Schedules

40. Details of provisioning pertaining to fraud accounts

The following table sets forth for the year ended March 31, 2016, the details of provisioning pertaining to fraud accounts.
` in million
At
March 31, 2016
Particulars
5,670
3,622.8
1,212.4
Number of frauds reported

Amount involved in frauds
Provision made
Unamortised provision debited from other reserves
40A. Details of amount transferred to The Depositor Education and Awareness Fund (the Fund) of RBI

The following table sets forth, for the periods indicated, the movement in amount transferred to the Fund.
` in million
Particulars
Opening balance
Amounts transferred during the year
Amounts reimbursed by the Fund towards claims during the year
Closing balance
At
March 31, 2016
At
March 31, 2015
2,575.8
1,054.7
(46.4)
3,584.1
2,598.8
(23.0)
2,575.8
41. Provisions for income tax

The provision for income tax (including deferred tax) for the year ended March 31, 2016 amounted to ` 24,694.3
The Bank has a comprehensive system of maintenance of information and documents required by transfer pricing
legislation under section 92-92F of the Income Tax Act, 1961. The Bank is of the opinion that all transactions with
international related partiesand specified transactions with domestic related parties are primarily at arms length so
that the above legislation does not have material impact on the financial statements.
42. Deferred tax

At March 31, 2016, the Bank has recorded net deferred tax asset of ` 47,700.3 million (March 31, 2015: ` 14,480.0
million), which has been included in other assets.
The following table sets forth, for the periods indicated, the break-up of deferred tax assets and liabilities into major items.
` in million
At
March 31, 2016
At
March 31, 2015
Provision for bad and doubtful debts

Capital loss
Foreign currency translation reserve1
Others
Total deferred tax asset
68,974.1
5,877.5
4,458.7
79,310.3
37,860.0
50.5
3,118.1
41,028.6
Special Reserve deduction

Mark-to-market gains1
Depreciation on fixed assets
Others
Total deferred tax liability
Total net deferred tax asset/(liability)
25,775.6
610.1
5,224.3
31,610.0
47,700.3
21,273.0
5,270.7
4.9
26,548.6
14,480.0
Particulars
Deferred tax asset
Deferred tax liability
1.
These items are considered in accordance with the requirements of Income Computation and Disclosure Standards.
179
Schedules

43. Dividend distribution tax

Dividend received from Indian subsidiaries, on which dividend distribution tax has been paid by them and dividend
received from offshore subsidiaries, on which tax has been paid under section 115BBD of the Income Tax Act,
1961, has been reduced from dividend to be distributed by the Bank for the purpose of computation of dividend
distribution tax as per section 115-O of the Income Tax Act, 1961.
44. Related Party Transactions

The Bank has transactions with its related parties comprising subsidiaries, associates/joint ventures/other related
entities, key management personnel and relatives of key management personnel.
Subsidiaries

ICICI Bank UK PLC, ICICI Bank Canada, ICICI Prudential Life Insurance Company Limited, ICICI Lombard General
Insurance Company Limited, ICICI Prudential Asset Management Company Limited, ICICI Securities Limited, ICICI
Securities Primary Dealership Limited, ICICI Home Finance Company Limited, ICICI Venture Funds Management
Company Limited, ICICI International Limited, ICICI Trusteeship Services Limited, ICICI Investment Management
Company Limited, ICICI Securities Holdings Inc., ICICI Securities Inc., ICICI Prudential Trust Limited and ICICI Prudential
Pension Funds Management Company Limited.
Associates/joint ventures/other related entities
ICICI Strategic Investments Fund1, FINO PayTech Limited, I-Process Services (India) Private Limited, NIIT Institute
of Finance, Banking and Insurance Training Limited, Comm Trade Services Limited, ICICI Foundation for Inclusive
Growth, ICICI Merchant Services Private Limited, India Infradebt Limited, India Advantage Fund-III, India Advantage
Fund-IV2 and Akzo Nobel India Limited.
1.
2.
ICICI Bank Eurasia Limited Liability Company, ICICI Equity Fund and I-Ven Biotech Limited ceased to be related parties
from the three months ended March 31, 2015 , December 31, 2015 and March 31, 2016 respectively.
Key management personnel
Ms. Chanda Kochhar, Mr. N. S. Kannan, Ms. Vishakha Mulye1, Mr. K. Ramkumar, Mr. Rajiv Sabharwal
1. Identified as related party from the three months ended March 31, 2016.
Relatives of key management personnel
Mr. Deepak Kochhar, Mr. Arjun Kochhar, Ms. Aarti Kaji, Mr. Mahesh Advani, Ms. Rangarajan Kumudalakshmi,
Ms. Aditi Kannan, Ms. Sudha Narayanan, Mr. Raghunathan Narayanan, Mr. Rangarajan Narayanan, Mr. Vivek Mulye1,
Ms. Vriddhi Mulye1, Mr. Gauresh Palekar1, Ms. Shalaka Gadekar1, Ms. Jaya Ramkumar, Mr. R. Shyam, Ms. R. Suchithra,
Mr. K. Jayakumar, Mr. R. Krishnaswamy, Ms. J. Krishnaswamy, Ms. Pushpa Muralidharan, Ms. Malathi Vinod,
Ms. Sangeeta Sabharwal,Mr. Kartik Sabharwal and Mr. Arnav Sabharwal.
1.
The following were the significant transactions between the Bank and its related parties for the year ended March 31,
2016. A specific related party transaction is disclosed as a material related party transaction wherever it exceeds 10%
of all related party transactions in that category.
Insurance services
During the year ended March 31, 2016, the Bank paid insurance premium to insurance subsidiaries amounting to
` 1,406.8 million (March 31, 2015: ` 1,200.5 million). The material transactions for the year ended March 31, 2016
were payment of insurance premium to ICICI Lombard General Insurance Company Limited amounting to ` 1,180.3
million (March 31, 2015: ` 1,070.1 million) and to ICICI Prudential Life Insurance Company Limited amounting to
` 226.5 million (March 31, 2015: ` 130.4 million).
During the year ended March 31, 2016, the Banks insurance claims (including the claims received by the
Bank on behalf of key management personnel) from the insurance subsidiaries amounted to ` 167.1 million
Entity consolidated as per Accounting Standard (AS) 21 on Consolidated Financial Statements.

Identified as a related party during the three months ended September 30, 2014.
Identified as related parties from the three months ended March 31, 2016.
180
Schedules

(March 31, 2015: ` 245.0 million).The material transactions for the year ended March 31, 2016 were with ICICI
Prudential Life Insurance Company Limited amounting to ` 94.1 million (March 31, 2015: ` 86.5 million) and with
ICICI Lombard General Insurance Company Limited amounting to ` 73.0 million (March 31, 2015: ` 158.5 million).

Fees and commission income
During the year ended March 31, 2016, the Bank received fees from its subsidiaries amounting to ` 9,009.8 million
(March 31, 2015: ` 7,761.4 million), from its associates/joint ventures/other related entities amounting to ` 9.9 million
(March 31, 2015: ` 10.0 million), from its key management personnel amounting to ` 0.01 million (March 31, 2015:
` 0.3 million) and from relatives of key management personnel amounting to ` 0.01 million (March 31, 2015: Nil). The
material transaction for the year ended March 31, 2016 was with ICICI Prudential Life Insurance Company Limited
amounting to ` 7,712.4 million (March 31, 2015: ` 6,409.8 million).
1.
During the year ended March 31, 2016, the Bank received commission on bank guarantees from its subsidiaries
amounting to ` 38.1 million (March 31, 2015: ` 46.2 million). The material transaction for the year ended March 31,
2016 was with ICICI Bank UK PLC amounting to ` 36.2 million (March 31, 2015: ` 44.4 million).
Lease of premises, common corporate and facilities expenses
During the year ended March 31, 2016, the Bank recovered from its subsidiaries an amount of ` 1,228.6 million
(March 31, 2015: ` 1,253.3 million) and from its associates/joint ventures/other related entities an amount of ` 63.9
million (March 31, 2015: ` 57.5 million). The material transactions for the year ended March 31, 2016 were with ICICI
Home Finance Company Limited amounting to ` 323.8 million (March 31, 2015: ` 312.1 million), ICICI Securities
Limited amounting to ` 234.3 million (March 31, 2015: ` 262.6 million), ICICI Lombard General Insurance Company
Limited amounting to ` 201.2 million (March 31, 2015: ` 187.1 million), ICICI Prudential Life Insurance Company
Limited amounting to ` 185.7 million (March 31, 2015: ` 206.6 million) and with ICICI Bank UK PLC amounting to
Secondment of employees
During the year ended March 31, 2016, the Bank recovered towards deputation of employees from its subsidiaries
an amount of ` 57.0 million (March 31, 2015: ` 56.4 million) and from its associates/joint ventures/other related
entities an amount of ` 7.7 million (March 31, 2015: ` 7.1 million). The material transactions for the year ended March
31, 2016 were with ICICI Investment Management Company Limited amounting to ` 44.0 million (March 31, 2015:
` 40.0 million), ICICI Securities Limited amounting to ` 10.1 million (March 31, 2015: ` 11.2 million) and with I-Process
Services (India) Private Limited amounting to ` 7.5 million (March 31, 2015: ` 7.1 million).
Purchase of investments
During the year ended March 31, 2016, the Bank purchased certain investments from its subsidiaries amounting to
` 9,506.5 million (March 31, 2015: ` 9,931.6 million). The material transactions for the year ended March 31, 2016
were with ICICI Bank UK PLC amounting to ` 4,237.6 million (March 31, 2015:Nil), ICICI Securities Primary Dealership
Limited amounting to ` 2,936.7 million (March 31, 2015: ` 5,886.8 million) and with ICICI Prudential Life Insurance
Company Limited amounting to ` 2,332.2 million (March 31, 2015: ` 2,877.9 million).
During the year ended March 31, 2016, the Bank invested, through purchase from ICICI Venture Funds Management
Company Limited, in the units of India Advantage Fund-III amounting to Nil (March 31, 2015: ` 499.1 million) and in
the units of India Advantage Fund-IV amounting to Nil (March 31, 2015: ` 417.9 million).
Sale of investments
During the year ended March 31, 2016, the Bank sold certain investments to its subsidiaries amounting to ` 5,146.7
million(March 31, 2015: ` 5,311.6 million). The material transactions for the year ended March 31, 2016 were with
ICICI Lombard General Insurance Company Limited amounting to ` 2,942.9 million (March 31, 2015: ` 928.6 million),
ICICI Securities Limited amounting to ` 1,358.0 million (March 31, 2015: ` 72.8 million), ICICI Prudential Life Insurance
Company Limited amounting to ` 845.8 million (March 31, 2015: ` 902.2 million) and with ICICI Securities Primary
Dealership Limited amounting to Nil (March 31, 2015: ` 3,408.0 million).
Insignificant amount
181
Schedules

Investment in Certificate of Deposits (CDs)/bonds issued by ICICI Bank
During the year ended March 31, 2016, subsidiaries have invested in CDs/bonds issued by the Bank amounting
to Nil (March 31, 2015: ` 3,210.0 million). The material transactions for the year ended March 31, 2016 were with
ICICI Prudential Life Insurance Company Limited amounting to Nil (March 31, 2015: ` 2,000.0 million) and with ICICI
Securities Primary Dealership Limited amounting to Nil (March 31, 2015: ` 1,210.0 million).
Redemption/buyback of investments
During the year ended March 31, 2016, the Bank received ` 2,561.5 million (equivalent to CAD 50.0 million) [March
31, 2015: Nil] on account of redemption of bonds, ` 2,561.5 million (equivalent to CAD 50.0 million) [March 31, 2015:
` 3,922.6 million (equivalent to CAD 80.0 million)] on account of buyback of equity shares and ` 1,900.2 million
(equivalent to CAD 37.1 million) [March 31, 2015: Nil] on account of redemption of preference shares by ICICI Bank
Canada.
During the year ended March 31, 2016, the Bank received Nil [March 31, 2015: ` 4,687.5 million (equivalent to USD
75.0 million)] from ICICI Bank UK PLC on account of buyback of equity shares.
During the year ended March 31, 2016, the Bank received ` 305.0 million (March 31, 2015: ` 74.4 million) from ICICI
Equity Fund, ` 188.2 million (March 31, 2015: ` 118.0 million) from India Advantage Fund-III, and ` 94.6 million (March
31, 2015: ` 21.6 million) from India Advantage Fund-IV on account of redemption of units and distribution of gain/loss
on units.
Reimbursement of expenses to subsidiaries
During the year ended March 31, 2016, the Bank reimbursed expenses to its subsidiaries amounting to ` 108.1 million
(March 31, 2015: ` 60.4 million). The material transactions for the year ended March 31, 2016 were with ICICI Bank
UK PLC amounting to ` 102.6 million (March 31, 2015: ` 57.4 million).
Reimbursement of expenses to the Bank
During the year ended March 31, 2016, subsidiaries reimbursed expenses to the Bank amounting to ` 4.2 million
(March 31, 2015: ` 5.8 million).The material transactions for the year ended March 31, 2016 were with ICICI Home
Finance Company Limited amounting to ` 2.7 million (March 31, 2015: Nil), ICICI Lombard General Insurance Company
Limited amounting to ` 0.8 million (March 31, 2015: Nil), ICICI Bank Canada amounting to ` 0.7 million (March 31,
2015: ` 4.7 million) and with ICICI Bank UK PLC amounting to Nil (March 31, 2015: ` 1.1 million).
Brokerage, fees and other expenses
During the year ended March 31, 2016, the Bank paid brokerage, fees and other expenses to its subsidiaries
amounting to ` 786.0 million (March 31, 2015: ` 833.1 million) and to its associates/joint ventures/other related
entities amounting to ` 5,248.6 million (March 31, 2015: ` 4,645.1 million). The material transactions for the year
ended March 31, 2016 were with I-Process Services (India) Private Limited amounting to ` 2,830.9 million (March
31, 2015: ` 2,362.7 million), ICICI Merchant Services Private Limited amounting to ` 2,341.3 million (March 31, 2015:
` 2,216.0 million) and with ICICI Home Finance Company Limited amounting to ` 652.5 million (March 31, 2015:
` 662.1 million).
Income on custodial services
During the year ended March 31, 2016, the Bank recovered custodial charges from its subsidiaries amounting to
` 11.3 million (March 31, 2015: ` 11.8 million) and from its associates/joint ventures/other related entities amounting
to ` 1.6 million (March 31, 2015: ` 1.5 million). The material transactions for the year ended March 31, 2016 were with
ICICI Prudential Asset Management Company Limited amounting to ` 8.8 million (March 31, 2015: ` 7.3 million) and
with ICICI Securities Primary Dealership Limited amounting to ` 2.5 million (March 31, 2015: ` 4.5 million).
Interest expenses
During the year ended March 31, 2016, the Bank paid interest to its subsidiaries amounting to ` 402.9 million (March
31, 2015: ` 614.2 million), to its associates/joint ventures/other related entities amounting to ` 102.6 million (March
31, 2015: ` 257.9 million), to its key management personnel amounting to ` 3.8 million (March 31, 2015: ` 6.2
million) and to relatives of key management personnel amounting to ` 3.0 million (March 31, 2015: ` 2.3 million).
182
Schedules

The material transactions for the year ended March 31, 2016 were with ICICI Securities Limited amounting to ` 351.7
million (March 31, 2015: ` 373.3 million), India Infradebt Limited amounting to ` 88.0 million (March 31, 2015: ` 232.0
million) and with ICICI Prudential Life Insurance Company Limited amounting to ` 23.2 million (March 31, 2015:
` 185.7 million).

Interest income
During the year ended March 31, 2016, the Bank received interest from its subsidiaries amounting to ` 1,037.5 million
(March 31, 2015: ` 1,407.6 million), from its associates/joint ventures/other related entities amounting to ` 48.2
million (March 31, 2015: ` 48.2 million), from its key management personnel amounting to ` 1.6 million (March 31,
2015: ` 1.0 million) and from relatives of key management personnel amounting to ` 0.8 million (March 31, 2015:
` 1.5 million).The material transactions for the year ended March 31, 2016 were with ICICI Home Finance Company
Limited amounting to ` 721.9 million (March 31, 2015: ` 942.1 million), ICICI Venture Funds Management Company
Limited amounting to ` 161.0 million (March 31, 2015: ` 167.3 million) and with ICICI Bank Canada amounting to
Other income
The Bank undertakes derivative transactions with its subsidiaries, associates, joint ventures and other related entities.
The Bank manages its foreign exchange and interest rate risks arising from these transactions by covering them in
the market. During the year ended March 31, 2016, the net loss of the Bank on forex and derivative transactions
entered with subsidiaries was ` 848.3 million (March 31, 2015: net gain of ` 1,887.3 million). The material transactions
for the year ended March 31, 2016 were loss of ` 1,097.4 million (March 31, 2015: gain of ` 1,803.5 million) with ICICI
Bank UK PLC, gain of ` 245.5 million (March 31, 2015: gain of ` 383.0 million) with ICICI Bank Canada, gain of ` 6.8
million (March 31, 2015: loss of ` 144.0 million) with ICICI Securities Primary Dealership Limited and loss of ` 41.5
million (March 31, 2015: loss of ` 184.7 million) with ICICI Home Finance Company Limited.
While the Bank within its overall position limits covers these transactions in the market, the above amounts represent
only the transactions with its subsidiaries, associates, joint ventures and other related entities and not the offsetting/
covering transactions.
Dividend income
During the year ended March 31, 2016, the Bank received dividend from its subsidiaries amounting to ` 15,352.1
million (March 31, 2015: ` 15,590.6 million).The material transactions for the year ended March 31, 2016 were
with ICICI Prudential Life Insurance Company Limited amounting to ` 8,744.0 million (March 31, 2015: ` 6,173.6
million), ICICI Securities Limited amounting to ` 1,610.7 million (March 31, 2015: ` 1,860.8 million), ICICI Home
Finance Company Limited amounting to ` 1,261.6 million (March 31, 2015: ` 1,607.5 million), ICICI Securities Primary
Dealership Limited amounting to ` 1,219.5 million (March 31, 2015: ` 1,590.8 million) and with ICICI Bank UK PLC
amounting to Nil (March 31, 2015: ` 1,870.1 million).
Dividend paid
During the year ended March 31, 2016, the Bank paid dividend to its key management personnel amounting to ` 13.8
million (March 31, 2015: ` 10.0 million) and to relatives of key management personnel amounting to ` 0.01 million
(March 31, 2015: ` 0.01 million). The dividend paid during the year ended March 31, 2016 to Ms. Chanda Kochhar was
` 11.1 million (March 31, 2015: ` 7.9 million), to Mr. N. S. Kannan was ` 2.1 million (March 31, 2015: ` 1.1 million) and
to Mr. Rajiv Sabharwal was ` 0.6 million (March 31, 2015: ` 1.0 million).
1.
Remuneration to whole-time directors
Remuneration paid to the whole-time directors of the Bank, excluding the perquisite value on account of employee
stock options exercised, during the year ended March 31, 2016 was ` 219.0 million (March 31, 2015: ` 164.5 million).
The remuneration paid for the year ended March 31, 2016 to Ms. Chanda Kochhar was ` 68.8 million (March 31,
2015: ` 53.5 million), to Mr. N. S. Kannan was ` 47.2 million (March 31, 2015: ` 37.4 million), to Ms. Vishakha Mulye1
was ` 10.1 million (March 31, 2015: N.A.), to Mr. K. Ramkumar was ` 48.1 million (March 31, 2015: ` 38.6 million) and
1.
Insignificant amount.
Identified as related party from the three months ended March 31, 2016.
183
Schedules

Sale of fixed assets
During the year ended March 31, 2016, the Bank sold fixed assets to ICICI Prudential Asset Management company
Limited amounting to ` 0.1 million (March 31, 2015: Nil) and to ICICI Venture Funds Management Company Limited
amounting to Nil (March 31, 2015: ` 0.7 million).
During the year ended March 31, 2016, the Bank purchased fixed assets from ICICI Securities Limited amounting to
` 1.8 million (March 31, 2015: Nil), from ICICI Venture Funds Management Company Limited amounting to ` 0.2
million (March 31, 2015: Nil) and from ICICI Prudential Life Insurance Company Limited amounting to Nil (March 31,
2015: ` 23.0 million).
Donation

During the year ended March 31, 2016, the Bank has given donation to ICICI Foundation for Inclusive Growth
amounting to ` 450.0 million (March 31, 2015: ` 260.0 million).
Purchase of loan
During the year ended March 31, 2016, the Bank purchased loan from ICICI Bank UK PLC amounting to ` 5,650.3
million (March 31, 2015: Nil).
During the year ended March 31, 2015, the Bank purchased loan from ICICI Bank Eurasia Limited Liability Company
amounting to ` 1,138.1 million.
Risk participation
During the year ended March 31, 2016, the Bank has entered into funded risk participation with ICICI Bank UK PLC
amounting to ` 6,876.2 million (March 31, 2015: ` 4,101.6 million) and entered into unfunded risk participation with
ICICI Bank Canada amounting to ` 588.0 million (March 31, 2015: ` 312.5 million).
Purchase of bank guarantees
During the year ended March 31, 2016, the Bank purchased bank guarantee from ICICI Bank UK PLC amounting to Nil
(March 31, 2015: ` 1,329.4 million).
Letters of Comfort
The Bank has issued letters of comfort on behalf of its banking subsidiary ICICI Bank UK PLC to Financial Services
Authority, UK (now split into two separate regulatory authorities, the Prudential Regulation Authority and the Financial
Conduct Authority) to confirm that the Bank intends to financially support ICICI Bank UK PLC in ensuring that it meets
all of its financial obligations as they fall due.
The Bank has issued an undertaking on behalf of ICICI Securities Inc. for Singapore dollar 10.0 million (currently
equivalent to ` 492.7 million) to the Monetary Authority of Singapore (MAS) and has executed indemnity agreement
on behalf of ICICI Bank Canada to its independent directors for a sum not exceeding Canadian dollar 2.5 million
(currently equivalent to ` 128.1 million) each, aggregating to Canadian dollar 17.5 million (currently equivalent to
` 896.5 million). The aggregate amount of ` 1,389.2 million at March 31, 2016 (March 31, 2015: ` 1,312.9 million) is
included in the contingent liabilities.
During the year ended March 31, 2016, Canada Deposit Insurance Corporation (CDIC) has released the Bank from the
obligations of the undertaking provided on behalf of its banking subsidiary ICICI Bank Canada.
The letters of comfort in the nature of letters of awareness that were outstanding at March 31, 2016 issued by the
Bank on behalf of its subsidiaries in respect of their borrowings made or proposed to be made, aggregated to
` 12,486.1 million (March 31, 2015: ` 12,748.0 million). During the year ended March 31, 2016, borrowings pertaining
to letters of comfort aggregating ` 261.9 million were repaid.
In addition to the above, the Bank has also issued letters of comfort in the nature of letters of awareness on behalf
of its subsidiaries for other incidental business purposes. These letters of awareness are in the nature of factual
statements or confirmation of facts and do not create any financial impact on the Bank.
184
Schedules

Related party balances
The following table sets forth, the balance payable to/receivable from subsidiaries/joint ventures/associates/other
related entities/key management personnel and relatives of key management personnel at March 31, 2016.
` in million
Items/Related party
Deposits with ICICI Bank
Deposits of ICICI Bank
Call/term money lent
Call/term money borrowed
Reverse repurchase
Advances
Investments of ICICI Bank
Investments of related parties in ICICI Bank
Receivables2
Payables2
Guarantees/ letter of credit/ indemnity given
by the Bank
Guarantees/ letter of credit/ indemnity issued
by related parties
Swaps/forward contracts (notional amount)
Employee stock options outstanding (Numbers)
6,621.8
250.5
1,650.0
6,749.4
110,282.0
250.0
715.2
297.5
Associates/ joint
ventures/ other
related entities
1,004.4
0.4
2,914.3
1.2
676.7
Key
Management
Personnel
35.8
54.7
7.2
Relatives of Key
Management
Personnel
63.6
7.9
0.01
7,725.6
250.5
1,650.0
6,812.4
113,196.3
257.2
716.4
974.2
15,113.5
0.5
15,114.0
1,852.6
152,219.8
29,811,500
1,852.6
152,219.8
29,811,500
Subsidiaries
Total
2. Excludes mark-to-market on outstanding derivative transactions.
3. During the year ended March 31, 2016, 723,500 employee stock options with exercise price of ` 75.3 million were exercised by
the key management Personnel of the Bank.
The following table sets forth, the maximum balance payable to/receivable from subsidiaries/joint ventures/
associates/other related entities/key management personnel and relatives of key management personnel during the
year ended March 31, 2016.
` in million
Items/Related party
Reverse repurchase
Advances
Investments of related parties in ICICI Bank1
Receivables
Payables1
by the Bank
Guarantees/ letter of credit/ indemnity
issued by related parties
Associates/ joint
Subsidiaries
ventures/ other
related entities
10,297.2
3,656.0
1,503.6
8,000.0
13,375.4
0.9
118,324.3
3,656.9
1,615.0
1,397.5
337.5
4,458.5
793.2
Key
Management
Personnel
192.8
55.3
7.2
Relatives of Key
Management
Personnel
93.7
15.0
0.02
14,239.7
1,503.6
8,000.0
13,429.7
121,981.3
1,620.8
1,735.0
5,251.7
Total
15,558.1
0.7
15,558.8
3,481.6
587.3
263,138.1
3,481.6
587.3
263,138.1
1. Maximum balances are determined based on comparison of the total outstanding balances at each quarter end during the
financial year.
185
Schedules

The following table sets forth, the balance payable to/receivable from subsidiaries/joint ventures/associates/other
related entities/key management personnel and relatives of key management personnel at March 31, 2015.
` in million
Items/Related party
Reverse repurchase
Advances
Investments of related parties in ICICI Bank
Receivables2
Payables2
by the Bank
by related parties
Employee stock options outstanding (Numbers)
7,560.7
443.3
10,139.1
117,751.2
1,615.0
1,128.1
221.4
Associates/ joint
ventures/ other
related entities
2,299.8
1.2
3,656.9
69.5
527.8
Key
Management
Personnel
97.4
37.0
5.2
Relatives of Key
Management
Personnel
42.3
15.0
0.01
10,000.2
443.3
10,192.3
121,408.1
1,620.2
1,197.6
749.2
14,296.4
0.01
14,296.4
3,481.6
312.5
171,988.5
19,255,000
3,481.6
312.5
171,988.5
19,255,000
Subsidiaries
Total
2. Excludes mark-to-market on outstanding derivative transactions.
3. During the year ended March 31, 2015, 3,170,000 employee stock options with exercise price of ` 542.5 million were exercised
by the key management personnel of the Bank.
The following table sets forth, the maximum balance payable to/receivable from subsidiaries/joint ventures/
associates/other related entities/key management personnel and relatives of key management personnel during the
year ended March 31, 2015.
` in million
Items/Related party
Reverse repurchase
Advances
Investments of related parties in ICICI Bank1
Receivables
Payables1
by the Bank
by related parties
10,806.2
3,511.8
10,409.7
631.8
24,970.8
17,296.3
128,038.3
1,615.0
3,240.4
221.4
Associates/ joint
ventures/ other
related entities
7,113.3
2.1
7,584.0
91.41
527.8
Key
Management
Personnel
218.5
38.1
5.2
Relatives of Key
Management
Personnel
42.3
18.2
0.02
18,180.3
3,511.8
10,409.7
631.8
24,970.8
17,354.7
135,622.3
1,620.2
3,331.8
749.2
16,570.6
0.1
16,570.7
3,837.6
312.5
217,941.8
3,837.6
312.5
217,941.8
Subsidiaries
Total
financial year.
186
Schedules

45. Small and micro enterprises

Under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 which came into force from
October 2, 2006, certain disclosures are required to be made relating to enterprises covered under the Act. During
the year ended March 31, 2016, the amount paid after the due date to vendors registered under the MSMED Act,
2006 was ` 0.4 million (March 31, 2015: ` 4.7 million). An amount of ` 0.01 million (March 31, 2015: ` 0.06 million) has
been charged to profit & loss account towards payment of interest on these delayed payments.
46. Penalties/fines imposed by RBI and other banking regulatory bodies

The penalty imposed by RBI and other banking regulatory bodies during the year ended March 31, 2016 was Nil
(March 31, 2015: ` 10.4 million).
47. Disclosure on Remuneration

Compensation Policy and practices
(A) Qualitative Disclosures
a) Information relating to the bodies that oversee remuneration.
Name, composition and mandate of the main body overseeing remuneration
he Board Governance, Remuneration & Nomination Committee (BGRNC or Committee) is the main body
T
overseeing remuneration. The BGRNC at March 31, 2016 comprised three independent Directors. The
functions of the Committee include recommendation of appointments of Directors to the Board, evaluation
of the performance of the Wholetime Directors (including the Managing Director & CEO) on predetermined
parameters, recommendation to the Board of the remuneration (including performance bonus and
perquisites) to Wholetime Directors, approval of the policy for and quantum of bonus payable to the
members of the staff, including senior management and key management personnel, framing of guidelines
for the Employees Stock Option Scheme (ESOS) and recommendation of grant of the Banks stock options
to employees and WTDs of the Bank and its subsidiary companies.
External consultants whose advice has been sought, the body by which they were commissioned, and in
what areas of the remuneration process

Not Applicable
Scope of the Banks remuneration policy (eg. by regions, business lines), including the extent to which it
is applicable to foreign subsidiaries and branches

he Compensation Policy of the Bank, approved by the Board on January 31, 2012, pursuant to the guidelines
T
issued by RBI, covers all employees of the Bank, including those in overseas branches of the Bank. In addition
to the Banks Compensation Policy guidelines, the overseas branches also adhere to relevant local regulations.
Type of employees covered and number of such employees
ll employees of the Bank are governed by the Compensation Policy. The total number of permanent
A
employees of the Bank at March 31, 2016 was 72,175.
b) Information relating to the design and structure of remuneration processes.
Key features and objectives of remuneration policy
he Bank has under the guidance of the Board and the BGRNC, followed compensation practices intended to
T
drive meritocracy within the framework of prudent risk management. This approach has been incorporated
in the Compensation Policy, the key elements of which are given below.

Effective governance of compensation: The BGRNC has oversight over compensation. The Committee
defines Key Performance Indicators (KPIs) for Wholetime Directors and equivalent positions and the
organisational performance norms for bonus based on the financial and strategic plan approved by the
Board. The KPIs include both quantitative and qualitative aspects. The BGRNC assesses organisational
performance as well as the individual performance for Wholetime Directors and equivalent positions.
Based on its assessment, it makes recommendations to the Board regarding compensation for Wholetime
187
Schedules

Directors and equivalent positions and bonus for employees, including senior management and key
management personnel.

lignment of compensation philosophy with prudent risk taking: The Bank seeks to achieve a prudent
A
mix of fixed and variable pay, with a higher proportion of variable pay at senior levels and no guaranteed
bonuses. Compensation is sought to be aligned to both financial and non-financial indicators of
performance including aspects like risk management and customer service. In addition, the Bank has an
employee stock option scheme aimed at aligning compensation to long term performance through stock
option grants that vest over a period of time. Compensation of staff in financial and risk control functions
is independent of the business areas they oversee and depends on their performance assessment.
Whether the remuneration committee reviewed the firms remuneration policy during the past year, and
if so, an overview of any changes that were made

he Banks Compensation Policy was reviewed by the BGRNC and the Board on April 27, 2015. The section
T
on Effective Governance of Compensation in the Compensation Policy was then modified pursuant to the
Guidelines for Implementation of Countercyclical Capital Buffer (CCCB).
Discussion of how the Bank ensures that risk and compliance employees are remunerated independently
of the businesses they oversee

he compensation of staff engaged in control functions like Risk and Compliance depends on their
T
performance, which is based on achievement of the key results of their respective functions. Their goal
sheets do not include any business targets.
c) Description of the ways in which current and future risks are taken into account in the remuneration processes.
Overview of the key risks that the Bank takes into account when implementing remuneration measures
he Board approves the risk framework for the Bank and the business activities of the Bank are undertaken
T
within this framework to achieve the financial plan. The risk framework includes the Banks risk appetite,
limits framework and policies and procedures governing various types of risk. KPIs of WTDs & equivalent
positions, as well as employees, incorporate relevant risk management related aspects. For example, in
addition to performance targets in areas such as growth and profits, performance indicators include aspects
such as the desired funding profile and asset quality. The BGRNC takes into consideration all the above
aspects while assessing organisational and individual performance and making compensation-related
recommendations to the Board.
Overview of the nature and type of key measures used to take account of these risks, including risk
difficult to measure
The annual performance targets and performance evaluation incorporate both qualitative and quantitative
aspects including asset quality, provisioning, increase in stable funding sources, refinement/improvement
of the risk management framework, effective management of stakeholder relationships and mentoring key
members of the top and senior management.

Discussion of the ways in which these measures affect remuneration
very year, the financial plan/targets are formulated in conjunction with a risk framework with limit structures
E
for various areas of risk/lines of business, within which the Bank operates to achieve the financial plan.
To ensure effective alignment of compensation with prudent risk taking, the BGRNC takes into account
adherence to the risk framework in conjunction with which the financial plan/targets have been formulated.
KPIs of Wholetime Directors and equivalent positions, as well as employees, incorporate relevant risk
management related aspects. For example, in addition to performance targets in areas such as growth
and profits, performance indicators include aspects such as the desired funding profile and asset quality.
The BGRNC takes into consideration all the above aspects while assessing organisational and individual
performance and making compensation-related recommendations to the Board.
Discussion of how the nature and type of these measures have changed over the past year and reasons
for the changes, as well as the impact of changes on remuneration.

188
Not applicable
Schedules

d) Description of the ways in which the Bank seeks to link performance during a performance measurement
period with levels of remuneration
Overview of main performance metrics for Bank, top level business lines and individuals
he main performance metrics include profits, loan growth, deposit growth, risk metrics (such as quality of
T
assets), compliance with regulatory norms, refinement of risk management processes and customer service.
The specific metrics and weightages for various metrics vary with the role and level of the individual.
Discussion of how amounts of individual remuneration are linked to the Bank-wide and individual performance

he BGRNC takes into consideration all the above aspects while assessing organisational and individual
T
performance and making compensation-related recommendations to the Board regarding the level of
performance bonus for employees and the performance assessment of Wholetime Directors and equivalent
positions. The performance assessment of individual employees is undertaken based on achievements
compared to their goal sheets, which incorporate various aspects/metrics described earlier.
Discussion of the measures the Bank will in general implement to adjust remuneration in the event that
performance metrics are weak, including the Banks criteria for determining weak performance metrics

he Banks Compensation Policy outlines the measures the Bank will implement in the event of a reasonable
T
evidence of deterioration in financial performance. Should such an event occur in the manner outlined in
the policy, the BGRNC may decide to apply malus on none, part or all of the unvested deferred variable
compensation.
e) Description of the ways in which the Bank seeks to adjust remuneration to take account of the longer term
performance
Discussion of the Banks policy on deferral and vesting of variable remuneration and, if the fraction of
variable remuneration that is deferred differs across employees or groups of employees, a description of
the factors that determine the fraction and their relative importance

he quantum of bonus for an employee does not exceed a certain percentage (as stipulated in the
T
compensation policy) of the total fixed pay in a year. Within this percentage, if the quantum of bonus exceeds
a predefined threshold percentage of the total fixed pay, a part of the bonus is deferred and paid over a
period. These thresholds for deferrals are same across employees.
Discussion of the Banks policy and criteria for adjusting deferred remuneration before vesting and (if
permitted by national law) after vesting through claw back arrangements

he deferred portion of variable pay is subject to malus, under which the Bank would prevent vesting of all or
T
part of the variable pay in the event of an enquiry determining gross negligence, breach of integrity or in the
event of a reasonable evidence of deterioration in financial performance. In such cases, variable pay already
paid out may also be subjected to clawback arrangements, as applicable.
f) Description of the different forms of variable remuneration that the Bank utilizes and the rationale for
using these different forms
Overview of the forms of variable remuneration offered. A discussion of the use of different forms of
variable remuneration and, if the mix of different forms of variable remuneration differs across employees
or group of employees, a description of the factors that determine the mix and their relative importance

he Bank pays performance linked retention pay (PLRP) to its front-line staff and junior management
T
and performance bonus to its middle and senior management. PLRP aims to reward front line and junior
managers, mainly on the basis of skill maturity attained through experience and continuity in role which is
a key differentiator for customer service. The Bank also pays variable pay to sales officers and relationship
managers in wealth management roles while ensuring that such pay-outs are in accordance with applicable
regulatory requirements.
he Bank ensures higher proportion of variable pay at senior levels and lower variable pay for front-line staff
T
and junior management levels.
189
Schedules

(B) Quantitative disclosures
The following table sets forth, for the period indicated. The details of quantitative disclosure for remuneration of
Wholetime Directors (including MD & CEO) and Presidents
` in million, except numbers
Particulars
Number of meetings held by the BGRNC
Remuneration paid to its members during the financial year (sitting fees)
Number of employees who received a variable remuneration award
Number and total amount of sign-on awards made
Number and total amount of guaranteed bonuses awarded
Details of severance pay, in addition to accrued benefits
Breakdown of amount of remuneration awards for the financial year
Fixed1
Variable
Deferred
Non-deferred
Share-linked instruments2,3
Total amount of outstanding deferred remuneration
Cash
Shares (nos.)
Shares-linked instruments4
Other forms
Year ended
March 31, 2016
Year ended
March 31, 2015
8
0.5
5
0.3
6
201.7
4,610,000
172.6
65.0
65.0
4,395,000
23.4
16,725,000
54.3
13,057,500
1. Fixed pay includes basic salary, supplementary allowances, superannuation, contribution to provident fund and gratuity
fund by the Bank. The amount contains part year payouts for a WTD and a President for the year ended March 31, 2016.
2. The shares-linked instruments (ESOPs) are at a face value of ` 2.
3. Excludes special grant of stock options approved by RBI in November 2015 aggregating to 5.8 million stock options and
grant of 1.0 million stock options to a WTD.
4. Includes special grants and stock options granted to a WTD during the year ended March 31, 2016.
Payment of compensation in the form of profit related commission to the non-executive directors.
The Board at its Meeting held on September 16, 2015, subject to the approval of shareholders and such other
regulatory approvals as may be applicable and subject to the availability of net profits at the end of each financial
year approved the payment of profit related commission of ` 1.0 million per annum to be paid to each nonexecutive Director of the Bank (excluding government nominee and part-time Chairman). The Board will seek
the approval of shareholders at the forthcoming Annual General Meeting to be held in June 2016. The Bank has
recognized an amount of ` 6.0 million as profit related commission payable to the non-executive Directors during
the year ended March 31, 2016, subject to the same being approved by shareholders.
48. Corporate Social Responsibility

The gross amount required to be spent by the Bank on Corporate Social Responsibility (CSR) related activities during
the year ended March 31, 2016 was ` 2,121.1 million (March 31, 2015: `1,715.8 million).
The following table sets forth, for the periods indicated, the amount spent by the Bank on CSR related activities.
Sr.
Particulars
No
(i)
Construction/acquisition of any asset

On purposes other than (i) above
190

Yet to be
In cash
Total
paid in cash
1,070.5
644.9
1,715.3

In cash
Yet to be
paid in cash
Total
1,144.6
410.7
1,555.3
Schedules

The following table sets forth, for the periods indicated, the details of related party transactions pertaining to CSR
related activities.
` in million
Sr.
Related Party
No.
(i) ICICI Foundation
(ii) FINO PayTech Limited
Total
Year ended
March 31, 2016
Year ended
March 31, 2015
450.0
35.6
485.6
260.0
13.2
273.2
The following table sets forth, for the periods indicated, the details of movement of amounts yet to be paid for CSR
related activities.
` in million
Particulars
Opening balance
Provided during the year
Paid during the year
Closing balance
At
March 31, 2016
At
March 31, 2015
451.3
644.9
(280.5)
815.7
385.7
410.7
(345.0)
451.4
49. Disclosure of customers complaints

The following table sets forth, for the periods indicated, the movement of the outstanding number of complaints.
Complaints relating to Banks customers on Banks ATMs
1.

1.

1.
177
5,307
5,377
107
314
5,920
6,057
177
Year ended
March 31, 2016
Year ended
March 31, 2015
1,003
72,772
72,173
1,602
1,535
78,833
79,365
1,003
Year ended
March 31, 2016
Year ended
March 31, 2015
1,707
113,374
113,390
1,691
1,475
116,923
116,691
1,707
The above does not include complaints redressed within 1 working day.
Complaints relating to other than ATM transactions
Year ended
March 31, 2015
Complaints relating to Banks customers on others banks ATMs
Year ended
March 31, 2016
191
Schedules

Total complaints
Year ended
March 31, 2016
Year ended
March 31, 2015
2,887
191,453
190,940
3,400
3,324
201,676
202,113
2,887
1.
The following table sets forth, for the periods indicated, the details of awards during the year.
Particulars
Year ended
March 31, 2016
Year ended
March 31, 2015
No. of unimplemented awards at the beginning of the year

No. of awards passed by the Banking Ombudsmen during the year
No. of awards implemented during the year
No. of unimplemented awards at the end of the year
50. Drawdown from reserves

The Bank has not drawn down any amount from Investment Reserve Account (March 31, 2015: ` 1,270.0 million)
in accordance with provisions of RBI guidelines on Prudential Norms for Classification, Valuation and Operation of
Investment Portfolio by banks.
51. Investor Education and Protection Fund
The unclaimed dividend amount due to be transferred to the Investor Education and Protection Fund in FY2016 has
been transferred without any delay.
52. Comparative figures
Figures of the previous year have been re-grouped to conform to the current year presentation.
Signatures to Schedules 1 to 18
For B S R & Co. LLP

no.: 101248W/W-100022
M. K. Sharma
Chairman
Dileep Choksi
Director
Chanda Kochhar
Partner
N. S. Kannan
Executive Director
K. Ramkumar
Executive Director
Rajiv Sabharwal
Executive Director
Place : Mumbai
192
P. Sanker
Rakesh Jha
Ajay Mittal
Chief Accountant
Vishakha Mulye
Executive Director

To the Members of
ICICI Bank Limited

We have audited the accompanying consolidated financial statements of ICICI Bank Limited (hereinafter referred
to as the Holding Company) and its subsidiaries (the Holding Company and its subsidiaries together referred to as
theICICIGroup) and associates, comprising of the Consolidated Balance Sheet as at 31 March 2016, the Consolidated
Profit and Loss account and Consolidated Cash Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information (hereinafter referred to as the consolidated financial statements).
MANAGEMENTS RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTS

The Holding Companys Board of Directors is responsible for the preparation of these consolidated financial statements
in terms of the requirements of the Companies Act, 2013 (hereinafter referred to as the Act) that give a true and fair
view of the consolidated financial position, consolidated financial performance and consolidated cash flows of the ICICI
Group including its associates 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 circulars, guidelines and directions issued by the
Reserve Bank of India (RBI) from time to time.
The respective Board of Directors of the companies included in the ICICI Group and of its associates are responsible
for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the
assets of the ICICI Group and its associates 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 adequate 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 true and fair view and are free from material misstatement, whether due to fraud or
error, which have been used for the purpose of preparation of the consolidated financial statements by the Directors of
the Holding Company, as aforesaid.
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. While
conducting our audit, we have taken into account the provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the provisions of the Act and Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing 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 consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated
financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks
of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant to the Holding Companys preparation of the
consolidated financial statements that give a true and fair view in order to design audit procedures that are appropriate
in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by the Holding Companys Board of Directors, as well as evaluating
the overall presentation of the consolidated financial statements.
We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their
report referred to in the sub-paragraph (a) of the Other Matters paragraph below, is sufficient and appropriate to provide
a basis for our audit opinion on the consolidated financial statements.
OPINION
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated
financial statements give the information required by the Act in the manner so required and give a true and fair view
in conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of the ICICI
193

Group and its associates as at 31March2016, and their consolidated profit and their consolidated cash flows for the year
ended on that date.
EMPHASIS OF MATTER
We draw attention to Note 15 to the consolidated financial statements, which provides details with regard to the creation
of provision relating to Funded Interest Term Loan through utilization of reserves pertaining to the year ended 31 March
2015, as permitted by the RBI vide letter dated 6January2015. Our opinion is not modified in respect of this matter.
OTHER MATTERS
(a) We did not audit the financial statements of thirteen subsidiaries, whose financial statements reflect total assets
of Rs. 1,067,124 million as at 31 March 2016, total revenues of Rs.64,249million and net cash inflows amounting
to Rs. 7,375 million for the year ended on that date, as considered in the consolidated financial statements. The
consolidated financial statements also include the ICICI Groups share of net profit of Rs. 91 million for the year ended
31 March 2016, as considered in the consolidated financial statements, in respect of an associate, whose financial
statements and other financial information have not been audited by us. These financial statements and other financial
information have been audited by other auditors whose reports have been furnished to us by Management and our
opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in
respect of these subsidiaries and associate, and our report in terms of sub-section (3) and (11) of Section143 of
the Act, insofar as it relates to the aforesaid subsidiaries and associate, is based solely on the reports of the other
auditors.
(b) We have jointly audited with other auditor, the financial statements of a subsidiary whose financial statements reflect
total assets of Rs. 1,047,662 million as at 31 March 2016, total revenues of Rs.231,799 million for the year ended 31
March 2016 and net cash inflows amounting to Rs. 22,195 million for the year ended 31 March 2016. For the purpose
of the consolidated financial statements, we have relied upon the work of the other auditor, to the extent of work
performed by them and our report in terms of sub-section (3) and (11) of Section143 of the Act, insofar as it relates
to this subsidiary, is based solely on the report of the other auditor, to the extent of work performed by them.
(c) The consolidated financial statements also include the ICICI Groups share of net profit of Rs.223 million for the year
ended 31 March 2016, as considered in the consolidated financial statements, in respect of six associates, whose
financial statements and other financial information have not been audited by us. These financial statements and
other financial information are unaudited and have been furnished to us by Management and our opinion on the
consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these
associates, and our report in terms of sub-section (3) and (11) of Section143 of the Act, insofar as it relates to the
aforesaid associates, is based solely on such unaudited financial statements and other financial information. In our
opinion and according to the information and explanations given to us by Management, these financial statements
and other financial information are not material to the ICICI Group.
(d) The auditors of ICICI Prudential Life Insurance Company, the ICICI Groups Life Insurance subsidiary have reported,
The actuarial valuation of liabilities for life policies in force is the responsibility of the Companys Appointed Actuary
(the Appointed Actuary). The actuarial valuation of these liabilities for life policies in force and for policies in respect
of which premium has been discontinued but liability exists as at March 31, 2016 has been duly certified by the
Appointed Actuary and in his opinion, the assumptions for such valuation are in accordance with the guidelines
and norms issued by the Insurance Regulatory Development Authority (IRDAI / Authority) and the Institute of
Actuaries of India in concurrence with the Authority. We have relied upon Appointed Actuarys certificate in this
regard for forming our opinion on the valuation of liabilities for life policies in force and for policies in respect of
which premium has been discontinued but liability exists on standalone financial statements of the Company.
(e) The auditors of ICICI Lombard General Insurance Company Limited, the ICICI Groups General Insurance subsidiary
have reported, The Actuarial valuation of liabilities in respect of Incurred But Not Reported (IBNR) and Incurred But
Not Enough Reported (IBNER) as at March31,2016, other than for reinsurance accepted from Declined Risk Pool (DR
Pool) has been duly certified by the Appointed Actuary of the Company and relied upon by us. The Appointed Actuary
has also certified that the assumptions considered by him for such valuation are in accordance with the guidelines
and norms prescribed by the IRDAI and the Actuarial Society of India in concurrence with the IRDAI. In respect of
reinsurance accepted from DR Pool, IBNR / IBNER has been recognized based on estimates received from DR pool.
194

Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below,
is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other
auditors and the financial statements / financial information certified by Management.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by section 143 (3) of the Act, we report to the extent applicable that:

(a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purpose of audit of the aforesaid consolidated financial statements;
(b) in our opinion, proper books of account as required by law relating to presentation of the aforesaid consolidated
financial statements have been kept so far as it appears from our examination of those books and the reports of
the other auditors;
(c) the Consolidated Balance Sheet, the Consolidated Profit and Loss Account and the Consolidated Cash Flow
Statement dealt with by this Report are in agreement with the relevant books of account maintained for the
purpose of preparation of the consolidated financial statements;
(d) in our opinion, the aforesaid consolidated 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;
(e) on the basis of written representations received from the directors of the Holding Company as at 31 March 2016
taken on record by the Board of Directors of the Holding Company and the reports of the statutory auditors of its
subsidiary companies incorporated in India, none of the directors of the ICICI Group and its associate companies
incorporated in India is disqualified as on 31 March 2016 from being appointed as a director in terms of Section
164 (2) of the Act;
(f) with respect to the adequacy of the internal financial controls over financial reporting of the ICICI Group and its
associate companies and the operating effectiveness of such controls, refer our separate Report in Annexure A;
(g) with respect to the other matters to be included in the Auditors 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:
i. the consolidated financial statements disclose the impact of pending litigations on the consolidated financial
position of the ICICI Group and its associates Refer Note 7 to the consolidated financial statements.
ii. provision has been made in the consolidated financial statements, as required under the applicable law or
accounting standards, for material foreseeable losses, if any, on long-term contracts including derivatives
contracts Refer (a) Note 7 to the consolidated financial statements in respect of such items as it relate to the
ICICI Group and its associate entities and (b) the ICICI Groups share of net profit in respect of its associates.
iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Holding Company and its subsidiaries and associate companies incorporated in India.
For B S R & Co. LLP
Mumbai
29 April 2016
Partner
195
Annexure A
to the Independent Auditors Report of even date on the Consolidated Financial Statements of ICICI Bank Limited
REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION
143 OF THE COMPANIES ACT, 2013 (THE ACT)
1. In conjunction with our report of the consolidated financial statements of ICICI Bank Limited, its subsidiary companies
and its associate companies (collectively referred to as the Group) as of and for the year ended 31 March 2016, we
have audited the internal financial controls over financial reporting of ICICI Bank Limited (hereinafter referred to as
the Holding Company), its subsidiary companies and associate companies which are companies incorporated in
India, as of that date.
MANAGEMENTS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

2. The respective Board of Directors of the Holding Company, its subsidiary companies and its associate companies,
which are companies incorporated in India, are responsible for establishing and maintaining internal financial
controls based on the internal control over financial reporting criteria established by the Group considering the
essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting (the Guidance Note) issued by the Institute of Chartered Accountants of India (the ICAI). These
responsibilities include the design, implementation and maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the
respective companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as
required under the Companies Act, 2013.
3. Our responsibility is to express an opinion on the Groups internal financial controls over financial reporting based
on our audit. We conducted our audit in accordance with the Guidance Note issued by ICAI and the Standards on
Auditing (the Standards), issued by the ICAI and deemed to be prescribed under section 143(10) of the Act, to the
extent applicable to an audit of internal financial controls, both issued by the ICAI. Those Standards and the Guidance
Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether adequate internal financial controls over financial reporting was established and maintained and if
such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial
controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls
over financial reporting included obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness
of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including
the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
5. We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms
of their reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for
our audit opinion on the Groups internal financial controls system over financial reporting.
MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

6. A companys internal financial control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the
companys assets that could have a material effect on the financial statements.
196
Annexure A
to the Independent Auditors Report of even date on the Consolidated Financial Statements of ICICI Bank Limited
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

7. Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of
collusion or improper management override of controls, material misstatements due to error or fraud may occur and
not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future
periods are subject to the risk that the internal financial control over financial reporting may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
OPINION
8. In our opinion, the Holding Company, its subsidiary companies and associate companies, which are companies
incorporated in India, have, in all material respects, an adequate internal financial controls system over financial
reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2016,
based on the internal control over financial reporting criteria established by the Group considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the ICAI.
OTHER MATTERS
9. The auditors of ICICI Prudential Life Insurance Company, the Groups Life Insurance subsidiary have reported, We
report that the actuarial valuation of liabilities for life policies in force and policies where premium is discontinued
but liability exists as at March 31, 2016 has been certified by the Appointed Actuary as per the regulations, and has
been relied upon by us as mentioned in para other matters of our audit report on the financial statements for the year
ended March 31, 2016. Our opinion is not modified in respect of above matter.
10. The auditors of ICICI Lombard General Insurance Company Limited, the Groups General Insurance subsidiary have
reported, The Actuarial valuation of liabilities in respect of Incurred But Not Reported (IBNR) and Incurred But Not
Enough Reported (IBNER) as at March31,2016, other than for reinsurance accepted from Declined Risk Pool (DR
Pool) has been duly certified by the Appointed Actuary of the Company as per the Regulations and has been relied
upon by us as mentioned in para 9(h) of our Audit Report on the financial statements for the year ended 31st March,
2016. Accordingly, our opinion on the internal financial controls over financial reporting does not include reporting
on the adequacy and operating effectiveness of the internal controls over the valuation and accuracy of the aforesaid
actuarial liabilities.
11. Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal
financial controls over financial reporting insofar as it relates to seven subsidiary companies, one subsidiary company
which is jointly audited with another auditor and an associate company, which are companies incorporated in India,
is based on the corresponding reports of the auditors of such companies incorporated in India.
ur opinion on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act,
O
2013 is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the
other auditors.
For B S R & Co. LLP

Mumbai
29 April 2016
Partner
197
Consolidated Financial Statements
Consolidated Balance Sheet

at March 31, 2016
` in 000s
Schedule
CAPITAL AND LIABILITIES

Capital
Employees stock options outstanding
Reserves and surplus
Minority interest
Deposits
Borrowings
Liabilities on policies in force
Other liabilities and provisions
TOTAL CAPITAL AND LIABILITIES
1
2
2A
3
4
5
At
31.03.2016
At
31.03.2015
11,631,656
67,019
929,408,451
33,556,448
4,510,773,918
2,203,776,561
970,533,948
527,813,976
9,187,561,977
11,596,608
74,388
835,374,445
25,058,148
3,859,552,465
2,112,520,026
936,193,819
480,421,804
8,260,791,703
ASSETS
Cash and balances with Reserve Bank of India
Balances with banks and money at call and short notice
Investments
Advances
Fixed assets
Other assets
TOTAL ASSETS
6
7
8
9
10
11
272,775,620
377,584,082
2,860,440,872
4,937,291,077
87,134,646
652,335,680
9,187,561,977
258,376,695
217,995,002
2,743,108,109
4,384,900,954
58,712,089
597,698,854
8,260,791,703
Contingent liabilities
Bills for collection
12
11,176,470,163
217,500,551
10,190,385,671
162,914,850
17 &18
The Schedules referred to above form an integral part of the Balance Sheet.
For B S R & Co. LLP

no.: 101248W/W-100022
M. K. Sharma
Chairman
Dileep Choksi
Director
Chanda Kochhar
Partner
N. S. Kannan
Executive Director
K. Ramkumar
Executive Director
Rajiv Sabharwal
Executive Director
Place : Mumbai
198
P. Sanker
Rakesh Jha
Ajay Mittal
Chief Financial Officer Chief Accountant
Vishakha Mulye
Executive Director
Consolidated Profit and Loss Account

` in 000s
Year ended
31.03.2016
Year ended
31.03.2015
13
14
592,937,057
421,021,403
1,013,958,460
549,639,961
352,522,357
902,162,318
15
16
339,964,746
407,895,615
156,829,183
904,689,544
323,181,538
350,227,119
99,330,676
772,739,333
109,268,916
7,469,331
101,799,585
198,278,702
300,078,287
129,422,985
6,954,333
122,468,652
145,475,548
267,944,200
24,316,000
9,340
23,822,375
13,860,000
5,207,028
27,939,000
7,660
2,919,250
(1,270,000)
11,396,000
(5,600,841)
38,513
29,784
29,075,153
35
5,539,079
198,210,764
300,078,287
28,988,072
35
4,882,652
198,652,588
267,944,200
17.53
17.41
2.00
21.17
20.94
2.00
Schedule
I. INCOME
Interest earned
Other income
TOTAL INCOME
II. EXPENDITURE
Interest expended
Operating expenses
Provisions and contingencies (refer note 18.7)
TOTAL EXPENDITURE
III. PROFIT/(LOSS)
Net profit for the year
Less: Minority interest

Net profit after minority interest

Profit brought forward
TOTAL PROFIT/(LOSS)
IV. APPROPRIATIONS/TRANSFERS
Transfer to Statutory Reserve
Transfer to Reserve Fund
Transfer to Capital Reserve
Transfer to/(from) Investment Reserve Account
Transfer to Special Reserve
Transfer to/(from) Revenue and other reserves

Dividend (including corporate dividend tax) for the previous year

paid during the year

Proposed equity share dividend
Proposed preference share dividend
Balance carried over to balance sheet
TOTAL
17 & 18
Earnings per share (Refer note 18.1)

Basic (`)
Diluted (`)
Face value per share (`)
The Schedules referred to above form an integral part of the Profit and Loss Account.
For B S R & Co. LLP

no.: 101248W/W-100022
M. K. Sharma
Chairman
Dileep Choksi
Director
Chanda Kochhar
Partner
N. S. Kannan
Executive Director
K. Ramkumar
Executive Director
Rajiv Sabharwal
Executive Director
Place : Mumbai
Vishakha Mulye
Executive Director
P. Sanker
Rakesh Jha
Ajay Mittal
199
Consolidated Cash Flow Statement

` in 000s
Year ended
31.03.2016
Year ended
31.03.2015
Profit before taxes
135,574,704
176,435,930
Depreciation and amortisation

Net (appreciation)/depreciation on investments
Provision in respect of non-performing and other assets
Prudential provision for standard assets
Provision for contingencies and others
(Profit)/loss on sale of fixed assets
Employees stock options grants
(i)
9,567,289
(34,641,416)
88,308,555
3,175,576
28,584,825
(264,335)
142,309
230,447,507
9,102,686
324,940
36,181,416
4,053,835
999,282
(33,994)
94,432
227,158,527
(ii)
(iii)
(A)
(40,179,999)
(648,486,064)
651,221,453
(24,030,865)
132,466,667
70,991,192
(64,985,465)
236,453,234
(144,940,347)
(567,661,237)
264,425,642
57,627,927
94,006,046
(296,541,969)
(53,347,975)
(122,731,417)
(B)
(8,483,857)
703,145
(110,411,892)
(118,192,604)
(12,446,322)
367,499
(117,238,214)
(129,317,037)
2,824,200
455,604,563
(319,709,230)
(46,055,502)
(34,524,887)
58,139,144
(2,411,769)
173,988,005
476,371,697
650,359,702
3,477,284
439,781,096
(271,340,761)
107,195,242
(30,840,867)
248,271,994
(2,434,107)
(6,210,567)
482,582,264
476,371,697
Cash flow from operating activities

Adjustments for:
Adjustments for:
(Increase)/decrease in investments
(Increase)/decrease in advances
Increase/(decrease) in deposits
(Increase)/decrease in other assets
Increase/(decrease) in other liabilities and provisions
Refund/(payment) of direct taxes
Net cash flow from/(used in) operating activities (i)+(ii)+(iii)
Cash flow from investing activities

Proceeds from sale of fixed assets
(Purchase)/sale of held to maturity securities
Net cash used in investing activities
Cash flow from financing activities
Proceeds from issue of share capital (including ESOPs)

Proceeds from long term borrowings
Repayment of long term borrowings
Net proceeds/(repayment) of short term borrowings
Dividend and dividend tax paid
Net cash generated from/(used in) financing activities
Effect of exchange fluctuation on translation reserve
Net increase/(decrease) in cash and cash equivalents (A) + (B) + (C) + (D)
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
(C)
(D)
Cash and cash equivalents include cash in hand, balances with RBI, balances with other banks and money at call and short notice.
For B S R & Co. LLP

no.: 101248W/W-100022
M. K. Sharma
Chairman
Dileep Choksi
Director
Chanda Kochhar
Partner
N. S. Kannan
Executive Director
K. Ramkumar
Executive Director
Rajiv Sabharwal
Executive Director
Place : Mumbai
200
P. Sanker
Rakesh Jha
Ajay Mittal
Vishakha Mulye
Executive Director
Schedules
forming part of the Consolidated Balance Sheet

` in 000s
At
31.03.2016
At
31.03.2015
12,750,000
1,500,000
12,750,000
1,500,000
3,500,000
3,500,000
11,594,489
11,548,327
35,048
11,629,537
46,162
11,594,489
SCHEDULE 1 - CAPITAL
Authorised capital
6,375,000,000 equity shares of ` 2 each (March 31, 2015: 6,375,000,000 equity shares
of ` 2 each)
15,000,000 shares of ` 100 each (March 31, 2015: 15,000,000 shares of ` 100 each)1
350 preference shares of ` 10 million each (March 31, 2015: 350 preference shares of
` 10 million each)2

Issued, subscribed and paid-up capital
5,797,244,645 equity shares of ` 2 each (March 31, 2015: 5,774,163,845 equity shares)
Add: 17,523,785 equity shares of ` 2 each (March 31, 2015: 23,080,800 equity shares)
issued pursuant to exercise of employee stock options.
Add: 266,089 equity shares of ` 10 each forfeited (March 31, 2015: 266,089 equity shares)
TOTAL CAPITAL
2,119
2,119
11,631,656
11,596,608
1. These shares will be of such class and with such rights, privileges, conditions or restrictions as may be determined by the Bank in
accordance with the Articles of Association of the Bank and subject to the legislative provisions in force for the time being in that behalf.
2. Pursuant to RBI circular, the issued and paid-up preference shares are grouped under Schedule 4- Borrowings.
201
Schedules
forming part of the Consolidated Balance Sheet (Contd.)

` in 000s
At
31.03.2016
At
31.03.2015
163,205,519
24,316,000
135,266,519
27,939,000
187,521,519
163,205,519
69,454,700
13,860,000
58,058,700
11,396,000
83,314,700
69,454,700
319,054,660
2,938,832
315,537,750
3,516,910
321,993,492
319,054,660
1,270,000
(1,270,000)
35,153
88,956
(128,553)
34,100
1,053
(4,444)
35,153
26,095,641
23,822,375
23,176,391
2,919,250
49,918,016
26,095,641
22,999,128
6,589,367
(9,411,886)
25,433,235
11,062,032
(13,496,139)
20,176,609
22,999,128
28,174,747
28,174,747
36,694
9,340
95,865
7,660
(66,831)
46,034
36,694
SCHEDULE 2 - RESERVES AND SURPLUS

I. Statutory reserve
Opening balance
Closing balance
II. Special Reserve
Opening balance
Closing balance
III. Securities premium
Opening balance
Closing balance
IV. Investment reserve account
Opening balance
Closing balance
V. Unrealised investment reserve2
Opening balance
Closing balance
VI. Capital reserve
Opening balance
Closing balance4
VII. Foreign currency translation reserve
Opening balance
Closing balance
VIII. Revaluation reserve
Opening balance
Closing balance
IX. Reserve fund
Opening balance
Closing balance
202
Schedules

` in 000s
X. Revenue and other reserves

Opening balance
Deductions during the year9,10
Closing balance11,12
XI Balance in profit and loss account
Balance in profit and loss account
TOTAL RESERVES AND SURPLUS
At
31.03.2016
At
31.03.2015
36,214,248
5,618,430
(1,775,664)
40,057,014
198,210,764
198,210,764
929,408,451
48,334,225
4,015,939
(16,135,916)
36,214,248
198,652,588
(373,886)
198,278,702
835,374,445
1. Includes ` 2,789.2 million (March 31, 2015: ` 3,431.1 million) on exercise of employee stock options.
2. Represents unrealised profit/(loss) pertaining to the investments of venture capital funds.
3. Includes appropriations made by the Bank for profit on sale of investments in held-to-maturity category, net of taxes and transfer
to Statutory Reserve and profit on sale of land and buildings, net of taxes and transfer to Statutory Reserve.
4. Includes capital reserve on consolidation amounting to ` 79.1 million (March 31, 2015: ` 80.7 million).
5. Includes exchange profit on repatriation of retained earnings from overseas branches of the Bank.
6. Represents gain on revaluation of premises carried out by the Bank at March 31, 2016.
7. Includes appropriations made to Reserve Fund for the year ended March 31, 2015 in accordance with regulations applicable to
Sri Lanka branch of the Bank.
8. In terms of the guidelines issued by Central Bank of Sri Lanka, banks in Sri Lanka are no longer required to make appropriation
towards Investment Fund Account. The balance of ` 66.8 million outstanding in Investment Fund Account had been transferred to
revenue and other reserves during the year ended March 31, 2015 in accordance with these guidelines.
9. At March 31, 2015, includes amount utilised for creation of deferred tax liability of ICICI Home Finance Company Limited on balance
in Special Reserve at March 31, 2014 in accordance with National Housing Board circular dated May 27, 2014.
10. At March 31, 2015, includes ` 9,291.6 million utilised with approval of RBI to provide for outstanding Funded Interest Term Loans
(FITL) related to accounts restructured prior to the issuance of RBI guideline in 2008.
11. Includes unrealised profit/(loss), net of tax, of ` (530.9) million (March 31, 2015: ` (407.4) million) pertaining to the investments in
the available-for-sale category of ICICI Bank UK PLC.
12. Includes restricted reserve of ` 1,265.0 million (March 31, 2015: ` 1,281.1 million) primarily relating to lapsed contracts of the life
insurance subsidiary.
` in 000s
SCHEDULE 2A - MINORITY INTEREST

Opening minority interest
Subsequent increase/(decrease) during the year
CLOSING MINORITY INTEREST
At
31.03.2016
At
31.03.2015
25,058,148
8,498,300
33,556,448
20,107,641
4,950,507
25,058,148
` in 000s
At
31.03.2016
At
31.03.2015
39,713,920
563,675,244
1,444,551,013
37,225,312
467,371,342
1,221,061,995
95,975,771
2,366,857,970
4,510,773,918
82,869,479
2,051,024,337
3,859,552,465
4,097,654,748
413,119,170
4,510,773,918
3,495,286,634
364,265,831
3,859,552,465
SCHEDULE 3 - DEPOSITS
A. I. Demand deposits

i) From banks

ii) From others

II. Savings bank deposits

III. Term deposits

i) From banks

ii) From others
TOTAL DEPOSITS
B. I. Deposits of branches in India

II. Deposits of branches/subsidiaries outside India
TOTAL DEPOSITS
203
Schedules

` in 000s
At
31.03.2016
At
31.03.2015
115,411,000
76,202,937
179,758,800
52,409,514
198,462,255
181,754,472
2,866,149
8,701,661
119,263,431
2,613,694
14,671,235
110,250,918
SCHEDULE 4 - BORROWINGS
I.
Borrowings in India

i)

ii)

iii)

iv)

v)

vi)
Reserve Bank of India

Other banks
Other institutions and agencies
a) Government of India
b) Financial institutions
Borrowings in the form of
a) Deposits
b) Commercial paper
c) Bonds and debentures (excluding subordinated debt)
Application money-bonds
Capital instruments
a) Innovative Perpetual Debt Instruments (IPDI)

13,010,000
13,010,000
b) Hybrid debt capital instruments issued as bonds/debentures

98,152,555
98,159,787
c) Redeemable Non-Cumulative Preference Shares (RNCPS)

(350 RNCPS of ` 10.0 million each issued to preference share holders of
erstwhile ICICI Limited on amalgamation, redeemable at par on April 20, 2018)
3,500,000
3,500,000
d) Unsecured redeemable debentures/bonds

193,976,348
829,546,336
221,762,009
877,890,429
TOTAL BORROWINGS IN INDIA
II. Borrowings outside India

i)
Capital instruments
a) Innovative Perpetual Debt Instruments (IPDI)

22,517,983
21,227,648
b) Hybrid debt capital instruments issued as bonds/debentures

65,233,121
61,498,053
c) Unsecured redeemable debentures/bonds

9,916,081
492,616,248
783,946,792
9,339,593
419,855,672
722,708,631
1,374,230,225
2,203,776,561
1,234,629,597
2,112,520,026

ii) Bonds and notes

iii) Other borrowings1
TOTAL BORROWINGS OUTSIDE INDIA
TOTAL BORROWINGS
1. Includes borrowings guaranteed by Government of India for the equivalent of ` 5,132.2 million (March 31, 2015: ` 13,336.4 million).
2. Secured borrowings in I and II above amount to ` 169,644.9 million (March 31, 2015: ` 145,869.2 million) excluding borrowings
under Collateralised Borrowing and Lending Obligation, market repurchase transactions with banks and financial institutions and
transactions under Liquidity Adjustment Facility and Marginal Standing Facility.
204
Schedules

` in 000s
SCHEDULE 5 - OTHER LIABILITIES AND PROVISIONS

I. Bills payable
II. Inter-office adjustments (net)
III. Interest accrued
IV. Sundry creditors
V. Provision for standard assets
VI. Others1,2
TOTAL OTHER LIABILITIES AND PROVISIONS
At
31.03.2016
At
31.03.2015
48,422,363
1,295,074
35,086,739
164,490,577
29,178,492
249,340,731
527,813,976
52,914,088
2,268,830
43,756,791
133,345,526
25,507,118
222,629,451
480,421,804
1. For the year ended March 31, 2016, includes ` 36,000.0 million towards collective contingency and related reserve.
2. Includes:

a) Proposed dividend amounting to ` 29,075.2 million (March 31, 2015: ` 28,988.1 million).

b) Corporate dividend tax payable amounting to ` 3,786.8 million (March 31, 2015: ` 3,710.6 million).
` in 000s
SCHEDULE 6 - CASH AND BALANCES WITH RESERVE BANK OF INDIA

I. Cash in hand (including foreign currency notes)
II. Balances with Reserve Bank of India in current accounts
TOTAL CASH AND BALANCES WITH RESERVE BANK OF INDIA
At
31.03.2016
At
31.03.2015
67,477,373
205,298,247
272,775,620
68,586,251
189,790,444
258,376,695
` in 000s
At
31.03.2016
At
31.03.2015
1,905,925
9,791,225
3,375,768
13,170,773
66,771,325
78,468,475
2,925,489
19,472,030
II. Outside India

i) In current accounts

ii) In other deposit accounts

iii) Money at call and short notice
134,753,654
69,838,416
94,523,537
147,922,798
26,968,517
23,631,657
TOTAL
TOTAL BALANCES WITH BANKS AND MONEY AT CALL AND SHORT NOTICE
299,115,607
377,584,082
198,522,972
217,995,002
SCHEDULE 7 - BALANCES WITH BANKS AND MONEY AT CALL

AND SHORT NOTICE
I.
In India
i)
Balances with banks
a) In current accounts
b) In other deposit accounts

ii) Money at call and short notice
a) With banks
b) With other institutions
TOTAL
205
Schedules

` in 000s
At
31.03.2016
At
31.03.2015
1,436,810,801
78,470,821
205,599,336
752,957,948
1,334,237,788
70,833,737
235,166,133
747,775,359
271,392,503
2,745,231,409
268,734,925
2,656,747,942
61,032,012
54,177,451
52,301,686
34,058,481
115,209,463
2,860,440,872
86,360,167
2,743,108,109
2,760,752,923
15,521,514
2,662,884,603
6,136,661
2,745,231,409
2,656,747,942
117,260,970
2,051,507
87,689,018
1,328,851
115,209,463
2,860,440,872
86,360,167
2,743,108,109
SCHEDULE 8 - INVESTMENTS
I.
Investments in India [net of provisions]
i)
ii)
iii)
iv)
v)
vi)
Others (commercial paper, mutual fund units, pass through certificates,
security receipts, certificate of deposits)2
Government securities
Other approved securities
Shares (includes equity and preference shares)1
Debentures and bonds
Assets held to cover linked liabilities of life insurance business
TOTAL INVESTMENTS IN INDIA
II. Investments outside India [net of provisions]

i) Government securities

ii) Others (equity shares, bonds and certificate of deposits)
TOTAL INVESTMENTS OUTSIDE INDIA
TOTAL INVESTMENTS
A.

B.

Investments in India
Gross value of investments3
Net investments
Investments outside India

Net investments
TOTAL INVESTMENTS
1. Includes cost of investment in associates amounting to ` 3,696.1 million (March 31, 2015: ` 4,590.5 million).
2. In accordance with RBI circular dated July 16, 2015, investment in Rural Infrastructure and Development Fund and other related
deposits of ` 280,661.8 million (March 31, 2015: ` 284,508.2 million) has been re-classified to line item Rural Infrastructure and
Development Fund under Schedule 11 - Other Assets.
3. Includes net appreciation amounting to ` 69,077.9 million (March 31, 2015: ` 140,769.2 million) on investments held to cover linked
liabilities of life insurance business.
206
Schedules

` in 000s
SCHEDULE 9 - ADVANCES [net of provisions]
A. i) Bills purchased and discounted

ii) Cash credits, overdrafts and loans repayable on demand

iii) Term loans
TOTAL ADVANCES
B. i) Secured by tangible assets (includes advances against book debts)

ii) Covered by bank/government guarantees

iii) Unsecured
TOTAL ADVANCES
C. I. Advances in India

i) Priority sector

ii) Public sector

iii) Banks

iv) Others
TOTAL ADVANCES IN INDIA

II. Advances outside India

i) Due from banks

ii) Due from others

a) Bills purchased and discounted

b) Syndicated and term loans

c) Others
TOTAL ADVANCES OUTSIDE INDIA
TOTAL ADVANCES
At
31.03.2016
At
31.03.2015
143,811,829
849,039,557
3,944,439,691
4,937,291,077
3,948,314,956
103,079,622
885,896,499
4,937,291,077
139,070,145
680,082,886
3,565,747,923
4,384,900,954
3,611,662,833
112,798,745
660,439,376
4,384,900,954
924,348,694
44,329,101
283,403
2,525,626,771
3,494,587,969
762,092,862
35,374,080
146,618
2,202,248,007
2,999,861,567
18,204,673
12,899,084
42,433,900
1,013,131,071
368,933,464
1,442,703,108
4,937,291,077
48,389,649
1,000,048,245
323,702,409
1,385,039,387
4,384,900,954
` in 000s
At
31.03.2016
At
31.03.2015
51,764,728
29,609,849
(724,254)
(13,358,550)
67,291,773
47,929,434
4,464,603
(629,309)
(12,257,917)
39,506,811
55,271,663
7,510,219
(3,214,712)
(42,138,931)
17,428,239
50,801,492
7,518,817
(3,048,646)
(38,392,681)
16,878,982
17,299,544
(14,884,909)
2,414,635
87,134,646
17,299,544
(14,973,248)
2,326,296
58,712,089
SCHEDULE 10 - FIXED ASSETS
I. Premises





Net block3
II. Other fixed assets (including furniture and fixtures)





Net block
III. Assets given on lease




Depreciation to date, accumulated lease adjustment and provisions5

Net block
TOTAL FIXED ASSETS
1. Includes ` 28,174.7 million added on revaluation carried out by the Bank on March 31, 2016.
3. Includes assets of ` 13.6 million of the Bank (March 31, 2015: ` 2.0 million) which are held for sale.
5. Includes depreciation charge/lease adjustment amounting to ` 192.2 million (March 31, 2015: ` 350.6 million).
207
Schedules

` in 000s
At
31.03.2016
At
31.03.2015
77,457,994
35,319,277
1,710
18,158,876
1,454,762
13,542,444
49,611,861
280,661,817
176,126,939
652,335,680
71,772,042
37,594,663
2,230
875,462
2,050,488
13,598,473
16,134,788
284,508,152
171,162,556
597,698,854
SCHEDULE 11 - OTHER ASSETS

I. Inter-office adjustments (net)
II. Interest accrued
III. Tax paid in advance/tax deducted at source (net)
IV. Stationery and stamps
V. Non-banking assets acquired in satisfaction of claims1
VI. Advance for capital assets
VII. Deposits
VIII. Deferred tax asset (net)
IX. Rural Infrastructure and Development Fund
X. Others2
TOTAL OTHER ASSETS
1. Includes certain non-banking assets acquired in satisfaction of claims which are in the process of being transferred in the Banks
name.
2. Includes goodwill on consolidation amounting to ` 1,257.0 million (March 31, 2015: ` 1,257.0 million).
` in 000s
At
31.03.2016
At
31.03.2015
41,298,568
12,455
3,740,067,266
45,940,699
65,787
3,047,985,649
750,021,991
262,980,560
474,131,095
468,883,265
5,385,604,359
53,470,604
11,176,470,163
755,773,834
248,099,209
496,851,207
534,295,396
5,021,951,604
39,422,286
10,190,385,671
SCHEDULE 12 - CONTINGENT LIABILITIES

I. Claims against the Group not acknowledged as debts
II. Liability for partly paid investments
III. Liability on account of outstanding forward exchange contracts1
IV. Guarantees given on behalf of constituents

a) In India

b) Outside India
V. Acceptances, endorsements and other obligations
VI. Currency swaps1
VII. Interest rate swaps, currency options and interest rate futures1
VIII. Other items for which the Group is contingently liable
TOTAL CONTINGENT LIABILITIES
1.
Represents notional amount.
208
Schedules
forming part of the Consolidated Profit and Loss Accounts

` in 000s
Year ended
31.03.2016
Year ended
31.03.2015
415,508,980
143,244,729
3,039,556
31,143,792
592,937,057
380,597,058
137,799,376
3,661,576
27,581,951
549,639,961
SCHEDULE 13 - INTEREST EARNED

I. Interest/discount on advances/bills
II. Income on investments1
III. Interest on balances with Reserve Bank of India and other inter-bank funds
IV. Others1,2,3
TOTAL INTEREST EARNED
1. Interest on Rural Infrastructure and Development Fund and other related deposits (RIDF) of ` 16,618.9 million (March 31, 2015:
` 13,518.0 million) has been re-classified from line item income on investments to Others consequent to re-classification of RIDF
investments from Schedule 8 - Investments to Schedule 11 - Other assets.
2. Includes interest on income tax refunds amounting to ` 3,274.4 million (March 31, 2015: ` 2,753.5 million).
3. Includes interest and amortisation of premium on non-trading interest rate swaps and foreign currency swaps.
` in 000s
Year ended
31.03.2016
Year ended
31.03.2015
87,696,973
46,675,463
(4,248,050)
264,335
23,794,434
263,839,764
2,998,484
421,021,403
83,938,513
24,787,803
(167,456)
33,994
22,073,402
220,771,454
1,084,647
352,522,357
SCHEDULE 14 - OTHER INCOME

I. Commission, exchange and brokerage
II. Profit/(loss) on sale of investments (net)1
III. Profit/(loss) on revaluation of investments (net)
IV. Profit/(loss) on sale of land, buildings and other assets (net)2
V. Profit/(loss) on exchange/derivative transactions (net)3
VI. Premium and other operating income from insurance business
VII. Miscellaneous income (including lease income)4
TOTAL OTHER INCOME
1. Includes profit on sale of part of equity investment in ICICI Prudential Life Insurance Company Limited and ICICI Lombard General
Insurance Company Limited.
2. Includes profit/(loss) on sale of assets given on lease.
3. Includes exchange profit/(loss) on repatriation of retained earnings/capital from overseas branches/subsidiaries.
4. Includes share of profit/(loss) from associates of ` 174.0 million (March 31, 2015: ` 198.3 million).
` in 000s
Year ended
31.03.2016
Year ended
31.03.2015
219,989,769
15,587,314
104,387,663
339,964,746
207,723,125
16,935,155
98,523,258
323,181,538
SCHEDULE 15 - INTEREST EXPENDED

I. Interest on deposits
II. Interest on Reserve Bank of India/inter-bank borrowings
III. Others (including interest on borrowings of erstwhile ICICI Limited)
TOTAL INTEREST EXPENDED
209
Schedules
forming part of the Consolidated Profit and Loss Accounts (Contd.)

` in 000s
Year ended
31.03.2016
Year ended
31.03.2015
69,122,888
12,424,715
1,742,022
7,199,746
8,238,922
192,206
62,939
230,227
1,127,613
4,028,285
65,683,216
11,540,155
1,587,878
5,281,639
7,631,612
350,597
59,228
222,336
1,272,588
3,744,913
11,540,341
3,332,350
11,521,566
53,973,461
178,736,575
44,421,759
407,895,615
10,082,794
3,147,514
10,131,867
41,274,246
150,365,430
37,851,106
350,227,119
SCHEDULE 16 - OPERATING EXPENSES

I. Payments to and provisions for employees
II. Rent, taxes and lighting
III. Printing and stationery
IV. Advertisement and publicity
V. Depreciation on property
VI. Depreciation (including lease equalisation) on leased assets
VII. Directors' fees, allowances and expenses
VIII. Auditors' fees and expenses
IX. Law charges
X. Postages, courier, telephones, etc.
XI. Repairs and maintenance
XII. Insurance
XIII. Direct marketing agency expenses
XIV. Claims and benefits paid pertaining to insurance business
XV. Other expenses pertaining to insurance business1
XVI. Other expenditure
TOTAL OPERATING EXPENSES
1. Includes commission expenses and reserves for actuarial liabilities (including the investible portion of the premium on the
unit-linked policies).
210
Schedules
forming part of the Consolidated Accounts (Contd.)

SCHEDULE 17
Significant accounting policies
Overview
ICICI Bank Limited, together with its subsidiaries, joint ventures and associates (collectively, the Group), is a diversified
financial services group providing a wide range of banking and financial services including commercial banking, retail
banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment
banking, broking and treasury products and services.
ICICI Bank Limited (the Bank), incorporated in Vadodara, India is a publicly held banking company governed by the
Banking Regulation Act, 1949.
Principles of consolidation
The consolidated financial statements include the financials of ICICI Bank, its subsidiaries, associates and joint ventures.
Entities, in which the Bank holds, directly or indirectly, through subsidiaries and other consolidating entities, more than
50.00% of the voting rights or where it exercises control, over the composition of board of directors/governing body,
are fully consolidated on a line-by-line basis in accordance with the provisions of AS 21 on Consolidated Financial
Statements. Investments in entities where the Bank has the ability to exercise significant influence are accounted for
under the equity method of accounting and the pro-rata share of their profit/(loss) is included in the consolidated profit
and loss account. Assets, liabilities, income and expenditure of jointly controlled entities are consolidated using the
proportionate consolidation method. Under this method, the Banks share of each of the assets, liabilities, income and
expenses of the jointly controlled entity is reported in separate line items in the consolidated financial statements.
The Bank does not consolidate entities where the significant influence/control is intended to be temporary or entities
which operate under severe long-term restrictions that impair their ability to transfer funds to parent/investing entity. All
significant inter-company accounts and transactions are eliminated on consolidation.
Basis of preparation
The accounting and reporting policies of the Group used in the preparation of the consolidated financial statements
conform to Generally Accepted Accounting Principles in India (Indian GAAP), the guidelines issued by the Reserve Bank
of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India
(IRDAI), National Housing Bank (NHB) from time to time, and the Accounting Standards notified under Section 133 of the
Companies Act, 2013 read together with paragraph 7 of the Companies (Accounts) Rules, 2014, as applicable to relevant
companies and practices generally prevalent in the banking industry in India. In the case of the foreign subsidiaries,
Generally Accepted Accounting Principles as applicable to the respective foreign subsidiaries are followed. The Group
follows the accrual method of accounting except where otherwise stated, and the historical cost convention. In case the
accounting policies followed by a subsidiary or joint venture are different from those followed by the Bank, the same have
been disclosed in the respective accounting policy.
The preparation of consolidated financial statements requires the management to make estimates and assumptions
that are considered in the reported amounts of assets and liabilities (including contingent liabilities) as of the date of
the consolidated financial statements and the reported income and expenses during the reporting period. Management
believes that the estimates used in the preparation of the consolidated financial statements are prudent and reasonable.
Future results could differ from these estimates.
211
Schedules

The consolidated financial statements include the results of the following entities in addition to the Bank.
Sr.
no.
Name of the entity
Country of
incorporation
Nature of
relationship
Nature of business
1.
2.
3.
ICICI Bank UK PLC

ICICI Bank Canada
United Kingdom Subsidiary

Canada
Subsidiary
India
Subsidiary
Banking
Banking
Securities broking and merchant
banking
100.00%
100.00%
100.00%
4.
5.
6.

ICICI Securities Primary Dealership
Limited
USA
USA
India
Subsidiary
Subsidiary
Subsidiary
Holding company
Securities broking
Securities investment, trading and
underwriting
100.00%
100.00%
100.00%
7.
ICICI Venture Funds Management

Company Limited
India
Subsidiary
Private equity/venture capital fund

management
100.00%
8.
India
Subsidiary
Housing finance
100.00%
9.
10.

ICICI Investment Management Company
Limited
India
India
Subsidiary
Subsidiary
Trusteeship services
Asset management
100.00%
100.00%
11.
12.

ICICI Prudential Pension Funds
Management Company Limited1
Mauritius
India
Subsidiary
Subsidiary
Asset management
Pension fund management
100.00%
100.00%
13.
ICICI Prudential Life Insurance Company

Limited
India
Subsidiary
Life insurance
67.66%
14.
ICICI Lombard General Insurance

Company Limited
India
Subsidiary
General insurance
63.82%
15.
ICICI Prudential Asset Management

Company Limited
India
Subsidiary
Asset management company
51.00%
16.
17.

India
India
Subsidiary
Consolidated as
per AS 21
Trustee company
Unregistered venture capital fund
18.
FINO PayTech Limited2
India
Associate
Support services for financial

inclusion
27.05%
19.
I-Process Services (India) Private Limited2 India
Associate
Services related to back end

operations
19.00%
20.
NIIT Institute of Finance Banking and

Insurance Training Limited2
India
Associate
Education and training in banking

and finance
18.79%
21.
22.
23.
24.
ICICI Merchant Services Private Limited2

India Infradebt Limited2
India Advantage Fund-III2
India Advantage Fund-IV2
India
India
India
India
Associate
Associate
Associate
Associate
Merchant servicing
Infrastructure finance
Venture capital fund
Venture capital fund
19.00%
31.00%
24.10%
47.14%
Ownership
interest
50.80%
100.00%
1. ICICI Prudential Pension Funds Management Company Limited is a wholly owned subsidiary of ICICI Prudential Life Insurance
Company Limited.
2. These entities have been accounted as per the equity method as prescribed by AS 23 on Accounting for Investments in Associates
in Consolidated Financial Statements.
3. During the three months ended December 31, 2015, ICICI Equity Fund redeemed its units held by the Group and accordingly, ICICI
Equity Fund has not been consolidated.
4. During the three months ended March 31, 2016, the Group sold its equity shareholding in I-Ven Biotech Limited and accordingly,
I-Ven Biotech Limited has not been consolidated.
212
Schedules

Comm Trade Services Limited has not been consolidated under AS 21, since the investment is temporary in nature.
Falcon Tyres Limited, in which the Bank holds 26.39% equity shares has not been accounted as per equity method under
AS 23, since the investment is temporary in nature.
SIGNIFICANT ACCOUNTING POLICIES

1. Transactions involving foreign exchange
The consolidated financial statements of the Group are reported in Indian rupees (`), the national currency of India.
Foreign currency income and expenditure items are translated as follows:

For domestic operations, at the exchange rates prevailing on the date of the transaction with the resultant gain
or loss accounted for in the profit and loss account.
For integral foreign operations, at daily closing rates with the resultant gain or loss accounted for in the profit
and loss account. An integral foreign operation is a subsidiary, associate, joint venture or branch of the reporting
enterprise, the activities of which are based or conducted in a country other than the country of the reporting
enterprise but are an integral part of the reporting enterprise.
For non-integral foreign operations, at the quarterly average closing rates with the resultant gains or losses
accounted for as foreign currency translation reserve.
Monetary foreign currency assets and liabilities of domestic and integral foreign operations are translated at closing
exchange rates notified by Foreign Exchange Dealers Association of India (FEDAI) relevant to the balance sheet date
and the resulting gains/losses are included in the profit and loss account.
Both monetary and non-monetary foreign currency assets and liabilities of non-integral foreign operations are
translated relevant to closing exchange rates notified by FEDAI relevant to the balance sheet date and the resulting
gains/losses from exchange differences are accumulated in the foreign currency translation reserve until the disposal
of the net investment in the non-integral foreign operations. On the disposal/partial disposal of a non-integral foreign
operation, the cumulative/proportionate amount of the exchange differences which has been accumulated in the
foreign currency translation reserve and which relates to that operation are recognised as income or expenses in the
same period in which the gain or loss on disposal is recognised.
The premium or discount arising on inception of forward exchange contracts in domestic operations that are entered
to establish the amount of reporting currency required or available at the settlement date of a transaction is amortised
over the life of the contract. All other outstanding forward exchange contracts are revalued based on the exchange
rates notified by FEDAI for specified maturities and at interpolated rates for contracts of interim maturities. The
contracts of longer maturities where exchange rates are not notified by FEDAI are revalued, based on the forward
exchange rates implied by the swap curves in respective currencies. The resultant gains or losses are recognised in
the profit and loss account.
Contingent liabilities on account of guarantees, endorsements and other obligations denominated in foreign currency
are disclosed at the closing exchange rates notified by FEDAI relevant to the balance sheet date.
2. Revenue recognition

a) Interest income is recognised in the profit and loss account as it accrues except in the case of non-performing
assets (NPAs) where it is recognised upon realisation, as per the income recognition and asset classification
norms of RBI/NHB/other applicable guidelines. Further, the interest income on loan accounts where restructuring
has been approved by the Bank under Strategic Debt Restructuring (SDR) scheme of RBI, is recognised upon
realisation.
b) Income from finance leases is calculated by applying the interest rate implicit in the lease to the net investment
outstanding on the lease over the primary lease period. Finance leases entered into prior to April 1, 2001 have
been accounted for as per the Guidance Note on Accounting for Leases issued by the Institute of Chartered
Accountants of India (ICAI). The finance leases entered post April 1, 2001 have been accounted for as per
Accounting Standard 19 - Leases.
213
Schedules

c) Income on discounted instruments is recognised over the tenure of the instrument.
d) Dividend income is accounted on an accrual basis when the right to receive the dividend is established.
e) Loan processing fee is accounted for upfront when it becomes due except in the case of foreign banking
subsidiaries, where it is amortised over the period of the loan.
f) Project appraisal/structuring fee is accounted for on the completion of the agreed service.
g) Arranger fee is accounted for as income when a significant portion of the arrangement/syndication is completed.
h) Commission received on guarantees issued is amortised on a straight-line basis over the period of the guarantee.
i)
Fund management and portfolio management fees are recognised on an accrual basis.
j)
The annual/renewal fee on credit cards is amortised on a straight line basis over one year.
k) All other fees are accounted for as and when they become due.
l) The Bank deals in bullion business on a consignment basis. The difference between price recovered from
customers and cost of bullion is accounted for at the time of sales to the customers. The Bank also deals in
bullion on a borrowing and lending basis and the interest paid/received is accounted on accrual basis.
m) Income from securities brokerage activities is recognised as income on the trade date of the transaction.
Brokerage income in relation to public or other issuances of securities is recognised based on mobilisation and
terms of agreement with the client.
n) Life insurance premium for non-linked policies is recognised as income when due from policyholders. For unit
linked business, premium is recognised when the associated units are created. Premium on lapsed policies is
recognised as income when such policies are reinstated. Top-up premiums paid by unit linked policyholders are
considered as single premium and recognised as income when the associated units are created. Income from
unit linked policies, which includes fund management charges, policy administration charges, mortality charges
and other charges, if any, are recovered from the linked funds in accordance with the terms and conditions of the
policy and are recognised when due.
o) In the case of general insurance business, premium is recorded for the policy period at the commencement of
risk and for instalment cases, it is recorded on instalment due dates. Premium earned is recognised as income
over the period of the risk or the contract period based on 1/365 method, whichever is appropriate, on a gross
basis, net of service tax. Any subsequent revision to premium is recognised over the remaining period of risk or
contract period. Adjustments to premium income arising on cancellation of policies are recognised in the period
in which the policies are cancelled. Commission on re-insurance ceded is recognised as income in the period of
ceding the risk. Profit commission under re-insurance treaties, wherever applicable, is recognised as income in
the period of final determination of profits and combined with commission on reinsurance ceded.
p) In case of life insurance business, reinsurance premium ceded is accounted in accordance with the terms of the
relevant treaty with the reinsurer. Profit commission on reinsurance ceded is netted off against premium ceded
on reinsurance.
q) In the case of general insurance business, insurance premium on ceding of the risk is recognised in the period
in which the risk commences. Any subsequent revision to premium ceded is recognised in the period of such
revision. Adjustment to re-insurance premium arising on cancellation of policies is recognised in the period
in which they are cancelled. In case of life insurance business, reinsurance premium ceded is accounted in
accordance with the terms and conditions of the relevant treaties with the reinsurer. Profit commission on
reinsurance ceded is netted off against premium ceded on reinsurance.
r) In the case of general insurance business, premium deficiency is recognised when the sum of expected claim
costs and related expenses and maintenance costs exceed the reserve for unexpired risks and is computed at a
company level. The expected claim cost is calculated and duly certified by the Appointed Actuary.
214
Schedules

3. Stock based compensation

The following entities within the group have granted stock options to their employees:
ICICI Bank Limited
The Employees Stock Option Scheme (the Scheme) of the Bank provides for grant of options on the Banks equity
shares to wholetime directors and employees of the Bank and its subsidiaries. The Scheme provides that employees
are granted an option to subscribe to equity shares of the Bank that vest in a graded manner. The options may be
exercised within a specified period. ICICI Prudential Life Insurance Company and ICICI Lombard General Insurance
Company have also formulated similar stock option schemes for their employees for grant of equity shares of their
respective companies.
The Group, except the banking subsidiaries, follows the intrinsic value method to account for its stock-based
employee compensation plans. Compensation cost is measured as the excess, if any, of the fair market price of the
underlying stock over the exercise price on the grant date and amortised over the vesting period. The fair market
price is the latest closing price, immediately prior to the grant date, which is generally the date of the meeting of the
Board Governance, Remuneration & Nomination Committee in which the options are granted, on the stock exchange
on which the shares of the Bank are listed. If the shares are listed on more than one stock exchange, then the stock
exchange where there is highest trading volume on the said date is considered. In the case of ICICI Prudential Life
Insurance Company and ICICI Lombard General Insurance Company, the fair value of the shares is determined based
on an external valuation report. The banking subsidiaries namely, ICICI Bank UK and ICICI Bank Canada account for
the cost of the options granted to employees by ICICI Bank using the fair value method based on binomial tree model.
4. Income taxes
Income tax expense is the aggregate amount of current tax and deferred tax expense incurred by the Group. The
current tax expense and deferred tax expense is determined in accordance with the provisions of the Income Tax Act,
1961 and as per Accounting Standard 22 - Accounting for Taxes on Income, respectively. Deferred tax adjustments
comprise changes in the deferred tax assets or liabilities during the year.
Deferred tax assets and liabilities are recognised by considering the impact of timing differences between taxable
income and accounting income for the current year, and carry forward losses. Deferred tax assets and liabilities are
measured using tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date.
The impact of changes in the deferred tax assets and liabilities is recognised in the profit and loss account.
Deferred tax assets are recognised and re-assessed at each reporting date, based upon the managements judgement
as to whether their realisation is considered as reasonably certain. However, in case of domestic companies, where
there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognised only
if there is virtual certainty of realisation of such assets.
In the consolidated financial statements, deferred tax assets and liabilities are computed at an individual entity level
and aggregated for consolidated reporting.
5. Claims and benefits paid

In the case of general insurance business, claims incurred comprise claims paid, estimated liability for outstanding
claims made following a loss occurrence reported and estimated liability for claims incurred but not reported (IBNR)
and claims incurred but not enough reported (IBNER). Further, claims incurred also include specific claim settlement
costs such as survey/legal fees and other directly attributable costs. Claims (net of amounts receivable from reinsurers/co-insurers) are recognised on the date of intimation based on management estimates or on estimates from
surveyors/insured in the respective revenue account. Estimated liability for outstanding claims at the balance sheet
date is recorded net of claims recoverable from/payable to co-insurers/re-insurers and salvage to the extent there is
certainty of realisation. Estimated liability for outstanding claim is determined by the entity on the basis of ultimate
amounts likely to be paid on each claim based on the past experience/ actuarial valuation. These estimates are
progressively revalidated on availability of further information. Claims IBNR represent that amount of claims that may
215
Schedules

have been incurred during the accounting period but have not been reported or claimed. The claims IBNR provision
also includes provision, if any, required for claims IBNER. Estimated liability for claims IBNR/claims IBNER is based
on an actuarial estimate duly certified by the appointed actuary of the entity.
In the case of life insurance business, benefits paid comprise of policy benefits and claim settlement costs, if any.
Death and rider claims are accounted for on receipt of intimation. Survival and maturity benefits are accounted when
due. Withdrawals and surrenders under non linked policies are accounted on the receipt of intimation.
6. Liability for life policies in force

In the case of life insurance business, the liabilities for life policies in force are calculated in accordance with accepted
actuarial practice, requirements of Insurance Act, 1938 (amended by Insurance Laws (Amendment) Act, 2015) and
regulations notified by the Insurance Regulatory and Development Authority of India and Actuarial Practice Standards
of the Institute of Actuaries of India.
7. Reserve for unexpired risk

Reserve for unexpired risk is recognised net of re-insurance ceded and represents premium written that is attributable
and to be allocated to succeeding accounting periods for risks to be borne by the entity under contractual obligations
on contract period basis or risk period basis, whichever is appropriate. It is calculated on a daily pro-rata basis subject
to a minimum of 50.00% of the aggregated premium, written on policies during the twelve months preceding the
balance sheet date for fire, marine, cargo and miscellaneous business and 100.00% for marine hull business, on all
unexpired policies at balance sheet date, in accordance with the provisions of the Insurance Act, 1938.
8. Actuarial method and valuation

In the case of life insurance business, the actuarial liability on both participating and non-participating policies is
calculated using the gross premium method, using assumptions for interest, mortality, morbidity, expense and
inflation, and in the case of participating policies, future bonuses together with allowance for taxation and allocation
of profits to shareholders. These assumptions are determined as prudent estimates at the date of valuation with
allowances for adverse deviations.
The greater of liability calculated using discounted cash flows and unearned premium reserves is held for the
unexpired portion of the risk for the non-unit liabilities of linked business and attached riders.
The unit liability in respect of linked business has been taken as the value of the units standing to the credit of
policyholders, using the Net Asset Value (NAV) prevailing at the valuation date.
An unexpired risk reserve and a reserve in respect of claims incurred but not reported are created, for one year
renewable group term insurance.
The interest rates used for valuing the liabilities are in the range of 4.92% to 5.53% per annum (previous year 4.47%
to 5.39% per annum).
Mortality rates used are based on the published Indian Assured Lives Mortality (2006 2008) Ult. mortality table for
assurances and LIC 96-98 table for annuities, adjusted to reflect expected experience while morbidity rates used are
based on CIBT 93 table, adjusted for expected experience, or on risk rates supplied by reinsurers.
Expenses are provided for at current levels, in respect of renewal expenses, with no allowance for future improvements
but with an allowance for any expected worsening. Per policy renewal expenses for regular premium policies are
assumed to inflate at 5.18% (previous year 4.49%).
9. Acquisition costs for insurance business

Acquisition costs are those costs that vary with and are primarily related to the acquisition of insurance contracts and
are expensed in the period in which they are incurred.
216
Schedules

10. Employee benefits
Gratuity
The Group pays gratuity, a defined benefit plan, to employees who retire or resign after a minimum prescribed period
of continuous service and in case of employees at overseas locations as per the rules in force in the respective
countries. The Group makes contribution to trusts which administer the funds on their own account or through
insurance companies.

Actuarial valuation of the gratuity liability is determined by an actuary appointed by the Group. Actuarial valuation of
gratuity liability is determined based on certain assumptions regarding rate of interest, salary growth, mortality and

Superannuation fund and National Pension Scheme
The Bank contributes 15.00% of the total annual basic salary of certain employees to superannuation funds, a defined
contribution plan, managed and administered by insurance companies. Further, the Bank contributes 10.00% of
the total basic salary of certain employees to National Pension Scheme (NPS), a defined contribution plan, which
is managed and administered by pension fund management companies. The Bank also gives an option to its
employees allowing them to receive the amount in lieu of such contributions along with their monthly salary during
their employment.
The amounts so contributed/paid by the Bank to the superannuation fund and NPS or to employee during the year
are recognised in the profit and loss account.
ICICI Prudential Life Insurance Company, ICICI Prudential Asset Management Company and ICICI Venture Funds
Management Company have accrued for superannuation liability based on a percentage of basic salary payable to
eligible employees for the period of service.

Pension
The Bank provides for pension, a defined benefit plan covering eligible employees of erstwhile Bank of Madura,
erstwhile Sangli Bank and erstwhile Bank of Rajasthan. The Bank makes contribution to a trust which administers
the funds on its own account or through insurance companies. The plan provides for pension payment including
dearness relief on a monthly basis to these employees on their retirement based on the respective employees years
of service with the Bank and applicable salary.
Actuarial valuation of the pension liability is determined by an actuary appointed by the Bank. Actuarial valuation of
pension liability is calculated based on certain assumptions regarding rate of interest, salary growth, mortality and

Employees covered by the pension plan are not eligible for employers contribution under the provident fund plan.
Provident fund
The Group is statutorily required to maintain a provident fund, a defined benefit plan, as a part of retirement benefits to
its employees. Each employee contributes a certain percentage of his or her basic salary and the Group contributes an
equal amount for eligible employees. The Group makes contribution as required by The Employees Provident Funds
and Miscellaneous Provisions Act, 1952 to Employees Pension Scheme administered by the Regional Provident
Fund Commissioner and the balance contributions are transferred to funds administered by trustees. The funds are
invested according to the rules prescribed by the Government of India.
Actuarial valuation for the interest rate guarantee on the provident fund balances is determined by an actuary
appointed by the Group.
217
Schedules

The employees of the overseas branches of the Bank contribute a certain percentage of their salary and the overseas
branches contribute an equal amount for eligible employees towards respective government schemes. The
contribution by the overseas branches is recognised in profit and loss account at the time of contribution.

Leave encashment
The Group provides for leave encashment benefit based on actuarial valuation conducted by an independent actuary.
11. Provisions, contingent liabilities and contingent assets

The Group estimates the probability of any loss that might be incurred on outcome of contingencies on the basis
of information available upto the date on which the consolidated financial statements are prepared. A provision is
recognised when an enterprise has a present obligation as a result of a past event and it is probable that an outflow of
resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are
determined based on management estimates of amounts required to settle the obligation at the balance sheet date,
supplemented by experience of similar transactions. These are reviewed at each balance sheet date and adjusted
to reflect the current management estimates. In cases where the available information indicates that the loss on the
contingency is reasonably possible but the amount of loss cannot be reasonably estimated, a disclosure to this effect
is made in the consolidated financial statements. In case of remote possibility, neither provision nor disclosure is
made in the consolidated financial statements. The Group does not account for or disclose contingent assets, if any.
The Bank estimates the probability of redemption of customer loyalty reward points using an actuarial method by employing
an independent actuary and accordingly makes provision for these reward points. Actuarial valuation is determined based
on certain assumptions regarding mortality rate, discount rate, cancellation rate and redemption rate.
12. Cash and cash equivalents

Cash and cash equivalents include cash in hand, balances with RBI, balances with other banks and money at call and
short notice.
13. Investments

i) Investments of the Bank are accounted for in accordance with the extant RBI guidelines on investment
classification and valuation as given below.
a) All investments are classified into Held to Maturity, Available for Sale and Held for Trading. Reclassifications,
if any, in any category are accounted for as per the RBI guidelines. Under each classification, the investments
are further categorised as (a) government securities, (b) other approved securities, (c) shares, (d) bonds and
debentures and (e) others.
b) Held to Maturity securities are carried at their acquisition cost or at amortised cost, if acquired at a premium
over the face value. Any premium over the face value of fixed rate and floating rate securities acquired is
amortised over the remaining period to maturity on a constant yield basis and straight line basis respectively.
c) Available for Sale and Held for Trading securities are valued periodically as per RBI guidelines. Any premium
over the face value of fixed rate and floating rate investments in government securities, classified as Available
for Sale, is amortised over the remaining period to maturity on constant yield basis and straight line basis
respectively. Quoted investments are valued based on the trades/quotes on the recognised stock exchanges,
subsidiary general ledger account transactions, price list of RBI or prices declared by Primary Dealers Association
of India jointly with Fixed Income Money Market and Derivatives Association (FIMMDA), periodically.
The market/fair value of unquoted government securities which are in the nature of Statutory Liquidity
Ratio (SLR) securities included in the Available for Sale and Held for Trading categories is as per the rates
published by FIMMDA. The valuation of other unquoted fixed income securities, including Pass Through
Certificates, wherever linked to the Yield-to-Maturity (YTM) rates, is computed with a mark-up (reflecting
associated credit risk) over the YTM rates for government securities published by FIMMDA.
Unquoted equity shares are valued at the break-up value, if the latest balance sheet is available or at ` 1, as
per RBI guidelines.
218
Schedules

Securities are valued scrip-wise. Depreciation/appreciation on securities other than those acquired by way of
conversion of outstanding loans, is aggregated for each category. Net appreciation in each category, if any,
being unrealised, is ignored, while net depreciation is provided for. The depreciation on securities aquired by
way of conversion of outstanding loan is fully provided for. Non-performing investments are identified based
on the RBI guidelines.
Depreciation on equity shares acquired and held by the Bank under SDR scheme is provided over a period of
four calendar quarters from the date of conversion of debt into equity in accordance with the RBI guidelines.

d) Treasury bills, commercial papers and certificate of deposits being discounted instruments, are valued at
carrying cost.
e) The units of mutual funds are valued at the latest repurchase price/net asset value declared by the mutual
fund.
f) Costs including brokerage and commission pertaining to investments, paid at the time of acquisition, are
charged to the profit and loss account. Cost of investments is computed based on the First-In-First-Out (FIFO)
method.
g) Profit/loss on sale of investments in the Held to Maturity category is recognised in the profit and loss
account and profit is thereafter appropriated (net of applicable taxes and statutory reserve requirements) to
Capital Reserve. Profit/loss on sale of investments in Available for Sale and Held for Trading categories is
recognised in the profit and loss account.
h) Market repurchase and reverse repurchase transactions, are accounted for as borrowing and lending
transactions respectively in accordance with the extant RBI guidelines. The transactions with RBI under
Liquidity Adjustment Facility (LAF) are accounted for as borrowing and lending transactions.
i) Broken period interest (the amount of interest from the previous interest payment date till the date of
purchase/sale of instruments) on debt instruments is treated as a revenue item.
j) At the end of each reporting period, security receipts issued by the asset reconstruction companies are
valued in accordance with the guidelines applicable to such instruments, prescribed by RBI from time to
time. Accordingly, in cases where the cash flows from security receipts issued by the asset reconstruction
companies are limited to the actual realisation of the financial assets assigned to the instruments in the
concerned scheme, the Bank reckons the net asset value obtained from the asset reconstruction company
from time to time, for valuation of such investments at each reporting period end. The security receipts
which are outstanding and not redeemed as at the end of the resolution period are treated as loss assets and
are fully provided for.
k) The Bank follows trade date method of accounting for purchase and sale of investments, except for
government of India and state government securities where settlement date method of accounting is
followed in accordance with RBI guidelines.
l) The Bank undertakes short sale transactions in dated central government securities in accordance with RBI
guidelines. The short positions are categorised under HFT category and are marked-to-market. The mark-tomarket loss is charged to profit and loss account and gain, if any, is ignored as per RBI guidelines.
ii) The Banks consolidating venture capital funds carry investments at fair values, with unrealised gains and
temporary losses on investments recognised as components of investors equity and accounted for in the
unrealised investment reserve account. The realised gains and losses on investments and units in mutual
funds and unrealised gains or losses on revaluation of units in mutual funds are accounted for in the profit and
loss account. Provisions are made in respect of accrued income considered doubtful. Such provisions as well
as any subsequent recoveries are recorded through the profit and loss account. Subscription to/purchase of
investments are accounted at the cost of acquisition inclusive of brokerage, commission and stamp duty. Bonus
shares and right entitlements are recorded when such benefits are known. Quoted investments are valued on
the valuation date at the closing market price. Quoted investments that are not traded on the valuation date
219
Schedules

but are traded during the two months prior to the valuation date are valued at the latest known closing price.
An appropriate discount is applied where the asset management company considers it necessary to reflect
restrictions on disposal. Quoted investments not traded during the two months prior to the valuation date are
treated as unquoted. Unquoted investments are valued at their estimated fair values by applying appropriate
valuation methods. Where there is a decline, other than temporary in the carrying amounts of investments, the
resultant reduction in the carrying amount is charged to the profit and loss account during the period in which
such decline is identified.

iii) The Banks primary dealership and securities broking subsidiaries classify the securities held with the intention
of holding for short-term and trading as stock-in-trade which are valued at lower of cost or market value. The
securities classified by primary dealership subsidiary as held-to-maturity, as permitted by RBI, are carried at
amortised cost. Appropriate provision is made for other than temporary diminution in the value of investments.
Commission earned in respect of securities acquired upon development is reduced from the cost of acquisition.
iv) The Banks housing finance subsidiary classifies its investments as current investments and long-term
investments. Investments that are readily realisable and intended to be held for not more than a year are classified
as current investments, which are carried at the lower of cost and net realisable value. All other investments are
classified as long-term investments, which are carried at their acquisition cost or at amortised cost, if acquired
at a premium over the face value. Any premium over the face value of the securities acquired is amortised over
the remaining period to maturity on a constant yield basis. However, a provision for diminution in value is made
to recognise any other than temporary decline in the value of such long-term investments.
v) The Banks overseas banking subsidiaries account for unrealised gain/loss, net of tax, on investment in Available
for Sale category directly in their reserves. Further unrealised gain/loss on investment in Held for Trading
category is accounted directly in the profit and loss account. Investments in Held to Maturity category are
carried at amortised cost.
vi) In the case of life and general insurance businesses, investments are made in accordance with the Insurance Act,
1938 (amended by the Insurance Laws (Amendment) Act, 2015), the IRDA (Investment) Regulations, 2000, and
various other circulars/notifications issued by the IRDAI in this context from time to time.
In the case of life insurance business, valuation of investments (other than linked business) is done on the
following basis:

a. All debt securities and redeemable preference shares are considered as Held to Maturity and accordingly
stated at historical cost, subject to amortisation of premium or accretion of discount over the period of
maturity/holding on a constant yield basis.
b. Listed equity shares are stated at fair value being the last quoted closing price on the National Stock Exchange
(NSE) (or BSE, in case the investments are not listed on NSE).
c. Mutual fund units are valued based on the previous days net asset value.
Unrealised gains/losses arising due to changes in the fair value of listed equity shares and mutual fund units are
taken to Revenue and other reserves and Liabilities on policies in force in the balance sheet for Shareholders
fund and Policyholders fund respectively for life insurance business.

In the case of general insurance business, valuation of investments is done on the following basis:
a. All debt securities including government securities and non-convertible preference shares are considered
as Held to Maturity and accordingly stated at amortised cost determined after amortisation of premium or
accretion of discount on a constant yield basis over the holding/maturity period.
b. Listed equities and convertible preference shares at the balance sheet date are stated at fair value, being the
last quoted closing price on the NSE and in case these are not listed on NSE, then based on the last quoted
closing price on the BSE.
220
Schedules

c. Mutual fund investments (other than venture capital fund) are stated at fair value, being the closing net asset
value at balance sheet date.
d. Investments other than mentioned above are valued at cost.
Unrealised gains/losses arising due to changes in the fair value of listed equity shares and mutual fund units are
taken to Revenue and other reserves in the balance sheet for general insurance business.
Insurance subsidiaries assess at each balance sheet date whether there is any indication that any investment
may be impaired. If any such indication exists, the carrying value of such investment is reduced to its recoverable
amount and the impairment loss is recognised in the revenue(s)/profit and loss account.
The total proportion of investments for which subsidiaries have applied accounting policies different from the Bank
as mentioned above, is approximately 21.48% of the total investments at March 31, 2016.
14. Provisions/write-offs on loans and other credit facilities

i) Loans and other credit facilities of the Bank are accounted for in accordance with the extant RBI guidelines as
given below:
a) The Bank classifies its loans and investments, including at overseas branches and overdues arising from
crystallised derivative contracts, into performing and NPAs in accordance with RBI guidelines. Loans and
advances held at the overseas branches that are identified as impaired as per host country regulations for
reasons other than record of recovery, but which are standard as per the extant RBI guidelines, are classified
as NPAs to the extent of amount outstanding in the host country. Further, NPAs are classified into substandard, doubtful and loss assets based on the criteria stipulated by RBI.
In the case of corporate loans and advances, provisions are made for sub-standard and doubtful assets at
rates prescribed by RBI. Loss assets and the unsecured portion of doubtful assets are provided/written-off
as per the extant RBI guidelines. For loans and advances booked in overseas branches, which are standard
as per the extant RBI guidelines but are classified as NPAs based on host country guidelines, provisions are
made as per the host country regulations. For loans and advances booked in overseas branches, which are
NPAs as per the extant RBI guidelines and as per host country guidelines, provisions are made at the higher
of the provisions required under RBI regulations and host country regulations. Provisions on homogeneous
retail loans and advances, subject to minimum provisioning requirements of RBI, are assessed at a borrower
level, on the basis of the ageing of the loans in the non-performing category. In respect of loans classified
as fraud, the entire amount, without considering the value of security, is provided for over a period of four
quarters starting from the quarter in which fraud has been detected. In accounts where there has been delay
in reporting the fraud to the RBI, the entire amount is provided immediately. In respect of borrowers classified
as non-cooperative borrowers, wilful defaulters and NPAs covered under distressed assets framework of
RBI, the Bank makes accelerated provisions as per extant RBI guidelines.
The Bank holds specific provisions against non-performing loans and advances, and against certain
performing loans and advances in accordance with RBI directions. The Bank also holds provisions on loans
under SDR scheme of RBI. The assessment of incremental specific provisions is made after taking into
consideration the existing specific provision held. The specific provisions on retail loans and advances held
by the Bank are higher than the minimum regulatory requirements.

b) Provision due to diminution in the fair value of restructured/rescheduled loans and advances is made in
accordance with the applicable RBI guidelines.
In respect of non-performing loans and advances accounts subjected to restructuring, the account is
upgraded to standard only after the specified period i.e. a period of one year after the date when first payment
of interest or of principal, whichever is later, falls due, subject to satisfactory performance of the account
during the period. A standard restructured loan is upgraded to the standard category when satisfactory
payment performance is evidenced during the specified period and after the loan reverts to the normal level
of standard asset provisions/risk weights.
221
Schedules

c) Amounts recovered against debts written-off in earlier years and provisions no longer considered necessary
in the context of the current status of the borrower are recognised in the profit and loss account.
d) The Bank maintains general provision on performing loans and advances in accordance with the RBI
guidelines, including provisions on loans to borrowers having unhedged foreign currency exposure,
provision on exposures to step-down subsidiaries of Indian companies and floating provision taken over from
erstwhile Bank of Rajasthan upon amalgamation. For performing loans and advances in overseas branches,
the general provision is made at higher of host country regulations requirement and RBI requirement.
e) In addition to the provisions required to be held according to the asset classification status, provisions are
held for individual country exposures including indirect country risk (other than for home country exposure).
The countries are categorised into seven risk categories namely insignificant, low, moderately low, moderate,
moderately high, high and very high and provisioning is made on exposures exceeding 180 days on a graded
scale ranging from 0.25% to 25%. For exposures with contractual maturity of less than 180 days, provision is
required to be held at 25% of the rates applicable to exposures exceeding 180 days. The indirect exposure is
reckoned at 50% of the exposure. If the country exposure (net) of the Bank in respect of each country does
not exceed 1% of the total funded assets, no provision is required on such country exposure.
ii) In the case of the Banks housing finance subsidiary, loans and other credit facilities are classified as per the
NHB guidelines into performing and non-performing assets. Further, NPAs are classified into sub-standard,
doubtful and loss assets based on criteria stipulated by NHB. Additional provisions are made against specific
non-performing assets over and above what is stated above, if in the opinion of the management, increased
provisions are necessary.
iii) In the case of the Banks overseas banking subsidiaries, loans are stated net of allowance for credit losses. Loans
are classified as impaired and impairment losses are incurred only if there is objective evidence of impairment
as a result of one or more events that occurred after the initial recognition on the loan (a loss event) and that loss
event (or events) has an impact on the estimated future cash flows of the loans that can be reliably estimated.
An allowance for impairment losses is maintained at a level that management considers adequate to absorb
identified credit related losses as well as losses that have occurred but have not yet been identified.
The total proportion of loans for which subsidiaries have applied accounting policies different from the Bank as
mentioned above, is approximately 10.22% of the total loans at March 31, 2016.
15. Transfer and servicing of assets

The Bank transfers commercial and consumer loans through securitisation transactions. The transferred loans are
de-recognised and gains/losses are accounted for, only if the Bank surrenders the rights to benefits specified in the
underlying securitised loan contract. Recourse and servicing obligations are accounted for net of provisions.
In accordance with the RBI guidelines for securitisation of standard assets, with effect from February 1, 2006, the
Bank accounts for any loss arising from securitisation immediately at the time of sale and the profit/premium arising
from securitisation is amortised over the life of the securities issued or to be issued by the special purpose vehicle to
which the assets are sold. With effect from May 7, 2012, the RBI guidelines require the profit/premium arising from
securitisation to be amortised over the life of the transaction based on the method prescribed in the guidelines.
In the case of loans sold to an asset reconstruction company, the excess provision is not reversed but is utilised to
meet the shortfall/loss on account of sale of other financial assets to securitisation company (SC)/reconstruction
company (RC) in accordance with RBI guideline dated July 13, 2005. With effect from February 26, 2014, in accordance
with RBI guidelines, in case of non-performing loans sold to SCs/RCs, the Bank reverses the excess provision in profit
and loss account in the year in which amounts are received.
The Canadian subsidiary has entered into securitisation arrangements in respect of its originated and purchased
mortgages. ICICI Bank Canada either retains substantially all the risk and rewards or retains control over these
mortgages, hence these arrangements do not qualify for de-recognition accounting under their local accounting
standards. It continues to recognise the mortgages securitised as Loans and Advances and the amounts received
through securitisation are recognised as Other borrowings.
222
Schedules

16. Fixed assets and depreciation
Premises and other fixed assets are carried at cost less accumulated depreciation and impairment, if any. Cost includes
freight, duties, taxes and incidental expenses related to the acquisition and installation of the asset. Depreciation is
charged over the estimated useful life of a fixed asset on a straight-line basis. The useful life of fixed assets for
domestic group companies is based on past experience and expectation of usage, which for some categories of fixed
assets, is different from the useful life as prescribed in Schedule II of the Companies Act, 2013.
Assets purchased/sold during the period are depreciated on a pro-rata basis for the actual number of days the asset
has been put to use.
In case of the Bank, items costing up to ` 5,000/- are depreciated fully over a period of 12 months from the date of
purchase. Further, profit on sale of premises by the Bank is appropriated to capital reserve, net of transfer to statutory
reserve and taxes, in accordance with RBI guidelines.
In case of revalued/impaired assets, depreciation is provided over the remaining useful life of the assets with reference
to revised asset values.
17. Accounting for derivative contracts

The Group enters into derivative contracts such as foreign currency options, interest rate and currency swaps, credit
default swaps and cross currency interest rate swaps.
The swap contracts entered to hedge on-balance sheet assets and liabilities are structured such that they bear an
opposite and offsetting impact with the underlying on-balance sheet items. The impact of such derivative instruments
is co-related with the movement of underlying assets and liabilities and accounted pursuant to the principles of
hedge accounting. Hedge swaps are accounted for on an accrual basis and are not marked to market unless their
underlying transaction is marked to market, except in the case of the Banks United Kingdom and Canadian banking
subsidiaries, where the hedging transactions and the hedged items (for the risks being hedged) are measured at fair
value with changes recognised in the profit and loss account.
Foreign currency and rupee derivative contracts entered into for trading purposes are marked to market and the
resulting gain or loss, (net of provisions, if any) is accounted for in the profit and loss account. Pursuant to RBI
guidelines, any receivables under derivative contracts which remain overdue for more than 90 days and mark-tomarket gains on other derivative contracts with the same counter-parties are reversed through the profit and loss
account.
18. Impairment of assets

The immovable fixed assets are reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable. An asset is treated as impaired when its carrying
amount exceeds its recoverable amount. The impairment is recognised by debiting the profit and loss account and
is measured as the amount by which the carrying amount of the impaired assets exceeds their recoverable value.
19. Lease transactions

Lease payments for assets taken on operating lease are recognised as an expense in the profit and loss account over
the lease term on straight line basis.

Basic and diluted earnings per share are computed in accordance with Accounting Standard 20 Earnings per share.
Basic Earnings per share is calculated by dividing the net profit or loss after tax for the year attributable to equity
shareholders by the weighted average number of equity shares outstanding during the year.
Diluted earnings per share reflect the potential dilution that could occur if contracts to issue equity shares were
exercised or converted during the year. Diluted earnings per equity share is computed using the weighted average
number of equity shares and dilutive potential equity shares issued by the group outstanding during the year, except
where the results are anti-dilutive.
223
Schedules

SCHEDULE 18
NOTES FORMING PART OF THE ACCOUNTS
The following additional disclosures have been made taking into account the requirements of Accounting Standards
(ASs) and Reserve Bank of India (RBI) guidelines in this regard.

Basic and diluted earnings per equity share are computed in accordance with AS 20Earnings per share. Basic
earnings per equity share is computed by dividing net profit after tax by the weighted average number of equity shares
outstanding during the year. The diluted earnings per equity share is computed using the weighted average number of
equity shares and weighted average number of dilutive potential equity shares outstanding during the year.

The following table sets forth, for the periods indicated, the computation of earnings per share.
` in million, except per share data
Year ended
March 31, 2016
Year ended
March 31, 2015

Net profit
Basic earnings per share (`)
5,807,339,489
101,799.6
17.53
5,785,726,485
122,468.7
21.17

Net profit
Diluted earnings per share (`)
Nominal value per share (`)
5,840,224,893
101,703.1
17.41
2.00
5,842,092,456
122,340.2
20.94
2.00
Basic
Diluted
The dilutive impact is due to options granted to employees by the Group.
2. Related party transactions

The Group has transactions with its related parties comprising associates/other related entities and key management
personnel and their relatives.

Associates/other related entities
FINO PayTech Limited, I-Process Services (India) Private Limited, NIIT Institute of Finance Banking and Insurance
Training Limited, Comm Trade Services Limited, ICICI Foundation for Inclusive Growth, ICICI Merchant Services
Private Limited, India Infradebt Limited, India Advantage Fund-III, India Advantage Fund-IV, Catalyst Management
Services Private Limited and Akzo Nobel India Limited.

India Advantage Fund-IV has been identified as a related party during the three months ended September 30, 2014.
Key management personnel

Ms. Chanda Kochhar, Mr. N. S. Kannan, Ms. Vishakha Mulye1, Mr. K. Ramkumar, Mr. Rajiv Sabharwal.
1.

Relatives of key management personnel
Mr. Deepak Kochhar, Mr. Arjun Kochhar, Ms. Aarti Kaji, Mr. Mahesh Advani, Ms. Rangarajan Kumudalakshmi,
Ms. Aditi Kannan, Ms. Sudha Narayanan, Mr. Raghunathan Narayanan, Mr. Rangarajan Narayanan, Mr. Vivek Mulye1,
Ms. Vriddhi Mulye1, Mr. Gauresh Palekar1, Ms. Shalaka Gadekar1, Ms. Jaya Ramkumar, Mr. R. Shyam, Ms. R. Suchithra,
Mr. K. Jayakumar, Mr. R. Krishnaswamy, Ms. J. Krishnaswamy, Ms. Pushpa Muralidharan, Ms. Malathi Vinod,
Ms. Sangeeta Sabharwal, Mr. Kartik Sabharwal, Mr. Arnav Sabharwal and Mr. Sanjiv Sabharwal.

1.
Identified as related parties from the three months ended March 31, 2016.
224
Schedules

The following were the significant transactions between the Group and its related parties for the year ended March
31, 2016. A specific related party transaction is disclosed as a material related party transaction wherever it exceeds
10% of all related party transactions in that category.

Insurance services
During the year ended March 31, 2016, the Group received insurance premiums from associates/other related entities
amounting to ` 42.1 million (March 31, 2015: ` 34.4 million), from key management personnel of the Bank amounting
to ` 3.3 million (March 31, 2015: ` 1.3 million) and from relatives of key management personnel amounting to ` 2.0
million (March 31, 2015: ` 1.3 million). The material transactions for the year ended March 31, 2016 were with ICICI
Foundation for Inclusive Growth amounting to ` 22.5 million (March 31, 2015: ` 16.0 million) and with FINO PayTech
Limited amounting to ` 13.3 million (March 31, 2015: ` 12.1 million).
During the year ended March 31, 2016, the Group paid insurance claims to associates/other related entities amounting
to ` 22.1 million (March 31, 2015: ` 0.3 million) and to relatives of key management personnel of the Bank amounting
to Nil (March 31, 2015: ` 0.6 million). The material transactions for the year ended March 31, 2016 were with FINO
PayTech Limited amounting to ` 12.7 million (March 31, 2015: Nil), Akzo Nobel India Limited amounting to ` 9.2
million (March 31, 2015: Nil) and with I-Process Services (India) Private Limited amounting to ` 0.2 million (March 31,
2015: ` 0.3 million).

Fees, commission and other income
During the year ended March 31, 2016, the Group received fees from its associates/other related entities amounting
to ` 21.1 million (March 31, 2015: ` 30.7 million), from key management personnel of the Bank amounting to
` 0.3 million (March 31, 2015: ` 1.7 million) and from relatives of key management personnel amounting to ` 0.1
million (March 31, 2015: ` 0.01 million). The material transactions for the year ended March 31, 2016 were with India
Infradebt Limited amounting to ` 17.2 million (March 31, 2015: ` 9.2 million), ICICI Merchant Services Private Limited
amounting to ` 3.4 million (March 31, 2015: ` 5.5 million) and with India Advantage Fund-IV amounting to ` 0.01
million (March 31, 2015: ` 12.5 million).

1.

Lease of premises, common corporate and facilities expenses
During the year ended March 31, 2016, the Group recovered from its associates/other related entities an amount of
` 87.1 million (March 31, 2015: ` 80.4 million) for lease of premises, common corporate and facilities expenses. The
material transactions for the year ended March 31, 2016 were with ICICI Foundation for Inclusive Growth amounting
to ` 57.1 million (March 31, 2015: ` 52.0 million) and with FINO PayTech Limited amounting to ` 23.2 million (March
31, 2015: ` 22.9 million).

Secondment of employees
During the year ended March 31, 2016, the Group recovered for deputation of employees from its associates/other
related entities an amount of ` 10.7 million (March 31, 2015: ` 19.2 million). The material transactions for the year
ended March 31, 2016 were with I-Process Services (India) Private Limited amounting to ` 7.5 million (March 31,
2015: ` 7.1 million) and with ICICI Foundation for Inclusive Growth amounting to ` 3.2 million (March 31, 2015: ` 12.1
million).

Brokerage, fees and other expenses
During the year ended March 31, 2016, the Group paid brokerage/fees and other expenses to its associates/other
related entities amounting to ` 5,338.7 million (March 31, 2015: ` 4,876.1 million). The material transactions for the
year ended March 31, 2016 were with I-Process Services (India) Private Limited amounting to ` 2,915.9 million (March
31, 2015: ` 2,397.7 million) and with ICICI Merchant Services Private Limited amounting to ` 2,341.3 million (March
31, 2015: ` 2,216.0 million).

Purchase of investments
During the year ended March 31, 2016, the Group invested in the units of India Advantage Fund-IV amounting to Nil
(March 31, 2015: ` 1,970.4 million) and in the units of India Advantage Fund-III amounting to Nil (March 31, 2015:
` 1,163.5 million).
225
Schedules

During the year ended March 31, 2016, the Group invested in the non-convertible debentures (NCDs) issued by India
Infradebt Limited amounting to ` 4,242.0 million (March 31, 2015: ` 800.0 million). During the year ended March 31,
2016, ICICI Securities Primary Dealership Limited invested ` 3,642.0 million (March 31, 2015: ` 550.0 million) and ICICI
Prudential Life Insurance Company Limited invested ` 600.0 million (March 31, 2015: ` 250.0 million).

Redemption/buyback of investments
During the year ended March 31, 2016, the Group received ` 453.6 million (March 31, 2015: ` 280.9 million) from India
Advantage Fund-III and ` 445.8 million (March 31, 2015: ` 101.8 million) from India Advantage Fund-IV on account of
redemption of units and distribution of gain/loss on units.

Income on custodial services
During the year ended March 31, 2016, the Group received custodial charges from its associates/other related entities
amounting to ` 1.5 million (March 31, 2015: ` 1.1 million). The material transactions for the year ended March 31,
2016 were with India Advantage Fund-III amounting to ` 0.8 million (March 31, 2015: ` 0.7 million) and with India
Advantage Fund-IV amounting to ` 0.6 million (March 31, 2015: ` 0.4 million).

Interest expenses
During the year ended March 31, 2016, the Group paid interest to its associates/other related entities amounting to
` 97.6 million (March 31, 2015: ` 235.3 million), to its key management personnel amounting to ` 3.8 million (March
31, 2015: ` 6.2 million) and to relatives of key management personnel amounting to ` 3.3 million (March 31, 2015:
` 2.3 million). The material transaction for the year ended March 31, 2016 was with India Infradebt Limited amounting
to ` 88.0 million (March 31, 2015: ` 232.0 million).

Interest income
During the year ended March 31, 2016, the Group received interest from its associates/other related entities amounting
to ` 118.5 million (March 31, 2015: ` 71.3 million), from its key management personnel of the Bank amounting to ` 1.6
million (March 31, 2015: ` 1.0 million) and from relatives of key management personnel amounting to ` 0.8 million
(March 31, 2015: ` 1.5 million). The material transactions for the year ended March 31, 2016 were with India Infradebt
Limited amounting to ` 70.2 million (March 31, 2015: ` 23.1 million) and with ICICI Merchant Services Private Limited

Dividend paid
During the year ended March 31, 2016, the Bank paid dividend to its key management personnel amounting to ` 13.8
million (March 31, 2015: ` 10.0 million) and to relatives of key management personnel amounting to ` 0.01 million
(March 31, 2015: ` 0.01 million). The dividend paid during the year ended March 31, 2016 to Ms. Chanda Kochhar was
` 11.1 million (March 31, 2015: ` 7.9 million), to Mr. N. S. Kannan was ` 2.1 million (March 31, 2015: ` 1.1 million) and

1.

Remuneration to whole-time directors
Remuneration paid to the whole-time directors of the Bank, excluding the perquisite value on account of employee
stock options exercised, during the year ended March 31, 2016 was ` 219.0 million (March 31, 2015: ` 164.5 million).
The remuneration paid for the year ended March 31, 2016 to Ms. Chanda Kochhar was ` 68.8 million (March 31, 2015:
` 53.5 million), to Mr. N. S. Kannan was ` 47.2 million (March 31, 2015: ` 37.4 million), to Ms. Vishakha Mulye1 ` 10.1
million (March 31, 2015: N.A.), to Mr. K. Ramkumar was ` 48.1 million (March 31, 2015: ` 38.6 million) and to Mr. Rajiv
Sabharwal was ` 44.8 million (March 31, 2015: ` 35.0 million).

1.
Donation
During the year ended March 31, 2016, the Group has given donation to ICICI Foundation for Inclusive Growth
226
Schedules

Related party balances
The following table sets forth, for the periods indicated, the balance payable to/receivable from its associates/other
related entities:
Items
Deposits with the Group
Advances
Investments of the Group in related parties
Payables
Receivables
Guarantees issued by the Group

1.
At
March 31, 2016
1,004.3
0.4
5,362.6
730.4
37.5
0.5
` in million
At
March 31, 2015
2,033.9
1.2
5,683.3
653.4
69.1
0.01
The following table sets forth, for the periods indicated, the balance payable to/receivable from key management
personnel:
Items
Deposits
Advances
Investments
Employee Stock Options Outstanding (Numbers)

` in million, except number of shares

At
At
March 31, 2015
March 31, 2016
35.8
97.4
54.7
37.0
7.2
5.2
29,811,500
19,255,000
1. During the year ended March 31, 2016, 723,500 employee stock options with exercise price of ` 75.3 million were exercised by
the Key Management Personnel of the Bank (March 31, 2015: 3,170,000 with exercise price of ` 542.5 million).
The following table sets forth, for the periods indicated, the balance payable to/receivable from relatives of key
management personnel:
Items
Deposits
Advances
At
March 31, 2016
63.6
7.9
` in million
At
March 31, 2015
42.3
15.0
The following table sets forth, for the periods indicated, the maximum balance payable to/receivable from key
management personnel:
Items
Deposits
Advances
Investments1

Year ended
March 31, 2016
192.8
55.3
7.2
` in million
Year ended
March 31, 2015
218.5
38.1
5.2
financial year.
The following table sets forth, for the periods indicated, the maximum balance payable to/receivable from relatives
of key management personnel:
Items
Deposits
Advances
Year ended
March 31, 2016
93.7
15.0
` in million
Year ended
March 31, 2015
42.3
18.2
227
Schedules

In terms of the ESOS, as amended, the maximum number of options granted to any eligible employee in a financial
year shall not exceed 0.05% of the issued equity shares of the Bank at the time of grant of the options and aggregate
of all such options granted to the eligible employees shall not exceed 10% of the aggregate number of the issued
equity shares of the Bank on the date(s) of the grant of options. Under the stock option scheme, eligible employees are
entitled to apply for equity shares. Options granted prior to March, 2014, except mentioned below, vest in a graded
manner over a four-year period, with 20%, 20%, 30% and 30% of the grants vesting in each year, commencing
from the end of 12 months from the date of grant. Options granted in April, 2009 vest in a graded manner over a
five-year period with 20%, 20%, 30% and 30% of grant vesting each year, commencing from the end of 24 months
from the date of grant. Options granted in September, 2011 vest in a graded manner over a five-years period with
15%, 20%, 20% and 45% of grant vesting each year, commencing from the end of 24 months from the date of the
grant. Options granted after March, 2014 vest in a graded manner over a three-year period with 30%, 30% and 40%
of the grant vesting in each year, commencing from the end of 12 months from the date of grant other than certain
options granted in April 2014 which will vest to the extent of 50% on April 30, 2017 and the balance on April 30,
2018. The options granted in September 2015 will vest to the extent of 50% on April 30, 2018 and 50% on April
30, 2019. However for the options granted in September 2015 if the participants employment terminates due to
retirement (including pursuant to any early/voluntary retirement scheme), the whole of the unvested options would
lapse. The options can be exercised within 10 years from the date of grant or five years from the date of vesting,
whichever is later. The exercise price of Banks options, except mentioned below, was the last closing price on the
stock exchange which recorded highest trading volume, one day prior to the date of grant of options. Hence, there
was no compensation cost based on intrinsic value of options.
In February 2011, the Bank granted 15,175,000 options to eligible employees and whole-time Directors of the Bank
and certain of its subsidiaries at an exercise price of ` 193.40. Of these options granted, 50% vested on April 30, 2014
and the balance 50% vested on April 30, 2015. The options can be exercised within 10 years from the date of grant
or five years from the date of vesting, whichever is later. Based on intrinsic value of options, compensation cost of
` 0.8 million was recognised during the year ended March 31, 2016 (March 31, 2015: ` 16.4 million).
If the Bank had used the fair value of options based on binomial tree model, compensation cost in the year ended
March 31, 2016 would have been higher by ` 3,726.5 million and proforma profit after tax would have been ` 93.54
billion. On a proforma basis, the Banks basic and diluted earnings per share would have been ` 16.11 and ` 16.02
respectively. The key assumptions used to estimate the fair value of options granted during the year ended March
31, 2016 are given below.
Expected life
Expected volatility
7.58% to 8.19%
3.16 to 5.78 years
30.67% to 32.77%
1.62% to 2.11%
The weighted average fair value of options grantedduring the year ended March 31, 2016 was ` 100.50 (March 31,
2015: ` 90.09).
The following table sets forth, for the periods indicated, the summary of the status of the Banks stock option plan.
Particulars

Less: Lapsed during the year, net of re-issuance
Less: Exercised during the year
Options exercisable
228

Number Weighted average
of options
exercise price
148,433,700
64,904,500
4,189,850
17,523,785
191,624,565
89,788,515
205.02
289.28
260.67
161.16
236.36
198.08

of options
exercise price
140,521,765
183.74
32,375,500
259.96
1,382,765
235.40
23,080,800
150.66
148,433,700
205.02
75,938,800
180.80
Schedules

(` per share)
60-99
100-199
200-299
300-399
Number of shares
Weighted average
exercise price
(` per share)
Weighted average
remaining contractual life
(number of years)
2,556,700
60,755,715
96,037,150
32,275,000
86.96
180.24
251.67
308.26
3.03
3.65
7.85
9.08
(` per share)
60-99
100-199
200-299
300-399
Number of shares arising

out of options
4,771,000
74,346,685
69,291,015
25,000
Weighted average
exercise price
(` per share)
80.81
177.35
243.22
321.17
Weighted average
exercise price
(number of years)
2.41
4.41
8.06
9.59
The options were exercised regularly throughout the period and weighted average share price as per NSE price
volume data during the year ended March 31, 2016 was ` 273.37 (March 31, 2015: ` 311.74).

ICICI Life:
ICICI Prudential Life Insurance Company has formulated ESOS for their employees. There is no compensation cost
for the year ended March 31, 2016 based on the intrinsic value of options. If the entity had used the fair value
approach for accounting of options compensation cost for the year ended March 31, 2016 would have been higher
by Nil (March 31, 2015: ` 22.2 million).
The following table sets forth, for the periods indicated, a summary of the status of the stock option plan of ICICI
Prudential Life Insurance Company.
Particulars

Less: Forfeited/lapsed during the year
Less : Exercised during the year
Options exercisable

of shares
exercise price
7,057,417
559,175
499,067
5,999,175
5,999,175
232.45
329.58
108.40
233.72
233.72

of shares
exercise price
10,201,948
200.10
588,000
324.93
2,556,531
82.10
7,057,417
232.45
7,057,417
232.45
The following table sets forth, summary of stock options outstanding of ICICI Prudential Life Insurance Company at
March 31, 2016.
(` per share)
30-99
100-299
300-400
Number of shares
(number of shares)
Weighted average
exercise price
(` per share)
Weighted average
(number of years)
1,006,225
2,445,850
2,547,100
64.91
130.00
400.00
2.9
4.1
2.1
229
Schedules

ICICI General:
ICICI Lombard General Insurance Company has formulated ESOS for their employees. There is no compensation
cost for the year ended March 31, 2016 based on the intrinsic value of options. If the entity had used the fair value
approach for accounting of options compensation cost for the year ended March 31, 2016 would have been higher
by Nil (March 31, 2015: ` 4.5 million).
The following table sets forth, for the periods indicated, a summary of the status of the stock option plan of ICICI
Lombard General Insurance Company.
Particulars

Less: Forfeited/ lapsed during the year
Less : Exercised during the year
Options exercisable

of shares
exercise price
of shares
exercise price
8,121,462
109.32
9,844,494
105.39
200,200
148.9
254,516
116.10
917,014
67.12
1,468,516
81.82
7,004,248
113.71
8,121,462
109.32
7,004,248
113.71
8,121,462
109.32
The following table sets forth, summary of stock options outstanding of ICICI Lombard General Insurance Company
at March 31, 2016.
(` per share)
35-99
100-200
Number of shares
(number of shares)
3,251,898
3,752,350
Weighted average exercise

price
(` per share)
57.23
162.66
Weighted average
(number of years)
3.50
3.03
If the Group had used the fair value of options based on the binomial tree model, the compensation cost for the
year ended March 31, 2016 would have been higher by ` 3,585.0 million (March 31, 2015: ` 2,761.1 million) and
the proforma consolidated profit after tax would have been ` 98.21 billion (March 31, 2015: ` 119.71 billion). On a
proforma basis, the Groups basic earnings per share would have been ` 16.91 (March 31, 2015: ` 20.69) and diluted
earnings per share would have been ` 16.80 (March 31, 2015: ` 20.47).
4. Fixed assets
The following table sets forth, for the periods indicated, the movement in software acquired by the Group, as included
in fixed assets.
` in million
Particulars
Depreciation to date
Net block
230
At
March 31, 2016
At
March 31, 2015
15,735.1
2,507.7
(439.6)
(13,615.4)
4,187.8
13,525.0
2,439.1
(229.0)
(11,876.8)
3,858.3
Schedules

5. Assets on lease

Assets taken under operating lease
The following table sets forth, for the periods indicated, the details of future rentals payable on operating leases.
` in million
Particulars
Not later than one year
Later than one year and not later than five years
Later than five years
Total
At
March 31, 2016
At
March 31, 2015
470.7
1,195.4
568.8
2,234.9
561.2
562.9
103.1
1,227.2
The terms of renewal are those normally prevalent in similar agreements and there are no undue restrictions in the
agreements.
6. Preference shares
Certain government securities amounting to ` 3,189.8 million at March 31, 2016 (March 31, 2015: ` 3,088.6 million)
have been earmarked against redemption of preference shares issued by the Bank, which fall due for redemption on
April 20, 2018, as per the original terms of the issue.
7. Provisions and contingencies
The following table sets forth, for the periods indicated, the break-up of provisions and contingencies included in
profit and loss account.
` in million
Particulars
Provision for depreciation of investments
Provision towards non-performing and other assets
Provision towards income tax
- Current
- Deferred
Provision towards wealth tax
Other provisions and contingencies1
Total provisions and contingencies

1.
Year ended
March 31, 2016
Year ended
March 31, 2015
2,985.1
77,188.6
4,128.9
36,307.6
67,365.4
(33,590.4)
0.2
36,000.0
6,880.3
156,829.2
56,758.0
(2,841.8)
51.1
4,926.9
99,330.7
Includes general provision towards standard assets amounting to ` 3,175.6 million (March 31, 2015: ` 3,927.6 million).
The Group has assessed its obligations arising in the normal course of business, including pending litigations,
proceedings pending with tax authorities and other contracts including derivative and long term contracts. In
accordance with the provisions of Accounting Standard - 29 on Provisions, Contingent Liabilities and Contingent
Assets, the Group recognises a provision for material foreseeable losses when it has a present obligation as a
result of a past event and it is probable that an outflow of resources will be required to settle the obligation, in
respect of which a reliable estimate can be made. In cases where the available information indicates that the loss
on the contingency is reasonably possible but the amount of loss cannot be reasonably estimated, a disclosure to
this effect is made as contingent liabilities in the financial statements. The Group does not expect the outcome of
these proceedings to have a materially adverse effect on its financial results. For insurance contracts booked in its
life insurance subsidiary, reliance has been placed on the Appointed Actuary for actuarial valuation of liabilities
for policies in force.The Appointed Actuary has confirmed that the assumptions used in valuation of liabilities for
policies in force are in accordance with the guidelines and norms issued by the IRDAI and the Institute of Actuaries
of India in concurrence with the IRDA.
231
Schedules

8. Staff retirement benefits
Pension
obligation, fair value of plan assets and other details for pension benefits.
` in million
Particulars
Opening obligations
Service cost
Interest cost
Liabilities extinguished on settlement
Benefits paid
Assets distributed on settlement
Contributions
Benefits paid
Present value of defined benefit obligations at the end of the year
Amount not recognised as an asset (limit in Para 59(b) of AS 15 on employee
benefits)
Asset/(liability)
Cost for the year
Service cost
Interest cost
Curtailments & settlements (gain)/loss
Effect of the limit in para 59(b) of AS 15 on employee benefits
Net cost
Insurer Managed Funds1
Corporate Bonds
Equity securities in listed companies
Others
Assumptions
Interest rate
Salary escalation rate:
On Basic Pay
On Dearness Relief

Year ended
March 31, 2016
Year ended
March 31, 2015
12,999.9
251.0
1,034.7
1,594.7
(1,554.0)
(134.7)
14,191.6
10,103.4
902.9
(4.1)
(1,726.7)
4,050.8
(134.7)
13,191.6
13,191.6
(14,191.6)
10,209.9
217.8
943.5
3,174.7
(1,381.1)
(164.9)
12,999.9
9,018.8
743.3
104.7
(1,534.6)
1,936.1
(164.9)
10,103.4
10,103.4
(12,999.9)
(1,000.0)
(2,896.5)
251.0
1,034.7
(902.9)
1,598.8
172.7
2,154.3
898.8
3,000.0
217.8
943.5
(743.3)
3,070.0
153.5
3,641.5
848.1
3,000.0
1.04%
48.64%
43.23%
2.48%
4.61%
84.51%
7.12%
8.12%
0.25%
7.95%
8.00%
1.50%
7.00%
8.00%
1.50%
7.00%
8.00%
1. For the year ended March 31, 2015, majority of the funds were invested in Government of India securities and corporate bonds.
232
Schedules

Estimated rate of return on plan assets is based on our expectation of the average long-term rate of return on
investments of the Fund during the estimated term of the obligations.

` in million
Particulars
Plan assets
59(b) of AS 15 on employee benefits)
Surplus/(deficit)
Year ended
March 31,
2016
Year ended
March 31,
2015
Year ended
March 31,
2014
Year ended
March 31,
2013
Year ended
March 31,
2012
13,191.6
(14,191.6)
10,103.4
(12,999.9)
9,018.8
(10,209.9)
9,526.8
(10,392.5)
9,379.5
(9,602.7)
(1,000.0)
(2,896.5)
(1,191.1)
(865.7)
(223.2)
(4.1)
1,503.4
104.7
1,271.2
(29.1)
2,549.6
102.3
1,525.2
51.7
2,692.3
Gratuity
The following table sets forth, for the periods indicated, movement of the present value of the defined benefit
obligation, fair value of plan assets and other details for gratuity benefits of the Group.
` in million
Particulars
Defined benefit obligation liability
Opening obligations
Add: Adjustment for exchange fluctuation on opening obligation
Adjusted opening obligations
Service cost
Interest cost
Past service cost
Obligations transferred from/to other companies
Benefits paid
Contributions
Assets transfer from/to other companies
Benefits paid
Unrecognised past service cost
Amount not recognised as an asset (limit in para 59(b) of AS 15 on employee
benefits)
Asset/(liability)
Year ended
March 31, 2016
Year ended
March 31, 2015
8,470.2
4.4
8,474.6
834.9
677.5
221.0
8.7
(826.9)
9,389.8
7,862.7
597.1
(398.1)
1,118.1
8.7
(826.9)
8,361.6
8,361.6
(9,389.8)
7,252.6
3.1
7,255.7
716.1
662.8
643.5
(15.6)
(792.3)
8,470.2
6,744.3
518.6
699.4
708.3
(15.6)
(792.3)
7,862.7
7,862.7
(8,470.2)
(1,028.2)
(607.5)
233
Schedules

` in million
Particulars
Cost for the year
Service cost
Interest cost
Past service cost
Losses/(gains) on "Acquisition/Divestiture"
Exchange fluctuation loss/(gain)
Effect of the limit in para 59(b) of AS 15 on employee benefits
Net cost
Insurer managed funds
Corporate bonds
Special Deposit schemes
Equity
Others
Assumptions
Interest rate
Salary escalation rate
Year ended
March 31, 2016
Year ended
March 31, 2015
834.9
677.5
(597.1)
619.1
4.3
1,538.7
199.0
745.0
716.1
662.8
(518.6)
(55.9)
3.1
(0.1)
807.4
1,218.0
755.2
23.19%
25.77%
20.06%
3.48%
11.22%
16.28%
23.68%
33.67%
15.35%
3.70%
10.71%
12.89%
7.50%-8.05%
7.00%-10.00%
7.50%-8.50%
7.80%-8.05%
5.00%-10.00%
7.50%-8.50%
Estimated rate of return on plan assets is based on the expectation of the average long-term rate of return on investments of the
Fund during the estimated term of the obligations.
` in million
Particulars
Plan assets
59(b) of AS 15 on employee benefits)
Surplus/(deficit)
Year ended
March 31,
2016
8,361.6
(9,389.8)
Year ended
March 31,
2015
7,862.7
(8,470.2)
Year ended
March 31,
2014
6,744.3
(7,252.6)
Year ended
March 31,
2013
6,394.9
(6,887.3)
Year ended
March 31,
2012
5,724.3
(6,257.9)
(1,028.2)
(607.5)
(0.1)
(508.4)
(0.5)
(492.9)
(533.6)
(398.1)
171.4
699.4
70.6
(8.4)
308.7
51.0
216.0
23.1
119.4
The estimates of future salary increases, considered in actuarial valuation, take into consideration inflation, seniority,
promotion and other relevant factors.

Provident Fund (PF)
As there is no liability towards interest rate guarantee on exempt provident fund on the basis of actuarial valuation,
the Group has not made any provision for the year ended March 31, 2016 (March 31, 2015: Nil).
234
Schedules

` in million
Particulars
Opening obligations
Service cost
Interest cost
Actuarial (gain) / loss
Employees contribution
Obligations transferred from/to other companies
Benefits paid
Obligations at end of the year
Opening plan assets
Actuarial gain / (loss)
Employer contributions
Employees contributions
Assets transfer from/to other companies
Benefits paid
Closing plan assets
Plan assets at the end of the year
Asset/(liability)
Cost for the year
Service cost
Interest cost
Net cost
Expected employer's contribution next year
Corporate Bonds
Special deposit scheme
Others
Assumptions
Discount rate
Expected rate of return on assets
Discount rate for the remaining term to maturity of investments
Average historic yield on the investment
Guaranteed rate of return
Year ended
March 31, 2016
Year ended
March 31, 2015
20,683.7
1,044.9
1,614.4
252.5
2,150.8
68.1
(2,604.9)
23,209.5
20,683.7
1,839.8
27.1
18,356.2
1,046.1
1,615.3
325.7
2,058.2
71.6
(2,789.4)
20,683.7
18,352.7
1,597.5
347.0
1,044.9
2,150.8
68.1
(2,604.9)
23,209.5
23,209.5
(23,209.5)
1,046.1
2,058.2
71.6
(2,789.4)
20,683.7
20,683.7
(20,683.7)
1,044.9
1,614.4
(1,839.8)
225.4
1,044.9
1,866.9
1,119.3
1,046.1
1,615.3
(1,597.5)
(21.3)
1,042.6
1,944.5
1,117.1
42.48%
52.49%
2.35%
2.67%
40.52%
53.06%
2.59%
3.83%
7.65%-7.95%
8.22%-9.03%
7.68%-7.95%
8.14%-9.01%
8.75%
7.80%-7.95%
8.12%-9.00%
7.80%-7.97%
8.19%-9.00%
8.75%
235
Schedules

` in million
Particulars
Plan assets
Amount not recognised as an asset (limit in para 59(b)) AS 15 on
employee benefits)
Surplus/(deficit)
Year ended
March 31,
2016
23,209.5
(23,209.5)
Year ended
March 31,
2015
20,683.7
(20,683.7)
Year ended
March 31,
2014
18,352.7
(18,356.2)
Year ended
March 31,
2013
16,136.8
(16,136.8)
(3.5)
27.1
252.5
347.0
325.7
(136.3)
(9.9)
17.3
24.2
The Group has contributed ` 2,167.6 million to provident fund including Government of India managed employees
provident fund for the year ended March 31, 2016 (March 31, 2015: ` 2,030.3 million), which includes compulsory
contribution made towards employee pension scheme under Employees Provident Fund and Miscellaneous
Provisions Act, 1952.
9. Provision for income tax
The provision for income tax (including deferred tax) for the year ended March 31, 2016 amounted to ` 33,775.0
The Group has a comprehensive system of maintenance of information and documents required by transfer pricing
legislation under sections 92-92F of the Income Tax Act, 1961. The management is of the opinion that all international
transactions are at arms length so that the above legislation will not have material impact on the financial statements.
10. Deferred tax
At March 31, 2016, the Group has recorded net deferred tax asset of ` 49,611.9 million (March 31, 2015: ` 16,134.8
million), which has been included in other assets.
The following table sets forth, for the periods indicated, the break-up of deferred tax assets and liabilities into major
items.
` in million
Particulars
At March 31, 2016
At March 31, 2015
70,339.8
5,877.5
6,232.7
82,450.0
39,199.1
50.5
4,463.4
43,713.0
26,632.2
5,329.4
715.4
161.1
22,057.3
5,359.9
161.0
32,838.1
49,611.9
27,578.2
16,134.8
Deferred tax asset

Provision for bad and doubtful debts
Capital loss
Foreign currency translation reserve1
Others
Total deferred tax asset
Deferred tax liability

Special reserve deduction
Depreciation on fixed assets
Mark-to-market gains1
Others
Total deferred tax liability
Total net deferred tax asset/(liability)

1.
These items are considered in accordance with the requirements of Income Computation and Disclosure Standards.
2.
Deferred tax asset/(liability) pertaining to foreign branches/subsidiaries is included in respective categories.
236
Schedules

11. Information about business and geographical segments

A. Business segments for the year ended March 31, 2016
The business segments of the Group have been presented as follows:
i.
ii. Wholesale banking includes all advances to trusts, partnership firms, companies and statutory bodies, by
the Bank which are not included under Retail banking.
iii. Treasury includes the entire investment and derivative portfolio of the Bank, ICICI Equity Fund (upto
September 30, 2015) and ICICI Strategic Investments Fund.
iv. Other banking includes leasing operations and other items not attributable to any particular business
segment of the Bank. Further, it includes the Banks banking subsidiaries i.e. ICICI Bank UK PLC, ICICI Bank
Canada and ICICI Bank Eurasia LLC (up to December 31, 2014).
v. Life insurance represents results of ICICI Prudential Life Insurance Company Limited.
vi. General insurance represents results of ICICI Lombard General Insurance Company Limited.
vii. Others includes ICICI Home Finance Company Limited, ICICI Venture Funds Management Company
Limited, ICICI International Limited, ICICI Securities Primary Dealership Limited, ICICI Securities Limited,
ICICI Securities Holdings Inc., ICICI Securities Inc., ICICI Prudential Asset Management Company Limited,
ICICI Prudential Trust Limited, ICICI Investment Management Company Limited, ICICI Trusteeship Services
Limited, ICICI Kinfra Limited (upto September 30, 2014), I-Ven Biotech Limited (upto December 31, 2015) and
ICICI Prudential Pension Funds Management Company Limited.
Retail banking includes exposures of the Bank which satisfy the four criteria of orientation, product,
granularity and low value of individual exposures for retail exposures laid down in Basel Committee on
Banking Supervision document International Convergence of Capital Measurement and Capital Standards:
A Revised Framework.
Income, expenses, assets and liabilities are either specifically identified with individual segments or are allocated
to segments on a systematic basis.
The liabilities of the Bank are transfer priced to a central treasury unit, which pools all funds and lends to the
business units at appropriate rates based on the relevant maturity of assets being funded after adjusting for
regulatory reserve requirements.
The transfer pricing mechanism of the Bank is periodically reviewed. The segment results are determined based
on the transfer pricing mechanism prevailing for the respective reporting periods.
The results of reported segments for the year ended March 31, 2016 are not comparable with that of reported
segments for the year ended March 31, 2015 to the extent new entities have been consolidated and entities that
have been discontinued from consolidation.
237
238
Segment results
Operating profit (2) (3)
Income tax expenses (net)/

(net deferred tax credit)
Net profit1 (4) (5)
Capital expenditure
Depreciation
13
14
5,718.9
6,474.5
1,016.3
937.0
14.9
11.2
Total liabilities (10) + (11)
12
327.1
166.9
750,871.63
Includes tax paid in advance/tax deducted at source (net), deferred tax asset (net).
11
3,133,932.7 1,197,853.2 2,764,452.73
3.
Segment liabilities
10
799,535.9
6,790.0
39,343.1
Other banking
business
2.
Total assets (7) + (8)
86,162.7
483,414.5
Treasury
1,724,805.5 2,663,659.1 2,580,816.4
(12,454.3)
328,923.5
Wholesale
banking
Includes share of net profit of minority shareholders.
Unallocated assets2
38,977.4
391,878.0
Retail
banking
1.
Segment assets
Other information
Revenue
Particulars
Sr.
no.
455.4
539.4
1,048,622.53
1,046,996.2
17,715.8
231,798.6
Life
insurance
The following table sets forth, the business segment results for the year ended March 31, 2016.
14,251.9
46,484.7
Others
565.4
464.5
349.6
351.8
156,758.43 281,390.93
153,745.8 279,392.0
7,076.9
66,995.2
General
insurance
(16.5)
(146,320.0)3
(146,320.0)
(15,476.3)
(574,879.1)
Inter- segment
adjustments
8,431.1
8,945.3
9,187,562.0
9,187,562.0
9,187,562.0
84,931.1
9,102,630.9
109,268.9
33,775.2
143,044.1
143,044.1
1,013,958.5
Total
` in million
Schedules
Revenue
Segment results
Operating profit (2) (3)
Income tax expenses (net)/

(net deferred tax credit)
Net profit 1 (4) (5)
Depreciation
14
5,111.4
6,109.1
1,073.5
1,110.3
12.8
16.4
519.5
146.8
Capital expenditure
13
3.
Total liabilities (10) + (11)
12
1,011,969.1
16,343.2
191,367.3
Life
insurance
396.1
2,230.0
655,289.43 1,013,545.83
Includes tax paid in advance/tax deducted at source (net), deferred tax asset (net).
11
2,661,620.1 1,038,243.2 2,656,404.73
675,480.1
6,672.2
38,097.1
Other banking
business
Includes share of net profit of minority shareholders.
Segment liabilities
10
2,379,582.6
64,687.0
439,668.1
Treasury
2.
Total assets (7) + (8)
62,240.7
335,025.1
Wholesale
banking
1,297,275.5 2,612,211.8
27,242.8
329,911.8
Retail
banking
1.
Unallocated assets
Segment assets
Other information
Particulars
Sr.
no.
The following table sets forth, the business segment results for the year ended March 31, 2015.
536.7
2,014.1
136,564.23
133,360.9
6,907.2
58,804.9
General
insurance
348.6
356.7
255,574.53
253,632.5
14,634.7
44,731.1
Others
129,423.0
53,967.3
183,390.3
183,390.3
902,162.3
Total
(16.4)
7,982.2
11,983.4
8,260,791.7
(156,450.2)3 8,260,791.7
8,260,791.7
53,729.4
(156,450.2) 8,207,062.3
(15,337.5)
(535,443.1)
Inter- segment
adjustments
` in million
Schedules
239
Schedules

B. Geographical segments
The Group has reported its operations under the following geographical segments.
1. Domestic operations comprise branches and subsidiaries/joint ventures in India.
2. Foreign operations comprise branches and subsidiaries/joint ventures outside India and offshore banking
unit in India.
The Group conducts transactions with its customers on a global basis in accordance with their business
requirements, which may span across various geographies.

The following tables set forth, for the periods indicated, the geographical segment results.
` in million
Revenue
Year ended
March 31, 2016
Year ended
March 31, 2015
932,781.3
81,177.2
1,013,958.5
826,474.0
75,688.3
902,162.3
Domestic operations
Foreign operations
Total
` in million
Assets
At
March 31, 2016
At March 31, 2015
7,321,480.0
1,781,150.9
9,102,630.9
6,504,549.2
1,702,513.1
8,207,062.3
Domestic operations
Foreign operations
Total

Note: Segment assets do not include tax paid in advance/tax deducted at source (net) and deferred tax asset (net).
The following table sets forth, for the periods indicated, capital expenditure and depreciation thereon for the
geographical segments.
Capital expenditure
incurred during the
` in million
Depreciation provided
during the
Year ended
March 31, 2016
Year ended
March 31, 2015
Year ended
March 31, 2016
8,687.2
258.1
8,945.3
11,804.5
178.9
11,983.4
8,270.7
160.4
8,431.1
Domestic operations
Foreign operations
Total
Year ended
March 31, 2015
7,803.8
178.4
7,982.2
12. Penalties/fines imposed by banking regulatory bodies

The penalty imposed by RBI and other banking regulatory bodies during the year ended March 31, 2016 was Nil
(March 31, 2015: ` 10.4 million).
240
Schedules

13. Additional information to consolidated accounts
Additional information to consolidated accounts at March 31, 2016 (Pursuant to Schedule III of the Companies Act, 2013)
` in million
Net assets1
Name of the entity
Share in profit or loss
% of total net
assets
Amount
% of total net
profit
Amount
95.4%
897,355.9
95.5%
97,262.9

0.9%
0.4%
1.6%
8,668.6
3,942.3
15,292.1
1.9%
2.3%
1.8%
1,954.7
2,357.4
1,798.5

ICICI Prudential Pension Funds Management Company Limited
0.0%
0.0%
0.2%
5.9%
3.7%
0.0%
0.7%
0.0%
5.3
115.5
1,975.6
55,116.6
34,846.6
12.8
6,372.5
255.6
0.0%
(0.0%)
(0.2%)
16.2%
5.0%
0.0%
3.2%
(0.0%)
0.5
(18.5)
(212.3)
16,504.6
5,074.5
0.3
3,256.9
(3.2)
3.8%
4.0%
0.0%
0.0%
0.0%
36,143.9
37,789.8
93.7
127.7
128.9
0.0%
1.1%
(0.0%)
(0.5%)
0.0%
35.5
1,120.5
(4.8)
(477.5)
28.3
0.1%
482.0
(0.1%)
(108.7)
(3.6%)
(33,556.4)
(7.3%)
(7,469.3)
0.0%
(0.0%)
0.0%
0.1%
0.1%
(0.0%)
13.7
(4.4)
12.2
90.6
79.5
(17.6)
(13.1%)
100.0%
(124,061.9)
941,107.1
(19.1%)
100.0%
(19,474.7)
101,799.6
Parent
ICICI Bank Limited
Subsidiaries
Indian
Foreign
ICICI Bank UK PLC
ICICI Bank Canada
Other consolidated entities

Indian
Foreign
NIL
Minority interests
Associates
Indian
Fino Pay Tech Limited
NIIT Institute of Finance Banking and Insurance Training Limited
India Advantage Fund III
India Advantage Fund IV
Foreign
NIL
Joint Ventures
NIL
Inter-company adjustments
Total

1. Total assets minus total liabilities.
241
Schedules

14. Sale of equity shareholding in insurance subsidiaries
Pursuant to approval by the Board of Directors of the Bank on November 16, 2015, the Bank sold equity shares representing
6% shareholding in ICICI Prudential Life Insurance Company Limited and 9% shareholding in ICICI Lombard General
Insurance Company Limited during the year ended March 31, 2016 for a total consideration of ` 19,500.0 million and
` 15,502.5 million respectively.
15. Provision on Funded Interest Term Loan
In 2008, RBI issued guidelines on debt restructuring, which also covered the treatment of funded interest in cases
of debt restructuring, that is, instances where interest for a certain period is funded by a Funded Interest Term
Loan (FITL) which is then repaid based on a contracted maturity schedule. In line with these guidelines, the Bank
had been providing fully for any interest income which is funded through a FITL for cases restructured subsequent
to the issuance of the guideline. However, during the year ended March 31, 2015, RBI required similar treatment of
outstanding FITL pertaining to cases restructured prior to the 2008 guidelines which were not yet been repaid. In view
of the above, and since this item relates to prior years, the Bank with the approval of the RBI debited its reserves by
` 9,291.6 million to fully provide outstanding FITLs pertaining to restructurings prior to the issuance of the guideline in
the quarter ended March 31, 2015 as against over three quarters permitted by RBI.
16. Additional disclosure
Additional statutory information disclosed in the separate financial statements of the Bank and subsidiaries having no
material bearing on the true and fair view of the consolidated financial statements and the information pertaining to the
items which are not material have not been disclosed in the consolidated financial statements.
17. Comparative figures
Figures of the previous year have been re-grouped to conform to the current year presentation.
Signatures to Schedules 1 to 18
For B S R & Co. LLP

no.: 101248W/W-100022
M. K. Sharma
Chairman
Dileep Choksi
Director
Chanda Kochhar
Partner
N. S. Kannan
Executive Director
K. Ramkumar
Executive Director
Rajiv Sabharwal
Executive Director
Place : Mumbai
242
P. Sanker
Rakesh Jha
Ajay Mittal
Vishakha Mulye
Executive Director
9,977.9
1,547.6
138,958.3
13,602.3
3,021.0
1,066.3
1,954.7
1,392.4
100.00%
Investments
(including investment
in subsidiaries)7
Turnover (Gross
income from
operations)
Profit/(loss) before
taxation
Provision for taxation
Profit/(loss) after
taxation
Proposed dividend
(including corporate
dividend tax)8
% of shareholding
100.00%
Nil
(477.5)
0.3
(477.2)
0.1
94.5
0.3
128.0
(600.5)
728.2
100.00%
Nil
28.3
0.5
28.8
170.4
Nil
72.7
201.6
(442.8)
571.7
100.00%
1,423.0
1,798.5
925.7
2,724.2
10,665.3
1,799.8
78,591.9
93,884.0
4,304.6
10,987.5
100.00%
Nil
0.5
0.2
0.7
0.4
2.8
0.1
5.4
4.8
0.5
100.00%
Nil
(18.5)
(18.5)
28.4
103.7
14.4
129.9
15.5
100.0
38,923.8
14,323.2
4,475.4
30,371.2
994,415.5 121,911.4
100.00%
Nil
(212.3)
7.2
(205.1)
391.2
67.66%
14,478.9
16,504.6
1,211.1
17,715.7
191,643.9
63.82%
1,614.8
5,074.5
2,002.4
7,076.9
82,959.9
2,861.5 1,030,270.8 115,625.2
2,232.1
` in million
8,310.5
27,833.4
4,996.7
37,046.8
100.00%
Nil
(4.9)
Nil
(4.9)
13.4
100.00%
Nil
36.0
362.2
398.2
10,415.8
49,254.8
100.00%
1,173.9
1,301.0
476.6
1,777.6
9,671.0
26,909.4
2.4 268,844.9 276,162.4
96.1 304,988.8 318,205.9
34.1
59.6
50.80%
Nil
0.3
0.1
0.4
5.2
9.8
0.4
13.2
11.8
1.0
51.00%
1,274.7
3,256.9
1,742.5
4,999.4
9,894.5
3,663.8
1,808.0
8,180.5
6,196.0
176.5
100.00%
Nil
(3.2)
1.1
(2.1)
0.5
50.5
7.6
263.2
(14.4)
270.0
ICICI
ICICI
ICICI ICICI Bank ICICI Bank
ICICI
ICICI
ICICI
Prudential Lombard International
UK PLC2 Canada3,4,5 Prudential
Prudential
Prudential
Life
General
Limited2
Trust
Asset Pension Funds
Insurance Insurance
Limited Management Management
Company Company
Company
Company
Limited
Limited
Limited
Limited1
4,207.7 1,047,662.5 156,758.0
1,965.6
10.0
ICICI
ICICI ICICI Home
ICICI
ICICI ICICI Venture
Securities Securities
Finance Trusteeship
Investment
Funds
Holdings
Inc.1
Company
Services Management Management
Inc.1
Limited
Limited
Company
Company
Limited
Limited
# amount less than 0.1 million

Notes :
1. ICICI Securities Holdings Inc. is a wholly owned subsidiary of ICICI Securities Limited. ICICI Securities Inc. is a wholly owned subsidiary of ICICI Securities
Holdings Inc.

ICICI Prudential Pension Funds Management Company Limited is a wholly owned subsidiary of ICICI Prudential Life Insurance Company Limited.
2. The financial information of ICICI Bank UK PLC and ICICI International Limited have been translated into Indian Rupees at the closing rate at March 31, 2016
of 1 USD = ` 66.2550.
3. The financial information of ICICI Bank Canada is for the period January 1, 2015 to December 31, 2015, being their financial year.
4. The paid-up share capital of ICICI Bank Canada includes paid-up preference share capital of ` 4,420.1 million.
5. The financial information of ICICI Bank Canada have been translated into Indian Rupees at the closing rate at December 31, 2015 of 1 CAD = ` 47.6650.
6. Paid-up share capital does not include share application money.
7. Investments include securities held as stock in trade.
8. Includes dividend paid on preference shares and interim dividend on equity shares paid during the year.
9. Names of subsidiaries which are yet to commence operations : None
10. Names of subsidiaries which have been liquidated or sold during the year: None
100.00%
1,938.6
2,357.4
1,353.0
3,710.4
11,235.6
13,920.2
161,733.7
2,331.6
1,610.7
Total liabilities
(excluding capital and
reserves)
153,065.1
7,105.2
Reserves & Surplus
Total assets
1,563.4
Paid-up share capital6
Particulars
ICICI
ICICI
Securities Securities
Primary
Limited
Dealership
Limited
Part A: Subsidiaries
STATEMENT CONTAINING SALIENT FEATURES OF THE FINANCIAL STATEMENTS OF SUBSIDIARIES, ASSOCIATE

COMPANIES AND JOINT VENTURES

Companies Act, 2013
243
244

9,880
4.9
19.00%
Note 3
N.A.
6.4
(4.4)
(18.9)
13.7
12.1
12.2
54.4
1,900,000
13.6
18.79%
Note 3
N.A.
0.1
I-Process NIIT Institute of Finance

Services (India) Banking and Insurance
Private Limited
Training Limited
March 31, 2015
March 31, 2015
8,500,000
27.05%
Note 2
N.A.
742.4
March 31,
2015
Fino PayTech
Limited
350.8
35,568,000
19.00%
Note 3
N.A.
179.6
ICICI Merchant
Services Private
Limited
March 31, 2015
90.6
201.8
93,000,000
1,177.8
31.00%
Note 2
N.A.
1,177.8
March 31,
2016
India Infradebt
Limited
N.A.
N.A.
20,445,177
314.5
26.39%
Note 2
Note 4
N.A.
` in million
Falcon
Tyres
Limited
March 31,
2015
Place : Mumbai
K. Ramkumar
Executive Director
N. S. Kannan
Executive Director
Rajiv Sabharwal
Executive Director
Chanda Kochhar
P. Sanker
Rakesh Jha
Ajay Mittal
Dileep Choksi
Director
M. K. Sharma
Chairman
Vishakha Mulye
Executive Director
Notes:
1 The above statement has been prepared based on the priniciples of Accounting Standard 23 - Accounting for Investments in Associates in Consolidated
Financial Statements, issued by the Institute of Chartered Accountants of India (ICAI), and therefore does not include the companies where the Group does
not have any significant influence as defined under AS-23, although the the group holds more than 20.00% of total share capital in those companies.
2 The group has significant influence through holding more than 20.00% of the equity shares in the investee company in terms of Accounting Standard 23,
issued by ICAI.
3 The group has significant influence through representation on the Board of directors of the investee company in terms of Accounting Standard 23, issued
by ICAI.
4 The investment in Falcon Tyres Limited is temporary in nature.
5 Names of associates or joint ventures which are yet to commence operations: None
6 Names of associates or joint ventures which have been liquidated or sold during the year: 3i Infotech Limited.
2 Shares of associate companies/joint ventures held by the group at

March 31, 2016
Number of equity shares
Amount of investment in associate companies/joint ventures
Extent of holding (%)
3 Description of significant influence
4 Reason of non-consolidation of the associate/ joint venture
5 Networth attributable to shareholding as per latest audited balance sheet
6 Profit/(Loss) for the year ended March 31, 2016
i Considered in consolidation
ii Not considered in consolidation
1 Latest audited balance sheet date
Name of associate companies/joint ventures
Part B: Associate companies and joint ventures

Companies Act, 2013
Basel Pillar 3 disclosures

at March 31, 2016
Pillar 3 disclosures at March 31, 2016 as per Basel III guidelines of RBI have been disclosed separately on
the Banks website under Regulatory Disclosures Section on the home page. The link to this section is
http://www.icicibank.com/regulatory-disclosure.page
The section contains the following disclosures:

Qualitative and quantitative disclosures at March 31, 2016
Scope of Application
Capital adequacy
Credit risk
Securitisation exposures
Market risk
Operational risk
Interest rate risk in the banking book (IRRBB)
Liquidity risk
Counterparty credit risk
Risk management framework of non-banking group companies
Disclosure requirements for remuneration
Leverage ratio
Composition of capital
Composition of capital - reconciliation requirements
Main features of regulatory capital instruments
Full terms and conditions of regulatory capital instruments
245
Glossary of Terms
Earnings per share
Net profit after tax divided by weighted average number of equity shares outstanding
during the year
Interest income to working funds
Interest income divided by working funds
Non-interest income to working funds
Non-interest income divided by working funds
Operating profit to working funds
Operating profit divided by working funds
Return on assets
Net profit after tax divided by average total assets
Net profit per employee
Net profit after tax divided by number of employees
Business per employee
Average deposits plus average advances divided by number of employees
Working funds
Average of total assets as reported in form X to RBI
Average total assets
For the purpose of business ratio, represents averages of total assets as reported in form
X to RBI
Operating profit
Profit before provisions and contingencies
Number of employees
Quarterly average of number of employees. The number of employees includes sales

executives, employees on fixed term contracts and interns
Business
Total of average deposits plus average advances as reported in form A to RBI
Average deposits
Average of deposits as reported in form A to RBI
Average advances
Average of advances as reported in form A to RBI
Capital to risk weighted assets ratio (CRAR)
Capital divided by risk weighted assets
Capital (for CRAR)
Capital includes share capital, reserves and surplus (revaluation reserve and foreign
currency translation reserve are considered at discounted amount), capital instruments
and general provisions
Risk weighted assets (RWAs)
RWAs are computed by assigning weights as per the RBI Basel III guidelines to various
classes of assets like cash and bank balance, investments, loans and advances, fixed
assets, other assets and off-balance sheet exposures
Liquidity coverage ratio
Stock of unencumbered high quality liquid assets divided by total net cash outflows
estimated for the next 30 calendar days
High quality liquid assets
Stock of liquid assets which can be readily sold at little or no loss of value or used as
collateral to obtain funds
Provision coverage ratio
Provision for non-performing advances divided by gross non-performing advances
Average equity
Quarterly average of equity share capital and reserves
Average assets
For the purpose of performance analysis, represents averages of daily balances, except
averages of foreign branches which are fortnightly averages
Return on average equity
Net profit after tax divided by average equity
Return on average assets
Net profit after tax divided by average assets
Net interest income
Total interest earned less total interest paid
Net interest margin
Total interest earned less total interest paid divided by average interest earning assets
Average yield
Yield on interest earning assets
Average cost of funds
Cost of interest bearing liabilities
Interest spread
Average yield less average cost of funds
Book value per share
Share capital plus reserves divided by outstanding number of equity shares
246
Notes
Notes
ICICI Bank won the Best Retail Bank in India, at The Asian Banker Excellence in Retail
Financial Services International Awards 2016 for the third year in a row. The Bank received
the award in recognition of its performance on three counts: accelerated growth in retail
assets and CASA deposits; use of technology to deliver strong and sustained banking
solutions; and improved digital banking services for paperless remittances and a cashless
ecosystem. The Bank won the coveted award after a stringent evaluation process spanning
three months. Considered one of the most prestigious in the industry, this award was
organised by the Singapore-based The Asian Banker, a provider of strategic business
intelligence to the financial services community.
creative consultants - aicl [[email protected]]
ICICI BANK LIMITED

ICICI Bank Towers
Mumbai 400 051
www.icicibank.com
facebook.com/icicibank
twitter.com/icicibank
youtube.com/icicibank
linkedin.com/company/icici-bank

Icici Bank Annual Report 2015 16 PDF

Uploaded by

Copyright:

Available Formats

Icici Bank Annual Report 2015 16 PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Icici Bank Annual Report 2015 16 PDF

Uploaded by

Copyright:

Available Formats

Leadership in banking

22 ANNUAL REPORT AND ACCOUNTS

Independent Auditors Report Financial

...AT YOUR PLACE

Be it home or office, over the years, we have

...ON THE MOVE

...AT OUR PLACE

Recent advances in telecommunications have made

The banking experience at our branches today is

Annual Report 2015-2016

ICICI Bank at a Glance

CONSOLIDATED TOTAL ASSETS

CONSOLIDATED PROFIT AFTER TAX

STANDALONE PROFIT AFTER TAX

COST TO INCOME RATIO

Annual Report 2015-2016

Close to 95% of all savings

Pockets, largest wallet launched

First private sector bank

Largest retail network of 18,216

iMobile, the most comprehensive

Digital channels recorded over

Annual Report 2015-2016

Current Accounts (` in billion)

Total Assets (` in billion)

Capital Adequacy Ratio

Annual Report 2015-2016

NII & NIM

Cost to Income Ratio

Net Interest Income (NII) (` in billion)

Cost to Income Ratio

Standalone Profit after Tax (PAT) (` in billion)

Consolidated Profit after Tax (PAT) (` in billion)

Annual Report 2015-2016

Message from the Chairman

It is a pleasure to be addressing my first message to the

Annual Report 2015-2016

Over the last few years, ICICI Bank has substantially

given the elevated risks in certain sectors, the Bank on a

a framework of regulatory compliance and adherence to

Annual Report 2015-2016

Message from the Managing Director & CEO

The global economy experienced challenging conditions

Annual Report 2015-2016

We demonstrated the substantial value created by our

The Bank maintained a very strong capital position,

1. Sustaining the robust funding profile;

The profits and the strong capital position enabled the

3. Continued focus on cost efficiency; and

We continued to strengthen our position across the

Continuing to enhance the franchise

2. Maintaining digital leadership and a strong customer

4. Focus on capital efficiency and further unlocking of

Our strategic priorities going forward are summarised

2. Improvement in credit mix driven by focus on retail

Board and Management

Managing Director & CEO

Executive Director (Designate)

Rakesh Jha Chief Financial Officer

We demonstrated the substantial value created by our

The Bank maintained a very strong capital position,

1. Sustaining the robust funding profile;

The profits and the strong capital position enabled the

3. Continued focus on cost efficiency; and

2. Maintaining digital leadership and a strong customer

4. Focus on capital efficiency and further unlocking of

2. Improvement in credit mix driven by focus on retail

Around 1,000 trainees were provided with credit