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The Board of Directors of the ICICI Banking Corporation Limited, which met on April 22, 1998, has approved the annual accounts of the Bank for the financial year ended March 31, 1998.

The deposits of the Bank stood at Rs. 2,629.02 crores compared to Rs.1,347.60 crores as at the end of the previous year, recording a growth of 95.09 per cent on year-on-year basis. The Bank’s advances stood at Rs. 1,127.87 crores compared to Rs. 798.00 crores as at the end of last year, which shows a growth of 41.34 per cent. The credit-deposit ratio as on March 31, 1998 was 42.90 per cent. However, if investments in credit-substitute instruments like preference shares, debentures, commercial papers, etc., of companies are added to the credit figure and the amount of resources deployed in swap operations overseas, permitted under the Busy Season Monetary Policy of October 1997 is deducted from total deposits, the revised credit-deposit ratio works out to 57.48 per cent. Even otherwise, the growth in advances by Rs. 329.87 crores (growth of 41.34 per cent) during the year is higher than the general trend in the banking industry.

The Bank showed a net profit of Rs. 50.22 crores, compared to Rs.40.12 crores for the previous year. Total income was Rs. 344.75 crores, compared to Rs. 225.30 crores of the previous year. Of this, ‘other income’ was Rs. 85.05 crores as against Rs. 42.62 crores during the previous year. ‘Other income’ worked out to 24.67 per cent of the total income during the year.

The Bank’s Earnings Per Share (EPS) was Rs. 3.04 as against Rs. 2.68 in the previous year. Book Value per share was Rs. 16.17 as against Rs. 12.12 of the last year. The Return on Average Net Worth (ROANW) was 20.77 per cent as against 23.70 per cent of the previous year. Capital Adequacy was at 13.48 per cent as against 13.04 per cent the previous year.

The Bank had estimated its gross profit, operating profit and net profit at Rs. 110.03 crores, Rs. 94.98 crores and Rs. 55.08 crores respectively in its Offer Document issued in connection with the Public Offer of equity shares in August 1997. As against this, the actual figures were Rs. 114.93 crores, Rs. 100.46 crores and Rs.50.22 crores. The variance in the net profit is on account of unanticipated depreciation provided in the accounts to the extent of Rs. 12.13 crores (Rs. 2.08 crores in the previous year) on SLR securities, yields on which are calculated as per the YTM prescribed by the Reserve Bank of India as at March 31, 1998. As per the security price list issued by the RBI subsequently on April 3, 1998, depreciation provided to the extent of Rs. 10.32 crores has recouped.

The Board has recommended a dividend of Rs. 1/- per share (10 per cent) on the equity shares of the Bank.