FORM
6-K
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report
of Foreign Issuer
Pursuant
to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
For
the
month of June 2007
Commission
File Number: 001-15002
ICICI
Bank Limited
(Translation
of registrant’s name into English)
ICICI
Bank
Towers,
Bandra-Kurla
Complex
Mumbai,
India 400 051
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file
annual
reports under cover Form 20-F or Form 40-F.
|
Form
20-F X
|
|
Form
40-F
|
Indicate
by check mark if the registrant is submitting the Form 6-K
in
paper
as permitted by Regulation S-T Rule 101(b)(1):
|
Yes
|
|
No X
|
Indicate
by check mark if the registrant is submitting the Form 6-K
in
paper
as permitted by Regulation S-T Rule 101(b)(7):
|
Yes
|
|
No X
|
Indicate
by check mark whether by furnishing the information
contained
in this Form, the Registrant is also thereby furnishing the
information
to the Commission pursuant to Rule 12g3-2(b)
under
the
Securities Exchange Act of 1934:
|
Yes
|
|
No X
|
If
“Yes”
is marked, indicate below the file number assigned to the registrant
in
connection
with Rule 12g 3-2(b): Not Applicable
Table
of Contents
|
Item
|
|
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1.
|
Press
Release dated June 11, 2007
|
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
|
ICICI
Bank Limited
|
||||
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Date:
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June 12,
2007
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By:
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/s/
Jyotin
Mehta
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||
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Name
:
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Jyotin
Mehta
|
||||
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Title :
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General
Manager & Company
Secretary
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||||
Item
1
 |
ICICI
Bank
Limited
ICICI
Bank Tower
Bandra
Kurla Complex
Mumbai
400 051
|
| News Release | June 11, 2007 |
Financial reporting under US securities laws
ICICI
Bank Limited
(NYSE: IBN) will shortly file its annual report in Form 20-F with the United
States Securities Exchange Commission (SEC), incorporating consolidated
financial statements under Indian GAAP including a reconciliation of profit
after tax and networth under Indian GAAP to net income and stockholders’ equity
under US GAAP, approved by the Audit Committee of the Bank’s Board of Directors.
The consolidated profit after tax under Indian GAAP was Rs. 2,760 crore
(US$ 640
million) for the year ended March 31, 2007 (FY2007). As per the reconciliation
statement between Indian GAAP and US GAAP, the net income (profit after
tax)
under US GAAP was Rs. 3,127 crore (US$ 726 million) in FY2007, compared
to Rs.
2,004 crore (US$ 465 million) in the previous year. ICICI Bank’s stockholders’
equity at March 31, 2007 as per US GAAP was Rs. 24,098 crore (US$ 5.6 billion)
compared to the Indian GAAP consolidated net worth of Rs. 23,958 crore
(US$ 5.6
billion).
There
are
significant differences in the basis of accounting between US GAAP and
Indian
GAAP primarily relating to determination of allowance for loan losses (including
for restructured loans & non-performing loans), unrealized gain on venture
capital investments, amortization of fees and origination costs, accounting
for
business combinations, compensation cost, securitization and consolidation.
Net
income as per US GAAP for the year ended March 31, 2007 was higher than
the
consolidated profit after tax as per Indian GAAP primarily due to unrealized
gains on venture capital investments accounted for in the income statement,
lower losses for insurance subsidiaries due to release of actuarial reserves
on
policies which have lapsed in earlier years and gains on differences in
accounting for securitization, under US GAAP, offset in part by amortization
of
loan origination fees net of costs, and compensation cost on employee stock
options.
Pursuant
to its
issuance and listing of securities in the United States under registration
statements filed with the SEC, ICICI Bank files annual reports in Form
20-F with
the SEC as required by US securities laws and regulations. These regulations
require that this annual report include financial statements prepared according
to a comprehensive body of accounting principles with reconciliation to
generally accepted accounting principles in the United States (US GAAP).
When
ICICI Bank first listed its securities in the United States in 2000, generally
accepted accounting principles in India (Indian GAAP) were not considered
a
comprehensive body of accounting principles under US laws and regulations.
Accordingly, ICICI Bank had included US GAAP financial statements in its
annual
reports in Form 20-F till fiscal year ended March 31, 2005. However, pursuant
to
a significant expansion of Indian accounting standards, Indian GAAP constitutes
a comprehensive body of accounting standards. Accordingly, from fiscal
year
ended March 31, 2006 onwards ICICI Bank includes in its annual report in
Form
20-F, consolidated financial statements according to Indian GAAP, with
a
reconciliation of
profit
after tax
and networth to net income and stockholders' equity under US GAAP and a
description of significant differences between Indian GAAP and US
GAAP.
For
further
press queries please call Charudatta Deshpande at 91-22-2653 8208 or e-mail:
charudatta.deshpande@icicibank.com.
For
investor
queries please call Rakesh Jha at 91-22-2653 6157 or Rupesh Kumar at 91-22-2653
7126or email at ir@icicibank.com.
1
crore = 10.0
million.
US$
amounts
represent convenience translations at US$1= Rs. 43.10.