ICICI Bank Q3FY08 Results

ICICI Bank Ltd has announced the following Audited results for the quarter ended December 31, 2007:

The Bank has posted a net profit of Rs 12302.10 million for the quarter ended December 31, 2007 as compared to Rs 9100.80 million for the quarter ended December 31, 2006. Total Income has increased from Rs 75814.60 million for the quarter ended December 31, 2006 to Rs 103383.60 million for the quarter ended December 31, 2007.

The Unaudited Consolidated results are as follows:

The Group has posted a net profit of Rs 11198.20 million for the quarter ended December 31, 2007 as compared to Rs 8839.20 million for the quarter ended December 31, 2006. Total Income has increased from Rs 105963.10 million for the quarter ended December 31, 2006 to Rs 156533.10 million for the quarter ended December 31, 2007.

ICICI Securities IPO

ICICI Bank Ltd has informed that the Board of Directors of ICICI Securities Ltd (ICICI Securities), a wholly-owned subsidiary of ICICI Bank Ltd, at its meeting held on January 19, 2008 approved an initial public offering of equity shares, as well a private placement of equity shares to one or more institutional investors. The Board of Directors of ICICI Bank has also approved the proposed capital raising. The maximum dilution of ICICI Bank's holding in ICICI Securities through the proposed public offering and private placement would be up to 15.0% of the post-issue capital base of ICICI Securities.

ICICI Securities' operations primarily encompass retail broking, institutional broking, distribution of retail financial products, wealth management and equity capital markets, including advisory services. The above equity offering would be subject to necessary regulatory, statutory and other approvals and procedures.

ICICI Securities is contemplating, subject to market conditions and regulatory approvals, an initial public offering of equity shares, which may include an offer for sale by the promoter. The draft red herring prospectus will be filed with Securities and Exchange Board of India in due course.

ICICI Bank allotted Southern Iron and Steel shares

Southern Iron & Steel Company Ltd has informed that as on December 21, 2007, ICICI Bank Ltd was holding 1,79,72,579 equity shares in the Company which is equivalent to 6.14% of the equity shares of the Company.

On December 22, 2007, the Company has allotted 1,31,33,871 equity shares of Rs 10/- at a premium of Rs 52/- per share to ICICI Bank Ltd, on conversion of Optionally Convertible loan of Rs 81,43,00,060 as per the CDR package and Master Restructuring Agreement dated July 11, 2007.

With this allotment, ICICI is holding 3,11,06,450 equity shares as on December 22, 2007, which is 9.40% of the total equity shares of the Company.

ICICI Bank Ltd board meeting update

ICICI Bank Ltd has informed that the Board of Directors of the Bank at its meeting held on October 19, 2007, has elevated Ms. Chanda Kochhar, Deputy Managing Director as Joint Managing Director & Chief Financial Officer of ICICI Sank. She will be responsible for the Corporate Centre and will be the official spokesperson for ICICI Bank.

The Board of Directors has appointed Mr. Sonjoy Chatterjee, presently Managing Director & CEO of ICICI Bank UK plc as an Executive Director of ICICI Bank Ltd effective October 22, 2007, subject to approval of Reserve Bank of India (RBI) and other necessary approvals. He will take over responsibility for wholesale and international banking.

Mr. V Vaidyanathan, Executive Director will take over responsibility for rural banking in addition to his current responsibility for retail banking.

ICICI Lombard General Insurance Company (ICICI General), the Bank's general insurance subsidiary, has achieved robust growth and market share. In order to further strengthen the top management of this business in line with its growing scale, ICICI Bank and its joint venture partner, Fairfax, have decided to recommend to the Board of Directors of ICICI General the appointment of Ms. Vishakha Mulye, Group Chief Financial Officer as Executive Director on the Board of ICICI General, subject to necessary approvals.

ICICI Bank Foundation

ICICI Bank Ltd has informed that the ICICI Group, comprising ICICI Bank (NYSE:IBN) has since its origins as a development bank sought to foster accelerated economic growth. Over the years, it has also taken up several initiatives for socio-economic development and financial inclusion, in addition to its business operations. The ICICI Group believes India is at a critical juncture in its history, where strong economic growth creates an opportunity for accelerated socio-economic development with greater inclusion of the disadvantaged in the economic mainstream, and significant reduction in poverty through sustainable initiatives. This requires not only financial capital but also technological and managerial expertise and entrepreneurial talent. The ICICI Group has a keen interest in playing a larger role in this area.

The Board of Directors of the Bank on October 19, 2007 has approved the establishment of The ICICI Foundation for Inclusive Growth, subject to receipt of such other approvals as may be required. The ICICI Foundation will integrate, consolidate and scale up the ICICI Group's existing initiatives in the area of philanthropy and development and expand into identified new areas, with the objective of catalyzing and accelerating social and economic inclusion by bridging economic and human development gaps.

Dr. Nachiket Mor has led the ICICI Group's social initiatives for several years. His vision and passion for achieving inclusive growth have been critical to the ICICI Group's work in this area. Given the importance of the proposed new initiative and the ICICI Group's aspiration to make a significant positive impact on the socio-economic empowerment of the disadvantaged sections of the Indian people, Dr. Mor would move from his current responsibilities on the Board of Directors of the Bank to dedicate himself to this initiative as President of The ICICI Foundation for Inclusive Growth. He would assume full-time responsibility for the ICICI Foundation's establishment and operations going forward, effective October 22, 2007.

ICICI Bank announces Q2 results

ICICI Bank Ltd has announced the following Audited results for the quarter ended September 30, 2007:

The Bank has posted a net profit of Rs 10026.00 million for the quarter ended September 30, 2007 as compared to Rs 7550.10 million for the quarter ended September 30, 2006. Total Income has increased from Rs 67968.20 million for the quarter ended September 30, 2006 to Rs 95884.10 million for the quarter ended September 30, 2007.

The Unaudited Consolidated results are as follows:

The Group has posted a net profit of Rs 8979.20 million for the quarter ended September 30, 2007 as compared to Rs 7328.40 million for the quarter ended September 30, 2006. Total Income has increased from Rs 90965.00 million for the quarter ended September 30, 2006 to Rs 138505.70 million for the quarter ended September 30, 2007.

ICICI Bank fixes Record Date - Call on partly paid shares (Rs 500 paid up)

ICICI Bank Ltd has informed that the Board of Directors of the Bank have decided to call upon balance amount of Rs 390 per share (Rs 0.75 per share towards face value and Rs 389.25 per share towards share premium) on 17,402,172 partly paid shares (Rs 500 paid up) allotted to the retail bidders and existing retail shareholders under the follow on public offering of the Bank in June 2007. The shares were allotted to the retail bidders and existing retail shareholders @ Rs 890 per share. The Board of Directors have fixed November 23, 2007 as the Record Date for ascertaining the shareholders who would be required to pay the Call money.

ICICI Bank

With reference to the news item appearing in a leading financial daily titled "ICICI Bank to raise $ 11bn, plans major global push", ICICI Bank Ltd has clarified that, news article in financial daily is not accurate. In the current financial year, the Bank and its subsidiaries have raised approximately USD 8 billion through debt from various sources including loans and bonds. The Bank has also raised approximately USD 5 billion of equity in the current financial year. The Bank will continue to raise debt from international markets from time to time as per its ongoing requirement.

ICICI Bank

ICICI Bank Ltd has announced that the Bank, acting through its Bahrain branch successfully priced a benchmark 5 year fixed rate note of US$2 billion. The offering had a US$ 6.05 billion order book with strong interest from over 250 investors.

From a geographical breakdown perspective there was very widespread participation. 43% of the notes were sold into the US, 37% into Asia and Europe contributed for about 16%. The notes were sold under the Rule 144A/Reg S format. From an investor breakdown perspective, 53% of the notes were sold to fund managers 32% to banks and 15% to pension funds and retail investors. The offering was lead managed by Deutsche Bank AG, Goldman Sachs International and Merrill Lynch International.

The five-year fixed rate notes carry a coupon of 6.625%.

CLSA - ICICI Bank

CLSA recommends a BUY on ICICI Bank. They think valuations are attractive at the current price.

They have a target of Rs. 1050

KR Choksey - ICICI Bank

KR Choksey recommends a BUY on ICICI Bank with a target price of Rs 1208

They also think that ICICI Bank is a market outperformer