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ICICI Bank Limited

Company Profile

Publication Date: 19 Aug 2009

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ICICI Bank Limited Page 2 Datamonitor

ICICI Bank Limited


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TABLE OF CONTENTS

Company Overview..............................................................................................4

Key Facts............................................................................................................... 4

Business Description...........................................................................................5

History................................................................................................................... 7

Key Employees...................................................................................................10

Key Employee Biographies................................................................................11

Major Products and Services............................................................................17

Revenue Analysis...............................................................................................18

SWOT Analysis...................................................................................................20

Top Competitors.................................................................................................25

Company View.....................................................................................................26

Locations and Subsidiaries...............................................................................27


ICICI Bank LimitedTABLE OF CONTENTS


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COMPANY OVERVIEW

ICICI Bank (ICICI, or the company) is a diversified financial services company that provides a rangeof banking and financial services to customers, including retail banking, project and corporate finance,working capital finance, insurance, venture capital and private equity, investment banking, broking,and treasury products and services. The company operates in, India, the UK, Canada and Russia.It is headquartered in Mumbai, India and employs 34,596 people.

The company recorded revenues of INR641.5 billion ($14 billion) in the financial year ended March2009 (FY2009), an increase of 6.8% over 2008.The net profit was INR35.8 billion ($0.8 billion) inFY2009, an increase of 5.3% over 2008.

KEY FACTS

ICICI Bank LimitedHead OfficeICICI Bank TowersBandra Kurla ComplexBandra East400051 MumbaiIND

91 22 2653 1414Phone

91 22 653 1167Fax

http://www.icicibank.comWeb Address

641,500.0Revenue / turnover(INR Mn)

MarchFinancial Year End

34,596Employees

IBNNew York Ticker

532174Bombay Ticker


ICICI Bank LimitedCompany Overview


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BUSINESS DESCRIPTION

ICICI is diversified financial services company that provides a range of banking and financial servicesto customers, including retail banking, project and corporate finance, working capital finance,insurance, venture capital and private equity, investment banking, broking, and treasury productsand services. The company operates in, India, the UK, Canada and Russia. It operates in eightsegments: treasury, wholesale banking, retail banking, life insurance, other banking business, generalinsurance, venture fund management and others.

Treasury includes the entire investment portfolio of the bank, ICICI eco-net internet and technologyfund, ICICI equity fund, ICICI emerging sectors fund and ICICI strategic investments fund. Additionally,treasury services are provided in Hong Kong, Sri Lanka, Bahrain, and Singapore through the offshorebanking unit (a business unit) in Mumbai.

Wholesale banking includes all advances to trusts, partnership firms, companies and statutory bodieswhich are not included under the retail banking.The division offers products for middle marketcompanies and small and medium enterprises include loan products, fee and commission-basedproducts and services, deposits and foreign exchange, and derivatives products. ICICI also providessupply chain financing, including financing of selected customers of corporate clients.The segmentprovides medium-term and long-term project and infrastructure financing, securitization, factoring,lease financing, cash management services, custodial services, working capital finance and foreignexchange services.

The investment banking division provides treasury services including corporate advisory services,primary dealership in government securities and equity underwriting and brokerage.These servicesare provided by its subsidiaries, ICICI Bank UK, ICICI Bank Canada and ICICI Bank Eurasia, andthe operations of ICICI Securities Primary Dealership (formerly ICICI Securities), ICICI Securities(formerly ICICI Brokerage Services), ICICI Securities, and ICICI Securities Holdings.

Retail banking comprises the retail liabilities, retail assets and small enterprises businesses. Consumerbanking provides deposit and loan products to retail customers, credit cards, private banking,depositary share accounts in India, distribution of third party investment products and other fee-basedproducts and services, as well as issuance of unsecured redeemable bonds. ICICI offers differenttypes of loans including home loans, automobile loans, commercial business loans (including primarilycommercial vehicle loans), and personal loans, loans against time deposits and loans against

securities to its retail customers. The bank has 1,419 branches and extension counters as well as4,713 ATMs as of March 31, 2009. ICICIs total retail portfolio was 1,062.03 billion at March 31,2009, constituting 49% of total loans.

ICICI has expanded internationally to focus on customers of Indian origin. ICICI currently operatesin 18 countries and has subsidiaries in Canada, Russia and the United Kingdom, branches in Bahrain,Dubai, Hong Kong, Qatar, Singapore, Sri Lanka, and the United States and representative officesin Bangladesh, China, South Africa, and the United Arab Emirates.The subsidiary in the United


ICICI Bank LimitedBusiness Description


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Kingdom has established branches in Antwerp, Belgium and Frankfurt, Germany. ICICI has over500,000 NRI customers and a market share of 25% in inward remittances to India. ICICI providessupport to Indian companies in raising corporate and project finance for their investments abroadas well as foreign currency financing for their investments in India, trade finance, personal financialservices for non-resident Indians and development of a retail deposit franchise using the internet,branch and broker channels.

This division also offers agricultural and rural banking products through corporate banking productsand services to corporate clients engaged in agriculture-linked businesses.The rural credit productsfor individuals and households include loans to farmers for cultivation, post-harvest financing againstwarehouse receipts, loans for purchase of tractors, working capital for trading and small enterprises,loans against jewellery and micro-finance loans for various purposes.

Life insurance is provided through subsidiary, ICICI Prudential Life Insurance Company. Life insurancebusiness primarily comprises unit-linked life insurance and pension products. ICICI Prudential alsoprovides micro insurance services which have promoted financial security among the rural poor andimproved their ability to avail credit facilities for undertaking income generating activities.

Other banking business includes hire purchase and leasing operations, gain/loss on sale of bankingand non-banking assets and other items not attributable to any particular business segment. Furtherit also includes the bank's banking subsidiaries i.e. ICICI Bank UK, ICICI Bank Canada and itssubsidiary, namely, ICICI Wealth Management and ICICI Bank Eurasia.

General insurance is provided through ICICI Lombard General Insurance Company range of non-lifeinsurance products, including health, weather and cattle insurance.

ICICI Venture Funds Management Company manages funds that provide venture capital fundingto start-up companies and private equity to a range of companies. As of March 31, 2009, it had fundsunder management of about INR97.87 billion.

The other division consists of the following a range of financial services provided by assetmanagement, trust services and property through partnerships. ICICI Securities and ICICI SecuritiesPrimary Dealership are engaged in equity underwriting and brokerage and primary dealership ingovernment securities respectively. ICICI Securities has an online share trading portal calledicicidirect.com. The primary objective of icicidirect.com is to enable individuals to make investmentsand offer a wide range of investment options by providing a seamless structure that integrates acustomers bank account, demat account and trading account. The portal offers seamless accessto the United States markets by tying up with a leading United States based broker.

The division also includes prominent joint ventures and partnerships include ICICI Home FinanceCompany, ICICI International, ICICI Prudential Asset Management Company, ICICI Prudential Trust,ICICI Property Trust, ICICI Investment Management Company, ICICI Trusteeship Services, TCW/ICICIInvestment Partners, TSI Ventures (India) Private, ICICI Kinfra, ICICI West Bengal InfrastructureDevelopment Corporation, Financial Information Network and Operations (FINO), I-Process Services(India), I-Solutions Providers (India), NIIT Institute of Finance, Banking and Insurance Training.


ICICI Bank LimitedBusiness Description


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HISTORY

The Industrial Credit and Investment Corporation of India Limited (ICICI) was established, at theinitiative of the World Bank, the government of India and representatives of Indian industry in 1955.The principal objective was to create a development financial institution for providing medium-termand long-term project financing to Indian businesses. In 1994 ICIC set up ICICI Bank and transformedits business from a development financial institution offering project finance to a diversified financialservices company offering a range of products and services, both directly and through a number ofsubsidiaries and affiliates.

In 1977, ICICI sponsored the formation of Housing Development Finance Corporation (HDFC) andmanaged its first equity public issue. ICICI became the first borrower to raise capital through Europeancurrency units in 1982 and in the same year, started leasing business.

Four years later, ICICI, along with UTI started Credit Rating Information Services of India Limited(CRISIL), India's first professional credit rating agency, promoted Shipping Credit and InvestmentCompany of India Limited and became the first Indian institution to receive Asian Development Bank(ADB) loans.

In 1988, ICICI promoted India's first venture capital company, TDICI. ICICI Securities and FinanceCompany Limited established as a joint venture with J. P. Morgan and started Asset ManagementCompany in 1993. The following year, ICICI bank was established and The Industrial Credit andInvestment Corporation of India Ltd was changed to ICICI Ltd in 1997.

In 1999, ICICI became the first Indian company and the first bank or financial institution fromnon-Japan Asia to be listed on the NYSE. Bank of Madura was merged with ICICI in 2000.

The Board of Directors of ICICI and the Board of Directors of ICICI Bank approved the merger ICICIwith ICICI Bank in 2001, to become Indias second largest bank in terms of assets.

In 2003, ICICI expanded internationally by setting up its first ever offshore branch in Singapore,started representative office in Dubai and China and established subsidiaries in Canada and theUK.

In early 2004, ICICIBank.com, the online banking channel of ICICI Bank, became the first online airbooking service in India. Teaming up with India mobile, ICICI launched mobile banking in India inmid-2004. Later in the year, offshore banking unit was opened in Bahrain.The company launcheda new remittance service in 2005 in partnership with the US bank Wells Fargo. Following that LloydsTSB inaugurated an Indian banking service with ICICI.

The company acquired Investitsionno-Kreditny Bank (IKB), a Russian bank in 2005. The board ofdirectors of the company approved the raising of additional equity capital of around INR70 billion(approximately $1.6 billion) through a public issue of shares in India and an issue of American


ICICI Bank LimitedHistory


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Depositary Shares (ADSs) in the US. In late 2005, ICICI Bank UK (a subsidiary of ICICI Bank) openeda branch in the London suburb of Wembley taking its total number of branches in the UK to five.Following this, the bank received license to set up a wealth management branch in the DubaiInternational Financial Centre.

In 2006, the company opened its first branch in Sri Lanka, establishing a branch presence for thefirst time outside India in the SAARC region. In the same year, the company and Munich-basedBayern signed a cooperation agreement across areas including treasury, capital markets, syndicatedloans, trade finance and cash management services.

During 2006, ICICI expanded by opening a branch in Russia, entered mainland Europe by openinga branch in Antwerp, Belgium. ICICI opened up representative offices in Thailand, Indonesia andMalaysia in late 2006.

ICICI Bank signed cooperation agreement with BMW India for offering finance through BMW FinancialServices and Raiffeisenlandesbank Oberosterreich for intensifying cooperation between India andAustria in financial sector in 2007. It also entered into an agreement with Sarovar Hotels, to launchthe ICICI Bank Sarovar Hotels co-branded credit card.

The Reserve Bank of India approved the amalgamation of Sangli Bank with ICICI Bank in 2007. Inthe same year, ICICI Bank received a license to set up a branch in the Qatar Financial Centre, Doha,Qatar.

In January 2008, ICICI bank launched iMobile, a mobile banking platform, where practically allinternet banking transactions can now be done on mobiles phones. The application covers savings

bank, demat, credit card and loan accounts and customers can also pay their utility bills and insurancepremium through this facility.

The bank entered the US market by opening a branch in New York in February 2008 to channelinvestment activities of Indian companies in the US and vice versa of US companies in India.

In July 2008, ICICI bank launched b2- Branch- free Banking, to offer seamless information througha single interface to facilitate banking transactions, over the internet.

ICICI in association with Dishtv launched interactive banking service, ICICIACTIVE to enable Dishtvviewers to access information on ICICI products and services in October 2008.

In December 2008, ICICI bank appointed K.V. Kamath as non executive chairman and ChandaKochhar as managing director and chief executive officer, which is effective from May 01, 2009.

In January 2009, ICICI tied with BSNL Cell One to facilitate bill payment for the users throughICICIBank.com across all the 27 circles of BSNL, which will allow further ease and convenience tothe customers.




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ICICI Bank has been awarded best transaction bank, best trade finance bank, best cash managementbank and best domestic custodian in India for the third consecutive time under The Asset Triple Acountry awards for 2009 in March 2009.




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KEY EMPLOYEES

CompensationBoardJob TitleName

12857244 INRExecutive BoardManaging Director and ChiefExecutive Officer

Chanda D. Kochhar

Executive BoardExecutive Director and ChiefFinancial Officer

N. S. Kannan

Executive BoardDeputy Managing DirectorSandeep Bakhshi

Executive BoardExecutive DirectorK. Ramkumar

Executive BoardExecutive DirectorSonjoy Chatterjee

22294699 INRNon Executive BoardChairmanK. V. Kamath

320000 INRNon Executive BoardDirectorSridar Iyengar

60000 INRNon Executive BoardDirectorLakshmi N. Mittal

820000 INRNon Executive BoardDirectorNarendra Murkumbi

100000 INRNon Executive BoardDirectorAnupam Puri

Non Executive BoardDirectorAnup K. Pujari

Non Executive BoardDirectorM. K. Sharma

Non Executive BoardDirectorP. M. Sinha

Non Executive BoardDirectorMarti G. Subrahmanyam

Non Executive BoardDirectorT. S. Vijayan

Non Executive BoardDirectorM. S. Ramachandran

Non Executive BoardDirectorV. Prem Watsa

Senior ManagementGroup Chief Technology OfficerPravir Vohra

Senior ManagementManaging Director and ChiefExecutive Officer, ICICI PrudentialLife Insurance Company

V. Vaidyanathan

Senior ManagementManaging Director and ChiefExecutive Officer, ICICI General

Bhargav Dasgupta

Senior ManagementManaging Director and ChiefExecutive Officer, ICICI Securities

Madhabi Puri-Buch


ICICI Bank LimitedKey Employees


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KEY EMPLOYEE BIOGRAPHIES

Chanda D. Kochhar

Board: Executive BoardJob Title: Managing Director and Chief Executive OfficerSince: 2009Age: 47

Ms. Kochhar has been the Managing Director and Chief Executive Officer at ICICI Bank since May2009. She started her career in 1984 with ICICI in its project finance department and has worked in

the areas of corporate credit, infrastructure financing, e-commerce, strategy and retail finance. Ms.Kochhar was appointed to the board as an Executive Director in 2001. She was appointed as DeputyManaging Director in 2006 and as Joint Managing Director and Chief Financial Officer in 2007. Ms.Kochhar holds a management degree from the Jamnalal Bajaj Institute of Management Studies,Mumbai and a degree in cost and works accountancy from the Institute of Cost and WorksAccountants of India.

N. S. Kannan

Board: Executive BoardJob Title: Executive Director and Chief Financial OfficerSince: 2009

Mr. Kannan has been the Executive Director and Chief Financial Officer at ICICI Bank since May2009. Prior to the current assignment, he was the Executive Director of ICICI Prudential Life InsuranceCompany. Prior to shifting to ICICI Prudential, Mr. Kannan was the Chief Financial Officer andTreasurer of ICICI Bank. He has been with the ICICI group for over 18 years. Mr. Kannan joined theICICI group in 1991 as a project officer. He is a postgraduate in management from the Indian Instituteof Management, Bangalore with a gold medal for best all-round performance. Mr. Kannan is also aChartered Financial Analyst from the Institute of Chartered Financial Analysts of India and an Honoursgraduate in Mechanical Engineering.

Sandeep Bakhshi

Board: Executive BoardJob Title: Deputy Managing DirectorSince: 2009

Mr. Bakhshi has been the Deputy Managing Director at ICICI Bank since May 2009. Prior to thisrole, he was Managing Director and Chief Executive Officer of ICICI Lombard General Insurance


ICICI Bank LimitedKey Employee Biographies


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Company. Mr. Bakhshi joined ICICI in 1986 in the project financing department and worked theretill 2001 before joining ICICI Lombard in 2002. He is an Engineer and has as an MBA degree.

K. Ramkumar

Board: Executive BoardJob Title: Executive DirectorSince: 2009Age: 47

Mr. Ramkumar has been the Executive Director at ICICI Bank since February 2009. He worked withICI India before joining ICICI in 2001 in the human resources department. Before becoming ExecutiveDirector, he was Group Chief Human Resources Officer at ICICI. Prior to joining ICICI Bank in 2001

Mr. Ramkumar had over 16 years of experience in companies such as Hindustan Aeronautics,Brookebond Lipton India (now Hindustan Unilever) and ICI India. Mr. Ramkumar is a science graduatefrom Madras University with a post-graduate diploma in industrial relations and labor laws.

Sonjoy Chatterjee

Board: Executive BoardJob Title: Executive DirectorSince: 2007Age: 41

Mr. Chatterjee has been the Executive Director at ICICI Bank since 2007. He joined ICICI in 1994in the project finance department. Mr. Chatterjee has worked in the areas of project finance, corporatebanking, strategy and international banking. From 2003 to 2007, he was the chief executive of ICICIBank, UK. Mr. Chatterjee has a degree in chemical engineering and a post-graduate degree inmanagement from the Indian Institute of Management, Bangalore.

K. V. Kamath

Board: Non Executive BoardJob Title: ChairmanSince: 2009Age: 61

Mr. Kamath has been the Chairman at ICICI Bank since May 2009. He was previously ManagingDirector and Chief Executive Officer of ICICI Bank. Mr. Kamath joined ICICI in 1971 and worked inthe areas of project finance, leasing, resources and corporate planning. In 1988, he left ICICI to jointhe Asian Development Bank, where he worked for six years. In January 1995, he joined a privatesector company in Indonesia as advisor to its Chairman. Mr. Kamath joined the Board of Directorsof ICICI in 1995. He was appointed Managing Director and Chief Executive Officer of ICICI in 1996and was re-appointed in 2001. Mr. Kamath was a non-whole time Director on the board of ICICI




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Bank from 1996. He was appointed as Managing Director and Chief Executive Officer in 2002. Mr.Kamath is a mechanical engineer and a post-graduate in business management from the IndianInstitute of Management, Ahmadabad.

Sridar Iyengar

Board: Non Executive BoardJob Title: DirectorSince: 2005Age: 61

Mr. Iyengar has been a Director at ICICI Bank since 2005. He is also the Director of American IndiaFoundation, Foundation for Democratic Reforms in India, Infosys BPO, Infosys Technologies, Kovair

Software, Onmobile Asia Pacific, Rediff.com India, Rediff Holdings and Career Launchers India.

Lakshmi N. Mittal


Mr. Mittal has been the Director at ICICI Bank since 2002. He is also the Director of Arcelor Mittal,Arcelor Mittal USA, ONGC Mittal Energy, ONGC Mittal Energy Mittal Services, Commonwealth

Business Council, EADS (European Aeronautic Defense and Space Company) and President, IspatInland.

Narendra Murkumbi


Mr. Murkumbi has been the Director at ICICI Bank since 2006. He is the Chairman of KBK-Chem

Engineering. Mr. Murkumbi is also the Managing Director Shree Renuka Sugars. He is also Directorof J. P. Mukherji & Associates, Murkumbi Bioagro, Murkumbi Industries and Shree RenukaInfraprojects. Mr. Murkumbi is Director and Chief Executive Officer of Renuka Commodities DMCC,Dubai.

Anupam Puri

Board: Non Executive Board




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Job Title: DirectorSince: 2002Age: 63

Mr. Puri has been the Director at ICICI Bank since 2002. He is also the Director of Dr. Reddy'sLaboratories, Mahindra & Mahindra and Tech Mahindra (formerly Mahindra British Telecom).

Anup K. Pujari

Board: Non Executive BoardJob Title: DirectorSince: 2009

Mr. Pujari has been a Director at ICICI Bank since January 2009. He is currently Joint Secretary atDepartment of Economic Affairs, Ministry of Finance, Government of India. Government of India hasnominated Mr. Pujari as a Director on the Board of ICICI Bank.

M. K. Sharma


Mr. Sharma has been the Director at ICICI Bank since 2003 .He is Director of ICICI Lombard GeneralInsurance Company, Bata (India), Sanmar Group of Companies- Advisory Board and MitsubishiUFJ Securities (India).

P. M. Sinha


Mr. Sinha has been the Director at ICICI Bank since 2002. He is the Chairman of Bata India. He isDirector of Indian Oil Corporation, Lafarge India and Wipro.

Marti G. Subrahmanyam

Board: Non Executive BoardJob Title: DirectorSince: 2002




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Age: 62

Mr. Subrahmanyam has been the Director at ICICI Bank since 2002. He is also the Director of ICICIPrudential Life Insurance Company, Infosys Technologies International School of BusinessManagement, Metahelix Life Sciences, Nomura Asset Management (USA.) and Usha Comm Tech.

T. S. Vijayan


Mr.Vijayan has been the Director at ICICI Bank since 2005. He is also the Chairman of Life InsuranceCorporation of India. Mr.Vijayan is Non-Executive Chairman of: LIC Housing Finance , Life InsuranceCorporation (Nepal) , LIC (Lanka) , LIC (Mauritius) Offshore , LIC Mutual Fund Asset ManagementCompany, (formerly Jeevan Bima Sahyog Asset, Management Company and LIC Pension Fund.He is Director of General Insurance Corporation of India, Kenindia Assurance Company, NationalCommodities & Derivatives Exchange and National Stock Exchange of India.

M. S. Ramachandran

Board: Non Executive BoardJob Title: Director

Since: 2009

Mr. Ramachandran has been a Director at ICICI Bank since April 2009. He is the former Chairman,Indian Oil Corporation. Mr. Ramachandran joined Indian Oil Corporation in 1969 and worked inseveral areas before being appointed Director (Planning and Business Development) in 2000. Hewas Chairman of Indian Oil Corporation from 2002 to 2005.

V. Prem Watsa

Board: Non Executive BoardJob Title: Director

Since: 2004Age: 58

Mr.Watsa has been the Director at ICICI Bank since 2004. He is also Chairman and Chief ExecutiveOfficer of Fairfax Financial Holdings. Mr.Watsa is Chairman of Crum & Foster Holdings, NorthbridgeFinancial Corporation and TIG Holdings. He is Director of Cunningham Lindsey Group, Odyssey ReHoldings, 1109519 Ontario, 810679 Ontario, FFHL Share Option 1 Corporation, Hamblin WatsaInvestment Council, FFHL Group, The Sixty Four Foundation, The Sixty Three Foundation and TheSixty Two Investment Company.




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Pravir Vohra

Board: Senior ManagementJob Title: Group Chief Technology OfficerSince: 2009

Mr.Vohra is currently the Group Chief Technology Officer at ICICI Bank. He was also appointed asa non-executive Director on the Board of I- Sec.

V. Vaidyanathan

Board: Senior ManagementJob Title: Managing Director and Chief Executive Officer, ICICI Prudential Life Insurance CompanySince: 2009

Mr.Vaidyanathan has been the Managing Director and Chief Executive Officer, ICICI PrudentialLife Insurance Company at ICICI Bank since May 2009. Prior to this role, he was Executive Directorat the bank. He worked in Citibank before joining ICICI in 2000 in the personal financial servicesdivision. Mr.Vaidyanathan has a post graduate degree in business administration from Birla Instituteof Technology & Science, Ranchi.

Bhargav Dasgupta

Board: Senior Management

Job Title: Managing Director and Chief Executive Officer, ICICI GeneralSince: 2009

Mr. Dasgupta has been the Managing Director and Chief Executive Officer, ICICI General since May2009.

Madhabi Puri-Buch

Board: Senior ManagementJob Title: Managing Director and Chief Executive Officer, ICICI SecuritiesSince: 2009

Ms. Puri-Buch has been the Managing Director and Chief Executive Officer at ICICI Securities sinceFebruary 2009. She joined ICICI in 1989 in the project finance department. Ms. Puri-Buch left ICICIin 1992 and worked in ANZ Grindlays Bank and ORG MARG Research before joining ICICI againin 1997 in the planning and treasury department. She was appointed as a whole time directordesignated as Executive Director in 2007. Ms. Puri-Buch is a graduate in mathematical economicsand has a post-graduate degree in management from the Indian Institute of Management, Ahmedabad.




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MAJOR PRODUCTS AND SERVICES

ICICI Bank is financial service company in India. The company's key products and sevices includethe following:

Bank accountsBrokerage and trading servicesCredit cardsCross-border trade servicesDocumentary creditsInsuranceInvestments - bonds,

Letters of creditLoansMutual fundsOn-line bankingPrivate bankingPrivate equitySavingsTreasury-based derivative products


ICICI Bank LimitedMajor Products and Services


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REVENUE ANALYSIS

The company recorded revenues of INR641.5 billion ($14 billion) in the financial year ended March2009 (FY2009), an increase of 6.8% over 2008. For the financial year 2009, Domestic, the company'slargest geographic market, accounted for 92.5% of the total revenues.

ICICI generates revenues through eight business divisions: treasury (46.4% of the total revenuesin the FY2009), wholesale banking (38.7%), retail banking (35.9%), life insurance (25.7 %), otherbanking business (7.1%), general insurance (4.1 %), venture fund management (0.5%) and others(5%).

Revenues by Division

In FY2009, the treasury division recorded revenues of INR297.4 billion ($6.5 billion), an increase of1.4% over 2008.

The wholesale banking division recorded revenues of INR248.1 billion ($5.4 billion) in FY2009, adecrease of 0.6% over 2008.

The retail banking division recorded revenues of INR230.2 billion ($5 billion) in FY2009, a decreaseof 5.7% over 2008.

The life insurance division recorded revenues of INR165.1 billion ($3.6 billion) in FY2009, an increaseof 14.7% over 2008.

The other banking business division recorded revenues of INR45.3 billion ($1 billion) in FY2009, anincrease of 60.9% over 2008.

The general insurance division recorded revenues of INR26.6 billion ($0.6 billion) in the FY2009, anincrease of 20.7% over 2008.

The venture fund management division recorded revenues of INR3.5 billion ($0.1 billion) in FY2009,an increase of 26.8% over 2008.

The others division recorded revenues of INR32.2 billion ($0.7 billion) in FY2009, an increase of32% over 2008.

Revenues by Geography

Domestic, ICICI Bank's largest geographical market, accounted for 92.5% of the total revenues inFY2009. Revenues from Domestic reached INR593.3 billion ($12.9 billion) in FY2009, an increaseof 3.6% over 2008.


ICICI Bank LimitedRevenue Analysis


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Foreign accounted for 7.5% of the total revenues in FY2009. Revenues from Foreign reachedINR48.2 billion ($1.1 billion) in FY2009, an increase of 72.1% over 2008.


ICICI Bank LimitedRevenue Analysis


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SWOT ANALYSIS

ICICI offer products and services in the areas of commercial banking to retail and corporate customers(both domestic and international), treasury and investment banking and other products like insuranceand asset management, however the global and domestic slowdown in the economy will affect theprofitability of the company.

WeaknessesStrengths

Overdependence on the domestic Indianmarket increasing business risk

Largest private sector bank in IndiaInternational expansion of commercial

banking increasing profitability Increase in non performing loans reducingthe profitability

ThreatsOpportunities

Opening of Indian banking sector in 2009to increase competition

Rural financing and loans to smallenterprises could increase profitability

Global and domestic economic slow downmay affect financial performance

Growth in general insurance industry likelyto increase the market share

Strengths

Largest private sector bank in India

ICICI Bank is the leading private sector bank in India. It is India's second-largest bank by total assets,with a network of over 1,419 branches and offices, and 4,713 ATMs only behind State Bank of India(a public sector bank). As of March 2009, it had an asset base of INR3,793.01 billion (US$ 83 billion)reflecting its large scale of operations.

ICICI is the largest provider of retail credit in India. The total retail portfolio was INR 1,062.03 billionat March 31, 2009, constituting 49% of total loans at that date. ICICI is strengthening retail deposit

franchise to create a stable funding base. The current and savings account (CASA) deposits as apercentage of total deposits increased from 26.1% at March 31, 2008 to 28.7% at March 31, 2009.ICICI offers a range of retail asset products, including home loans, automobile loans, commercialbusiness loans (including primarily commercial vehicle loans), personal loans, credit cards, loansagainst time deposits and loans against securities. ICICI has increased its branch network from1,262 branches in 2007 to 1,419 branches in 2009. The bank can use its large branch network incross selling of insurance, mutual funds and other products and services. In FY2009, 23% of ICICIPrudential Life Insurance Companys new business premium has been generated through ICICI


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bank. The company's strong position in the Indian market gives it significant brand recognition,leveraging which the bank could gains competitive advantage over its peers.

International expansion of commercial banking increasing profitability

ICICI expanded the range of commercial banking products internationally, focusing on customersof Indian origin.The strategy for growth in international markets is based on leveraging home countrylinks, technology and infrastructure for international expansion by capturing market share in selectinternational markets.The initial focus areas are supporting Indian companies in raising corporateand project finance for their investments abroad as well as foreign currency financing for theirinvestments in India, trade finance, personal financial services for non-resident Indians anddevelopment of a retail deposit franchise using the internet, branch and broker channels. ICICI overthe last few years built a large network of correspondent relationships with international banks across

all major countries. Most of these countries have significant trade and other relationships with India.ICICI currently have subsidiaries in Canada, Russia and the United Kingdom, branches in Bahrain,Dubai, Hong Kong, Qatar, Singapore, Sri Lanka, and the United States and representative officesin Bangladesh, China, Indonesia, Malaysia, South Africa, Thailand and the United Arab Emirates.The subsidiary in the United Kingdom has established branches in Antwerp, Belgium and Frankfurt,Germany. ICICI provides unique products and solutions to international customers such asmoney2india remittance services, tradeway, remittance tracker, offshore banking deposits, foreigncurrency non-resident deposits, non-resident external fixed deposits, deposits maintained in Indianrupees, non-resident external savings account, savings accounts maintained in Indian rupees andnon-resident ordinary savings accounts and non-resident ordinary fixed deposits. Internationalexpansion increases the profitability of ICICI.

Weaknesses

Overdependence on the domestic Indian market increasing business risk

The ICICI Bank is largely dependent on the domestic Indian market for a majority of its revenues.In financial 2009, the domestic operations accounted for about 92.5% of its total revenues. Thecompany's competitors, such as Standard Chartered and HSBC Holdings, have a much greaterinternational diversity of operations.This puts the company at a competitive disadvantage. Additionally,overdependence on the Indian market exposes the company's total revenues to greater risks ofdownturn in the demand for its products in the Indian market.

Increase in non performing loans reducing the profitability

In FY2009, the total non performing loans increased to INR98.3 billion ($2.1 billion) from INR75.88billion, an increase of 29.5%.The total non performing loans include commercial, financial, agriculturaland others and consumer loans and credit card receivables, which include home loans, automobileloans, commercial business loans, two wheeler loans, personal loans, credit card receivables andfarm equipment loans. As of March 31, 2009, the net non-performing loans in the retail portfolio were




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2.94% of net retail loans as compared with 1.83% in 2008. Increase in non performing loans reducesthe profitability of the company.

Opportunities

Rural financing and loans to small enterprises could increase the market share and profitability ofICICI

The rural credit market (comprising farmers, traders, entrepreneurs and other rural households) inIndia is relatively untapped. According to industry estimates, about 80% of the rural households inIndia had no access to formal lending. About 46% of these used informal lending channels, 24% ofwhich resorted to unregulated money lenders.These unregulated money lenders charge astronomical

interest rates (about 50%) on their loans which indicate that there is scope for cheaper and moreformal lending in the rural credit market. The rural economy accounts for more than two-thirds ofIndia's population and has great untapped potential.

The rural banking strategy seeks to adopt a holistic approach to the financial needs of varioussegments of the rural population, by delivering a comprehensive product suite encompassing credit,transaction banking, deposit, investment and insurance. The bank provides corporate bankingproducts and services to corporate clients engaged in agriculture-linked businesses. ICICI is seekingto grow the rural individual and household lending portfolio by developing and scaling up creditproducts to various segments of the rural population, whether engaged in agriculture or othereconomic activity through delivery channels including branches, third-party kiosks and franchisees.The rural credit products for individuals and households include loans to farmers for cultivation,post-harvest financing against warehouse receipts, and loans for purchase of tractors, working capitalfor trading and small enterprises, loans against jewellery and micro-finance loans for various purposes.ICICI is seeking to rollout the rural strategy and reach out to rural customers through partnershipswith micro-finance institutions and companies active in rural areas.

ICICIs small enterprises group finances small enterprises, which are defined generally as enterpriseswith tangible net worth less than INR500 million.The products offered to this segment range fromtraditional banking products such as term loans, working capital, overdrafts, letter of credits andbank guarantees to customized products suited for each business segment. ICICI is extending itsreach to the growing small enterprises sector through segmented offerings. ICICI provides supplychain financing, including financing of selected customers of corporate clients.The bank also provide

financing on a cluster-based approach that is financing of small enterprises that have a homogeneousprofile such as apparel manufacturers, auto ancillaries, pharmaceuticals and gems & jewellery. ICICIhas launched smart business loans in India to meet the working capital needs of small businesses.The funding under this facility is unsecured and the loan amount varies from INR0.2 million (US$4,968) to INR2.5 million (US$ 62,100) per customer.The bank also provides term loans to smallbusinesses generally for a period of up to 60 months. Small enterprises customer base of ICICI hasincreased by 26% to about 1.1 million accounts. The bank has introduced service offerings in over400 new branches, increasing the coverage to over 1,000 branches. Rural financing and loans tosmall enterprises would increase the profitability of ICICI.




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Growth in general insurance industry will help increasing the market share of ICICI Lombard GeneralInsurance Company

Insurance penetration in India is very low and the general insurance industry is expected to grow at15 to 20 % annually over 10 years. There are 14 general insurance companies in India, whichincludes the four government owned players accounting for over 60% of the market at the end ofMarch 2008. Following detariffing last year, the general insurance saw a steep reduction in premiumrates resulting in a 12.5% growth in premium in 2007-08. The Indian non-life insurance market grewby 12.6% in 2007 to reach a value of $7.1 billion, representing a compound annual growth rate(CAGR) of 14.7% for the period spanning 2003-2007. In 2012, the Indian non-life insurance marketis forecast to have a value of $11.2 billion, an increase of 57.6% since 2007, at a CAGR of 9.5% forthe five-year period 2007-2012.

ICICI Lombard General Insurance Company had a market share of about 29.8% in gross writtenpremium among the private sector general insurance companies and 11.9% among all generalinsurance companies in India during financial 2008 and the company can increase its market shareby introducing schemes such as micro insurance to tap the under insurance market in India.

Threats

Opening of Indian banking sector in 2009 to increase competition

The Indian banking sector will be opened to foreign banks in 2009. Reserve Bank of India, Indias

central bank will allow foreign banks to invest up to 74% in Indian banking sector and also set upbranches in rural India. The regulatory changes will be made to industry structure and sectorconsolidation in areas such as freedom to deploy capital; regulatory coverage; corporate governance;labour reforms and human capital development; and support for creating industry utilities and servicebureaus. At present in India, there are 28 public sector banks, 27 private sector banks and 29 foreignbanks. This will intensify the competition among all the banks and will lead to consolidation in theIndian banking industry.

Global and domestic economic slow down may affect financial performance

India continued to be one of the fastest growing economies of the world. During 2007-08, the Indianeconomy grew at a robust pace for the fifth consecutive year. Real GDP growth, estimated at 8.7%

in 2007-08, is in tune with the average annual GDP growth of 8.7% in the five year period 2003-04to 2007-08.The economy is expected to slowdown to 7% in 2009-2010, due to the financial crisis inthe US.

The bankruptcy of Lehman Brothers in September 2008 led to rapid deterioration in globalmacroeconomic conditions and a sharp moderation in global economic activity. According to advancedestimates released by the Bureau of Economic Analysis, the US economy declined at a staggeringrate of 6.1% in the first quarter of 2009. Real GDP in the US decreased at an annual rate of 6.3%




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in the fourth quarter of 2008.The US economy recorded a negative growth of more than 6% for twoconsecutive quarters in 60 years.The economy is likely to record a negative growth rate of 2.8% in2009 according to IMF forecast. Domestic and global economic slow down could reduce demandfor credit and other financial products and services and higher defaults among corporate, retail andrural borrowers, which would affect the financial performance of ICICI.




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TOP COMPETITORS

The following companies are the major competitors of ICICI Bank Limited

HSBC Holdings plcStandard Chartered PLCState Bank of IndiaCorporation BankBank of BarodaBank of IndiaFederal Bank Limited, The

Housing Development Finance CorporationOriental Bank of Commerce


ICICI Bank LimitedTop Competitors


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COMPANY VIEW

A statement by Chanda D. Kochhar, Managing Director and Chief Executive Officer of ICICI Bank,is given below. The statement has been taken from the company's 2009 Annual Report.

I am privileged to have the opportunity to lead ICICI Bank as its Managing Director & CEO.Thisinstitution has been built over many years under the wise guidance of Mr. N.Vaghul and the dynamicleadership of Mr. K. V. Kamath. I would like to express our gratitude to them for their immensecontribution to the growth and success of the ICICI Group.

The ICICI Group has strong traditional values and deeply-held beliefs.We have believed in capitalizing

on emerging opportunities and contributing to the growth of our country.We have believed ininnovation to enhance the range of products and services that we offer and provide greaterconvenience to the customer. We have believed in building depth of talent and leadership in theorganization and empowering the team to achieve organizational goals. We have placed strongemphasis on a framework of ethics and good governance that balances the interests of differentstakeholders.We have sought to be adaptable and flexible, anticipating and responding to thechanging needs of the economy, the dynamic business environment and the expectations of ourstakeholders.These values and beliefs will continue to be the foundation of our strategy.

Over the past few years, we have built a strong franchise in the Indian corporate & retail segments,the non-resident Indian segment, and the wider deposit market in certain countries. Since 2007, asthe global and Indian economic environment has changed rapidly, we have focused on a conscious

strategy of capital conservation, risk containment and efficiency improvement. We have healthycapital adequacy, sound liquidity and improved cost efficiencies.

Looking ahead, we see favorable prospects for the Indian economy. Our strong domestic consumptionand investment drivers will continue to support healthy rates of growth over the medium-term. Indiahas weathered the global storm with a high degree of resilience and we expect the Indian economyto return to a robust growth path ahead of other economies that are experiencing recessionaryconditions. Against this backdrop, the ICICI Group sees before it a wide opportunity spectrum:increasing household incomes & consumption in both rural and urban India; significant industrial &infrastructure investment potential; and the vast Indian Diaspora spanning the globe. We, as a multispecialist financial services group, are well positioned to capitalize on these opportunities. We willcontinue to participate in Indias growth by meeting the financial services needs of the Indian economy.

As we prepare ourselves for the next phase of growth, we will work on further diversifying our fundingprofile and revenue streams.

We believe that the strategy that we have followed and the franchise that we have built provide astrong foundation for our growth in the years to come.We look forward to the continued support andgoodwill of all our stakeholders in our Endeavour.


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LOCATIONS AND SUBSIDIARIES

Head Office

ICICI Bank LimitedICICI Bank TowersBandra Kurla ComplexBandra East400051 MumbaiINDP:91 22 2653 1414F:91 22 653 1167http://www.icicibank.com

Other Locations and Subsidiaries

ICICI Securities LimitedICICI Bank UK LimitedINDGBR

ICICI Home Finance Company LimitedICICI Prudential Life Insurance CompanyLimited INDIND

ICICI Bank CanadaICICI Trusteeship Services LimitedCANIND

ICICI Lombard General Insurance CompanyLimited

ICICI Venture Funds ManagementCompany Limited

INDIND

ICICI Brokerage Services LimitedICICI Investment Management CompanyLimited INDIND

ICICI Bank LimitedPrudential ICICI Trust LimitedSuite 2307 11 23/F Tower 2INDThe Gateway

25 Canton RoadTsim Sha TsuiKowloonHKG


ICICI Bank LimitedLocations and Subsidiaries


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ICICI Bank LtdICICI Bank Eurasia

9 Raffles PlaceBorovskoy Rayon50 01 Republic PlazaBalabanovoSingapore 04861950 Let Oktyabrya Ploschad 3SGPKaluga Region

249000RUS

ICICI Bank LtdICICI Bank Eurasia58 Dharmapala Mawatha4th Lesnoj Pereulok 4Colombo 07Capital Plaza Business CenterLKA125047 Moscow

RUS

ICICI Bank UK PLCICICI Bank UK PLC21 Knightsbridge293 Roundhay RoadNear Hyde ParkLeedsLondonYorkshireSW1X7LYLS8 4HNGBRGBR

ICICI Bank LtdICICI Bank LimitedManama Centre500 Fifth Avenue 42nd StreetManama28th FloorBHRNew York

New York 10110USA

ICICI Bank Limited Page 28 D i

ICICI Bank LimitedLocations and Subsidiaries

Documents

ICICI comp_prof090819_42784723_01