Icici Bank Ltd 6-K, filed Dec 27, 2023

Icici Bank Ltd (IBN)

6-K 2023-12-27 For: 2023-12-26

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Added on April 06, 2026

About this 6-K

Icici Bank Ltd filed this 6-K on December 27, 2023.

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Document Name:	Semi-Annual Report

Filed with:	Director of Kanto Local Finance Bureau

Date of Filing:	December 25, 2023

For Six-month Period:	From April 1, 2023 through September 30, 2023

Corporate Name:	ICICI Bank Limited

Name and Title of Representative:	Nilanjan Sinha
	General Counsel

Location of Registered Office:	ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara 390 007, Gujarat, India

Personal Name or Corporate Name	Hironori Shibata, Attorney-at-Law

of Attorney-in-Fact:
Address or Location of	Anderson Mori & Tomotsune
Attorney-in-Fact:	Otemachi Park Building
	1-1, Otemachi 1-chome
	Chiyoda-ku, Tokyo

Telephone Number:	03-6775-1039

Name of Person to Contact with:	Nozomu Shiba, Attorney-at-Law
	Shunpei Hori, Attorney-at-Law
	Yoshiki Hiramatsu, Attorney-at-Law
	Ayako Motosugi, Attorney-at-Law

Place to Contact with:	Anderson Mori & Tomotsune
	Otemachi Park Building
	1-1, Otemachi 1-chome
	Chiyoda-ku, Tokyo

Telephone Number:	03-6775-1779

Place(s) for Public Inspection:	Not applicable

PART I.	CORPORATE INFORMATION	1
I.	SUMMARY OF LEGAL AND OTHER SYSTEMS IN HOME COUNTRY	1
II.	OUTLINE OF COMPANY	2
	1. Trends in Major Business Indices, etc.	2
	2. Nature of Business	7
	3. State of Affiliated Companies	7
	4. State of Employees	7
III.	STATEMENT OF BUSINESS	7
	1. Management Policy, Business Environment and Problems to be Coped with, etc.	7
	2. Risks in Business, etc.	7
	3. Management’s Analysis of Financial Position, Operating Results and Statement of Cash Flows	8
	4. Material Contracts Relating to Management, etc.	23
	5. Research and Development Activities	23
IV.	STATEMENT OF FACILITIES	24
	1. State of Major Facilities	24
	2. Plan for Installation, Retirement, etc. of Facilities	24
V.	STATEMENT OF FILING COMPANY	25
	1. State of Shares, etc.	25
	(1) Total Number of Shares, etc.	25
	(i) Total Number of Shares	25
	(ii) Issued Shares	25
	(2) State of Exercise of Bonds with Stock Acquisition Rights etc.with Moving Strike Clause	25
	(3) Total Number of Issued Shares and Capital Stock	26

	(4) Major Shareholders	26
	2. Statement of Directors and Officers	27
VI.	FINANCIAL CONDITION	34
	1. Interim Financial Statements	34
	2. Other Information	37
	(1) Legal and Regulatory Proceedings	37
	(2) Subsequent Events	40
	3. Major Differences between United States and Japanese Accounting Principles and Practices	40
	4. Major Differences between Indian and Japanese Accounting Principles and Practices	45
VII.	TRENDS IN FOREIGN EXCHANGE RATES	52
VIII.	REFERENCE INFORMATION OF FILING COMPANY	53

PART II.	INFORMATION ON GUARANTY COMPANY OF FILING COMPANY, ETC.	54
I.	INFORMATION ON GUARANTY COMPANY	54
II.	INFORMATION ON COMPANIES OTHER THAN GUARANTY COMPANY	54
III.	INFORMATION ON BUSINESS INDICES, ETC.	54

Sr. No.	Particulars	Six months ended				Year ended
Sr. No.	Particulars	September 30, 2023	September 30, 2023	September 30, 2022	September 30, 2021	March 31, 2023	March 31, 2023	March 31, 2022
		(Unaudited)		(Unaudited)	(Unaudited)	(Audited)		(Audited)
1.	Interest earned (a)+(b)+(c)+(d)	Rs. 68,248.00	JPY 1,324,011.20	Rs. 49,704.58	Rs. 41,617.05	Rs. 109,231.34	JPY 2,119,088.00	Rs. 86,374.55
	a) Interest/discount on advances/bills	52,963.02	1,027,482.59	37,563.19	30,722.67	83,942.97	1,628,493.62	63,833.56
	b) Income on investments	13,638.31	264,583.21	9,705.14	8,139.58	20,888.46	405,236.12	16,409.27
	c) Interest on balances with Reserve Bank of India and other inter-bank funds	907.04	17,596.58	829.68	400.27	1,850.51	35,899.89	1,560.83
	d) Others	739.63	14,348.82	1,606.57	2,354.53	2,549.40	49,458.36	4,570.89
2.	Other income	11,211.93	217,511.44	9,720.07	8,793.04	19,831.45	384,730.13	18,517.53
3.	TOTAL INCOME (1)+(2)	79,459.93	1,541,522.64	59,424.65	50,410.09	129,062.79	2,503,818.13	104,892.08
4.	Interest expended	31,713.63	615,244.42	21,707.75	18,991.55	47,102.74	913,793.16	38,908.45
5.	Operating expenses (e)+(f)	19,377.91	375,931.45	15,727.69	12,609.42	32,873.24	637,740.86	26,733.32
	e) Employee cost	7,609.08	147,616.15	5,737.74	4,758.98	12,059.93	233,962.64	9,672.75
	f) Other operating expenses	11,768.83	228,315.30	9,989.95	7,850.44	20,813.31	403,778.21	17,060.57
6.	TOTAL EXPENDITURE (4)+(5) (excluding provisions and contingencies)	51,091.54	991,175.88	37,435.44	31,600.97	79,975.98	1,551,534.01	65,641.77
7.	OPERATING PROFIT (3)-(6) (Profit before provisions and contingencies)	28,368.39	550,346.77	21,989.21	18,809.12	49,086.81	952,284.11	39,250.31
8.	Provisions (other than tax) and contingencies (refer note no. 4)	1,875.07	36,376.36	2,788.34	5,565.17	6,665.58	129,312.25	8,641.42
9.	PROFIT FROM ORDINARY ACTIVITIES BEFORE EXCEPTIONAL ITEMS AND TAX (7)-(8)	26,493.32	513,970.41	19,200.87	13,243.95	42,421.23	822,971.86	30,608.89
10.	Exceptional items	..	..	..	..	..	..	..
11.	PROFIT FROM ORDINARY ACTIVITIES BEFORE TAX (9)-(10)	26,493.32	513,970.41	19,200.87	13,243.95	42,421.23	822,971.86	30,608.89
12.	Tax expense (g)+(h)	6,584.12	127,731.93	4,738.09	3,116.98	10,524.73	204,179.76	7,269.40
	g) Current tax	6,383.89	123,847.47	4,844.35	2,879.65	10,254.48	198,936.91	6,297.68
	h) Deferred tax	200.23	3,884.46	(106.26)	237.33	270.25	5,242.85	971.72
13.	NET PROFIT FROM ORDINARY ACTIVITIES AFTER TAX (11)-(12)	19,909.20	386,238.48	14,462.78	10,126.97	31,896.50	618,792.10	23,339.49
14.	Extraordinary items (net of tax expense)	..	..	..	..	..	..	..

15.	NET PROFIT FOR THE PERIOD (13)-(14)	19,909.20	386,238.48	14,462.78	10,126.97	31,896.50	618,792.10	23,339.49
16.	Paid-up equity share capital (face value Rs. 2 each)	1,400.83	27,176.10	1,393.79	1,387.09	1,396.78	27,097.53	1,389.97
17.	Reserves excluding revaluation reserves	210,508.56	4,083,866.06	177,407.93	152,176.34	195,495.25	3,792,607.85	165,659.93
18.	Analytical ratios
	i) Percentage of shares held by Government of India	0.21%	..	0.20%	0.20%	0.20%	..	0.19%
	ii) Capital adequacy ratio (Basel III)	16.07%	..	16.93%	18.33%	18.34%	..	19.16%
	iii) Earnings per share (EPS)
	a) Basic EPS before and after extraordinary items, net of tax expense (not annualized) (in Rs./JPY)	28.46	55.21	20.79	14.62	45.79	88.83	33.66
	b) Diluted EPS before and after extraordinary items, net of tax expense (not annualized) (in Rs./JPY)	27.96	54.24	20.38	14.34	44.89	87.09	32.98
19.	NPA Ratio ¹
	i) Gross non-performing customer assets (net of write-off)	29,836.94	578,836.64	32,570.86	41,437.41	31,183.70	604,963.78	33,919.52
	ii) Net non-performing customer assets	5,046.47	97,901.52	6,099.29	8,161.04	5,155.07	100,008.36	6,960.89
	iii) % of gross non-performing customer assets (net of write-off) to gross customer assets	2.48%	..	3.19%	4.82%	2.81%	..	3.60%
	iv) % of net non-performing customer assets to net customer assets	0.43%	..	0.61%	0.99%	0.48%	..	0.76%
20.	Return on assets (annualized)	2.40%	..	2.02%	1.67%	2.16%	..	1.84%
21.	Net worth ²	204,617.01	3,969,569.99	170,442.17	144,264.76	189,125.63	3,669,037.22	158,769.75
22.	Outstanding redeemable preference shares	..	..	..	..	..	..	..
23.	Capital redemption reserve	350.00	6,790.00	350.00	350.00	350.00	6,790.00	350.00
24.	Debt-equity ratio ³	0.30	..	0.40	0.38	0.37	..	0.44
25.	Total debts to total assets ⁴	6.79%	..	8.73%	6.50%	7.53%	..	7.60%

Type of Borrower	Exposure to accounts classified as Standard consequent to implementation of resolution plan – Position as at the end of March 31, 2023 (A)	Of (A), aggregate debt that slipped into NPA during the six months ended September 30, 2023¹	Of (A) amount written off during the six months ended September 30, 2023	Of (A) amount paid by the borrowers during the six months ended September 30, 2023²	Exposure to accounts classified as Standard consequent to implementation of resolution plan – September 30, 2023
Personal Loans³	1,960.78	111.98	4.98	281.75	1,567.05
Corporate persons	810.90	..	..	13.32	797.58
Of which, MSMEs	..	..	..	..	..
Others	568.76	42.20	2.59	95.26	431.30
Total	3,340.44	154.18	7.57	390.33	2,795.93

	Six months ended September 30,
Particulars	2022			2023			2023			2023/2022 % change
(in million, except percentages)
Interest income	Rs.	497,045.8		Rs.	682,480.0		JPY	1,324,011.2			37.3	%
Interest expense		(217,077.5	)		(317,136.3	)		(615,244.4	)		46.1	%
Net interest income⁽¹⁾	Rs.	279,968.3		Rs.	365,343.7		JPY	708,766.8			30.5	%

	Six months ended September 30,
								2023/2022
Particulars	2022			2023		2023		% change
	(in million, except percentages)
Fee income⁽¹⁾		Rs. 87,233.3			Rs. 100,465.4		JPY 194,902.9		15.2	%
Income from treasury-related activities⁽²⁾		(483.5	)		1,679.3		3,257.8		-
Dividend from subsidiaries/associates/joint ventures		9,949.7			9,395.8		18,227.9		(5.6	%)
Other income (including lease income)		501.3			578.7		1,122.7		16.0	%
Total non-interest income		Rs. 97,200.8			Rs. 112,119.2		JPY 217,511.2		15.4	%

	Six months ended September 30,
Particulars	2022			2023			2023			2023/2022 % change
	(in millions, except percentages)
Provision for investments (including credit substitutes) (net)	Rs.	9,748.6		Rs.	(1,410.0	)	JPY	(,735.4	)		-
Provision for non-performing and other assets⁽¹⁾		(5,302.1	)		8,422.5			16,339.7			-
Provision for standard assets		4,117.3			8,447.5			16,388.2			-
Others⁽²⁾		19,319.6			3,290.0			6,382.6			(83.0	%)
Total provisions and contingencies	Rs.	27,883.4		Rs.	18,750.0		JPY	36,375.0			(32.7	%)

	At
	(in millions, except percentages)
September 30, 2022		March 31, 2023			September 30, 2023			September 30, 2023			2023/2022 % change
		(in millions, except percentages)
Gross non-performing loans	Rs.	314,214.2		Rs.	299,860.7		Rs.	288,947.2		JPY	560,557.6		(8.04	)%
Provisions for non-performing loans		(253,266.2	)		(248,360.1	)		(238,539.1	)		(462,765.9	)	(5.81	)%
Net non-performing loans	Rs.	60,948.0		Rs.	51,500.7		Rs.	50,408.1		JPY	97,791.7		(17.29	)%
Gross customer loans		9,641,438.5			10,446,527.1			11,345,548.0			22,010,363.1		17.67
Net customer loans		9,385,627.8			10,196,383.0			11,105,421.4			21,544,517.5		18.32
Gross non-performing loans as a percentage of gross customer loans		3.26	%		2.87	%		2.55	%
Net non-performing loans as a percentage of net customer loans		0.65	%		0.51	%		0.45	%

	At
	September 30, 2022		March 31, 2023		September 30, 2023		September 30, 2023		2023/2022 % change
		(in million, except percentages)

Cash and cash equivalents	Rs.	1,249,129.2	Rs.	1,194,382.7	Rs.	1,094,617.0	JPY	2,123,557.0		(12.4	)%
Investments⁽¹⁾		3,330,308.2		3,623,297.3		4,132,530.9		8,017,110.0		24.1
Advances		9,385,627.8		10,196,383.1		11,105,421.4		21,544,517.5		18.3
Fixed assets (including leased assets)		95,096.7		95,998.4		101,659.3		197,219.0		6.9
Other assets⁽²⁾		826,580.5		732,005.0		773,567.0		1,500,720.0		(6.4	)
Total assets	Rs.	14,886,742.4	Rs.	15,842,066.5	Rs.	17,207,795.6	JPY	3,383,123.5		15.6	%

	At
Liabilities	September 30, 2022		March 31, 2023		September 30, 2023		September 30, 2023		2023/2022 % change
	(in million, except percentages)
Deposits	Rs.	10,900,079.6	Rs.	11,808,406.9	Rs.	12,947,417.2	JPY	25,117,989.4		18.8	%
Borrowings⁽¹⁾		1,299,339.1		1,193,254.9		1,167,580.2		2,265,105.6		(10.1	)
Other liabilities		862,254.6		833,250.8		932,309.0		1,808,679.5		8.1
Total liabilities		13,061,673.3		13,834,912.6		15,047,306.4		29,191,774.4		15.2
Equity share capital		13,937.9		13,967.8		14,008.3		27,176.1		0.5
Reserves and surplus		1,811,131.2		1,993,186.1		2,146,480.9		4,164,172.9		18.5
Total liabilities (including capital and reserves)	Rs.	14,886,742.4	Rs.	15,842,066.5	Rs.	17,207,795.6	JPY	33,383,123.5		15.6	%

Number of Shares Authorized to be Issued	Number of Issued Shares	Number of Unissued Shares
12,500,000,000 equity shares of Rs. 2/- each	7,003,087,787 ⁽¹⁾ shares	5,496,912,213 shares

Date	Number of Shares on Issue		Share Capital (in Rs.)		Remarks
Date	Number of Shares Increased/ (Decreased)	Number of Outstanding Shares After Increase/ (Decrease) ⁽¹⁾	Amount of Share Capital Increased/ (Decreased)	Amount After Share Capital Increase/ (Decrease)	Remarks
Total equity shares of Rs. 2/- each outstanding as on April 1, 2023		6,982,815,731		13,965,631,462 (JPY 27,093,325,036)	-
During fiscal year 2024 (Up to September 30, 2023)	20,272,056	7,003,087,787	40,544,112 (JPY 78,655,577)	14,006,175,574 (JPY 27,171,980,614)	Allotment of 20,272,056 shares issued on exercise of options, under the Employee Stock Option Scheme 2000.

Notes:

Sr. No.	Particulars	Six months ended				Year ended
Sr. No.	Particulars	September 30, 2023	September 30, 2023	September 30, 2022	September 30, 2021	March 31, 2023	March 31, 2023	March 31, 2022
		(Unaudited)		(Unaudited)	(Unaudited)	(Audited)		(Audited)
1.	Segment revenue
a	Retail Banking	Rs. 64,137.23	JPY 1,244,262.26	Rs. 48,710.23	Rs. 40,693.22	Rs. 103,775.34	JPY 2,013,241.60	Rs. 84,639.22
b	Wholesale Banking	33,452.90	648,986.26	22,424.57	19,156.35	50,614.85	981,928.09	39,971.49
c	Treasury	54,024.35	1,048,072.39	38,380.32	32,787.00	84,536.92	1,640,016.25	67,321.09
d	Other Banking	3,064.20	59,445.48	1,811.60	1,361.76	4,464.00	86,601.60	2,778.41
e	Life Insurance	23,350.83	453,006.10	21,051.94	20,842.14	47,930.17	929,845.30	45,340.24
f	Others	6,416.95	124,488.83	4,500.68	4,369.02	9,725.98	188,684.01	8,733.25
	Total segment revenue	184,446.46	3,578,261.32	136,879.34	119,209.49	301,047.26	5,840,316.84	248,783.70
	Less: Inter segment revenue	75,070.20	1,456,361.88	52,482.79	44,373.03	114,868.46	2,228,448.12	91,247.38
	Income from operations	109,376.26	2,121,899.44	84,396.55	74,836.46	186,178.80	3,611,868.72	157,536.32
2.	Segmental results (i.e., Profit before tax and minority interest)
a	Retail Banking	9,074.60	176,047.24	8,342.48	2,995.57	17,533.68	340,153.39	11,400.39
b	Wholesale Banking	8,749.70	169,744.18	7,405.50	3,784.83	15,785.78	306,244.13	9,052.93
c	Treasury	8,189.15	158,869.51	5,650.70	5,300.22	14,037.21	272,321.87	9,674.48
d	Other Banking	755.31	14,653.01	439.76	301.87	1,001.45	19,428.13	627.12
e	Life Insurance	456.79	8,861.73	355.17	258.84	896.89	17,399.67	790.56
f	Others	2,712.03	52,613.38	2,060.59	2,142.69	4,202.37	81,525.98	4,349.99
g	Unallocated expenses	..	..	(2,550.00)	1,050.00	(5,650.00)	(109,610.00)	25.00
	Total segment results	29,937.58	580,789.05	21,704.20	15,834.02	47,807.38	927,463.17	35,920.47
	Less: Inter segment adjustment	798.72	15,495.17	867.47	1,040.62	1,550.92	30,087.85	1,679.20
	Add: Share of profit in associates	586.49	11,377.91	517.78	382.68	998.29	19,366.83	754.43
	Profit before tax and minority interest	29,725.35	576,671.79	21,354.51	15,176.08	47,254.75	916,742.15	34,995.70
3.	Segment assets
a	Retail Banking	668,057.40	12,960,313.56	547,304.40	440,449.89	603,959.37	11,716,811.78	487,651.93
b	Wholesale Banking	463,638.43	8,994,585.54	391,612.01	334,763.84	432,874.35	8,397,762.39	379,091.80
c	Treasury	556,107.71	10,788,489.57	516,823.60	482,178.51	512,940.50	9,951,045.70	521,896.09
d	Other Banking	85,485.62	1,658,421.03	77,931.47	65,889.47	83,696.05	1,623,703.37	68,286.69
e	Life Insurance	276,072.97	5,355,815.62	247,827.69	241,441.14	255,689.90	4,960,384.06	244,006.42
f	Others	79,509.73	1,542,488.76	52,124.46	40,544.01	71,134.84	1,380,015.90	51,653.48
g	Unallocated	7,409.61	143,746.43	10,294.09	10,695.36	9,656.72	187,340.37	10,572.66
	Total	2,136,281.47	41,443,860.52	1,843,917.72	1,615,962.22	1,969,951.73	38,217,063.56	1,763,159.07
	Less: Inter segment adjustment	11,431.72	221,775.37	10,763.90	11,909.30	11,461.23	222,347.86	10,521.69
	Total segment assets	2,124,849.75	41,222,085.15	1,833,153.82	1,604,052.92	1,958,490.50	37,994,715.70	1,752,637.38
4.	Segment liabilities
a	Retail Banking	940,334.15	18,242,482.51	830,053.25	726,094.15	891,354.54	17,292,278.08	791,894.25
b	Wholesale Banking	416,050.16	8,071,373.10	321,677.03	293,984.46	347,276.49	6,737,163.91	321,390.70
c	Treasury	145,118.41	2,815,297.15	156,709.28	106,797.40	144,338.32	2,800,163.41	133,045.58

Shareholder	Shares (million)	% Holding
Deutsche Bank Trust Company Americas (Depository for ADS holders)	1,370.08	19.5%
SBI Mutual Fund	418.09	6.0%
Life Insurance Corporation of India	390.86	5.6%
ICICI Prudential Mutual Fund	244.79	3.5%
HDFC Mutual Fund	190.74	2.7%
GIC Private Limited	178.76	2.5%
NPS Trust	153.06	2.2%
UTI Mutual Fund	133.48	1.9%
Nippon India Mutual Fund	100.32	1.4%
Aditya Birla Sun Life Mutual Fund	89.23	1.3%
Kotak Mutual Fund	84.50	1.2%
SBI Life Insurance Company	83.33	1.2%
Mirae Asset Mutual Fund	78.06	1.1%
Norges Bank	73.07	1.0%
Total	3,588.37	51.1%

Position	Name (Age)	Biography	Term as per Banking Regulation Act ⁽⁹⁾	Number of Shares at December 15, 2023
Non-executive Part-time Chairman	Mr. Girish Chandra Chaturvedi (70)	Mr. Girish Chandra Chaturvedi has master’s degrees in physics and social policy in developing countries from the University of Allahabad and the London School of Economics respectively. He joined the Indian Administrative Service in 1977, serving at various levels across a number of sectors, including banking, insurance, pension, health, family welfare and petroleum and natural gas. He also served as a government nominee director on the boards of several banks, insurance companies and financial institutions. He retired in 2013 as the secretary of the Ministry of Petroleum and Natural Gas.	June 30, 2024⁽¹⁾	Nil
Non-Executive Director	Mr. Uday Chitale (74)	Mr. Uday Chitale is a chartered accountant with professional standing of over 45 years and was a senior partner of M. P. Chitale & Co, chartered accountants. He is also active in the field of arbitration and conciliation of commercial disputes. He has served on the boards of several companies and was a board member of the Bank from 1997 to 2005 as well. He served on the global board of directors and as Vice President-Asia Pacific of the worldwide association of accounting firms DFK International. He is also a member of the Board of Governors of National Institute of Securities Markets promoted by Securities and Exchange Board of India.	October 19, 2024⁽⁶⁾	Nil

Non-Executive Director	Ms. Neelam Dhawan (64)	Ms. Neelam Dhawan is an economics graduate from St Stephen’s College, Delhi University and has a master’s in business administration degree from the Faculty of Management Studies, Delhi University. Ms. Dhawan has over 38 years of experience in the information technology industry. Starting from 1982, she has held various positions across Hindustan Computers Limited, IBM, Microsoft and Hewlett Packard Enterprise. She has been Managing Director and leader of the country businesses for 11 years for Microsoft and later Hewlett Packard in India. Her last executive assignment was in Hewlett Packard Enterprise that of as Vice President for Global Industries, Strategic Alliances, and Inside Sales for Asia Pacific and Japan.	January 11, 2026⁽⁶⁾	Nil
Non-Executive Director	Mr. Subramanian Madhavan (67)	Mr. Subramanian Madhavan is a chartered accountant and holds a post graduate diploma in business management from the Indian Institute of Management, Ahmedabad. He started his career with Hindustan Unilever Limited. He had thereafter established a highly successful tax practice and served large Indian and multinational clients. He was then a senior partner and Executive Director in PricewaterhouseCoopers Private Limited. He has around 38 years of experience in accountancy, economics, finance, law, information technology, human resources, risk management, business management and banking.	April 13, 2027⁽⁷⁾	4,000

Non-Executive Director	Mr. Hari L. Mundra (74)	Mr. Hari L. Mundra has a bachelor of arts degree and a post graduate degree in business management from the Indian Institute of Management, Ahmedabad. He began his career in 1971 in Hindustan Unilever Limited and was the youngest member of its board as the Vice President and Executive Director in charge of exports at the time he left in 1995. He subsequently held leadership positions in major Indian industrial conglomerates, in areas including pharmaceuticals and healthcare, and petrochemicals. He has 50 years of extensive industrial experience in India and Indonesia.	October 25, 2024⁽⁷⁾	Nil
Non-Executive Director	Mr. Radhakrishnan Nair (68)	Mr. Radhakrishnan Nair holds degrees in science, securities laws, management and law. He has around 40 years of experience in banking industry and in the field of securities and insurance regulation. He started his banking career with Corporation Bank and also served as the Managing Director of Corporation Bank Securities Limited. He was Executive Director at Securities and Exchange Board of India from 2005 to 2010 and Member (Finance and Investment) in the Insurance Regulatory and Development Authority of India from 2010 to 2015. He has been a member of various committees of International Organization of Securities Commissions and the International Association of Insurance Supervisors.	May 1, 2026⁽⁶⁾	Nil

Managing Director and CEO	Mr. Sandeep Bakhshi (63)	Mr. Sandeep Bakhshi is an engineer and has a masters’ degree in business administration. Mr. Sandeep Bakhshi joined ICICI Limited in the year 1986. Over the years he has worked in various assignments at ICICI Limited, ICICI Lombard General Insurance Company Limited, ICICI Bank Limited and ICICI Prudential Life Insurance Company Limited. He joined ICICI Bank Limited on June 19, 2018 as Chief Operating Officer and was appointed as Managing Director and Chief Executive Officer of ICICI Bank Limited on October 15, 2018.	October 3, 2026⁽²⁾	250,000
Executive Director	Mr. Sandeep Batra (57)	Mr. Sandeep Batra is a chartered accountant and a company secretary by qualification. He joined as Chief Financial Officer of ICICI Prudential Life Insurance Company Limited in the year 2000 and subsequently has held positions as Group Compliance Officer of ICICI Bank Limited, Executive Director of ICICI Prudential Life Insurance Company Limited and President at ICICI Bank Limited. He was appointed as Executive Director of ICICI Bank Limited effective December 23, 2020 and is currently responsible for corporate communications, finance, legal, human resources and secretarial functions and has administrative oversight over risk management, internal audit and compliance functions. He also serves on the board of ICICI Prudential Life Insurance, ICICI Lombard General Insurance, ICICI Prudential Asset Management and ICICI Venture.	December 22, 2025⁽³⁾	214,000

Executive Director	Mr. Rakesh Jha (52)	Mr. Rakesh Jha is an engineering graduate from the Indian Institute of Technology at Delhi and a post-graduate in management from the Indian Institute of Management, Lucknow. He joined ICICI in 1996 and has worked in various areas. He was the Group Chief Financial Officer in his previous role. He was appointed as an Executive Director on the Board of ICICI Bank with effect from September 2, 2022. He is responsible for the retail, small enterprises and corporate banking businesses of the Bank. He also serves on the board of ICICI Lombard General Insurance Company Limited, ICICI Securities Limited, ICICI Home Finance Company Limited and ICICI Venture.	September 1, 2025⁽⁵⁾	81,700
Group Chief Financial Officer	Mr. Anindya Banerjee (47)	Mr. Anindya Banerjee is a chartered accountant. He joined ICICI Group in 1998 and initially worked in the area of corporate banking before moving to planning and strategy function in the corporate office. He was appointed as the Group Chief Financial Officer of the Bank with effect from May 1, 2022. His current responsibilities include financial reporting, planning and strategy and asset-liability management.	Regular employment	169,500

	Six months ended		Six months ended
	30-Sep-22		30-Sep-23
	Rs. crore	JPY mn	Rs. crore	JPY mn
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
Net interest income	27,997	543,142	36,535	708,779
Non-interest income	9,768	189,499	11,044	214,254
-Fee income	8,723	169,226	10,047	194,912
-Dividend income from subsidiaries/associates	995	19,303	939	18,217
-Other income	50	970	58	1,125
Less:
Operating expense	15,727	305,104	19,378	375,933
*Core operating profit¹*	*22,038*	*427,537*	*28,201*	*547,099*
Total net provision	2,788	54,087	1,875	36,375
Contingency provisions²	2,550	49,470	-	-
Other provisions	238	4,617	1,875	36,375
Profit before tax excl. treasury	19,250	373,450	26,326	510,724
Treasury	(49)	(951)	167	3,240
Profit before tax	19,201	372,499	26,493	513,964
Less:
Provision for taxes	4,738	91,917	6,584	127,730
Profit after tax	14,463	280,582	19,909	386,235

		For ICICI Bank Limited
Date :	December 26, 2023	By:	/s/ Vivek Ranjan
			Name :	Vivek Ranjan
			Title :	Assistant General Manager