Icici Bank Ltd 6-K, filed Aug 3, 2020
Icici Bank Ltd (IBN)
About this 6-K
Icici Bank Ltd filed this 6-K on August 3, 2020.
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 August, 2020
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 | |
| 1. | News Release dated August 1, 2020 |
Item 1
 |
ICICI Bank Limited L65190GJ1994PLC021012 ICICI Bank Towers Bandra Kurla Complex Mumbai 400 051 |
News Release
ICICI Bank Limited (NYSE: IBN} filed its annual report in Form 20-F for the year ended March 31, 2020 (FY2020) on July 31, 2020, as required by United States securities regulations. The Form 20-F annual report includes the Bank's consolidated financial statements under Indian GAAP and a reconciliation of consolidated profit after tax and net worth under Indian GAAP to net income and stockholders' equity under U.S. GAAP, approved by the Audit Committee of the Board.
The net income for FY2020 under U.S. GAAP was Rs. 11,334 crore (US$ 1,503 million} as compared to consolidated profit after tax under Indian GAAP of Rs. 9,566 crore (US$ 1,269 million}. The significant difference between net income under U.S. GAAP and Indian GAAP was primarily due to difference in accounting for the valuation of debt and equity securities and difference in allowance for loan losses.
Under U.S. GAAP, the difference in accounting for the valuation of debt and equity securities resulted in higher net income by Rs. 1,460 crore (US$ 194 million} as compared to Indian GAAP in FY2020.
Under U.S. GAAP, the allowance for loan losses in the income statement was lower by Rs. 505 crore (US$ 67 million} in FY2020 as compared to Indian GAAP. The differences in the methodology of computing loan loss allowances between Indian GAAP and U.S. GAAP result in timing differences in the recognition of allowance for loan losses.
Stockholders' equity as per U.S. GAAP was Rs. 145,718 crore (US$ 19.3 billion} at March 31, 2020 compared to the consolidated net worth as per Indian GAAP of Rs. 122,960 crore (US$ 16.3 billion}.
Pursuant to its issuance and listing of securities in the United States under registration statements filed with the Securities and Exchange Commission, ICICI Bank files annual report in Form 20-F with the SEC as required by U.S. securities laws and regulations. ICICI Bank in its annual report in Form 20-F includes consolidated financial statements under Indian GAAP, with a reconciliation of profit after tax and net worth under Indian GAAP to net income and stockholders' equity under U.S. GAAP and a description of significant differences between Indian GAAP and U.S. GAAP.
1
| |
ICICI Bank Limited L65190GJ1994PLC021012 ICICI Bank Towers Bandra Kurla Complex Mumbai 400 051 |
It may be noted that there are significant differences in the basis of accounting between U.S. GAAP and Indian GAAP primarily relating to allowance for loan losses, business combinations, consolidation, valuation of securities and derivatives, amortization of fees and costs, compensation costs, securitization, income taxes and fixed assets.
Copies of the Form 20-F are available from the United States Securities and Exchange Commission (SEC) website www.sec.gov or via a direct link to the SEC website at "About Us/Investor Relations/SEC Filings" page of IC/CI Bank's website:
(https://www.sec.gov/Archives/edgar/data/1103838/000095010320014829/dp130917_20fhtm)
Shareholders may obtain a copy of the complete audited financial statements free of charge by writing to Company Secretary, ICICI Bank Limited, ICICI Bank Towers, Sandra Kurla Complex, Mumbai 400051 or sending an e-mail to companysecretary@icicibank.com, with details of their shareholding and mailing address.
For further press queries please call Sujit Ganguli I Kausik Datta at 91-22-2653 8525 I 91-22-2653 7026 or e-mail at corporate.communications@icicibank.com.
2
| |
ICICI Bank Limited L65190GJ1994PLC021012 ICICI Bank Towers Bandra Kurla Complex Mumbai 400 051 |
For investor queries please call Anindya Banerjee I Aashwij Mallya at 91-22-2653 7131 / 91-22-4008 7107 or email at ir@icicibank.com.
1 crore = 10 million
US$ amounts represent convenience translations at US$1= Rs. 75.39
| Mumbai | For ICICI Bank Limited |
| August 1, 2020 | |
| /s/ Rakesh Jha | |
| Group Chief Financial Officer | |
3
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 authorised.
| For ICICI Bank Limited | |||||
| Date: | August 1, 2020 | By: | /s/ Vivek Ranjan | ||
| Name: | Vivek Ranjan | ||||
| Title: |
Chief Manager | ||||