AUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED SEPTEMBER 30, 1999
(Rupees in crores)
|Sr. No.||Particulars||Half Year ended||Second Quarter ended||Year ended March 31, 1999|
|Sept 30, 1999||Sept 30, 1998||Sept 30, 1999||Sept 30, 1998|
|7.||Gross Profit before depreciation, provisions and contingencies||83.16||66.26||42.86||33.59||142.13|
|8.||Depreciation on fixed assets||9.05||8.18||4.96||4.18||17.53|
|9.||Profit before provisions and contingencies||74.11||58.08||37.90||29.41||124.60|
|10.||Provisions and contingencies||30.01||28.02||14.05||16.09||61.24|
|12.||Paid up Equity Share Capital||165.00||165.00||165.00||165.00||165.00|
|13.||Reserves (excluding Revaluation Reserves)||187.43||131.81||187.43||131.81||143.33|
|16.||Credit-like corporate debt instruments||1,174.03||482.96||1.174.03||482.96||1,277.48|
- Depreciation on Investments and Provision on bad debts have been made as per guidelines of the Reserve Bank of India.
- The Bank has identified and addressed the risks to its operations arising out of the Year 2000 (Y2K) problem. All critical internal technology systems in the Bank are Y2K ready. A business continuity plan has been prepared to ensure that the mission-critical operations of the Bank will be carried out and customer interests will be fully protected in case of failure of utility services, etc. The expenditure for addressing Y2K issues for the current financial year is estimated at Rs. 50 lakhs.
- Pursuant to a fresh Certificate of Incorporation dated September 10, 1999 issued by the Registar of Companies, Gujarat, Dadra and Nagar Haveli, the name of the Bank has changed from ICICI Banking Corporation Limited to ICICI Bank Limited. The change of name to 'ICICI Bank Limited' does not suggest to any new line of business being undertaken/to be undertaken by the Bank consequent upon the change of name.
- The above results have been taken on record by the Board of Directors of the Bank at its meeting held on October 27, 1999.