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ICICI Group: Strategy andPerformance
September 2007
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Contents
Financial Performanceinancial Performance
Opportunities & Strategy
Key Subsidiariesey Subsidiaries
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Consumption and InvestmentHouseholds in Rs. 90,000-Rs. 1,000,000income bracket expected to increase from53.0 mn (28% of total) in 2002 to 108.0 mn(46%) in 2010 1
Share of population in deprived class to dropby more than half by 2025 with more than291 mn people expected to rise out ofpoverty and enter middle class
Households in Rs. 90,000-Rs. 1,000,000income bracket expected to increase from53.0 mn (28% of total) in 2002 to 108.0 mn(46%) in 2010 1
Share of population in deprived class to dropby more than half by 2025 with more than291 mn people expected to rise out ofpoverty and enter middle class
Consumption
Strong corporate performance with highcash accruals; large investment pipeline inboth manufacturing and infrastructure
Increasing volume of cross border M&As:Volume of outbound M&A at US$ 21.2 bn inCY2006 (2)
Strong corporate performance with highcash accruals; large investment pipeline inboth manufacturing and infrastructureIncreasing volume of cross border M&As:Volume of outbound M&A at US$ 21.2 bn inCY2006 (2)
Investment
1. National Council For Applied Economic Research2. Source: Bloomberg, Including Tata Corus deal
announced in December 2006
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Multiple opportunities in financial services
Favourabledemographics
Manufacturing
Infrastructure
Knowledgecapital
Internationalexpansion
CreditSavingsInvestment banking
Insurance
Asset management
Rising disposableincome
Investment Personal Consumption
Housing
Transportation
Personal credit
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The ICICI Group: Our strategy
S
h
eh
lde
v
u
Domestic RetailBanking
Enhance share of retaildeposits and sustain leadership
position in credit franchise
Global Corporateand Investment
Banking
Leverage corporate
relationships, structuringexpertise, balance sheet andglobal syndication capability
International RetailBanking
Leverage NRI opportunity andtechnology capabilities
Rural Banking Invest for future growth
Insurance & AssetManagement
Enhance and leverage marketleadership position
…multi-specialist financial
services group
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Our retail banking platformLeadership position with demonstratedpricing powerFull range of products distributed through in-house network and external agent forceCentralized credit & operations
Leadership position with demonstratedpricing powerFull range of products distributed through in-house network and external agent forceCentralized credit & operations
Credit
Superior deposit gathering franchise: highestsavings account deposit per branch in theindustryLow cost, scalable technology architecture:only 10% of transactions occur at branches
Superior deposit gathering franchise: highestsavings account deposit per branch in theindustryLow cost, scalable technology architecture:only 10% of transactions occur at branches
Deposits
Diversified fee income streams: loans, cards,
transaction banking & distributionFocus on cross sell of insurance and assetmanagement products
Diversified fee income streams: loans, cards,transaction banking & distributionFocus on cross sell of insurance and assetmanagement products
Fee income
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Innovative SME business model
Market Segmentation based on risk profile:industry clusters, corporate channel partnersand other SMEsLending predominantly focused on
Pre-selected clustersCorporate linkagesParameterisation
Market Segmentation based on risk profile:industry clusters, corporate channel partnersand other SMEsLending predominantly focused on
Pre-selected clusters
Corporate linkagesParameterisation
Focusedlending
Innovative deposit product for SMEs:Roaming current accountComprehensive non-fund based productsuite: trade, cash management, foreignexchange and risk management
Innovative deposit product for SMEs:Roaming current accountComprehensive non-fund based productsuite: trade, cash management, foreignexchange and risk management
Deposits andtransaction
banking
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Corporate & investment banking
Origination Structuring Syndication
Leveraging domesticcorporate relationshipsProject appraisal
capabilitiesM&A advisory
Leveraging domesticcorporate relationshipsProject appraisal
capabilitiesM&A advisory
Structuring skillsBalance sheetsupport –
domestic andinternational
Structuring skillsBalance sheetsupport –
domestic andinternational
India and globaldistributioncapability
Focus on riskdiversification andreturn optimization
India and globaldistributioncapability
Focus on riskdiversification andreturn optimization
Ranked #1 in India syndicated loans
Combined with efficient transaction banking and treasuryproducts
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International bankingFocus on fee and liability generation
India linked products for NRIs; distribution ofthird party investment productsPlatform to capture large remittance flowsinto India and in other corridors; Market shareof 28% in remittances into IndiaTechnology-driven direct banking platform inUK and Canada
Focus on fee and liability generationIndia linked products for NRIs; distribution ofthird party investment productsPlatform to capture large remittance flows
into India and in other corridors; Market shareof 28% in remittances into IndiaTechnology-driven direct banking platform inUK and Canada
International
retail banking
Presence in 18 countries outside IndiaNorth America, UK, Europe, Russia, Middle-east, South Africa, South-East & North Asia
International assets account for 20% of
consolidated banking assetsProfitability with scale: ICICI Bank UK profitafter tax of US$ 18.7 mn in Q1-2008
Presence in 18 countries outside IndiaNorth America, UK, Europe, Russia, Middle-east, South Africa, South-East & North Asia
International assets account for 20% ofconsolidated banking assetsProfitability with scale: ICICI Bank UK profitafter tax of US$ 18.7 mn in Q1-2008
Internationalfranchisesnapshot
Largest international balance
sheet among Indian banks
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Rural banking: Investing for future growth
Strategy to comprehensively cover anidentified rural geography with branches,partnerships & technology based channelsBranches at major agricultural marketsFranchisees, internet kiosks, micro financeinstitutions & corporate partners
Strategy to comprehensively cover anidentified rural geography with branches,partnerships & technology based channelsBranches at major agricultural marketsFranchisees, internet kiosks, micro financeinstitutions & corporate partners
Comprehensivechannel strategy
Multi-product suite for catering to variouscustomer segments: farmer financing,agri-businesses, commodity-basedfinancing and micro-creditSavings and investment productsInsurance
Multi-product suite for catering to variouscustomer segments: farmer financing,agri-businesses, commodity-basedfinancing and micro-creditSavings and investment productsInsurance
Comprehensiveproduct strategy
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Contents
Financial Performance
Opportunities & Strategypportunities & Strategy
Key Subsidiariesey Subsidiaries
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Profit & loss statement
58.59
1.88
15.24
49.79
125.50
9.02
50.12
59.14
66.36
FY 2007
15.64
0.43
3.83
14.79
34.69
3.27
14.28
17.55
17.14
Q1-2008
(2.2%).91MA2 expenses
28.8%
(14.0%)
37.0%
26.8%
59.5%
35.3%
39.4%
16.2%
Q-o-QGrowth
12.14
0.50
10.80
27.35
2.05
10.55
12.60
14.75
Q1-2007
Core operating profit
Lease depreciation
Operating expenses
Core operating income
- Others (includingdividend from subsidiaries)
- Fee income 1
Non-interest income
NII
(Rs. in billion)
1. Includes merchant forex income and margin on customer derivative transactions2. Represents commissions paid to direct marketing agents (DMAs) for origination
of retail loans. These commissions are expensed upfront
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Profit & loss statement
31.10
5.38
36.48
22.26
58.74
9.99
10.14
58.59
FY 2007
155.5%.52 12.16rovisions & w-off
29.8%9.727.49Profit before tax
(11.7%).35.67ess: Premium amort onSLR
7.75
1.97
15.24
1.95
15.64
Q1-2008
25.0%
52.7%
57.9%
-
28.8%
Q-o-QGrowth
6.20
1.29
9.65
0.18
12.14
Q1-2007
Core operating profit
Treasury income
Profit after tax
Tax
Operating profit
(Rs. in billion)
1. Includes impact of higher proportion of non-collateralised loans in the retailportfolio and seasoning of the retail portfolio
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Key balance sheet items
26.1%,307.88,830.06,305.10eposits
8.4%46.8627.7043.13et worth3,446.58
1,958.66
Mar 31,2007
3,569.32
1,982.77 1
June 30,2007
34.1%
34.7%
Y-o-Ygrowth
2,662.65
1,471.84
June 30,2006
Total assets
Advances
(Rs. in billion)
1. Net of sell-down of about Rs. 38.50 bn in Q1-2008
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Key ratios
7.08% 58.60%.42%Tier I11.03%2.46%1.69%apital adequacy
40.5
40.2
2.6269.8
34.8
13.4
FY2007
43.3
44.3
2.5254.4
27.8
11.1
Q1-2007
272.9ook value (Rs.)
42.2ee to income
43.7ost 3/ income
2.3 2NIM4
34.6eighted avg EPS (Rs.) 4
13.0 1Return on average networth 4
Q1-2008
(Percent )
1. RoE including profit of banking subsidiaries and excluding investment ininsurance – 15.9%
2. Impact of higher cash reserve ratio (CRR) and non-payment of interest on CRR
resulted in NIM being lower by 20 bps as compared to Q1-2007 and Q4-20073. Excludes direct marketing agent (DMA) expenses4. Annualized for Q1-2007 and Q1-20085. Does not include capital raised through public issue in India and American
Depositary Share offering, which would be reflected in the quarter endingSeptember 30, 2007
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1.0%
20.19
28.31
48.50
Mar 31, 2007
1.3%
27.42
33.01
60.43
June 30, 2007
Net NPA ratio
Net NPAs
Less: Cumulative w/offs &provisions
Gross NPAs
Asset quality and provisioning(Rs. in billion)
Gross retail NPLs as on June 30, 2007: Rs. 38.67 bn (of which 54% were non-collateralised)Net retail NPLs as on June 30, 2007: Rs. 19.43 bn (of which 46% were non-collateralised)
Net restructured loans: Rs. 49.26 bn (Mar 31, 2007: Rs. 48.83 bn)
Increase in NPAs reflects portfolio ageing, lower growthand changing portfolio mix
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Contents
Financial Performanceinancial Performance
Opportunities & Strategypportunities & Strategy
Key Subsidiaries
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L i fe in s u r a n c e p e n e t r a ti o n & p e r c a p i ta ( 2 0 0 6 )
1 8 93 343
1 4 8 01 7 9 0
2 8 2 9
5 1 4 0
13.1%
8.3% 7.9%
4.0%
1.3% 1.7%
4.1%3.2%
0
1 0 0 0
2 0 0 0
3 0 0 0
4 0 0 0
5 0 0 0
6 0 0 0
U K Ja p an U S K o re a M alay s i a B raz i l C h in a In d i a
Inu
an
p
cpta
USD)
0 . 0 %
2 . 0 %
4 . 0 %
6 . 0 %
8 . 0 %
1 0 . 0 %
1 2 . 0 %
1 4 . 0 %
In
uan
p
ra
o
India life insurance opportunity
Source : Swiss Re
Only a third of the target population of 400 mn is insured
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Source: IRDA, Swiss Re
Penetration (as a% of GDP)
Insurance premiumper capita (Rs )
Number of players
1.2%
~280
1
FY 00
NB premium (Rs bn) 64.00
3.0%
15
FY 06
359.00
~963
Total premium (Rs bn) 270.00 1,059.00
CAGR of 33%
CAGR of 26%
Evolution of industry since liberalisation
4.1%
16
FY 07
754.00
~1,510
1,696.00
110%
60%
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Y-O-Y Growth 16% 17% 34% 92%
Industry growth
Source : IRDA, Weighted New Business Premiums for individual business
40%
0.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
450.00
FY 03 FY 04 FY 05 FY 06 FY 07 Y TD Ju ly
07
R
b
LIC Pr ivate
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YTD July 07Market share
1. Source : IRDA2. Weighted New Business Premiums for individual business
ICICI Prudential Life Insurance
Total mkt : Rs 117.91 bn (USD 2915 mn)
LIC, 61.0%
ICICIPrudential ,
10.2%
SBI Life,2.9%
Others,14.0%
HDFCStandard ,
3.9%
Bajaj Allianz,8.0%
LIC, 84.2%
Others, 6.0%CICIPrudential,
6 .6%
SBI Life,3 .2%
Total mkt : Rs 32.25 bn (USD 797 mn)
Retail 2
Group
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Rapid distribution ramp-up
We continue to create a nationwide agency network, complemented by
increased focus on non-agency distribution
Advisors (‘000)
Non agency share
Branches
Locations
Mar 05 Mar 06
74 132
107 177
57 72
30% 37%
Aug 07
535
717
226
37%
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2.54
7.0612 .56
21 .63
43 .81
8.34
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
50.00
R
b
FY 03 FY 04 FY 05 FY 06 FY 07 Q1-2008
Growth in new business : APE 1
4 year CAGR - 104%
1. Annualized Premium Equivalent
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Value creation: NBP 1
1. New Business Profit (Unaudited)
0 . 7 1
2 . 0 43 . 1 2
5 . 2 8
8 . 8 1
1 . 6 5
19.7%20.1%
24.4%
28.2% 29.3%
25.1%
0 . 0 01 . 0 02 . 0 0
3 . 0 04 . 0 05 . 0 06 . 0 07 . 0 0
8 . 0 09 . 0 0
1 0 . 0 0
F Y 0 3 F Y 0 4 F Y 0 5 F Y 0 6 F Y 0 7 Q 1 -2 0 0 8
R
b
0 . 0 %
5 . 0 %
1 0 . 0 %
1 5 . 0 %
2 0 . 0 %2 5 . 0 %
3 0 . 0 %
3 5 . 0 %
Magn
N B P N B P %
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6.100 . 5 6
13 . 2 8
3 . 3 52 7 . 8 3
10 . 4 84 2 . 5 2
4 5 . 6 9
6 3 . 10
9 5 . 0 9
7 2 . 8 1
111.9 4
0 . 0 0
2 0 . 0 04 0 . 0 0
6 0 . 0 0
8 0 . 0 0
1 0 0 . 0 0
1 2 0 . 0 01 4 0 . 0 0
1 6 0 . 0 0
1 8 0 . 0 0
2 0 0 . 0 0
R
b
F Y 0 3 F Y 0 4 F Y 0 5 F Y 0 6 F Y 0 7 Q 1 - 2 0 0 8
D e b t E q u ity
Robust growth in assets held
Crossed the Rs 200.00 bn milestone in August 07Linked funds constitute 85% of total assets held
6.6616.63
38.31
88.21
158.18
184.75
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Flat expense ratio despite aggressive expansion
Expense ratio trend
Expense ratio: Operating Expenses / (Total Premium less 90% of Single Premium &50% of Limited Pay products)
1 4 % 1 4 %
7 4 %
5 4 %
2 6 %
1 7 %
0%
10%
20%
30%
40%
50%
60%
70%
80%
FY 02 FY 03 FY 04 FY 05 FY 06 FY 07
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Summary of key achievementsSustained private market leadership: 6 years in a row
More than 5 million policies sold
Over Rs 200.00 bn (USD 4.9 bn) of assets held
Ranked most respected private life insurer by Business World
Fitch rating of ‘AAA (Ind)’
NBP of Rs 1.65 bn (USD 40.4 mn) in Q1 FY 08
Total premiums of Rs 18.01 bn (USD 441.9 mn) in Q1-2008
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ICICI Lombard General Insurance
9% growth in gross written premium (GWP) to Rs.8.87 bn in Q1-2008
GWP increased by 20% in the retail segment butwas flat in corporate segment due to impact of
de-tariffingNon-corporate business at 51% of GWP
9% growth in gross written premium (GWP) to Rs.8.87 bn in Q1-2008
GWP increased by 20% in the retail segment butwas flat in corporate segment due to impact of
de-tariffingNon-corporate business at 51% of GWP
Market leadership in private sector with marketshare of 31.0% 1
Market leadership in private sector with marketshare of 31.0% 1
Highlights
Marketleadership
Financial
performanceProfit after tax of Rs. 453.7 mn in Q1-2008Profit after tax of Rs. 453.7 mn in Q1-2008
1. For YTD July31, 2007
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Leader in the private sector
Source: IRDA (Q1-2008)
11.9%otal
2.1%thers
1.7%viation
19.6%iabilities
19.5%ealth & accident
1.8%otor
11.0%arine14.1%ngineering
11.7%ire
Rank inprivate sector
Market Shareroduct
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ICICI Prudential Asset Management
Among the top two mutual funds in IndiaFunds under management (FUM) of Rs. 506.59 bnMarket share of 10.8% 1
Among the top two mutual funds in IndiaFunds under management (FUM) of Rs. 506.59 bnMarket share of 10.8% 1
Highlights
Marketleadership
Financial
performance
Equity assets increased by 16.2% in the quarterended June 30, 2007
Equity assets constitute 34.4% of overall FUM
Equity assets increased by 16.2% in the quarterended June 30, 2007
Equity assets constitute 34.4% of overall FUM
Profit after tax of Rs. 276.0 mn in Q1-2008compared to Rs. 160.4 mn in Q1-2007
Profit after tax of Rs. 276.0 mn in Q1-2008
compared to Rs. 160.4 mn in Q1-2007
1. As on August 31, 2007
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Significant growth in FUM and profits year on year
ICICI Prudential AMC - Performance
FUM (Rs Bn) PBT (Rs Mn)
0
10 0
20 0
30 0
40 0
50 0
60 0
M ar 05 Mar 06 M ar 07 Au g 07
CAGR = 59%
26 4
47 4
73 6
41 3
0
10 0
20 0
30 0
40 0
50 0
60 0
70 0
80 0
FY 05 FY 06 FY 07 Q1-2008
CAGR =
67%
32
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Demonstrating value creationICICI Bank
ICICI Life
ICICI General
ICICI AMC
74%
74%
51%
ICICI Bank
ICICI Life
ICICI General
ICICI AMC
74%
74%
51%
94.1% ICICI FinancialServices
New subsidiary to raise capital for meeting future capitalrequirements of insurance subsidiariesReceived definitive offers for investment of Rs. 26.50 bn for5.9% stake, valuing the company at Rs. 446.00 bn on post-issue basisProposal subject to regulatory approvals
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Except for the historical information contained herein, statements
in this Release which contain words or phrases such as 'will','would', ‘indicating’, ‘expected to’ etc., and similar expressions orvariations of such expressions m ay constitute 'forward-lookingstatements'. These forward-looking statements involve a numberof risks, uncertainties and o ther factors that could cause actualresults to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but arenot limited to our ability to successfully implem ent our strategy,future levels of non-performing loans, our growth and expansionin business, the impact of any acquisitions, the adequacy of ourallowance for credit losses, technological implementation andchanges, the actual growth in demand for banking products andservices, investment income, cash flow projections, our exposureto market risks as well as other risks detailed in the reports filed by
us with the United S tates Securities and Exchange Commission.ICICI Bank undertakes no obligation to update forward-lookingstatements to reflect events or circumstances after the datethereof.
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Thank you