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 June 2008
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
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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):
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Yes
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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
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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
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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
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Item
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1.
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Press
Release dated June 12, 2008
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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.
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ICICI Bank Limited
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|||||
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Date:
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June 12,
2008
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By:
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/s/ Mehernosh Kapadia | ||
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Name
:
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Mehernosh
Kapadia
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||||
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Title :
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General
Manager & Joint
Company
Secretary
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||||
Item
1
 |
ICICI
Bank Limited
ICICI
Bank Towers
Bandra
Kurla Complex
Mumbai
400 051
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|
|
|
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News
Release
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June
12, 2008
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Financial
reporting under US securities laws
The
Audit Committee of ICICI Bank at its meeting on June 12, 2008 approved the
reconciliation of profit after tax and networth under Indian GAAP to net
income and stockholders’ equity under US GAAP for inclusion in the annual
report and Form 20-F. The consolidated profit after tax under Indian GAAP was
Rs. 3,398 crore (US$ 847 million) for the year ended March 31, 2008 (FY2008). As
per the reconciliation statement between Indian GAAP and US GAAP, the net income
(profit after tax) under US GAAP was Rs. 3,311 crore (US$ 825 million) in
FY2008. ICICI Bank’s stockholders’ equity at March 31, 2008 as per US GAAP was
Rs. 46,475 crore (US$ 11.6 billion) compared to the Indian GAAP consolidated net
worth of Rs. 44,722 crore (US$ 11.1 billion).
Pursuant
to its issuance and listing of securities in the United States under
registration statements filed with the SEC, ICICI Bank files annual reports in
Form 20-F with the SEC as required by US securities laws and regulations. These
regulations require that this annual report include financial statements
prepared according to a comprehensive body of accounting principles with
reconciliation to generally accepted accounting principles in the United States
(US GAAP). When ICICI Bank first listed its securities in the United States in
2000, generally accepted accounting principles in India (Indian GAAP) were not
considered a comprehensive body of accounting principles under US laws and
regulations. Accordingly, ICICI Bank had included US GAAP financial statements
in its annual reports in Form 20-F till fiscal year ended March 31, 2005.
However, pursuant to a significant expansion of Indian accounting standards,
Indian GAAP constitutes a comprehensive body of accounting standards.
Accordingly, from fiscal year ended March 31, 2006 onwards ICICI Bank includes
in its annual report in Form 20-F, consolidated financial statements according
to Indian GAAP, with a reconciliation of profit after tax and networth to net
income and stockholders' equity under US GAAP and a description of significant
differences between Indian GAAP and US GAAP.
It
may be noted that there are significant differences in the basis of accounting
between US GAAP and Indian GAAP primarily relating to determination of allowance
for loan losses, amortization of fees and origination costs, accounting for
securities and derivatives, accounting for securitizations, accounting for
business combinations, compensation cost and consolidation.
For
further press queries please call Charudatta Deshpande at 91-22-2653 8208 or
e-mail: [email protected].
For
investor queries please call Pankaj Jain at 91-22-2653 6379 or Rupesh Kumar
at 91-22-2653 7126 or email at [email protected].
1
crore = 10.0 million.
US$
amounts represent convenience translations at US$1= Rs.
40.12.