Close
  • SMC open account icon Open an A/C
    • Open an A/C
    • CHOOSE YOUR OPTION(S)
    • Trading A/c
    • Mutual Fund A/c
    • NBFC A/c
    • NPS A/c
  • SENSEX Apr 16 2024 12:00
    72,943.68 -456.10 (-0.62%)
  • NIFTY Apr 16 2024 12:00
    22,147.90 -124.60 (-0.56%)
  • SENSEX Apr 16 2024 12:00
    72,943.68 -456.10 (-0.62%)
  • NIFTY Apr 16 2024 12:00
    22,147.90 -124.60 (-0.56%)
  • Nasdaq Apr 17 2024 04:30
    15,865.25 -19.77 (-0.12%)
  • DJIA Apr 17 2024 04:30
    37,798.97 +63.86 ( +0.17%)
  • S&P 500 Apr 17 2024 04:30
    5,051.41 -10.41 (-0.21%)
  • Hang Seng Apr 17 2024 02:10
    16,251.84 +2.87 ( +0.02%)
  • Crude Oil Apr 17 2024 07:46
    7,084.00 -51.00 (-0.71%)
  • Gold Apr 17 2024 07:46
    73,140.00 +111.00 ( +0.15%)
  • Silver Apr 17 2024 07:46
    84,152.00 +648.00 ( +0.78%)
  • Copper Apr 17 2024 07:46
    833.60 +9.40 ( +1.14%)
  • Pound / Rupee Dec 23 2016 22:30
    104.02 -0.05 (-0.05%)
  • Dollar / Rupee Dec 23 2016 22:30
    83.48 -0.13 (-0.15%)
  • Euro / Rupee Dec 23 2016 22:30
    88.84 -0.13 (-0.14%)
  • Yen / Rupee Dec 23 2016 22:30
    0.54 0.00 (-0.60%)

ICICI Bank Ltd

BSE Code : 532174 | NSE Symbol : ICICIBANK | ISIN:INE090A01021| SECTOR : Banks |

NSE BSE
 
SMC down arrow

1,067.55

-11.25 (-1.04%) Volume 455153

16-Apr-2024 EOD

Prev. Close

1,078.80

Open Price

1,070.00

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 1,073.90 - 1,062.80

52 wk High/Low 1,116.45 - 881.65

Key Stats

MARKET CAP (RS CR) 749743.34
P/E 19.08
BOOK VALUE (RS) 316.8618662
DIV (%) 400
MARKET LOT 1
EPS (TTM) 55.96
PRICE/BOOK 3.36913372632279
DIV YIELD.(%) 0.75
FACE VALUE (RS) 2
DELIVERABLES (%) 77.6

F&O Quote

1,071

-11 (-1%)
Open Price 1,077 Average Price 1,071 Open interest 73,241,700
High Price 1,077 No. Of Contracts Traded 19,320,700 Open Interest Change -1,481,900
Low Price 1,066 Turnover (`. In Lakhs) 20,683,002,557 Open Interest Change(%) -2%
Prev. Close 1,082 Market Lot 700 Option Chain | Detailed View >>
4

News & Announcements

16-Apr-2024

ICICI Bank Ltd - ICICI Bank Limited - Other General Purpose

16-Apr-2024

ICICI Bank Ltd - ICICI Bank Limited - Loss of Share Certificates

15-Apr-2024

ICICI Bank allots 8.27 lakh equity shares under ESOS

15-Apr-2024

ICICI Bank Ltd - ICICI Bank Limited - Allotment of Securities

15-Apr-2024

ICICI Bank allots 8.27 lakh equity shares under ESOS

05-Apr-2024

ICICI Bank allots 1.39 lakh equity shares under ESOS

23-Mar-2024

ICICI Bank schedules board meeting

19-Mar-2024

ICICI Bank allots 3.70 lakh equity shares under ESOS

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
AU Small Finance Bank Ltd 540611 AUBANK
Axis Bank Ltd 532215 AXISBANK
Bandhan Bank Ltd 541153 BANDHANBNK
Bank of Madura Ltd (Merged) 531966 BANKMADURA
Bank of Punjab Ltd(merged) 500070 BANKPUNJAB
Bank of Rajasthan Ltd(merged) 500019 BANKRAJAS
Capital Small Finance Bank Ltd 544120 CAPITALSFB
Centurion Bank of Punjab Ltd(merged) 532273 CENTBOP
City Union Bank Ltd 532210 CUB
CSB Bank Ltd 542867 CSBBANK
DCB Bank Ltd 532772 DCBBANK
Dhanlaxmi Bank Ltd 532180 DHANBANK
Equitas Small Finance Bank Ltd 543243 EQUITASBNK
ESAF Small Finance Bank Ltd 544020 ESAFSFB
Federal Bank Ltd 500469 FEDERALBNK
Fino Payments Bank Ltd 543386 FINOPB
Global Trust Bank Ltd (Merged) 500161 GLOBLTRUST
HDFC Bank Ltd 500180 HDFCBANK
IDBI Bank Ltd(merged) 532235 IDBIBANK
IDBI Bank Ltd 500116 IDBI
IDFC First Bank Ltd 539437 IDFCFIRSTB
IndusInd Bank Ltd 532187 INDUSINDBK
ING Vysya Bank Ltd(Merged) 531807 INGVYSYABK
Jammu and Kashmir Bank Ltd 532209 J&KBANK
Jana Small Finance Bank Ltd 544118 JSFB
Karnataka Bank Ltd 532652 KTKBANK
Karur Vysya Bank Ltd 590003 KARURVYSYA
Kotak Mahindra Bank Ltd 500247 KOTAKBANK
Lakshmi Vilas Bank Ltd(Merged) 534690 LAKSHVILAS
Nedungadi Bank Ltd (Merged) 511264 NEDUNGBANK
RBL Bank Ltd 540065 RBLBANK
South Indian Bank Ltd 532218 SOUTHBANK
Standard Chartered PLC 580001 STAN
Suryoday Small Finance Bank Ltd 543279 SURYODAY
Tamilnad Mercantile Bank Ltd 543596 TMB
Times Bank Ltd (merged) 532252 TIMESBANK
Ujjivan Small Finance Bank Ltd 542904 UJJIVANSFB
United Western Bank Ltd(merged) 500430 UNIWESTBNK
Utkarsh Small Finance Bank Ltd 543942 UTKARSHBNK
Yes Bank Ltd 532648 YESBANK

Share Holding

Category No. of shares Percentage
Total Foreign 2496341634 35.59
Total Institutions 2610371027 37.21
Total Govt Holding 15149882 0.22
Total Non Promoter Corporate Holding 70994934 1.01
Total Promoters 0 0.00
Total Public & others 1821968860 25.98
Total 7014826337 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About ICICI Bank Ltd

ICICI Bank is India's largest private sector bank by consolidated assets. ICICI Bank Limited was incorporated in the year 1994 as a part of the ICICI Group with the name ICICI Banking Corporation Limited. The initial equity capital was owned 75% by ICICI and 25% by SCICI Limited, a diversified finance and shipping finance lender of which ICICI owned 19.9% at December 1996. Pursuant to merger of SCICI into ICICI, ICICI Bank became a wholly-owned subsidiary of ICICI. In September 10, 1999, name of the Bank was changed from ICICI Banking Corporation Limited to ICICI Bank Limited. In March 10, 2001, ICICI Bank acquired Bank of Madura, an old private sector bank, in an all-stock merger. ICICI Limited along with their wholly owned retail finance subsidiaries, namely ICICI Capital Services Limited and ICICI Personal Financial Services Limited amalgamated with the Bank with effect from May 3, 2002. In May 2003, the Bank acquired the entire paid-up capital of Transamerica Apple Distribution Finance Pvt Ltd (now known as ICICI Distribution Finance Pvt Ltd) which primarily engaged in financing in the two-wheeler segment. In September 12, 2003, the Bank incorporated ICICI Bank Canada as a 100% Subsidiary Company. In May 2005, the Bank acquired the entire paid-up capital of Investitsionno-Kreditny Bank, a Russian Bank with their registered office in Balabanovo in the Kaluga region and a branch in Moscow. Thus, IKB became a Subsidiary of Bank with effect from May 19, 2005. In August 2005, the Bank acquired additional 6% of the equity share capital of Prudential ICICI Asset Management Company Ltd and Prudential ICICI Trust Limited from Prudential Corporation Holdings Limited and thus these two companies became the subsidiaries of the Bank. During the year 2006-07, ICICI Bank Canada incorporated ICICI Health Management Inc as a subsidiary company. In April 2007, Sangli Bank Limited merged with the Bank with effect from April 19, 2007. In 2007 June, the Bank entered into an agreement with networking solutions provider GTL Ltd to lease out their call centre facility at Mahape worth of around Rs 100 crore for a period of 25 years. During the year 2007-08, the Bank increased their branches & extension counter from 755 Nos to 1,262 Nos, including the addition of about 200 branches through the merger of Sangli Bank. They increased their ATM network from 3,271 ATMs to 3,881 ATMs. They launched mobile banking service enabling a wide range of banking transactions using the mobile phone. During the year 2008-09, the Bank increased their branches & extension counter from 1,262 Nos to 1,419 Nos. They also received licenses for 580 additional branches from RBI. They increased their ATM network to 4,713 ATMs from 3,881 ATMs. In April 22, 2009, ICICI Prudential Pension Funds Management Company Limited was incorporated as a subsidiary company of ICICI Prudential Life Insurance Company Limited. During the year 2009-10, the Bank increased their branches & extension counter from 1,419 Nos to 1,707 Nos. They also increased their ATM network from 4,713 ATMs to 5,219 ATMs. ICICI Wealth Management Inc., a subsidiary of ICICI Bank Canada, has been dissolved effective December 31, 2009. In January 2010, the Bank and First Data, a company engaged in electronic commerce and payment services, formed a merchant acquiring alliance and a new entity named ICICI Merchant Services, 81% owned by First Data, was formed, which acquired ICICI Bank's merchant acquiring operations for a total consideration of Rs. 3,744 million. In May 2010, the Bank approved the scheme of amalgamation of Bank of Rajasthan Ltd with the Bank through share-swap in a non-cash deal that values the Bank of Rajasthan at about Rs 3,000 crore. Each 118 shares of Bank of Rajasthan will be converted into 25 shares of ICICI Bank Ltd. In August 2010, as per the scheme of amalgamation, Bank of Rajasthan was amalgamated with the Bank with effect from the close of business on 12 August 2010. The merger of Bank of Rajasthan added over 450 branches to the network. Including these, their branch network increased from 1,707 branches at March 31, 2010 to 2,529 branches at March 31, 2011. They also increased their ATM network from 5,219 ATMs at March 31, 2010 to 6,055 ATMs at March 31, 2011. On 19 May 2011, ICICI Bank announced that the bank through its Dubai branch successfully priced an issuance of 5.5 year fixed rate notes in aggregate principal amount of US$ 1 billion. The offering had an order book of US$ 2.70 billion with strong interest from over 220 investors. On 16 August 2012, ICICI Bank announced that the bank through its Dubai branch successfully priced an issuance of 5.5 year fixed rate notes in an aggregate principal amount of US$750 million. The offering was oversubscribed by 7.6 times and had an order book of US$ 5.7 billion. On 26 November 2012, ICICI Bank through its Dubai branch successfully launched and priced a US$ 250 million tap of its US$ 750.0 million 4.70% 2018 notes originally issued in August 2012. The offering was oversubscribed by 5.6 times and had an order book of US$ 1.4 billion. On 22 August 2013, ICICI Bank announced an increase of 0.25% in its base rate to 10% p.a. from 9.75% p.a. with effect from 23 August 2013. The bank also announced an increase of 0.25% in its benchmark prime-lending rate and in its Floating Reference Rate (FRR) for consumer loans (including home loans) with effect from 23 August 2013. On 23 January 2014, ICICI Bank signed an agreement for a USD 200 million Line of Credit with The Export-Import Bank of Korea (Korea Eximbank). The Board of Directors of ICICI Bank Limited at its meeting held on 9 September 2014 considered and approved the sub-division (split) of one equity share of the bank having a face value of Rs 10 into five equity shares of face value of Rs 2 each. The Board of Directors of ICICI Bank at its meeting held on 5 December 2014 approved a proposal for the sale of ICICI Bank's shareholding in ICICI Bank Eurasia Limited Liability Company (IBEL), a non-material wholly-owned banking subsidiary in Russia, to Sovcombank, an unrelated third party Russian bank. On 7 April 2015, ICICI Bank announced a reduction of 0.25% in its base rate to 9.75% p.a. from 10% with effect from 10 April 2015. Simultaneously, the bank announced a reduction in interest rates for some tenors of retail fixed deposits. ICICI Bank announced a reduction of 0.05% in its base rate to 9.7% p.a. from 9.75% p.a. with effect from 26 June 2015. On 1 October 2015, ICICI Bank announced a reduction of 0.35% in its base rate to 9.35% p.a. from 9.7% p.a. with effect from 5 October 2015. The Board of Directors of ICICI Bank at its meeting held on 30 October 2015 approved the sale of 9% shareholding in its subsidiary ICICI Lombard General Insurance Company to its joint venture partner, Fairfax Financial Holdings Limited. Upon completion of the transaction, ICICI Bank will hold approximately 64% stake and Fairfax will hold about 35% stake in ICICI Lombard General Insurance Company. The Board of Directors of ICICI Bank at its meeting held on 16 November 2015 approved the sale of 6% shareholding in its subsidiary ICICI Prudential Life Insurance Company, comprising the sale of 4% to Premji Invest & its affiliates and 2% to Compassvale Investments Pte Ltd, an indirectly wholly-owned subsidiary of the Singapore-based investment company, Temasek. Upon completion of the transaction, ICICI Bank will hold approximately 68% stake in ICICI Prudential Life Insurance Company. Prudential Plc, ICICI Bank's joint venture partner, will maintain its current share of approximately 26%. On 14 January 2016, ICICI Bank announced that it crossed the milestone of disbursing mortgage loans of over Rs 1 lakh crore, a first among private sector banks in the country. On 14 March 2016, ICICI Bank through its Dubai branch priced an issuance of 10 year fixed rate notes of an aggregate principal amount of US$ 700 million. The notes carry a coupon of 4% and were offered at an issue price of 99.592. On 18 July 2016, ICICI Bank announced that its subsidiary company ICICI Prudential Life Insurance Company has filed a draft red herring prospectus with the Securities and Exchange Board of India for a public offer of up to 18.13 crore equity shares, representing approximately 12.65% of its equity share capital, through an offer for sale by ICICI Bank. 9 September 2016, ICICI Bank announced that the bank has entered into a subscription agreement to acquire 10% shareholding in Resurgent Power Ventures Pte. Limited, a power platform created to facilitate investment in power projects in India by ICICI Group and Tata Group with Caisse de depot et placement du Quebec (CDPQ) of Canada, Kuwait Investment Authority and State General Reserve Fund of Oman as partner investors. On 2 January 2017, ICICI Bank announced a reduction of 0.7% in marginal cost of funds based lending rates (MCLR) with effect from 3 January 2017. On 2 March 2017, ICICI Bank through its Dubai branch priced an issuance of 5.5 year fixed rate notes for an aggregate principle amount of $300 million. The Board of Directors of ICICI Bank at its meeting held on 3 May 2017 recommended issue of bonus shares in the ratio of 1:10. On 15 May 2017, ICICI Bank announced reduction of interest rates by upto 30 basis points for home loans upto Rs 30 lakh in its bid to boost affordable housing in the country. On 5 June 2017, the Board of Directors of ICICI Bank approved the sale of a part of its shareholding in ICICI Lombard General Insurance Company in an initial public offering by ICICI Lombard General Insurance Company, subject to requisite approvals and market conditions. On 14 July 2017, ICICI Bank announced that its subsidiary company ICICI Lombard General Insurance Company Limited has filed a draft red herring prospectus with the Securities and Exchange Board of India for a public offer of up to 8.62 crore equity shares, representing approximately 19% of its equity share capital, through an offer for sale of up to 3.17 crore equity shares by ICICI Bank and up to 5.44 crore equity shares by FAL Corporation. ICICI Bank announced a reduction in interest on Savings Bank account by 50 basis points to 3.5% from 4% with effect from 19 August 2017 on deposits below Rs 50 lakh. Interest rate on deposits of Rs 50 lakh and above was kept unchanged at 4%. On 7 November 2017, the Board of Directors of ICICI Bank approved the sale of a part of its shareholding in ICICI Securities in an initial public offering by ICICI Securities, subject to requisite approvals and market conditions. On 15 December 2017, ICICI Bank announced that it is selling 6.44 crore shares of its subsidiary company ICICI Securities through IPO of ICICI Securities. In this regard, ICICI Securities Limited has filed a draft red herring prospectus with Securities and Exchange Board of India for a public offer of up to 6.44 equity shares of face value of Rs 5 each, representing approximately 20% of its equity share capital as on date. On 7 December 2017, ICICI Bank through its Dubai branch priced an issuance of 10 year fixed rate notes for an aggregate principal amount of US$ 500 million. The notes carry a coupon of 3.8% and were offered at an issue price of 99.728. The bank's consolidated total assets stood at US$ 156.8 billion as on 30 September 2017. The bank and their subsidiaries offer a wide range of banking and financial services including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services. They offer through a variety of delivery channels and through their specialised subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management. ICICI Bank had a network of 4,856 branches and 13,792 ATMs as on 30 September 2017. ICICI Bank is present across 17 countries, including India. The bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and their American Depositary Receipts (ADRs) are listed on the New York Stock Exchange. The bank is the first Indian Bank listed on New York Stock Exchange. During the fiscal 2018,the bank sold its stake of 7% in ICICI Lombard General Insurance Company Ltd and 20.78% stake in ICICI Securities Ltd through IPO.During the FY 2017-18,total assets for standalone entity increased by 13.9% from Rs 7717.91 billion at 31,March 2017 to Rs 8791.89 billion at 31,March 2018.Total advances increased by 10.4% from Rs 4642.32 billion at 31,March 2017 to Rs 5123.95 billion at 31,March 2018. The consolidated assets of the Bank and its subsidiaries and other consolidating entities increased from Rs 9857.25 billion at March 31, 2017 to Rs 11,242.81 billion at March 31, 2018. As on 31,March 2018,the bank had a branch network of 4867 branches and ATM network of 14367 ATMs under its fold. During the fiscal 2019,total assets for standalone entity has increased by 9.7% from Rs 8791.89 billion at 31,March 2018 to Rs 9644.59 billion at 31,March 2019.Total advances increased by 14.5% from Rs 5123.95 billion at 31,March 2018 to Rs 5866.47 billion at 31,March 2019 primarily due to an increase in domestic advances by 16.9%. The consolidated assets of the Bank and its subsidiaries and other consolidating entities increased from Rs 11,242.81 billion at March 31, 2018 to Rs 12,387.94 billion at March 31, 2019. The bank had a branch network of 4874 branches and ATM network of 14987 ATMs as on 31,March 2019. The bank has focussed on its strategic objective of risk calibrated profitable growth during the fiscal 2020.The core operating profit of the bank grew by 21.5% during the fiscal 2020.The Bank made progress on increasing the granularity of its portfolio and enhancing the customer franchise during the year. Retail loans as a proportion of total loans increased from 60.1% at March 31, 2019 to 63.2% at March 31, 2020.Including non-fund based outstanding, the proportion of retail portfolio increased from 46.9% at March 31, 2019 to 53.3% at March 31, 2020. The Bank has repositioned its international franchise to focus on non-resident Indians for deposits, wealth and remittances businesses, with digital and process decongestion as a key enabler. Total assets for standalone entity increased by 13.9% from Rs 9,644.59 billion at March 31, 2019 to Rs 10,983.65 billion at March 31, 2020.Total advances increased by 10.0% from Rs 5,866.47 billion at March 31, 2019 to Rs 6,452.90 billion at March 31, 2020 primarily due to an increase in domestic advances by 12.9%, offset, in part, by a decrease in overseas advances by 14.4%. The loan growth was impacted during the end of fiscal 2020 due to Covid-19 pandemic. The consolidated assets of the Bank and its subsidiaries and other consolidating entities increased from Rs12,387.94 billion at March 31, 2019 to Rs 13,772.92 billion at March 31, 2020. The bank has added 1151 branches and ATMs during the fiscal 2020 and the total number of branches and ATMs as on 31,March 2020 has risen to 21012. Total assets increased by 12.0% from Rs 10,983.65 billion at 31 March 2020 to Rs 12,304.33 billion at 31 March 2021. Total advances increased by 13.7% from Rs 6,452.90 billion at 31 March 2020 to Rs 7,337.29 billion at 31 March 2021 primarily due to an increase in domestic advances by 17.7%, offset, in part, by a decrease in overseas advances by 30.3%. Total deposits increased by 21.0% from Rs 7,709.69 billion at 31 March 2020 to Rs 9,325.22 billion at 31 March 2021.Term deposits increased by 18.4% from Rs 4,231.51 billion at 31 March 2020 to Rs 5,008.99 billion at 31 March 2021.Current and savings account (CASA) deposits increased by 24.1% from Rs 3,478.19 billion at 31 March 2020 to Rs 4,316.23 billion at 31 March 2021.The Average CASA deposits increased by 18.9% from Rs 2,814.37 billion at fiscal 2020 to Rs 3,346.32 billion at fiscal 2021. The Borrowings decreased by 43.7% from Rs 1,628.97 billion at 31 March 2020 to Rs 916.31 billion at 31 March 2021. The consolidated assets of the Bank and its subsidiaries and other consolidating entities increased from Rs 13,772.92 billion at 31 March 2020 to Rs 15,738.12 billion at 31 March 2021.The Consolidated advances increased from Rs 7,062.46 billion at 31 March 2020 to Rs 7,918.01 billion at 31 March 2021. On 15 August 2020,the bank has allotted 418,994,413 equity shares of face value Rs 2 each to eligible qualified institutional buyers at the issue price of Rs 358 per equity share including a premium of Rs 356 per share. The Bank had a branch network of 5,266 branches and an ATM network of 14,136 ATMs at 31 March 2021. The Bank had a network of 5,268 branches and 14,141 ATMs at 30 June 2021. In accordance with the Scheme of Arrangement (Scheme) between ICICI Lombard General Insurance Company limited and Bharti AXA General Insurance Company limited as approved by Insurance Regulatory and Development Authority of India on 03 September 2021, assets and liabilities of Bharti AXA's general insurance business vested with ICICI General on the Appointed Date of 01 April 2020. IC1CI General issued two fully paid up equity shares of Rs 10 each to the shareholders of Bharti AXA forevery 115 fully paid up equity shares of Rs 10 each. Subsequent to issuance of equity shares to Bhani AXA shareholders,the bank's shareholding in ICICI Lombard General Insurance reduced to below 50%. The Bank had a network of 5,277 branches and 14,045 ATMs at 30 September 2021. The total deposits grew by 16% year-on-year to Rs 10,17,467 crore (USD 136.9 billion) as at 31 December 2021 and Average CASA ratio was 45% in Q3 of FY2022.Also domestic loan portfolio grew by 18% year-on-year during the Q3 of FY2022. The Bank had a network of 5,298 branches and 13,846 ATMs at 31 December 2021. During the year 2021-22, ICICI Lombard General Insurance Company Limited ceased to be a subsidiary and became an Associate of the Bank. The Bank had a branch network of 5,418 branches and an ATM network of 13,626 ATMs at 31 March 2022. The Total Assets of the Bank stood at Rs. 14,112.98 billion as on March 31, 2022. It added 152 branches during the year. It launched 'Merchant STACK' which offers an array of banking and value-added services to retailers, online businesses and large e-commerce firms. As at March 31, 2022, Bank had 15 subsidiaries and 9 associate companies. The Bank had a branch network of 5,900 branches and an ATM network of 16,650 ATMs at 31 March 2023. The Total Assets of the Bank stood at Rs. 15,842.07 billion as on March 31, 2023.

ICICI Bank Ltd Chairman Speech

During fiscal 2022, ICICI Bank stayed committed to its articulated strategy of targeting risk-calibrated growth in core operating profit, while ensuring resilience against potential risks and being well- poised to capitalise on market opportunities.

Fiscal 2022 was marked by a strong recovery in economic activities, bringing to the fore the inherent strengths in the Indian economy. Despite the setback from the Covid-19 pandemic earlier, and with variants of the virus and localised lockdowns during the year, the Indian economy was resilient and saw a strong rebound and progress towards normalcy. The recovery in the Indian economy was broad-based, and supported by the rollout of the vaccination programme. Amidst these positive developments, however, the year ended with new challenges of high energy prices and inflation, geopolitical tensions, supply side disruptions and a likely slowdown in global growth. Nonetheless, we remain optimistic on India's potential.

During fiscal 2022, ICICI Bank stayed committed to its articulated strategy of targeting risk-calibrated growth in core operating profit, while ensuring resilience against potential risks and being well-poised to capitalise on market opportunities. The strong financial performance and portfolio quality that the Bank has delivered in the last three years demonstrates the efficacy of the strategy. The healthy growth in core operating profit and profit after tax in fiscal 2022 reflect the strong underlying performance of the business. The Bank grew its market share across key segments, while maintaining credit discipline and a robust balance sheet. The decline in credit costs during the year was a further pointer to the effective risk management framework adopted by the Bank over the last few years.

A key focal point for business growth is to create value for customers. The Bank is pursuing this through a customer-centric approach, underlined by the principles of 'Fair to Customer, Fair to Bank' and 'One Bank, One ROE'. These value drivers lend confidence to the Bank's focus on 'customer-360' and becoming a trusted financial partner for its clients. However, the dynamism, creativity and commitment of our employees are a key driver of the Bank's success. Working as one team to serve customers and facilitating cross-functional collaboration will differentiate the Bank and enable value-unlocking of our franchise.

A core enabler to meet the Bank's strategic objectives is technology. The initiatives in developing a strong technology architecture, the focus on platforms and digitisation, and continuous investments in innovations and security features are enabling the Bank to respond to the needs of customers with agility. The Bank's mobile applications, iMobile Pay and InstaBIZ, have now become universal and open architecture, enabling the Bank to expand the number of people and businesses that it can serve. In today's dynamic environment, it is imperative to be responsive to new technologies, digital processes and design customer digital journeys with speedy time-to-market. The Bank's competencies will only strengthen as it progresses on transforming from Bank to BankTech.

The Bank made further progress in the area of Environmental, Social and Governance (ESG), with the adoption of a Board-approved ESG policy and formalising Board oversight on ESG by including it within the remit of the Risk Committee. Further, to understand the ESG considerations of stakeholders, the Bank undertook a survey to identify ESG issues believed to be material for the Bank by our stakeholders. The top five issues that emerged were compliance with regulations and other laws, digital innovation/transformation, data privacy and cybersecurity, corporate governance & business ethics, and transparency & disclosures. An approach to integrate ESG and climate change risks in the Bank's lending and risk management has also been developed. The Bank will remain cognizant of the structural shifts in a decarbonising world, and will aim to build mitigants while capitalising on the opportunities that would emerge within India's national goals and commitments.

The Bank endeavours to promote long-term sustainable growth in the economy through responsible corporate citizenship. The dedicated focus of ICICI Foundation on creating a positive social and environmental impact has led to several projects being undertaken across the country. The efforts made in the areas of healthcare and environmental sustainability, especially in rural and remote areas, have yielded positive impact.

The Board is committed to maintaining highest standards of corporate governance and will continue to review and strengthen these practices. During the year, the Board approved the Risk and Compliance Culture Policy, anchored on five key principles. The Board and its Committees conducted regular reviews to assess the Bank's response to opportunities and challenges and evaluating the impact on the business and loan portfolio. Ensuring organisational resilience and responsiveness to the evolving technological developments and cybersecurity are priority areas of focus. The Board will continue to maintain integrity, fairness and transparency in our engagement with all our stakeholders.

Looking ahead, uncertainties have resurfaced as economies will have to tackle issues of inflation, monetary policy actions and tightening global liquidity conditions. A slowdown in global economic growth seems inevitable in the immediate period, with likely spill over to India. The Bank will focus on remaining strong and resilient while seeking to maintain sustainable, risk-calibrated and profitable growth in business.

We would like to thank all our stakeholders and look forward to your continued support.

With best wishes,
Girish Chandra Chaturvedi
Chairman

   

ICICI Bank Ltd Company History

ICICI Bank is India's largest private sector bank by consolidated assets. ICICI Bank Limited was incorporated in the year 1994 as a part of the ICICI Group with the name ICICI Banking Corporation Limited. The initial equity capital was owned 75% by ICICI and 25% by SCICI Limited, a diversified finance and shipping finance lender of which ICICI owned 19.9% at December 1996. Pursuant to merger of SCICI into ICICI, ICICI Bank became a wholly-owned subsidiary of ICICI. In September 10, 1999, name of the Bank was changed from ICICI Banking Corporation Limited to ICICI Bank Limited. In March 10, 2001, ICICI Bank acquired Bank of Madura, an old private sector bank, in an all-stock merger. ICICI Limited along with their wholly owned retail finance subsidiaries, namely ICICI Capital Services Limited and ICICI Personal Financial Services Limited amalgamated with the Bank with effect from May 3, 2002. In May 2003, the Bank acquired the entire paid-up capital of Transamerica Apple Distribution Finance Pvt Ltd (now known as ICICI Distribution Finance Pvt Ltd) which primarily engaged in financing in the two-wheeler segment. In September 12, 2003, the Bank incorporated ICICI Bank Canada as a 100% Subsidiary Company. In May 2005, the Bank acquired the entire paid-up capital of Investitsionno-Kreditny Bank, a Russian Bank with their registered office in Balabanovo in the Kaluga region and a branch in Moscow. Thus, IKB became a Subsidiary of Bank with effect from May 19, 2005. In August 2005, the Bank acquired additional 6% of the equity share capital of Prudential ICICI Asset Management Company Ltd and Prudential ICICI Trust Limited from Prudential Corporation Holdings Limited and thus these two companies became the subsidiaries of the Bank. During the year 2006-07, ICICI Bank Canada incorporated ICICI Health Management Inc as a subsidiary company. In April 2007, Sangli Bank Limited merged with the Bank with effect from April 19, 2007. In 2007 June, the Bank entered into an agreement with networking solutions provider GTL Ltd to lease out their call centre facility at Mahape worth of around Rs 100 crore for a period of 25 years. During the year 2007-08, the Bank increased their branches & extension counter from 755 Nos to 1,262 Nos, including the addition of about 200 branches through the merger of Sangli Bank. They increased their ATM network from 3,271 ATMs to 3,881 ATMs. They launched mobile banking service enabling a wide range of banking transactions using the mobile phone. During the year 2008-09, the Bank increased their branches & extension counter from 1,262 Nos to 1,419 Nos. They also received licenses for 580 additional branches from RBI. They increased their ATM network to 4,713 ATMs from 3,881 ATMs. In April 22, 2009, ICICI Prudential Pension Funds Management Company Limited was incorporated as a subsidiary company of ICICI Prudential Life Insurance Company Limited. During the year 2009-10, the Bank increased their branches & extension counter from 1,419 Nos to 1,707 Nos. They also increased their ATM network from 4,713 ATMs to 5,219 ATMs. ICICI Wealth Management Inc., a subsidiary of ICICI Bank Canada, has been dissolved effective December 31, 2009. In January 2010, the Bank and First Data, a company engaged in electronic commerce and payment services, formed a merchant acquiring alliance and a new entity named ICICI Merchant Services, 81% owned by First Data, was formed, which acquired ICICI Bank's merchant acquiring operations for a total consideration of Rs. 3,744 million. In May 2010, the Bank approved the scheme of amalgamation of Bank of Rajasthan Ltd with the Bank through share-swap in a non-cash deal that values the Bank of Rajasthan at about Rs 3,000 crore. Each 118 shares of Bank of Rajasthan will be converted into 25 shares of ICICI Bank Ltd. In August 2010, as per the scheme of amalgamation, Bank of Rajasthan was amalgamated with the Bank with effect from the close of business on 12 August 2010. The merger of Bank of Rajasthan added over 450 branches to the network. Including these, their branch network increased from 1,707 branches at March 31, 2010 to 2,529 branches at March 31, 2011. They also increased their ATM network from 5,219 ATMs at March 31, 2010 to 6,055 ATMs at March 31, 2011. On 19 May 2011, ICICI Bank announced that the bank through its Dubai branch successfully priced an issuance of 5.5 year fixed rate notes in aggregate principal amount of US$ 1 billion. The offering had an order book of US$ 2.70 billion with strong interest from over 220 investors. On 16 August 2012, ICICI Bank announced that the bank through its Dubai branch successfully priced an issuance of 5.5 year fixed rate notes in an aggregate principal amount of US$750 million. The offering was oversubscribed by 7.6 times and had an order book of US$ 5.7 billion. On 26 November 2012, ICICI Bank through its Dubai branch successfully launched and priced a US$ 250 million tap of its US$ 750.0 million 4.70% 2018 notes originally issued in August 2012. The offering was oversubscribed by 5.6 times and had an order book of US$ 1.4 billion. On 22 August 2013, ICICI Bank announced an increase of 0.25% in its base rate to 10% p.a. from 9.75% p.a. with effect from 23 August 2013. The bank also announced an increase of 0.25% in its benchmark prime-lending rate and in its Floating Reference Rate (FRR) for consumer loans (including home loans) with effect from 23 August 2013. On 23 January 2014, ICICI Bank signed an agreement for a USD 200 million Line of Credit with The Export-Import Bank of Korea (Korea Eximbank). The Board of Directors of ICICI Bank Limited at its meeting held on 9 September 2014 considered and approved the sub-division (split) of one equity share of the bank having a face value of Rs 10 into five equity shares of face value of Rs 2 each. The Board of Directors of ICICI Bank at its meeting held on 5 December 2014 approved a proposal for the sale of ICICI Bank's shareholding in ICICI Bank Eurasia Limited Liability Company (IBEL), a non-material wholly-owned banking subsidiary in Russia, to Sovcombank, an unrelated third party Russian bank. On 7 April 2015, ICICI Bank announced a reduction of 0.25% in its base rate to 9.75% p.a. from 10% with effect from 10 April 2015. Simultaneously, the bank announced a reduction in interest rates for some tenors of retail fixed deposits. ICICI Bank announced a reduction of 0.05% in its base rate to 9.7% p.a. from 9.75% p.a. with effect from 26 June 2015. On 1 October 2015, ICICI Bank announced a reduction of 0.35% in its base rate to 9.35% p.a. from 9.7% p.a. with effect from 5 October 2015. The Board of Directors of ICICI Bank at its meeting held on 30 October 2015 approved the sale of 9% shareholding in its subsidiary ICICI Lombard General Insurance Company to its joint venture partner, Fairfax Financial Holdings Limited. Upon completion of the transaction, ICICI Bank will hold approximately 64% stake and Fairfax will hold about 35% stake in ICICI Lombard General Insurance Company. The Board of Directors of ICICI Bank at its meeting held on 16 November 2015 approved the sale of 6% shareholding in its subsidiary ICICI Prudential Life Insurance Company, comprising the sale of 4% to Premji Invest & its affiliates and 2% to Compassvale Investments Pte Ltd, an indirectly wholly-owned subsidiary of the Singapore-based investment company, Temasek. Upon completion of the transaction, ICICI Bank will hold approximately 68% stake in ICICI Prudential Life Insurance Company. Prudential Plc, ICICI Bank's joint venture partner, will maintain its current share of approximately 26%. On 14 January 2016, ICICI Bank announced that it crossed the milestone of disbursing mortgage loans of over Rs 1 lakh crore, a first among private sector banks in the country. On 14 March 2016, ICICI Bank through its Dubai branch priced an issuance of 10 year fixed rate notes of an aggregate principal amount of US$ 700 million. The notes carry a coupon of 4% and were offered at an issue price of 99.592. On 18 July 2016, ICICI Bank announced that its subsidiary company ICICI Prudential Life Insurance Company has filed a draft red herring prospectus with the Securities and Exchange Board of India for a public offer of up to 18.13 crore equity shares, representing approximately 12.65% of its equity share capital, through an offer for sale by ICICI Bank. 9 September 2016, ICICI Bank announced that the bank has entered into a subscription agreement to acquire 10% shareholding in Resurgent Power Ventures Pte. Limited, a power platform created to facilitate investment in power projects in India by ICICI Group and Tata Group with Caisse de depot et placement du Quebec (CDPQ) of Canada, Kuwait Investment Authority and State General Reserve Fund of Oman as partner investors. On 2 January 2017, ICICI Bank announced a reduction of 0.7% in marginal cost of funds based lending rates (MCLR) with effect from 3 January 2017. On 2 March 2017, ICICI Bank through its Dubai branch priced an issuance of 5.5 year fixed rate notes for an aggregate principle amount of $300 million. The Board of Directors of ICICI Bank at its meeting held on 3 May 2017 recommended issue of bonus shares in the ratio of 1:10. On 15 May 2017, ICICI Bank announced reduction of interest rates by upto 30 basis points for home loans upto Rs 30 lakh in its bid to boost affordable housing in the country. On 5 June 2017, the Board of Directors of ICICI Bank approved the sale of a part of its shareholding in ICICI Lombard General Insurance Company in an initial public offering by ICICI Lombard General Insurance Company, subject to requisite approvals and market conditions. On 14 July 2017, ICICI Bank announced that its subsidiary company ICICI Lombard General Insurance Company Limited has filed a draft red herring prospectus with the Securities and Exchange Board of India for a public offer of up to 8.62 crore equity shares, representing approximately 19% of its equity share capital, through an offer for sale of up to 3.17 crore equity shares by ICICI Bank and up to 5.44 crore equity shares by FAL Corporation. ICICI Bank announced a reduction in interest on Savings Bank account by 50 basis points to 3.5% from 4% with effect from 19 August 2017 on deposits below Rs 50 lakh. Interest rate on deposits of Rs 50 lakh and above was kept unchanged at 4%. On 7 November 2017, the Board of Directors of ICICI Bank approved the sale of a part of its shareholding in ICICI Securities in an initial public offering by ICICI Securities, subject to requisite approvals and market conditions. On 15 December 2017, ICICI Bank announced that it is selling 6.44 crore shares of its subsidiary company ICICI Securities through IPO of ICICI Securities. In this regard, ICICI Securities Limited has filed a draft red herring prospectus with Securities and Exchange Board of India for a public offer of up to 6.44 equity shares of face value of Rs 5 each, representing approximately 20% of its equity share capital as on date. On 7 December 2017, ICICI Bank through its Dubai branch priced an issuance of 10 year fixed rate notes for an aggregate principal amount of US$ 500 million. The notes carry a coupon of 3.8% and were offered at an issue price of 99.728. The bank's consolidated total assets stood at US$ 156.8 billion as on 30 September 2017. The bank and their subsidiaries offer a wide range of banking and financial services including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services. They offer through a variety of delivery channels and through their specialised subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management. ICICI Bank had a network of 4,856 branches and 13,792 ATMs as on 30 September 2017. ICICI Bank is present across 17 countries, including India. The bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and their American Depositary Receipts (ADRs) are listed on the New York Stock Exchange. The bank is the first Indian Bank listed on New York Stock Exchange. During the fiscal 2018,the bank sold its stake of 7% in ICICI Lombard General Insurance Company Ltd and 20.78% stake in ICICI Securities Ltd through IPO.During the FY 2017-18,total assets for standalone entity increased by 13.9% from Rs 7717.91 billion at 31,March 2017 to Rs 8791.89 billion at 31,March 2018.Total advances increased by 10.4% from Rs 4642.32 billion at 31,March 2017 to Rs 5123.95 billion at 31,March 2018. The consolidated assets of the Bank and its subsidiaries and other consolidating entities increased from Rs 9857.25 billion at March 31, 2017 to Rs 11,242.81 billion at March 31, 2018. As on 31,March 2018,the bank had a branch network of 4867 branches and ATM network of 14367 ATMs under its fold. During the fiscal 2019,total assets for standalone entity has increased by 9.7% from Rs 8791.89 billion at 31,March 2018 to Rs 9644.59 billion at 31,March 2019.Total advances increased by 14.5% from Rs 5123.95 billion at 31,March 2018 to Rs 5866.47 billion at 31,March 2019 primarily due to an increase in domestic advances by 16.9%. The consolidated assets of the Bank and its subsidiaries and other consolidating entities increased from Rs 11,242.81 billion at March 31, 2018 to Rs 12,387.94 billion at March 31, 2019. The bank had a branch network of 4874 branches and ATM network of 14987 ATMs as on 31,March 2019. The bank has focussed on its strategic objective of risk calibrated profitable growth during the fiscal 2020.The core operating profit of the bank grew by 21.5% during the fiscal 2020.The Bank made progress on increasing the granularity of its portfolio and enhancing the customer franchise during the year. Retail loans as a proportion of total loans increased from 60.1% at March 31, 2019 to 63.2% at March 31, 2020.Including non-fund based outstanding, the proportion of retail portfolio increased from 46.9% at March 31, 2019 to 53.3% at March 31, 2020. The Bank has repositioned its international franchise to focus on non-resident Indians for deposits, wealth and remittances businesses, with digital and process decongestion as a key enabler. Total assets for standalone entity increased by 13.9% from Rs 9,644.59 billion at March 31, 2019 to Rs 10,983.65 billion at March 31, 2020.Total advances increased by 10.0% from Rs 5,866.47 billion at March 31, 2019 to Rs 6,452.90 billion at March 31, 2020 primarily due to an increase in domestic advances by 12.9%, offset, in part, by a decrease in overseas advances by 14.4%. The loan growth was impacted during the end of fiscal 2020 due to Covid-19 pandemic. The consolidated assets of the Bank and its subsidiaries and other consolidating entities increased from Rs12,387.94 billion at March 31, 2019 to Rs 13,772.92 billion at March 31, 2020. The bank has added 1151 branches and ATMs during the fiscal 2020 and the total number of branches and ATMs as on 31,March 2020 has risen to 21012. Total assets increased by 12.0% from Rs 10,983.65 billion at 31 March 2020 to Rs 12,304.33 billion at 31 March 2021. Total advances increased by 13.7% from Rs 6,452.90 billion at 31 March 2020 to Rs 7,337.29 billion at 31 March 2021 primarily due to an increase in domestic advances by 17.7%, offset, in part, by a decrease in overseas advances by 30.3%. Total deposits increased by 21.0% from Rs 7,709.69 billion at 31 March 2020 to Rs 9,325.22 billion at 31 March 2021.Term deposits increased by 18.4% from Rs 4,231.51 billion at 31 March 2020 to Rs 5,008.99 billion at 31 March 2021.Current and savings account (CASA) deposits increased by 24.1% from Rs 3,478.19 billion at 31 March 2020 to Rs 4,316.23 billion at 31 March 2021.The Average CASA deposits increased by 18.9% from Rs 2,814.37 billion at fiscal 2020 to Rs 3,346.32 billion at fiscal 2021. The Borrowings decreased by 43.7% from Rs 1,628.97 billion at 31 March 2020 to Rs 916.31 billion at 31 March 2021. The consolidated assets of the Bank and its subsidiaries and other consolidating entities increased from Rs 13,772.92 billion at 31 March 2020 to Rs 15,738.12 billion at 31 March 2021.The Consolidated advances increased from Rs 7,062.46 billion at 31 March 2020 to Rs 7,918.01 billion at 31 March 2021. On 15 August 2020,the bank has allotted 418,994,413 equity shares of face value Rs 2 each to eligible qualified institutional buyers at the issue price of Rs 358 per equity share including a premium of Rs 356 per share. The Bank had a branch network of 5,266 branches and an ATM network of 14,136 ATMs at 31 March 2021. The Bank had a network of 5,268 branches and 14,141 ATMs at 30 June 2021. In accordance with the Scheme of Arrangement (Scheme) between ICICI Lombard General Insurance Company limited and Bharti AXA General Insurance Company limited as approved by Insurance Regulatory and Development Authority of India on 03 September 2021, assets and liabilities of Bharti AXA's general insurance business vested with ICICI General on the Appointed Date of 01 April 2020. IC1CI General issued two fully paid up equity shares of Rs 10 each to the shareholders of Bharti AXA forevery 115 fully paid up equity shares of Rs 10 each. Subsequent to issuance of equity shares to Bhani AXA shareholders,the bank's shareholding in ICICI Lombard General Insurance reduced to below 50%. The Bank had a network of 5,277 branches and 14,045 ATMs at 30 September 2021. The total deposits grew by 16% year-on-year to Rs 10,17,467 crore (USD 136.9 billion) as at 31 December 2021 and Average CASA ratio was 45% in Q3 of FY2022.Also domestic loan portfolio grew by 18% year-on-year during the Q3 of FY2022. The Bank had a network of 5,298 branches and 13,846 ATMs at 31 December 2021. During the year 2021-22, ICICI Lombard General Insurance Company Limited ceased to be a subsidiary and became an Associate of the Bank. The Bank had a branch network of 5,418 branches and an ATM network of 13,626 ATMs at 31 March 2022. The Total Assets of the Bank stood at Rs. 14,112.98 billion as on March 31, 2022. It added 152 branches during the year. It launched 'Merchant STACK' which offers an array of banking and value-added services to retailers, online businesses and large e-commerce firms. As at March 31, 2022, Bank had 15 subsidiaries and 9 associate companies. The Bank had a branch network of 5,900 branches and an ATM network of 16,650 ATMs at 31 March 2023. The Total Assets of the Bank stood at Rs. 15,842.07 billion as on March 31, 2023.

ICICI Bank Ltd Directors Reports

Your Directors have pleasure in presenting the Twenty-Ninth Annual Report of ICICI Bank Limited (ICICI Bank/the Bank) along with the audited financial statements for the year ended March 31, 2023.

FINANCIAL HIGHLIGHTS

The financial performance for fiscal 2023 is summarised in the following table:

Rs.in billion, except percentages Fiscal 2022 Fiscal 2023 % change
Net interest income and non-interest income 650.80 820.12 26.0%
Operating expenses 267.33 328.73 23.0%
Core operating profit 383.47 491.39 28.1%
Provisions and contingencies (excluding tax) 86.41 66.66 (22.9)%
Profit before tax excluding treasury gains 297.06 424.73 43.0%
Treasury gains 9.03 (0.52) (105.8)%
Profit before tax 306.09 424.21 38.6%
Tax 72.70 105.25 44.8%
Profit after tax 233.39 318.96 36.7%
RsRs.in billion, except percentages Fiscal 2022 Fiscal 2023 % change
Consolidated profit before tax and minority interest 349.96 472.55 35.0%
Consolidated profit after tax and minority interest 251.10 340.37 35.6%

DIVIDEND

Your Bank has a consistent dividend payment history. Your Bank's Dividend Distribution Policy is based on the profitability and key financial metrics, capital position & requirements and the regulations pertaining to the payment of dividend. The Board of Directors has recommended a dividend of Rs.8.00 per equity share for the year ended March 31, 2023.

APPROPRIATIONS

The Bank has appropriated accumulated profit as follows:

RsRs.in billion Fiscal 2022 Fiscal 2023
Profit after tax 233.39 318.96
Profit brought forward 310.09 436.71
Accumulated profit (before appropriations) 543.48 755.67

Appropriations:

To Statutory Reserve, making in all Rs.435.78 billion 58.35 79.74

To Special Reserve created and maintained in terms of Section 36(1)(viii) of the Income Tax Act, 1961, making in all Rs 154.49 billion

15.00 25.65
To Capital Reserve, making in all Rs.150.42 billion 15.741 0.88
To Investment Fluctuation Reserve, making in all Rs 21.76 billion2 3.83 1.04
To Revenue and other reserves, making in all Rs 109.37 billion 0.00 50.00
Dividend paid on equity shares3 13.85 34.79
Balance carried over to balance sheet 436.71 563.57

1 The Bank had shifted certain securities from held-to-maturity (HTM) category to available-for-sale (AFS) category on May 3, 2017. Reserve Bank of India (RBI) through its order dated May 3, 2021 directed the Bank to appropriate the net profit made on sale of these investments during fiscal 2018 to capital reserve. Accordingly, an amount of Rs.15.09 billion was transferred from balance in profit and loss account to capital reserve during fiscal 2022.

2 Represents an amount transferred to Investment Fluctuation Reserve (IFR) on net profit on sale of AFS and held-for-trading (HFT) investments during the period. The amount not less than the lower of net profit on sale of AFS and HFT category investments during the year or net profit for the year less mandatory appropriations is required to be transferred to IFR, until the amount of IFR is at least 2% of the HFT and AFS portfolio. The Bank can draw down balance available in IFR in excess of 2% of its AFS and HFT portfolio.

3 Represent dividend declared for previous financial year and paid in current financial year.

The Bank prepares its financial statements in accordance with the applicable accounting standards, RBI guidelines and other applicable laws/regulations. RBI, under its risk-based supervision exercise, carries out the risk assessment of the Bank on an annual basis. This assessment is undertaken for the position at March 31, 2023. As a part of this assessment, RBI separately reviews asset classification and provisioning of credit facilities given by the Bank to its borrowers. The divergences, if any, in classification or provisioning arising out of the supervisory process are given effect to in the financial statements in subsequent periods after conclusion of the exercise. In terms of the RBI circular no. DBR.BP.BC.No.32/ 21.04.018/2018-19 dated April 1, 2019, banks are required to disclose the divergences in asset classification and provisioning consequent to RBI's annual supervisory process in their notes to accounts to the financial statements, wherever either (a) the additional provisioning requirements assessed by RBI exceed 10% of the reported net profits before provisions and contingencies or (b) the additional gross NPAs identified by RBI exceed 15% of the published incremental gross NPAs for the reference period, or both. Based on the condition mentioned in the RBI circular, no disclosure on divergence in asset classification and provisioning for NPAs is required with respect to RBI's supervisory process for fiscal 2022.

SHARE CAPITAL

During the year under review, the Bank allotted 34,044,356 equity shares of Rs.2.00 each pursuant to exercise of stock options under the ICICI Bank Employees Stock Option Scheme - 2000. For details refer to Schedule 1 of the financial statements.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Pursuant to Section 186(11) of the Companies Act, 2013, the provisions of Section 186 of the Companies Act, 2013, except sub-section (1), do not apply to a loan made, guarantee given or security provided by a banking company in the ordinary course of business. The particulars of investments made by the Bank are disclosed in Schedule 8 of the financial statements as per the applicable provisions of the Banking Regulation Act, 1949.

SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANIES

There was no change in the subsidiaries and associates of the Bank during fiscal 2023. The Bank does not have any joint venture company. As at March 31, 2023, your Bank had following subsidiaries (15) and associate (9) companies:

Name of the subsidiary company

% of shares held
ICICI Bank UK PLC 100
ICICI Bank Canada 100
ICICI Securities Limited1 74.85
ICICI Securities Holdings, Inc.2 100
ICICI Securities, Inc.3 100
ICICI Securities Primary Dealership
Limited 100
ICICI Venture Funds Management
Company Limited 100
ICICI Home Finance Company
Limited 100
ICICI Trusteeship Services Limited 100
ICICI Investment Management
Company Limited 100
ICICI International Limited 100
ICICI Prudential Pension Funds
Management Company Limited4 100
ICICI Prudential Life Insurance
Company Limited 51.27
ICICI Prudential Asset Management
Company Limited 51.00
ICICI Prudential Trust Limited 50.80

1 The Board of Directors of the Bank on June 29, 2023 have approved the draft scheme of arrangement for delisting of equity shares of ICICI Securities Limited (ISEC) by issuing equity shares of the Bank to the public shareholders of ISEC in lieu of cancellation of their equity shares in ISEC, thereby making ISEC a wholly-owned subsidiary of the Bank, in accordance with Chapter VI, Part C, Regulation 37 of the Securities and Exchange

Board of India (Delisting of Equity Shares) Regulations, 2021, subject to receipt of requisite approvals.

2 ICICI Securities Holdings, Inc. is a wholly owned subsidiary of ICICI Securities Limited.

3 ICICI Securities, Inc. is a wholly owned subsidiary of ICICI Securities Holdings, Inc.

4 ICICI Prudential Pension Funds Management Company Limited is a wholly owned subsidiary of ICICI Prudential Life Insurance Company Limited.

Name of the associate company

% of shares held
ICICI Lombard General Insurance
Company Limited1 48.02
I-Process Services (India) Private
Limited2 19.00
NIIT Institute of Finance Banking and
Insurance Training Limited 18.79
ICICI Merchant Services Private Limited 19.01
India Infradebt Limited 42.33
Arteria Technologies Private Limited 19.98
Rajasthan Asset Management
Company Private Limited3 24.30
OTC Exchange of India3 20.00
Falcon Tyres Limited3 26.39

1 The Board of Directors of the Bank have approved an increase in shareholding in ICICI Lombard General Insurance Company Limited, in multiple tranches up to 4.0% additional shareholding, as permissible under applicable law, to ensure compliance with the Section 19(2) of the Banking Regulation Act, 1949 and make it a subsidiary of the Bank, subject to receipt of necessary regulatory approval(s). The Bank would acquire atleast 2.5% stake out of the above 4.0% before September 9, 2024. As on the date of this Report, necessary approval(s) are awaited.

2 The Board of Directors of the Bank have approved the proposal for making I-Process Services (India) Private Limited a wholly-owned subsidiary of the Bank, subject to receipt of requisite regulatory and statutory approval(s). As on the date of this Report, necessary approval(s) are awaited.

3 These companies are not considered as associates in the financial statements, in accordance with the provisions of AS 23 on ‘Accounting for Investments in Associates in Consolidated Financial Statements'.

HIGHLIGHTS OF PERFORMANCE OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES AND THEIR CONTRIBUTION TO THE OVERALL PERFORMANCE OF THE COMPANY

The performance of subsidiaries and associates and their contribution to the overall performance of the Bank as on March 31, 2023 is given in "Consolidated Financial Statements of ICICI Bank Limited - Schedule 18 - Note

12 - Additional information to consolidated accounts" of this Annual Report. A summary of key financials of the Bank's subsidiaries is also given in "Statement Pursuant to Section 129 of the Companies Act, 2013" of this Annual Report.

The highlights of the performance of key subsidiaries are given as a part of Management's Discussion & Analysis under the section "Consolidated financials as per Indian GAAP".

The Bank will make available separate audited financial statements of the subsidiaries to any Member upon request. These documents/details will be available on the Bank's website at https://www.icicibank.com/about-us/ annual and will also be available for inspection by any Member or trustee of the holder of any debentures of the Bank. As required by Accounting Standard 21 (AS-21) issued by the Institute of Chartered Accountants of India, the Bank's consolidated financial statements included in this Annual Report incorporate the accounts of its subsidiaries and other consolidating entities.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS OF THE COMPANY AND ITS FUTURE OPERATIONS

There are no significant and/or material orders passed by the regulators or courts or tribunals impacting the going concern status or future operations of the Bank.

MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE BANK

There are no material changes and commitments affecting the financial position of the Bank which have occurred between the end of the financial year of the Bank to which the financial statements relate and the date of this Report.

DIRECTORS AND OTHER KEY MANAGERIAL PERSONNEL

Changes in the composition of the Board of Directors and other Key Managerial Personnel (KMP)

The Board at its Meeting held on April 23, 2022 and the Members at the Annual General Meeting (AGM) held on August 30, 2022 approved the appointment of Rakesh Jha as a Wholetime Director (designated as Executive

Director) for a period of five years effective May 1, 2022 or the date of approval of his appointment by RBI, whichever is later. Rakesh Jha ceased to be the Group Chief Financial Officer effective May 1, 2022 and consequently KMP. RBI, through its letter dated September 2, 2022, communicated its approval for the appointment of Rakesh Jha as an Executive Director of the Bank for a period of three years from the date of its approval. Accordingly, Rakesh Jha assumed office as Executive Director and KMP effective September 2, 2022. The Board at its Meeting held on April 23, 2022 approved the appointment of Anindya Banerjee as the Group Chief Financial Officer and KMP of the Bank with effect from May 1, 2022.

The Board at its Meeting held on June 28, 2022 and the Members at the AGM held on August 30, 2022 approved the following: (a) Re-appointment of Neelam Dhawan as an Independent Director of the Bank for a second term commencing from January 12, 2023 to January 11, 2026.

(b) Re-appointment of Uday Chitale as an Independent Director of the Bank for a second term commencing from January 17, 2023 to October 19, 2024.

(c) Re-appointment of Radhakrishnan Nair as an Independent Director of the Bank for a second term commencing from May 2, 2023 to May 1, 2026. The Board at its Meeting held on October 22, 2022, based on the recommendation of the Board Governance, Remuneration & Nomination Committee (BGRNC), approved the re-appointment of Sandeep Bakhshi as Managing Director & Chief Executive Officer of the Bank for a period of three years with effect from October 4, 2023 to October 3, 2026, subject to the approval of Members and RBI. The re-appointment is being proposed in the Notice of the forthcoming AGM through item no. 13.

The Board at its Meeting held on May 28, 2023, based on the recommendations of the BGRNC, approved the following: (a) Re-appointment of Hari L. Mundra as an Independent Director of the Bank for a second term commencing from October 26, 2023 to October 25, 2024, subject to the approval of Members.

(b) Re-appointment of B. Sriram as an Independent Director of the Bank for a second term commencing from January 14, 2024 to January 13, 2027, subject to the approval of Members.

(c) Re-appointment of S. Madhavan as an Independent

Director of the Bank for a second term commencing from April 14, 2024 to April 13, 2027, subject to the approval of Members.

The resolutions for the above re-appointments are being proposed in the Notice of the forthcoming AGM through item nos. 6 to 8.

The Board also at its Meeting held on May 28, 2023 noted that the Members had approved the appointment of Sandeep Batra as Executive Director of the Bank for a period of five years effective from the date of approval of RBI. The effective date of the same was from December 23, 2020. The current tenure of Sandeep Batra as Executive Director of the Bank as per RBI approval, which was for three years, ends on December 22, 2023. Based on the recommendation of the BGRNC, the Board approved the re-appointment of Sandeep Batra as Executive Director of the Bank for a further period of two years with effect from December 23, 2023 to December 22, 2025, subject to the approval of RBI. This term of two years is within the five years term as previously approved by the Members. Vishakha Mulye stepped down from her position as Executive Director with effect from May 31, 2022 consequent to her decision to pursue career opportunities outside the ICICI Group. Anup Bagchi ceased to be a Director of the Bank with effect from close of business hours on April 30, 2023 pursuant to his appointment as Managing Director & CEO of ICICI Prudential Life Insurance Company Limited with effect from June 19, 2023. To ensure a seamless transition, he assumed the office of Executive Director & Chief Operating Officer of ICICI Prudential Life Insurance Company Limited with effect from May 1, 2023. The Board acknowledges the valuable contribution and guidance provided by both the Directors.

The Board at its Meeting held on March 16, 2023, based on the recommendation of the BGRNC, approved the appointment of Prachiti Lalingkar as the Company Secretary & Compliance Officer and KMP of the Bank effective April 1, 2023 pursuant to the superannuation of Ranganath Athreya in July 2023. Ranganath Athreya ceased to be the Company Secretary & Compliance Officer and KMP of the Bank with effect from close of business hours on March 31, 2023.

As on the date of this report, in terms of Section 203(1) of the Companies Act, 2013, Sandeep Bakhshi, Managing Director & CEO, Rakesh Jha, Executive Director, Sandeep Batra, Executive Director, Anindya Banerjee, Group Chief Financial Officer and Prachiti

Lalingkar, Company Secretary are the Key Managerial Personnel of the Bank.

Declaration of Independence

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149 of the Companies Act, 2013 as amended and Regulation 16 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (SEBI Listing Regulations) which have been relied on by the Bank and were placed at the Board Meeting held on April 22, 2023. In the opinion of the Board, the Independent Directors fulfil the conditions specified in the Companies Act, 2013 and the SEBI Listing Regulations and are independent of the Management.

Retirement by rotation

In terms of Section 152 of the Companies Act, 2013, Sandeep Bakhshi would retire by rotation at the forthcoming AGM and, being eligible, offers himself for reappointment.

AUDITORS

Statutory Auditors

At the AGM held on August 30, 2022, the Members approved the re-appointment of M/s M S K A & Associates,

Chartered Accountants (hereinafter referred to as M S K A & Associates) and M/s KKC & Associates LLP, Chartered Accountants (formerly M/s Khimji Kunverji & Co LLP), (hereinafter referred to as KKC & Associates LLP) as the joint statutory auditors to hold office from the conclusion of the Twenty-Eighth AGM till the conclusion of the Twenty-Ninth AGM. As per the RBI guidelines, the joint statutory auditors of the banking companies are allowed to continue for a period of three years, subject to fulfilling the prescribed eligibility norms. Accordingly, M S K A & Associates, Chartered Accountants and KKC & Associates LLP, Chartered Accountants would be eligible for re-appointment at the conclusion of the forthcoming AGM. Based on the recommendation of the Audit Committee, the Board has proposed the re-appointment of M S K A & Associates, Chartered Accountants and KKC & Associates LLP, Chartered Accountants as the joint statutory auditors for the year ending March 31, 2024 (fiscal 2024). The joint statutory auditors will hold office from the conclusion of the forthcoming AGM till the conclusion of Thirtieth AGM. Their re-appointment has been approved by RBI. The re-appointment of the joint statutory auditors is proposed to the Members in the Notice of the forthcoming AGM through item nos. 4 and 5.

There are no qualifications, reservation or adverse remarks made by the joint statutory auditors in the audit report.

Secretarial Auditors

The Board appointed M/s. Parikh Parekh & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Bank for fiscal 2023. The Secretarial Audit Report is annexed herewith as Annexure A. There are no qualifications, reservation or adverse remark or disclaimer made by the auditor in the report save and except disclaimer made by them in discharge of their professional obligation.

The Annual Secretarial Compliance Report for fiscal 2023 is available on the website of the Bank at https://www. icicibank.com/about-us/disclosures-to-stock-exchanges and on the websites of the stock exchanges i.e. BSE Limited (BSE) at www.bseindia.com and National Stock Exchange of India Limited (NSE) at www.nseindia.com.

Maintenance of Cost Records

Being a banking company, the Bank is not required to maintain cost records as specified by the Central Government under Section 148(1) of the Companies Act, 2013.

Reporting of Frauds by Auditors

During the year under review, there were no instances of fraud reported by the statutory auditors, branch auditors and secretarial auditor under Section 143(12) of the Companies Act, 2013 to the Audit Committee or the Board of Directors.

PERSONNEL

The statement containing particulars of employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given in an Annexure and forms part of this report. In terms of Section 136(1) of the Companies Act, 2013, the annual report and the financial statements are being sent to the Members excluding the aforesaid Annexure. The Annexure is available for inspection and any Member interested in obtaining a copy of the Annexure may write to the Company Secretary of the Bank.

INTERNAL CONTROL AND ITS ADEQUACY

The Bank has adequate internal controls and processes in place with respect to its financial statements which provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements. These controls and processes are driven through various policies, procedures and certifications. The processes and controls are reviewed periodically. The Bank has a mechanism of testing the controls at regular intervals for their design and operating effectiveness to ascertain the reliability and authenticity of financial information.

DISCLOSURE UNDER FOREIGN EXCHANGE MANAGEMENT ACT, 1999

The Bank has obtained a certificate from its statutory auditors that it is in compliance with the Foreign Exchange Management Act, 1999 provisions with respect to investments made in its consolidated subsidiaries and associates during fiscal 2023.

RELATED PARTY TRANSACTIONS

The Bank has a Board-approved Group Arm's Length Policy which requires transactions with the group companies to be at arm's length. All the related party transactions between the Bank and its related parties, entered during the year ended March 31, 2023, were on arm's length basis and were in the ordinary course of business.

There were no related party transactions to be reported under Section 188(1) of the Companies Act 2013, in Form No. AOC-2, pursuant to Rule 8(2) of the Companies (Accounts) Rules, 2014.

All related party transactions as required under Accounting Standard AS-18 are reported in note no. 46 of schedule 18 - Notes to Accounts of standalone financial statements and note no. 2 of schedule 18 - Notes to Accounts of consolidated financial statements of the Bank.

The Bank has a Board-approved Related Party Transactions Policy, which has been disclosed on the website of the Bank and can be viewed at (https://www. icicibank.com/about-us/other-policies).

ANNUAL RETURN

The Annual Return in Form No. MGT-7 will be hosted on the website of the Bank at (https://www.icicibank.com/ about-us/annual).

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

The Business Responsibility and Sustainability Report as stipulated under Regulation 34(2)(f) of the SEBI Listing Regulations will be hosted on the Bank's website at (https://www.icicibank.com/about-us/annual) as part of the green initiative of the Bank. Any Member interested in obtaining a copy of the Report may write to the Company Secretary of the Bank.

The Bank has been releasing the Environmental, Social and Governance Report since fiscal 2020. The report for fiscal 2023 will be hosted on the Bank's website at (https:// www.icicibank.com/about-us/annual).

INTEGRATED REPORTING

The Bank has adopted the principles of the International Integrated Reporting Framework as developed by the International Integrated Reporting Council in its Annual Report since fiscal 2019. For accessing the Report for fiscal 2023, please refer to the Integrated Report section of the Annual Report 2022-23.

RISK MANAGEMENT FRAMEWORK

The Bank's risk management framework is based on a clear understanding of various risks, disciplined risk assessment & measurement procedures and continuous monitoring. The Board of Directors has oversight on all the risks assumed by the Bank. Specific committees have been constituted to facilitate focused oversight of various risks, as follows:

• The Risk Committee of the Board, reviews, inter alia, risk management policies of the Bank pertaining to credit, market, liquidity, operational and outsourcing risks and business continuity management. The Committee also reviews the Risk Appetite and Enterprise Risk Management frameworks, Internal Capital Adequacy Assessment Process (ICAAP) and stress testing. The stress testing framework includes a range of Bank-specific market (systemic) and combined scenarios. The ICAAP exercise covers the domestic and overseas operations of the Bank, banking subsidiaries and non-banking subsidiaries. The Committee reviews setting up of limits on any industry or country, migration to the advanced approaches under Basel II and implementation of Basel Ill and the activities of the Asset Liability Management Committee. The Committee reviews the level and direction of major risks pertaining to credit, market, liquidity, operationaI, reputation, technology, information security, compliance, group and capital at risk as a part of the risk dashboard. In addition, the Committee has oversight on risks of subsidiaries covered under the Group Risk Management Framework. The Risk Committee also reviews the Liquidity Contingency Plan for the Bank and the various thresholds set out in the Plan.

• The Credit Committee of the Board, apart from sanctioning credit proposals based on the Bank's credit approval authorisation framework, reviews developments in key industrial sectors (along with exposure to these sectors), the Bank's exposure to large borrower accounts and borrower groups. The Credit Committee also reviews major credit portfolios, non-performing loans, accounts under watch, overdues, incremental sanctions, etc.

• The Audit Committee of the Board, provides direction to and monitors the quality of the internal audit function, oversees the financial reporting process and also monitors compliance with inspection and audit reports of RBI, other regulators and statutory auditors.

• The Asset Liability Management Committee provides guidance for management of liquidity of the overall Bank and management of interest rate risk in the banking book within the broad parameters laid down by the Board of Directors/Risk Committee.

Summaries of reviews conducted by these Committees are reported to the Board on a regular basis.

Policies approved from time to time by the Board of Directors/Committees of the Board form the governing framework for each type of risk. The business activities are undertaken within this policy framework. Independent groups and subgroups have been constituted across the Bank to facilitate independent evaluation, monitoring and reporting of various risks. These groups function independently of the business groups/subgroups.

The Bank has dedicated groups, namely, the Risk Management Group, Compliance Group, Corporate Legal Group, Internal Audit Group and the Financial Crime Prevention & Reputation Risk Management Group, with a mandate to identify, assess and monitor all of the Bank's principal risks in accordance with well-defined policies and procedures. The Risk Management Group is further organised into Credit Risk Management Group, Market Risk Management Group, Operational Risk Management

Group and Information Security Group. The Chief Risk Officer (CRO) reports to the Risk Committee constituted by the Board which reviews risk management policies of the Bank. The CRO, for administrative purposes, reports to an Executive Director of the Bank. The above mentioned groups are independent of all business operations and coordinate with representatives of the business units to implement the Bank's risk management policies and methodologies.

The Internal Audit Group acts as an independent entity and is responsible to evaluate and provide objective assurance on the effectiveness of internal controls, risk management and governance processes within the Bank and suggest improvements. The Internal Audit Group maintains appropriately qualified personnel to fulfill its responsibilities. The Internal Audit and Compliance groups are responsible to the Audit Committee of the Board.

INFORMATION REQUIRED UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013

The Bank has a policy against sexual harassment and a formal process for dealing with complaints of harassment or discrimination. The said policy is in line with the requirements of ‘The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013'. The Bank has complied with provisions relating to the constitution of Internal Committee under the said Act. The details pertaining to number of complaints during the year has been provided below: (a) number of complaints filed during the financial year: 43 (b) number of complaints disposed of during the financial year: 43 (c) number of complaints pending1 at end of the financial year: Nil

1 All complaints received during fiscal 2023 have been closed within the applicable turnaround time of 90 days.

   

ICICI Bank Ltd Company Background

Girish Chandra ChaturvediSandeep Bakhshi
Incorporation Year1994
Registered OfficeICICI Bank Tower,Nr Chakli Circle Old Padra Rd
Vadodara,Gujarat-390007
Telephone91-0265-6722239,Managing Director
Fax91-0265-6722020
Company Secretary
AuditorMSKA & Associates/KKC & Associates LLP
Face Value2
Market Lot1
ListingBSE,MSEI ,New York,NSE,
Registrar3i Infotech Ltd
Tower No 5 3rd Floor,International Infote,Park Vashi,Navi Mumbai-400703

ICICI Bank Ltd Company Management

Director NameDirector DesignationYear
NEELAM DHAWANIndependent Director2023
NEELAM DHAWANIndependent Director202303
Uday ChitaleIndependent Director2023
Uday ChitaleIndependent Director202303
Radhakrishnan NairIndependent Director2023
Radhakrishnan NairIndependent Director202303
Sandeep BakhshiManaging Director & CEO2023
Sandeep BakhshiManaging Director & CEO202303
Girish Chandra ChaturvediPart Time Chairman2023
Girish Chandra ChaturvediPart Time Chairman202303
Hari L MundraIndependent Director2023
Hari L MundraIndependent Director202303
B SriramIndependent Director2023
B SriramIndependent Director202303
Subramanian MadhavanIndependent Director2023
Subramanian MadhavanIndependent Director202303
Sandeep BatraExecutive Director2023
Sandeep BatraExecutive Director202303
Vibha Paul RishiIndependent Director2023
Vibha Paul RishiIndependent Director202303
Rakesh JhaExecutive Director2023
Rakesh JhaExecutive Director202303
AJAY GUPTAWTD & Additional Director2023
AJAY GUPTAWTD & Additional Director202303

ICICI Bank Ltd Listing Information

Listing Information
BSE_SENSEX
NIFTY
BSE_500
BSE_100
BSE_200
BSEDOLLEX
CNX500
BSEBANKEX
BANKNIFTY
CNX100
CNXSERVICE
CNX200
CNXFINANCE
BSEGREENEX
BSECARBONE
NIFTY50V20
NFT100EQWT
BSEALLCAP
BSELARGECA
BSEFINANCE
NFTPVTBANK
SENSEX50
LMI250
BSEDSI
BSELVI
NFT50EQWT
NFT100LV30
BSEDFINRVG
BSE100LTMC
BSEPVTBNK
NFTYLM250
NFTY100ESG
NFTYALV30
NFTYFS2550
NF500M5025
NFTYTOTMKT

ICICI Bank Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Interest/disc on advance/billsRs.00063833.5578
Income on investmentsRs.00016409.2693
OthersRs.0004570.8876
Interest on balance with RBIRs.0001560.8305

Contact us Contact us