ICICI to table annual reports to US SEC

Mumbai, June 11 (UNI) As part of its USD 2.5 billion capital raising process from the issue of American Depository Shares, ICICI Bank will file its annual report with the United States Securities Exchange Commission (SEC).

The Bank will file its report incorporating consolidated financial statements under Indian GAAP (Generally Accepted Accounting Principles in India) including a reconciliation of profit after tax and networth to net income and stockholders' equity under US GAAP, a Bank press release here said.

This will be done after getting approval by the Audit Committee of the Bank's Board of Directors, the release said.

The consolidated profit after tax under Indian GAAP was Rs 2,760 crore (US$ 640million) for FY2007.

As per the reconciliation statement between Indian GAAP and US GAAP, the net income (profit after tax) under US GAAP was Rs 3,127 crore (US$ 726 million) in FY2007, compared to Rs 2,004 crore (US$ 465 million) in the previous year.

ICICI Bank's stockholders' equity on March 31, 2007 as per US GAAP stood at was Rs 24,098 crore (US$ 5.6 billion) compared to the Indian GAAP consolidated net worth of Rs 23,958 crore (US$ 5.6 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 with the SEC as required by US securities laws and regulations.

When ICICI 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 now constitutes a comprehensive body of accounting standards, the release said.

UNI