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MERGER FROM THE BANK OF RAJASTHAN LIMITED WITH ICICI BANK The lender of Rajasthan Limited (Bank of Rajasthan), a financial company integrated within the meaning of Corporations Act, 1956 and certified by Reserve Bank of India (RBI) under the Banking Regulation Act, 1949 was amalgamated with ICICI Traditional bank Limited (ICICI Bank/the Bank) with result from close of business on September 12, 2010 in terms of the Scheme of Amalgamation (the Scheme) given the green light by RBI vide its order DBOD No . PSBD 2599/16. 01.
056/2010-11 dated Aug 12, 2010 under bass speaker section (4) of section 44A in the Banking Legislation Act, 1949.
The concern for the amalgamation was 25 value shares of ICICI Financial institution of the face value of Rs. twelve each totally paid-up for each and every 118 value shares of Rs. 15 each of Bank of Rajasthan. Accordingly, ICICI Lender allotted thirty-one, 323, 951 equity stocks and shares to the investors of Financial institution of Rajasthan on August 26, 2010 and two, 860, 168 equity stocks, which were previously kept in abeyance pending civil appeal, on November 25, 2010. During the year, all of us acquired The Bank of Rajasthan which greatly enhanced our branch network and strengthened our existence in upper and american India.
The merger of Bank of Rajasthan added over 450 branches to our network. Which include these, our branch network has increased via 1, 707 branches by March 31, 2010 to 2, 529 branches in March thirty-one, 2011. We all also increased our ATM network coming from 5, 219 ATMs by March 31, 2010 to six, 055 ATMs at Mar 31, 2011. During the year, the integration of Lender of Rajasthan into the Lender was a significant exercise that has been successfully finished. The integration process focused both on business as well as cultural integration.
The people and cultural integration was attained through well-planned communication from the Bank’s ideals and culture. The Bank provided to all workers of Financial institution of Rajasthan and tackled their anticipations and problems. This was obtained through communication from the top rated management of the Bank, open up house sessions jointly executed by mature managers from Bank of Rajasthan and ICICI Bank and one-on-one sessions exactly where required. Additional, to align the skill units of Traditional bank of Rajasthan employees, particular training courses were designed and executed by the Bank.
Pursuant for the merger from the Bank of Rajasthan, all of us also empowered seamless ventures for the customers of Financial institution of Rajasthan in a brief timeframe and combined the ATM and branch sites and technology infrastructure. To allow better customer support, our part staff has been equipped with a comprehensive and single view of customer interactions. We have also enhanced the Interactive Tone Response system at each of our call organisations to support local Indian languages. Amalgamation from the Bank of Rajasthan
On, may 23, 2010, the Table of Company directors of ICICI Bank as well as the Board of Directors in the Bank of Rajasthan Limited (Bank of Rajasthan), an old private sector bank, in their individual meetings authorized an all-stock amalgamation of Bank of Rajasthan with ICICI Bank at a share exchange ratio of 25 stocks of ICICI Bank pertaining to 118 shares of Lender of Rajasthan. The shareholders of ICICI Bank and Bank of Rajasthan approved the scheme of amalgamation at all their respective extra-ordinary general group meetings.
RBI permitted the structure of amalgamation with effect from close of organization on August 12, 2010. We have issued 31. several million shares in August 2010 and installment payments on your 9 million shares in November 2010 to investors of Lender of Rajasthan. The total assets of Financial institution of Rajasthan represented some. 0% of total assets of ICICI Bank for August 12, 2010. In August 12, 2010, Financial institution of Rajasthan had total assets of Rs. 155. 96 billion dollars, deposits of Rs. 134. 83 billion dollars, loans of Rs. 66. 28 billion dollars and assets of Rs. 70. 96 billion. This incurred a loss of Rs. 1 . 02 billion in fiscal 2010.
The benefits for monetary 2011 consist of results of Bank of Rajasthan intended for the period via August 13, 2010 to March 23, 2011. The assets and liabilities of Bank of Rajasthan have been completely accounted on the values from which they were appearing in the literature of Traditional bank of Rajasthan at Aug 12, 2010 and provisions were made pertaining to the difference involving the book principles appearing inside the books of Bank of Rajasthan as well as the fair benefit as determined by ICICI Traditional bank. The combinations was component to our strategy to expand each of our branch network with a view to growing our deposit base.
We believe the fact that combination of Traditional bank of Rajasthan’s branch operation with our strong capital basic would improve the ability with the combined entity to capitalise on the expansion opportunities in the Indian economy. Total possessions increased simply by 11. 8% from Rs. 3, 634. 00 billion at March 31, 2010 to Rs. 4, 062. 34 billion dollars at Drive 31, 2011. Total deposits increased simply by 11. 7% from Rs. 2, 020. 17 billion dollars at Mar 31, 2010 to Rs. 2, 256. 02 billion dollars at 03 31, 2011. Current and savings account (CASA) deposits improved by 20. 7% via Rs. 842. 6 billion at Mar 31, 2010 to Rs. 1, 016. 47 billion at Drive 31, 2011 while term deposits elevated marginally by Rs. one particular, 178. 01 billion at March thirty-one, 2010 to Rs. one particular, 239. 55 billion for March 23, 2011. Precisely CASA deposits to total deposit increased from 41. seven percent at March 31, 2010 to 45. 1% by March thirty-one, 2011. Total advances increased by nineteen. 4% coming from Rs. one particular, 812. summer billion for March thirty-one, 2010 to Rs. 2, 163. sixty six billion by March thirty-one, 2011 mostly due to a rise in domestic corporate and business loans, international corporate financial loans and financial loans taken over via Bank of Rajasthan.
Net non- executing assets reduced by 37. 0% via Rs. 39. 01 billion dollars at 03 31, 2010 to Rs. 24. 58 billion for March 23, 2011 and the net non-performing asset rate decreased coming from 1 . 9% at Drive 31, 2010 to zero. 9% by March thirty-one, 2011. We all continued to expand our branch network in India.
Included in this are branches and ATMs of Bank of Rajasthan. The overall capital adequacy ratio of ICICI Financial institution on a standalone basis by March 31, 2011 according to the RBI guidelines in Basel 2 was 19. 5% having a tier We capital adequacy ratio of 13. 2% compared to a total capital adequacy of 19. 4% and tier We capital adequacy of 14. 0% by March 31, 2010 Average advances elevated marginally from Rs. you, 915. 39 billion in fiscal 2010 to Rs. 1, 926. 52 billion in financial 2011 which includes advances absorbed from Lender of Rajasthan. Retail advancements increased by 5. % from Rs. 790. sixty two billion at March 31, 2010 to Rs. 836. 75 billion dollars at Mar 31, 2011. In ALL OF US dollar terms, the net advances of international branches elevated by 22. 8% from US$ twelve. 1 billion at 03 31, 2010 to US$ 12. 5 billion for March 23, 2011. In rupee conditions, the net advances of abroad branches increased by 22. 1% from Rs. 451. 37 billion dollars at Mar 31, 2010 to Rs. 550. 97 billion for March thirty-one, 2011. Payments to and provisions for workers Employee expenditures increased simply by 46. 3% from Rs. 19. dua puluh enam billion in fiscal 2010 to Rs. 28. 17 billion in fiscal 2011.
Employee expenditures increased mostly due to addition of employees of Lender of Rajasthan, annual embrace salaries and provision pertaining to payment of performance reward and performance- linked retention pay throughout the period and increase in the employee base, which includes sales professionals, employees about fixed term contracts and interns, coming from 41, 068 employees by March thirty-one, 2010 to 56, 969 employees by March 23, 2011 (including employees of Bank of Rajasthan). Taxes expense The income tax price (including prosperity tax) improved by 22. 0% by Rs. 13. 20 billion dollars in fiscal 2010 to Rs. sixteen. 10 billion in financial 2011.
The effective taxes rate of 23. 8% in money 2011 was lower when compared to effective tax rate of 24. 7% in financial 2010 generally due to enhancements made on mix of taxable profits with a higher element of exempt income in the current money year and tax benefits from the amalgamation of Financial institution of Rajasthan. The total resources increased by 11. 8% from Rs. 3, 634. 00 billion dollars at 03 31, 2010 to Rs. 4, 062. 34 billion dollars at Drive 31, 2011 (including Rs. 155. ninety six billion of Bank of Rajasthan in August doze, 2010), generally due to embrace investments and advances. Purchases increased simply by 11. 4% from Rs. 1, 208. 3 billion at Mar 31, 2010 to Rs. 1, 346. 86 billion dollars at Drive 31, 2011. The net advancements increased simply by 19. 4% from Rs. 1, 812. 06 billion at March 31, 2010 to Rs. 2, 163. 66 billion at March 31, 2011. Investments Total investments improved by 10. 4% by Rs. one particular, 208. 93 billion for March 31, 2010 to Rs. one particular, 346. eighty six billion at March 31, 2011 (including Rs. 70. 96 billion dollars of Traditional bank of Rajasthan at September 12, 2010), primarily due to an increase in purchase in company bonds and debentures by Rs. 125. 1 1 billion, RIDF and other related investments in parage of shortfall in directed lending requirements by Rs. 49. zero billion (including Rs. twenty-one. 34 billion dollars of Financial institution of Rajasthan at August 12, 2010) and purchases of commercial daily news and qualification of deposits by Rs. 31. 21 years old billion. The investment in pass- through certificates lowered by Rs. 15. 93 billion in March 23, 2011 when compared to March 31, 2010. In March 23, 2011, there were an outstanding net investment of Rs. 28. 31 billion in secureness receipts issued by property reconstruction companies in relation to sale for non-performing property compared to Rs. 33. 94 billion in March 31, 2010. In March 23, 2011, we had a gross portfolio of funded credit derivatives of Rs. zero. 60 billion and non-funded credit derivatives of Rs. 28. 17 billion, which include Rs. 0. 22 billion as protection bought by us. Improvements Net advancements increased by 19. 4% from Rs. 1, 812. 06 billion dollars at March 31, 2010 to Rs. 2, 163. 66 billion at 03 31, 2011 primarily due to increase in household corporate financial loans, overseas company loans and loans taken over from Lender of Rajasthan amounting to Rs. sixty five. 28 billion at September 12, 2010. Net price tag advances increased by 5. 8% coming from Rs. 790. 62 billion at March 31, 2010 to Rs. 836. seventy five billion for March thirty-one, 2011.
In rupee terms, net improvements of overseas branches (including offshore financial unit) elevated by twenty-two. 1% coming from Rs. 451. 37 billion at March 31, 2010 to Rs. 550. 97 billion for March thirty-one, 2011. Set and other possessions Fixed resources increased by 47. 7% from Rs. 32. 13 billion for March 31, 2010 to Rs. 47. 44 billion at March 31, 2011 (including Rs. 5. 12-15 billion of Bank of Rajasthan by August doze, 2010) mainly due to component capitalisation with the Bank’s new building in Hyderabad and increase in the branch network and other offices. Other property decreased by simply 14. 9% from Rs. 192. 15 billion at March thirty-one, 2010 to Rs. 163. 8 billion at Mar 31, 2011. Total financial obligations (including capital and reserves) increased by simply 11. 8% from Rs. 3, 634. 00 billion at Drive 31, 2010 to Rs. 4, 062. 34 billion dollars at 03 31, 2011 (including Rs. 155. 96 billion of Bank of Rajasthan by August doze, 2010), generally due to an increase in deposits and borrowings. Debris increased from Rs. a couple of, 020. 17 billion in March thirty-one, 2010 to Rs. two, 256. 02 billion at March 31, 2011. Deposit Deposits increased by eleven. 7% coming from Rs. a couple of, 020. 18 billion for March 23, 2010 to Rs. two, 256. 02 billion by March 23, 2011 (including Rs. 134. 83 billion of Traditional bank of Rajasthan at August 12, 2010).
Term debris increased coming from Rs. 1, 178. 01 billion at March 23, 2010 to Rs. one particular, 239. fifty-five billion by March thirty-one, 2011 (including Rs. 88. 02 billion dollars of Bank of Rajasthan at September 12, 2010), while savings deposits elevated from Rs. 532. 18 billion in March 31, 2010 to Rs. 668. 69 billion dollars at March 31, 2011 (including Rs. 34. twenty four billion of Bank of Rajasthan by August 12, 2010) and current debris increased coming from Rs. 309. 98 billion dollars at Drive 31, 2010 to Rs. 347. 78 billion for March 23, 2011 (including Rs. doze. 32 billion of Lender of Rajasthan at August 12, 2010). Total deposits at 03 31, 2011 formed 67. % from the funding (i. e. debris and borrowings, other than preference share capital). During fiscal 2010 and financial 2011, all of us focussed on our approach of increasing the share of current and savings account build up in total deposits and re-balancing our money mix. The present and savings deposits improved from Rs. 842. 16 billion for March 31, 2010 to Rs. 1, 016. forty seven billion by March 23, 2011 (including Rs. 46. 80 billion of Traditional bank of Rajasthan at September 12, 2010) and the rate of current and savings account deposits to perform deposits improved from 41. 7% in March 23, 2010 to 45. % at Mar 31, 2011. Total financial obligations (including capital and reserves) increased by simply 11. 8% from Rs. 3, 634. 00 billion dollars at Mar 31, 2010 to Rs. 4, 062. 34 billion at Drive 31, 2011 (including Rs. 155. ninety six billion of Bank of Rajasthan at August 12, 2010), mainly due to an increase in deposits and borrowings. Debris increased coming from Rs. 2, 020. 18 billion in March thirty-one, 2010 to Rs. a couple of, 256. 02 billion by March 31, 2011. Deposits Deposits improved by 10. 7% from Rs. two, 020. 17 billion at March 31, 2010 to Rs. two, 256. 02 billion for March 31, 2011 (including Rs. 134. 83 billion dollars of Financial institution of Rajasthan at August 12, 2010).
Term deposits increased coming from Rs. you, 178. 01 billion for March 23, 2010 to Rs. one particular, 239. fifty five billion for March 31, 2011 (including Rs. 88. 02 billion dollars of Lender of Rajasthan at August 12, 2010), while savings deposits elevated from Rs. 532. 18 billion in March thirty-one, 2010 to Rs. 668. 69 billion at Drive 31, 2011 (including Rs. 34. forty eight billion of Bank of Rajasthan in August 12, 2010) and current deposit increased coming from Rs. 309. 98 billion dollars at Drive 31, 2010 to Rs. 347. 79 billion for March 23, 2011 (including Rs. 12. 32 billion of Financial institution of Rajasthan at August 12, 2010). Total deposit at Drive 31, 2011 formed 67. % with the funding (i. e. debris and borrowings, other than desire share capital). During fiscal 2010 and fiscal 2011, we all focussed about our approach of increasing the share of current and savings account debris in total build up and re-balancing our money mix. The latest and savings deposits elevated from Rs. 842. 16 billion for March thirty-one, 2010 to Rs. you, 016. 47 billion in March 23, 2011 (including Rs. 46. 80 billion of Bank of Rajasthan at August 12, 2010) and the proportion of current and savings account deposits to perform deposits improved from 41. 7% by March 31, 2010 to 45. 1% at Drive 31, 2011.
Equity talk about capital and reserves Collateral share capital and supplies increased via Rs. 516. 18 billion at 03 31, 2010 to Rs. 550. 91 billion in March thirty-one, 2011 (including statutory arrange of Rs. 2 . 00 billion absorbed from Bank of Rajasthan at Aug 12, 2010) primarily because of allotment of shares for the shareholders of Bank of Rajasthan and annual accretion to stores out of profit. Excess of paid-up worth of collateral shares released over the good value in the net possessions acquired inside the amalgamation and amalgamation bills, amounting to Rs. 2 . 10 billion dollars have been altered against the investments premium account.
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