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ICICI Bank net loss at Rs 798 cr under US GAAP
Mumbai, June 29: The New York Stock Exchange-listed ICICI Bank Ltd has reported a net loss of Rs 798 crore ($168 million) for the financial year ended March 31, 2003, as per the US Generally Accepted Accounting Principles (US GAAP).
Mumbai, June 29: The New York Stock Exchange-listed ICICI Bank Ltd has reported a net loss of Rs 798 crore ($168 million) for the financial year ended March 31, 2003, as per the US Generally Accepted Accounting Principles (US GAAP).
The accounts, however, show a profit before provisions against loans and investments, taxation and effect of accounting changes, of Rs 1,122 crore ($236 mn), ICICI Bank said in a release here on Saturday after the board meeting in Goa.
Under the Indian GAAP, the consolidated profit after tax of the country's second largest bank was Rs 1,152 crore ($242 mn), it said adding, capital gains of Rs 1,191 crore ($250 mn) on sale of shares of ICICI Bank and provisions of Rs 1,791 crore ($377 mn) were both accounted for in profit and loss (P&L) account.
Under the Indian GAAP, the consolidated profit after tax of the country's second largest bank was Rs 1,152 crore ($242 mn), it said adding, capital gains of Rs 1,191 crore ($250 mn) on sale of shares of ICICI Bank and provisions of Rs 1,791 crore ($377 mn) were both accounted for in profit and loss (P&L) account.
However, the US GAAP requires the capital gains to be directly added to the networth without being routed through P&L account while provisions of Rs 2,226 crore ($468 mn) were accounted for in P&L under this method.
Thus, while the US GAAP P&L does not include the capital gains, it includes the full negative impact of the provisions, the bank said.
Bureau Report