Performance Review:Q2-2010

October 30, 2009

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Certain statements in these slides are forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in ICICI Bank's filings with the Securities and Exchange Commission.

All financial and other information in these slides, other than financial and other information for specific subsidiaries where specifically mentioned, is on an unconsolidated basis for ICICI Bank Limited only unless specifically stated to be on a consolidated basis for ICICI Bank Limited and its subsidiaries. Please also refer to the statement of unconsolidated, consolidated and segmental results required by Indian regulations that has, along with these slides, been filed with the stock exchanges in India where ICICI Bank’s equity shares are listed and with the New York Stock Exchange and the US Securities Exchange Commission, and is available on our website www.icicibank.com.

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Overview

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Overview: Q2-2010

Standalone profit after tax of Rs. 10.40 billion in Q2-2010

18% sequential increase in standalone profit after tax from Rs. 8.78 billion in Q1-2010Profit after tax in Q2-2009 was Rs. 10.14 billion

Consolidated profit after tax1 of Rs. 11.45 billion in Q2-2010

11% sequential increase in consolidated profit after tax1 from Rs. 10.35 billion in Q1-201076% increase over consolidated profit after tax1 of Rs. 6.51 billion in Q2-2009

1. Unaudited

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Overview: Q2-2010

Net interest income for Q2-2010 at Rs. 20.36 billion compared to Rs. 19.85 billion for Q1-2010

Net interest margin increased from 2.4% in Q1-2010 to 2.5% in Q2-2010Net interest income in Q2-2009 was Rs. 21.48 billion

Fee income of Rs. 13.87 billion in Q2-2010 compared to Rs. 13.19 billion in Q1-2010

Fee income in line with the reduced investment and mergers & acquisition activity in the corporate sector, reflecting the change in market conditions in the second half of fiscal 2009

Sequential improvement in operating trends

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Overview: Q2-2010

Continued reduction in operating expenses8% sequential decrease in operating & DMA expensesCost/average asset ratio for Q2-2010 at 1.5% compared to 1.6% for Q1-2010 and 1.7% for Q2-2009

19% sequential decline in total provisions to Rs. 10.71 billion in Q2-2010 from Rs. 13.24 billion in Q1-2010

Sequential improvement in operating trends

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Balance sheet highlightsCASA ratio of 36.9% at September 30, 2009 compared to 30.0% at September 30, 2008 and 30.4% at June 30, 2009

Increase of Rs. 48.59 bn in savings deposits and Rs. 40.94 bn in current deposits during the quarter

Total capital adequacy of 17.7% and Tier-1 capital adequacy of 13.3% as per RBI’s Basel II framework

Net NPA ratio of 2.19% at September 30, 2009; at the same level as June 30, 2009

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Unconsolidated financials

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Profit & loss statement(Rs. in billion)

148.8%1.551.020.531.690.413.35- Dividend income

(65.5)%0.420.380.041.591.133.01- Other income

24.35

0.46

0.21

13.58

38.60

2.97

13.87

18.24

20.36

Q2-2010

22.85

0.52

1.45

15.43

40.25

(1.53)

18.76

18.77

21.48

Q2-2009

39.99

1.04

3.73

31.77

76.53

(7.47)

38.34

34.15

42.38

H1-2009

25.29

0.52

0.27

14.67

40.75

7.14

13.19

20.90

19.85

Q1-2010

49.64

0.98

0.48

28.25

79.35

10.11

27.06

39.14

40.21

H1-2010

-4.43- Treasury income

(4.1)%159.70Total income

6.6%

(13.2)%

(85.6)%

(12.0)%

(26.1)%

(2.8)%

(5.2)%

Q2-o-Q2growth

5.29DMA expenses

89.25

2.10

63.06

65.24

76.03

83.67

FY2009

Operating profit

Lease depreciation

Operating expenses

- Fee income

Non-interest income

NII

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Profit & loss statement(Rs. in billion)

10.14

3.47

13.61

9.24

22.85

Q2-2009

17.42

5.41

22.83

17.16

39.99

H1-2009

8.78

3.27

12.05

13.24

25.29

Q1-2010

10.40

3.24

13.64

10.71

24.35

Q2-2010

19.18

6.51

25.69

23.95

49.64

H1-2010

6.6%89.25Operating profit

16.0%38.08Provisions

37.58

13.59

51.17

FY2009

2.6%

(6.7)%

0.2%

Q2-o-Q2growth

Profit before tax

Profit after tax

Tax

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Balance sheet: Assets(Rs. in billion)

1. Investment in security receipts of asset reconstruction companies at September 30, 2009 was Rs. 37.26 bn.

Credit derivative exposure (including off balance sheet exposure) of Rs. 54.08 bn at September 30, 2009 (underlying comprises Indian corporate credits).

Including impact of exchange rate movement

23.4%778.34704.86633.87630.73- SLR investments

21.1%121.00120.97120.9799.93- Equity investment in

subsidiaries

3,849.71

302.25

2,219.85

971.48

356.13

Sep 30, 2008

3,674.19

245.42

1,981.02

1,142.47

305.28

Jun 30, 2009

23.5%1,199.651,030.58Investments

3,663.74

262.82

1,908.60

292.67

Sep 30, 2009

(4.8)%

(13.0)%

(14.0)%

(17.8)%

Y-o-Y growth

3,793.01

279.66

2,183.11

299.66

Mar 31, 2009

Total assets

Fixed & other assets

Advances

Cash & bank balances

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Credit cards6.8%

Other secured

2%

STPL0.2%

Personal loans

7%

Home57%

Vehicle loans26%

Composition of loan book: September 30, 2009

1. STPL: Small ticket personal loans2. Vehicle loans includes auto loans 11%, commercial

business 14% and two wheelers 1%3. Retail business group includes builder loans and dealer

funding of Rs. 27.41 bn

Total loan book: Rs. 1,909 bn Total retail loan book: Rs. 864 bn

1

SME4%

Rural6%

Retail business

group45%

Overseas branches

27%

Domestic corporate

18%

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2

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Equity investment in subsidiaries(Rs. in billion)

99.93

0.14

0.05

0.61

0.87

1.58

3.00

10.96

10.47

23.24

14.59

34.42

Sep 30, 2008

120.97

0.14

0.05

0.61

0.87

1.58

3.00

10.96

11.12

23.25

33.50

35.90

Mar 31, 2009

11.12ICICI Home Finance

23.25ICICI Bank UK

0.61ICICI AMC

33.50ICICI Bank Canada

3.00ICICI Bank Eurasia LLC

10.96ICICI Lombard General Insurance

1.58ICICI Securities Primary Dealership

0.14Others

121.00

0.05

0.87

35.93

Sep 30, 2009

Total

ICICI Venture Funds Mgmt Co.

ICICI Securities Limited

ICICI Prudential Life Insurance

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Balance sheet: Liabilities(Rs. in billion)

Credit/deposit ratio of 75% on the domestic balance sheet at September 30, 2009

Figures include impact of exchange rate movement

5.2%997.73908.81928.05948.49Borrowings

14.2%493.18444.59410.36431.74- Savings

0.9%236.12195.18216.32237.40- Current

3,849.71

177.25

2,234.02

3.50

475.32

11.13

486.45

Sep 30, 2008

3,663.74

171.61

1,978.32

3.50

501.44

11.14

512.58

Sep 30, 2009

(4.8)%

(3.2)%

(11.4)%

-

5.5%

0.1%

5.4%

Y-o-Y growth

3,793.01

182.65

2,183.48

3.50

484.20

11.13

495.33

Mar 31, 2009

3,674.19

157.59

2,102.36

3.50

490.80

11.13

501.93

Jun 30, 2009

Total liabilities

Other liabilities

Deposits

Preference capital

- Reserves

- Equity capital

Net worth

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Composition of borrowings

908.81

505.71

16.21

521.92

137.54

249.35

386.89

Jun 30, 2009

504.10 578.53 Overseas

234.42 159.14 - Other borrowings1

259.21 210.82 - Capital instruments

997.73

487.82

16.28

493.63

Sep 30, 2009

948.49

562.65

15.88

369.96

Sep 30, 2008

Total borrowings

- Other borrowings

- Capital instruments

Domestic

(Rs. in billion)

Capital instruments contribute 53% of domestic borrowings

Figures include impact of exchange rate movement1. Includes short term borrowings

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Capital adequacy (Basel II)

718.32

2,556.08

3,274.40

140.77

428.42

569.19

Jun 30, 2009

4.3%

13.1%

17.4%

3,240.323,564.63Total RWA

2,501.212,758.15- On balance sheet

739.11806.48- Off balance sheet

141.67

431.42

573.09

131.59

421.97

553.55

3.7%

11.8%

15.5%

Mar 31, 2009

4.4%

13.3%

17.7%

Sep 30, 2009

- Tier II

- Tier I

Total Capital

Rs. billion except %

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Key ratios(Percent)

1. Based on quarterly average net worth2. Annualised for all interim periods

1.51.61.71.8Cost/average assets (incl. DMA)2

36.9%30.4%30.0%28.7%CASA ratio

42.5

47.2

2.4

437

36.1

8.4

Q2-2009

37.1

32.8

2.4

451

31.6

7.0

Q1-2010

36.441.4Fee/income

43.4

2.4

445

33.8

7.7

FY2009

460Book value (Rs.)

36.1

2.5

37.1

8.1

Q2-2010

Cost/income (incl. DMA)

Net interest margin2

Weighted avg EPS (Rs.)2

Return on average net worth1, 2

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Asset quality and provisioning(Rs. in billion)

Gross retail NPLs at Rs. 64.22 bn and net retail NPLs at Rs. 30.12 bn at September 30, 200958% of net retail NPLs are from unsecured productsNet restructured loans of Rs. 48.57 bn at September 30, 2009

1. Gross NPAs and cumulative provisions include technical write-offs of Rs. 1.26 bn at September 30, 2009

14.36Outstanding general provision on standard assets

2.19%2.19%1.96%Net NPA ratio

46.67

50.28

96.95

Jun 30, 2009

46.19

53.10

99.29

Mar 31, 2009

45.58

49.13

94.71

Sep 30, 2009

Net NPAs

Less: Cumulative provisions

Gross NPAs

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Overseas subsidiaries

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ICICI Bank UK asset profile1

1. Includes cash & advances to banks and certificates of deposit

2. Includes US$ 165 mn of India-linked credit derivatives3. Includes securities reclassified to loans & advances in

FY20094. Does not include US$ 157.4 mn of ABS reclassified as

loans & receivable in FY2009

Total assets:USD 8.0 billion

2

4

Net profit of USD 12.6 million in Q2-2010

Capital adequacy ratio at 16.3%

Net MTM write-back of USD 61.0 million (post-tax) in reserves in Q2-2010

Loans & advances

50%

Asset backed securi ties

2%

Other assets & investments

4%

Ind ia l inked investments

5%

Cash & l iquid securi ties

12%

Bonds/notes o f financ ial insti tutions

27% `3

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ICICI Bank UK liability profile

Total liabilities:USD 8.0 billion

Proportion of retail term deposits in total deposits increased from 35% at September 30, 2008 to 65% at September 30, 2009

Long term Debt14%

Net worth7%

Term deposi ts43%

Other l iab i l i ties

5%

Syndicated loans &

interbank borrowings

9%

Demand deposi ts

22%`

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ICICI Bank Canada asset profile

1. Includes cash & advances to banks, government securities and banker’s acceptances/depository notes

2. Includes CAD 139 mn of India-linked credit derivatives

Total assets:CAD 5.8 billion

1

2

Net profit of CAD 13.8 million in Q2-2010

Capital adequacy ratio at 23.2%

Loans to customers

61%

Ind ia l inked investments

3%

Asset backed securi ties

2%

Other assets & investments

8%

Federal ly insured

mortg age15%

Cash & l iquid securi ties

11%

`

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ICICI Bank Canada liability profile

Total liabilities:CAD 5.8 billion

ICICI Bank Canada balance sheet funded largely out of retail term deposits

Term deposi ts69%

Other l iab i l i ties

2%

Demand deposi ts

11%

Net worth17%

Borrowings1%

`

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ICICI Bank Eurasia

• Total borrowings of USD 370 million at September 30, 2009

• Capital adequacy of 21.4% at September 30, 2009

• Financial breakeven in H1-2010

1. Includes cash, balances with central bank, nostrobalances, govt bonds & placements with banks

Total assets:USD 453 million

1

Corporate bonds

7%

Retail loans16%

Other assets1%

Cash & liquid securit ies

37%

Loans to corporates &

banks39%

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Key non-banking subsidiaries

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ICICI Life

14.8%

301.07

(3.08)

18.7%

2.81

36.56

18.73

15.06

Q2-2009

10.8%

500.93

(0.69)

19.2%

2.33

36.34

23.97

12.12

Q2-2010

Expense ratio

Assets Under Management

NBP margin

New Business Profit (NBP)

Renewal premium

APE

Statutory Loss

Total premium

(Rs. in billion)

Continued market leadership in private sector1

1. During the half year ended September 30, 2009 on new business retail weighted received premium basis.

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ICICI General

Continued market leadership in private sector2

1. Excluding remittances from third party motor pool

2. During the half year ended September 30, 2009

0.590.04PBT

0.510.01PAT

8.018.48Gross premium1

Q2-2010Q2-2009

(Rs. in billion)

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Other subsidiaries(Rs. billion)

0.280.18ICICI Home Finance Company1

0.16

0.10

0.09

0.10

Q2-2009

0.48ICICI Prudential Asset Management Company

0.38ICICI Securities Ltd.

0.14

-

Q2-2010Profit after tax

ICICI Venture

ICICI Securities PD

Consolidated profit after tax increased by 76% from Rs. 6.51 billion in Q2-2009 to Rs. 11.45 billion in Q2-2010

1. Loan book of ICICI HFC was Rs. 120.04 bn at September 30, 2009 (June 30, 2009: Rs. 109.34 bn; September 30, 2008: Rs. 115.90 bn)

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Thank you