ICICI Bank announces better than expected Q2 results, Ms.Lalita Gupte to retire

ICICI Bank Ltd has announced the following Audited results for the quarter ended September 30, 2006:

The Bank has posted a net profit of Rs 7550.10 million for the quarter ended September 30, 2006 as compared to Rs 5800.50 million for the quarter ended September 30, 2005. Total Income has increased from Rs 44408.80 million for the quarter ended September 30, 2005 to Rs 70395.60 million for the quarter ended September 30, 2006.

ICICI Bank Ltd has announced that Ms Lalita Gupte, Joint Managing Director of the Bank will retire from the Board of Directors of the Bank on October 31, 2006. The Board at its Meeting held on October 24, 2006 placed on record its deep appreciation of Ms Gupte’s invaluable contribution to the growth and development of the ICICI group. Ms Gupte joined erstwhile ICICI Ltd (ICICI) in 1971 and was elevated to its Board of Directors in 1994. She was appointed Joint Managing Director of the Bank in 2002, following the merger of ICICI with the Bank. Over the last five years, she has played the pivotal role in envisioning and implementing the international strategy. The international operations have grown rapidly and now encompass a range of products and services across a diverse customer base in a number of geographies.

Following Ms Gupte’s retirement, Ms Chanda Kochhar, Deputy Managing Director will assume responsibility for international banking, and will also continue to be responsible for corporate banking. The Board placed on record its recognition of Ms Kochhar’s contribution in the growth of the Bank’s retail business under her leadership.

Dr Nachiket Mor, Deputy Managing Director will continue to be responsible for rural banking and global principal investments and trading.

The Board at its meeting on October 24, 2006 elevated Mr V Vaidyanathan, Senior General Manager as Executive Director on the Board, subject to the approval of Reserve Bank of India, and of the shareholders at the next general meeting. Mr Vaidyanathan joined the ICICI group in 2000. He has, together with Ms Kochhar, led the growth of the retail business over the past five years. He will continue to be responsible for retail banking and will report to the Managing Director & CEO.

ICICI Prudential Life Insurance Company (ICICI Pru Life), the group’s life insurance business in joint venture partnership with Prudential plc, has assumed increasing importance and criticality over the years, and accounts for a significant portion of the group’s revenues and capital deployment. In order to further strengthen the top management of this business in line with its growing scale, the joint venture partners have decided to recommend to ICICI Pru Life’s board of directors the appointment of Mr Bhargav Dasgupta, Senior General Manager, of the Bank, as an Executive Director on the board of ICICI Pru Life, subject to necessary approvals.

Given the growth of the ICICI group and its presence across the spectrum of financial services, a new management grade is being created in the group for certain critical functions that need to be viewed on a group-wide basis to ensure alignment of philosophy and policies, and derive benefits from the synergies between different businesses, while maintaining appropriate arms’ length relationships and ensuring regulatory compliance. The following Senior General Managers of the Bank are being promoted to this grade:

- Ms Madhabi Puri-Buch, who is responsible for Operations on a Bank-wide basis as well as certain key corporate functions, will also be the Group Corporate Brand Officer.

- Ms Vishakha Mulye will be the Group Chief Financial Officer.

- Mr K Ramkumar will be the Group Chief Human Resources Officer.

- Mr Pravir Vohra will be the Group Chief Technology Officer.

Source : Equity Bulls

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