AUSTIN, Texas, Sept. 04, 2025 (GLOBE NEWSWIRE) -- via IBN -- IBN, a multifaceted communications organization engaged in connecting public companies to the investment community, is pleased to announce the release of the latest episode of The BioMedWire Podcast as part of its sustained effort to provide specialized content distribution via widespread syndication channels. The BioMedWire Podcast delivers dynamic interviews with industry experts at the forefront of pharmaceutical and biotech advancement. The la ...

Investors looking for stocks in the Banks - Foreign sector might want to consider either Bancolombia (CIB) or ICICI Bank Limited (IBN) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores wo ...

AUSTIN, Texas, Aug. 28, 2025 (GLOBE NEWSWIRE) -- GlobalTech Corp. (OTC: GLTK), a U.S.-based technology holding company specializing in artificial intelligence (AI), big data, and digital infrastructure, has selected IBN, a multifaceted financial news and publishing company serving private and public entities, to spearhead its corporate communications efforts. GlobalTech balances internal innovation with strategic acquisitions to accelerate growth and long-term value creation. Its diversified portfolio spans ...

Company Overview - SEGG Media Corp. (NASDAQ: SEGG) is a technology company focused on the intersection of sports, entertainment, and gaming, operating under a portfolio that includes Sports.com, Concerts.com, and Lottery.com [2][8] - The company is committed to redefining digital fan engagement and ethical gaming through AI-driven live experiences [8] Leadership Insights - Matthew McGahan, President and CEO of SEGG Media, discussed the company's transformation since his involvement in October 2022, emphasizing a turnaround strategy that has repositioned Lottery.com within a broader tech-driven gaming framework [3][4] - McGahan highlighted an aggressive buy-and-build strategy aimed at expanding the value of SEGG Media's core brands, with a focus on identifying businesses that align with their verticals [5] Future Strategy - The company is poised for significant growth, with McGahan expressing confidence in the execution of their long-term vision and the importance of the next six months for upcoming acquisitions and announcements [6][5] - SEGG Media aims to transition from recovery to high-impact execution, indicating a shift in focus towards operational effectiveness and market expansion [6][5]

Key Takeaways RBI fined ICICI Bank INR7.5M for breaches in property valuation and account opening rules.Inspection found lapses in independent valuations and non-compliant current accounts.Penalty follows earlier RBI fine in May 2025 over cybersecurity and KYC directives.ICICI Bank (IBN) has been charged a monetary penalty of INR7.5 million ($85,479) by the Reserve Bank of India (“RBI”) for non-compliance with regulatory requirements.The penalty was imposed on the bank for not complying with certain RBI gui ...

Group 1 - ICICI Bank is positioned as a private bank in one of the world's fastest growing economies, offering a stronger capital structure compared to its competitors [1] - The bank demonstrates lower loan default rates, indicating effective risk management practices [1] - ICICI Bank has shown faster profitability growth and consistent expansion in retail banking [1]

AUSTIN, Texas, Aug. 07, 2025 (GLOBE NEWSWIRE) -- via IBN – IBN, a multifaceted communications organization engaged in connecting public companies to the investment community, is pleased to announce the release of the latest episode of The MiningNewsWire Podcast as part of its sustained effort to provide specialized content distribution via widespread syndication channels. The MiningNewsWire Podcast features revealing sit-downs with executives who are shaping the future of the global mining industry. The lat ...

AUSTIN, Texas, July 30, 2025 (GLOBE NEWSWIRE) -- via IBN – AI Maverick Intel Inc. (OTC: BINP), a technology-forward company focused on transforming how businesses acquire and engage customers through artificial intelligence, has selected IBN, a multifaceted financial news and publishing company serving private and public entities, to spearhead its corporate communications efforts. AI Maverick Intel delivers human-like, AI-powered prospecting through its proprietary platform, enabling intelligent engagement ...

[Risk Factors](index=8&type=section&id=RISK%20FACTORS) The company faces a broad spectrum of risks, including macroeconomic vulnerabilities in India, stringent regulatory oversight, inherent business operational challenges, technology-related threats, specific risks within its insurance subsidiaries, and market-related risks for its securities [Risks relating to India and other economic and market risks](index=12&type=section&id=Risks%20relating%20to%20India%20and%20other%20economic%20and%20market%20risks) The company's business is significantly exposed to the Indian economy's performance, with risks stemming from potential slowdowns, global financial instability, and changes in government policy. Key vulnerabilities include India's dependence on crude oil imports, current account deficits, and the evolving nature of its financial markets. A downgrade in India's debt rating could adversely affect business, liquidity, and stock prices - A prolonged slowdown in India's economic growth, which was an estimated **6.5% in fiscal 2025** compared to **9.2% in fiscal 2024**, could adversely affect the bank's business, borrowers, and counterparties[51](index=51&type=chunk) - The Reserve Bank of India (RBI) significantly eased monetary policy in late fiscal 2025, reducing the repo rate by **100 basis points to 5.5%** and the cash reserve ratio by **150 basis points**, injecting substantial liquidity into the system[54](index=54&type=chunk) - India's vulnerability to global developments is highlighted by its reliance on imported petroleum, a current account deficit expected to be **0.6% of GDP in fiscal 2025**, and fluctuations in foreign capital flows, with FPI inflows dropping to **USD 2.7 billion in fiscal 2025** from **USD 41.0 billion in fiscal 2024**[55](index=55&type=chunk)[66](index=66&type=chunk)[68](index=68&type=chunk) - The Indian government's policies on economic liberalization, foreign investment, and currency exchange could change, creating uncertainty. The introduction of a central bank digital currency (CBDC) is a notable recent policy development[75](index=75&type=chunk)[76](index=76&type=chunk) - Natural disasters, climate change, and health epidemics pose significant risks. The agricultural sector, constituting **14.4% of India's gross value added in fiscal 2025**, is particularly vulnerable to climatic conditions[78](index=78&type=chunk)[79](index=79&type=chunk) [Risks from Operating in a Highly Regulated Sector](index=17&type=section&id=Risks%20that%20arise%20as%20a%20result%20of%20our%20presence%20in%20a%20highly%20regulated%20sector) The bank operates in a highly regulated environment, facing intense scrutiny from authorities like the RBI and SEBI. This increases the risk of regulatory actions, fines, and restrictions for compliance failures. Key regulatory risks include meeting directed lending requirements for priority sectors, maintaining capital adequacy under Basel III, and adapting to changes in financial market regulations, all of which can impact profitability and growth - The bank is subject to intense regulatory review, with the RBI increasing scrutiny and imposing larger fines on Indian banks. Non-compliance with laws, regulations, or accounting norms could lead to adverse actions, including additional provisions, asset divestment, or executive removals[84](index=84&type=chunk)[85](index=85&type=chunk) - The bank must adhere to RBI's directed lending norms, requiring **40% of adjusted net bank credit** to be allocated to priority sectors. Shortfalls may require investments in low-yield government schemes. At March 31, 2025, such investments due to past shortfalls were **Rs. 134.9 billion**[94](index=94&type=chunk)[96](index=96&type=chunk) - The gross non-performing assets in the priority sector loan portfolio were **1.8% in fiscal 2025**, down from a high of **3.4% in fiscal 2021**, but remains a risk area, particularly in agricultural and small enterprise loans[97](index=97&type=chunk) - The bank must comply with Basel III capital adequacy requirements, including a minimum total risk-based capital ratio of **9.0%** plus a **2.5% capital conservation buffer** and a **0.2% surcharge** for being a domestic systemically important bank. At March 31, 2025, the consolidated total risk-based capital ratio was **16.4%**[100](index=100&type=chunk) - The bank is subject to liquidity requirements, including a minimum Liquidity Coverage Ratio (LCR) of **100.0%**. The RBI has also mandated an additional **2.5% run-off factor** for retail and small business deposits with internet/mobile banking, effective April 1, 2026[106](index=106&type=chunk) - Legal and reputational risks persist from actions taken against the former Managing Director & CEO, Ms. Chanda Kochhar. The bank has filed a recovery lawsuit for clawback of bonuses, while Ms. Kochhar has filed a lawsuit claiming damages of **Rs. 17.3 billion**[117](index=117&type=chunk) [Risks Relating to Our Business](index=24&type=section&id=Risks%20relating%20to%20our%20business) The company faces significant business risks, including the potential for increased non-performing assets (NPAs) if loan portfolio quality deteriorates, particularly in the retail and project finance sectors. High concentration in certain customer segments and sectors poses a risk, as does the potential for collateral values to decrease. The business is vulnerable to interest rate fluctuations, which can affect net interest margins and treasury income. Other key risks include reliance on short-term funding, potential adverse tax assessments, reputational damage from negative publicity, and operational risks inherent in the financial industry - An increase in non-performing assets (NPAs) is a primary risk. The bank held contingency provisions of **Rs. 131.0 billion** at March 31, 2025, to buffer against potential loan portfolio deterioration[129](index=129&type=chunk) - The loan portfolio has high concentration, with retail loans constituting **53.1% of gross advances** at March 31, 2025. The largest single counterparty accounted for **15.6% of Tier I capital**, and the largest group of connected counterparties accounted for **18.7% of Tier I capital**[132](index=132&type=chunk)[133](index=133&type=chunk) - The business is vulnerable to interest rate risk. At year-end fiscal 2025, approximately **54.0% of the Bank's domestic loan portfolio** was linked to external benchmarks, which can cause volatility in net interest margin as funding is primarily fixed rate[141](index=141&type=chunk)[143](index=143&type=chunk) - The bank faces significant tax-related risks, with contingent liabilities for disputed tax assessments amounting to **Rs. 160.7 billion** as of March 31, 2025. An additional **Rs. 133.7 billion** in disputed assessments is considered remote[150](index=150&type=chunk)[151](index=151&type=chunk)[632](index=632&type=chunk) - The bank continues to expand its branch network, which grew from **6,523 branches at March 31, 2024**, to **6,983 at March 31, 2025**. Inability to make new branches productive could impact growth and profitability[195](index=195&type=chunk) [Risks Relating to Technology](index=39&type=section&id=Risks%20relating%20to%20technology) The company's heavy reliance on technology for digital products and transaction processing creates significant risks. These include heightened competition from tech-led players, and security threats such as hacking, malware, and identity theft. The emergence of advanced technologies like AI and quantum computing introduces new vulnerabilities that could compromise data confidentiality and system integrity. System failures or downtime could severely impact business operations, reputation, and lead to regulatory action - The growing demand for digital banking has substantially increased transaction volumes, requiring enhanced system availability and scalability to avoid service disruptions, which could lead to business loss and regulatory action[201](index=201&type=chunk) - The company faces significant cybersecurity threats, including denial of service attacks, hacking, and social engineering. Evolving threats from **AI and quantum computing** could bypass traditional security measures and compromise existing encryption protocols[203](index=203&type=chunk)[207](index=207&type=chunk) - System failures or downtime, potentially caused by transaction surges, utility disruptions, or cyber-attacks, pose a major risk. While a secondary disaster recovery data center exists, recovery of some systems may be delayed, impacting operations and customer service[213](index=213&type=chunk) [Risks Relating to Insurance Subsidiaries](index=41&type=section&id=Risks%20relating%20to%20our%20insurance%20subsidiaries) The company's insurance subsidiaries face risks related to capital requirements, profitability, and actuarial assumptions. Additional capital may be needed due to regulatory changes or business growth, which could impact the parent company's capital adequacy. The growth and profitability of these businesses are not guaranteed and are subject to regulatory changes, market movements, and competition. Furthermore, inaccuracies in actuarial assumptions for reserves and potential losses from catastrophes could materially affect their financial results - At March 31, 2025, ICICI Bank owned **51.0% of ICICI Prudential Life Insurance Company** and **51.6% of ICICI Lombard General Insurance Company Limited**. These subsidiaries may require additional capital, which could impact the bank's overall capital adequacy[215](index=215&type=chunk) - The profitability of the life insurance subsidiary is influenced by product mix, distribution channels, and regulations. While profitable since fiscal 2010, future growth is not assured. ICICI Bank itself accounts for less than **15.0% of the life insurance subsidiary's business volumes in fiscal 2025**[219](index=219&type=chunk) - Actuarial assumptions for life insurance reserves (e.g., interest rates, mortality, persistency) may differ from actual experience, potentially requiring changes in reserve estimates and impacting the subsidiary's valuation[222](index=222&type=chunk)[223](index=223&type=chunk) - Loss reserves for the general insurance subsidiary are based on estimates of future claims. Unfavorable claims experience or adverse developments could lead to reserve additions and materially impact financial results[225](index=225&type=chunk)[226](index=226&type=chunk) - Both insurance subsidiaries are exposed to unpredictable catastrophic events like natural disasters, pandemics, and climate change events, which could lead to unusually high losses and require additional capital[228](index=228&type=chunk)[232](index=232&type=chunk) [Risks Relating to ADSs and Equity Shares](index=45&type=section&id=Risks%20relating%20to%20ADSs%20and%20equity%20shares) Investors in the company's American Depositary Shares (ADSs) and equity shares face several risks. These include restrictions on exercising voting rights for ADS holders, potential dilution from future equity issuances, and limitations on exercising pre-emptive rights. The volatility of the Indian securities market, potential delays in trade settlements, and currency exchange rate risk between the Indian Rupee and the U.S. Dollar could adversely affect the price and liquidity of the securities. Additionally, investors may be subject to Indian capital gains taxes - ADS holders currently have no voting rights as the company is seeking regulatory approval to amend the deposit agreement. The voting rights for any single shareholder are capped at **26.0% of total voting rights**[233](index=233&type=chunk)[240](index=240&type=chunk) - Holdings may be diluted by future equity offerings. In March 2025, the bank allotted **56 million new equity shares** as part of the delisting of ICICI Securities[234](index=234&type=chunk) - U.S. investors in ADSs may be unable to exercise pre-emptive rights for new equity shares unless a registration statement under the Securities Act is effective, which could lead to dilution of their ownership[235](index=235&type=chunk) - The Indian securities markets are smaller and more volatile than developed markets, which can affect the price and liquidity of the company's equity shares and ADSs[241](index=241&type=chunk) - ADS investors are subject to exchange rate risk as the underlying equity shares are quoted in Indian Rupees, and dividends are paid in Rupees before conversion to U.S. Dollars[243](index=243&type=chunk) [Major Shareholders and Related Party Transactions](index=49&type=section&id=MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) The company's ownership is predominantly held by foreign investors, with a significant portion managed by the ADS depositary, while it engages in various transactions with related parties including associates and key management personnel [Major Shareholders](index=49&type=section&id=Major%20Shareholders) As of June 30, 2025, foreign investors held a majority stake of 57.2% in ICICI Bank, while Indian investors held 42.8%. Government-controlled entities, led by Life Insurance Corporation of India (5.2%), held a total of 5.7%. The largest single shareholder is Deutsche Bank Trust Company Americas, acting as depositary for ADS holders, with an 18.7% stake. The bank operates as an autonomous commercial enterprise with no direct government shareholding Shareholding Structure at June 30, 2025 | Shareholder Category | Percentage of Total Outstanding | | :--- | :--- | | **Total Indian Investors** | **42.8%** | | Government Controlled Shareholders | 5.7% | | *Life Insurance Corporation of India* | *5.2%* | | Other Indian Investors | 37.1% | | **Total Foreign Investors** | **57.2%** | | Deutsche Bank Trust Company Americas (ADS Depositary) | 18.7% | | Government of Singapore | 1.7% | | Government Pension Fund Global | 1.5% | | Other Foreign Investors | 35.3% | | **Total** | **100.0%** | - The holding of foreign investors increased to **57.2% at June 30, 2025**, from **56.6% a year prior**, while the holding of government-controlled shareholders decreased from **6.4% to 5.7%** over the same period[252](index=252&type=chunk)[254](index=254&type=chunk) - The Reserve Bank of India has established a limit of **26.0%** on the voting rights of a single shareholder in a banking company[254](index=254&type=chunk) [Related Party Transactions](index=51&type=section&id=Related%20Party%20Transactions) In fiscal 2025, the company engaged in transactions with related parties, including associates, key management personnel (KMP), and their close family members. Material transactions included providing and receiving services, investments, interest payments, and corporate social responsibility expenses. Notable transactions involved FISERV, India Infradebt Limited, and ICICI Foundation for Inclusive Growth. All loans and advances to KMP were made in the ordinary course of business Key Related Party Transactions in Fiscal 2025 (in million Rs.) | Transaction Type | Amount | | :--- | :--- | | Expenses for services received (primarily to FISERV & Arteria) | 1,200 | | CSR expenses (to ICICI Foundation) | 9,100 | | Investments in securities issued by related parties (India Infradebt) | 27,500 | | Interest earned (primarily from India Infradebt) | 643 | | Income from services rendered (primarily from FISERV & India Infradebt) | 328 | | Volume of fixed deposits accepted (primarily from FISERV) | 16,900 | - Key management personnel exercised ESOPs amounting to **Rs. 477 million** during fiscal 2025[275](index=275&type=chunk) Related Party Balances at Year-End Fiscal 2025 (in million Rs.) | Balance Category | Associates/Other Entities | Key Management Personnel | Close Family Members | | :--- | :--- | :--- | :--- | | Deposits accepted from | 1,385 | 497 | 187 | | Our investments in | 12,735 | - | - | | Loans and advances to | 73 | 45 | 1 | [Information on the Company](index=56&type=section&id=Information%20on%20the%20Company) The company is a diversified financial services group in India, strategically focused on profitable growth through comprehensive product offerings, robust risk management, and advanced technology, while navigating ongoing legal and regulatory landscapes [Overview](index=56&type=section&id=Overview) ICICI Bank is a diversified financial services group in India, offering a comprehensive range of banking and financial services to corporate and retail customers. As of fiscal year-end 2025, the bank reported consolidated total assets of Rs. 26,422.4 billion and a consolidated net profit of Rs. 510.3 billion. Its operations span commercial banking, insurance, asset management, and securities broking, delivered through an extensive network of 6,983 branches and 16,285 ATMs in India, complemented by an international presence focused on Non-Resident Indians and India-linked businesses Key Financials at Fiscal Year-End 2025 | Metric | Value (in billions) | | :--- | :--- | | Consolidated Total Assets | Rs. 26,422.4 | | Consolidated Net Profit (after minority interest) | Rs. 510.3 | | Consolidated Capital and Reserves | Rs. 3,139.1 | - The bank maintains a significant physical presence in India with a network of **6,983 branches** and **16,285 ATMs and cash recycler machines** as of fiscal year-end 2025[286](index=286&type=chunk) - The bank's international operations are strategically focused on four key pillars: the Non-Resident Indian (NRI) ecosystem, the Multinational Corporates (MNC) ecosystem, the Institutional ecosystem for fund flows into India, and the India-linked Trade ecosystem[287](index=287&type=chunk) - ICICI Bank's holding in ICICI Lombard General Insurance Company increased to over **50.0% in fiscal 2024**, making it a subsidiary. In fiscal 2025, ICICI Securities Limited became a wholly-owned subsidiary after being delisted from stock exchanges[290](index=290&type=chunk)[291](index=291&type=chunk) [Strategy](index=57&type=section&id=Strategy) The bank's strategy centers on profitable growth within a framework of risk and compliance, aiming to grow profit before tax (excluding treasury). This approach is built on three pillars: core principles, comprehensive coverage, and an efficient delivery framework. Key principles include prioritizing 'Return of Capital', ensuring fairness to both customers and the bank, and fostering a 'One Bank, One Team' collaborative culture. The strategy emphasizes a 360-degree customer-centric approach, focusing on entire ecosystems and micro-markets to maximize wallet share, while continuously enhancing service delivery through technology and process simplification - The core strategic focus is on growing the profit before tax, excluding treasury income, while operating within the established Risk Appetite and Enterprise Risk Management framework[295](index=295&type=chunk) - The bank's strategic approach is guided by key principles[298](index=298&type=chunk)[299](index=299&type=chunk)[300](index=300&type=chunk)[301](index=301&type=chunk)[302](index=302&type=chunk)[303](index=303&type=chunk) - **Return of Capital:** Prioritizing capital conservation and onboarding quality counterparties - **Fair to Customer, Fair to Bank:** Delivering fair value to customers while creating value for shareholders - **One Bank, One Team:** Harnessing business opportunities across ecosystems and micro-markets - **Agile Risk Management:** Proactively identifying, assessing, and mitigating risks - **Compliance with Conscience:** Conducting business within legal and regulatory boundaries - The delivery framework focuses on quality service, process decongestion for a frictionless customer experience, and a 'Bank to Bank' technology transformation to enhance scalability, resilience, and security[310](index=310&type=chunk)[311](index=311&type=chunk)[312](index=312&type=chunk)[313](index=313&type=chunk) [Overview of Products and Services](index=60&type=section&id=Overview%20of%20Our%20Products%20and%20Services) The bank offers a comprehensive suite of commercial banking services for retail, rural, business, corporate, and international customers. For retail clients, this includes a large portfolio of secured loans (home, auto) and unsecured products (personal loans, credit cards), alongside a strong deposit franchise. Rural banking focuses on farmer finance and loans against jewellery. Corporate services span working capital, term loans, transaction banking, and treasury solutions. The bank also operates significant insurance, asset management, and securities broking businesses through its specialized subsidiaries Gross Retail Finance Portfolio (in billions) | Category | At March 31, 2024 | At March 31, 2025 | % Share (2025) | | :--- | :--- | :--- | :--- | | **Total Secured** | **Rs. 5,354.5** | **Rs. 5,827.0** | **76.2%** | | Home loans | Rs. 4,264.1 | Rs. 4,676.2 | 61.2% | | Automobile loans | Rs. 595.8 | Rs. 623.2 | 8.1% | | **Total Unsecured** | **Rs. 1,707.8** | **Rs. 1,819.5** | **23.8%** | | Personal loans | Rs. 1,169.7 | Rs. 1,216.7 | 15.9% | | Credit card receivables | Rs. 523.0 | Rs. 587.9 | 7.7% | | **Total Retail Portfolio** | **Rs. 7,062.3** | **Rs. 7,646.5** | **100.0%** | Gross Rural Finance Portfolio (in billions) | Category | At March 31, 2024 | At March 31, 2025 | % Share (2025) | | :--- | :--- | :--- | :--- | | Farmer finance | Rs. 288.2 | Rs. 327.6 | 40.2% | | Loans against jewellery | Rs. 272.6 | Rs. 315.2 | 38.7% | | Others | Rs. 210.9 | Rs. 171.6 | 21.1% | | **Total Rural Advances** | **Rs. 771.7** | **Rs. 814.4** | **100.0%** | - The net domestic corporate portfolio grew by **9.4% to Rs. 2,353.6 billion** at year-end fiscal 2025, while the net business banking portfolio grew by **33.7% to Rs. 2,633.7 billion**[345](index=345&type=chunk)[348](index=348&type=chunk) - The bank's treasury operations maintained an average liquidity coverage ratio (LCR) of **125.1%** on a consolidated basis for the quarter ended March 31, 2025, well above the **100.0% regulatory requirement**[377](index=377&type=chunk) - Subsidiaries are key contributors: ICICI Prudential Life Insurance had assets under management of **Rs. 3.1 trillion**, and ICICI Lombard General Insurance was the second-largest general insurer in India with an **8.7% market share in fiscal 2025**[396](index=396&type=chunk)[398](index=398&type=chunk) [Risk Management](index=72&type=section&id=Risk%20Management) The bank's risk management framework, overseen by the Board of Directors and its sub-committees, aims to identify, measure, monitor, and manage principal risks including credit, market, liquidity, operational, and cybersecurity. Centralized, independent groups for Risk Management, Compliance, and Internal Audit govern these processes. The framework establishes clear policies and limits for various business lines, with a focus on maintaining a resilient and compliant operational environment. Specific risk management strategies are also implemented for international operations and key subsidiaries to address local regulatory requirements and business-specific risks - The risk management framework is governed by the Board of Directors, which approves the Enterprise Risk Management and Risk Appetite Framework. Key oversight is delegated to specialized Board committees like the Credit Committee, Audit Committee, Information Technology Strategy Committee, and Risk Committee[403](index=403&type=chunk)[406](index=406&type=chunk) - Credit risk is managed through a structured approval process, internal rating systems, and portfolio-level monitoring. The framework includes limits for group/borrower exposures, industry concentration, and unsecured exposures[408](index=408&type=chunk)[415](index=415&type=chunk)[416](index=416&type=chunk) - Market risk from trading and asset-liability management is mitigated by limits in the Investment and Asset Liability Management Policies. The Asset Liability Management Committee reviews positions, sets rates, and determines strategy. The average liquidity coverage ratio for the three months ended March 31, 2025 was **125.1%** on a consolidated basis[454](index=454&type=chunk)[457](index=457&type=chunk)[377](index=377&type=chunk) - Operational risk is managed via a comprehensive system of internal controls, transaction monitoring, and contingency planning. The framework includes specific controls for retail, wholesale, and treasury operations, as well as for information technology and third-party risks[486](index=486&type=chunk)[488](index=488&type=chunk) - Cybersecurity risk management is a key focus, with a strategy based on a "defence-in-depth" principle. This includes a **24x7 Security Operations Centre (SOC)**, Data Loss Prevention (DLP) systems, and regular cyber-attack simulation drills. The framework is benchmarked against regulatory standards like those from RBI and global standards like NIST[505](index=505&type=chunk)[511](index=511&type=chunk)[514](index=514&type=chunk) [Loan Portfolio](index=92&type=section&id=Loan%20Portfolio) The bank's gross loan portfolio grew by 12.2% to Rs. 14,389.3 billion in fiscal 2025, with 91.5% being rupee-denominated loans. The portfolio is largely secured, with collateral required at origination for most commercial and consumer loans, though enforcement can face legal delays. Unsecured loans are primarily extended to higher-rated corporates and for retail products like personal loans and credit cards. Loan pricing has evolved with regulatory mandates, with new floating-rate retail and MSME loans linked to external benchmarks like the RBI repo rate - The gross loan portfolio increased by **12.2%**, from **Rs. 12,830.5 billion at year-end fiscal 2024** to **Rs. 14,389.3 billion at year-end fiscal 2025**[551](index=551&type=chunk) - The loan portfolio is predominantly secured. For secured consumer loans like mortgages and auto loans, the asset financed serves as collateral. For commercial loans, collateral typically includes immovable assets (mortgaged) or movable assets (hypothecated/pledged)[552](index=552&type=chunk)[553](index=553&type=chunk)[556](index=556&type=chunk) - Unsecured loans are primarily offered as personal loans, credit card receivables, and to higher-rated, well-established corporate borrowers[552](index=552&type=chunk)[556](index=556&type=chunk) - Loan pricing for new floating-rate retail and MSME loans is mandated by the RBI to be linked to an external benchmark. ICICI Bank currently uses the RBI repo rate for this purpose[563](index=563&type=chunk) [Subsidiaries, Associates and Joint Ventures](index=94&type=section&id=Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) The company operates through a network of subsidiaries and associates in various financial sectors. Key subsidiaries include ICICI Prudential Life Insurance, ICICI Lombard General Insurance, ICICI Prudential Asset Management, ICICI Securities, and overseas banking units in the UK and Canada. These entities are central to the group's diversified financial services strategy, covering insurance, asset management, securities broking, and international banking Key Subsidiaries and Ownership at FY-End 2025 | Name | Activity | Ownership Interest | | :--- | :--- | :--- | | ICICI Prudential Life Insurance Company Limited | Life insurance | 51.03% | | ICICI Lombard General Insurance Company Limited | General insurance | 51.55% | | ICICI Prudential Asset Management Company Limited | Asset management | 51.00% | | ICICI Securities Limited | Securities broking & Merchant Banking | 100.00% | | ICICI Home Finance Company Limited | Housing Finance | 100.00% | | ICICI Bank UK | Banking | 100.00% | | ICICI Bank Canada | Banking | 100.00% | - On March 24, 2025, ICICI Securities became a wholly-owned subsidiary of the Bank following its delisting[571](index=571&type=chunk) - The bank has several associates accounted for under the equity method, including India Infradebt Limited (**42.33% ownership**) and Arteria Technologies Private Limited (**19.98% ownership**)[572](index=572&type=chunk) [Technology](index=96&type=section&id=Technology) Technology is integral to the bank's strategy, with a focus on enhancing digital experiences, platform integration, and operational efficiency. Key initiatives in fiscal 2025 included revamping mobile and internet banking interfaces (iMobile, InstaBIZ), expanding the end-to-end digital lending platform (iLens), and leveraging partnerships for digital payments like FASTag and co-branded credit cards. The bank utilizes advanced data analytics, including satellite imagery for rural lending, and has a robust infrastructure with dual data centers and a disaster recovery site to ensure security, stability, and resilience - The bank's technology strategy is built on scalability, resilience, and security, focusing on digital platforms, data analytics, cloud computing, and emerging technologies like AI[577](index=577&type=chunk) - Key digital platforms for customers include the redesigned iMobile Pay app (with over **400 services**) for retail customers and the InstaBIZ app for business banking needs[581](index=581&type=chunk)[582](index=582&type=chunk)[589](index=589&type=chunk) - iLens, the integrated digital lending platform, was expanded in fiscal 2025 to include credit cards in addition to mortgage, personal, and education loans, streamlining the entire loan lifecycle[583](index=583&type=chunk) - The bank is a leading player in electronic toll collection through FASTag and has expanded its use for parking payments. It also partners with leading companies for co-branded credit cards[585](index=585&type=chunk)[586](index=586&type=chunk) - For rural customers, the bank uses satellite imagery to analyze land, irrigation, and crop patterns to make faster and more accurate lending decisions[587](index=587&type=chunk) - The bank maintains a robust infrastructure with two captive data centers in Hyderabad, a co-located recovery facility, and a disaster recovery data center in Jaipur, with further expansion in Mumbai[600](index=600&type=chunk) [Legal and Regulatory Proceedings](index=103&type=section&id=Legal%20and%20Regulatory%20Proceedings) The bank is involved in various legal and regulatory proceedings. In fiscal 2025, the RBI imposed a monetary penalty of Rs. 10.0 million for non-compliance with lending directions. The bank also faces ongoing inquiries from SEBI regarding alleged non-compliance with listing agreements related to the former MD & CEO. A significant portion of legal risk stems from contingent tax liabilities, which stood at Rs. 160.7 billion at year-end fiscal 2025, primarily related to disputes over income tax, service tax, and GST. The bank is also managing numerous litigation cases arising from the normal course of business - The Reserve Bank of India imposed a monetary penalty of **Rs. 10.0 million** on May 21, 2024, for non-compliance with certain directions on 'Loans and Advances – Statutory and Other Restrictions'[623](index=623&type=chunk) - The New York Branch's consent order with the Office of the Comptroller of the Currency (OCC) regarding its Bank Secrecy Act/Anti-Money Laundering program was terminated on March 8, 2025, following validation of corrective measures[626](index=626&type=chunk) - The bank is responding to a revised show cause notice from SEBI dated February 13, 2025, concerning alleged non-compliance with listing regulations, a matter decoupled from the proceedings against the former MD & CEO[627](index=627&type=chunk) Contingent Tax Liability at FY-End 2025 (in billion Rs.) | Tax Category | Disputed Amount | | :--- | :--- | | Direct Tax (Income Tax, etc.) | 96.2 | | Indirect Tax (Service Tax, GST, etc.) | 64.5 | | **Total** | **160.7** | - The bank held a provision of **Rs. 1,085 million** at year-end fiscal 2025 for **696 litigation cases** where an unfavorable outcome was deemed probable. Contingent liabilities for cases deemed reasonably possible amounted to **Rs. 3.7 billion**[634](index=634&type=chunk)[635](index=635&type=chunk) [Selected Statistical Information](index=109&type=section&id=SELECTED%20STATISTICAL%20INFORMATION) This section provides key statistical insights into the company's financial performance, including average balance sheet trends, investment portfolio composition, funding and liquidity management, and detailed analysis of the loan portfolio and asset quality [Average Balance Sheet and Net Interest Analysis](index=109&type=section&id=Average%20Balance%20Sheet%20and%20Net%20Interest%20Analysis) In fiscal 2025, total average interest-earning assets grew to Rs. 22,053.1 billion from Rs. 18,845.6 billion in fiscal 2024. This growth was driven by increases in both advances and investments. The overall yield on these assets remained stable at 8.45%, while the cost of average interest-bearing liabilities rose to 5.15% from 4.89%. Consequently, the net interest margin compressed slightly to 4.41% in fiscal 2025 from 4.53% in the prior year, primarily due to a higher cost of funds Key Average Balance Sheet Data (FY2025 vs FY2024, in billions Rs.) | Metric | Fiscal 2025 | Fiscal 2024 | | :--- | :--- | :--- | | Average Interest-Earning Assets | 22,053.1 | 18,845.6 | | Average Interest-Bearing Liabilities | 17,287.4 | 15,155.1 | | Total Average Assets | 24,927.6 | 21,385.0 | Yields, Spreads, and Margins (FY2025 vs FY2024) | Metric | Fiscal 2025 | Fiscal 2024 | | :--- | :--- | :--- | | Yield on Average Interest-Earning Assets | 8.45% | 8.46% | | Cost of Average Interest-Bearing Liabilities | 5.15% | 4.89% | | Spread | 3.30% | 3.57% | | Net Interest Margin | 4.41% | 4.53% | - The increase in interest earned in fiscal 2025 was primarily driven by a higher average volume of advances, while the increase in interest expended was due to both higher volumes and higher average rates on deposits and borrowings[653](index=653&type=chunk) [Investment Portfolio](index=112&type=section&id=Investment%20Portfolio) The bank's investment portfolio is diversified across corporate debt, government securities, and other instruments, categorized as available-for-sale and held-to-maturity. Yields on debt securities varied by maturity, with longer-term government securities yielding around 7.0-7.2% at fiscal year-end 2025. The investment portfolio of overseas branches and banking subsidiaries, totaling Rs. 71.7 billion, is primarily composed of bonds from banks, financial institutions, and corporates, with a significant portion linked to India Yields on Debt Securities by Maturity at March 31, 2025 | Security Type | Up to 1 year | 1 to 5 years | 5 to 10 years | More than 10 years | | :--- | :--- | :--- | :--- | :--- | | **Available-for-Sale** | | | | | | Corporate debt | 7.2% | 7.4% | 8.2% | 6.0% | | Government securities | 6.6% | 6.6% | 7.2% | 7.1% | | **Held-to-Maturity** | | | | | | Corporate debt | 7.0% | 7.0% | 7.5% | 7.1% | | Government securities | 7.4% | 7.2% | 7.2% | 7.0% | - The investment portfolio of overseas branches and banking subsidiaries totaled **Rs. 71.7 billion** at March 31, 2025, down from **Rs. 80.7 billion** a year prior. Corporate bonds constituted the largest portion at **Rs. 47.4 billion**[664](index=664&type=chunk) - Investment in India-linked corporate securities by overseas entities increased to **53.0% of their portfolio** at year-end fiscal 2025, up from **47.4% in the previous year**[665](index=665&type=chunk) [Funding and Liquidity](index=114&type=section&id=Funding%20and%20Liquidity) The bank's primary funding source is deposits, which showed a shift towards shorter-term maturities in fiscal 2025. The asset-liability profile at year-end 2025 showed a positive gap of Rs. 4,240.5 billion in the less-than-one-year bucket after risk management positions. Sensitivity analysis indicates that a 100 basis point increase in interest rates would raise net interest income by approximately Rs. 45 billion in fiscal 2026. The bank maintains a strong liquidity position, with a Value at Risk (VaR) on its proprietary equity trading book averaging Rs. 51.1 million in fiscal 2025 - The maturity profile of deposits shifted towards shorter terms in fiscal 2025, reflecting changes in interest rate offerings and an increase in shorter-maturity wholesale term deposits[678](index=678&type=chunk) - Total uninsured deposits increased to **Rs. 13,174.6 billion** at March 31, 2025, from **Rs. 11,284.6 billion** at March 31, 2024[680](index=680&type=chunk) Asset-Liability Gap at March 31, 2025 (in billions Rs.) | Maturity Bucket | Total Gap (after risk management) | | :--- | :--- | | <= 1 year | 4,240.5 | | >1 to 5 years | (3,472.2) | | > 5 years | (865.7) | - A **100 basis point parallel upward shift** in the yield curve is projected to increase net interest income by **Rs. 45.7 billion in fiscal 2026**, while a **100 bps downward shift** would decrease it by the same amount[689](index=689&type=chunk) - The Value-at-Risk (VaR) for the proprietary equity trading portfolio averaged **Rs. 51.1 million** in fiscal 2025, with a high of **Rs. 118.2 million** and a low of **Rs. 0.7 million**[698](index=698&type=chunk) [Loan Portfolio Analysis](index=121&type=section&id=Loan%20Portfolio%20Analysis) In fiscal 2025, the bank's gross advances grew 12.1% to Rs. 14,389.3 billion, with retail finance remaining the largest segment at 53.1% of the portfolio. Asset quality improved, with the gross non-performing loan (NPL) ratio decreasing to 1.69% from 2.18% in the prior year, and the net NPL ratio slightly improving to 0.43%. Gross restructured loans also saw a significant reduction, falling to 0.16% of gross loans. The bank met its overall priority sector lending target, achieving 43.72% of adjusted net bank credit against a 40% requirement Composition of Gross Advances (in billions Rs.) | Sector | At March 31, 2024 | At March 31, 2025 | % of Total (2025) | | :--- | :--- | :--- | :--- | | Retail finance | 7,062.3 | 7,646.5 | 53.1% | | Wholesale / Retail trade | 789.1 | 965.6 | 6.7% | | Services—finance | 720.4 | 836.2 | 5.8% | | Rural retail | 777.0 | 814.7 | 5.7% | | **Total Gross Advances** | **12,830.5** | **14,389.3** | **100.0%** | Key Asset Quality Ratios | Ratio | At March 31, 2024 | At March 31, 2025 | | :--- | :--- | :--- | | Gross NPL as % of gross loans | 2.18% | 1.69% | | Net NPL as % of net loans | 0.46% | 0.43% | | Gross restructured loans as % of gross loans | 0.28% | 0.16% | | Provision on NPLs as % of gross NPLs | 79.13% | 74.70% | - The bank's **20 largest borrowers** accounted for **5.2% of the gross loan portfolio** at year-end fiscal 2025[714](index=714&type=chunk) - For fiscal 2025, the bank achieved its priority sector lending target with **43.72% of adjusted net bank credit**, exceeding the **40.00% requirement**[720](index=720&type=chunk) - Net loan write-offs as a percentage of average total loans increased to **0.60% in fiscal 2025** from **0.38% in fiscal 2024**, driven by higher write-offs in both consumer and commercial loan portfolios[733](index=733&type=chunk)[735](index=735&type=chunk) [Operating and Financial Review and Prospects](index=127&type=section&id=OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) This section provides a comprehensive review of the company's operating results and financial position, including key economic trends, segment performance, reconciliation of financial statements under different accounting standards, and critical accounting policies [Executive Summary and Economic Trends](index=127&type=section&id=Executive%20Summary%20and%20Economic%20Trends) In fiscal 2025, the Indian economy grew by an estimated 6.5%, a moderation from the 9.2% growth in fiscal 2024, driven by private consumption. Inflation eased to an average of 4.6% from 5.4% in the previous year. The RBI shifted to an easing monetary policy stance late in the fiscal year, cutting the repo rate. The banking system saw moderated credit and deposit growth. The company's strategy remains focused on profitable growth, maintaining a strong deposit franchise, and building a granular loan portfolio while managing risks in a dynamic economic and regulatory environment. Medium-term prospects for the Indian economy are positive, though global uncertainties pose risks Key Indian Economic Indicators (Fiscal 2025 vs. 2024) | Indicator | Fiscal 2025 | Fiscal 2024 | | :--- | :--- | :--- | | GDP Growth (YoY) | 6.5% | 9.2% | | Average CPI Inflation (YoY) | 4.6% | 5.4% | | Current Account Deficit (% of GDP) | 0.6% | 0.8% | | Net FPI Inflows | USD 2.7 billion | USD 41.0 billion | | Non-food Credit Growth (YoY) | 11.0% | 16.3% | | Deposit Growth (YoY) | 10.3% | 12.9% | - The RBI substantially eased monetary policy in late fiscal 2025, reducing the repo rate by **100 basis points to 5.50%** and injecting **Rs. 10.7 trillion of durable liquidity** into the banking system since December 2024[755](index=755&type=chunk)[757](index=757&type=chunk) - Asset quality in the Indian banking system continued to improve, with the gross non-performing assets ratio at **2.6% as of September 30, 2024**, down from **3.2% a year earlier**[762](index=762&type=chunk) - The bank's long-term strategy focuses on growing profit before tax (excluding treasury), guided by principles of 'Return of Capital' and 'Fair to Customer, Fair to Bank', while leveraging technology and a 360-degree customer-centric approach[785](index=785&type=chunk) [Operating Results](index=134&type=section&id=Operating%20Results) For fiscal 2025, the Group reported a consolidated net profit of Rs. 510.3 billion, an 18.4% increase from the previous year. This growth was driven by a 13.9% rise in net interest income to Rs. 973.0 billion and a 39.7% increase in other income. Operating profit before provisions grew by 21.2% to Rs. 777.6 billion. However, provisions and contingencies also rose by 32.1% to Rs. 49.1 billion, mainly due to higher provisions on non-performing assets. The cost-to-income ratio increased slightly to 62.17%. The financial performance for fiscal 2025 is not directly comparable to prior years due to the line-by-line consolidation of ICICI Lombard General Insurance and I-Process Services Consolidated Operating Results Summary (in billions Rs.) | Metric | Fiscal 2025 | Fiscal 2024 | % Change | | :--- | :--- | :--- | :--- | | Net Interest Income | 973.0 | 854.1 | 13.9% | | Other Income | 1,084.1 | 776.0 | 39.7% | | Operating Expenses | (1,278.0) | (977.8) | 30.7% | | Operating Profit before Provisions | 777.6 | 641.5 | 21.2% | | Provisions and Contingencies | (49.1) | (37.1) | 32.1% | | Profit Before Tax | 730.0 | 615.1 | 18.7% | | Net Profit (after minority interest) | 510.3 | 442.6 | 15.3% | - Profit before tax excluding treasury income increased by **16.8% from Rs. 546.3 billion in fiscal 2024 to Rs. 638.2 billion in fiscal 2025**[772](index=772&type=chunk) - The increase in other income was primarily driven by a **54.6% rise in premium and other operating income** from the insurance business, partly due to the consolidation of ICICI Lombard[775](index=775&type=chunk) - Provisions for non-performing and other assets increased significantly from **Rs 9.6 billion in fiscal 2024 to Rs. 41.3 billion in fiscal 2025**, mainly due to higher net additions to NPAs in retail and rural loans[778](index=778&type=chunk)[887](index=887&type=chunk) - The effective tax rate remained stable at **25.3% in fiscal 2025** compared to **25.1% in fiscal 2024**[780](index=780&type=chunk)[893](index=893&type=chunk) [Financial Position](index=148&type=section&id=Financial%20Position) As of March 31, 2025, the Group's total assets grew by 11.8% to Rs. 26,422.4 billion, driven by a 12.7% increase in net advances and a 7.2% rise in investments. On the liabilities side, total deposits increased by 13.7% to Rs. 16,416.4 billion, while borrowings grew more slowly at 5.5%. Stockholders' equity strengthened to Rs. 3,139.1 billion from Rs. 2,561.4 billion, primarily due to retained earnings. The bank's capital adequacy remains robust, with the consolidated total risk-based capital ratio increasing to 16.41% at year-end fiscal 2025 Consolidated Balance Sheet Summary (in billions Rs.) | Item | At March 31, 2025 | At March 31, 2024 | % Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **26,422.4** | **23,640.6** | **11.8%** | | Net Advances | 14,206.6 | 12,607.8 | 12.7% | | Investments | 8,863.8 | 8,271.6 | 7.2% | | **Total Liabilities & Equity** | **26,422.4** | **23,640.6** | **11.8%** | | Deposits | 16,416.4 | 14,435.8 | 13.7% | | Borrowings | 2,188.8 | 2,074.3 | 5.5% | | Stockholders' Equity | 3,139.1 | 2,561.4 | 22.5% | - The increase in goodwill on consolidation from **Rs. 24.7 billion to Rs. 84.6 billion** was primarily due to the acquisition of the remaining stake in ICICI Securities, making it a wholly-owned subsidiary[920](index=920&type=chunk)[922](index=922&type=chunk) - The bank's consolidated total risk-based capital ratio improved to **16.41% at year-end fiscal 2025** from **16.14% at year-end fiscal 2024**, remaining well above the regulatory requirement of **11.70%**[783](index=783&type=chunk)[976](index=976&type=chunk) - Net cash inflow from operating activities decreased to **Rs. 1,228.1 billion in fiscal 2025** from **Rs. 1,572.8 billion in fiscal 2024**, mainly due to a lower increase in deposits compared to the prior year[940](index=940&type=chunk) [Segment Revenues and Assets](index=162&type=section&id=Segment%20Revenues%20and%20Assets) In fiscal 2025, all major business segments contributed to the Group's profitability. The Retail Banking segment's profit before tax (PBT) grew by 14.7% to Rs. 216.2 billion, driven by loan portfolio growth. The Wholesale Banking segment's PBT increased by 8.0% to Rs. 215.6 billion. The Treasury segment saw a significant PBT increase of 28.1% to Rs. 187.5 billion, benefiting from higher investment income. The General Insurance segment's PBT surged to Rs. 33.2 billion, largely due to its full-year consolidation as a subsidiary. The Life Insurance segment's PBT also grew substantially by 44.8% to Rs. 13.4 billion Profit Before Tax by Business Segment (in billions Rs.) | Segment | Fiscal 2025 | Fiscal 2024 | % Change | | :--- | :--- | :--- | :--- | | Retail Banking | 216.2 | 188.5 | 14.7% | | Wholesale Banking | 215.6 | 199.7 | 8.0% | | Treasury | 187.5 | 146.4 | 28.1% | | Life Insurance | 13.4 | 9.2 | 44.8% | | General Insurance | 33.2 | 2.2 | N/A | | Others | 74.2 | 60.1 | 23.5% | - The Retail Banking segment's performance was driven by a **13.0% increase in net interest income** and a **12.8% rise in other income**, reflecting growth in the loan portfolio and fee income[1026](index=1026&type=chunk)[1027](index=1027&type=chunk) - The Treasury segment's profit growth was fueled by a **6.4% increase in net interest income** and a **50.8% jump in other income**, which included higher gains on government securities[1041](index=1041&type=chunk)[1042](index=1042&type=chunk)[1043](index=1043&type=chunk) - The significant increase in the General Insurance segment's profit is primarily due to its consolidation as a subsidiary from February 29, 2024; prior period results only reflected a share of profit as an associate[1067](index=1067&type=chunk) [Reconciliation of Indian GAAP and U.S. GAAP](index=170&type=section&id=Reconciliation%20of%20Indian%20GAAP%20and%20U.S.%20GAAP) The Group's net income under U.S. GAAP was Rs. 513.5 billion for fiscal 2025, slightly higher than the Rs. 510.3 billion reported under Indian GAAP. Key differences arise from the accounting treatment for allowance for credit losses, business combinations, consolidation of the life insurance subsidiary (equity method under U.S. GAAP), and valuation of securities. In fiscal 2024, U.S. GAAP net income was significantly higher (Rs. 613.8 billion vs. Rs. 442.6 billion) mainly due to a one-time fair value gain on acquiring control of ICICI Lombard. Stockholders' equity under U.S. GAAP was Rs. 3,654.8 billion, compared to Rs. 3,139.1 billion under Indian GAAP at fiscal year-end 2025 Net Income Reconciliation (in billions Rs.) | Description | Fiscal 2025 | Fiscal 2024 | | :--- | :--- | :--- | | **Net Income (Indian GAAP)** | **510.3** | **442.6** | | Allowance for credit losses adjustment | (14.1) | (53.2) | | Business combinations adjustment | (3.6) | 140.3 | | Consolidation adjustment | 11.2 | 20.8 | | Valuation of securities adjustment | (21.1) | 33.3 | | Income tax & other adjustments | 20.9 | 29.9 | | **Net Income (U.S. GAAP)** | **513.5** | **613.8** | Stockholders' Equity Reconciliation (in billions Rs.) | Description | At March 31, 2025 | At March 31, 2024 | | :--- | :--- | :--- | | **Stockholders' Equity (Indian GAAP)** | **3,139.1** | **2,561.4** | | Total U.S. GAAP Adjustments | 515.7 | 548.5 | | **Stockholders' Equity (U.S. GAAP)** | **3,654.8** | **3,109.9** | - The allowance for credit losses under U.S. GAAP was higher by **Rs. 27.5 billion** at March 31, 2025, compared to Indian GAAP, primarily due to the recognition of lifetime expected credit losses on performing loans[1085](index=1085&type=chunk)[1087](index=1087&type=chunk) - Under U.S. GAAP, the life insurance subsidiary is accounted for using the equity method, whereas it is fully consolidated under Indian GAAP, leading to significant differences in reported line items and net income[1091](index=1091&type=chunk)[1572](index=1572&type=chunk) [Critical Accounting Policies and Estimates](index=173&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) The Group's financial statements are prepared under Indian GAAP, requiring significant management estimates and judgments. Critical policies include revenue recognition, where interest on non-performing assets is recognized only upon realization. The accounting for investments was significantly revised in fiscal 2025 following new RBI guidelines, aligning more closely with IFRS 9 principles for classification and valuation. Provisions for loans are based on RBI's asset classification norms, with specific methodologies for standard, sub-standard, doubtful, and loss assets. For insurance subsidiaries, key estimates involve the calculation of actuarial liabilities for policies in force, which relies on assumptions about interest rates, mortality, and expenses - Interest income on non-performing assets (NPAs) is recognized only upon realization, not on an accrual basis, as per RBI norms[1103](index=1103&type=chunk) - Effective April 1, 2024, the Bank implemented new RBI guidelines for its investment portfolio, classifying investments into Held-to-Maturity (HTM), Available-for-Sale (AFS), and Fair Value Through Profit and Loss (FVTPL). This change significantly impacts valuation and recognition of gains/losses[1108](index=1108&type=chunk)[1697](index=1697&type=chunk) - Provisions for loans are determined by asset classification (standard, sub-standard, doubtful, loss) as per RBI guidelines, with specific provisioning rates for each category. The Bank also holds additional contingency provisions on a prudent basis[1133](index=1133&type=chunk)[1140](index=1140&type=chunk) - For the life insurance business, actuarial liabilities are calculated using the gross premium method, incorporating prudent estimates for interest, mortality, morbidity, persistency, and expenses[1149](index=1149&type=chunk) - The implementation of Ind AS (converged with IFRS) for banks and insurance companies in India remains deferred, but the new RBI guidelines on investments and the proposed Expected Credit Loss framework are steps toward convergence[1172](index=1172&type=chunk)[1175](index=1175&type=chunk) [Management](index=181&type=section&id=MANAGEMENT) The company's management structure features a majority-independent Board of Directors, robust corporate governance practices overseen by specialized committees, and a comprehensive compensation framework for its executives and employees [Directors and Executive Officers](index=181&type=section&id=Directors%20and%20Executive%20Officers) As of June 30, 2025, the Board of Directors comprised 12 members, including the Managing Director & CEO, three Executive Directors, and eight independent directors, ensuring a majority independent board. Key appointments and re-appointments, including that of Chairman Mr. Pradeep Kumar Sinha and MD & CEO Mr. Sandeep Bakhshi, have received necessary regulatory and shareholder approvals. The board composition adheres to the Banking Regulation Act's requirement for directors to have specialized knowledge in relevant fields - As of June 30, 2025, the Board consists of **12 directors**: **4 whole-time directors** (MD & CEO and 3 Executive Directors) and **8 independent directors**[1179](index=1179&type=chunk) - Mr. Pradeep Kumar Sinha was appointed as Non-executive Part-time Chairman effective **July 1, 2024**, succeeding Mr. Girish Chandra Chaturvedi[1182](index=1182&type=chunk) - Mr. Sandeep Bakhshi was re-appointed as Managing Director & CEO for a **three-year term** effective from **October 4, 2023**[1184](index=1184&type=chunk) Executive Remuneration in Fiscal 2025 (in Rupees) | Name | Designation | Total Remuneration | | :--- | :--- | :--- | | Mr. Sandeep Bakhshi | Managing Director and CEO | 71,245,627 | | Mr. Sandeep Batra | Executive Director | 62,273,681 | | Mr. Rakesh Jha | Executive Director | 62,910,878 | | Mr. Ajay Kumar Gupta | Executive Director | 64,227,262 | | Mr. Anindya Banerjee | Group Chief Financial Officer | 31,666,155 | [Corporate Governance](index=187&type=section&id=Corporate%20Governance) The bank's corporate governance framework is built on an effective, majority-independent Board and the separation of supervisory and executive roles. Critical functions are overseen by various Board committees, most of which are chaired by and comprise a majority of independent directors. Key committees include the Audit Committee, Board Governance, Remuneration & Nomination Committee, Risk Committee, and Information Technology Strategy Committee. The bank has adopted a comprehensive Code of Business Conduct and Ethics and a Code on Prohibition of Insider Trading. Management has assessed its internal controls over financial reporting as effective as of fiscal year-end 2025 - The corporate governance framework emphasizes a majority independent Board, separation of supervisory and executive roles, and oversight through specialized committees[1211](index=1211&type=chunk) - The Audit Committee is comprised of **three independent directors**, all of whom qualify as financial experts. Its responsibilities include overseeing financial reporting, internal controls, and statutory audits[1216](index=1216&type=chunk)[1217](index=1217&type=chunk) - The Risk Committee, chaired by an independent director, reviews all major risk management policies, including credit, market, liquidity, and operational risks, and oversees the Enterprise Risk Management framework[1230](index=1230&type=chunk)[1231](index=1231&type=chunk) - Management concluded that as of the end of fiscal 2025, disclosure controls and procedures were effective. The effectiveness of internal control over financial reporting was also assessed as effective and audited by an independent registered public accounting firm[1248](index=1248&type=chunk)[1256](index=1256&type=chunk) Principal Accountant Fees (in millions Rs.) | Service Category | Fiscal 2025 | Fiscal 2024 | | :--- | :--- | :--- | | Audit Services | 257 | 198 | | Non-audit Services | 1 | 1 | | **Total** | **258** | **199** | [Compensation and Benefits](index=193&type=section&id=Compensation%20and%20Benefits%20to%20Directors%20and%20Officers) The company's compensation structure includes fixed remuneration, performance-linked bonuses, and long-term incentives through an Employee Stock Option Scheme (ESOS) and an Employee Stock Unit Scheme (ESUS). Total compensation to directors and wholetime officers was Rs. 410.5 million in fiscal 2025. The ESOS allows employees to acquire equity shares, with 169.9 million options outstanding at year-end. The newer ESUS, aimed at mid-level and front-line managers, grants stock units at face value, with 8.0 million units outstanding. The bank also provides other benefits like subsidized loans, gratuity, and provident fund contributions - Total compensation paid by the Bank to its directors and wholetime officers during fiscal 2025 was **Rs. 410.5 million**[1264](index=1264&type=chunk) - The aggregate amount of bonuses and performance-linked retention pay for all eligible employees of ICICI Bank for fiscal 2025 was **Rs. 28.1 billion**[1265](index=1265&type=chunk) Employee Stock Plan Status at March 31, 2025 | Plan | Instruments Outstanding | Weighted Avg. Exercise Price | | :--- | :--- | :--- | | Stock Option Scheme (ESOS) | 169,866,927 options | Rs. 484.94 | | Stock Unit Scheme (ESUS) | 8,032,295 units | Rs. 2.00 | - The bank provides various retirement benefits, including a provident fund (total corpus of **Rs. 66.7 billion at FY-end 2025**), a superannuation fund (corpus of **Rs. 6.6 billion**), and a pension fund for employees of merged entities (corpus of **Rs. 17.4 billion**)[1305](index=1305&type=chunk)[1306](index=1306&type=chunk)[1308](index=1308&type=chunk)[1309](index=1309&type=chunk) [Supervision and Regulation](index=200&type=section&id=SUPERVISION%20AND%20REGULATION) The company operates under a stringent regulatory framework primarily governed by the Reserve Bank of India, encompassing capital adequacy, asset quality, lending norms, and investment guidelines, alongside various other domestic and international compliance requirements [Key Regulatory Framework](index=200&type=section&id=Key%20Regulatory%20Framework) ICICI Bank is primarily governed by the Banking Regulation Act, 1949, and the Reserve Bank of India Act, 1934, with the RBI serving as the main regulator. The RBI's oversight includes licensing, supervision through a risk-based framework, and setting prudential norms. Key regulations cover statutory reserves, foreign ownership limits (capped at 74%), and capital adequacy under Basel III. As a Domestic Systemically Important Bank (D-SIB), ICICI Bank faces additional capital requirements. The RBI's Prompt Corrective Action (PCA) framework imposes restrictions on banks that breach certain financial thresholds, though ICICI Bank currently meets all requirements - Foreign ownership in Indian private sector banks is capped at **74%**, with investments above **49%** requiring prior government approval. Voting rights for a single shareholder are capped at **26.0%**[1320](index=1320&type=chunk)[1323](index=1323&type=chunk) - The bank is subject to a risk-based supervision framework by the RBI, which involves a detailed annual assessment of the bank's risk profile[1324](index=1324&type=chunk)[1325](index=1325&type=chunk) Key Capital and Reserve Requirements | Requirement | Current Rate | | :--- | :--- | | Minimum Total Capital Ratio (Basel III) | 11.70% (incl. buffer & D-SIB surcharge) | | Minimum Leverage Ratio (for D-SIBs) | 4.0% | | Cash Reserve Ratio (CRR) | 4.00% (as of Dec 2024) | | Statutory Liquidity Ratio (SLR) | 18.0% | - The RBI's Prompt Corrective Action (PCA) framework is triggered if a bank's capital adequacy, asset quality, or leverage ratios fall below prescribed thresholds[1345](index=1345&type=chunk) [Regulations on Loans, Assets, and Investments](index=204&type=section&id=Regulations%20on%20Loans%2C%20Assets%2C%20and%20Investments) The RBI heavily regulates lending, asset quality, and investment activities. Banks must adhere to directed lending norms, allocating 40% of credit to priority sectors. Strict guidelines govern asset classification, with loans overdue for more than 90 days typically classified as non-performing assets (NPAs), and specific provisioning is required for standard, sub-standard, doubtful, and loss assets. The RBI also sets exposure limits for single counterparties, groups, and capital markets. Investment portfolios are regulated under new guidelines effective April 2024, which classify securities into Held-to-Maturity, Available-for-Sale, and Fair Value through Profit and Loss categories - New floating-rate retail and MSME loans must be linked to an external benchmark, such as the RBI's repo rate[1351](index=1351&type=chunk) - Banks are required to lend **40% of their Adjusted Net Bank Credit (ANBC)** to priority sectors, with specific sub-targets for agriculture (**18.0%**) and micro-enterprises (**7.5%**)[1363](index=1363&type=chunk) - Exposure to a single counterparty is limited to **20.0% of the bank's eligible capital base**, and to a group of connected counterparties, it is **25.0%**[1369](index=1369&type=chunk) - A loan is generally classified as a Non-Performing Asset (NPA) if principal or interest is overdue for more than **90 days**. Specific provisioning norms apply based on the asset's classification (sub-standard, doubtful, loss)[1377](index=1377&type=chunk)[1385](index=1385&type=chunk) - New RBI guidelines effective **April 2024** mandate the classification of the investment portfolio into Held-to-Maturity (HTM), Available-for-Sale (AFS), and Fair Value through Profit and Loss (FVTPL), aligning more closely with global standards[1431](index=1431&type=chunk) [Other Key Regulations](index=213&type=section&id=Other%20Key%20Regulations) The bank is subject to a wide array of other regulations governing its domestic and international operations. These include rules for opening branches, use of business correspondents, deposit interest rates, and various payment systems. The bank must comply with stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) laws. Its international operations are regulated by authorities in host countries (e.g., UK, Canada, USA) and are also subject to cross-border regulations like the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS). The bank's subsidiaries in insurance and asset management are regulated by IRDAI and SEBI, respectively - Banks must allocate **25% of new banking outlets** to unbanked rural centers to promote financial inclusion[1399](index=1399&type=chunk) - The bank must comply with the Prevention of Money Laundering Act (PMLA), 2002, which includes maintaining records, reporting suspicious transactions, and conducting customer due diligence[1429](index=1429&type=chunk) - The bank's insurance subsidiaries (ICICI Prudential Life and ICICI Lombard General) are regulated by the Insurance Regulatory and Development Authority of India (IRDAI), with foreign investment capped at **74%**[1474](index=1474&type=chunk)[1475](index=1475&type=chunk) - The bank's international operations, including subsidiaries in the UK and Canada and branches in the US, Singapore, and Dubai, are subject to regulation by local authorities in each jurisdiction[1477](index=1477&type=chunk)[1478](index=1478&type=chunk)[1479](index=1479&type=chunk)[1480](index=1480&type=chunk) - The bank complies with international tax regulations such as the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) for automatic exchange of financial account information[1484](index=1484&type=chunk)[1485](index=1485&type=chunk) [Additional Information](index=219&type=section&id=ADDITIONAL%20INFORMATION) This section provides additional information on the company, including foreign exchange controls and ownership limits, dividend policies, and the material Indian and U.S. federal income tax implications for investors [Exchange Controls and Foreign Ownership](index=219&type=section&id=Exchange%20Controls%20and%20Foreign%20Ownership) Foreign investment in Indian securities, including ICICI Bank's shares and ADSs, is strictly regulated by the Foreign Exchange Management Act (FEMA). Foreign ownership in private sector banks is capped at 74%, with government approval required for stakes exceeding 49%. Specific limits also apply to Foreign Portfolio Investors (FPIs) and Non-Resident Indians (NRIs). The issuance and transfer of American Depositary Receipts (ADRs) are governed by the Depository Receipts Scheme, 2014, and SEBI regulations, which align with these foreign ownership limits. Repatriation of sale proceeds from underlying equity shares is generally permitted but may require RBI approval and tax clearance - Foreign investment in Indian private sector banks is capped at **74% of equity share capital**. Investment above **49%** requires prior approval from the Government of India[1499](index=1499&type=chunk) - Any acquisition of **5% or more** of a bank's paid-up share capital or voting rights by a single entity or group requires prior approval from the Reserve Bank of India[1501](index=1501&type=chunk) - The total holding by a single Foreign Portfolio Investor (FPI) or its investor group is limited to less than **10% of the total paid-up equity capital**[1500](index=1500&type=chunk) - Transfer of ADSs outside India between non-resident

Core Insights - LaFleur Minerals Inc. is positioned as a near-term gold producer with advanced projects in Québec's Abitibi Gold Belt, leveraging a permitted mill and strategic acquisitions [2][3][4] Company Overview - LaFleur Minerals focuses on gold exploration and development, particularly in the Abitibi region of Québec, with significant assets including the Swanson Gold Project and the Beacon Gold Mill [7][8] - The Swanson Gold Project spans approximately 16,600 hectares and includes multiple gold-rich prospects, enhancing its development potential [8] Strategic Positioning - The company acquired the Beacon Gold Mill, which has been upgraded with a $20 million investment, allowing for processing capabilities of over 750 tonnes per day [4][9] - LaFleur's strategy includes not only producing from its own properties but also potentially processing material from other nearby gold projects, capitalizing on the current high gold prices exceeding $3,000 per ounce [5][4] Leadership Insights - CEO Paul Ténière emphasized the company's accelerated timeline for production and the economic viability of its projects due to rising gold prices [5][4] - Chairman Kal Malhi discussed the strategic acquisition of assets from a bankruptcy situation, positioning LaFleur for rapid development in the gold sector [3][4]