ICICI Group: Strategy & Performance

February 2010

2

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 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.

3

Agenda

Market developments

Financial performance

Strategy & execution

4

Key economic indicators

Industrial production grew 11.7% in November 2009, average growth of 10.4% in August-November 2009

Strong capacity utilization in key sectors like steel, aluminium and cement

Increased momentum in home, car and commercial vehicle sales

Strong fundamentals driven by domestic demand

Q2-2010 GDP growth at 7.9% compared to 6.1% in Q1-2010

5

Liquidity, interest rates & credit growthComfortable systemic liquidity: About Rs. 1.0 trillion lent to RBI on a daily basis

Increase in CRR by 75 bps will reduce systemic liquidity by about Rs. 360 billion

10 year G–sec yields increased by about 45 bps in Q3-2010

WPI inflation increased to 7.3% for December 2009Inflation figures continue to be impacted by base effect and high food pricesRBI’s projection at 8.5% by end March 2010

Non-food credit growth muted at 14.4% on Jan 15 RBI’s revised projection at 16% for FY2010

6

Agenda

Market developments

Financial performance

Strategy & execution

7

Strategy for FY2010

Position balance sheet for next phase of growth

Cost• Keep stringent control on

operating expenses

Credit• Focus on select credit

opportunities and reduce unsecured retail portfolio

CASA• Increase the proportion of low

cost CASA deposits• Reduce the proportion of

wholesale deposits

Capital• Maintain high capital adequacy

8

Progress in execution of strategy

Robust growth in CASA deposits

Reduction in operating expenses

Sharp reduction in retail NPL formation

Increase in net interest margin to 2.6%

Substantial progress in

achievement of near term

targets

Well capitalized for a period of sustained growth

9

-50

100150200250300350400450500550

Mar-03

Mar-04

Mar-05

Mar-06

Mar-07

Mar-08

Mar-09

Dec-09

Focus on CASA deposits

1,419

28.7%

Mar 2009

1,6261,262755614562469446Branches

39.6%26.1%21.8%22.7%24.3%23.0%15.5%CASA ratio

Dec 2009

Mar 2008

Mar 2007

Mar 2006

Mar 2005

Mar 2004

Mar 2003

CAGR 47%

Target to reach about 2,000 branches by April 2010

Sav

ings

dep

osi

ts (R

s. b

n)

10

11.5%13.5%13.6%13.8%14.3%14.4%14.6%

16.8%18.3%

19.4%

0.0%

5.0%

10.0%

15.0%

20.0%

Tier-1 Tier-2

High capitalisation levelsC

apita

l ad

equa

cy r

atio

ICICI Bank

Other top 9 Indian banks

As per the latest available financials(December 30, 2009)

11

Stringent cost control

68.35

FY2009

42.14

9M-2010

79.7265.0247.2533.7125.98Operating expenses1

FY2008FY2007FY2006FY2005FY2004Rs. bn

Co

st/a

vera

ge a

sset

s

1. Including DMA

2.2%

1.8%

1.6%

2.3%

2.5%

2.4%

2.3%

1.5%

1.7%

1.9%

2.1%

2.3%

2.5%

2.7%

FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 9M-2010

12

Domestic credit strategy

Enhanced focus on growth going forward

Participate in consumption growth through mortgages, and vehicle loans

Capitalise on growing infrastructure and corporate project pipeline

Increase market share in commercial banking

Further reduce the proportion of unsecured personal loans and credit cards

13

Strategy for international business

Retail business

Build a stable & diversified funding baseDevelop retail deposit franchise by leveraging low cost technologyTap long term sources of funding like bonds and syndicated loans to diversify funding

Funding franchise

Focus on the needs of non-resident IndiansRemittances into IndiaSavings & Investment products

Lending to Indian corporatesLeverage domestic relationships

Trade financeIncluding select non-India exposures linked to imports to India

Lending & trade

14

Non-banking subsidiaries strategy

ICICI Life

Focus on consolidating position as the largest private sector life insurer, while maintaining new business profit margins and cost efficiencies

ICICI GeneralFocus on maintaining leadership, while improving underwriting profitability

ICICI AMCMaintain market position among the top three mutual funds

ICICI Securities

Capitalize on retail broking platform and market opportunities to increase revenues and profitability

15

Agenda

Market developments

Financial performance

Strategy & execution

16

Overview: Q3-20106% increase in standalone profit after tax to Rs. 11.01 billion in Q3-2010 from Rs. 10.40 billion in Q2-2010

Standalone profit after tax lower compared to Rs. 12.72 billion in Q3-2009 due to absence of treasury income in Q3-2010 compared to treasury income of Rs. 9.76 billion in Q3-2009

Standalone profit after tax of Rs. 30.19 billion in 9M-2010 compared to Rs. 30.14 billion in 9M-2009

Consolidated profit after tax increased by 18% to Rs. 33.28 billion in 9M-2010 from Rs. 28.29 billion in 9M-2009

17

Continued improvement in operating trends

Net interest income increased to Rs. 20.58 billion in Q3-2010 from Rs. 19.90 billion in Q3-2009 and Rs. 20.36 billion in Q2-2010

Net interest margin increased from 2.4% in Q3-2009 and 2.5% in Q2-2010 to 2.6% in Q3-2010

Fee income increased to Rs. 14.22 billion in Q3-2010 from Rs. 13.47 billion in Q3-2009 and Rs. 13.87 billion in Q2-2010

18

Continued improvement in operating trends

Continued reduction in operating expenses20% year-on-year and 3% sequential decrease in operating & DMA expenses to Rs. 13.42 billion in Q3-2010 from Rs. 16.80 billion in Q3-2009 and Rs. 13.79 billion in Q2-2010Cost/average asset ratio for Q3-2010 at 1.5% compared to 1.8% for Q3-2009

Total provisions decreased sequentially to Rs. 10.02 billion in Q3-2010 from Rs. 10.71 billion in Q2-2010

19

Balance sheet highlightsCASA ratio of 39.6% at December 31, 2009 compared to 27.4% at December 31, 2008 and 36.9% at September 30, 2009

Increase of about Rs. 100.00 billion in savings deposits during April-December 2009Year-on-year CASA deposits growth of 36.4%

Net NPA ratio of 2.19% at December 31, 2009; at the same level as September 30, 2009

20

Credit cards

6%Other

secured2%

Personal loans

7%

Home60%

Vehicle loans25%

Composition of loan book: December 31, 2009

SME4%

Rural7%

Retail business

group45%

Overseas branches

26%

Domestic corporate

18%

1. Vehicle loans includes auto loans 10%, commercial business 14% and two wheelers 1%

2. Retail business group includes builder loans and dealer funding of Rs. 36.76 bn

Total loan book: Rs. 1,793 bn Total retail loan book: Rs. 807 bn

2

1

21

Key ratios

1.51.51.81.8Cost/average assets (incl. DMA) 2

27.4%

37.7

30.3

2.4

449

45.3

10.2

Q3-2009

36.9%

36.1

36.4

2.5

460

37.1

8.1

Q2-2010

38.341.4Fee/income

28.7%

43.4

2.4

445

33.8

7.7

FY2009

469Book value (Rs.)

39.6%

36.2

2.6

39.2

8.4

Q3-2010

CASA ratio

Cost/income (incl. DMA)

Net Interest Margin 2

Weighted avg EPS (Rs.) 2

Return on average net worth1, 2

(Percent)

1. Based on quarterly average net worth.2. Annualised for all interim periods

22

2.19%

46.67

50.28

96.95

Jun 30, 2009

2.19%

45.58

49.13

94.71

Sep 30, 2009

14.36Outstanding general provision on standard assets

1.96%

46.19

53.10

99.29

Mar 31, 2009

2.19%

44.16

46.54

90.70

Dec 31, 2009

Net NPA ratio

Net NPAs

Less: Cumulative provisions

Gross NPAs

(Rs. in billion)Asset quality and provisioning

Gross retail NPLs at Rs. 59.75 bn and net retail NPLs at Rs. 27.78 bn at December 31, 200951% of net retail NPLs are from unsecured productsNet restructured loans of Rs. 53.38 bn at December 31, 2009

23

Thank you

24

Annexure

25

Unconsolidated financials

26

Profit & loss statement

-9.85(0.26)2.972.299.764.43- Treasury income

23.69

0.20

0.31

13.11

37.31

2.771

14.22

16.73

20.58

Q3-2010

27.71

0.54

1.03

15.77

45.05

1.92

13.47

25.15

19.90

Q3-2009

67.70

1.58

4.76

47.54

121.58

5.20

51.81

59.30

62.28

9M-2009

24.35

0.46

0.21

13.58

38.60

1.40

13.87

18.24

20.36

Q2-2010

73.33

1.19

0.80

41.34

116.66

4.741

41.28

55.87

60.79

9M-2010

(17.2)%159.70Total income

(14.5)%

(63.0)%

(69.9)%

(16.9)%

44.3%

5.6%

(33.5)%

3.4%

Q3-o-Q3

Growth

5.29DMA expenses

89.25

2.10

63.06

6.36

65.24

76.03

83.67

FY2009

Operating profit

Lease depreciation

Operating expenses

- Lease and other income

- Fee income

Non-interest income

NII

(Rs. in billion)

1. Includes profit of Rs. 2.03 billion related to transfer of merchant acquiring operations to new entity 81% owned by First Data.

27

Profit & loss statement

12.72

4.91

17.63

10.08

27.71

Q3-2009

30.14

10.32

40.46

27.24

67.70

9M-2009

10.40

3.24

13.64

10.71

24.35

Q2-2010

11.01

2.66

13.67

10.02

23.69

Q3-2010

30.19

9.17

39.36

33.97

73.33

9M-2010

(14.5)%89.25Operating profit

(0.6)%38.08Provisions

37.58

13.59

51.17

FY2009

(13.4)%

(45.8)%

(22.5)%

Q3-o-Q3

growth

Profit before tax

Profit after tax

Tax

(Rs. in billion)

28

Balance sheet: Assets(Rs. in billion)

1. Investment in security receipts of asset reconstruction companies at December 31, 2009 was Rs. 35.45 bn.

Credit derivative exposure (including off balance sheet exposure) of Rs. 51.88 bn at December 31, 2009 (underlying comprises Indian corporate credits).

Including impact of exchange rate movement

9.9%752.62778.34633.87684.84- SLR investments

9.0%121.00121.00120.97111.02- Equity investment in

subsidiaries

3,744.10

282.68

2,125.21

1,065.38

270.83

Dec 31, 2008

3,663.74

262.82

1,908.60

1,199.65

292.67

Sep 30, 2009

15.8%1,234.091,030.58Investments

3,562.28

229.72

1,792.69

305.78

Dec 31, 2009

(4.9)%

(18.7)%

(15.6)%

12.9%

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

29

Equity investment in subsidiaries

111.02

0.14

0.05

0.61

0.87

1.58

3.00

10.96

10.97

23.25

23.70

35.90

Dec 31, 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

10.96ICICI Lombard General Insurance

1.58ICICI Securities Primary Dealership

0.14Others

121.00

0.05

0.87

35.93

Dec 31, 2009

Total

ICICI Venture Funds Mgmt

ICICI Securities Limited

ICICI Prudential Life Insurance

(Rs. in billion)

30

Balance sheet: Liabilities

32.4%510.54493.18410.36385.72- Savings

44.6%271.93236.12216.32188.10- Current

(7.7)%914.79997.73928.05990.69Borrowings

3,744.10

158.91

2,090.65

3.50

489.22

11.13

500.35

Dec 31, 2008

3,562.28

145.06

1,976.53

3.50

511.26

11.14

522.40

Dec 31, 2009

(4.9)%

(8.7)%

(5.5)%

-

4.5%

0.1%

4.4%

Y-o-Y growth

3,793.01

182.65

2,183.48

3.50

484.20

11.13

495.33

Mar 31, 2009

3,663.74

171.61

1,978.32

3.50

501.44

11.14

512.58

Sep 30, 2009

Total liabilities

Other liabilities

Deposits

Preference capital

- Reserves

- Equity capital

Net worth

(Rs. in billion)

Credit/deposit ratio of 71% on the domestic balance sheet at December 31, 2009

Figures include impact of exchange rate movement

31

Composition of borrowings

997.73

487.82

16.28

504.10

234.42

259.21

493.63

Sep 30, 2009

503.25 564.35 Overseas

143.80200.88 - Other borrowings

267.74 225.46 - Capital instruments

914.79

487.50

15.75

411.54

Dec 31, 2009

990.69

547.87

16.48

426.34

Dec 31, 2008

Total borrowings

- Other borrowings

- Capital instruments

Domestic

(Rs. in billion)

Capital instruments constitute 65% of domestic borrowings

Figures include impact of exchange rate movement

32

Capital adequacy (Basel II)

739.11

2,501.21

3,240.32

141.67

431.42

573.09

Sep 30, 2009

4.4%

13.3%

17.7%

3,081.513,564.63Total RWA

2,363.772,758.15- On balance sheet

717.74806.48- Off balance sheet

159.30

438.44

597.74

131.59

421.96

553.55

3.7%

11.8%

15.5%

Mar 31, 2009

5.2%

14.2%

19.4%

Dec 31, 2009

- Tier II

- Tier I

Total Capital

Rs. billion except %

33

Overseas subsidiaries

34

Loans & advances

52%

Asset backed securi ties

2%

Other assets & investments

4%

Ind ia l inked investments

6%

Cash & l iquid securi ties

11%

Bonds/notes o f financ ial

insti tutions25%

`

ICICI Bank UK asset profile1

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

2. Includes US$ 169 mn of India-linked credit derivatives3. Includes securities reclassified to loans & advances in

FY20094. Does not include US$ 156 mn of ABS reclassified as

loans & receivable in FY2009

Total assets:USD 7.5 billion

2

4

Net profit of USD 7.3 million in Q3-2010

Capital adequacy ratio at 17.0%

Net MTM write-back of USD 14.1 million (post-tax) in reserves in Q3-2010

3

35

ICICI Bank UK liability profile

Total liabilities:USD 7.5 billion

Proportion of retail term deposits in total deposits at 64% at December 31, 2009

Long term Debt15%

Net worth8%

Term deposi ts41%

Other l iab i l i ties4%

Syndicated loans &

interbank borrowings

10%

Demand deposi ts

22%`

36

ICICI Bank Canada asset profile

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

2. Includes CAD 132 mn of India-linked credit derivatives

Total assets:CAD 5.8 billion

1

2

Net profit of CAD 4.8 million in Q3-2010

Capital adequacy ratio at 23.5%

Loans to customers

61%

Cash & l iquid securi ties

13%

Federal ly insured

mortgage15%

Other assets & investments

6%Asset backed securi ties

2% Ind ia l inked investments

3%

`

37

ICICI Bank Canada liability profile

Total liabilities:CAD 5.8 billion

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

Borrowings1%

Net worth17%

Demand deposi ts

14%

Other l iab i l i ties

1% Term deposi ts67%

`

38

Corporate bonds

4%

Retail loans15%

Other assets &

investments3%

Cash & liquid securit ies

24%

Loans to corporates &

banks54%

ICICI Bank Eurasia

• Total borrowings of USD 344 million at December 31, 2009

• Capital adequacy of 19.8% at December 31, 2009

• Financial breakeven in 9M-2010

Total assets:USD 459 million

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

1

39

Domestic subsidiaries

40

ICICI Home Finance

Net profit of Rs. 0.44 billion in Q3-2010 compared to Rs. 0.28 billion in Q2-2010

Deposits27%

Borrowings64%

Shareholders funds 9%

Loans 88%

Investments 10%

Fixed & other assets 2%

Total assets/liabilities: Rs. 138 billion

Capital adequacy ratio of 13.9% at December 31, 2009Net NPA ratio: 1.3%

41

ICICI Life

8.3%

536.19

0.07

18.9%

2.82

40.31

24.11

14.95

Q3-2010

12.0%

284.45

(1.35)

19.0%

1.90

31.73

20.04

10.02

Q3-2009

Expense ratio

Assets Under Management

NBP margin

New Business Profit (NBP)

Renewal premium

APE

Statutory Profit/(Loss)

Total premium

(Rs. in billion)

Continued market leadership in private sector1

Statutory loss of Rs. 0.98 billion in 9M-2010

1. During April - December 2009 on new business retail weighted received premium basis.

42

ICICI General

Continued market leadership in private sector2

1. Excluding remittances from third party motor pool

2. During April - December 2009

0.43

0.45

8.33

Q3-2010

-

0.01

7.97

Q3-2009

PBT

PAT

Gross premium1

(Rs. in billion)

43

Other subsidiaries(Rs. billion)

0.40

0.09

0.16

0.37

Q3-2010

(0.14)

0.04

3.02

-

Q3-2009

ICICI Prudential Asset Management Company

ICICI Securities Ltd.

Profit after tax

ICICI Venture

ICICI Securities PD