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ICICI Bank Ltd has announced the following results for the quarter & year ended March 31, 2008:

The Unaudited results for the Quarter ended March 31, 2008

The Bank has posted a net profit of Rs 11498.40 million for the quarter ended March 31, 2008 as compared to Rs 8251.20 million for the quarter ended March 31, 2007. Total Income has increased from Rs 84955.20 million for the quarter ended March 31, 2007 to Rs 103909.20 million for the quarter ended March 31, 2008.

The Audited results for the Year ended March 31, 2008

The Bank has posted a net profit of Rs 41577.30 million for the year ended March 31, 2008 as compared to Rs 31102.20 million for the year ended March 31, 2007. Total Income has increased from Rs 289234.60 million for the year ended March 31, 2007 to Rs 395991.10 million for the year ended March 31, 2008.

The Consolidated results are as follows:

The Unaudited consolidated results for the Quarter ended March 31, 2008

The Group has posted a net profit of Rs 6361.20 million for the quarter ended March 31, 2008 as compared to Rs 5576.30 million for the quarter ended March 31, 2007. Total Income has increased from Rs 136634.40 million for the quarter ended March 31, 2007 to Rs 178193.80 million for the quarter ended March 31, 2008.

The Audited consolidated results for the Year ended March 31, 2008

The Group has posted a net profit of Rs 33982.30 million for the year ended March 31, 2008 as compared to Rs 27606.30 million for the year ended March 31, 2007. Total Income has increased from Rs 413637.90 million for the year ended March 31, 2007 to Rs 600530.80 million for the year ended March 31, 2008.

ICICI Bank Ltd has informed BSE that the Board of Directors of the Bank at its meeting held on April 26, 2008, inter alia, has recommended payment of dividend for the financial year ended on March 31, 2008 as under:-

1. A dividend of 0.001 per cent, i.e. Rs 100/- per preference share on 350 preference shares of the face value of Rs 1 crore each; and

2. A dividend of 110 per cent, i.e. Rs 11/- per equity share of face value of Rs 10/- each, subject to requisite approvals.

ICICI Bank Ltd has informed BSE that the Bank has repurchased and subsequently extinguished bonds aggregating to the face value US $ 50 million out of the US $ 2 billion 6.625% bonds due 2012 issued from its Bahrain Branch on October 03, 2007 on a stand-alone basis.

The repurchase is carried out through open market purchases by a dealer acting on behalf of the Bank.

ICICI Bank Ltd has informed BSE that the Bank has repurchased and subsequently extinguished bonds aggregating to the face value US $ 50 million out of the US $ 2 billion 6.625% bonds due on 2012 issued from its Bahrain Branch on October 03, 2007 on a stand-alone basis.

The repurchase is carried out through open market purchases by a dealer acting on behalf of the Bank.

ICICI Bank Ltd has informed BSE that the Bank has repurchased and subsequently extinguished bonds aggregating to the face value US $ 50 million out of the US$ 750 million 5.75% bonds due 2012 issued from its Bahrain Branch on January 12, 2007 on a stand-alone basis.

The repurchase is carried out through open market purchases by a dealer acting on behalf of the Bank.

ICICI Bank Ltd has informed BSE that the Bank has repurchased and subsequently extinguished bonds aggregating to the face value US $ 50 million out of the US $ 2 billion 6.625% bonds due on 2012 issued from its Bahrain Branch on October 03, 2007 on a stand-alone basis.

The repurchase is carried out through open market purchases by a dealer acting on behalf of ICICI Bank.

With reference to the news item appearing in a leading web portal titled, “ICICI Bank has lost $ 264 Mn till Jan 31 on subprime crisis”, ICICI Bank Ltd has clarified to BSE as under:

“ICICI Bank Ltd has no material direct or indirect exposure to US sub-prime credit. The widening of credit spreads in the international markets have resulted in a negative mark-to-market impact on the credit derivatives and fixed income investment portfolios of the Bank and its overseas banking subsidiaries, while there has been no significant deterioration in actual credit quality of the underlying investments.

ICICI Bank and its overseas banking subsidiaries have an aggregate exposure of USD 2.2 billion in credit derivatives. As of January 31, 2008, the mark-to-market negative on this portfolio due to movement of credit spreads was about US$ 155 million of which USD 88 million had been provided for in the financial statements of the bank and its subsidiaries for the nine months ended December 31, 2007.

In addition, ICICI Bank and its overseas banking subsidiaries have fixed income investment portfolios which have a mark-to-market negative due to widening of credit spreads. As of January 31, 2008 this negative was about US $108 million of which US $ 101 million had been accounted for in the financial statements as of December 31, 2007. This includes mark-to-market on the available for sale portfolio which has been accounted for in the shareholders’ equity.

It may be noted that unrealized gains on ICICI Bank’s other investment portfolio has not been considered in above.”