Our business
2
Harnessing synergy within businesses
Retail Broking
Distribution
Retail Business
Institutional Broking
Corporate Finance
Institutional Business
Wealth
Management
ICICI Securities: Natural beneficiary of
transforming savings environment
3
2nd largest non - bank mutual fund distributor#
Largest equity broker in India*
powered by ICICIdirect
Garnering scale in wealth management business
Strong online presence aided by pan India distribution
Leading investment bank in equity capital market
* By brokerage revenue and active customers in equities on
the NSE since FY14 - FY17 (Source: CRISIL Report)
# Source: AMFI, period: FY18
Equity Capital Market (ECM): IPO/FPO/InvIT, QIP/IPP, Rights
issue, Offer for sale)
Include investment in shares and debentures of credit / non-
credit societies and investment in mutual funds (other than
Specified Undertaking of the UTI) (Source: RBI, MOSPI)
Increasing Share of Financial Savings
6.47.3
8.39.2
10.8
31.1%32.9%
36.5% 36.1%
41.5%
0%
10%
20%
30%
40%
50%
0
2
4
6
8
10
12
FY12 FY13 FY14 FY15 FY16
Financial Savings Financial Savings as a % of Household Savings
1.8% 1.6% 1.6% 1.5%
2.7%
10.0%
FY12 FY13 FY14 FY15 FY16 FY17
In ` trillion
6
• Steadily increased
from 31.1% in
FY12 to 41.5% in
FY16
• Household savings
are increasingly
shifting from
physical assets to
financial assets – a
fundamental
change in behavior
• In FY17,
investment in
shares &
debentures
increased to 10.0%
Financial Savings as a proportion of household saving
Incremental investments in shares & debentures
7
Financial sector being the key beneficiary
ADTO: Average daily turnover
Source: RBI, IRDA, AMFI, NSE, BSE, EIU
Indexed to
100 in FY14
100 100 100
165
131
95
149 149
116
200 213
146
348
259
162
Equity + Derivative
(ADTO)
MF AUM Insurance Premium (FY)
FY14 FY15 FY16 FY17 FY18
• Improved economic
conditions and
changing savings
pattern resulting in
to growth across
various asset classes
• India has high-
savings economy,
with household
savings as a
proportion of GDP at
19%
Growth Across Financial Asset Classes
Household saving as % of GDP 2016
1% 1%
4%
6%
9%
19%
24%
9%
South
Africa
Russia Japan Brazil USA India China World
Digital infrastructure set to expand
exponentially
8
Population
Approx. 1.3bn(1)
Mobile Users
Approx. 1.2bn(2)
Internet Users
Approx. 432
million(2)
Mobile Data Subscribers
Approx. 408 million(3)
(34% of total mobile
users - increasing to 66%
by FY22)
Smartphone
Penetration
at 30%(4)
(increasing
to 66% by FY22)
Source: CRISIL Report
(1) Population in 2016 (Source: EIU); (2) Source: CRISIL
Report; (3) Calculated as total mobile users (Approx.1.2bn) *
Share of mobile data subscribers as a proportion of overall
mobile users in FY17 (34%) (Source: TRAI and CRISIL
Report); (4) In FY17 (Source: CRISIL Report)
Supportive structural
reforms leading to
positive change in
consumer behaviour
• Demonetization
• Aadhar
• Financial inclusion
• Goods & Services Tax
• Direct Benefit
Transfer
99
Growing mutual fund Industry AUM
8.3
10.8
12.3
17.5
21.4 21.4
19.0
22.9
FY14 FY15 FY16 FY17 FY18 Q4-FY18 Q1-FY18 Q1-FY19
Source: AMFI
• Mutual Fund industry
witnessed significantly
higher growth of
increased financial
savings and improving
investor awareness
about mutual funds as
an asset
• MF AUM (Exit) :
• CAGR of 27%
• MF folios count has
increased at CAGR of
16%
40 42
48
55
71 71
58
75
FY14 FY15 FY16 FY17 FY18 Q4-FY18 Q1-FY18 Q1-FY19
Mutual Fund (Exit AUM) (In ` trillion)
Mutual Fund Folios (Exit) (In million)
CAGR: FY14 vs FY18
10
Increase in primary market issuances
337
643 579 536
1,899
475 416
124
FY14 FY15 FY16 FY17 FY18 Q4-FY18 Q1-FY18 Q1-FY19
113
97
74
87
157
41
2718
FY14 FY15 FY16 FY17 FY18 Q4-FY18 Q1-FY18 Q1-FY19
• ECM issuance
increased at CAGR of
54%
• No. of ECM issuance
increased at a CAGR
of 9%
• IPO/FPO/InvIT
pipeline of over ` 700
#bn (SEBI filling)
• Over 60 issues
• Divestment target of
` 800 bn for FY2019
ECM Issuance mobilized (` in billion)
ECM Issuance
ECM : Includes IPO/FPO/InvIT, QIP/IPP, Rights Issue, Offer
for Sale, Source: Prime database
# Source SEBI: SEBI approval received & awaited (as on 28th
Aug 2018)
CAGR: FY14 vs FY18
1212
Leading equity broker in India
501595 560
618
798 798
654
814
FY14 FY15 FY16 FY17 FY18 Q4-FY18 Q1-FY18 Q1-FY19
2.5 2.8
3.2 3.6
4.0 4.0 3.7
4.1
FY14 FY15 FY16 FY17 FY18 Q4-FY18 Q1-FY18 Q1-FY19
44 65 101
187
372 447
297
466
FY14 FY15 FY16 FY17 FY18 Q4-FY18 Q1-FY18 Q1-FY19
ADTO in ` bn
4.7% 6.6% 7.8% 9.0%4.5%
ADTO : Turnover on NSE and BSE excluding proprietary
Market share : The ratio of our ADTO to the sum of the ADTO
on NSE and BSE excluding proprietary turnover
9.2%
Active clients on NSE (In thousand)
Operational accounts (In million)
Volume and market share (%)
• Maintained leadership in
terms of active clients
• CAGR of 12% in active
clients on NSE
• 4.1 million strong base of
operational accounts
• 4.6 Lacs new client
acquisition in FY18
• 9.0% market share (FY18)
• CAGR ADTO grew at
71% compared to
market 44%
8.8%8.7%
CAGR: FY14 vs FY18
1313
ICICIdirect : 3-in-1 Proprietary electronic brokerage platform
Retail focused technology platform
Research
• Coverage of ~ 240
Indian stocks across
sectors
• 40+ member team
• Comprehensive
portfolio management
tools
• Robust real-time risk
management
• Over 95% broking
transaction performed
online
• Over 28% equity
transactions through
mobile devices on NSE
• Highest ever brokerage
revenue of over ` 9 bn in
FY18
• Revenue growth of
31% in FY18 over
FY17
• CAGR of 19%
• ~ 90% contribution in
overall broking revenue in
FY18
4,621
7,027
6,070
7,016
9,174
2,498 2,044 2,024
FY14 FY15 FY16 FY17 FY18 Q4-FY18 Q1-FY18 Q1-FY19
Retail Brokerage (In ` million)
CNBC TV18 & UTI Financial Advisor Awards 2017-18
Adopted Ind AS effective April 1, 2018,
IGAAP – FY14 to FY17, FY18 onwards Ind AS
CAGR: FY14 vs FY18
1414
Growing scale of institutional broking
Servicing large cross-section of institutional clients
• Leading procurement
in IPOs, QIPs, OFSs
and Block deal
• Direct market access
(DMA) capabilities
Research
• Coverage of 240+
Indian stocks across
sectors
• Macro and thematic
coverage
• ~40 member team
• Conducted
international investor
conference in USA,
Asia Pacific
• Deep rooted
relationships with
global fund managers
• Revenue growth of 44% in
FY18 over FY17
• CAGR of 33%
• Dedicated sales teams
across India, Asia Pacific
and the United States
339
527 537
740
1,069
256 224
274
FY14 FY15 FY16 FY17 FY18 Q4-FY18 Q1-FY18 Q1-FY19
Institutional Brokerage (In ` million)
Adopted Ind AS effective April 1, 2018,
IGAAP – FY14 to FY17, FY18 onwards Ind AS
CAGR: FY14 vs FY18
1515
Nationwide Distribution Network
• ~200 branches across
75+ cities
• Presence in 2,700+ ICICI
Bank branches
• ~ 5,700+ sub-brokers,
authorized persons, IFAs
and IAs
• Significant presence in
the Tier-II and Tier-III
cities
• 1,400+ relationship
managers and product
specialists
• Wealth management
solutions for
HNIs/Family offices
Strong and growing distribution business
1,867
2,669 2,541
3,497
4,665
1,393
993 1,164
FY14 FY15 FY16 FY17 FY18 Q4-FY18 Q1-FY18 Q1-FY19
• Distribution revenue
growth of 33% in FY18
over FY17
• CAGR of 26%
• Revenue contribution
increased to 27% in Q1-
FY19 from 23% in FY14
Distribution Revenue (In ` million)
Franchise India: Retail Awards 2018
Adopted Ind AS effective April 1, 2018,
IGAAP – FY14 to FY17, FY18 onwards Ind AS
CAGR: FY14 vs FY18
1616
Leading non-bank MF distributor
76 120
160
212
305 339
266
348
FY14 FY15 FY16 FY17 FY18 Q4-FY18 Q1-FY18 Q1-FY19
789
1,540
1,117
1,657
2,847
857 606
773
FY14 FY15 FY16 FY17 FY18 Q4-FY18 Q1-FY18 Q1-FY19
Mutual Fund revenue (In ` million)
Mutual Fund Average AUM (In ` billion)
Mutual Fund SIP count# (In million)
• CAGR growth of 38% in
MF revenues
• Revenue contribution
increased to 18% in
Q1-FY19 from 10% in
FY14
• CAGR growth of 42% in
MF average AUM
• 26% growth in
Market MF average
AUM
• CAGR growth of 44% in
SIP count
• “Open-source” distribution
model
• Distribute 2,300+
mutual funds
# Trailing 12 months triggered SIP
0.24 0.32
0.44
0.60
1.03 1.0
0.7
1.1
FY14 FY15 FY16 FY17 FY18 Q4-FY18 Q1-FY18 Q1-FY19
CAGR: FY14 vs FY18
1717
Diverse third party product bouquet
• Premium growth
• CAGR of 22%
• ~ 3% contribution in
overall revenue in FY18
• Life and general insurance products
• Participation in IPOs, OFS, public bond offerings
• 3rd
party corporate fixed deposits
• Portfolio management services / Alternate investment funds
• Loan products from ICICI Bank
• Amongst the first to distribute National Pension System policies online
4,129
5,625
6,816
8,390
9,038
3,233
1,532 1,619
FY14 FY15 FY16 FY17 FY18 Q4-FY18 Q1-FY18 Q1-FY19
Multiple 3rd
party products supporting “one-stop shop” proposition
Life Insurance Premium (In ` million)
CAGR: FY14 vs FY18
1818
• Revenue crossed ` 1.4
billion in FY18 with a
growth of 20% in FY18
over FY17
• CAGR of 25%
• Issue amount grew by
167% in FY18 over FY17
• CAGR of 53%
• No. of deals grew by 69%
in FY18 over FY17
• CAGR of 9%
593 638
834
1,198
1,440
304 272 323
FY14 FY15 FY16 FY17 FY18 Q4-FY18 Q1-FY18 Q1-FY19
Leading Investment Bank in India
100 83
182 202
540
218
97
43
FY14 FY15 FY16 FY17 FY18 Q4-FY18 Q1-FY18 Q1-FY19
16 15 16
27
19
Issue count
Corporate Finance revenue (In ` million)
I-Sec managed ECM#
Issue amount (In ` billion)
#ECM : Includes IPO/FPO/InvIT, QIP/IPP, Rights Issue, Offer for Sale,
Source: Prime database
Adopted Ind AS effective April 1, 2018
IGAAP – FY14 to FY17, FY18 onwards Ind AS
9 5 2
CAGR: FY14 vs FY18
1919
IPO/FPO/InvIT
Sbi Life
Insurance
ICICI Lombard
General
Insurance
IRB InvIT Fund
Au Small
Finance Bank
Housing &
Urban
Development
Aster DM
Healthcare
Galaxy
Surfactants
Security &
Intelligence
Services
Sandhar
Technologies
Matrimony.Com
Newgen
Software
Technologies
` 83.9 bn
` 50.3 bn
` 19.1 bn
` 9.8 bn
` 7.8 bn
` 5.0 bn` 57.0 bn
` 12.1 bn
` 9.4 bn` 5.1 bn
` 4.2 bn
Recent marquee deal
INDINFRAVIT
Trust` 31.5 bn
2020
Srikalahasthi
Pipes
Ramkrishna
Forgings
Satin Creditcare
Network
` 2.5 bn
` 2.0 bn
` 1.5 bn
NMDC Ltd
` 12.3 bn
NLC India Ltd
` 7.2 bn
Hindustan
Copper Ltd.` 4.1 bn
National
Aluminium Co` 12.0 bn
Offer for Sale
Recent marquee deal
QIP/IPP
Union Bank Of
India
Edelweiss
Financial
Services
Jindal Steel &
Power
Mahindra &
Mahindra
Financial
Quess Corp
ITD Cementation
` 20.0 bn
` 15.3 bn
` 12.0 bn
` 10.6 bn
` 8.7 bn
` 3.4 bn
ICICI Prudential
Life Insurance` 11.4 bn
2121
VRL Logistics
Ltd` 0.4 bn
Sobha ltd
` 0.6 bn
Marathon
Nextgen Realty
Ltd` 1.5 bn
SKF India Ltd.
` 3.9 bn
Buyback
Tata Steel
` 127 bn
Mahindra
Lifespace
Developers ` 3.0 bn
Rights Issue
Deewan
Housing Finance` 109 bn
SQS India BFSI
Ltd.` 1.3 bn
NCD’s Open Offer
Advisory
Actis PE (Pine
Labs)` 5.3 bn
Small Business
Fincredit India ` 12.9bn
Larsen & Tourbo
Ltd` 5.2 bn
Fairfax Financial
Holdings Ltd.` 24.7 bn
IDBI Bank Ltd.
Advisory
Federal Bank
` 4.0 bn
KIMS Hospitals
Recent marquee deal
Key strategy
22
Continue investing in technology and innovation
Strengthen our leadership position in the brokerage
business
Strategically expand our financial product distribution
business through cross-selling
Leverage our leadership in equity capital markets to
strengthen our financial advisory businesses
Diversify our revenue streams and continue reducing
revenue volatility
2424
Strong financial performance
8,123
12,095 11,246
14,042
18,610
5,105 4,014 4,359
FY14 FY15 FY16 FY17 FY18 Q4-FY18 Q1-FY18 Q1-FY19
908
2,939
2,387
3,386
5,535
1,511 1,184
1,338
FY14 FY15 FY16 FY17 FY18 Q4-FY18 Q1-FY18 Q1-FY19
• 33% growth in
consolidated revenue
in FY18 over FY17
• 30% growth in Non
broking business in
FY18 over FY17
• CAGR of 26%
• PAT grew at 63% in
FY18 over FY17 due to
increased cost
efficiency
• CAGR 57%
• Cost to income ratio
• Reduced to 54%
in Q1-FY19 from
82% in FY14
Consolidated Revenue (In ` million)
Profit after tax (PAT) (In ` million)
Adopted Ind AS effective April 1, 2018,
IGAAP – FY14 to FY17, FY18 onwards Ind AS
CAGR: FY14 vs FY18
2525
Consistent dividend payout
400
1,611 1,611
2,050
3,028
FY14 FY15 FY16 FY17 FY18
• Highest dividend
payout in FY18
• Consistent high
return on equity
due to asset light
model
38%
100%
65%
77%82% 80%*
90%*
59%*
FY14 FY15 FY16 FY17 FY18 Q4-FY18 Q1-FY18 Q1-FY19
55% 67% 61%47% 55%
Dividend payout ratio
Equity dividend : FY18 includes interim dividend and proposed final dividend
Dividend payout (%) = Dividend on equity shares / (profit after tax – (dividend on preference shares + dividend distribution tax on
preference shares)
Return on equity = PAT : Average networth excluding Other Comprehensive Income and Translation reserve
* Annualised
Equity Dividend ` million
Return on equity
Adopted Ind AS effective April 1, 2018,
IGAAP – FY14 to FY17, FY18 onwards Ind AS
Safe harbor
26
Except for the historical information contained herein, statements in this release which contain words
or phrases such as 'will', ‘would’, ‘indicating’, ‘expected to’, etc., and similar expressions or variations
of such expressions may constitute 'forward-looking statements'. These forward-looking statements
involve a number of risks, uncertainties and other factors that could cause actual results,
opportunities and growth potential to differ materially from those suggested by the forward-looking
statements. These risks and uncertainties include, but are not limited to, the actual growth in demand
for broking and other financial products and services in the countries that we operate or where a
material number of our customers reside, our ability to successfully implement our strategy, including
our use of the Internet and other technology, our growth and expansion in domestic and overseas
markets, technological changes, our ability to market new products, the outcome of any legal, tax or
regulatory proceedings in India and in other jurisdictions we are or become a party to, the future
impact of new accounting standards, our ability to implement our dividend policy, the impact of
changes in broking regulations and other regulatory changes in India and other jurisdictions as well
as other risk detailed in the reports filed by ICICI Bank Limited, our holding company with United
States Securities and Exchange Commission. ICICI Bank and ICICI Securities Limited undertake no
obligation to update forward-looking statements to reflect events or circumstances after the date
thereof.
This release does not constitute an offer of securities.
Safe harbor
28
This appendix is intended to provide information on the key impacts of transition to Ind AS on the
Company’s reported equity and reported profit. The information presented in this communication
includes key accounting differences between Indian GAAP and Ind AS that are relevant for the
Company in qualitative and quantitative terms. Ind AS financial statements incorporated in the
presentation as well as explained in the Appendix are based on the principles/interpretations and
regulations known to date and may be affected by changes to Ind AS or the interpretation thereof
published/notified hereafter. The Appendix is for use of readers of the financial information of the
Company and is not intended to serve as a guide on Ind AS and/or an exhaustive statement of Ind AS
transition aspects.
3030
Particulars FY2014 FY2015 FY2016 FY2017 FY2018 Q1-FY19
Revenue 8,123 12,095 11,246 14,042 18,610 4,359
Expenses
Employee benefits
expenses3,274 3,921 4,013 4,847 5,504 1,366
Operating expenses 1,057 1,045 1,105 1,288 1,677 252
Finance costs 247 311 258 289 495 131
Other expenses 2,123 2,321 2,219 2,398 2,410 584
Total Expenses 6,701 7,598 7,505 8,822 10,086 2,333
Profit before tax 1,422 4,497 3,741 5,220 8,524 2,026
Tax expense 514 1,558 1,354 1,834 2,989 688
Profit after tax 908 2,939 2,387 3,386 5,535 1,338
OCI - - - - (16) (16)
Total comprehensive
income (TCI)- - - - 5,519 1,322
Consolidated P&L(` million)
Adopted Ind AS effective April 1, 2018,
IGAAP – FY14 to FY17, FY18 onwards Ind AS
3131
Particulars Q1-FY19 Q1-FY18 Y-o-Y%
Revenue 4,359 4,014 9%
Expenses
Employee benefits expenses 1,366 1,310 4%
Operating expenses 252 327 (23)%
Finance costs 131 101 30%
Other expenses 584 477 22%
Total Expenses 2,333 2,215 5%
Profit before tax 2,026 1,799 13%
Tax expense 688 615 12%
Profit after tax 1,338 1,184 13%
Other comprehensive income (OCI) (16) (27) (41)%
Total comprehensive income (TCI) 1,322 1,157 14%
Consolidated P&L: Quarterly
(` million)
# amount less then ` 1 million
Adopted Ind AS effective April 1, 2018,
IGAAP – FY14 to FY17, FY18 onwards Ind AS
Q4-FY18
5,105
1,325
574
141
694
2,734
2,371
860
1,511
#
1,511
3232
Segment performance
(` million)
Particulars FY2014 FY2015 FY2016 FY2017 FY2018 Q1-FY19
Segment Revenue
Broking & commission 7,390 11,072 10,040 12,567 16,882 3,967
Advisory services 593 638 834 1,198 1,440 323
Investment & trading 140 385 372 277 288 69
Total Revenue 8,123 12,095 11,246 14,042 18,610 4,359
Segment Result
Broking & commission 1,382 4,210 3,463 4,721 7,747 1,801
Advisory services (36) 117 141 364 657 170
Investment & trading 76 170 137 135 120 55
Total Result 1,422 4,497 3,741 5,220 8,524 2,026
Adopted Ind AS effective April 1, 2018,
IGAAP – FY14 to FY17, FY18 onwards Ind AS
3333
Segment performance: Quarterly
(` million)
Particulars Q1-FY19 Q1-FY18 Y-o-Y%
Segment Revenue
Broking & commission 3,967 3,659 8%
Advisory services 323 272 19%
Investment & trading 69 83 (17)%
Total Revenue 4,359 4,014 9%
Segment Result
Broking & commission 1,801 1,671 8%
Advisory services 170 88 93%
Investment & trading 55 40 38%
Total Result 2,026 1,799 13%
Adopted Ind AS effective April 1, 2018,
IGAAP – FY14 to FY17, FY18 onwards Ind AS
Q4-FY18
4,717
304
84
5,105
2,187
131
53
2,371
3434
Consolidated balance sheet (` million)
ASSETS FY2017 FY2018 Q1-FY2018 Q1-FY2019
A. Non-Current Assets 3,102 2,592 2,361 2,447
1. Fixed assets 375 421 398 432
2. Financial Assets 1,126 329 489 296
3. Deferred tax assets (net) 517 666 548 591
4. Other non-current assets 1,084 1,176 926 1,128
B. Current Assets 17,322 26,154 20,634 24,904
a) Cash/Bank and cash equivalents 9,096 15,426 10,684 15,000
b) Short-term loans & advances and other current assets 8,226 10,728 9,950 9,904
Total 20,424 28,746 22,995 27,351
Equity & Liabilities FY2017 FY2018 Q1-FY2018 Q1-FY2019
A. Equity 5,015 8,477 5,608 9,816
B. Non-Current Liabilities 976 1,223 764 897
C. Current Liabilities 14,433 19,046 16,623 16,638
a) Short-term borrowings 3,953 6,724 6,914 6,784
b) Trade Payables 6,678 7,744 6,183 5,978
c) Other current liabilities and short-term provisions 3,802 4,578 3,526 3,876
Total 20,424 28,746 22,995 27,351
Adopted Ind AS effective April 1, 2018
IGAAP – FY14 to FY17, FY18 onwards Ind AS
Impact on Profit and Loss account
36
(` million)
Impact on profit and loss accountPeriod ending
June, 2017
Year ending
March, 2018
Net profit as per Indian GAAP 1,147 5,577
Adjustments under Ind AS
A. Deferment of revenue 1 (10)
B. Allowances for expected credit losses (7) 6
B. CP borrowing cost adjustment 1 -
B. Fair valuation of securities 27 2
B. Valuation of Security Deposits (1) (4)
C. Accounting for compensation costs 26 (50)
D. Deferred tax on adjustments (22) (18)
E. Lease rent adjustment 12 32
Net profit as per Ind AS 1,184 5,535
Impact on Networth
37
(` million)
Impact on Net worthAs at April
1, 2017
As at March
31, 2018
Networth as per Indian GAAP 4,896 8,342
Adjustments under Ind AS
B. CP borrowing cost adjustment 1 1
B. Deferment of revenue (5) (16)
B. ECL on Trade receivables (10) (5)
B. Fair valuation of securities 28 30
B. Lease rent adjustment 173 206
B. Valuation of Security Deposits (7) (11)
E. Deferred tax on adjustments (61) (70)
Net worth as per Ind AS 5,015 8,477