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Ratings of major Indian financial institutions/commercial Banks

Extract from Standard & Poor's Ratings- 27th October 2003


The affirmation of the foreign currency counterparty credit ratings with a negative outlook, on ICICI Bank reflects its financial profile as a result of its conversion to universal banking status in March 2002, from a development financial institution. After its conversion, ICICI Bank has improved its liabilities profile and cost of funding, through its ability to tap low-cost retail deposits, while redeeming its previous high-cost liabilities during the fiscal year. The bank has also improved the diversification of its loan portfolio, by gradually moving away from its traditionally large proportion of project finance exposures, with an increasing retail loan book, which represented 30% of total loans at March 2003.

This strong growth in the bank's retail exposures can be attributed to its identified strategic thrust into consumer banking, in particular housing and auto financing, together with personal loans, where the bank capitalized on its decisive early-mover advantage. Strong investment in IT systems has also given the bank a competitive edge in its retail business strategy, through the mobilization of deposits to customer and business segmentation, together with augmenting its overall risk and capital management systems.

The negative outlook on the foreign currency counterparty credit rating reflects the similar outlook on the Indian sovereign; ICICI Bank conducts the majority of its business operations in India.

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