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ICICI Bank Limited (NYSE:IBN) filed its annual report in Form 20-F for the year ended March 31, 2025, with the United States Securities and Exchange Commission on Friday. The report includes consolidated financial statements prepared under Indian Generally Accepted Accounting Principles (GAAP) and a reconciliation to U.S. GAAP, as required for foreign issuers listed in the U.S.
According to the filing, ICICI Bank’s consolidated profit after tax under Indian GAAP increased to ₹51,029 crore (US$5,973 million) for fiscal year 2025, up from ₹44,256 crore (US$5,180 million) in fiscal year 2024. Under U.S. GAAP, the bank’s consolidated net income for fiscal year 2025 was ₹51,354 crore (US$6,011 million), compared to ₹61,376 crore (US$7,184 million) in the previous year.
The filing notes that differences between Indian GAAP and U.S. GAAP arise primarily in areas such as allowance for loan losses, business combinations, consolidation, valuation of securities and derivatives, amortization of fees and costs, securitization, income taxes, and fixed assets.
As of March 31, 2025, stockholders’ equity under U.S. GAAP was reported at ₹365,480 crore (US$42.8 billion), while consolidated net worth under Indian GAAP was ₹313,906 crore (US$36.7 billion).
The annual report and its reconciliations were approved by the Audit Committee of the Board. The company stated that further details on the reconciliation of consolidated profit after tax and net worth under Indian GAAP to net income and stockholders’ equity under U.S. GAAP are included in note 21 of the consolidated financial statements within Form 20-F.
The information is based on a press release statement included in ICICI Bank’s recent SEC filing.
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