FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For the month of December 2015

Commission File Number: 001-15002

ICICI Bank Limited
(Translation of registrant’s name into English)

ICICI Bank Towers,
Bandra-Kurla Complex
Mumbai, India 400 051
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.

Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7):

Indicate by check mark whether by furnishing the information
contained in this Form, the Registrant is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934:

If “Yes” is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g 3-2(b): Not Applicable

Table of Contents

Item 1

[Form No. 10]

Cover Page

Notes:

TABLE OF CONTENTS (for reference purpose only)

COVER SHEET

There has been no material change in legal and other systems in India, since the last Annual Securities Report ("ASR") filed on September 30, 2015 for fiscal 2015.

The following data is derived from the audited unconsolidated financial results of ICICI Bank Limited prepared in accordance with generally accepted accounting principles in India ("Indian GAAP").

Unconsolidated financial results

(Rs. in crore/JPY in ten-million)

Unconsolidated segmental results of ICICI Bank Limited

(Rs. in crore/JPY in ten-million)

Notes on segmental results:

Notes:

There has been no material change since the last ASR filed on September 30, 2015 for fiscal 2015.

There has been no material change since the last ASR filed on September 30, 2015 for fiscal 2015.

At September 30, 2015, the Bank had 72,829 employees, including interns, sales executives and employees on fixed-term contracts.

Please refer to “ - 7. Analysis of Financial Condition, Operating Results and Statement of Cash Flows”.

Please refer to “ - 7. Analysis of Financial Condition, Operating Results and Statement of Cash Flows”.

There has been no material change since the last ASR filed on September 30, 2015 for fiscal 2015.

If we are not able to control the level of non-performing assets in our portfolio, our business will suffer.

Increases in the level of non-performing loans increase the risk of investing in our equity shares and ADSs. Various factors, including a rise in unemployment, prolonged recessionary conditions, our regulators’ assessment and review of our loan portfolio, a sharp and sustained rise in interest rates, developments in the Indian economy, movements in global commodity markets and exchange rates and global competition, could cause an increase in the level of our non-performing assets and have a material adverse impact on the quality of our loan portfolio.

In fiscal 2009 and fiscal 2010, due to an adverse macroeconomic environment and challenges in loan recovery, we experienced an increase in non-performing loans, especially in the non-collateralized retail loan portfolio. In recent years, as a result of a slowdown in economic activity, rising interest rates and the limited ability of corporations to access capital in view of the volatility in global and domestic financial markets, there has been an increase in non-performing and restructured loans in the corporate sector and small and medium enterprises segment for the banking system as well as for us. This trend accelerated in fiscal 2014 and fiscal 2015. Our standard loan portfolio includes restructured standard loans, and the failure of these borrowers to perform as expected could result in such loans being classified as non-performing. In fiscal 2015, we experienced a significant increase in the downgrade of standard restructured loans to the non-performing category due to the failure of these borrowers to perform as expected. The loan portfolio of our international branches and subsidiaries includes foreign currency loans to Indian companies for their Indian operations (where permitted by regulation) as well as for their overseas ventures, including cross-border acquisitions. This exposes us to specific additional risks including the failure of the acquired entities to perform as expected, and our inexperience in various aspects of the economic and legal framework in overseas markets. See also “Part I - III. - 4. Risks in Business, etc. - (2) Risks Relating to Our Business - (o) - We experienced rapid international growth in earlier years which has increased the complexity of the risks that we face” in our Annual Securities Report for the year ended March 31, 2015 filed on September 30, 2015. Further, the quality of our long-term project finance loan portfolio could be adversely impacted by several factors. See also “Part I - III. - 4. Risks in Business, etc. - (2) Risks Relating to Our Business - (c) - Our loan portfolio includes long-term project finance loans, which are particularly vulnerable to completion and other risks” in our Annual Securities Report for the year ended March 31, 2015 filed on September 30, 2015. In certain cases, we have extended loan facilities to clients based on collateral consisting of equity shares and any volatility in the capital markets may impact the value of such collateral. Economic and project implementation challenges, in India and overseas, could result in some of our borrowers not being able to meet their debt obligations, including debt obligations that have already been restructured, resulting in an increase in non-performing loans.

Further, guidelines or directions issued by the Reserve Bank of India relating to identification and classification of non-performing assets could result in an increase in our loans classified as non-performing. For instance, in May 2013, the Reserve Bank of India issued guidelines on the restructuring of loans, which requires all restructured loans (other than due to delay in project implementation) from April 1, 2015 onwards to be classified as non-performing. See also “Part I - III. - 4. Risks in Business, etc. - (2) Risks Relating to Our Business - (b) The level of restructured loans in our portfolio may increase and the failure of our restructured loans to perform as expected could affect our business” in our Annual Securities Report for the year ended March 31, 2015 filed on September 30, 2015. In January 2014, the Reserve Bank of India issued a framework for early identification and resolution of stressed assets. With effect from April 1, 2014, the guidelines introduced an asset classification category of “special mention accounts”, which comprises cases that are not yet restructured or classified as non-performing but which exhibit early signs of stress, as specified through various parameters. Banks are also required to share data on a category of special mention accounts, form joint lenders’ forums and devise action plans for resolution of these accounts. The failure to do so within stipulated timeframes attracts accelerated provisioning for such cases. In December 2015, the Reserve Bank of India has indicated that it would pursue a process of clean-up of bank balance sheets, including recognition of stress and provisioning, by March 2017. Any regulatory guidelines or directions issued pursuant to this approach may result in an increase in non-performing loans and provisions, and adversely impact our profitability. Resolution of stressed accounts could also include converting either part or the entire loan dues to equity shares and introducing a change of ownership which may expose us to additional risks including failure to identify new promoters within the stipulated timelines and volatility in equity markets. See also “Part I - III. - 4. Risks in Business, etc. - (2) Risks Relating to Our Business - (e) We have a high concentration of loans to certain customers, borrower groups and sectors and if a substantial portion of these loans become non-performing, the overall quality of our loan portfolio, our business and the price of our equity shares and ADSs could be adversely affected”, “Part I - III. - 4. Risks in Business, etc. - (2) Risks Relating to Our Business - (k) The enhanced supervisory and compliance environment in the financial sector increases the risk of regulatory action, whether formal or informal. Following the financial crisis, regulators are increasingly viewing us, as well as other financial institutions, as presenting a higher risk profile than in the past” and “Part I - II. - 3. Nature of Business - (2) Business - (h) Supervision and Regulation - Loan Loss Provisions and Non-Performing Assets - Asset Classification” in our Annual Securities Report for the year ended March 31, 2015 filed on September 30, 2015. We may not be able to adequately control or reduce the level of non-performing assets in our portfolio.

We also have investments in security receipts arising from the sale of non-performing assets by us to Asset Reconstruction Company (India) Limited, a reconstruction company registered with the Reserve Bank of India and other reconstruction companies. See also “Part I - II. - 3. Nature of Business - (2) Business - (f) Classification of Loans” in our Annual Securities Report for the year ended March 31, 2015 filed on September 30, 2015. There can be no assurance that Asset Reconstruction Company (India) Limited and other reconstruction companies will be able to recover these assets and redeem our investments in security receipts and that there will be no reduction in the value of these investments.

If we are not able to adequately control or reduce the level of non-performing assets, the overall quality of our loan portfolio would deteriorate, we may become subject to enhanced regulatory oversight and scrutiny, our reputation may be adversely impacted and our profitability and the price of our equity shares and ADSs could be adversely affected.

Our banking and trading activities are particularly vulnerable to interest rate risk and volatility in interest rates could adversely affect our net interest margin, the value of our fixed income portfolio, our income from treasury operations, the quality of our loan portfolio and our financial performance.

Interest rates in India are impacted by a range of factors including inflation, fiscal deficit and government borrowing, monetary policy and market liquidity. For instance, in July 2013, with a view to manage the volatility in the exchange rate, the Reserve Bank of India introduced measures to reduce liquidity in the Indian banking system and increase the cost of borrowing from the Reserve Bank of India.

As a result of certain reserve requirements of the Reserve Bank of India, we are more structurally exposed to interest rate risk than banks in many other countries. See also “Part I - II. - 3. Nature of Business - (2) Business - (h) Supervision and Regulation - Legal Reserve Requirements” in our Annual Securities Report for the year ended March 31, 2015 filed on September 30, 2015. These requirements result in our maintaining a large portfolio of fixed income government of India securities, and we could be materially adversely impacted by a rise in interest rates, especially if the rise were sudden or sharp. Realized and marked-to-market gains or losses on investments in fixed income securities, including government of India securities, are an important element of our profitability and are impacted by movements in market yields. A rise in yields on government securities reduces our profits from this activity and the value of our fixed income portfolio. These requirements also have a negative impact on our net interest income and net interest margin because we earn interest on a portion of our assets at rates that are generally less favorable than those typically received on our other interest-earning assets. We are also exposed to interest rate risk through our treasury operations as well as the operations of certain of our subsidiaries, including ICICI Lombard General Insurance Company, which has a portfolio of fixed income securities, and ICICI Securities Primary Dealership, which is a primary dealer in government of India securities. In our asset management business, we manage money market mutual funds whose performance is impacted by a rise in interest rates, which adversely impacts our revenues and profits from this business. See also “Part I - III - 4. Risks in Business, etc. - (1) Risks Relating to India and Other Economic and Market Risks - (a) A prolonged slowdown in economic growth or rise in interest rates in India could cause our business to suffer” and “Part I - III - 4. Risks in Business, etc. - (1) Risks Relating to India and Other Economic and Market Risks - (f) Any volatility in the exchange rate and increased intervention by the Reserve Bank of India in the foreign exchange market may lead to a decline in India’s foreign exchange reserves and may affect liquidity and interest rates in the Indian economy, which could adversely impact us” in our Annual Securities Report for the year ended March 31, 2015 filed on September 30, 2015.

If the yield on our interest-earning assets does not increase at the same time or to the same extent as our cost of funds, or if our cost of funds does not decline at the same time or to the same extent as the decrease in yield on our interest-earning assets, our net interest income and net interest margin would be adversely impacted. Our term deposits are raised at fixed rates, while a substantial proportion of our domestic loan portfolio comprises floating rate loans linked to our base rate. The Reserve Bank of India has issued draft guidelines requiring banks to compute their base rates using the marginal cost of funding, which in a declining interest rate environment would result in a faster reduction in the yield on advances than in the cost of deposits, thereby adversely impacting our net interest margins. Shift to marginal cost of funding or any other change in methodology of computing the Base Rate directed by RBI, may adversely impact the net interest income of banks, including us.

Any systemic decline in low cost funding available to banks in the form of current and savings account deposits would adversely impact our net interest margin. In its second quarter review of monetary policy in October 2011, the Reserve Bank of India deregulated the interest rate on savings deposits, following which some of the smaller banks in India increased their savings deposit rates by 200-300 basis points. If other banks with whom we compete similarly raise their deposit rates, we may also have to do so to remain competitive and this would adversely impact our cost of funds. If there are increases in our cost of funds and if we are unable to pass on the increases fully into our lending rates, our net interest margins and profitability would be adversely impacted. Further, any tightening of liquidity and volatility in international markets may limit our access to international bond markets and result in an increase in our cost of funding for our international business. Continued volatility in international markets could constrain and increase the cost of our international market borrowings and our ability to replace maturing borrowings and fund new assets. Our overseas banking subsidiaries are also exposed to similar risks.

High and increasing interest rates or greater interest rate volatility would adversely affect our ability to grow, our net interest margins, our net interest income, our income from treasury operations and the value of our fixed income securities portfolio.

The Board at its Meeting held on September 16, 2015 granted 5,100,000 stock options to Whole-time Directors based on the recommendations of the Board Governance Remuneration & Nomination Committee. The Reserve Bank of India approved the grants through its letter dated November 16, 2015.

The options were granted at a price of Rs. 268.90 per option which was the price determined in accordance with applicable regulations of the Securities and Exchange Board of India. 50% of options granted will vest on April 30, 2018 and the remaining 50% will vest on April 30, 2019.

Please refer to “ - II. - 2. Nature of Business”.

The following discussion is based on the audited unconsolidated financial results of the Bank for the six months ended on September 30, 2015.

Our profit after tax increased by 12.0% from Rs. 53.64 billion in the six months ended September 30, 2014 to Rs. 60.06 billion in the six months ended September 30, 2015. The increase in profit after tax was mainly due to a 13.3% increase in net interest income and a 7.3% increase in non-interest income, offset, in part, by 11.7% increase in non-interest expenses and a 20.4% increase in provisions and contingencies (excluding provisions for tax).

Net interest income increased by 13.3% from Rs. 91.49 billion in the six months ended September 30, 2014 to Rs. 103.67 billion in the six months ended September 30, 2015 reflecting an increase of 12 basis points in net interest margin and an increase of 9.8% in the average volume of interest-earning assets.

Non-interest income primarily includes fee and commission income, income from treasury-related activities, dividend from subsidiaries and other income including lease income. The increase in non-interest income by 7.3% from Rs. 55.88 billion in the six months ended September 30, 2014 to Rs. 59.97 billion in the six months ended September 30, 2015 was primarily due to an increase in fee and commission income and other income, offset, in part, by a decrease in income from treasury-related activities and dividend income from subsidiaries.

Non-interest expenses increased by 11.7% from Rs. 55.22 billion in the six months ended September 30, 2014 to Rs. 61.68 billion in the six months ended September 30, 2015.

Provisions and contingencies (excluding provisions for tax) increased by 20.4% from Rs. 15.76 billion in the six months ended September 30, 2014 to Rs. 18.98 billion in the six months ended September 30, 2015. Provision for non-performing assets increased from Rs. 12.73 billion in the six months ended September 30, 2014 to Rs. 14.11 billion in the six months ended September 30, 2015 primarily due to higher additions to non-performing assets, including slippages from the restructured assets portfolio. Provision for standard assets decreased from Rs. 1.87 billion in the six months ended September 30, 2014 to Rs. 1.45 billion in the six months ended September 30, 2015.

Total assets increased by 7.5% from Rs. 6,111.43 billion at September 30, 2014 to Rs. 6,570.56 billion at September 30, 2015. Total deposits increased by 9.2% from Rs. 3,520.55 billion at September 30, 2014 to Rs. 3,846.18 billion at September 30, 2015. Savings account deposits increased by 14.3% from Rs. 1,056.07 billion at September 30, 2014 to Rs. 1,207.20 billion at September 30, 2015. The current and savings account ratio as a percentage of total deposits was 45.1% at September 30, 2015 compared to 43.7% at September 30, 2014. Term deposits increased by 6.5% from Rs. 1,983.30 billion at September 30, 2014 to Rs. 2,111.29 billion at September 30, 2015. Total advances increased by 13.3% from Rs. 3,617.57 billion at September 30, 2014 to Rs. 4,096.93 billion at September 30, 2015 primarily due to an increase in domestic advances. Net non-performing assets increased by 70.8% from Rs. 39.97 billion at September 30, 2014 to Rs. 68.28 billion at September 30, 2015 and the ratio of net non-performing assets to net customer assets increased from 0.96% at September 30, 2014 to 1.47% at September 30, 2015.

We continued to expand our branch network in India. Our branch network in India increased from 3,815 branches at September 30, 2014 to 4,054 branches at September 30, 2015. We also increased our ATM network from 11,739 ATMs at September 30, 2014 to 12,964 ATMs at September 30, 2015.

The total capital adequacy ratio of ICICI Bank on a standalone basis at September 30, 2015, in accordance with the Reserve Bank of India guidelines on Basel III, was 16.15% with a Tier-1 capital adequacy ratio of 12.09%, without including profit for the six months ended September 30, 2015 as compared to total capital adequacy ratio of 16.64% with a Tier-1 capital adequacy ratio of 11.98%, without including profit for the six months ended September 30, 2014.

Net Interest Income

The following table sets forth, for the periods indicated, the principal components of net interest income.

Net interest income increased by 13.3% from Rs. 91.49 billion in the six months ended September 30, 2014 to Rs. 103.67 billion in the six months ended September 30, 2015 reflecting an increase in net interest margin by 12 basis points in the six months ended September 30, 2015 and an increase of 9.8% in the average volume of interest-earning assets.

Net Interest Margin

Net interest margin increased by 12 basis points from 3.41% in the six months ended September 30, 2014 to 3.53% in the six months ended September 30, 2015 primarily due to an increase in spread by 10 basis points. The spread increased by 10 basis points primarily due to a decrease in cost of funds by 20 basis points from 6.18% in the six months ended September 30, 2014 to 5.98% in the six months ended September 30, 2015, offset, in part, by a decrease in yield on average interest-earning assets by 10 basis points from 8.92% in the six months ended September 30, 2014 to 8.82% in the six months ended September 30, 2015.

Net interest margin of overseas branches increased from 1.61% in the six months ended September 30, 2014 to 1.94% in the six months ended September 30, 2015 primarily due to a decrease in cost of funds and an increase in yield on investments and other interest-earning assets.

The yield on average interest-earning assets decreased primarily due to the following factors:

The Reserve Bank of India reduced the repo rate by 125 basis points from 8.00% to 6.75% in four phases in calendar year 2015. During the six months ended September 30, 2015, the Bank reduced base rate by 25 basis points to 9.75% with effect from April 10, 2015, and by 5 basis points to 9.70% with effect from June 26, 2015. The Bank further reduced base rate by 35 basis points to 9.35% with effect from October 5, 2015. The full impact of the above rate cuts will reflect in the yield of advances in future periods.

The above factors were offset, in part, by an increase in the following:

Interest on income tax refund was at Rs. 1.16 billion in the six months ended September 30, 2015 (the six months ended September 30, 2014: Rs. 1.04 billion). The receipt, amount and timing of such income depend on the nature and timing of determinations by tax authorities and are neither consistent nor predictable.

The cost of funds decreased by 20 basis points from 6.18% in the six months ended September 30, 2014 to 5.98% in the six months ended September 30, 2015 primarily due to the following factors:

The Bank reduced retail term deposit rates on select maturities in phases in calendar year 2015. The full impact of the above reductions will reflect in the cost of deposits in future periods.

Interest-Earning Assets

The average volume of interest-earning assets increased by 9.8% from Rs. 5,349.61 billion in the six months ended September 30, 2014 to Rs. 5,872.97 billion in the six months ended September 30, 2015.

Average advances increased by 14.2% from Rs. 3,442.97 billion in the six months ended September 30, 2014 to Rs. 3,932.92 billion in the six months ended September 30, 2015 primarily due to an increase in domestic advances.

Average interest-earning investments increased by 1.4% from Rs. 1,349.93 billion in the six months ended September 30, 2014 to Rs. 1,369.10 billion in the six months ended September 30, 2015, primarily due to an increase in statutory liquidity ratio investments by 8.4%, offset, in part, by decrease in interest earning non-statutory liquidity ratio investments by 16.2%.

There was an increase in average other interest-earning assets by 2.6% from Rs. 556.71 billion in the six months ended September 30, 2014 to Rs. 570.95 billion in the six months ended September 30, 2015.

Interest-Bearing Liabilities

Average interest-bearing liabilities increased by 9.0% from Rs. 4,769.77 billion in the six months ended September 30, 2014 to Rs. 5,198.35 billion in the six months ended September 30, 2015.

Average deposits increased by 9.4% from Rs. 3,213.06 billion in six months ended September 30, 2014 to Rs. 3,513.84 billion in the six months ended September 30, 2015. Average current account and savings account deposits increased by Rs. 168.70 billion and average term deposits increased by Rs. 132.08 billion in the six months ended September 30, 2015 compared to the six months ended September 30, 2014.

Average borrowings increased by 8.2% from Rs. 1,556.71 billion in the six months ended September 30, 2014 to Rs. 1,684.51 billion in the six months ended September 30, 2015.

Non-Interest Income

The following table sets forth, for the periods indicated, the principal components of non-interest income.

Non-interest income primarily includes fee and commission income, income from treasury-related activities, dividend from subsidiaries and other income including lease income. The non-interest income increased by 7.3% from Rs. 55.88 billion in the six months ended September 30, 2014 to Rs. 59.97 billion in the six months ended September 30, 2015 primarily due to an increase in fee and commission income and other income, offset, in part, by a decrease in income from treasury-related activities and dividend income from subsidiaries.

Fee Income

Fee income primarily includes fees from forex and derivative products, fees from corporate clients such as loan processing fees and transaction banking fees and fees from retail customers such as loan processing fees, fees from credit cards business, account service charges and third party referral fees.

Fee income increased by 7.6% from Rs. 40.39 billion in the six months ended September 30, 2014 to Rs. 43.46 billion in the six months ended September 30, 2015 primarily due to an increase in income from transaction banking fees and third party referral fees.

Profit/ (loss) on Treasury-Related Activities (net)

Net income from treasury-related activities includes income from sale of investments and the revaluation of investments on account of changes in unrealized profit/(loss) in our fixed income, equity and preference share portfolio, units of venture capital and security receipts.

Indian equity markets remained volatile during the six months ended September 30, 2015, impacted by domestic and global events. Expectations of a likely increase in US interest rates and slowdown in China’s economy had an impact on market sentiments. Further, developments in terms of possibility of a sovereign loan default by Greece during the early part of the financial year, and the devaluation of the Chinese currency in August 2015 led to outflow of investments by financial institutional investors from emerging markets. However, positive developments in the domestic economy, particularly the Reserve Bank of India’s continued accommodative monetary policy, partially offset the losses during the period. The benchmark S&P BSE Sensex declined by 6.4% during the six months ended September 30, 2015 to close at 26,155. The yield on the benchmark government securities ended at 7.54% at September 30, 2015 compared to 7.74% at March 31, 2015.

Profit from treasury-related activities decreased from Rs. 5.25 billion in the six months ended September 30, 2014 to Rs. 4.29 billion in the six months ended September 30, 2015. Profit from treasury-related activities of Rs. 4.29 billion in the six months ended September 30, 2015 primarily included gain on government securities and other fixed income positions of Rs. 5.37 billion, loss (realized including marked-to-market loss) of Rs. 3.04 billion on equity, preference share and mutual fund investments, gains (realized including marked-to-market gains) on security receipts of Rs. 0.92 billion and forex trading gains of Rs. 0.53 billion.

Profit from treasury-related activities of Rs. 5.25 billion in the six months ended September 30, 2014 primarily included gain on government securities and other fixed income positions of Rs. 1.25 billion, gains (realized including marked-to-market gains) of Rs. 1.64 billion on equity, preference share and mutual fund investments, gains (realized including marked-to-market gains) on security receipts of Rs. 0.75 billion and forex trading gains of Rs. 1.12 billion.

The outstanding net investment in security receipts issued by asset reconstruction companies at September 30, 2015 was Rs. 10.98 billion compared to Rs. 7.77 billion at September 30, 2014. In the six months ended September 30, 2015, there was a gain of Rs. 0.92 billion on these security receipts primarily due to improvement in net asset value (NAV) of the trusts compared to a gain of Rs. 0.75 billion in the six months ended September 30, 2014.

Dividend from Subsidiaries

Dividend from subsidiaries decreased by 7.8% from Rs. 7.47 billion in the six months ended September 30, 2014 to Rs. 6.88 billion in the six months ended September 30, 2015. Dividend from subsidiaries included dividend from ICICI Prudential Life Insurance Company Limited, ICICI Home Finance Company Limited and ICICI Securities Limited amounting to Rs. 4.43 billion, Rs. 0.67 billion and Rs. 0.65 billion in the six months ended September 30, 2015 respectively (six months ended September 30, 2014: Rs. 4.17 billion, Rs. 0.97 billion and Rs. 0.85 billion respectively).

Other Income (including lease income)

Other income increased from Rs. 2.78 billion in the six months ended September 30, 2014 to Rs. 5.34 billion in the six months ended September 30, 2015 primarily due to an increase in exchange gain on repatriation of retained earnings from overseas branches of Rs. 2.68 billion in the six months ended September 30, 2014 to Rs. 5.37 billion in the six months ended September 30, 2015.

Non-Interest Expense

The following table sets forth, for the periods indicated, the principal components of non-interest expense.

Non-interest expenses primarily include employee expenses, depreciation on assets and other administrative expenses. Non-interest expenses increased by 11.7% from Rs. 55.22 billion in the six months ended September 30, 2014 to Rs. 61.68 billion in the six months ended September 30, 2015.

Employee Expenses

Employee expenses increased by 6.3% from Rs. 23.33 billion in the six months ended September 30, 2014 to Rs. 24.80 billion in the six months ended September 30, 2015 primarily due to an increase in employees strength and annual increments and promotions. The number of employees increased from 69,109 at September 30, 2014 to 72,829 at September 30, 2015. The employee base includes sales executives, employees on fixed-term contracts and interns.

Depreciation

Depreciation on fixed assets increased by 12.7% from Rs. 2.97 billion in the six months ended September 30, 2014 to Rs. 3.34 billion in the six months ended September 30, 2015 reflecting increase in fixed assets.

Other Administrative Expenses

Other administrative expenses primarily include rent, taxes and lighting, advertisement, sales promotion, repairs and maintenance, direct marketing expenses and other expenditure. Other administrative expenses increased by 16.0% from Rs. 28.75 billion in the six months ended September 30, 2014 to Rs. 33.34 billion in the six months ended September 30, 2015 primarily due to an increase in retail business and an increase in ATM and branch network.

The number of branches increased from 3,815 at September 30, 2014 to 4,054 at September 30, 2015. We also increased our ATM network from 11,739 ATMs at September 30, 2014 to 12,964 ATMs at September 30, 2015.

Provisions and Contingencies (Excluding Provisions for Tax)

The following table sets forth, for the periods indicated, the composition of provisions and contingencies, excluding provisions for tax.

Provisions are made by the Bank on standard, sub-standard and doubtful assets at rates prescribed by the Reserve Bank of India. Loss assets and unsecured portions of doubtful assets are provided for/written off as required by the Reserve Bank of India guidelines. For loans and advances of overseas branches, provisions are made as per the Reserve Bank of India regulations or host country regulations, whichever is higher. Provisions on retail non-performing loans are made at the borrower level in accordance with the retail assets provisioning policy of the Bank, subject to the minimum provisioning levels prescribed by the Reserve Bank of India. The specific provisions on retail loans and advances held by the Bank are higher than the minimum regulatory requirement. Provision on loans and advances restructured/rescheduled is made in accordance with the applicable Reserve Bank of India guidelines on restructuring of loans and advances by banks. In addition to the specific provision on NPAs, the Bank maintains a general provision on standard loans and advances at rates prescribed by the Reserve Bank of India. For standard loans and advances in overseas branches, the general provision is made at the higher of host country regulatory requirements and the Reserve Bank of India requirements.

Provisions and contingencies (excluding provisions for tax) increased by 20.4% from Rs. 15.76 billion in the six months ended September 30, 2014 to Rs. 18.98 billion in the six months ended September 30, 2015.

Provision for non-performing assets increased from Rs. 12.73 billion in the six months ended September 30, 2014 to Rs. 14.11 billion in the six months ended September 30, 2015 primarily due to additions to non-performing assets, including slippages from the restructured asset portfolio.

Provision for standard assets decreased from Rs. 1.87 billion in the six months ended September 30, 2014 to Rs. 1.45 billion in the six months ended September 30, 2015 primarily due to a decrease in provision on borrowers with unhedged foreign currency exposure.

Provision for investments decreased from Rs. 0.97 billion in the six months ended September 30, 2014 to Rs. 0.89 billion in the six months ended September 30, 2015.

The cumulative general provision for standard assets held at September 30, 2015 was Rs. 25.01 billion (September 30, 2014: Rs. 21.30 billion).

The provision coverage ratio of the Bank at September 30, 2015 computed as per the extant the Reserve Bank of India guidelines was 57.4% (September 30, 2014: 65.9%).

Provisions for Restructured Loans and Non-performing Assets

We classify our loans and credit substitutes, in accordance with the Reserve Bank of India guidelines, into performing and non-performing loans. Further, non-performing assets are classified into sub-standard, doubtful and loss assets based on the criteria stipulated by the Reserve Bank of India. Loans and advances held at the overseas branches that are identified as impaired as per host country regulations for reasons other than record of recovery, but which are standard as per the extant RBI guidelines, are classified as NPAs to the extent of amount outstanding in the host country. The Reserve Bank of India has separate guidelines for restructured loans. Till March 31, 2015, a fully secured standard loan (other than that classified as a commercial real estate exposure, a capital market exposure or a personal loan) could be restructured with asset classification continuing to be standard by the rescheduling of principal repayments and/or the interest element, but needed to be separately disclosed as a restructured loan. Loans that are restructured (other than due to delay up to a specified period in the infrastructure sector and non-infrastructure sector for projects under implementation) from April 1, 2015 onwards would be classified as non-performing, other than loans already restructured prior to March 31, 2015 or where the restructuring was proposed prior to April 1, 2015 and is effected subsequently. Similar guidelines apply to restructuring of sub-standard and doubtful loans.

During the six months ended September 30, 2015, the Bank restructured loans of borrowers classified as standard, as well as made additional disbursements to borrowers whose loans had been restructured in prior years, aggregating Rs. 20.89 billion, as compared to Rs. 23.13 billion in the six months ended September 30, 2014 (for the year ended March 31, 2015: Rs. 53.69 billion). Further, during the six months ended September 30, 2015, restructured standard loans amounting to Rs. 12.15 billion slipped into the non-performing category as compared to slippages of Rs. 15.07 billion during the six months ended September 30, 2014 (for the year ended March 31, 2015: Rs. 45.29 billion). At September 30, 2015, an aggregate amount of Rs. 128.08 billion was outstanding with borrowers whose standard loans were restructured compared to an aggregate outstanding of Rs. 121.26 billion at September 30, 2014 (At March 31, 2015: an aggregate outstanding of Rs. 119.46 billion). 

The following table sets forth, at the dates indicated, certain information regarding non-performing assets.

The additions to gross non-performing assets during the six months ended September 30, 2015 was Rs. 38.59 billion as compared to Rs. 28.33 billion during the six months ended September 30, 2014. During the six months ended September 30, 2015, restructured standard loans amounting to Rs. 12.15 billion slipped into the non-performing category as compared to Rs. 15.07 billion during the six months ended September 30, 2014. Non-performing assets amounting to Rs. 12.68 billion were upgraded/recovered during the six months ended September 30, 2015 as compared to Rs. 7.95 billion during the six months ended September 30, 2014. Non-performing assets amounting to Rs. 18.27 billion were written off during the six months period ended September 30, 2015 as compared to Rs. 8.97 billion during the six months ended September 30, 2014.

Gross non-performing assets increased by 5.0% from Rs. 152.42 billion at March 31, 2015 to Rs. 160.06 billion at September 30, 2015. Our net non-performing assets increased from Rs. 63.25 billion at March 31, 2015 to Rs. 68.28 billion at September 30, 2015. The net non-performing assets to net customer assets increased from 1.40% at March 31, 2015 to 1.47% at September 30, 2015.

During the six months ended September 30, 2015, we sold three non-performing assets/special mention accounts (other than fully written off cases) to asset reconstruction companies, with an aggregate loss over net book value of Rs. 283.1 million as compared to 10 non-performing assets/special mention accounts (other than fully written-off cases) during the six months ended September 30, 2014, with an aggregate gain over net book value amounting to Rs. 879.4 million.

Tax Expense

The income tax expense (including wealth tax) increased by 0.7% from Rs. 22.75 billion in the six months ended September 30, 2014 to Rs. 22.92 billion in the six months ended September 30, 2015. The effective tax rate was 27.6% in the six months ended September 30, 2015 compared to the effective tax rate of 29.8% in the six months ended September 30, 2014.

Financial Condition

Assets

The following table sets forth, at the dates indicated, the principal components of assets.

Total assets of the Bank increased by 7.5% from Rs. 6,111.43 billion at September 30, 2014 to Rs. 6,570.56 billion at September 30, 2015, primarily due to a 13.3% increase in advances and 18.8% increase in other assets, offset, in part by a decrease in cash and cash equivalents.

Cash and cash equivalents

Cash and cash equivalents include cash in hand and balances with the Reserve Bank of India and other banks, including money at call and short notice. Cash and cash equivalents decreased from Rs. 473.78 billion at September 30, 2014 to Rs. 315.45 billion at September 30, 2015 primarily due to reduction in liquidity of domestic operations and gradual reduction in liquidity of overseas branches.

Investments

Total investments increased by 3.1% from Rs. 1,495.02 billion at September 30, 2014 to Rs. 1,541.90 billion at September 30, 2015 primarily due to an increase in investment in government securities by Rs. 119.01 billion, offset, in part, by a decrease in investment in certificate of deposits by Rs. 44.47 billion.

Advances

Net advances increased by 13.3% from Rs. 3,617.57 billion at September 30, 2014 to Rs. 4,096.93 billion at September 30, 2015 primarily due to an increase in domestic advances. Net retail advances increased by 25.0% from Rs. 1,441.10 billion at September 30, 2014 to Rs. 1,801.52 billion at September 30, 2015. Net advances of overseas branches, in dollar terms, decreased from USD 15.1 billion at September 30, 2014 to USD 14.5 billion at September 30, 2015. However, due to rupee depreciation from Rs. 61.75 per US dollar at September 30, 2014 to Rs. 65.59 per US dollar at September 30, 2015, net advances of overseas branches, in rupee terms, increased by 2.4% from Rs. 931.26 billion at September 30, 2014 to Rs. 953.19 billion at September 30, 2015.

Fixed and other assets

Fixed assets (net block) increased marginally from Rs. 46.78 billion at September 30, 2014 to Rs. 47.94 billion at September 30, 2015.

Other assets increased from Rs. 478.28 billion at September 30, 2014 to Rs. 568.34 billion at September 30, 2015 primarily due to an increase in Rural Infrastructure and Development Fund and other related deposits made in lieu of shortfall in directed lending requirements, increase in trade receivables and interest accrued, offset, in part, by a decrease in MTM amount and receivables on forex and derivative transactions. Rural Infrastructure and Development Fund and other related deposits made in lieu of shortfall in directed lending requirements increased from Rs. 240.89 billion at September 30, 2014 to Rs. 292.34 billion at September 30, 2015.

Liabilities

The following table sets forth, at the dates indicated, the principal components of liabilities (including capital and reserves).

Total liabilities (including capital and reserves) increased by 7.5% from Rs. 6,111.43 billion at September 30, 2014 to Rs. 6,570.56 billion at September 30, 2015, primarily due to 9.2% increase in deposits and 3.8% increase in borrowings.

Deposits

Deposits increased by 9.2% from Rs. 3,520.55 billion at September 30, 2014 to Rs. 3,846.18 billion at September 30, 2015. Term deposits increased by 6.5% from Rs. 1,983.30 billion at September 30, 2014 to Rs. 2,111.29 billion at September 30, 2015, while savings deposits increased by 14.3% from Rs. 1,056.07 billion at September 30, 2014 to Rs. 1,207.20 billion at September 30, 2015 and current deposits increased by 9.7% from Rs. 481.18 billion at September 30, 2014 to Rs. 527.69 billion at September 30, 2015. Total deposits at September 30, 2015 formed 71.2% of the funding (i.e., deposits and borrowings, other than preference share capital). The current and savings account deposits increased from Rs. 1,537.25 billion at September 30, 2014 to Rs. 1,734.89 billion at September 30, 2015. Deposits of overseas branches, in dollar terms, decreased from USD 2.3 billion at September 30, 2014 to USD 1.8 billion at September 30, 2015 and, in rupee terms, decreased by 18.4% from Rs. 142.95 billion at September 30, 2014 to Rs. 116.62 billion at September 30, 2015.

Borrowings

Borrowings increased by 3.8% from Rs. 1,503.49 billion at September 30, 2014 to Rs. 1,561.09 billion at September 30, 2015 primarily due to an increase in bond borrowings including foreign currency bond borrowings, refinance borrowings and foreign currency term money borrowing, offset, in part, by a decrease in commercial paper borrowings. Overseas borrowings, in dollar terms, decreased from USD 14.2 billion at September 30, 2014 to USD 13.6 billion at September 30, 2015. However, due to rupee depreciation from Rs. 61.75 per US dollar at September 30, 2014 to Rs. 65.59 per US dollar at September 30, 2015, overseas borrowings, in rupee terms, increased by 2.1% from Rs. 875.53 billion at September 30, 2014 to Rs. 893.57 billion at September 30, 2015.

Other liabilities

Other liabilities decreased by 0.3% from Rs. 298.61 billion at September 30, 2014 to Rs. 297.63 billion at September 30, 2015.

Equity share capital and reserves

Equity share capital and reserves increased from Rs. 788.77 billion at September 30, 2014 to Rs. 865.66 billion at September 30, 2015 primarily due to accretion to reserves out of profit, offset, in part, by payment of dividend and utilisation of Rs. 9.29 billion from reserves with the approval of the Reserve Bank of India on account of provisioning for outstanding funded interest term loans pertaining to restructurings prior to 2008.

Statement of Cash Flow

Cash and cash equivalents decreased by 25.4% from Rs. 423.05 billion at March 31, 2015 to Rs. 315.45 billion at September 30, 2015 due to net cash outflow from investing activities and financing activities offset, in part, by net cash inflow from operating activities. Cash and cash equivalents increased by 14.1% from Rs. 415.30 billion at March 31, 2014 to Rs. 473.78 billion at September 30, 2014 due to an increase in net cash inflow from operating activities offset, in part, by net cash outflow from

investing activities and financing activities.

During the six months ended September 30, 2015, the net cash inflow from operating activities of Rs. 188.02 billion was on account of profits for the period, increase in deposits and reduction in investments other than held-to-maturity investments, offset, in part, by increase in advances, other assets and payment of current tax. During the six months ended September 30, 2014, the net cash inflow from operating activities of Rs. 182.87 billion was on account of profits for the period, increase in deposits and decrease in other assets and reduction in investments other than held-to-maturity investments, offset, in part, by increase in advances, other liabilities and payment of current tax.

The net cash outflow from investing activities of Rs. 101.55 billion during the six months ended September 30, 2015 and Rs. 52.91 billion during the six months ended September 30, 2014 was primarily on account of purchase (net of sales) of held-to-maturity securities.

The net cash outflow from financing activities of Rs. 193.82 billion during the six months ended September 30, 2015 and Rs. 72.75 billion during the six months ended September 30, 2014 was on account of a decrease in borrowings and dividend payment.

There has been no material change since the last ASR filed on September 30, 2015 for fiscal 2015.

There has been no material change since the last ASR filed on September 30, 2015 for fiscal 2015.

(At September 30, 2015)

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(At September 30, 2015)

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Not applicable.

(At November 30, 2015)

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