Churiwala Securities Pvt. Ltd. - leading and respected retail broking in India with over 3 decades of experience in creating wealth for investors with expertise in personalised investment planning in Equities / Portfolio Advisory for HNI & Retail clients.

ICICI Bank Ltd			Industry : Banks - Private Sector


BSE Code:	532174	NSE Symbol:	ICICIBANK	P/E(TTM):	20.41

ISIN Demat:	INE090A01021	Div & Yield %:	0.78	EPS(TTM):	68.53

Book Value(Rs):	420.7350887	Market Cap ( Cr.):	998862.23	Face Value(Rs):	2

Change Company

Your Directors have pleasure in presenting the Thirty-First Annual Report of ICICI Bank Limited (ICICI Bank/the Bank) along with the audited financial statements for the year ended March 31, 2025.

FINANCIAL HIGHLIGHTS

The financial performance for fiscal 2025 is summarised in the following table:

Rs in billion, except percentages	Fiscal 2024	Fiscal 2025	% change
Net interest income and non-interest income	972.55	1,077.68	10.8%
Operating expenses	391.33	423.72	8.3%
Core operating profit	581.22	653.96	12.5%
Provisions and contingencies (excluding tax)	36.43	46.83	28.5%
Profit before tax excluding treasury gains	544.79	607.13	11.4%
Treasury gains	0.09	19.03	-
Profit before tax	544.88	626.16	14.9%
Tax	136.00	153.89	13.2%
Profit after tax	408.88	472.27	15.5%

Rs in billion, except percentages	Fiscal 2024	Fiscal 2025	% change
Consolidated profit before tax and minority interest	615.08	730.04	18.7%
Consolidated profit after tax and minority interest	442.56	510.29	15.3%

DIVIDEND

Your Bank has a consistent dividend payment history. Your Bank's Dividend Distribution Policy is based on the profitability and key financial metrics, capital position and requirements and the regulations pertaining to the payment of dividend. The Board of Directors has recommended a dividend of Rs 11.00 per equity share for the year ended March 31, 2025.

APPROPRIATIONS

The Bank has appropriated accumulated profit as follows:

Rs in billion	Fiscal 2024	Fiscal 2025
Profit after tax	408.88	472.27
Profit brought forward	563.57	773.77
Accumulated profit (before appropriations)	972.45	1,246.04
Appropriations:
To Statutory Reserve	102.22	118.07
To Special Reserve created and maintained in terms of Section 36(1) (viii) of the Income Tax Act, 1961	30.21	31.00
To Capital Reserve	0.33	0.07
To Investment Fluctuation Reserve1	9.93	2.58
To Revenue and other reserves	-	-
Dividend paid on equity shares2	55.99	70.41
Balance carried over to balance sheet	773.77	1,023.91

1 Represents an amount transferred to Investment Fluctuation Reserve (IFR) on net profit on sale of available-for-sale (AFS) and Fair value through Profit and loss (FVTPL) including held-for-trading (HFT) investments during the period. The amount not less than the lower of net profit on sale of AFS and FVTPL (including HFT) category investments during the year or net profit for the year less mandatory appropriations is required to be transferred to IFR, until the amount of IFR is at least 2% of the AFS and FVTPL (including HFT) portfolio. The Bank can draw down balance available in IFR in excess of 2% of its AFS and FVTPL (including HFT) portfolio.

2 Represents dividend declared for previous financial year and paid in current financial year.

SHARE CAPITAL

During the year under review, the Bank allotted 42,832,398 equity shares of Rs 2.00 each pursuant to exercise of stock options under the ICICI Bank Employees Stock option Scheme-2000 and 751,672 equity shares of Rs 2.00 each pursuant to exercise of stock units under the ICICI Bank Employees Stock Unit Scheme-2022.

On March 26, 2025, the Bank allotted 56,008,117 equity shares pursuant to the Scheme of Arrangement amongst ICICI Bank, ICICI Securities Limited (ICICI Securities) and their respective shareholders for delisting of shares of ICICI Securities (Scheme of Arrangement).

For details refer to Schedule 1 of the financial statements.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Pursuant to Section 186(11) of the Companies Act, 2013, the provisions of Section 186 of the Companies Act, 2013, except sub-section (1), do not apply to a loan made, guarantee given or security provided by a banking company in the ordinary course of business. The particulars of investments made by the Bank are disclosed in Schedule 8 of the financial statements as per the applicable provisions of the Banking Regulation Act, 1949.

SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANIES

Effective March 24, 2025, ICICI Securities was delisted from stock exchanges and it became a wholly-owned subsidiary of the Bank. There were no entities which became or ceased to be joint venture of the Bank during fiscal 2025.

As at March 31, 2025, your Bank had following subsidiaries (including step down subsidiaries) (17) and associate (8) companies:

Name of the subsidiary company	% of shares held
ICICI Bank UK PLC	100
ICICI Bank Canada	100
ICICI Securities Limited	100
ICICI Securities Holdings, Inc.1	100
ICICI Securities, Inc.2	100
ICICI Securities Primary Dealership Limited	100
ICICI Venture Funds Management Company Limited	100
ICICI Home Finance Company Limited	100
ICICI Trusteeship Services Limited	100
ICICI Investment Management Company Limited	100
ICICI International Limited	100
ICICI Prudential Pension Funds Management Company Limited3	100
i-Process Services (India) Limited (formerly known as i-Process Services (India) Private Limited)	100
ICICI Lombard General Insurance Company Limited	51.55
ICICI Prudential Life Insurance Company Limited	51.03
ICICI Prudential Asset Management Company Limited45	51.00
ICICI Prudential Trust Limited4	50.80

1 ICICI Securities Holdings, Inc. is a wholly owned subsidiary of ICICI Securities Limited.

2 ICICI Securities, Inc. is a wholly owned subsidiary of ICICI Securities Holdings, Inc.

3 ICICI Prudential Pension Funds Management Company Limited is a wholly owned subsidiary of ICICI Prudential Life Insurance Company Limited.

4 The entity is a joint venture company, however, it is considered as a subsidiary company in accordance with the provisions of the Companies Act, 2013.

5 On June 27, 2025, the Bank approved purchase of up to 2% additional shareholding in the ICICI Prudential Asset Management Company Limited (Pru AMC). This purchase will primarily be towards maintaining the Bank's majority shareholding in the event of grant of stock-based compensation by Pru AMC, subject to receipt of requisite approvals.

Name of the associate company	% of shares held
India Infradebt Limited	42.33
Falcon Tyres Limited12	26.39
Fino Paytech Limited1	25.10
Rajasthan Asset Management Company Private Limited1	24.30
OTC Exchange of India1	20.00
Arteria Technologies Private Limited	19.98
FISERV Merchant Solutions Private Limited (erstwhile ICICI Merchant Services Private Limited)3	19.01
NIIT Institute of Finance Banking and Insurance Training Limited4	18.79

1 These companies are not considered as associates in the financial statements, in accordance with the provisions of Accounting Standard 23 on ‘Accounting for Investments in Associates in Consolidated Financial Statements'.

2 Acquired pursuant to debt settlement.

3 The Bank executed a share purchase agreement for sale of its entire shareholding in the equity shares of FISERV Merchant Solutions Private Limited on March 29, 2025. The share transfer was completed subsequently on April 17, 2025 and it ceased to be an associate of the Bank effective that day.

4 On June 11, 2025, the Bank executed a share purchase agreement for sale of its entire shareholding in the equity shares of NIIT Institute of Finance Banking and Insurance Training Limited, consequent to which the share transfer was completed and it ceased to be an associate of the Bank effective the same day.

HIGHLIGHTS OF PERFORMANCE OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES AND THEIR CONTRIBUTION TO THE OVERALL PERFORMANCE OF THE COMPANY

The performance of subsidiaries and associates and their contribution to the overall performance of the Bank as on March 31, 2025 is given in "Consolidated Financial Statements of ICICI Bank Limited - Schedule 18 - Note 13 - Additional information to consolidated accounts" of this Annual Report. A summary of key financials of the Bank's subsidiaries is also given in "Statement Pursuant to Section 129 of the Companies Act, 2013" of this Annual Report.

The highlights of the performance of key subsidiaries are given as a part of Management's Discussion & Analysis under the Section "Consolidated financials as per Indian GAAP".

The Bank will make available separate audited financial statements of the subsidiaries to any Member upon request. These documents/details will be available on the Bank's website at https://www.icicibank.com/about-us/ annual and will also be available for inspection by any Member or trustee of the holder of any debentures of the Bank. As required by Accounting Standard 21 issued by the Institute of Chartered Accountants of India, the Bank's consolidated financial statements included in this Annual Report incorporate the accounts of its subsidiaries and other consolidating entities.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS OF THE COMPANY AND ITS FUTURE OPERATIONS

There are no significant and/or material orders passed by the regulators or courts or tribunals impacting the going concern status or future operations of the Bank.

MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE BANK

There are no material changes and commitments affecting the financial position of the Bank which have occurred between the end of the financial year of the Bank to which the financial statements relate and the date of this Report.

UPDATE ON SCHEME OF ARRANGEMENT

At March 31, 2024, the Bank held 74.73% of the equity shares of its broking subsidiary, ICICI Securities, and balance 25.27% of the equity shares were held by the public shareholders. In June 2023, the Board of Directors of the Bank and ICICI Securities approved a scheme of arrangement for delisting of equity shares of ICICI Securities (Scheme of Arrangement), subject to receipt of requisite approvals. The requisite majority of shareholders of the Bank and ICICI Securities approved the Scheme of Arrangement on March 27, 2024. Subsequently, the Hon'ble National Company Law Tribunals, Mumbai Bench and Ahmedabad Bench, vide orders dated August 21, 2024 and October 9, 2024 respectively, approved the Scheme of Arrangement. The Board of Directors of ICICI Securities approved March 24, 2025 as the ‘Record Date' for the purposes of the Scheme of Arrangement. Consequently, with effect from March 24, 2025, ICICI Securities was deemed to have been delisted from the stock exchanges and resultantly, it became a wholly owned subsidiary of the Bank. In accordance with the Scheme of Arrangement, the Bank had, on March 26, 2025, allotted 56,008,117 equity shares of face value Rs 2.00 each (including 51,723 equity shares towards fractional entitlements) to the public shareholders of ICICI Securities as on the Record Date, in the approved Swap Ratio. The fractional shares were sold by the Trustee in the market and the net proceeds (after deduction of expenses incurred and applicable taxes) were distributed to the eligible public shareholders of ICICI Securities in the proportion of their fractional entitlements.

DIRECTORS AND OTHER KEY MANAGERIAL PERSONNEL

Changes in the composition of the Board of Directors and other Key Managerial Personnel (KMP)

The Members through Postal Ballot on May 14, 2024 approved the appointment of Pradeep Kumar Sinha as an Independent Director for a term of five consecutive years commencing February 17, 2024 to February 16, 2029. The

Reserve Bank of India (RBI) vide its letter dated May 24, 2024, approved his appointment as Part-time Chairperson of the Bank for a period of three years with effect from July 1, 2024.

The Members through Postal Ballot on May 14, 2024 approved the appointment of Ajay Kumar Gupta as a Director and Whole-time Director (designated as Executive Director) with effect from March 15, 2024 till November 26, 2026.

The Board at its meeting held on June 29, 2024 and Members at the last Annual General Meeting (AGM) held on August 29, 2024 approved the appointment of Rohit Bhasin as an Independent Director for a period of 5 years, with effect from July 26, 2024 till July 25, 2029.

The Board at its meeting held on June 29, 2024 and Members through Postal Ballot on November 29, 2024, approved the appointment of Punit Sood as an Independent Director for a period of 5 years, with effect from October 1, 2024 till September 30, 2029.

Based on the recommendation of the Board Governance, Remuneration & Nomination Committee (BGRNC), the Board at its meeting held on January 25, 2025, approved the filing of an application with RBI for the re-appointment of Rakesh Jha as Executive Director of the Bank for a further period of two years effective from September 2, 2025 to September 1, 2027 which was within the five years term as previously approved by the Board and the Members. RBI vide its letter dated June 12, 2025, communicated its approval for the re-appointment.

Based on the recommendation of BGRNC, the Board at its meeting held on January 25, 2025, approved the re-appointment of Sandeep Batra as Executive Director of the Bank for a further period of two years with effect from December 23, 2025 to December 22, 2027, subject to approval of the RBI and Members of the Bank. RBI vide its letter dated June 16, 2025, communicated its approval for the re-appointment. The re-appointment is being proposed in the Notice of the forthcoming AGM through item no. 11.

Pursuant to the completion of his second term of office as an Independent Director, Girish Chandra Chaturvedi retired as the Independent Director and Non-executive Part-time Chairperson of the Bank on close of business hours of June 30, 2024, The Board acknowledges the stewardship and guidance provided by him in his role as Chairperson.

Pursuant to completion of their second term of office under the Companies Act, 2013, Uday Chitale and Hari L. Mundra retired as Independent Directors of the Bank on October 19, 2024 and October 25, 2024 respectively. The Board acknowledges the valuable contribution and guidance provided by them.

As on the date of this report, in terms of Section 203(1) of the Companies Act, 2013, Sandeep Bakhshi, Managing Director & CEO, Sandeep Batra, Executive Director, Rakesh Jha, Executive Director, Ajay Kumar Gupta, Executive Director, Anindya Banerjee, Group Chief Financial Officer and Prachiti Lalingkar, Company Secretary are the Key Managerial Personnel of the Bank.

Declaration of Independence

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149 of the Companies Act, 2013 as amended and Regulation 16 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (SEBI Listing Regulations) which have been relied on by the Bank and were placed at the Board Meeting held on April 19, 2025. The Independent Directors have also given declaration of compliance with Rules 6(1) and 6(2) of the Companies (Appointment and Qualification of Directors) Rules, 2014, with respect to their name appearing in the data bank of Independent Directors maintained by the Indian Institute of Corporate Affairs. In the opinion of the Board, the Independent Directors possess the requisite integrity, experience, expertise and proficiency required under all applicable laws and are independent of the Management.

Retirement by rotation

In terms of Section 152 of the Companies Act, 2013, Sandeep Batra would retire by rotation at the forthcoming AGM and is eligible for re-appointment. Sandeep Batra has offered himself for re-appointment.

AUDITORS

Statutory Auditors

At the AGM held on August 29, 2024, the shareholders had approved the appointment of M/s. B S R & Co. LLP, Chartered Accountants (hereinafter referred to as B S R & Co. LLP) and M/s. C N K & Associates LLP, Chartered Accountants (hereinafter referred to as C N K & Associates LLP), as the joint statutory auditors to hold office from the conclusion of the Thirtieth AGM till the conclusion of the Thirty-First AGM of the Bank.

As per the RBI guidelines, the joint statutory auditors of the banking companies are allowed to continue for a period of three years, subject to fulfilling the prescribed eligibility norms. Accordingly, B S R & Co. LLP and C N K & Associates LLP, would be eligible for re-appointment at the conclusion of the forthcoming AGM.

As recommended by the Audit Committee, the Board has proposed the re-appointment of B S R & Co. LLP and C N K & Associates LLP, as the joint statutory auditors to hold office from the conclusion of Thirty-First AGM till the conclusion of the Thirty-Third AGM of the Bank, subject to the approval of the Members of the Bank and regulatory approvals as may be necessary or required. Their appointment has been approved by RBI on May 19, 2025 for fiscal 2026.

The re-appointment of the joint statutory auditors is proposed to the Members in the Notice of the forthcoming AGM through item nos. 4 and 5.

There are no qualifications, reservation or adverse remarks made by the joint statutory auditors in the audit report.

Secretarial Auditors

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board had, at its meeting held on June 29, 2024, appointed M/s. Alwyn Jay & Co., a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Bank for fiscal 2025. The Secretarial Audit Report is annexed herewith as Annexure A. There are no qualifications, reservation or adverse remark or disclaimer made by the auditor in the report save and except disclaimer made by them in discharge of their professional obligation.

The Annual Secretarial Compliance Report, signed by Secretarial Auditor, for fiscal 2025 is available on the website of the Bank at https://www.icicibank.com/ about-us/disdosures-to-stock-exchanges and on the website of the stock exchanges i.e. BSE Limited (BSE) at www.bseindia.com and National Stock Exchange of India Limited (NSE) at www.nseindia.com.

Pursuant to amendments under Regulation 24A of the SEBI Listing Regulations, the Board has, at its meeting held on June 27, 2025, based on the recommendation of Audit Committee, approved the appointment of M/s. Parikh Parekh & Associates, Company Secretaries to undertake the Secretarial Audit of the Bank for a term of five consecutive financial years from FY2026 to FY2030, subject to approval of the Members at the ensuing AGM through item no. 6. M/s. Parikh Parekh & Associates have confirmed that they are not disqualified to be appointed as a Secretarial Auditor and are eligible to hold office as Secretarial Auditor of the Bank.

Maintenance of Cost Records

Being a banking company, the Bank is not required to maintain cost records as specified by the Central Government under Section 148(1) of the Companies Act, 2013.

Reporting of Frauds by Auditors

During the year under review, there were no instances of fraud reported by the statutory auditors and secretarial auditor under Section 143(12) of the Companies Act, 2013 to the Audit Committee or the Board of Directors.

PERSONNEL

The statement containing particulars of employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given in an Annexure and forms part of this report. In terms of Section 136(1) of the Companies Act, 2013, the annual report and the financial statements are being sent to the Members excluding the aforesaid Annexure. The Annexure is available for inspection and any Member interested in obtaining a copy of the Annexure may write to the Company Secretary of the Bank.

INTERNAL CONTROL AND ITS ADEQUACY

The Bank has adequate internal controls and processes in place with respect to its financial statements which provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements. These controls and processes are driven through various policies, procedures and certifications. The processes and controls are reviewed periodically. The Bank has a mechanism of testing the controls at regular intervals for their design and operating effectiveness to ascertain the reliability and authenticity of financial information.

DISCLOSURE UNDER FOREIGN EXCHANGE MANAGEMENT ACT, 1999

The Bank has obtained a certificate from its statutory auditors that it is in compliance with the Foreign Exchange Management Act, 1999 provisions with respect to investments made in its consolidated subsidiaries and associates and also for investments made by its subsidiaries and associates during fiscal 2025.

RELATED PARTY TRANSACTIONS

The Bank has a Board-approved Group Arm's Length Policy which requires transactions with the group companies to be at an arm's length. All the related party transactions between the Bank and its related parties, entered during the year ended March 31, 2025, were on arm's length basis and were in the ordinary course of business.

The details of material related party transactions at an aggregate level for the year ended March 31, 2025 are given in Annexure B.

Pursuant to the provisions of Regulation 23 of the SEBI Listing Regulations, the Bank has filed half yearly reports to the stock exchanges, for the related party transactions.

All related party transactions as required under Accounting Standard 18 are reported in note no. 47 of schedule 18 - Notes to Accounts of standalone financial statements and note no. 2 of schedule 18 - Notes to Accounts of consolidated financial statements of the Bank.

During the year, the Related Party Transactions Policy of the Bank was revised to align it with the amendments dated December 12, 2024 in the SEBI Listing Regulations. The Policy is hosted on the website of the Bank and can be viewed at https://www.icicibank.com/about-us/other- policies.

Pursuant to the SEBI Listing Regulations, the resolutions seeking approval of the Members on material related party transactions forms part of the Notice of the forthcoming AGM.

ANNUAL RETURN

The Annual Return in Form No. MGT-7 will be hosted on the website of the Bank at https://www.icicibank.com/ about-us/annual.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

The Business Responsibility and Sustainability Report as stipulated under Regulation 34(2)(f) of the SEBI Listing Regulations will be hosted on the Bank's website at https://www.icicibank.com/about-us/annual. Any Member interested in obtaining a copy of the Report may write to the Company Secretary of the Bank.

The Bank has been releasing the Environmental, Social and Governance Report since fiscal 2020. The Report for fiscal 2025 will be hosted on the Bank's website at https://www.icicibank.com/about-us/annual.

INTEGRATED REPORTING

The Bank has adopted the principles of the International Integrated Reporting Framework in its Annual Report since fiscal 2019. For accessing the Report for fiscal 2025, please refer to the Integrated Report section of the Annual Report 2024-25.

RISK MANAGEMENT FRAMEWORK

The Bank's risk management framework is based on a clear understanding of various risks, disciplined risk assessment and measurement procedures and continuous monitoring. The Board of Directors has oversight on all the risks assumed by the Bank. Specific committees have been constituted to facilitate focused oversight of various risks, as follows:

• The Risk Committee of the Board reviews, inter alia, risk management policies of the Bank pertaining to credit, market, liquidity, operational, model risk management, framework for early warning signals and red flagging of accounts, outsourcing risks and business continuity management. The Committee also reviews the Risk Appetite and Enterprise Risk Management (ERM) frameworks, Internal Capital Adequacy Assessment Process (ICAAP) and stress testing. The stress testing framework includes a range of Bank-specific market (systemic) and combined scenarios. The ICAAP exercise covers the domestic and overseas operations of the Bank, banking subsidiaries and non-banking subsidiaries. The Committee reviews setting up of limits on any industry or country, migration to the advanced approaches under Basel framework, the proceedings of Group Risk Management Committee and the activities of the Asset Liability Management Committee. The Committee reviews the level and direction of major risks pertaining to credit, market, liquidity, operational, reputation, technology, information security, compliance, group and capital at risk as a part of the risk dashboard. The Risk Committee also reviews the Liquidity Contingency Plan for the Bank and the various thresholds set out in the Plan.

• The Credit Committee of the Board, apart from sanctioning credit proposals based on the Bank's credit approval authorisation framework, reviews developments in key industrial sectors (along with exposure to these sectors), the Bank's exposure to large borrower accounts and borrower groups. The Credit Committee also reviews major credit portfolios, non-performing loans, accounts under watch, overdues, incremental sanctions etc.

• The Audit Committee of the Board, inter alia, provides direction to and monitors the quality of the internal audit function, oversees the financial reporting process and also monitors compliance with inspection and audit reports of RBI, other regulators and statutory auditors. The Audit Committee also exercises oversight on the regulatory compliance function of the Bank.

• The Asset Liability Management Committee provides guidance for management of liquidity of the overall Bank and management of interest rate risk in the banking book within the broad parameters laid down by the Board of Directors/Risk Committee.

• The Group Risk Management Committee (GRMC) oversees the group related risk management activities. GRMC inter alia, defines the frequency and framework for review of risk profile of group entities.

Summaries of reviews conducted by these committees are reported to the Board on a regular basis.

Policies approved from time to time by the Board of Directors/committees of the Board form the governing framework for each type of risk. The business activities are undertaken within this policy framework. Independent groups and subgroups have been constituted across the Bank to facilitate independent evaluation, monitoring and reporting of various risks. These groups function independently of the business groups/subgroups.

The Bank has dedicated groups, namely, the Risk Management Group, Compliance Group, Corporate Legal Group, Internal Audit Group, Information Security Group and the Financial Crime Prevention Group, with a mandate to identify, assess and monitor all of the Bank's principal risks in accordance with well-defined policies and procedures. The Risk Management Group is further organised into Credit Risk Management Group, Market Risk Management Group, Operational Risk Management Group, Incident Monitoring and Resolution Group, Model Validation and Technology Risk Management Group. The Group Chief Risk Officer (GCRO) reports to the Risk Committee constituted by the Board which reviews risk management policies of the Bank. The GCRO, for administrative purposes, reports to an Executive Director of the Bank. The abovementioned groups are independent of all business operations and co-ordinate with representatives of the business units to implement the Bank's risk management policies and methodologies.

The Internal Audit Group (IAG) acts independently and is responsible for evaluating and providing objective assurance on the effectiveness of internal controls, risk management and governance processes within the Bank and suggest improvements. The IAG maintains appropriately qualified personnel to fulfill its responsibilities. IAG acts as an independent entity and reports to the Audit Committee of the Board.

INFORMATION REQUIRED UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013

The Bank has a policy against sexual harassment and a formal process for dealing with complaints of harassment or discrimination. The said policy is in line with the requirements of ‘The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013' (POSH Act) and rules made thereunder. The Bank has complied with provisions relating to the constitution of Internal Committee under the POSH Act.

The details pertaining to number of complaints during the year has been provided below:

(a) number of complaints filed during the financial year: 117

(b) number of complaints disposed off during the financial year: 117

1 All complaints received during fiscal 2025 have been closed within the applicable turnaround time (90 days).

CORPORATE GOVERNANCE

The corporate governance framework at ICICI Bank is based on an effective independent Board, the separation of the Board's supervisory role from the executive management and the constitution of Board committees to oversee critical areas. At March 31, 2025, Independent Directors constituted a majority on most of the committees and also chaired most of the committees.

I. Philosophy of Corporate Governance

At ICICI Bank, we are committed to maintain the highest standards of governance in the conduct of our business and continuously strive to create lasting value for all our stakeholders. We focus on maintaining comprehensive compliance with the laws, rules and regulations that govern our business and promote a culture of accountability, transparency and ethical conduct across the Bank.

Group Code of Business Conduct and Ethics

The Group Code of Business Conduct and Ethics for Directors and employees of the ICICI Group aims at ensuring consistent standards of conduct and ethical business practices across the constituents of ICICI Group. This Code is reviewed on an annual basis and the latest Code is available on the website of the Bank at https://www.icicibank.com/content/dam/icicibank/ india/managed-assets/docs/about-us/2021/group- code-of-business-conductandethics-2025-V1. pdf. Pursuant to the SEBI Listing Regulations, a confirmation from the Managing Director & CEO regarding compliance with the Code by all the Directors and senior management forms part of the Annual Report.

Code of Conduct as prescribed under the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015

In accordance with the requirements of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, the Bank has adopted the Code on Prohibition of Insider Trading.

Material Subsidiaries

In accordance with the requirements of the SEBI Listing Regulations, the Bank has formulated a Policy for determining Material Subsidiaries and the same has been hosted on the website of the Bank at https://www.icicibank.com/about-us/other-policies.

The Bank does not have any material unlisted subsidiary. ICICI Prudential Life Insurance Company Limited (ICICI Life) is a material listed subsidiary of the Bank in terms of the provisions of the SEBI Listing Regulations. The additional details with regard to ICICI Life are as follows:

Date of incorporation	July 20, 2000
Place of incorporation	Mumbai
Statutory	Walker Chandiok & Co. LLP
Auditors	Chartered Accountants Firm Registration No. 001076N/ N500013 Date of Re-appointment: June 25, 2021
	M. P. Chitale & Co. Chartered Accountants Firm Registration No. 101851W Date of Appointment: June 28, 2024

Familiarisation Programme for Independent Directors

Independent Directors are familiarised with their roles, rights and responsibilities in the Bank as well as with the nature of the industry and the business model of the Bank through induction programmes at the time of their appointment as Directors and through presentations on economy & industry overview, key regulatory developments, strategy and performance which are made to the Directors from time to time. The Directors also participate in various programs/meetings where subject matter experts apprise the Directors on key global trends. The details of the familiarisation programmes have been hosted on the website of the Bank at https://www.icicibank. com/about-us/bod-1.

Dividend Distribution Policy

In accordance with Regulation 43A of the SEBI Listing Regulations, the Dividend Distribution Policy is hosted on the website of the Bank and can be viewed at https://www.icicibank.com/about-us/other- policies.

Whistle Blower Policy

The Bank has formulated a Whistle Blower Policy, which is periodically reviewed. The policy comprehensively provides an opportunity for any employee (including directors), secondees or stakeholders of the Bank to raise any issue concerning breaches of law, accounting policies or any act resulting in financial or reputation loss and misuse of office or suspected or actual fraud. The policy provides for a mechanism to report such concerns to the Audit Committee through specified channels. The policy has been periodically communicated to the employees and also hosted on the Bank's intranet. Issues raised under the Whistle Blower Policy are investigated for appropriate action, including an assessment of the impact on financial statements, if any. The Whistle Blower Policy complies with the requirements of vigil mechanism as stipulated under Section 177 of the Companies Act, 2013 and other applicable laws, rules and regulations. The details of establishment of the Whistle Blower Policy/vigil mechanism have been disclosed on the website of the Bank at https://www.icicibank.com/about-us/other-policies.

CEO/CFO Certification

In terms of the SEBI Listing Regulations, the certification by the Managing Director & CEO and Chief Financial Officer on the financial statements and internal controls relating to financial reporting has been obtained.

Details of utilisation of funds

During the year under review, the Bank has not raised any funds through preferential allotment or Qualified Institutions Placement.

The Bank raised Rs 30,000.00 million through issue of senior unsecured redeemable long term bonds in the nature of debentures on private placement basis during fiscal 2025. There is no deviation in utilisation of the funds.

Fees to statutory auditors

The details of fees pertaining to services provided by the statutory auditors and entities in the network firm/network entity of which the statutory auditors are a part, to ICICI Bank Limited and its subsidiaries during the year ended March 31, 2025 are given in the following table:

Nature of service	Amount in Rs1,2
Audit	71,991,000
Certification and other audit related services	11,229,530
Total	83,220,530

1 Excludes taxes and out of pocket expenses.

2 Includes payments made to previous joint statutory auditors, M/s. M S K A & Associates, Chartered Accountants and M/s. KKC & Associates LLP, Chartered Accountants amounting to Rs 14,455,000.

Recommendations of mandatory committees

All the recommendations made by the committees of the Board mandatorily required to be constituted by the Bank under the Companies Act, 2013 and the SEBI Listing Regulations were accepted by the Board.

Credit Rating as on March 31, 2025

Foreign currency denominated instruments issued by the Bank

Instrument type	Moody's	S&P
Senior unsecured medium term notes	Baa3	BBB-
Certificate of Deposits	P-3	-

Rupee denominated instruments issued by the Bank

Instrument type	CARE	ICRA	CRISIL
Tier II bonds (Basel III)	CARE AAA	[ICRA] AAA	-
Additional Tier 1 bonds (Basel III)	CARE AA+	[ICRA] AA+	CRISIL AA+
Unsecured redeemable bonds	CARE AAA	[ICRA] AAA	CRISIL AAA
Lower Tier II Bond	CARE AAA	[ICRA] AAA	-
Long term bonds issued by erstwhile ICICI Limited	CARE AAA	[ICRA] AAA	CRISIL AAA
Issuer rating (assigned on October 30, 2024)	-	[ICRA] AAA	-
Certificate of Deposits	CARE A1+	[ICRA] A1+	-
Fixed deposits	CARE AAA	[ICRA] AAA	-

Moody's: Moody's Investors Services S&P: S&P Global Ratings CARE: CARE Ratings Limited, India ICRA: ICRA Limited, India CRISIL: CRISIL Limited, India

Certificate from a Company Secretary in practice

In terms of the SEBI Listing Regulations, the Bank has obtained a Certificate from a Company Secretary in practice that none of the Directors on the Board of the Bank have been debarred or disqualified from being appointed or continuing as directors of companies by the Securities and Exchange Board of India/Ministry of Corporate Affairs or any such statutory authority. The Certificate of Company Secretary in practice is annexed herewith as Annexure C.

Board of Directors

ICICI Bank has a broad-based Board of Directors, constituted in compliance with the Banking Regulation Act, 1949, the Companies Act, 2013 and the SEBI Listing Regulations and in accordance with good corporate governance practices. The Board functions either as a full Board or through various committees constituted to oversee specific operational areas.

The Board of the Bank at March 31, 2025 consisted of twelve Directors, out of which eight were Independent Directors and four were Executive Directors.

There were nine Meetings of the Board during the year - April 27, May 22, June 29, July 27, September 11, October 26 and December 13 in 2024 and January 25 and March 17-19 in 2025.

There were no inter-se relationships between any of the Directors.

The names of the Directors, their attendance at Board meetings during the year, attendance at the last AGM and details of other directorships and Board committee memberships held by them at March 31, 2025 are set out in the following table:

Name of Director

Board Meetings attended during the year

Attendance at last AGM (August 29, 2024)

Number of directorships

Number of other committee memberships1

Directorships in other listed entity and category of directorship

of other Indian public limited companies

of other Indian companies

Independent Directors

Girish Chandra Chaturvedi, (Director and Chairperson upto June 30, 2024) (DIN: 00110996)

3/3

Not applicable

Pradeep Kumar Sinha (Chairperson w.e.f. July 1, 2024) (DIN: 00145126)

9/9

Present

Glenmark Pharmaceuticals Limited (ID)

Neelam Dhawan (DIN: 00871445)

9/9

Present

6(2)

• Hindustan Unilever Limited (ID)

• Tech Mahindra Limited (ID)

Uday Chitale (Director upto October 19, 2024) (DIN: 00043268)

5/5

Present

Radhakrishnan Nair (DIN: 07225354)

9/9

Present

8(4)

• ICICI Prudential Life Insurance Company Limited (ID)

• ICICI Securities Primary Dealership Limited (ID)

• Geojit Financial Services Limited (ID)

• Inditrade Capital Limited (ID)

Hari L. Mundra (Director upto October 25, 2024) (DIN: 00287029)

5/5

Present

B. Sriram (DIN: 02993708)

9/9

Present

4(1)

• Nippon Life India Asset Management Limited (ID)

• TVS Motor Company Limited (ID)

• TVS Supply Chain Solutions Limited (ID)

S. Madhavan

9/9

Present

6(4)

• Sterlite Technologies Limited (ID)

(DIN: 06451889)

• Procter & Gamble Health Limited (ID)

• Eicher Motors Limited (ID)

• Welspun Enterprises Limited (ID)

Vibha Paul Rishi (DIN: 05180796)

9/9

Present

3(2)

• ICICI Prudential Life Insurance Company Limited (ID)

• Piramal Pharma Limited (ID)

Rohit Bhasin (Director w.e.f. July 26, 2024) (DIN: 02478962)

6/6

Present

8(5)

• Yatra Online Limited (ID)

• Star Health and Allied Insurance Company Limited (ID)

• Dr Lal PathLabs Limited (ID)

Punit Sood (Director w.e.f. October 1, 2024) (DIN: 00033799)

4/4

Not applicable

1(0)

Executive Directors

Sandeep Bakhshi, Managing Director & Chief Executive Officer (DIN: 00109206)

9/9

Present

Sandeep Batra (DIN: 03620913)

9/9

Present

3(0)

• ICICI Lombard General Insurance Company Limited (NED)

• ICICI Prudential Life Insurance Company Limited (NED)

Rakesh Jha (DIN: 00042075)

9/9

Present

1(1)

• ICICI Home Finance Company Limited (NED)

• ICICI Lombard General Insurance Company Limited (NED)

Ajay Kumar Gupta (DIN: 07580795)

9/9

Present

1(0)

Independent Director (ID)

Non-executive Director (NED)

1 Includes only chairpersonship/membership of Audit Committee and Stakeholders' Relationship Committee of other Indian public limited companies. Figures in parentheses indicate committee chairpersonships.

The profiles of the Directors can be viewed on the website of the Bank at https://www.icicibank.com/about-us/bod-1.

Skills/expertise/competence of the Board of Directors

The Bank has identified the core skills/expertise/competence of the Board of Directors as required under Section 10A(2) (a) of the Banking Regulation Act, 1949 in the context of its business(s) and the sectors(s) for it to function effectively and has been in compliance with the same.

The details of the core skills/expertise/competence possessed by the directors of the Bank is detailed as under:

Name of Director	Areas of expertise
Pradeep Kumar Sinha	Agriculture and rural economy, Banking, Co-operation, Economics, Finance, Small Scale Industry, Payment and Settlement Systems, Human Resources, Risk Management, Business Management, Energy and Infrastructure, Urban Development
Neelam Dhawan	Banking, Information Technology, Human Resources, Business Management, Corporate Governance, Business Strategy
Radhakrishnan Nair	Accountancy, Agriculture and Rural Economy, Banking, Co-operation, Economics, Finance, Law, Small Scale Industry, Payment and Settlement Systems, Human Resources, Risk Management, Business Management, Insurance, Securities, Treasury Management, Foreign Exchange Management, Information Technology, Investor Protection
B. Sriram	Banking, Finance, Small Scale Industry, Information Technology, Payment and Settlement Systems, Credit and Risk, Treasury, Insolvency & Bankruptcy
S. Madhavan	Accountancy, Banking, Economics, Finance, Law, Information Technology, Human Resources, Risk Management, Business Management, Strategy, Business Operations, Governance, Taxation
Vibha Paul Rishi	Consumer Insight & Marketing, Strategy, Accountancy, Agriculture and rural economy, Economics, Finance, Information Technology, Human Resources, Risk Management, Business Management
Rohit Bhasin	Accountancy, Banking, Finance, Human Resources, Risk Management, Business Management
Punit Sood	Banking, Finance, Information Technology, Human Resources, Business Management
Sandeep Bakhshi	Banking, Finance, Business Management, Insurance
Sandeep Batra	Accountancy, Banking, Finance, Law, Information Technology, Human Resources, Risk Management, Business Management, Insurance, Securities, Governance, Economics
Rakesh Jha	Banking, Business Management, Risk Management, Finance, Accountancy, Economics, Information Technology
Ajay Kumar Gupta	Banking, Business Management, Risk Management, Finance, Accountancy, Small Scale Industry, Payment and Settlement System, Information Technology

The Board has constituted various committees, namely, Audit Committee, Board Governance, Remuneration & Nomination Committee, Corporate Social Responsibility Committee, Credit Committee, Customer Service Committee, Fraud Monitoring Committee, Information Technology Strategy Committee, Risk Committee, Stakeholders Relationship Committee and Review Committee (Gross Principal Outstanding > Rs. 750.0 million) for identification & classification of wilful defaulters.

With effect from June 30, 2019, the quorum of the Board committees was increased from at least two members to at least three members, to transact business at any Board committee meeting and in case where the committee comprises of two members only or where two members are participating, then any Independent Director may attend the meeting to fulfil the requirement of three members.

Composition of committees of the Directors as on March 31, 2025 is as follows:

Name	Audit	Board Governance, Remuneration & Nomination	Corporate Social Responsibility	Customer Service	Credit	Fraud Monitoring	Information Technology Strategy	Risk	Stakeholders Relationship	Review1
Pradeep Kumar Sinha		M	C					M
Neelam Dhawan		C				M	M
Radhakrishnan Nair			M		M	C
B. Sriram		M			M		C
S. Madhavan	C			M				M
Vibha Paul Rishi			M	C		M			C
Rohit Bhasin	M		M					C
Punit Sood	M						M	M
Sandeep Bakhshi				M	C					C
Sandeep Batra							M	M	M
Rakesh Jha			M	M	M	M
Ajay Kumar Gupta							M		M

C: Chairperson M: Member

1 In respect of Review Committee (Gross Principal Outstanding > Rs. 750.0 million) for identification & classification of wilful defaulters, any two Independent Directors constitute the quorum along with the Managing Director & CEO.

The terms of reference of the Board committees as mentioned above, their composition and attendance of the respective Members at the various committee meetings held during fiscal 2025 are set out below:

II. Audit Committee Terms of Reference

The Audit Committee provides direction to the audit function and monitors the quality of internal and statutory audit. The responsibilities of the Audit Committee include examining the financial statements and auditors' report and overseeing the financial reporting process to ensure fairness, sufficiency and credibility of financial statements, review of the quarterly and annual financial statements before submission to the Board, review of management's discussion & analysis, recommendation of appointment, terms of appointment, remuneration and removal of statutory auditors and chief internal auditor, approval of payment to statutory auditors for other permitted services rendered by them, reviewing and monitoring with the management the auditor's independence and the performance and effectiveness

of the audit process, approval of transactions with related parties or any subsequent modifications and utilization of loans and/or advances from/investment by the Bank in its subsidiaries. The Audit Committee also reviews the functioning of the Whistle-Blower Mechanism, adequacy of internal control systems and the internal audit function, compliance with inspection and audit reports and reports of statutory auditors, findings of internal investigations, management letters/letters on internal control weaknesses issued by statutory auditors/internal auditors, investment in shares and advances against shares. The Audit Committee responsibilities also include reviewing with the management the statement of uses/application of funds raised through an issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilised for the purposes other than those stated in the offer document/prospectus/notice and the report submitted by the monitoring agency, monitoring the utilization of proceeds of a public or rights issue and making appropriate recommendations to the Board to take steps in this matter, discussion on the scope of audit with external auditors, examination of

reasons for substantial defaults, if any, in payment to stakeholders, valuation of undertakings or assets, evaluation of risk management systems and scrutiny of inter-corporate loans and investments. The Audit Committee is also empowered to appoint/oversee the work of any registered public accounting firm, establish procedures for receipt and treatment of complaints received regarding accounting, internal accounting controls and auditing matters and engage independent counsel as also provide for appropriate funding for compensation to be paid to any firm/advisors. In addition, the Audit Committee also exercises oversight on the regulatory compliance function of the Bank. The Committee also considers and comments on rationale, cost-benefits and impact of schemes involving merger/demerger/ amalgamation etc., on the Bank and its shareholders. The Audit Committee is also empowered to approve the appointment of the Chief Financial Officer (i.e., the whole-time Finance Director or any other person heading the finance function or discharging that function) after assessing the qualifications, experience and background, etc. of the candidate.

Composition

There were twelve meetings of the Committee during the year - April 24, April 27, June 29, July 15, July 25, July 26, October 24, October 25 and December 12 in 2024 and January 23, January 24 and February 281 in 2025. The details of the composition of the Committee and attendance at its meetings held during the year are set out in the following table:

Name of Member	Number of meetings attended
S. Madhavan, Chairperson (Chairperson w.e.f. October 1, 2024)	12/12
Uday Chitale (Member and Chairperson upto September 30, 2024)	6/6
Radhakrishnan Nair (upto September 30, 2024)	6/6
Rohit Bhasin (w.e.f. July 27, 2024)	6/6
Punit Sood (w.e.f. October 1, 2024)	5/6

1 To fulfill the quorum requirement of three members, Vibha Paul Rishi attended the Committee meeting in place of Punit Sood who was granted leave of absence.

III. Board Governance, Remuneration & Nomination Committee

Terms of Reference

The functions of the Committee include recommending appointments of Directors to the Board, identifying persons who are qualified to become Directors and who may be appointed in senior management in accordance with the criteria laid down and recommending to the Board their appointment and removal, formulate a criteria for the evaluation of the performance of the wholetime/Independent Directors and the Board and to extend or continue the term of appointment of Independent Directors on the basis of the report of performance evaluation of Independent Directors, recommending to the Board a policy relating to the remuneration for the Directors, key managerial personnel and other employees, recommending to the Board the remuneration (including performance bonus and perquisites) to wholetime Directors and senior management personnel. The functions also include approving the policy for and quantum of bonus payable to the members of the staff including senior management and key managerial personnel, formulating the criteria for determining qualifications, positive attributes and independence of a Director, framing policy on Board diversity, framing guidelines for the Employees Stock Option Scheme /Employees Stock Unit Scheme and decide on the grant of options/ units to employees and wholetime Directors of the Bank and its subsidiary companies.

Composition

There were six meetings of the Committee during the year - April 26, 2024, June 29, 2024, July 24, 2024, October 25, 2024, January 24, 2025 and March 26, 2025. The details of the composition of the Committee and attendance at its meetings held during the year are set out in the following table:

Name of Member	Number of meetings attended
Neelam Dhawan, Chairperson	6/6
Girish Chandra Chaturvedi (upto June 30, 2024)	2/2
B. Sriram	6/6
Pradeep Kumar Sinha	6/6

Policy/Criteria for Directors' Appointment

The Bank with the approval of its BGRNC has put in place a policy on Directors' appointment and remuneration including criteria for determining qualifications, positive attributes and independence of a Director as well as a policy on Board diversity. The policy has been framed based on the broad principles as outlined hereinafter. The Committee evaluates the composition of the Board and vacancies arising in the Board from time to time. The Committee, while recommending candidature of a Director considers the special knowledge or expertise possessed by the candidate as required under the Banking Regulation Act, 1949. The Committee assesses the fit and proper credentials of the candidate and the companies/ entities with which the candidate is associated either as a director or otherwise and as to whether such association is permissible under RBI guidelines and the internal norms adopted by the Bank. For the above assessment, the Committee is guided by the guidelines issued by RBI in this regard.

The Committee also evaluates the prospective candidate for the position of a Director from the perspective of the criteria for independence prescribed under the Companies Act, 2013 as well as the SEBI Listing Regulations. For a Non-executive Director to be classified as Independent he/she must satisfy the criteria of independence as prescribed and sign a declaration of independence. The Committee reviews the same and determines the independence of a Director.

The Committee based on the above assessments makes suitable recommendations on the appointment of Directors to the Board.

Remuneration policy

The Compensation Policy of the Bank is in line with the RBI circulars and in compliance with the requirements for the Remuneration Policy as prescribed under the Companies Act, 2013. The Policy is divided into the segments, Part A, Part B and Part C where Part A covers the requirements for wholetime Directors & employees pursuant to RBI guidelines, Part B relates to compensation to Non-executive Directors (other than Government Nominee Director and Non-executive Part-time Chairperson) and Part C relates to compensation to Non-executive Part-time Chairperson. The Compensation Policy is available on the website of the Bank at https://www.icicibank. com/about-us/other-policies.

The remuneration payable to Non-executive/ Independent Directors is governed by the provisions of the Banking Regulation Act, 1949, RBI guidelines issued from time to time and the provisions of the Companies Act, 2013 and related rules to the extent these are not inconsistent with the provisions of the Banking Regulation Act, 1949/RBI guidelines.

The remuneration for the Non-executive/Independent Directors (other than Government Nominee Director and Non-executive Part-time Chairperson) consists of sitting fee for attending each meeting of the committee/Board as approved by the Board.

In addition to sitting fee, Non-executive Directors (other than Non-executive Part-time Chairperson and the Government Nominee Director) are also entitled to a fixed remuneration of Rs 3,000,000 per annum with effect from February 10, 2024 which has been approved by the Members through Postal Ballot on May 14, 2024.

For the Non-executive Part-time Chairperson, the remuneration, in addition to sitting fee includes such fixed payments as may be recommended by the Board and approved by the Members and RBI, maintaining a Chairperson's office at the Bank's expense, bearing expenses for travel on official visits and participation in various forums (both in India and abroad) as Chairperson of the Bank and bearing travel/halting/ other expenses and allowance for attending to duties as Chairperson of the Bank and any other modes of remuneration as may be permitted by RBI through any circulars/guidelines as may be issued from time to time.

For the Non-executive Part-time Chairperson, the Members through Postal Ballot on May 14, 2024 and RBI have approved the fixed remuneration of Rs 5,000,000 per annum with effect from April 1, 2024.

All the Non-executive/Independent Directors would be entitled to reimbursement of expenses for attending Board/committee meetings, official visits and participation in various forums on behalf of the Bank.

Performance evaluation of the Board, Committees and Directors

The Bank, on the recommendation of BGRNC and approval of the Board, has put in place a framework

for evaluation of the Board, Directors, Chairperson and Committees.

The evaluations for the Directors, the Board, Chairperson of the Board and the Board level committees is carried out through circulation of different questionnaires. The performance of the Board is assessed on select parameters related to roles, responsibilities and obligations of the Board, relevance of Board discussions, attention to strategic issues, performance on key areas, providing feedback to executive management and assessing the quality, quantity and timeliness of flow of information between the management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

The evaluation criteria for the Directors is based on their participation, contribution and offering guidance to and understanding of the areas which were relevant to them in their capacity as members of the Board.

The evaluation criteria for the Chairperson of the Board besides the general criteria adopted for assessment of all Directors, focuses on leadership abilities, effective management of meetings and preservation of interest of stakeholders.

The evaluation of the committees is based on assessment of the clarity with which the mandate of the committee is defined, effective discharge of terms of reference of the committees and assessment of effectiveness of contribution of the committee's deliberation/recommendations to the functioning/ decisions of the Board. The Bank has taken effective steps with regards to the action points arising out of performance evaluation process for fiscal 2024. The performance evaluation process for fiscal 2025 was conducted through a comprehensive survey using an electronic survey platform and was completed to the satisfaction of the Board. The Board of Directors also identified specific action points arising out of the overall evaluation which would be executed as directed by the Board.

The evaluation process for wholetime Directors is further detailed in note no. 52 of Schedule 18 of the financial statements.

Details of Remuneration paid to Executive Directors

The BGRNC determines and recommends to the Board the amount of remuneration, including performance bonus and perquisites, payable to Managing Director & CEO and Wholetime Directors.

The following table sets out the details of remuneration (including perquisites and retiral benefits) paid in fiscal 2025:

(Rs)

	Sandeep Bakhshi	Sandeep Batra	Rakesh Jha	Ajay Kumar Gupta
	2024-25	2024-25	2024-25	2024-25
Basic	3,46,47,600	2,96,69,760	2,96,69,760	2,96,69,760
Performance bonus paid in fiscal 20251	3,32,79,625	2,90,12,031	2,67,14,074	1,54,71,609
Allowances and perquisites2	2,95,54,170	2,65,72,054	2,72,09,251	2,85,25,635
Contribution to provident fund	41,57,712	35,60,376	35,60,376	35,60,376
Contribution to superannuation fund	-	-	-	-
Contribution to gratuity fund	28,86,145	24,71,491	24,71,491	24,71,491
Stock options3 (Number)	2,54,100	1,96,000	1,96,000	1,41,490

1 Bonus amounts earned for fiscal 2024 were subject to deferment policy of the Bank in-line with the regulatory stipulations. The above table represent payouts of the non-deferred portion of the bonus amount pertaining to fiscal 2024. The balance amount shall be equally deferred over a period of three years. The amounts also include the deferred portion of the bonus amount approved in earlier years that was paid during fiscal 2025.

2 Allowances and perquisites exclude perquisites of previous years stock options exercised during fiscal 2025.

3 Represents options granted during fiscal 2025 pertaining to fiscal 2024.

Perquisites (evaluated as per Income-tax rules, wherever applicable, and otherwise at actual cost to the Bank in other cases) such as the benefit of the Bank's furnished accommodation, furnishings, club fees, group insurances (medical insurance, life insurance and personal accident insurance), use of car, running and maintenance of cars including drivers, telephone/ IT assets at residence or reimbursement of expenses in lieu thereof, payment of income-tax on perquisites by the Bank to the extent permissible under the Income-tax Act, 1961 and rules framed thereunder, leave and leave travel concession, education and other benefits, provident fund, superannuation fund, gratuity and other retirement benefits, in accordance with the scheme(s) and rule(s) applicable from time to time to retired wholetime Directors of the Bank or the members of the staff. In line with the staff loan policy applicable to specified grades of employees who fulfil prescribed eligibility criteria to avail loans for purchase of residential property, the Wholetime Directors are also eligible for housing loans. The stock options vest in a graded manner over a three-year period, with 30%, 30% and 40% of the grant vesting in each year, commencing from the end of 12 months from the date of the grant. The options so vested are to be exercised within 5 years from the date of vesting.

The Bank does not pay any severance fees to its Managing Director & CEO or to its Wholetime Directors. The tenure of the office of Managing Director & CEO and the Wholetime Directors of the Bank is in the range of two to five years. The appointment is subject to approval of RBI and the Members. The notice period for each of them is as specified in their respective terms of appointments is two months.

Neither the Managing Director & CEO nor the Wholetime Directors received any remuneration or commission from any of the subsidiary companies. During fiscal 2025, Sandeep Bakhshi exercised certain stock options of ICICI Life, subsidiary of the Bank which were granted to him during his employment with ICICI Life. The Bank does not have any holding company.

Remuneration disclosures as required under the RBI Guidelines

The remuneration related disclosures as required under the RBI Guidelines on Compensation of Whole Time Directors/Chief Executive Officers/Material Risk

Takers and Control Function staff are disclosed in note no. 52 of Schedule 18 of the financial statements.

Details of Remuneration to Non-executive Directors

Information on the sitting fees and remuneration paid to each Non-executive Director during fiscal 2025 is set out in the following table:

Amount (Rs)

Name of Director	Sitting Fees1	Remuneration2
Girish Chandra Chaturvedi (Director & Chairperson upto June 30, 2024)	1,100,000	1,250,000
Pradeep Kumar Sinha (Chairperson w.e.f. July 1, 2024)	2,700,000	4,620,879
Neelam Dhawan	3,000,000	3,140,110
Uday Chitale (Director upto October 19, 2024)	1,400,000	1,640,110
Radhakrishnan Nair	3,500,000	3,140,110
Hari L. Mundra (Director upto October 25, 2024)	2,500,000	1,640,110
B. Sriram	5,100,000	3,140,110
S. Madhavan	3,700,000	3,140,110
Vibha Paul Rishi	2,800,000	3,140,110
Rohit Bhasin (Director w.e.f. July 26, 2024)	1,800,000	2,046,195
Punit Sood (Director w.e.f. October 1, 2024)	1,700,000	1,500,000

1 The Independent Directors of the Bank including Chairperson receive sitting fees of Rs 100,000 for attending each meeting of the Board/committee as approved by the Board. Sitting fees for one committee meeting held in fiscal 2024 was paid in fiscal 2025.

2 The Board at its meeting held on February 15-17, 2024 and the Members through Postal Ballot on May 14, 2024 approved the increase in fixed remuneration payable to Non-executive Directors (excluding Part-time Chairperson and Director nominated by Government of India) from Rs 2,000,000 per annum to Rs 3,000,000 per annum with effect from February 10, 2024. The differential remuneration for the period with effect from February 10, 2024 till March 31, 2024 has been paid to the Non-executive Directors (other than Part-time Chairperson) on proportionate basis in fiscal 2025.

Disclosures required with respect to Section 197(12) of the Companies Act, 2013

The ratio of the remuneration of each director to the median employee's remuneration and such other details in terms of Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and as amended from time to time.

(i) The ratio of the remuneration of each director to the median remuneration of the employees of the company for the financial year;

Independent Directors1
Girish Chandra Chaturvedi (Director & Chairperson upto June 30, 2024)	3.79:1
Pradeep Kumar Sinha (Chairperson w.e.f. July 1, 2024)	11.82:1
Neelam Dhawan	9.92:1
Uday Chitale (Director upto October 19, 2024)	4.91:1
Radhakrishnan Nair	10.72:1
Hari L. Mundra (Director upto October 25, 2024)	6.69:1
B. Sriram	13.31:1
S. Madhavan	11.05:1
Vibha Paul Rishi	9.59:1
Rohit Bhasin (Director w.e.f. July 26, 2024)	6.21:1
Punit sood (Director w.e.f. October 1, 2024)	5.17:1
Executive Directors
Sandeep Bakhshi	115:1
Sandeep Batra	100:1
Rakesh Jha	100:1
Ajay Kumar Gupta	100:1

1 The Independent Directors of the Bank including Chairperson receive sitting fees for attending each Meeting of the Board/Committee as approved by the Board. The ratio of remuneration as stated in point (i) above is calculated after considering sitting fees and fixed remuneration paid during fiscal 2025.

(ii) The percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the financial year;

Sandeep Bakhshi, Managing Director & CEO	1%
Sandeep Batra, Executive Director	1%

Rakesh Jha, Executive Director	1%
Ajay Kumar Gupta, Executive Director	1%
Anindya Banerjee, Group Chief Financial Officer	2%
Prachiti Lalingkar, Company Secretary	16%

(iii) The percentage increase in the median remuneration of employees in the financial year;

The percentage increase in the median remuneration of employees in the financial year was around 11.4%.

(iv) The number of permanent employees on the rolls of company;

The number of employees, as mentioned in the section on ‘Management's Discussion & Analysis' is 130,957. Out of this, the employees on permanent rolls of the Bank are 129,177 including employees in overseas locations.

(v) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration;

The average percentage increase made in the salaries of total employees other than the Key Managerial Personnel for fiscal 2025 was around 9.6%, while the average increase in the remuneration of the Key Managerial Personnel was in the range of 1%-16%.

(vi) Affirmation that the remuneration is as per the remuneration policy of the company.

Yes

Particulars of Senior Management Personnel (SMP)

(a) Changes in SMP during fiscal 2025

Prabhat Singh, Rajendra Khandelwal, Soumendra Mattagajasingh and Vipul Agarwal were included in the list of senior management based on the eligibility criteria approved by the Board. Atul Kumar, Bijith Bhaskar, Divyesh Shah, Manish Maheshwari, Partha Dey, Pramod Dubey,

Pranav Mishra, Pravendra Shah, Rajesh Iyer, Shamala Potnis, Sriram Hariharan, Swanandi Phalnikar, T K Srirang, Vikas Agarwal and Vikas Singhvi were excluded from the list of senior management either owing to their retirement/ resignation from the Bank, movement to Group company or changes in the organisation structure.

(b) List of SMP as on March 31, 2025

Anindya Banerjee (Group Chief Financial Officer), Anish Madhavan (Head - Cards, Payment Solutions, E-Commerce Ecosystem, Merchant Ecosystem and Consumer Finance), Anubhuti Sanghai (Head - Transaction Banking, Supply Chain Finance and Retail Trade Products), Anuj Bhargava (Head - Global Clients Group, Multi National Clients, Public Sector Undertaking and Advisory), Atul Arora (Head - Assets, Business Banking and Debt Service Management Group), Balaji V.V. (Chief Technology Officer), G Srinivas (Group Chief Risk Officer), Hitesh Sachdev (Head - Start Up Engagement and Investments), Nilanjan Sinha (General Counsel), Pankaj Kohli (Head - Business Banking Credit and Process Management), Prabhat Singh (Head - Retail Credit & Process Management - Retail Banking, Mortgage Valuation Group), Prachiti Lalingkar (Company Secretary), Prasanna Balachander (Group Head - Global Markets - Sales, Trading and Research), Rajendra Khandelwal (Group Chief Internal Auditor), Rajesh Rai (Business Head - Retail and Business Banking), Rohit Poddar (Head - Operations Group), Sanjay Singhvi (Head - Trust Association Societies & Clubs and Government Banking Group), Sidharatha Mishra (Head - Digital Channels & Partnerships and Customer Service), Soumendra Mattagajasingh (Group Chief Human Resources Officer and Head Infrastructure Management & Services Group), Subir Saha (Group Chief Compliance Officer), Sujit Ganguli (Head - Corporate Brand and Communications), Sumit Sanghai (Head - Large Clients Group, Capital Markets, Construction Realty & Funding Group, Asset Evaluation & Monetization, Custody and Financial Sponsors), Vipul Agarwal (Head - Data Science and Analytics), Vyom Upadhyay (Deputy Chief Technology Officer).

IV. Corporate Social Responsibility Committee Terms of Reference

The functions of the Committee include review of corporate social responsibility (CSR) initiatives undertaken by the ICICI Group and the ICICI Foundation for Inclusive Growth, formulation and recommendation to the Board of a CSR Policy indicating the activities to be undertaken by the Bank and recommendation of the amount of expenditure to be incurred on such activities, identifying the focus, from among the themes specified in Schedule VII of the Companies Act, 2013, for initiatives to be undertaken by the Bank, reviewing and recommending the annual CSR plan to the Board with details of CSR initiatives and projects and schedule of implementation, making recommendations to the Board with respect to the CSR initiatives, policies and practices of the ICICI Group, monitoring the CSR activities, implementation and compliance with the CSR Policy, reviewing the submissions to be made to the Board with respect to implementation of the annual CSR action plan including the disbursement of funds for the purposes and manner as approved, implementation of ongoing projects as per approved timelines and year- wise allocation of funds, any modifications to be suggested to on-going projects, earmarking unspent CSR amount, if any, in subsequent periods as prescribed in the Companies Act, 2013 and suggest deployment of any amount spent in excess of the requirement for set-off in subsequent years, reviewing impact assessment of projects, and reviewing and implementing, if required, any other matter related to CSR initiatives as recommended/suggested by RBI or any other body.

Composition

There were two meetings of the Committee during the year - June 7, 2024 and January 23, 2025. The details of the composition of the Committee and attendance at its meetings held during the year are set out in the following table:

Name of Member	Number of meetings attended
Pradeep Kumar Sinha, Chairperson (Chairperson w.e.f. July 1, 2024)	2/2
Girish Chandra Chaturvedi (Member and Chairperson upto June 30, 2024)	1/1
Radhakrishnan Nair		2/2
Uday Chitale (upto September 30, 2024)		1/1
Vibha Paul Rishi		2/2
Rohit Bhasin (w.e.f. October 1, 2024)		1/1
Rakesh Jha		2/2

Details about the policy developed and implemented by the Company on CSR initiatives taken during the year

ICICI Bank has a long-standing commitment towards socio-economic development through CSR initiatives. The CSR Policy sets the framework guiding the CSR activities to be undertaken. The CSR activities are primarily in the areas of healthcare and sanitation, environment and ecology, livelihoods and community development including financial literacy, fraud awareness and other activities as may be permitted under applicable law. The activities are implemented either directly or through the ICICI Foundation for Inclusive Growth.

The CSR policy was reviewed and updated in June 2024 to facilitate the Bank's endeavour to take up multi-year CSR projects to make sustainable impact. The CSR policy was also reviewed and updated in June 2025 to specify the frequency as annual for review of the CSR Policy, and to include enablers for, as well as, to elaborate the list of CSR activities and initiatives being and proposed to be undertaken by the Bank across various thematic areas. The CSR policy has been hosted on the website of the Bank at https://www.icicibank.com/about-us/corporate- social-responsibility.

The Annual Report on the Bank's CSR activities is annexed herewith as Annexure D.

V. Credit Committee Terms of Reference

The functions of the Committee, inter alia, includes review of developments in key industrial sectors, major credit portfolios and approval of credit proposals as per the authorisation approved by the Board.

Composition

There were twenty eight meetings of the Committee during the year - April 12, April 29, May 13, May 22, June 6, June 18, June 28, July 10, July 30, August 131 (two meetings), August 28, September 12,

September 19, September 27, October 19, October 30, November 8, November 29, December 10, December 19 and December 27 in 2024 and January 18, January 29, February 13, March 7, March 15 and March 29 in 2025. The details of the composition of the Committee and attendance at its meetings held during the year are set out in the following table:

Name of Member	Number of meetings attended
Sandeep Bakhshi, Chairperson	28/28
Hari L. Mundra (upto September 30, 2024)	14/15
B. Sriram	28/28
Radhakrishnan Nair (w.e.f. October 1, 2024)	13/13
Rakesh Jha	26/28

1 To fulfill the quorum requirement of three members, Neelam Dhawan attended one meeting of the Committee in place of Hari L. Mundra who was granted leave of absence.

VI. Customer Service Committee Terms of Reference

The functions of this Committee include review of customer service initiatives, overseeing the functioning of the Standing Committee on Customer Service (Customer Service Council) and evolving innovative measures for enhancing the quality of customer service and improvement in the overall satisfaction level of customers.

Composition

There were six meetings of the Committee during the year - April 12, 2024, May 17, 2024, June 26, 2024, September 27, 2024, December 12, 2024 and February 14, 2025. The details of the composition of the Committee and attendance at its meetings held during the year are set out in the following table:

Name of Member	Number of meetings attended
Vibha Paul Rishi, Chairperson	6/6
Hari L. Mundra (upto September 30, 2024)	4/4
S. Madhavan (w.e.f. October 1, 2024)	2/2
Sandeep Bakhshi	6/6
Rakesh Jha	6/6

VII. Fraud Monitoring Committee Terms of Reference

The Committee monitors and reviews all the frauds involving an amount of Rs 30.00 million and above with the objective of identifying the systemic lacunae and suggest mitigating measures for strengthening the internal controls, risk management framework, if any. The functions of this Committee include identifying the reasons for delay in detection of fraud, if any in reporting to top management of the Bank and RBI. The status of filing of complaint with law enforcement agencies and recovery position is also monitored by the Committee. The Committee also ensures that staff accountability is examined at all levels in all the cases of frauds and staff side action, if required, is completed quickly without any delay. The role of the Committee is also to review the efficacy of the remedial action taken to prevent recurrence of frauds.

Composition

There were five meetings of the Committee during the year - April 20, 2024, June 5, 2024, July 24, 2024, October 25, 2024 and January 24, 2025. The details of the composition of the Committee and attendance at its meetings held during the year are set out in the following table:

Name of Member	Number of meetings attended
Radhakrishnan Nair, Chairperson	5/5
S. Madhavan (upto September 30, 2024)	3/3
Neelam Dhawan	5/5
Vibha Paul Rishi (w.e.f. October 1, 2024)	2/2
Sandeep Bakhshi (upto September 30, 2024)	3/3
Rakesh Jha	5/5

VIII. Information Technology Strategy Committee Terms of Reference

The functions of the Committee are to approve strategy for Information Technology (IT) and policy documents, ensure that IT strategy is aligned with business strategy, review performance with reference to IT & IS key risk indicators including periodic review of such risk indicators, ensure proper

balance of IT investments for sustaining the Bank's growth, oversee the aggregate funding of IT at Bank- level, ascertain if the management has resources to ensure the proper management of IT risks, review contribution of IT to business, oversee the activities of Digital Council, review technology from a future readiness perspective, overseeing key projects progress & critical IT systems performance including review of IT capacity requirements and adequacy and effectiveness of business continuity management and disaster recovery, review of special IT initiatives, review cyber risk, consider the RBI inspection report/ directives received from time to time by the Bank in the areas of information technology and cyber security and to review the compliance of various actionables arising out of such reports/directives as may be deemed necessary from time to time and review deployment of skilled resources within Technology and Information Security function to ensure effective and efficient deliveries.

Composition

There were six meetings of the Committee during the year - July 5, 2024, August 29, 2024, November 27, 2024, January 13, 2025, January 18, 2025 and March 15, 2025 (held jointly with Risk Committee). The details of the composition of the Committee and attendance at its meetings held during the year are set out in the following table:

Name of Member	Number of meetings attended
B. Sriram, Chairperson	6/6
Neelam Dhawan	6/6
Punit Sood (w.e.f. October 1, 2024)	4/4
Sandeep Batra	6/6
Rakesh Jha (upto July 26, 2024)	1/1
Ajay Kumar Gupta (w.e.f. July 27, 2024)	5/5

IX. Risk Committee Terms of Reference

The functions of the Committee are to review ICICI Bank's risk management policies pertaining to credit, market, liquidity, operational, outsourcing, model risk management, framework for early warning signals and red flagging of accounts, reputation

risks, business continuity plan and disaster recovery plan and approve Broker Empanelment Policy and any amendments thereto. The functions of the Committee also include setting limits on any industry or country, review of the ERM framework, Risk Appetite for the Bank, stress testing framework, ICAAP and framework for capital allocation; review of the Basel framework, risk dashboard covering various risks, outsourcing activities, the activities of the Asset Liability Management Committee and the proceedings of the Group Risk Management Committee. The Committee also carries out Cyber Security risk assessment. The appointment, removal and terms of remuneration of the Chief Risk Officer is subject to review by the Committee. The Committee coordinates its activities with other committees, in instances where there is any overlap with activities of such committees, as per the framework laid down by the Board of Directors.

Composition

There were ten meetings of the Committee during the year - April 16, 2024, April 24, 2024, June 10, 2024, June 20, 2024, July 25, 2024, October 25, 2024, January 24, 2025, February 28, 2025, March 10, 2025 and March 15, 2025 (held jointly with Information Technology Strategy Committee).

The details of the composition of the Committee and attendance at its meetings held during the year are set out in the following table:

Name of Member	Number of meetings attended
Rohit Bhasin, Chairperson (Member w.e.f. July 27, 2024 and Chairperson w.e.f. October 1, 2024)	5/5
S. Madhavan (Chairperson upto September 30, 2024)	10/10
Girish Chandra Chaturvedi (upto June 30, 2024)	4/4
Pradeep Kumar Sinha	10/10
Vibha Paul Rishi (upto September 30, 2024)	5/5
Punit Sood (w.e.f. October 1, 2024)	5/5
Sandeep Batra	10/10

X. Stakeholders Relationship Committee Terms of Reference

The functions of the Committee include approval and rejection of transmission of shares, bonds, debentures, issue of duplicate certificates, allotment of securities from time to time, redressal and resolution of grievances of security holders, delegation of authority for opening and operation of bank accounts for payment of interest/dividend.

Composition

There were five meetings of the Committee during the year - April 25, 2024, July 26, 2024, October 25, 2024, January 23, 2025 and March 26, 2025. The details of the composition of the Committee and attendance at its meetings held during the year are set out in the following table:

Name of Member	Number of meetings attended
Vibha Paul Rishi, Chairperson (Member and Chairperson w.e.f. October 1, 2024)	3/3
Hari L. Mundra (Member and Chairperson upto September 30, 2024)	2/2
Uday Chitale (upto September 30, 2024)	2/2
Sandeep Batra	5/5
Ajay Kumar Gupta (w.e.f. October 1, 2024)	3/3

Prachiti Lalingkar, Company Secretary of the Bank acts as the Compliance Officer in accordance with the requirements of the SEBI Listing Regulations. 346 investor complaints were received in fiscal 2025. At March 31, 2025, twenty complaints were pending. The Bank has attended to all the complaints and as on date, three complaints are pending closure with the statutory authority.

XI. Review Committee for Identification of Wilful Defaulters/Non-Co- operative Borrowers

The Managing Director & CEO was the Chairperson of this Committee and any two independent Directors comprised the remaining members. The Committee met once during the year on October 28, 2024. The meeting was chaired by Sandeep Bakhshi and Neelam Dhawan and B. Sriram were also in attendance.

Pursuant to the revised Master Direction on treatment of wilful defaulters and large defaulters issued by RBI, the said Committee has been subsequently dissolved.

XII. Review Committee (Gross Principal Outstanding > Rs. 750.0 million) for identification & classification of wilful defaulters

Pursuant to the revised Master Direction on treatment of wilful defaulters and large defaulters issued by RBI, the said Committee was constituted during fiscal 2025.

Terms of Reference

The function of the Committee is to review the order of the Identification Committee (Gross Principal Outstanding > Rs. 750.0 million) for identification & classification of wilful defaulters and confirm the same for the order to be considered final.

Composition

The Managing Director & CEO is the Chairperson of this Committee and any two independent Directors comprise the remaining members. The Committee met on February 14, 2025. The meeting was chaired by Sandeep Bakhshi and Neelam Dhawan and S. Madhavan were also in attendance.

XIII. Separate Meeting of Independent Directors

In accordance with Schedule IV of the Companies Act, 2013 and Regulation 25(3) of the SEBI Listing Regulations, Independent Directors should meet at least once in a financial year. During the year, the Independent Directors met on April 27, 2024 without the presence of non-independent directors and members of the management, inter alia, to review the matters statutorily prescribed under the Companies Act, 2013 and the SEBI Listing Regulations.

XIV. Other Committees

In addition to the above, the Board has, from time to time, constituted various committees, namely, Committee of Executive Directors, Executive Investment Committee, Asset Liability Management Committee, Review Committee (Gross Principal Outstanding <= Rs. 750.0 million) for identification & classification of wilful defaulters, Identification Committee (Gross Principal outstanding > Rs. 750.0 million) for identification & classification of wilful defaulters, Identification Committee (Gross Principal outstanding <= Rs. 750.0 million) for identification & classification of wilful defaulters, Committee of Senior Management (comprising certain wholetime Directors and Executives), Committee of Executives, Compliance Committee, Group Risk Management Committee, Process Approval Committee, Outsourcing Committee, Operational Risk Management Committee, Vigilance Committee, Product Governance Forum and other committees. These committees are responsible for specific areas like asset liability management, approval/renewal of credit proposals, review of group risk management framework, approval of products and processes and management of operational risk, etc., under authorisation/supervision of the Board and its committees.

XV. General Body Meetings Annual General Meetings

The details of Annual General meetings held in the last three years are given below:

General Body Meeting	Day, Date & Time	Venue	Special Resolutions
Thirtieth Annual General Meeting	Thursday, August 29, 2024 at 3:00 p.m.	VC/ OAVM*	• Appointment of Rohit Bhasin (DIN: 02478962) as an Independent Director of the Bank
Twenty-Ninth Annual General Meeting	Wednesday, August 30, 2023 at 2:00 p.m.	VC/ OAVM*	• Re-appointment of Hari L. Mundra (DIN: 00287029) as an Independent Director of the Bank
			• Re-appointment of B. Sriram (DIN: 02993708) as an Independent Director of the Bank
			• Re-appointment of S. Madhavan (DIN: 06451889) as an Independent Director of the Bank
Twenty-Eighth Annual General Meeting	Tuesday, August 30, 2022 at 3:00 p.m.	VC/ OAVM*	• Re-appointment of Neelam Dhawan (DIN: 00871445) as an Independent Director of the Bank
			• Re-appointment of Uday Chitale (DIN: 00043268) as an Independent Director of the Bank
			• Re-appointment of Radhakrishnan Nair (DIN: 07225354) as an Independent Director of the Bank
			• Approval and adoption of ‘ICICI Bank Employees Stock Unit Scheme - 2022'
			• Approval of grant of Units to the eligible employees of select unlisted wholly owned subsidiaries under ‘ICICI Bank Employees Stock Unit Scheme - 2022'

* Meeting held through Video Conferencing/Other Audio Visual Means

Postal Ballot

None of the businesses proposed to be transacted at the ensuing AGM require passing of resolution through postal ballot.

Resolutions were passed through postal ballot during fiscal 2025 pursuant to the provisions of Section 110 and other applicable provisions of the Companies Act, 2013. In accordance with the General Circulars issued by the Ministry of Corporate Affairs, the approval of the Members of the Bank was obtained through Postal Ballot only through the remote e-voting process.

Postal Ballot Notice dated April 5, 2024

The details of the resolutions and voting pattern are given below:

Resolution	Number of votes polled	% of votes polled on outstanding shares	Number of votes cast in favour of the Resolution	Number of votes cast against the Resolution	% of votes in favour on votes polled	% of votes against on votes polled
Appointment of Pradeep Kumar Sinha (DIN: 00145126) as an Independent Director with effect from February 17, 2024 (Special Resolution)	6,002,261,772	85.4654	5,984,653,128	17,608,644	99.7066	0.2934
Compensation payable to Pradeep Kumar Sinha (DIN: 00145126) as Non-Executive Part-time Chairman with effect from July 1, 2024 or the date of approval from Reserve Bank of India, whichever is later (Ordinary Resolution)	5,999,076,311	85.4201	5,996,473,643	2,602,668	99.9566	0.0434
Revision in compensation in the form of fixed remuneration payable to the Non-Executive Directors (other than part-time Chairman and the Director nominated by the Government of India) (Ordinary Resolution)	5,999,697,183	85.4289	5,994,605,996	5,091,187	99.9151	0.0849
Revision in fixed remuneration of Girish Chandra Chaturvedi (DIN: 00110996), Non-Executive (Part-time) Chairman (Ordinary Resolution)	5,999,697,176	85.4289	5,999,342,389	354,787	99.9941	0.0059
Appointment of Ajay Kumar Gupta (DIN: 07580795) as a Director and Whole-time Director (designated as Executive Director) with effect from March 15, 2024 and payment of remuneration to him (Ordinary Resolution)	5,999,435,519	85.4252	5,940,575,833	58,859,686	99.0189	0.9811

Vinita Nair of M/s. Vinod Kothari & Company, Practicing Company Secretaries, Scrutinizer submitted her report on May 15, 2024. Basis the consolidated Scrutinizer's report, all the above resolutions were passed with requisite majority on May 14, 2024 (being the last date of remote e-voting).

The Scrutinizer Report and the Voting results are available on the website of the stock exchanges and the Bank.

Postal Ballot Notice dated October 26, 2024

The details of the resolution and voting pattern are given below:

Resolution	Number of votes polled	% of votes polled on outstanding shares	Number of votes cast in favour of the Resolution	Number of votes cast against the Resolution	% of votes in favour on votes polled	% of votes against on votes polled
Appointment of Punit Sood (DIN: 00033799) as an Independent Director with effect from October 1, 2024 (Special Resolution)	6,039,889,951	85.6886	6,026,551,929	13,338,022	99.7792	0.2208

P. N. Parikh of M/s. Parikh Parekh & Associates, Practising Company Secretaries, Scrutinizer submitted his report on November 29, 2024. Basis the consolidated Scrutinizer's report, the above resolution was passed with requisite majority on November 29, 2024 (being the last date of remote e-voting).

The Scrutinizer Report and the Voting results are available on the website of the stock exchanges and the Bank.

XVI. Disclosures

1. There are no materially significant transactions with related parties i.e., directors, management, subsidiaries, or relatives conflicting with the Bank's interests. The Bank has no promoter.

2. Details of non-compliance by the Bank, penalties or strictures imposed on the Bank by stock exchanges or SEBI or any statutory authority, on any matter relating to capital markets, during the last three years are detailed as under:

(i) SEBI vide letter dated March 20, 2025, issued an administrative warning cum advisory letter in respect of the following observations identified during the inspection of Custodian activities of the Bank:

• Failure to obtain instructions for settlement of equity trades from institutional clients through STP modes in certain cases;

• Delay in distribution of dividends and interests collected on behalf of clients in certain cases;

• Delay in blocking the accounts of twelve FPIs whose Legal Entity Identifier had expired; and

• Debt investment limit breach details of four FPIs were not reported to SEBI.

The Bank has, vide its letter dated April 4, 2025, filed the action taken report with SEBI. Further, as advised by SEBI, the findings of inspection, reply thereto, warning letter and the action taken report were placed before the Board of Directors at its meeting held on April 19, 2025. The Board noted the steps taken by the Bank and advised to ensure compliance of the instructions issued by SEBI.

(ii) SEBI vide letter dated February 28, 2025, issued an administrative warning cum advisory letter in respect of the following observations identified during the inspection of Designated Depository Participant activities of the Bank:

• Delay in intimating the details of invalid FPIs to Depository;

• Failure to identify incomplete granular disclosures made by three FPIs; and

• Omitted to include one FPI under Adhoc Report for FPI exemption.

The Bank has, vide its letter dated March 13, 2025, filed the action taken report with SEBI. Further, as advised by SEBI, the findings of inspection, reply thereto, warning letter and the action taken report were placed before the Board of Directors at its meeting held on April 19, 2025. The Board noted the steps taken by the Bank and advised to ensure compliance of the instructions issued by SEBI.

(iii) SEBI issued an advisory letter dated February 4, 2025, whereby SEBI observed delay of one day in filing the quarterly reports in three instances on the SEBI intermediary (SI) portal of Custodian and has inter-alia advised to adhere to the timelines of regulatory reporting. The Bank has taken adequate steps to strengthened the nonrecurrence of such instance.

(iv) SEBI issued an advisory letter dated June 27, 2024 whereby SEBI observed delay in updation on the SI portal of Merchant Banker, regarding appointment of Director. SEBI has advised the Bank to be careful in future and improve compliance standards to avoid recurrence of such instances. The Bank has taken adequate steps to strengthened the non-recurrence of such instance.

(v) SEBI issued Administrative Warning Letter dated June 6, 2024 with respect to outreach programme undertaken by the Bank regarding the Scheme of Arrangement for delisting of the equity shares of ICICI Securities. In terms of the directions of Administrative Warning Letter, the Bank filed a disclosure with the stock exchanges on June 6, 2024 and the letter was also placed before the Board of Directors of the Bank at its meeting held on June 29, 2024 along with action taken by the Bank in respect to the complaints received from shareholders. Thereafter, the Bank also submitted relevant extract of the Board discussion to SEBI.

(vi) SEBI issued administrative warning letter dated March 30, 2024 in respect of the following observations identified during the inspection of Depository Participant (DP) activities:

• In one instance, bank account was not updated in back-office system.

• In one instance of Delivery Instruction Slip (DIS) issuance, the Bank in its capacity as DP, had issued DIS booklet to client on April 17, 2023 but same was not entered in Depository Participant Module system.

The Bank vide its letter dated April 6, 2024 to SEBI, has submitted action taken report on the observations made by SEBI. Further, as advised by SEBI, the aforementioned letter from SEBI along with findings of inspection and the corrective steps taken by the Bank were placed before the Board of Directors at its meeting held on April 27, 2024. The Board noted the steps taken by the Bank and advised to ensure compliance with the instructions issued by SEBI. The same was informed to SEBI by the Bank vide letter dated May 30, 2024.

(vii) BSE and NSE had levied a fine of Rs 11,800 each for delay in submitting the notice of record date in one instance under Regulation 60(2) of the SEBI Listing Regulations. The Bank paid fines to both the stock exchanges and filed for waiver of the fine. BSE and NSE vide their communications dated March 31, 2023 and May 15, 2023 respectively, waived the fine.

(viii) SEBI issued an administrative warning on March 2, 2023 for collection of registration fees in advance before registration of Common Application Form and collection of balance fees in case of re-categorization of FPI category and non-updation of operational manual with specific section to deal with specific entities. The Bank submitted its action taken report to SEBI. Further, the Board of Directors noted the steps taken by the Bank and advised to ensure timely compliance with the instruction issued by SEBI. The same was informed to SEBI.

(ix) SEBI issued an administrative warning on October 14, 2022 for failure to transfer amounts pertaining to written off securities to the Investor Protection and Education Fund within prescribed timelines and delay in updation of Operational Manual after issuance of Regulations/Guidelines. The Bank placed the same along with corrective measures before the Board and also submitted the responses to SEBI.

3. In terms of the Whistle Blower Policy of the Bank, no employee of the Bank has been denied access to the Audit Committee.

4. Being a banking company, the disclosures relating to deposits as required under Rule 8(5) (v) and (vi) of the Companies (Accounts) Rules, 2014, read with Sections 73 and 74 of the Companies Act, 2013, are not applicable to the Bank.

5. There is no application or proceeding pending against the Bank under the Insolvency and Bankruptcy Code, 2016 during the year under review.

6. There was no instance of one-time settlement with any other bank or financial institution during the year under review.

XVII. Means of Communication

It is ICICI Bank's belief that all its stakeholders should have access to information regarding its position to enable them to accurately assess its future potential.

ICICI Bank disseminates information on its operations and initiatives on a regular basis. ICICI Bank‘s website www.icicibank.com serves as a key awareness facility for all its stakeholders, allowing them to access information at their convenience. It provides comprehensive information on ICICI Bank's strategy, financial performance, operational performance and the latest press releases.

ICICI Bank's investor relations personnel respond to specific queries and play a proactive role in disseminating information to both analysts and investors. The information is disseminated to the NSE, BSE, New York Stock Exchange (NYSE), SEC, Singapore Stock Exchange, Japan Securities Dealers Association and SIX Swiss Exchange Ltd. from time to time. In accordance with SEBI and Securities Exchange Commission (SEC) guidelines, all information which could have a material bearing on ICICI Bank's share price is also released through leading domestic and global wire agencies.

The financial and other information and the various compliances as required/prescribed under the SEBI Listing Regulations are filed electronically with NSE/BSE and are also available on their respective websites in addition to the Bank's website.

ICICI Bank's quarterly financial results are published in Financial Express and Vadodara Samachar. The financial results, official news releases, earnings call transcripts, audio recording and presentations are also available on the Bank's website.

The Management's Discussion & Analysis forms part of the Annual Report.

General Shareholder Information

Annual General Meeting	Day, Date	Time
Thirty-first Annual General Meeting through Video Conferencing/Other Audio Visual Means	Saturday, August 30, 2025	11:00 a.m.

Financial Year : April 1, 2024 to March 31, 2025 Record Date : August 12, 2025 Dividend Payment Date : Will be paid/despatched on or after September 3, 2025

Listing of equity shares/ADSs/Bonds on Stock Exchanges

Stock Exchange	Code for ICICI Bank
BSE Limited (Equity), Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001	532174 & 6321741
National Stock Exchange of India Limited (Equity), Exchange Plaza, Bandra-Kurla Complex, Mumbai 400 051	ICICIBANK
New York Stock Exchange (ADSs)23 11, Wall Street, New York, NY 10005, United States of America	IBN

1 FII segment of BSE

2 Each ADS of ICICI Bank represents two underlying equity shares

3 On June 27, 2025, the Board has approved the amendment to the ICICI Bank ADR Deposit Agreement, subject to approval of RBI, to grant voting rights pertaining to the Deposited Securities to the registered ADS holders. The voting rights by the registered ADS holder would be subject to it demonstrating that its holdings are in conformity with Section 12B of the Banking Regulation Act, 1949 read with applicable Master Direction & Guidelines, as amended from time to time.

The bonds issued in domestic market comprised privately placed bonds as well bonds issued via public issues which are listed on BSE/NSE.

ICICI Bank has paid annual listing fees for the relevant periods to BSE and NSE where its equity shares/ bonds are listed and NYSE where its ADSs are listed.

Listing of other securities

The bonds issued overseas are issued either in public or private placement format. As on date, the listed bonds are traded on Singapore Exchange Securities Trading Limited, 2 Shenton Way, #02- 02, SGX Centre 1, Singapore 068804 or India International Exchange (IFSC) Limited (India INX), 1st Floor, Unit No. 101, The Signature, Building No. 13B, Road 1C, Zone 1, GIFT SEZ, GIFT City, Gandhinagar, Gujarat-382050 or NSE IFSC Limited, Unit No.1201, Brigade International Financial Centre, 12th floor, Block-14, Road 1C, Zone -1, GIFT SEZ, Gandhinagar, Gujarat - 382355.

Share Transfer System, Dematerilisation of Shares and Liquidity

As per the SEBI mandate, securities of listed companies can be transferred/traded only in dematerialised form. In view of this and to eliminate all risks associated with physical shares and for ease of portfolio management, Members holding shares in physical form are requested to consider converting their holdings to dematerialised form. The Bank's equity shares are actively traded on the stock exchanges.

In terms of Regulation 76 of the SEBI (Depositories and Participants) Regulations, 2018 and SEBI Circular No. D&CC/FITTC/CIR-16/2002 dated December 31, 2002, as amended vide Circular No. CIR/MRD/DP/30/2010 dated September 6, 2010 an audit is conducted on a quarterly basis, for the purpose of, inter alia, reconciliation of the total admitted equity share capital with the depositories and in the physical form with the total issued/paid up equity share capital of ICICI Bank. Audit Reports issued in this regard are placed before the Stakeholders Relationship Committee and filed with BSE and NSE, where the equity shares of ICICI Bank are listed.

Registrar and Transfer Agents

KFin Technologies Limited is the Registrar & Transfer Agent (R & T Agent) for equity shares of ICICI Bank. Investor services related queries/requests/grievances for equity shares may be directed to C Shobha Anand at the following address:

KFin Technologies Limited

Unit: ICICI Bank Limited

Selenium Building, Tower-B

Plot No. 31 & 32, Financial District

Nanakramguda, Serlingampally

Hyderabad 500 032, Rangareddy

Telangana, India

Tel. No.: +91-040-6716 2222

Fax No.: +91-040-2342 0814

Toll free No.: 18003094001

E-mail: einward.ris@kfintech.com

Website: https://ris.kfintech.com

Investor Support Centre: https://ris.kfintech.com/

clientservices/isc

Details of other Service Centers of KFin Technologies Limited, R & T Agent for equity shareholders can be viewed at https://www.icicibank.com/about-us/ investor-contact.

3i Infotech Limited is the R & T Agent for the bonds/ debentures issued by ICICI Bank. Investor services related queries/requests/grievances for bonds/ debentures may be directed to Vijay Singh Chauhan at the following address:

3i Infotech Limited

International Infotech Park, Tower # 5, 3rd Floor,

Vashi Railway Station Complex, Vashi Navi Mumbai 400 703, Maharashtra, India Tel. No.: +91-22-7123 8034/35 E-mail: ICICIbonds@3i-infotech.com Website: https: //www.3i-infotach.com/invastors/

Queries relating to the operational and financial performance of ICICI Bank may be addressed to:

Anindya Banerjee/Abhinek Bhargava

ICICI Bank Limited

ICICI Bank Towers

Bandra-Kurla Complex

Mumbai 400 051

Tel. No.: +91-22-4008 6173

E-mail: ir@icicibank.com

Debenture Trustees

Pursuant to Regulation 53 of the SEBI Listing Regulations, the names and contact details of the debenture trustees for the public issue bonds and privately placed bonds of the Bank are given below:

Axis Trustee Services Limited	IDBI Trusteeship Services Limited
The Ruby, 2nd Floor, SW 29	Universal Insurance Building
Senapati Bapat Marg	Ground Floor, Sir P.M. Road
Dadar West, Mumbai 400 028	Fort, Mumbai 400 001
Tel. No.: +91-22-6230 0451	Tel. No.: +91-22-4080 7000
debenturetrustee@axistrustee.in	itsl@idbitrustee.com

The details are available on the website of the Bank at https://www.icicibank.com/Personal-Banking/investments/ icici-bank-bonds/index.page.

Information on Shareholding

Details of shares held in Demat and Physical form at March 31, 2025

Mode of holding	No. of Shares	%
Demat	7,111,741,731*	99.86
Physical	10,186,099	0.14
Total	7,121,927,830	100.00

* Includes equity shares of ICICI Bank allotted on March 26, 2025 pursuant to the Scheme of Arrangement (corporate action was pending as on March 31, 2025).

Distribution of shareholding of ICICI Bank at March 31, 2025

Range - Shares	No. of Folios	%	No. of Shares	%
1 - 5,000	1,975,821	98.85	242,217,543	3.40
5,001 - 10,000	11,453	0.57	39,622,453	0.56
10,001 - 20,000	4,933	0.25	34,303,225	0.48
20,001 - 30,000	1,566	0.08	19,178,404	0.27
30,001 - 40,000	751	0.04	13,077,740	0.18
40,001 - 50,000	470	0.02	10,565,778	0.15
50,001 - 100,000	1,008	0.05	35,898,593	0.50
100,001 & Above	2,889	0.14	6,727,064,094	94.46
Total	1,998,891	100.00	7,121,927,830	100.00

Shareholding pattern of ICICI Bank at March 31, 2025

Shareholder Category	No. of Shares	% holding
Deutsche Bank Trust Company Americas (Depositary for ADS holders)	1,324,805,129	18.60
FIIs/FPIs	2,656,490,601	37.30
Insurance Companies	652,339,663	9.16
Bodies Corporate (includes Government Companies, Clearing Members, Banks and Financial Institutions)	79,379,656	1.11
Mutual Funds	1,731,254,476	24.31
Individuals (includes HUF, Trusts, NRI)	454,052,744	6.39
NBFCs Registered with RBI	3,007,413	0.04
Provident Funds/Pension Funds	149,678,991	2.10
Alternate Investment Fund	55,069,068	0.77
Investor Education and Protection Fund	9,518,318	0.13
Others (includes Foreign Banks, Foreign Companies, Foreign Nationals etc.)	6,331,771	0.09
Total	7,121,927,830	100.00

Shareholders of ICICI Bank with more than one percent holding (PAN based) at March 31, 2025

Name of the Shareholder	No. of Shares	% holding
Deutsche Bank Trust Company Americas*	1,324,805,129	18.60
Life Insurance Corporation of India	394,047,798	5.53
SBI Mutual Fund	355,315,337	4.99
ICICI Prudential Mutual Fund	264,645,663	3.72
HDFC Mutual Fund	217,837,497	3.06
NPS Trust	149,678,991	2.10
UTI Mutual Fund	141,741,669	1.99
Government of Singapore	131,556,234	1.85
Nippon Life India Mutual Fund	130,670,670	1.83
Government Pension Fund Global	107,875,076	1.51
SBI Life Insurance Company Limited	90,577,502	1.27
Kotak Mutual Fund	86,581,792	1.22
Aditya Birla Sun Life Mutual Fund	76,784,495	1.08
Vanguard Total International Stock Index Fund	74,263,842	1.04
Axis Mutual Fund	72,389,992	1.02

* Deutsche Bank Trust Company Americas holds equity shares of ICICI Bank as depositary for ADS holders.

Details of shares/convertible instruments held by Non-executive Directors

As on March 31, 2025, S. Madhavan and Vibha Paul Rishi (as joint holder) held 5,005* and 330 equity shares of Rs 2.00 each respectively.

* Includes 1,005 equity shares of ICICI Bank allotted on March 26, 2025 in lieu of 1,500 equity shares held in ICICI Securities pursuant to the Scheme of Arrangement.

Disclosure with respect to shares lying in suspense account

The Bank had 93,202 equity shares held by 464 shareholders lying in suspense account at the beginning of the fiscal 2025. The Bank has been transferring the shares lying unclaimed to the eligible shareholders as and when the request for the same has been received after proper verification. During the year under review, the Bank had processed request received from a shareholder holding 275 shares and accordingly the said shares were transferred from the suspense account. As on March 31, 2025, 92,927 shares held by 463 shareholders remained unclaimed in the suspense account.

The voting rights on the shares lying in suspense account are frozen till the rightful owner of such shares claims the shares.

Transfer of unclaimed dividend and shares to Investor Education & Protection Fund (IEPF)

Pursuant to the provisions of Sections 124 and 125 of the Companies Act, 2013, during fiscal 2025, dividend amount of Rs 40.09 million remaining unclaimed for a period of seven years from the date of its transfer to the Unpaid Dividend Accounts of the Company has been transferred to the IEPF.

Pursuant to Section 124(6) of the Companies Act, 2013 read with the Investor Education & Protection Fund Authority (Accounting, Audit, Transfer & Refund) Rules, 2016, during fiscal 2025, 680,892 equity shares in respect of which the dividend has not been claimed for seven consecutive years have been transferred to the designated demat account of the IEPF Authority.

The unclaimed dividend and the equity shares transferred to IEPF can be claimed by making an application in the prescribed form to IEPF.

Members who have not yet encashed their dividend warrant(s) for the financial year ended March 31, 2018 and/or subsequent years are requested to submit their claims to KFin Technologies Limited without any delay.

The details of Nodal Officer and Deputy NodaI Officers appointed under the provisions of IEPF are available on the website of the Bank at https://www.icicibank. com/about-us/invest-relations/unpaid-unclaimed- dividend.

Outstanding GDRs/ADSs/Warrants or any Convertible instruments, conversion date and likely impact on equity

ICICI Bank has 662.40 million ADS (equivalent to 1,324.80 million equity shares) outstanding, which constituted 18.60% of ICICI Bank's total equity capital at March 31, 2025. There are no other convertible instruments outstanding as on March 31, 2025.

Commodity price risk or foreign exchange risk and hedging activities

The foreign exchange risk position including bullion is managed within the net overnight open position limit approved by the Board of Directors. The foreign currency assets of the Bank are primarily floating rate linked assets. Wholesale liability raising for foreign currencies takes place in USD or other currencies through bond issuances, bilateral loans and syndicated/club loans as well as refinance from Export Credit Agencies which may be at a fixed rate or floating rate linked. In case of fixed rate long-term wholesale fund raising in USD, the interest rate risk is generally hedged through interest rate swaps wherein the Bank effectively moves the interest payments to a floating rate index in order to match the asset profile. In case of fund raising in non-USD currencies, the foreign exchange risk is hedged through foreign exchange swaps or currency interest rate swaps.

The extant RBI guidelines do not allow AD Category I Banks to take any market positions in commodity related activities. However, the extant guidelines allows Bank to import gold and silver in line with the RBI license and selling of imported gold/silver on outright basis to domestic clients or providing gold metal loan to jewellery manufacturers. ICICI Bank provides pricing and hedging of Gold Metal Loan to jewellery customers and such exposures are covered on a back-to-back basis with gold suppliers.

In view of the above, the disclosure pursuant to the SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2018/0000000141 dated November 15, 2018 is not required to be given.

Plant Locations - Not applicable

Address for Correspondence

Prachiti Lalingkar

Company Secretary

ICICI Bank Limited

ICICI Bank Towers

Bandra-Kurla Complex

Mumbai 400 051

Tel. No.: +91-22-4008 8900

E-mail: companysecretary@icicibank.com

The Bank is in compliance with requirements specified in Regulations 17 to 27 and clauses (b) to (i) of sub-regulation (2) of Regulation 46 of the SEBI Listing Regulations.

The Bank has also complied with the discretionary requirements such as maintaining a separate office for the Chairperson at the Bank's expense, ensuring financial statements with unmodified audit opinion, separation of posts of Chairperson and Chief Executive Officer and reporting of internal auditor directly to the Audit Committee.

Bank's Customer Service

The Bank enables customers to avail of services through multiple channels.

• Customer care: Single contact number and e-mail ID to connect with us for all your Banking related queries

• Phone number 1800 1080 and Email: customer. care@icicibank.com

• To know more, visit https://www.icicibank.com/ customer-care

• Branch: Visit our branch for resolution. Alternative, drop queries/feedback in the drop box at branches.

• iMobile: Seek resolution using the iPAL chat bot.

• Website: Register a request on the Bank's website. For details, https://www.icicibank.com/personal- banking/insta-banking/internet-banking/list-of- service-requests

Analysis of Customer Complaints

The details required as per the RBI Circular No. CEPD. CO.PRD.Cir.No.01/13.01.013/2020-21 dated January 27, 2021 are disclosed in note no. 55 of Schedule 18 of the financial statements.

COMPLIANCE CERTIFICATE OF THE AUDITORS

ICICI Bank has annexed to this Report, a certificate obtained from the Secretarial Auditor regarding compliance of conditions of corporate governance as stipulated in the SEBI Listing Regulations.

SHARE BASED EMPLOYEE BENEFITS SCHEME(S)

(a) ICICI Bank Employees Stock Option Scheme - 2000

I CICI Bank has an Employees Stock Option Scheme - 2000 (Scheme 2000) which was instituted in fiscal 2000 to enable the employees and Wholetime Directors of ICICI Bank and its subsidiaries to participate in future growth and financial success of the Bank. The Scheme 2000 aims at achieving the twin objectives of aligning employee interest to that of the shareholders and retention. Through employee stock option grants, the Bank seeks to foster a culture of long-term sustainable value creation. The Scheme 2000 is in compliance with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (the SEBI SBEB & SE Regulations). The options are granted by BGRNC and noted/approved by the Board as the case maybe.

The Scheme 2000 was initially approved by the Members at their meeting held on February 21, 2000 and amended from time to time.

The Bank has upto March 31, 2025 granted (net of lapsed) 639.49 million stock options from time to time aggregating to 8.98% of the issued equity capital of the Bank at March 31, 2025. As per the Scheme 2000, as amended from time to time, the maximum number of options granted to any employee/Director in a year is limited to 0.05% of ICICI Bank's issued equity shares at the time of the grant, and the aggregate of all such options is limited to 10% of ICICI Bank's issued equity shares on the date of the grant (equivalent to 712.19 million shares of face value Rs 2.00 each at March 31, 2025).

Particulars of options granted by ICICI Bank as on March 31, 20251 are given below:

Number of options outstanding2 at the beginning of the year	198,731,466
Number of options granted during the year	15,964,860
Number of options forfeited/ lapsed during the year	1,997,001
Number of options vested during the year	21,345,542
Number of options exercised during the year	42,832,398
Number of shares arising as a result of exercise of options	42,832,398
Money realised by exercise of options during the year (Rs)	14,373,696,918
Number of options outstanding2 at the end of the year	169,866,927
Number of options exercisable at the end of the year	137,704,023

1 In March 2025, 2,960,270 options were granted to eligible employees of ICICI Securities including its subsidiaries pursuant to the Scheme of Arrangement. The exercise price payable for the options granted by ICICI Bank has been adjusted after taking into account the effect of the Swap Ratio.

2 Options granted less exercised less lapsed.

(b) I CICI Bank Employees Stock Unit Scheme - 2022

I CICI Bank has an Employees Stock Unit Scheme - 2022 (Scheme 2022) which was instituted in fiscal 2023. The key objectives of the Scheme 2022 are to deepen the co-ownership amongst the (i) mid level and front-line managers, and (ii) employees of Bank's select unlisted wholly owned subsidiaries with the following key considerations:

i. to enable employees' participation in the business as an active stakeholder to usher in an ‘Owner-Manager' culture and to act as a retention mechanism;

ii. to enhance motivation of employees; and

iii. to enable employees to participate in the long term growth and financial success of the Bank.

The Scheme 2022 is in compliance with the SEBI SBEB & SE Regulations.

Maximum of 100,618,910* units, shall be granted in one or more tranches over a period of seven years from the date of approval of the Scheme 2022 by the shareholders, which shall entitle the unit holder one fully paid-up equity share of face value of Rs 2.00 of the Bank (as adjusted for any changes in capital structure of the Bank) against each unit exercised and accordingly, up to 100,618,910* equity shares of face value of Rs 2.00 each shall be allotted to all eligible employees taken together under the Scheme 2022.

• increased from 100,000,000 to 100,618,910 pursuant to the Scheme of Arrangement and in-principle approval received from the stock exchanges on April 1, 2025.

Units granted under the Scheme 2022 shall vest not later than the maximum vesting period of 4 years. Exercise price shall be the face value of equity shares of the Bank i.e. Rs 2.00 for each unit (as adjusted for any changes in capital structure of the Bank).

Units granted under the Unit Scheme 2022 vest in a graded manner over a three-year period with 30%, 30% and 40% of the grant vesting in each year, commencing from the end of 13 months from the date of grant. Exercise period will not exceed five years from date of vesting of units or such shorter period as may be determined by the BGRNC for each grant.

Besides continuity of employment, vesting shall also be dependent on achievement of certain corporate performance parameter(s) such as:

• Risk Calibrated Core Operating profit;

• Provision/asset quality;

• Other parameters, if any, as the Committee may determine

Particulars of units granted by ICICI Bank as on March 31, 20251 are given below:

Number of units outstanding2 at the beginning of the year	4,190,810
Number of units granted during the year	4,964,420
Number of units forfeited/lapsed during the year	371,263
Number of units vested during the year	1,313,006
Number of units exercised during the year	751,672
Number of shares arising as a result of exercise of units	751,672
Money realised by exercise of units during the year (Rs)	1,503,344
Number of units outstanding2 at the end of the year	8,032,295
Number of units exercisable at the end of the year	560,656

1 In March 2025, 618,910 units were granted to eligible employees of ICICI Securities including its subsidiaries at an exercise price of Rs 2.00 pursuant to the Scheme of Arrangement.

2 Units granted less exercised less lapsed.

Till March 31, 2021, the Bank recognised cost of stock options granted under Scheme 2000, using intrinsic value method. Pursuant to RBI clarification dated August 30, 2021, the cost of stock options/units granted after March 31, 2021 is recognised based on fair value method. The cost of stock options granted up to March 31, 2021 continues to be recognised on intrinsic value method. The Bank uses Black-Scholes model to fair value the options/units on the grant date and the inputs used in the valuation model include assumptions such as the expected life of the share option/units, volatility, risk free rate and dividend yield. The diluted earnings per share (EPS) pursuant to issue of shares on exercise of options/units calculated in accordance with Accounting Standard 20 for the year ended March 31, 2025 was Rs 65.89 compared to basic EPS of Rs 67.01.

The following table sets forth, for the periods indicated, the key assumptions used to estimate the fair value of options granted.

Particulars	Year ended March 31, 2024	Year ended March 31, 2025
Risk-free interest rate	6.88% to 7.32%	6.42% to 7.11%
Expected life	3.23 to 5.23 years	3.43 to 5.43 years

Expected volatility	24.78% to 37.41%	18.01% to 33.27%
Expected dividend yield	0.56% to 0.85%	0.65% to 0.83%

The following table sets forth, for the periods indicated, the key assumptions used to estimate the fair value of units granted.

Particulars	Year ended March 31, 2024	Year ended March 31, 2025
Risk-free interest rate	6.82% to 6.94%	6.42% to 7.09%
Expected term	1.58 to 3.58 years	1.58 to 3.58 years
Expected volatility	23.63% to 36.56%	16.49% to 24.72%
Expected dividend yield	0.56%	0.72% to 0.74%

The weighted average fair value, based on Black- Scholes model, of options granted during the year ended March 31, 2025 was Rs 444.76 (year ended March 31, 2024: Rs 340.59) and of units granted during the year ended March 31, 2025 was Rs 1,120.43 (year ended March 31, 2024: Rs 879.43). The weighted average exercise price of options granted during the year ended March 31, 2025 was Rs 1,052.89 (year ended March 31, 2024: Rs 894.95).

Risk free interest rates over the expected term of the option/units are based on the government securities yield in effect at the time of the grant. The expected term of an option/units is estimated based on the vesting term as well as expected exercise behavior of the employees who receive the option/units. Expected exercise behavior is estimated based on the historical stock option exercise pattern of the Bank. Expected volatility during the estimated expected term of the option/units is based on historical volatility determined based on observed market prices of the Bank's publicly traded equity shares. Expected dividends during the estimated expected term of the option/units are based on recent dividend activity. The key assumptions for the year ended March 31, 2025 also includes the key assumptions used for options/units granted to employees of ICICI Securities in accordance with the Scheme of Arrangement.

The detailed disclosures as stipulated under Regulation 14 of the SEBI SBEB & SE Regulations will be hosted on the website of the Bank at https://www.icicibank.com/about-us/other-policiRs.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The Bank has undertaken various initiatives for energy conservation at its premises. A detailed write up is given in the Environmental, Social and Governance Report of fiscal 2025 which will be available on the website of the Bank at https://www.icicibank.com/about-us/annual and in the Environment and Sustainability chapter in the Integrated Report section of the Annual Report 2024-25. The Bank has used information technology extensively in its operations; for details refer to the chapter Our Business Strategy in the Integrated Report section of the Annual Report 2024-25. For fiscal 2025, net foreign exchange gain arising on all exchange/derivative transactions of the Bank was Rs 40.25 billion and the foreign exchange outgo towards the operating and capital expenditure was Rs 5.71 billion.

SECRETARIAL STANDARDS

Your Bank is in compliance with the Secretarial Standard on Meetings of the Board of Directors (SS-1) and Secretarial Standard on General Meetings (SS-2) for fiscal 2025.

DIRECTORS' RESPONSIBILITY STATEMENT

The Directors confirm:

1. that in the preparation of the annual accounts, the applicable accounting standards had been followed, along with proper explanation relating to material departures;

2. that they have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Bank at the end of the financial year and of the profit of the Bank for that period;

3. t hat they have taken proper and sufficient care for the maintenance of adequate accounting records, in accordance with the provisions of the Banking Regulation Act, 1949 and the Companies Act, 2013 for safeguarding the assets of the Bank and for preventing and detecting fraud and other irregularities;

4. t hat they have prepared the annual accounts on a going concern basis;

5. that they have laid down internal financial controls to be followed by the Bank and that such internal financial controls are adequate and were operating effectively; and

6. that they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

ACKNOWLEDGEMENTS

ICICI Bank is grateful to the Government of India, Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority of India and overseas regulators for their continued co-operation, support and guidance. ICICI Bank wishes to thank its investors, the domestic and international banking community, rating agencies, depositories and stock exchanges for their support.

ICICI Bank would like to take this opportunity to express sincere thanks to its valued clients and customers for their continued patronage. The Directors express their deep sense of appreciation to all the employees whose outstanding professionalism, commitment and initiative have made the organisation's growth and success possible and continues to drive its progress. Finally, the Directors wish to express their gratitude to the Members for their trust and support.

	For and on behalf of the Board
	Pradeep Kumar Sinha
	Chairperson
June 27, 2025	DIN: 00145126