FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Issuer

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

For the month of December 2021

Commission File Number: 001-15002

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

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

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

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

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

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

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

December 27, 2021

The United States

Securities and Exchange Commission

Washington D. C. 20549

United States of America

Attn.: Filing Desk

Dear Sirs,

IBN

ICICI Bank Limited (the ‘Company’) Report on Form 6-K

On behalf of the Company, I am enclosing for filing, Company's Report on Form 6-K dated December 27, 2021 with respect to the Semi Annual Report filed with Kanto Local Bureau, Japan on December 27, 2021.

This is for your reference and records.

Yours sincerely,

For ICICI Bank Limited

Vivek Ranjan

Chief Manager

Encl : as above

[Form No. 10]

Cover Page

TABLE OF CONTENTS (for reference purpose only)

COVER SHEET

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PART I. CORPORATE INFORMATION

There has been no material change in legal and other systems in India, since the last Annual Securities Report ("ASR") filed on September 28, 2021 for fiscal 2021.

II.       OUTLINE OF COMPANY

The following data is derived from the audited and unaudited, standalone and consolidated financial results of ICICI Bank Limited prepared in accordance with Indian GAAP.

Standalone financial results

(Rs. in crore/JPY in million)

Consolidated segmental results of ICICI Bank Limited

(Rs. in crore/JPY in million)

Notes on segmental results:

Rs. in crore, except number of accounts

1. Includes various categories of retail loans.

Rs. in crore, except number of accounts

1. Includes cases where resolution plan implemented after March 31, 2021.

2. Includes cases which have been written off during the period.

3. Includes various categories of retail loans

Details of resolution plans implemented under the Resolution Framework for Covid-19 related stress of individuals and small borrowers as per the Reserve Bank of India circular dated May 5, 2021 (Resolution Framework 2.0):

Rs. in crore, except number of accounts

1. Further, there were 119 borrower accounts with an aggregate exposure of Rs. 118.19 crore, where resolution plan was earlier implemented under the Reserve Bank of India’s resolution framework 1.0 and now modified under the Reserve Bank of India’s resolution framework 2.0.

The consolidated financial results for the three months ended June 30, 2021, the three months ended September 30, 2021 and the six months ended September 30, 2021 are not comparable with the previous periods.

The second wave of the Covid-19 pandemic in April-May 2021 led to the re-imposition of localised/regional lock-down measures in various parts of the country. The second wave has started to subside from June 2021 onwards and there has been a lifting of lockdowns, resulting in a gradual increase in economic activity.

The Bank made net Covid-19 related provision of Rs. 4,750.00 crore in financial year 2021 and held an aggregate Covid-19 related provision of Rs. 7,475.00 crore at March 31, 2021. During the six months ended September 30, 2021, the Bank wrote-back Covid-19 related provision of Rs. 1,050.00 crore (the three months ended September 30, 2021: Nil; the three months ended June 30, 2021: Rs. 1,050.00 crore) and accordingly held Covid-19 related provision of Rs. 6,425.00 crore at September 30, 2021.

While there has been a reduction in the number of new reported Covid-19 cases, significant progress on vaccination and increase in economic activity, the impact, including with respect to credit quality and provisions, of the Covid-19 pandemic on the Bank and the Group, is uncertain and will depend on the trajectory of the pandemic, progress and effectiveness of the vaccination programme, the effectiveness of current and future steps taken by the government and central bank to mitigate the economic impact and the steps taken by the Bank and the Group.

There has been no material change since the last ASR filed on September 28, 2021 for fiscal 2021, except for the following.

During fiscal 2021, the board of directors of ICICI Lombard General Insurance Company, our general insurance subsidiary, approved merger of the general insurance business of Bharti AXA General Insurance Company Limited with effect from April 1, 2020, which was subject to regulatory approvals. The Insurance Regulatory and Development Authority of India approved the merger on September 3, 2021 and assets and liabilities of Bharti AXA’s general insurance business vested with ICICI Lombard General Insurance Company Limited effective April 1, 2020. ICICI Lombard General Insurance Company Limited issued two fully paid up equity shares of Rs. 10 each to the shareholders of Bharti AXA General Insurance Company Limited for every 115 fully paid up equity shares of Rs. 10 each. Subsequent to issuance of equity shares to Bharti AXA General Insurance Company Limited shareholders, ICICI Bank’s shareholding in ICICI Lombard General Insurance Company Limited reduced to below 50.0%. Accordingly, ICICI Lombard General Insurance Company Limited ceased to be a subsidiary of the Bank and became an associate under Accounting Standard - 23 - 'Accounting for Investments in Associates'.

There has been no material change since the last ASR filed on September 28, 2021 for fiscal 2021, except for the following.

During the six months ended September 30, 2021, ICICI Lombard General Insurance Company Limited ceased to be a subsidiary of the Bank and became an associate under Accounting Standard - 23 - 'Accounting for Investments in Associates'.

At September 30, 2021, we had 100,210 employees, including interns, sales executives and employees on fixed-term contracts.

There has been no material change since the last ASR filed on September 28, 2021 for fiscal 2021.

There has been no material change since the last ASR filed on September 28, 2021 for fiscal 2021.

During fiscal 2021, the Covid-19 pandemic resulted in a nation-wide lockdown in April-May 2020 which substantially impacted economic activity. Regulatory measures like moratorium on payment of dues and standstill in asset classification were implemented to mitigate the economic consequences on borrowers. The pandemic resulted in increase in provisioning reflecting higher actual and expected additions to non-performing loans. The easing of lockdown measures subsequently led to gradual improvement in economic activity and progress towards normalcy from the second half of fiscal 2021.

The second wave of the Covid-19 pandemic in April-May 2021 led to the re-imposition of localised/regional lock-down measures in various parts of India. The second wave has started to subside from June 2021 onwards and there has been a lifting of lock downs, resulting in a gradual increase in economic activity.

The Bank made net Covid-19 related provision of Rs. 47.50 billion in fiscal 2021 and held an aggregate Covid-19 related provision of Rs. 74.75 billion at March 31, 2021. During six months ended September 30, 2021, the Bank wrote-back Covid-19 related provision of Rs. 10.50 billion and accordingly held Covid-19 related provision of Rs. 64.25 billion at September 30, 2021.

While there has been a reduction in the number of new reported Covid-19 cases, significant progress on vaccination and increase in economic activity, the impact, including with respect to credit quality and provisions, of the Covid-19 pandemic on the Bank and the Group, is uncertain and will depend on the trajectory of the pandemic, progress and effectiveness of the vaccination programme, the effectiveness of current and future steps taken by the government and central bank to mitigate the economic impact and the steps taken by the Bank and the Group.

The following discussion is based on our unaudited standalone financial results for the six months ended September 30, 2021.

Profit after tax increased from Rs. 68.50 billion in the six months ended September 30, 2020 to Rs. 101.27 billion in the six months ended September 30, 2021 primarily due to a decrease in provisions, an increase in net interest income and increase in fee income, offset, in part, by a decrease in income from treasury-related activities.

Net interest income increased by 21.3% from Rs. 186.46 billion in the six months ended September 30, 2020 to Rs. 226.26 billion in the six months ended September 30, 2021 due to an increase in net interest margin by 31 basis points to 3.94% and an increase of 11.7% in the average volume of interest-earning assets.

Fee income increased by 34.1% from Rs. 52.43 billion in the six months ended September 30, 2020 to Rs. 70.30 billion in the six months ended September 30, 2021. Fee income in the six months ended September 30, 2020 was impacted due to lower borrowing and investment activities by customers and lower consumer spends due to the nation-wide lockdown in April-May 2020 which substantially impacted economic activity.

Non-interest expense increased by 28.9% from Rs. 97.79 billion in the six months ended September 30, 2020 to Rs. 126.09 billion in the six months ended September 30,

2021 primarily due to an increase in retail business volume, employee expenses and technology related expenses. The increase also reflected somewhat lower base of non-interest expense in the six months ended September 30, 2020 due to the nation-wide lockdown in April-May 2020, which substantially impacted business activities and related expenses.

Income from treasury-related activities decreased from Rs. 43.05 billion in the six months ended September 30, 2020 to Rs. 6.86 billion in the six months ended September 30, 2021. In the six months ended September 30, 2020, the Bank made a gain (net of expenses) of Rs. 33.41 billion on sale of equity shares in its subsidiaries/affiliate namely ICICI Lombard General Insurance Company Limited, ICICI Prudential Life Insurance Company Limited and ICICI Securities Limited. The gain on government securities and other fixed income portfolio decreased from Rs. 10.70 billion in the six months ended September 30, 2020 to Rs. 2.68 billion in the six months ended September 30, 2021. During the six months ended September 30, 2020, gain was higher primarily due to decline in interest rates.

Provisions and contingencies (excluding provisions for tax) decreased by 47.4% from Rs. 105.89 billion in the six months ended September 30, 2020 to Rs. 55.67 billion in the six months ended September 30, 2021. Provisions and contingencies (excluding provisions for tax) in the six months ended September 30, 2020 included Covid-19 related provision of Rs. 60.47 billion. The provision coverage ratio was 80.1% at September 30, 2021 as compared to 81.5% at September 30, 2020.

The income tax expense increased from Rs. 15.98 billion in the six months ended September 30, 2020 to Rs. 31.17 billion in the six months ended September 30, 2021. The effective tax rate increased from 18.9% in the six months ended September 30, 2020 to 23.5% in the six months ended September 30, 2021. The income-tax expense in the six months ended September 30, 2020 was lower as the income included a significant amount of capital gain on sale of stake in subsidiaries, which incurs lower income tax.

Total assets increased by 9.7% from Rs. 11,629.71 billion at September 30, 2020 to Rs. 12,760.02 billion at September 30, 2021. Total advances increased by 17.2% from Rs. 6,526.08 billion at September 30, 2020 to Rs. 7,649.37 billion at September 30, 2021. Domestic advances increased by 19.0% from Rs. 6,102.79 billion at September 30, 2020 to Rs. 7,262.36 billion at September 30, 2021. Total deposits increased by 17.3% from Rs. 8,329.36 billion at September 30, 2020 to Rs. 9,774.49 billion at September 30, 2021. Term deposits increased by 12.5% from Rs. 4,683.56 billion at September 30, 2020 to Rs. 5,267.45 billion at September 30, 2021. Savings account deposits increased by 23.9% from Rs. 2,570.63 billion at September 30, 2020 to Rs. 3,185.57 billion at September 30, 2021. Current account deposits increased by 22.9% from Rs. 1,075.17 billion at September 30, 2020 to Rs. 1,321.47 billion at September 30, 2021. Average current and savings account deposits increased by 26.0% from Rs. 3,155.44 billion at September 30, 2020 to Rs. 3,977.24 billion at September 30, 2021. The current and savings account ratio (current and savings account deposits to total deposits) increased from 43.8% at September 30, 2020 to 46.1% at September 30, 2021.

At September 30, 2021, we had 5,277 branches and extension counters and 14,045 ATMs as compared to 5,288 branches and extension counters and 15,158 ATMs at September 30, 2020.

In accordance with Reserve Bank of India guidelines on Basel III, the total capital adequacy ratio on a standalone basis was 18.33% at September 30, 2021, with Tier-1 capital adequacy ratio of 17.34% (excluding retained earnings for the six months ended September 30, 2021) and Common Equity Tier-1 capital adequacy ratio of 16.15% (excluding retained earnings for the six months ended September 30, 2021) as compared to 19.12% at March 31, 2021, with Tier-1 capital adequacy ratio of 18.06% and Common Equity Tier-1 capital adequacy ratio of 16.80%.

Net Interest Income

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

Net interest income increased by 21.3% from Rs. 186.46 billion in the six months ended September 30, 2020 to Rs. 226.26 billion in the six months ended September 30, 2021 primarily due to an increase in net interest margin by 31 basis points and an increase of 11.4% in the average volume of interest-earning assets.

Net Interest Margin

Net interest margin increased by 31 basis points from 3.63% in the six months ended September 30, 2020 to 3.94% in the six months ended September 30, 2021. The yield on average interest-earning assets decreased by 45 basis points from 7.70% in the six months ended September 30, 2020 to 7.25% in the six months ended September 30, 2021. The cost of funds decreased by 72 basis points from 4.48% in the six months ended September 30, 2020 to 3.76% in the six months ended September 30, 2021. The interest spread increased by 27 basis points from 3.22% in the six months ended September 30, 2020 to 3.49% in the six months ended September 30, 2021.

The net interest margin of domestic operations increased by 23 basis points from 3.81% in the six months ended September 30, 2020 to 4.04% in the six months ended September 30, 2021 primarily due to a decrease in cost of funds, offset, in part, by decrease in yield on interest-earning assets. The yield on domestic interest-earning assets decreased by 57 basis points from 7.95% in the six months ended September 30, 2020 to 7.38% in the six months ended September 30, 2021 primarily due to significant monetary easing by the Reserve Bank of India in view of the Covid-19 pandemic resulting in a decrease in yield on advances and investments. The cost of domestic funds decreased by 76 basis points from 4.59% in the six months ended September 30, 2020 to 3.83% in the six months

ended September 30, 2021 primarily due to a decrease in cost of deposits reflecting decline in interest rates over the last one year.

The net interest margin of overseas branches decreased by 3 basis points from 0.29% in the six months ended September 30, 2020 to 0.26% in the six months ended September 30, 2021.

The yield on average interest-earning assets decreased by 45 basis points from 7.70% in the six months ended September 30, 2020 to 7.25% in the six months ended September 30, 2021 primarily due to the following factors:

The Bank’s 1-year marginal cost of funds-based lending rates decreased by 85 basis points in phases during fiscal 2021 and by additional 5 basis points during six months ended September 30, 2021. The Reserve Bank of India reduced the interest rate on repurchase transactions by 40 basis points from 4.40% in March 2020 to 4.00% in May 2020.

The yield on overseas advances decreased by 125 basis points from 2.83% in the six months ended September 30, 2020 to 1.58% in the six months ended September 30, 2021 primarily due to reduction in high yielding non-India linked loans and increase in low yielding short-term loans.

The overall yield on average advances decreased by 79 basis points from 9.09% in the six months ended September 30, 2020 to 8.30% in the six months ended September 30, 2021.

average balance with Reserve Bank of India, which does not earn any interest and increase in balance with other banks, which earns lower yield and a decrease in yield on rural infrastructure development fund and related deposits.

Interest on income tax refund decreased from Rs. 0.50 billion in the six months ended September 30, 2020 to Rs. 0.44 billion in the six months ended September 30, 2021. The receipt, amount and timing of such income depend on the nature and timing of determinations by tax authorities and are neither consistent nor predictable.

The cost of funds decreased by 72 basis points from 4.48% in the six months ended September 30, 2020 to 3.76% in the six months ended September 30, 2021 primarily due to the following factors:

The cost of average domestic term deposits decreased by 112 basis points from 5.76% in the six months ended September 30, 2020 to 4.64% in the six months ended September 30, 2021. We decreased retail term deposits rates on select maturities in phases during fiscal 2021 and in the six months ended September 30, 2021.

The cost of savings account deposits decreased by 10 basis points from 3.23% in the six months ended September 30, 2020 to 3.13% in the six months ended September 30, 2021, fully reflecting the impact of reduction in interest rate on savings account deposits by 50 basis points in two tranches during the six months ended September 30, 2020.

The average current account and savings account deposits as a percentage of total deposits increase from 40.7% in the six months ended September 30, 2020 to 43.9% in the six months ended September 30, 2021.

Our yield on advances, interest earned, net interest income and net interest margin are likely to be impacted by systemic liquidity, movement in interest rates, the competitive environment, level of additions to non-performing loans, regulatory developments and the economic slowdown and uncertainties due to the Covid-19 pandemic. It is likely that we would carry significant surplus liquidity in our balance sheet during fiscal 2022 in view of the high systemic liquidity and reduced credit demand. These developments would have an adverse impact on the net interest margin. The timing and quantum of recoveries and interest on income tax refund is uncertain.

Interest rates on approximately 43% of ICICI Bank’s domestic loans are linked to external market benchmarks. Differential movement in the external benchmark rates vis-

a-vis our cost of funds may impact our interest earned, yield on advances, interest expended, net interest income and net interest margin.

Interest-Earning Assets

Average interest-earning assets increased by 11.7% from Rs. 10,247.28 billion in the six months ended September 30, 2020 to Rs. 11,444.59 billion in the six months ended September 30, 2021 primarily due to an increase in average interest-earning advances by Rs. 1,105.54 billion, average investments by Rs. 50.06 billion and average other interest-earning assets by Rs. 41.71 billion.

Average advances increased by 17.6% from Rs. 6,277.14 billion in the six months ended September 30, 2020 to Rs. 7,382.68 billion in the six months ended September 30, 2021 due to an increase of 20.5% in average domestic advances, offset, in part, by a decrease in 17.5% in average overseas advances.

Average interest-earning investments increased by 1.9% from Rs. 2,658.92 billion in the six months ended September 30, 2020 to Rs. 2,708.98 billion in the six months ended September 30, 2021. Average interest-earning investment in Indian government securities increased by 4.2% from Rs. 2,143.90 billion in the six months ended September 30, 2020 to Rs. 2,233.47 billion in the six months ended September 30, 2021. Average interest-earning non-government securities decreased from Rs. 515.02 billion in September 30, 2020 to Rs. 475.51 billion in September 30, 2021.

Average other interest-earning assets increased by 3.2% from Rs. 1,311.22 billion in the six months ended September 30, 2020 to Rs. 1,352.93 billion in the six months ended September 30, 2021, primarily due to an increase in balance with Reserve Bank of India, balance with other banks and Rural Infrastructure Development Fund and other related deposits, offset, in part, by a decrease in liquidity adjustment facility lending with Reserve Bank of India.

Interest-Bearing Liabilities

Average interest-bearing liabilities increased by 8.1% from Rs. 9,304.13 billion in the six months ended September 30, 2020 to Rs. 10,062.41 billion in the six months ended September 30, 2021 due to an increase in average deposits by Rs. 1,296.31 billion, offset, in part, by a decrease in average borrowings by Rs. 538.03 billion.

Average deposits increased by 16.7% from Rs. 7,759.78 billion in the six months ended September 30, 2020 to Rs. 9,056.09 billion in the six months ended September 30, 2021 due to an increase in average current account and savings account deposits by Rs. 821.80 billion and average term deposits by Rs. 474.51 billion.

Average borrowings decreased by 34.8% from Rs. 1,544.35 billion in the six months ended September 30, 2020 to Rs. 1,006.32 billion in the six months ended September 30, 2021 primarily due to a decrease in call and term money borrowing, borrowings from Reserve Bank of India and bond borrowings.

Non-Interest Income

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

Non-interest income primarily includes fee and commission income, income from treasury-related activities, dividend from subsidiaries/joint ventures and other income. The non-interest income decreased by 13.5% from Rs. 101.70 billion in the six months ended September 30, 2020 to Rs. 87.92 billion in the six months ended September 30, 2021 primarily due to a decrease in income from treasury related activities, offset, in part, by an increase in fee income and increase in dividend from subsidiaries/joint ventures.

Fee Income

Fee income primarily includes fees from the retail products such as loan processing fees, fees from credit cards business, account service charges and third party referral fees and fees from the corporate sector such as loan processing fees and transaction banking fees. Further, it also includes income from foreign exchange transactions, consisting of various foreign exchange and derivatives transactions with clients, including options and swaps.

Fee income increased by 34.1% from Rs. 52.43 billion in the six months ended September 30, 2020 to Rs. 70.30 billion in the six months ended September 30, 2021 primarily due to an increase in fees from credit card business, retail lending linked fees and income from forex and derivatives products. Fee income for the six months ended September 30, 2020 was impacted, due to lower borrowing and investment activities by customers and lower consumer spends due to the nation-wide lockdown in April-May 2020 which substantially impacted economic activity.

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

Income from treasury-related activities includes income from sale of investments and the revaluation of investments on account of changes in unrealized profit/(loss) in the fixed income, equity and preference share portfolio, units of venture funds and security receipts issued by asset reconstruction companies.

Income from treasury-related activities decreased from Rs. 43.05 billion in the six months ended September 30, 2020 to Rs. 6.86 billion in the six months ended September 30, 2021. In the six months ended September 30, 2020, we made a gain of Rs. 33.41 billion on sale of equity shares in our subsidiaries/affiliate namely ICICI Lombard General Insurance Company Limited, ICICI Prudential Life Insurance Company Limited and ICICI Securities Limited.

Income from our government securities portfolio and other fixed income positions decreased from Rs. 10.70 billion in the six months ended September 30, 2020 to Rs. 2.68 billion in the six months ended September 30, 2021. During the six months ended September 30, 2020, gain was higher primarily due to decline in interest rates.

Dividend from Subsidiaries/Joint Ventures

Dividend from subsidiaries/joint ventures increased by 90.6% from Rs. 5.21 billion in the six months ended September 30, 2020 to Rs. 9.93 billion in the six months ended September 30, 2021. The following table sets forth, for the periods indicated, the details of dividend received from subsidiaries/joint ventures:

Other Income

Other income decreased by 17.8% from Rs. 1.01 billion in the six months ended September 30, 2020 to Rs. 0.83 billion in the six months ended September 30, 2021.

Non-Interest Expense

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

Non-interest expenses primarily include employee expenses, depreciation on assets and other administrative expenses. Non-interest expenses increased by 28.9% from Rs. 97.79 billion in the six months ended September 30, 2020 to Rs. 126.09 billion in the six months ended September 30, 2021.

Employee Expenses

Employee expenses increased by 15.1% from Rs. 41.33 billion in the six months ended September 30, 2020 to Rs. 47.59 billion in the six months ended September 30, 2021 primarily due to an increase in payroll cost, an increase in provision for performance bonus and performance-linked retention pay. Further, employee expenses in the six months ended September 30, 2021 included impact of Rs. 1.25 billion due to change in accounting policy for accounting of employee stock options from intrinsic value method to fair value method for options granted post April 1, 2021 as per circular issued by the Reserve Bank of India on September 30, 2021.

Depreciation

Depreciation on fixed assets increased by 9.4% from Rs. 5.19 billion in the six months ended September 30, 2020 to Rs. 5.68 billion in the six months ended September 30, 2021.

Other Administrative Expenses

Other administrative expenses primarily include rent, taxes and lighting, advertisement, sales promotion, repairs and maintenance, direct marketing expenses and other expenditure. Other administrative expenses increased by 42.0% from Rs. 51.27 billion in the six months ended September 30, 2020 to Rs. 72.82 billion in the six months

ended September 30, 2021 primarily due to increase in retail business volume and technology related expenses. The increase also reflected somewhat lower base of other administrative expenses in the six months ended September 30, 2020 due to the nation-wide lockdown in April-May 2020, which substantially impacted business activities and related expenses.

We use marketing agents, called direct marketing agents or associates, for sourcing retail loan customers, in addition to our branch network and in-house sales teams. We include commissions paid to these marketing agents in non-interest expense. In line with Reserve Bank of India guidelines, these commissions are expensed upfront and not amortized over the life of the loan. Direct marketing agency expenses increased from Rs. 5.59 billion in the six months ended September 30, 2020 to Rs. 10.09 billion in the six months ended September 30, 2021 primarily due to higher retail disbursements across various products.

Number of branches decreased from 5,288 at September 30, 2020 to 5,277 at September 30, 2021 (at March 31, 2021: 5,266).

Provisions and Contingencies (Excluding Provisions for Tax)

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

Provisions and contingencies (excluding provisions for tax) decreased from Rs. 105.89 billion in the six months ended September 30, 2020 to Rs. 55.67 billion in the six months ended September 30, 2021 primarily due to Covid-19 related provision of Rs. 60.47 billion made in the six months ended September 30, 2020.

Provision for advances, increased from Rs. 41.73 billion in six months ended September 30, 2020 to Rs. 52.38 billion in six months ended September 30, 2021 primarily due to higher additions to non-performing assets and restructuring of loans under Resolution Framework, reflecting Covid-19 related stress due to second wave and change in provisioning policy on non-performing advances, offset, in part, by lower ageing provision on loans classified as non-performing assets in earlier years.

In the six months ended September 30, 2020, in accordance with Reserve Bank of India’s guidelines, the Bank extended the asset classification benefits to borrowers, to whom moratorium was granted, resulting in lower additions to non-performing assets.

Further, the Supreme Court, in a writ petition through its interim order dated September 3, 2020, directed that accounts which were not declared as non-performing asset till August 31, 2020 shall not be declared as non-performing asset till further orders. The Bank did not classify such borrower accounts as non-performing asset at September 30, 2020 and made contingency provision (included in Covid-19 related provision) of Rs. 4.97 billion on such borrower accounts. Subsequently, in March 2021, the Supreme Court withdrew the interim order and announced the final judgement allowing classification of loans as per applicable Reserve Bank of India guidelines.

In the absence of regulatory dispensations such as moratorium on loan repayments and standstill on asset classification during second wave, the additions to non-performing assets and resultant specific provisions were higher in the six months ended September 30, 2021.

During the six months ended September 30, 2021, there was a write-back of provision of investments of Rs. 1.54 billion as compared to a write-back of Rs. 1.60 billion in the six months ended September 30, 2020.

Provision for standard assets decreased from Rs. 1.68 billion in the six months ended September 30, 2020 to Rs. 0.82 billion in the six months ended September 30, 2021. The cumulative general provision (excluding Covid-19 related provision) held at September 30, 2021 was Rs. 37.20 billion (September 30, 2020: Rs. 35.29 billion).

Other provisions and contingencies increased from Rs. 3.61 billion in the six months ended September 30, 2020 to Rs. 14.51 billion in the six months ended September 30, 2021 primarily due to higher provision on non-fund outstanding and provision made against share application on loan conversion of a borrower. Provision for non-fund outstanding increased from Rs. 2.60 billion in the six months ended September 30, 2020 to Rs. 7.75 billion in the six months ended September 30, 2021.

We made net Covid-19 related provision of Rs. 47.50 billion in fiscal 2021 and held an aggregate Covid-19 related provision of Rs. 74.75 billion at March 31, 2021. During the six months ended September 30, 2021, we wrote-back Covid-19 related provision of Rs 10.50 billion and accordingly held Covid-19 related provision of Rs 64.25 billion at September 30, 2021.

Restructured Loans and Non-performing Assets

We classify our assets as performing and non-performing in accordance with Reserve Bank of India guidelines. Under Reserve Bank of India guidelines, an asset is generally classified as non-performing if any amount of interest or principal remains overdue for more than 90 days, in respect of term loans. In respect of overdraft or cash credit, an asset is classified as non-performing if the account remains out of order for a period of 90 days; and in respect of bills, if the account remains overdue for more than 90 days. Reserve Bank of India guidelines also require an asset to be classified as non-performing based on certain other criteria like restructuring of a loan, inability of a borrower to complete a project funded by us within stipulated timelines and certain other non-financial parameters. In respect of borrowers where loans and advances made by overseas branches are identified as impaired as per host country regulations for reasons other than record of recovery, but which are standard as per Reserve Bank of India guidelines, the amount outstanding in the host country is classified as non-performing.

In accordance with Reserve Bank of India circular dated April 17, 2020, the moratorium granted to certain borrowers is excluded from the determination of number of days past-due/out-of-order status for the purpose of asset classification. The moratorium granted to the borrowers is not accounted as restructuring of loan.

The Reserve Bank of India has separate guidelines for classification of loans for projects under implementation which are based on the date of commencement of commercial production and date of completion of the project as originally envisaged at the time of financial closure. For infrastructure projects, a loan is classified as non-performing if it fails to commence commercial operations within two years from the documented date of commencement and for non-infrastructure projects, the loan is classified as non-performing if it fails to commence operations within 12 months from the documented date of such commencement.

The Reserve Bank of India has separate guidelines for restructured loans. As per these guidelines, loans restructured are classified as non-performing loans. However, loans granted for implementation of projects that are restructured due to a delay in implementation of the project (up to a specified period) enjoy forbearance in asset classification subject to the fulfillment of certain conditions stipulated by the Reserve Bank of India. The moratorium granted on repayment of principal/interest to the borrowers in terms of measures taken by the Reserve Bank of India post outbreak of Covid-19 pandemic is not accounted as restructuring of loan. The Reserve Bank of India has issued guidelines for restructuring of loans to micro and small enterprises borrowers while continuing asset classification as standard, subject to specified conditions. Further, Reserve Bank of India through its guideline on ‘Resolution Framework for COVID-19-related Stress’ dated August 6, 2020, has provided a prudential framework to implement a resolution plan in respect of eligible corporate borrowers and personal loans, while classifying such exposures as standard, subject to specified conditions. For such loans, the diminution in the fair value of the loan, if any, measured in present value terms, has to be provided for in addition to the provisions applicable to non-performing loans.

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

The Indian economy was impacted by the Covid-19 pandemic with contraction in industrial and services output across small and large businesses. The pandemic has impacted the credit quality of loan portfolio of the banking system, including us. While there has been a reduction in the number of new reported Covid-19 cases, significant progress on vaccination and increase in economic activity, the impact on credit quality and provisions, of the Covid-19 pandemic on the Bank, is uncertain and will depend on the trajectory of the pandemic, progress and effectiveness of the vaccination programme, the effectiveness of current and future steps taken by the government and central bank to mitigate the economic impact and the steps taken by the Bank and the Group.

The impact of the Covid-19 pandemic on credit quality and provisions, remains uncertain and dependent on the spread of Covid-19, further steps taken by the government and the central bank to mitigate the economic impact, steps taken by the Bank and the time it takes for economic activities to resume at normal levels.

Gross additions to non-performing assets increased from Rs. 40.71 billion in the six months ended September 30, 2020 to Rs. 124.75 billion in the six months ended September 30, 2021. During the six months ended September 30, 2020, the additions to non-performing assets were lower reflecting the benefit of asset classification extended to borrowers under moratorium, in accordance with Reserve Bank of India guidelines issued in the context of the Covid-19 pandemic. In the six months ended September 30, 2021, we recovered / upgraded non-performing assets amounting to Rs. 89.87 billion compared to Rs. 26.36 billion in the six months ended September 30, 2020. Gross non-performing assets amounting to Rs. 34.24 billion were written-off in the six months ended September 30, 2021. Gross non-performing assets increased from Rs. 389.89 billion at September 30, 2020 to Rs. 414.37 billion at September 30, 2021 (at March 31, 2021: Rs. 413.73 billion). Net non-performing assets increased from Rs. 71.88 billion at September 30, 2020 to Rs. 81.61 billion at September 30, 2021 (at March 31, 2021: Rs. 91.80 billion). The ratio of net non-performing assets to net customer assets decreased from 1.00% at September 30, 2020 to 0.99% at September 30, 2021 (at March 31, 2021: 1.14%). At September 30, 2020, we did not classify loans amounting to Rs. 14.10 billion as non-performing assets pursuant to the Supreme Court’s interim order. On a prudent basis, the Bank made provisions of Rs. 4.97 billion on these loans in the three months ended September 30, 2020.

Gross non-performing loans in the retail portfolio including business banking were 3.26% of gross retail loans at September 30, 2021 compared to 2.13% at September 30,

2020 and net non-performing loans in the retail portfolio were 1.15% of net retail loans at September 30, 2021 compared to 0.79% at September 30, 2020.

The gross outstanding loans to borrowers whose facilities have been restructured increased from Rs. 3.45 billion at September 30, 2020 to Rs. 96.84 billion at September 30, 2021 primarily due to accounts restructured under Reserve Bank of India guidelines on Resolution Framework for Covid-19-related Stress. Further, during the six months ended September 30, 2021, restructured standard loans amounting to Rs. 2.81 billion were downgraded to the non-performing category as compared to loans amounting less than Rs. 0.01 billion during the six months ended September 30, 2020. The net outstanding loans to borrowers whose facilities have been restructured increased from Rs. 3.28 billion at September 30, 2020 to Rs. 94.58 billion at September 30, 2021. The aggregate non-fund based outstanding to borrowers whose loans were restructured was Rs. 8.97 billion at September 30, 2021.

The provision coverage ratio decreased from 81.5% at September 30, 2020 to 80.1% at September 30, 2021.

In addition to the above, at September 30, 2021, the outstanding loans and non-fund facilities to borrowers in the corporate and small and medium enterprises portfolio (excluding banks, investments and fund and non-fund based outstanding to non-performing assets) rated BB and below were Rs. 127.14 billion. The non-fund based outstanding to borrowers classified as non-performing assets were Rs. 37.14 billion.

Tax Expense

Income tax expense increased from Rs. 15.98 billion in the six months ended September 30, 2020 to Rs. 31.17 billion in the six months ended September 30, 2021 primarily due to an increase in profit before taxes. Income tax expenses in the six months ended September 30, 2020 included a significant amount of capital gain on sale of stake in subsidiaries, which incurs lower income tax.

Financial Condition

Assets

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

Total assets of the Bank increased by 9.7% from Rs. 11,629.71 billion at September 30, 2020 to Rs. 12,760.02 billion at September 30, 2021, primarily due to a 17.2% increase in advances and 9.8% increase in cash and cash equivalents, offset, in part, by a 1.5% decrease in investments.

Cash and cash equivalents

Cash and cash equivalents include cash in hand and balances with the Reserve Bank of India and other banks, including money at call and short notice. Cash and cash equivalents increased by 9.8% from Rs. 1,365.92 billion at September 30, 2020 to Rs. 1,500.44 billion at September 30, 2021, primarily due to an increase in balance with the Reserve Bank of India by Rs. 138.18 billion and liquidity adjustment facility lending with the Reserve Bank of India by Rs. 63.01 billion, offset, in part, by a decrease in balance with U.S. Federal Reserve by Rs. 55.75 billion. Balance with Reserve Bank of India increased from Rs. 252.01 billion at September 30, 2020 to Rs. 390.18 billion at September 30, 2021.

Investments

Total investments decreased by 1.5% from Rs. 2,896.23 billion at September 30, 2020 to Rs. 2,852.20 billion at September 30, 2021. Investments in Indian government securities decreased marginally from Rs. 2,275.88 billion at September 30, 2020 to Rs. 2,273.81 billion at September 30, 2021. Other investments decreased by 6.8% from Rs. 620.35 billion at September 30, 2020 to Rs. 578.39 billion at September 30, 2021 primarily due to a decrease in pass through certificate by Rs. 41.92 billion and investment in commercial papers by Rs. 23.11 billion, offset, in part, by an increase in investment in foreign government securities by overseas branches by Rs. 45.30 billion.

The outstanding net investment in security receipts issued by asset reconstruction companies at September 30, 2021 was Rs. 16.21 billion as compared to Rs. 18.79 billion at September 30, 2020.

Advances

Net advances increased by 17.2% from Rs. 6,526.08 billion at September 30, 2020 to Rs. 7,649.37 billion at September 30, 2021.

Domestic advances increased by 19.0% from Rs. 6,102.79 billion at September 30, 2020 to Rs. 7,262.36 billion at September 30, 2021 primarily due to an increase in retail advances. Net retail advances increased by 20.0% from Rs. 3,984.33 billion at September 30, 2020 to Rs. 4,780.25 billion at September 30, 2021 primarily due to an increase in mortgage loans and rural loans of retail portfolio. Business banking portfolio increased by 43.1% from Rs. 311.48 billion at September 30, 2020 to Rs. 445.67 billion at September 30, 2021. Small and medium enterprise (SME) advances increased by 42.0% from Rs. 233.41 billion at September 30, 2020 to Rs. 331.40 billion at September 30, 2021. The domestic corporate portfolio increased by 13.6% from Rs. 1,407.66 billion at September 30, 2020 to Rs. 1,599.34 billion at September 30, 2021.

Net advances of overseas branches decreased by 8.6% from Rs. 423.29 billion at September 30, 2020 to Rs. 387.01 billion at September 30, 2021.

Fixed and other assets

Fixed assets (net block) increased by 5.1% from Rs. 87.07 billion at September 30, 2020 to Rs. 91.53 billion at September 30, 2021.

Other assets decreased by 11.7% from Rs. 754.41 billion at September 30, 2020 to Rs. 666.48 billion at September 30, 2021 primarily due to a decrease in trade receivable on account of forex and derivative transactions and tax paid in advance.

Liabilities

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

Total liabilities (including capital and reserves) increased by 9.7% from Rs. 11,629.71 billion at September 30, 2020 to Rs. 12,760.02 billion at September 30, 2021 primarily due to a 17.3% increase in deposits and 13.9% increase in net worth, offset, in part, by a 39.2% decrease in borrowings.

Deposits

Deposits increased by 17.3% from Rs. 8,329.36 billion at September 30, 2020 to Rs. 9,774.49 billion at September 30, 2021.

Term deposits increased by 12.5% from Rs. 4,683.56 billion at September 30, 2020 to Rs. 5,267.45 billion at September 30, 2021. Savings account deposits increased by 23.9% from Rs. 2,570.63 billion at September 30, 2020 to Rs. 3,185.57 billion at September 30, 2021 and current account deposits increased by 22.9% from Rs. 1,075.17 billion at September 30, 2020 to Rs. 1,321.47 billion at September 30, 2021. The current and savings account deposits increased by 23.6% from Rs. 3,645.80 billion at September 30, 2020 to Rs. 4,507.04 billion at September 30, 2021. Current and saving accounts ratio was 46.1% at September 30, 2021 compared to 43.8% at September 30, 2020.

Average savings account deposits increased by 23.3% from Rs. 2,347.59 billion at September 30, 2020 to Rs. 2,894.18 billion at September 30, 2021 and average current account deposits increased by 34.1% from Rs. 807.84 billion at September 30, 2020 to Rs. 1,083.06 billion at September 30, 2021. Average current and savings account deposits increased by 26.0% from Rs. 3,155.44 billion at September 30, 2020 to Rs. 3,977.24 billion at September 30, 2021. CASA ratio was 46.1% at September 30, 2021 compared to 43.8% at September 30, 2020.

Deposits of overseas branches increased by 27.3% from Rs. 65.62 billion at September 30, 2020 to Rs. 83.52 billion at September 30, 2021.

Total deposits at September 30, 2021 formed 92.2% of the funding (i.e., deposits and borrowings) as compared to 85.9% at September 30, 2020.

Borrowings

Borrowings decreased by 39.2% from Rs. 1,364.26 billion at September 30, 2020 to Rs. 829.89 billion at September 30, 2021 primarily due to a decrease in repo borrowings, liquidity adjustment facility borrowing with Reserve Bank of India, foreign currency term money borrowings and foreign currency bond borrowings. Borrowings decreased significantly primarily due to decline in overseas loan book and change in funding mix for domestic book.

Other liabilities

Other liabilities increased by 5.0% from Rs. 559.56 billion at September 30, 2020 to Rs. 587.81 billion at September 30, 2021 primarily due to an increase in bills payable.

Equity share capital and reserves

Equity share capital and reserves increased from Rs. 1,376.52 billion at September 30, 2020 to Rs. 1,567.84 billion at September 30, 2021 primarily due to accretion to reserves out of retained profit.

Statement of Cash Flow

Cash and cash equivalents increased by 12.7% from Rs. 1,331.28 billion at March 31, 2021 to Rs. 1,500.44 billion at September 30, 2021 due to net cash inflow from operating activities, offset, in part, by net cash outflow from investing activities and financing activities. Cash and cash equivalents increased by 14.6% from Rs. 1,191.56 billion at March 31, 2020 to Rs. 1,365.92 billion at September 30, 2020 due to net cash inflow from operating activities, offset, in part, by net cash outflow from investing activities and financing activities.

During the six months ended September 30, 2021, the net cash inflow from operating activities of Rs. 481.35 billion was on account of an increase in deposits and cash profits for the period, offset, in part, by an increase in advances. During the six months ended September 30, 2020, the net cash inflow from operating activities of Rs. 767.96 billion was on account of an increase in deposits and cash profits for the period, offset, in part, by an increase in advances.

During the six months ended September 30, 2021, the net cash outflow from investing activities of Rs. 215.30 billion was primarily on account of purchase (net of sales) of held-to-maturity securities. During the six months ended September 30, 2020, the net cash outflow from investing activities of Rs. 471.21 billion was primarily on account of purchase (net of sales) of held-to-maturity securities, offset, in part, by sale of investments in subsidiaries.

During the six months ended September 30, 2021, the net cash outflow from financing activities was Rs. 96.49 billion primarily due to net repayment of long-term borrowings, offset, in part, by net proceeds from short-term borrowings. During the six months ended September 30, 2020, the net cash outflow from financing activities was Rs. 115.18 billion primarily due to net repayment of long-term borrowings and short-term borrowings, offset, in part, by proceeds from issue of share capital.

There has been no material change since the last ASR filed on September 28, 2021 for fiscal 2021.

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

There has been no material change since the last ASR filed on September 28, 2021 for fiscal 2021.

There has been no material change since the last ASR filed on September 28, 2021 for fiscal 2021.

(At September 30, 2021)

(At September 30, 2021)

Not applicable.

(At September 30, 2021)

Shareholding more than 1% of the total number of shares

(At December 3, 2021)

Number of male directors and executive officers: 10, Number of female directors and executive officers: 3 (percentage of female directors and executive officers: 23%)

(At December 3, 2021)

years or date of retirement, whichever is earlier effective from February 1, 2022, subject to the approval of shareholders and the Reserve Bank of India. The shareholders at the Annual General Meeting held on August 20, 2021 approved the re-appointment of Mr. Bagchi as a Wholetime Director (designated as Executive Director) for a period of five years or date of retirement, whichever is earlier effective from February 1, 2022, subject to the approval of the Reserve Bank of India. The approval of the Reserve Bank of India is awaited.

The original English interim financial statements of ICICI Bank Limited for the six-month period ended September 30, 2021 presented in this document are the extracts from the Form 6-K filed with the U.S. Securities and Exchange Commission on October 25, 2021, and are prepared in accordance with accounting principles generally accepted in India ("Indian GAAP").

This document includes the Japanese translation of the aforementioned English interim financial statements pursuant to the provision under item 2 of Article 76 of the Regulations Regarding Terminology, Format and Method of Preparation of Interim Financial Statements, etc. (Ministry of Finance Ordinance No. 38 of 1977).

These interim financial statements of the Bank were summary financial information and extracted from the condensed interim financial statements. The complete set of condensed interim financial statements for the six-month period ended September 30, 2021 were reviewed by the joint statutory auditors, MSKA & Associates, Chartered Accountants and Khimji Kunverji & Co LLP, Chartered Accountants. Since the complete set of the unaudited condensed interim financial statements were not filed with the U.S. Securities and Exchange Commission, the same has not been included in this document.

The interim financial statements of the Bank are presented in Indian rupees. For Japanese translation, only key amounts were translated into Japanese yen solely for the

convenience of the reader at the rate of Rs. 1 = ¥1.67, which was the telegraphic transfer customer selling exchange rate of MUFG Bank, Ltd. as of December 1, 2021.

“Major differences between United States and Japanese Accounting Principles and Practices” and “Major differences between Indian and Japanese Accounting Principles and Practices” are included at the end of this section.

Summary Profit and Loss Statement (as per standalone Indian GAAP accounts)