Item 5

ICICI Limited

Performance Review - financial year ended March 31, 2000 of ICICI Bank Limited
(subsidiary of ICICI Limited)

The Board of Directors of ICICI Bank Limited (NYSE: IBN), a subsidiary of ICICI
Limited (NYSE: IC and IC.d), met in Mumbai, India, on April 24, 2000 to adopt
the audited financial results for the year ended March 31, 2000.

Results under Indian GAAP

For the year ended March 31, 2000, the Net Profit of the Bank increased by 66
per cent to Rs. 105.30 crores as compared to Rs. 63.36 crores during the
previous year. Net interest income increased by 57 per cent to Rs. 185.92
crores (previous year Rs. 118.54 crores). Interest income increased by 57 per
cent to Rs. 852.87 crores (previous year Rs. 544.05 crores) and interest
expenditure by 57 per cent to Rs. 666.95 crores (previous year Rs. 425.51
crores). Other income also recorded a robust growth and increased by 118 per
cent to Rs. 194.05 crores (previous year Rs. 89.03 crores). As a result
operating profit increased by 77 per cent to Rs. 251.45 crores from Rs. 142.13
crores.

Results under US GAAP

The Board of Directors also took on record the Bank's audited financials
prepared under the United States Generally Accepted Accounting Principles (US
GAAP) for the year ended March 31, 2000. The net income for the year increased
by 179 per cent to Rs. 1402 million from Rs. 503 million. The net interest
income after provision for credit losses for the year increased by 123 per cent
to Rs. 1,351 million from Rs. 606 million the previous year. The stockholders'
equity at March 31, 2000 was Rs. 11,387 million.

Significant growth in customer accounts and 27 times growth in Internet banking
accounts

During the year, the total number of accounts of the Bank more than doubled to
about 6,50,000. The number of savings accounts increased by 168 per cent from
1,09,000 to 2,92,000. The number of NRI accounts increased by 118 per cent from
10,800 to 23,500. The number of Internet Banking customers increased from 4,000
to 1,10,000, registering a 27 times growth.

Growth in Deposits reaffirm status as largest new private sector bank

There was a significant increase in the Bank's Balance Sheet size. Deposits
rose by 62 per cent from Rs. 6,072.94 crores at March 31, 1999 to Rs. 9,866.02
crores at March 31, 2000, reaffirming the Bank's status as the largest new
private sector bank in terms of deposits. The Bank's share in incremental
deposits in the banking system in the year ended March 31, 2000 was 2.72 per
cent. Total advances (including credit substitutes) recorded a substantial
increase of 49 per cent from Rs. 3,387.60 crores to Rs. 5,030.96 crores.

Reduction in NPA Ratio

The Bank has provided for depreciation on investments, and provision for bad
debts and standard assets as per the guidelines of the Reserve Bank of India.
The net non-performing assets (including credit substitutes) have reduced from
1.80 per cent as at March 31,1999 to 1.14 per cent as at March 31, 2000.

First Indian Commercial bank to list on NYSE

During the year, the Bank strengthened its capital base through an issue of
American Depositary Shares (ADS) to raise USD 175 million from the
international capital markets. The ADSs were listed




on the New York Stock Exchange (NYSE) on March 28, 2000. The Bank became the
first commercial bank in India and the second in Asia to list on the NYSE. The
entire issue took just 64 days from start to completion. Following the equity
infusion, the Bank's capital adequacy ratio stood at a healthy 19.64 per cent
at March 31, 2000 as against 9 per cent mandated by the Reserve Bank of India.

Technology driven distribution and product strategy

ICICI Bank has actively pursued a `click and brick' distribution strategy, with
products offered through an optimum mix of physical branches and electronic
delivery channels, to maximize customer reach and convenience. Having pioneered
Internet banking the Bank has consistently upgraded its offerings to offer
utility bill payments, funds transfer (own and third party) etc. ICICI Bank
also became the first bank in India to offer online account opening facility
for NRIs and a web based easy remittance product `Money2India'. The Bank
launched India's first web-enabled credit card in association with VISA
International. Credit cardholders can access any ICICI Bank credit card related
information with the option to actually carry out certain transactions on their
cards through the Internet. The Bank has enhanced its Utility Bills payment
product to provide electronic bills presentment and payment facility to its
customers. Other initiatives include student accounts, Business-to-Business and
Business-to-Consumer payments.

During the year the Bank significantly expanded its distribution network by
opening 26 branches and 7 extension counters and installing 68 work-site and
off-site ATMs. As on March 31, 2000, the Bank's physical network consisted of
81 branches and 16 extension counters. The Bank presently has 175 ATMs - the
largest network of ATMs in the country, spread across 47 centres in 17 States
and Union Territories. This effective physical distribution network is
complemented by technology driven delivery channels which includes call
centres, mobile phone banking and internet banking.

The Bank did not face any Y2K problem during the transition to January 1, 2000.

The Board has recommended 15 per cent dividend for the year ended March 31,
2000 on 16,50,00,700 equity shares. Holders of 1,59,09,090 American Depositary
Shares represented by 3,18,18,180 equity shares allotted on March 31, 2000 are
not entitled to dividend, if any to be declared for 1999-2000, as per the terms
of the issue prospectus dated March 28, 2000. An Annual General Meeting of the
shareholders is scheduled on Monday, May 29, 2000 at Vadodara, India at 3.00
p.m. for adoption of accounts and declaration of dividend as above.

The summary of the accounts as at March 31, 2000 both under Indian Accounting
Standards and US GAAP is enclosed.




Except for the historical information contained herein, statements in this
Release which contain words or phrases such as 'will', 'would', 'aim', 'will
likely result', 'believe', 'expected', 'will continue', 'anticipate',
'estimate', 'enable', 'enabling', 'intend', 'plan', 'contemplate', 'seek to',
'future', 'objective', 'goal', 'project', 'should', 'will pursue' and similar
expressions or variations of such expressions may constitute 'forward-looking
statements'. These forward-looking statements involve a number of risks,
uncertainties and other factors that could cause actual results to differ
materially from those suggested by the forward-looking statements. These risks
and uncertainties include, but are not limited to our and ICICI's Group's
ability to obtain statutory and regulatory approvals and to successfully
implement our strategy, future levels of non-performing loans, our growth and
expansion in business, the adequacy of our allowance for credit losses,
technological implementation and changes, the actual growth in demand for
banking products and services, investment income, cash flow projections, our
exposure to market risks as well as other risks detailed in the reports filed
by us and the ICICI Limited (promoter and holding company of the Bank) with the
Securities and Exchange Commission of the United States of America. The Bank
and ICICI undertake no obligation to update forward-looking statements to
reflect events or circumstances after the date thereof.

April 24, 2000

For further investor queries:

Contact: Bhashyam Seshan at 91-22-653 8420 or email at bhashyams@icicibank.com

END