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ICICI Bank shareholders to get Rs 2 per share dividend after stellar 260% jump in profits

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ICICI Bank reported a stellar jump in net profit.

Private sector lender ICICI Bank today announced a dividend of Rs 2 per equity share. The dividend is subject to shareholder approval. The announcement came along with the quarter results of ICICI Bank where the lender has reported a massive 260% on-year jump in net profit in the January-March quarter of the previous financial year. ICICI Bank’s share price ended in the negative on Friday and closed flat on a weekly basis at Rs 570 per share.

“The Board has recommended a dividend of Rs 2 per share in line with applicable guidelines. The declaration of dividend is subject to requisite approvals,” the bank said in a regulatory filing. ICICI Bank has not declared the record date for the dividend payout. In 2019 ICICI Bank’s dividend payout was Rs 1 per equity share while in 2018 the lender paid Rs 1.5 per share as dividend.

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In the last quarter of the previous fiscal year, ICICI Bank’s net interest income stood at Rs 10,431 crore, up 17% from the previous year. The non-interest income of the lender was at Rs 4,137 crore against Rs 4,013 crore in the same period last year. The bank informed that its total deposits increased by 21% year-on-year to Rs 9.32 lakh crore. “Average current account deposits increased by 34% year-on-year in the fourth quarter of FY21. Average savings account deposits increased by 21% year-on-year in the same period.,” ICICI Bank said.

The retail loan portfolio of ICICI Bank grew by 20% from the previous year and 7% sequentially. Retail loans comprised 67% of the total loan portfolio on March 31, 2021. In the wake of the pandemic, the Bank made additional covid-19 related provision of Rs 1,000 crore in the quarter under review and held covid-19 related provisions of Rs 7,475 crore. Net non-performing asset (NPA) ratio declined to 1.14% at the end of the quarter from 1.26% (on a proforma basis) in this quarter of FY21 and 1.41% from a year-ago period. Meanwhile, the gross NPAs of ICICI Bank were at 4.96% against 5.53% in the same period the previous year.

ICICI Bank further informed the bourses that its board has approved fundraising by way of issuances of debt securities including by way of non-convertible debentures in domestic markets upto an overall limit of Rs 200 billion by way of private placement and issuances of bonds/notes/offshore certificate of deposits in overseas markets upto $1.50 billion in single/multiple tranches for a period of one year, from the date of passing of the resolution by the Board.  

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