ICICI Bank Q4: Net Profit Jumps Over 17 pc To 10,708 Crores- Check Details (image source: iStock)
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ICICI Bank Q4: ICICI Bank, a leading private sector lender, disclosed its financial performance for the March 2024 quarter, showcasing robust growth across various metrics. Consolidated net profits surged by 18.5 per cent, reaching Rs 11,672 crore, marking a substantial increase from Rs 9,853 crore reported in the corresponding period of the previous year.
ICICI Bank continued its upward trajectory, with a 17.4 per cent rise in profit after tax, reaching Rs 10,708 crore for the quarter under review, compared to Rs 9,122 crore in the same quarter last year. The bank attributed this growth to several factors, including an 8.1 per cent increase in core net interest income, which reached Rs 19,093 crore. This uptick was fueled by a robust 16.8 per cent growth in loans, despite experiencing a slight compression in net interest margin to 4.40 per cent.
In addition to the buoyant interest income, the bank experienced a surge in non-interest income, excluding treasury performance, which stood at Rs 5,930 crore, reflecting a significant increase of 15.7 per cent compared to the year-ago period.
One of the standout highlights of ICICI Bank’s performance for the quarter was the substantial reduction in provisions, which more than halved to Rs 718 crore. Bank’s effective risk management strategies and its confidence in the quality of its loan portfolio.
The company’s board of directors have recommended a dividend of Rs 10 per share for FY2024.
‘The Board recommended a dividend of 10 /- (Rupees Ten only) per equity share of face value of 2/- each, subject to requisite approvals. The dividend on equity shares, will be paid/despatched on or after the same is approved by the shareholders at the ensuing Annual General Meeting (AGM) of the Bank,’ the bank said in a regulatory filing.
