ICICI staff likely to get bonus after a year

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New Delhi: ICICI Bank employees are likely to get bonus at the end of March 2010, after a gap of one year, with the country's largest private sector lender showing improvement in its profitability.

"I am still hoping that we should be able to give (bonus by the end of this fiscal)," ICICI Bank CEO and managing director Chanda Kochhar said.

ICICI Bank has about 36,000 employees and would increase the headcount as it opens 580 new branches during the year. The bank, at the end of 2007-08, paid Rs 43.24 lakh as bonus to the then CEO and managing director KV Kamath, while Chanda Kochhar got Rs 22.44 lakh. The bank did not give bonus to its employees and top managements in 2008-09 as its profit fell by 9.6% for the first time since its existence.

Since its incorporation in 1994, ICICI Bank's full-year profit fell to Rs 3,758 crore for the fiscal ended March 31, 2009, compared to Rs 4,158 crore in the previous year.

For the quarter ended September 2009, ICICI Bank reported a 2.6%jump in net profit at Rs 1,040 crore from Rs 1,014 crore in the same period last year.

Consolidated net profit rose 76 % in the quarter to Rs 1,144.57 crore on lower losses in life insurance business and higher profits in other subsidiaries.