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

By: |
April 24, 2021 7:22 PM

Private sector lender ICICI Bank today announced a dividend of Rs 2 per equity share. The dividend is subject to shareholder approval.

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.

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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