Private sector lender ICICI Bank today announced a dividend of Rs 2 per equity share. The dividend is topic to shareholder approval. The announcement came along with the quarter final results of ICICI Bank exactly where the lender has reported a huge 260% on-year jump in net profit in the January-March quarter of the prior economic year. ICICI Bank’s share value ended in the unfavorable 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 mentioned 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 though in 2018 the lender paid Rs 1.5 per share as dividend.
In the last quarter of the prior fiscal year, ICICI Bank’s net interest revenue stood at Rs 10,431 crore, up 17% from the prior year. The non-interest revenue of the lender was at Rs 4,137 crore against Rs 4,013 crore in the identical period last year. The bank informed that its total deposits improved 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 mentioned.
The retail loan portfolio of ICICI Bank grew by 20% from the prior 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 produced extra covid-19 associated provision of Rs 1,000 crore in the quarter below critique and held covid-19 associated provisions of Rs 7,475 crore. Net non-performing asset (NPA) ratio declined to 1.14% at the finish 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 have been at 4.96% against 5.53% in the identical period the prior year.
ICICI Bank additional informed the bourses that its board has authorized fundraising by way of issuances of debt securities which includes by way of non-convertible debentures in domestic markets upto an all round 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/several tranches for a period of one year, from the date of passing of the resolution by the Board.