ICICI Bank Q4 results: Net profit rises 30% to Rs 9,122 cr; lender declares Rs 8 dividend
ICICI Bank reported standalone net profit of Rs 7,029 crore in Q4FY22
- Apr 22, 2023,
- Updated Apr 22, 2023 4:59 PM IST
Private lender ICICI Bank Ltd on Saturday reported 30% jump in standalone net profit at Rs 9,122 crore for the quarter ending March 31, 2023 on the back of improved net interest income and healthy loan growth. It reported standalone net profit of Rs 7,029 crore in the year-ago period.
On Friday, ICICI Bank's scrip on BSE closed trading 0.8% lower at Rs 887.6.
Net interest income, the difference between interest earned and paid, rose 40.2% to Rs 17,667 crore while the private lender's net interest margin widened to 4.9% from 4%.
Its total advances grew by 18.7% largely led by retail loans while deposits grew 10.9%.
ICICI Bank's asset quality improved, with its gross non-performing assets (NPA) ratio falling to 2.81% from 3.6% a year earlier. It booked provisions and contingencies of Rs 1,620 crore, up from Rs 1,069 crore.
"Total capital adequacy ratio was 18.34% and Tier-1 capital adequacy ratio was 17.60% on a standalone basis at March 31, 2023," said ICICI Bank in a stock exchange filing.
The lender's board recommended a dividend of Rs 8 per share, subject to requisite approvals.
"The Board has recommended a dividend of Rs 8 per share (equivalent to dividend of $0.10 per ADS) in line with applicable guidelines. The declaration of dividend is subject to requisite approvals. The record/book closure dates will be announced in due course," said the lender in earnings statement.
Provisions increased by 51.5% year-on-year to Rs 1,619 crore in Q4FY23 from Rs 1,069 crore in Q4FY22.
Private lender ICICI Bank Ltd on Saturday reported 30% jump in standalone net profit at Rs 9,122 crore for the quarter ending March 31, 2023 on the back of improved net interest income and healthy loan growth. It reported standalone net profit of Rs 7,029 crore in the year-ago period.
On Friday, ICICI Bank's scrip on BSE closed trading 0.8% lower at Rs 887.6.
Net interest income, the difference between interest earned and paid, rose 40.2% to Rs 17,667 crore while the private lender's net interest margin widened to 4.9% from 4%.
Its total advances grew by 18.7% largely led by retail loans while deposits grew 10.9%.
ICICI Bank's asset quality improved, with its gross non-performing assets (NPA) ratio falling to 2.81% from 3.6% a year earlier. It booked provisions and contingencies of Rs 1,620 crore, up from Rs 1,069 crore.
"Total capital adequacy ratio was 18.34% and Tier-1 capital adequacy ratio was 17.60% on a standalone basis at March 31, 2023," said ICICI Bank in a stock exchange filing.
The lender's board recommended a dividend of Rs 8 per share, subject to requisite approvals.
"The Board has recommended a dividend of Rs 8 per share (equivalent to dividend of $0.10 per ADS) in line with applicable guidelines. The declaration of dividend is subject to requisite approvals. The record/book closure dates will be announced in due course," said the lender in earnings statement.
Provisions increased by 51.5% year-on-year to Rs 1,619 crore in Q4FY23 from Rs 1,069 crore in Q4FY22.