India’s second largest private lender ICICI Bank today reported a standalone net profit of Rs 10 707.53 crore for the quarter ended March 31, 2024 which was up by 17.38% from Rs 9121.87 crore reported in the year ago period.
ICICI Bank reported interest income earned during the quarter at Rs 37,948.36 crore which was up by 22.33% from Rs 31,021.13 reported in the year ago period.
Company’s board of directors have recommended a dividend of Rs 10 per share for FY2024.
The interest expended during the said quarter stood at Rs 18,855.56 crore which was up from Rs 13,354.34 – a YoY gain of 41%.
Bank’s board also approved fund raising via issuances of debt securities that will include non-convertible debentures (NCDs) in domestic markets upto an overall limit of Rs 25,000 crore. The Board has also authorised buyback of debt securities within the limits that the Board is authorised to approve under applicable law, the company filing said.Key takeaways
- Bank’s Capital Adequacy Ratio (CAR) for the reporting quarter stood at Rs 16.33% which is up sequentiall from 14.61% in Q3FY24 and down YoY from 18.34% in Q4FY23.
- Gross NPAs were down on a YOY and QoQ basis. In the January-March quarter of FY24, GNPA was reported at Rs 27,961.68 down from Rs 28,774.63 crore in Q3FY24 and Rs 31.183.70 in Q4FY23.
More to come….
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