17.4% increase in profit of ICICI Bank, proposal to give dividend of Rs 10.
ICICI Bank's Q4 2024 sees 17.4% PAT growth, driven by loan expansion. Dividend of Rs 10/share proposed. Total income up. NII rises 8.1%.
With robust loan expansion driving its performance, ICICI Bank, the second-largest private sector lender, has announced a 17.4 percent surge in its standalone profit after tax (PAT) to Rs 10,707.53 crore for the March quarter of 2024, up from Rs 9,121.87 crore in the corresponding period last year. The board has recommended a dividend of Rs 10 per share for the fiscal year.
The bank's total income for Q4 reached Rs 43,597 crore, compared to Rs 42,791.64 crore a year earlier. The core net interest income (NII) saw an 8.1 percent rise to Rs 19,093 crore, driven by a 16.8 percent increase in loans despite a slight decline in net interest margin (NIM) to 4.40 percent. Furthermore, the bank's consolidated net profit for the fourth quarter jumped 18.5 percent to Rs 11,672 crore from Rs 9,853 crore in the corresponding period last year.
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