Investing.com — India’s second-largest private sector lender ICICI Bank (NS:ICBK) will remain under focus this week as its shares are set to turn ex-dividend for the financial year ended March 31, 2023.
According to Investing.com’s ‘Dividend Calendar’, the banking stock will begin trading ex-dividend on Wednesday, August 9, 2023.
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The banking behemoth’s Board of Directors recommended a dividend of Rs 8 per fully paid-up equity share of face value of Rs 2 each for the financial year 2022-23.
The corporate reward is subject to the approval of the private bank’s shareholders at its 29th Annual General Meeting (AGM) scheduled to be held on Wednesday, August 30, 2023, through video conferencing.
The bank is obliged to pay the dividend to those shareholders whose names are appearing in the register of members as of the close of business hours on the record date of August 9, 2023.
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The dividend on equity shares shall be paid or dispatched to eligible shareholders of ICICI Bank on or after its approval at the ensuing AGM, on or after September 1, 2023.
ICICI Bank reported a sharp 39.7% year-on-year (YoY) growth in profit after tax at Rs 9,648 crore in June ended quarter compared to Rs 6,905 crore in the year-ago period, while its core operating profit jumped 35.2% YoY to Rs 13,887 crore in the period.
The mega-cap bank’s net interest income (NII) increased by 38% YoY to Rs 18,227 crore in the reporting quarter from Rs 13,210 crore on-year, and the net interest margin (NIM) improved to 4.78% in Q1 FY24 from 4.01% in Q1 FY23.
