ICICI Bank – India’s second-largest private lender – reported higher than estimated earnings for the January-March quarter of the financial year 2022-23 (Q4FY23) on Saturday, April 22, 2023.
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The banking heavyweight’s profit rose by 30 per cent year-on-year (YoY) to Rs 9,121.8 crore in the quarter ended on March 31, 2023, as compared to Rs 7018.71 crore in the same period of a year ago quarter, according to regulatory filing of ICICI Bank.
Zee Business research had estimated ICICI Bank’s profit may come at Rs 8,850 crore during the quarter under review.
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The lender’s net interest income (NII) – or the difference between interest earned and interest paid – grew by 40 per cent to Rs 17,666.8 crore in the March quarter of the previous fiscal as compared to Rs 12,604.6 crore in the corresponding quarter of FY22.
Zee Business research had estimated the NII would come at Rs 17,200 crore for the last three-month period of FY23.
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The net interest margin (NIM) – a key measure of profitability for lenders – of ICICI Bank was at 4.9 per cent in the March quarter as compared to 4.65 per cent in the December quarter of the previous fiscal, while it was at 4 per cent in the corresponding quarter of the fiscal year 2021-22.
ICICI Bank’s board recommended a dividend of Rs 8 per equity share of face value of Rs 2 each, subject to requisite approvals, the banking major said in a separate filing today.
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The dividend on equity shares, will be paid/despatched on or after the same is approved by the shareholders at the ensuing Annual General Meeting (AGM) of the Bank, it added.
