ICICI Bank has on June 25 informed the exchanges that its board will consider and approve the unaudited financial results (standalone and consolidated) for the quarter ending June 30, 2024 on Saturday, July 27.
Market Valuation Gain
Last week, during the holiday-shortened period, the combined market capitalization of three of the top-10 most valued firms surged by ₹1,06,125.98 crore. HDFC Bank and ICICI Bank emerged as the largest gainers.
ICICI Bank added ₹36,118.99 crore, bringing its valuation to ₹8,13,914.89 crore.
The Nifty Bank index managed to end the week in the green, driven by a rebound in heavyweights. The index posted a weekly gain of 3.32%, marking its best weekly performance in CY24 so far.
Heavyweights including HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, and IndusInd Bank all concluded the week with gains ranging between 1.50% and 4.8%.
ICICI Bank Q4 Results
ICICI Bank announced its January-March quarter results for fiscal 2023-24 (Q4FY24) on Saturday, April 27, reporting a rise of 17.4 per cent in standalone net profit at ₹10,707.5 crore, compared to ₹9,121.9 crore in the corresponding period last year.
India’s second-largest lender by market capitalisation (mcap) reported a growth of eight per cent in net interest income (NII) — the difference between interest earned and paid — to ₹19,092.8 crore, compared to ₹17,666.8 crore in the same period last year.
The private-sector lender also declared a dividend of ₹10 per equity share of face value of ₹2 each. The dividend on equity shares, will be paid on or after it is approved by the shareholders at the bank’s annual general meeting (AGM).
The non-interest income, excluding the performance of the treasury, came in at ₹5,930 crore, 15.7 per cent higher than the year-ago period. The bank’s provisions more than halved to ₹718 crore in the fourth quarter of FY24. The bank’s core operating profit grew by 10.5 per cent year-on-year (YoY) to ₹15,320 crore in the March quarter from ₹13,866 crore in the year-ago period.
The board approved a fund raising by way of issuances of debt securities including by way of non-convertible debentures in domestic markets. The bank’s board also authorised buyback of debt securities within the limits.
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Published: 25 Jun 2024, 11:37 AM IST