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MUMBAI: ICICI Bank reported a 30% increase in fourth-quarter profit to Rs 9,122 crore from Rs 7,019 crore in the corresponding quarter last year as it rode the twin tides of swelling interest margins and surging business loans.
The board further recommended a dividend of eight rupees per share, subject to shareholder approval.
Net interest income rose 40.2% to Rs 17,667 crore, widening the net interest margin to 4.9% from 4%.
Announcing the results, executive director Sandeep Batra said the interest margins improve with rising interest as deposit rates are fixed and get repriced on maturity, while most loans are on floating rates. Batra refuted a report by an online portal that the bank faced a data breach. “This is a totally baseless, mischievous and false claim. We have asked, but they have not been able to provide any evidence of their claim of 3.6 million records,” said Batra.
The board further recommended a dividend of eight rupees per share, subject to shareholder approval.
Net interest income rose 40.2% to Rs 17,667 crore, widening the net interest margin to 4.9% from 4%.
Announcing the results, executive director Sandeep Batra said the interest margins improve with rising interest as deposit rates are fixed and get repriced on maturity, while most loans are on floating rates. Batra refuted a report by an online portal that the bank faced a data breach. “This is a totally baseless, mischievous and false claim. We have asked, but they have not been able to provide any evidence of their claim of 3.6 million records,” said Batra.
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