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Data from the recently released, ICICI bank Q4 results 2022, suggests that the Bank shows a promising future for the investors!
Private lender ICICI Bank, India's second-largest private bank and one of the Top 50 banks in the APAC region, has reported a 59% YoY growth in net profits.
The bank's profits for the year stood at Rs 7,018.7 crores, 59.4% higher than Rs 4,403 crores, profit for the quarter ended in March 2021. Sequentially, profits grew 13.3% from Rs 6,194 crores.
Net Interest Income (NII), the difference between interest paid and interest earned, grew 20.8% to Rs 12,605 crores while other income grew 15%. However, the growth in NII fell short of analysts' expectations of 22-27%.
The bank's net interest margin improved from 3.96% last quarter to 4% this quarter as the bank reported an improvement in asset quality as both Gross and Net NPAs saw a decline. However, provisions saw a steep decline of 63%, from Rs 2,883 crores last year to Rs 1,069 crores this quarter.
The bank has also announced changes in its Board of Directors as Mr. Rakesh Jha, Group CFO of ICICI Bank has been chosen as a whole-time director by the Board. The Board has also recommended a dividend of Rs 5 per share. These two decisions have not been approved by relevant authorities yet.
The share of the bank fell to a low of Rs 642.15 per share recently, a price it hadn't touched since July 2021. However, the share managed to climb up as it closed at Rs 747.65 on Friday.
Article by Aman Agarwal.
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