- The bank had reported Rs 2,024 crore profit in the year-ago quarter
- Shares ended 2.5 per cent higher ahead of the results
- Dividend on equity shares will be paid after shareholders' approval
Net interest income (NII) for the fourth quarter was higher by 1 percent on the year to Rs 6,022 crore, while net interest margin was at 3.24 percent. Shares of the Mumbai-based lender, which started trading in 1998, ended 2.5 percent higher ahead of the results, outperforming a slightly higher main market. Recently, ICICI Bank's CEO Chanda Kochhar was embroiled in a controversy relating to the Rs 3,250 crore worth loans allegedly given to Videocon Group chairman Venugopal Dhoot in lieu of some favours bestowed upon Chanda's husband Deepak Kochhar and kin, a charge that has been denied by the bank management.
ICICI Bank's Q4 core operating profit (profit before provisions and tax, excluding treasury income) rose to Rs 18,940 crore in FY 2018 as compared to Rs 17,910 crore in FY 2017.
Also Read: ICICI Bank-Videocon Controversy: Latest In Rs. 3,250 Crore Loan Case
The ICICI Bank board, at its meeting on Monday, recommended a dividend of Rs 1.50 per equity share of face value of Rs 2 each, subject to requisite approvals. The dividend on equity shares, will be paid on or after the same is approved by the shareholders at the ensuing Annual General Meeting (AGM) to be held on August 10.
In the stock market filing, ICICI Bank announced that it classified three borrower accounts in the gems and jewellery sector with fund-based outstanding of Rs 794.87 crore as fraud and non-performing and during Q4-2018 made a provision of Rs 289.45 crore through P&L account and Rs 505.42 crore by debiting reserves and surplus, as permitted by RBI.
As required under Section 42 of the Companies Act, 2013, the board approved the seeking of consent of the shareholders in the forthcoming AGM for an enabling resolution which would be valid for one year to invite subscription for non-convertible debentures (NCDs) or bonds on a private placement basis for an amount upto Rs 25,000 crore.
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