ICICI Bank Recommends Dividend Of Rs 11 Per Share

Private lender ICICI Bank Ltd. has recommended a dividend of Rs 11 per share, as the bank's profit rose 18% year-on-year on strong loan growth, and a rise in net interest income.

The board's nod for the dividend is subject to requisite approvals, the bank said in an exchange notification on Saturday. "The dividend on equity shares, will be paid after the same is approved by the members at the ensuing AGM," the notification added.

Net interest income rose 11% over the year to Rs 21,193 crore. Consequently, net interest margin of the bank was 4.41% in Jan-Mar, up from 4.25% a quarter ago and 4.40% a year ago.

The private sector bank's asset quality improved, with the gross non-performing assets ratio falling to 1.67% as of March 31, compared to 1.96% in the previous quarter. The net NPA ratio fell to 0.39% from 0.42% in the prior quarter.

For the quarter ended March, the bank wrote off loans worth Rs 2,118 crore and sold loans worth Rs 2,786 crore.

Total advances of the bank rose over 13% on year to Rs 13.41 lakh crore. Deposits rose by 14% on year to Rs 16.10 lakh crore.