The board of ICICI Bank authorizes fundraising via NCDs of Rs 25,000 crore
As of today, the private sector lender has recorded a 17 percent increase in net profit to Rs 10,707 crore for the January-March quarter of the financial year 2023-24, up from Rs 9,122 crore in the same time last year.
On April 27, the ICICI Bank board of directors authorized raising capital via the sale of non-convertible debentures in the domestic market for a total of Rs 25,000 crore within a year.
According to the lender's exchange filing, the Board authorized raising up to $1.50 billion in capital via the issue of bonds, notes, and offshore certificates of deposit in foreign markets during a one-year period.
The lender also disclosed that, within the bounds permitted by relevant legislation, the Board approved the repurchase of debt instruments.
As of today, the private sector lender has recorded a 17 percent increase in net profit to Rs 10,707 crore for the January-March quarter of the financial year 2023-24, up from Rs 9,122 crore in the same time last year.
The net profit of Rs 10,331 crore is in line with market predictions. For each share, the bank suggested a dividend of Rs 10.
Comparing the net interest income (NII) for the same quarter of the previous fiscal year, which came in at Rs 17,667 crore, to Rs 19,093 crore, showed an increase of 8%. The NII is somewhat higher than the Rs 18,958 crore expectations.
Gross non-performing assets (NPA) for the bank were 2.16 percent, compared to 2.81 percent during the same period previous year. However, net non-performing assets (NPA) for the quarter were 0.42 percent as opposed to 0.48 percent in the previous year.
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