ICICI Bank Declares Dividend and Posts Strong Profit Growth in Q4 2023
ICICI Bank posts strong Q4 2022 results, with net profit of INR 5,245 crore ($701 million), declares dividend, and maintains stable asset quality. CEO attributes success to diversified portfolio and digitalization.
Aditi Mistry 
ICICI Bank Declares Dividend and Posts Strong Profit Growth in Q4 2023
ICICI Bank, one of India's leading private sector banks, announced its Q4 2023 results on Monday, revealing a significant profit growth and declaring a dividend to its shareholders. The bank's performance exceeded market expectations, reflecting its robust business strategies and strong financial performance.
According to the financial results released by ICICI Bank, the bank's net profit for the fourth quarter of the financial year 2022-2023 stood at INR 5,245 crore ($701 million), registering a remarkable growth of 24% compared to the same period last year. The bank's total income also witnessed a substantial growth of 18% year-on-year to INR 30,845 crore ($4.1 billion), driven by healthy growth in both interest and non-interest income.
ICICI Bank's net interest income, which is the difference between interest earned and interest expended, rose by 18% to INR 11,571 crore ($1.54 billion) in Q4 2023, compared to INR 9,852 crore ($1.31 billion) in Q4 2022. The bank's non-interest income, which includes fees and commissions, also increased by 22% to INR 8,024 crore ($1.07 billion) in Q4 2023, up from INR 6,567 crore ($876 million) in Q4 2022.
The bank's asset quality also remained stable, with the gross non-performing assets (NPAs) ratio declining to 4.94% in Q4 2023, compared to 5.43% in Q4 2022. The net NPAs ratio also improved to 1.71% in Q4 2023, as against 1.78% in Q4 2022, indicating the bank's effective risk management practices.
In addition to the impressive financial performance, ICICI Bank announced a dividend of INR 5 per share for the financial year 2022-2023, which was well-received by its shareholders. The bank's dividend payout ratio stood at 25% for the financial year, in line with its dividend policy.
Mr. Sandeep Bakhshi, CEO of ICICI Bank, attributed the bank's strong performance to its diversified portfolio, robust risk management practices, and focus on digitalization and innovation. He further stated that the bank will continue to leverage its strengths to drive sustainable growth and create value for its stakeholders.
ICICI Bank's stellar performance in Q4 2023 and declaration of dividend reflect its resilience and ability to navigate through the challenging economic environment. As one of the leading players in the Indian banking industry, ICICI Bank's positive results are expected to boost investor confidence and reinforce its position as a trusted financial institution.
