ICICI Bank Q4Fy22 Results: Net Profit Jumps 59% YoY; Board Declared Rs. 5/Share Dividend

ICICI Bank reported its Q4fy22 earnings on April 23, 2022. In the quarterly results, the bank posted net profit to the tune of Rs. 7019 crore, an increase of a good 59% year-on-year. In the corresponding period of the previous year, the bank logged profit of Rs. 4403 crore.

Net interest income (NII) i.e. the different between the interest expended and earned also went higher in the quarter under review to Rs. 12605 crore, an increase of 21% as against Rs. 10431 crore in the same quarter a year ago.

Net interest margin or NIM has been placed at 4% for the quarter as against 3.96% in the previous quarter and 3.84% in the same quarter a year ago.

The Board at its Meeting held today recommended a dividend of Rs. 5/- (Rupees Five Only) per equity share of face value of 2/- each, subject to requisite approvals. The dividend on equity shares, will be paid/despatched on or after the same is approved by the shareholders at the ensuing Annual General Meeting (AGM) of the Bank.

Change in key personnel at the Bank

In the filing the bank said, "The Board of Directors of ICICI Bank Limited at its Meeting held on April 23, 2022 has approved the appointment of Mr. Rakesh Jha, as a Whole timeDirector (designated as Executive Direct or) of t he Bank subject to regulatory approvals for a period of five years effective fr om May 1, 2022 or the date of approval of his appointment by RBI, whichever is later. M r. Jha is not related to any other director of the Bank.We affirm that Mr. Jha is not debarred from holding the o ff ice of Director by virtue of any order of Securities and Exchange Board of India or any other such authority.
Mr. Rakesh Jha would cease to be the Gr oup Chief Financial Officer and Key Managerial Personnel of the Bank effective May 1, 2022.

The Board also took on record the resignation of Ms. Vishakha Mulye , Executive Director (DIN: 00203578) with effect from May 31, 2022 consequent to her decision to pursue career opportunities outside the ICICI Group. The Board has placed on record its appreciation of her contribution to the Bank.

The Board approved the appointment of Mr. Anindya Banerjee as the Group Chief Financial Officer and Key Managerial Personnel of the Bank with effect fr om May 1,2022.