Rs 5-12 /Share Dividends: 2 ICICI Bank-Backed Stocks Soon To Turn Ex-Dividends; Do You Own Any?

Two ICICI Bank-backed stocks will be in focus this week as they will turn ex-dividend. These are ICICI Securities and ICICI Lombard General Insurance. Both ICICI companies have announced dividends in the range of Rs 5 to Rs 12 per share for their shareholders from their profits in Q2 of FY24. These stocks will see huge movement.

ICICI Securities Dividend:

The stock broker has declared an interim dividend of Rs 12 per share having a face value of Rs 5 each to the shareholders of the company for the financial year FY24.

These dividend benefits will be given to those shareholders whose names appear in the Company's Register of Members as at the close of business hours on the record date i.e. October 27, 2023, as well as to those beneficial holders as registered in the records of Depositories as at the close of business hours on the record date.

ICICI Securities stock price will turn ex-dividend on October 27 as well. The dividend is expected to be paid before November 15, 2023.

In FY23, the company paid a dividend of 380% amounting to Rs 19 per share.

During Q2FY24, the company reported a net profit of Rs 423.6 crore, up by 41% YoY and 56% QoQ. While revenue from operations stood at Rs 1,249 crore, registering a growth of 44% YoY and 34% QoQ. The company's client base stood at 9.5 million, up by 13% YoY. While total assets came in at Rs 6.5 trillion, higher by 12% YoY, and 5% QoQ. Wealth assets were at Rs 3.7 trillion, up 20% YoY and 7% QoQ.

Last week, on NSE, the share price ended at Rs 665 apiece, up by 5.30% on Friday. The stock also touched a new 52-week high of Rs 697 apiece on October 20th.

ICICI Lombard Dividend:

The general insurer has declared an interim dividend of Rs 5 per share having a face value of Rs 10 each for the financial year ending March 31, 2024.

The interim dividend will be paid to the equity shareholders of the Company, whose names appear in the Register of Members of the Company or the records of Depositories as beneficial owners of the shares as on the Record date i.e. Friday, October 27, 2023.

The stock will also turn ex-dividend on October 27.

The Interim Dividend will be paid to the equity shareholders of the Company on or before Friday, November 10, 2023.

During the previous fiscal 2022-23, the company declared a total dividend of 100% valuing to Rs 10 per share.

In the September 2023 quarter, the company's PAT de grew by 2.2% to Rs 5.77 billion in Q2 FY2024 from Rs 5.91 billion in Q2 FY2023. Excluding one-time impact of reversal of tax provision in Q2 FY2023, PAT grew by 19.2% in H1 FY2024 and 24.8% in Q2 FY2024.

Also, the company's Gross Direct Premium Income (GDPI) of the Company stood at Rs 124.72 billion in H1 FY2024 compared to Rs 105.55 billion in H1 FY2023, a growth of 18.2%, which was higher than the industry growth of 14.9%.

Last week, on Friday, the stock ended at Rs 1,388.50 apiece, up by 1.22% on NSE. The stock was moving closer to its 52-week high of Rs 1,423.30 apiece.