ICICI Bank has rallied 4% to Rs 872, in an otherwise subdued market after reporting better-than-expected 31% year-on-year (y-o-y) growth in net profit at Rs 1,902 crore for the fourth quarter of FY12, due to higher operational and other income.
Analysts on average expected the private sector lender to report a profit of Rs 1,743 crore against Rs 1,452 crore in the corresponding quarter of previous fiscal.
Net interest income increased 24% to Rs 3,105 crore, while non interest income increased by 36% to Rs 2,228 crore on y-o-y basis.
“Net interest margin improved to 3.01% in Q4FY12 from 2.74% for Q4FY11, while net non-performing asset ratio decreased to 0.62% at March 31, 2012 from 0.94% at March 31, 2011,” the bank said in a filing to the stock exchanges.
Meanwhile, the board of directors of the bank has recommended a dividend of Rs 16.50/- per equity share of face value of Rs 10/- each, subject to requisite approvals
As many as a combined 8.62 million shares have already changed hands on the counter so far, against an average 4.5 million shares that were traded daily in past two weeks on the NSE and BSE.