ICICI Bank has posted a Rs 338 crore profit after tax for the quarter ended March 31, 2003, against Rs 57 crore in the fourth quarter of 2001-02. However, the results are not comparable in view of the merger of ICICI Ltd and two of its subsidiaries with the bank on March 30, 2002.
The fourth quarter net profit is marginally higher than the net profit of Rs 330 crore in the third quarter, despite lower treasury gains of Rs 17 crore, against Rs 180 crore in the previous quarter.
The bank board, which met today to approve the audited financial accounts, recommended a 75 per cent dividend for 2002-03, up from 20 per cent in the previous financial year. The declaration and payment of dividend is subject to the approval of the Reserve Bank of India (RBI) and the shareholders.
The bank
