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Icici bank: Private sector bank ICICI announced on Saturday that the bank’s board of directors have approved the selling of their entire 18.8 percent stake in its ally institute of Finance Banking and Insurance Training Limited (NIIT-IFBI).

Bank will get so much crore rupees from sales

The deal will be done with a second listed company outside the ICICI group. This process of transactions is expected to be completed by September 30, 2025. NIIT-IFBI is an institution providing professional training for a banking, finance and insurance sector, with an operational revenue of Rs 56.67 crore in FY 2024. As of March 31, 2024, the company’s total net worth was Rs 21.93 crore.

ICICI Bank is expected to get from this sale to Rs 4.7 crore to Rs 6.58 crore. The buyer of the shares is Global Talent Development Company NIIT. That is, this unit will be owned by NIIT Limited after sales. Let us know that NIIT Limited is not related to the promoter or group companies of ICICI Bank.

Bank’s spectacular performance in March quarter

The bank announced selling its stake in NIIT-IFBI at a time when the bank announced a strong performance in the March quarter. The bank said on Saturday that its consolidated net profit in the March quarter stood at Rs 13,502 crore with a jump of 15.7 percent. On Standalone Bay, the net profit of this second largest private bank in the country for the January-March quarter was Rs 12,630 crore, which is more than 10,708 crore in the previous year.

The bank’s earnings from interest increased by 11 percent to Rs 21,193 crore, which was Rs 19,093 crore in the same quarter of a year ago. Except the Treasury, the bank’s non-interest income increased by 18.4 percent to Rs 7,021 crore. At the same time, the gross NPA ratio also improved to 1.67 percent, which was 1.96 percent in December. After a spectacular performance in the fourth quarter, the bank’s board has recommended a dividend of Rs 11 per share for the financial year 2024-25.

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