Private sector bank ICICI announced on saturday that the bank's board of directors has approved the sale of its entire 18.8 percent stake in its associate company NIIT Institute of Finance banking and Insurance Training Limited (NIIT-IFBI).
The bank will get so many crores of rupees from the sale
This deal will be done with another listed company outside the ICICI Group. This transaction process is expected to be completed by september 30, 2025. NIIT-IFBI is an institute providing professional training for the banking, finance and insurance sector, whose operational revenue in FY 2024 was Rs 56.67 crore. As of march 31, 2024, the total net worth of the company was Rs 21.93 crore. icici bank is expected to get Rs 4.7 crore to Rs 6.58 crore from this sale. The buyer of the shares is Global Talent Development Company NIIT. This means that after the sale, NIIT Limited will own this unit. Please note that NIIT Limited is not associated with the promoters or group companies of ICICI Bank.
The bank's excellent performance in the march quarter
The bank announced the sale of 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 was Rs 13,502 crore, a jump of 15.7 percent. On a standalone basis, the net profit of the country's second largest private bank for the January-March quarter was Rs 12,630 crore, which is 18 percent more than last year's Rs 10,708 crore. The bank's earnings from interest grew 11 percent to Rs 21,193 crore from Rs 19,093 crore in the same quarter a year ago. The bank's non-interest income excluding treasury grew 18.4 percent to Rs 7,021 crore. At the same time, the gross NPA ratio also improved to 1.67 percent from 1.96 percent in December. After the excellent 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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