ICICI Bank to announce base rate on June 30

ICICI Bank on Monday said it would announce its base rate on June 30. The bank also recommended a dividend of 120 per cent at its annual general meeting (AGM) on Monday.

“We just concluded our annual general meeting which saw all resolutions being passed unanimously. We have recommended a dividend of 120 per cent,” Chanda Kochhar, managing director and CEO of ICICI Bank, told reporters on the sidelines of the AGM in Vadodara.

Later in the day, speaking in Mumbai, Kochhar said the bank would announce its base rate on June 30.

The current rates would be “adjusted according to the base rate,” she said after the board meeting in Vodadara. The base rate regime comes into effect from July 1.

According to Kochhar, the dividend recommendation is a result of a rise in the group’s consolidated profits. “Our subsidiary, ICICI Life Insurance, has earned profits for the first time in financial year 2009-10, which is a year earlier than we expected,” she added.

Meanwhile, ICICI brand had been rated among the Top 50 Global Brands and valued at $ 14.5 billion by BrandZ, a brand management firm, Kochhar said at the AGM.

ICICI Bank, whose extraordinary general meeting had approved the amalgamation of Bank of Rajasthan (BOR), registered profit after tax of Rs 4,025 crore for financial year 2009-10 as against Rs 3,758 crore for 2008-09. The bank booked a consolidated profit after tax of Rs 4,670 crore.