The year 2010 has brought a cheer for the employees of ICICI bank as the bank is expected to give bonuses to majority of its 36,000 employees for the period 2009-10 by April.

The bonuses had been held back by the bank in 2008-09 following the global financial meltdown. In 2008-09, the bank, for the first time since its incorporation, saw a decline in its full year profits.

The bonus payments at ICICI Bank are generally around 10-15% of an employee's salary, which could be higher in case of very good performers. Stock options are also provided to them. Usually, ICICI Bank announces its annual promotions and bonuses by the end of April every year.

In the year 2008-09, the bank's net profit declined 10 percent year-on-year to Rs. 3,758 crore. Therefore, the bank decided to hold back its annual promotions and bonuses to employees and directors in 2008-09.

However, during the second quarter of the current financial year (2009-10), the bank's net profit stood at Rs 1,040 crore, up 2.56%, compared with the same period last year. With economic prospects improving, the bank's management expects to achieve its financial targets and in turn reward its staff.

ICICI Bank executive director K Ramkumar, who looks after human resources development said, "We have a board approved bonus policy, where we have to meet targets to get bonus. Last year, bonuses were not given because we didn't meet our targets. However, this year, there is no reason to worry. We believe we are doing well."

HDFC bank also announce bonuses every year but could not do so last year due to poor market conditions.