ICICI Bank news update
ICICI Bank dismissed The Morning Context report as ‘baseless’ and ‘purely fictitious’, which alleged that Sandeep Bakhshi sought to step down as MD and CEO due to personal reasons, with the RBI opposing his departure, as per the report.
In a filing, Bank stated, “We unequivocally refute the claims made in the article regarding the purported desire of ICICI Bank’s MD to resign from his role due to personal reasons. Such claims are entirely unfounded and misleading. It appears that these rumors are being spread with malicious intent, aiming to discredit the Bank and its stakeholders.”
Last week, ICICI Bank became the fifth Indian company and the second bank to exceed Rs 8 lakh crore in market capitalization for the first time, following a more than 4 percent surge in its shares driven by strong earnings.
In Q4 FY24, Bank reported a net profit of Rs 10,708 crore, marking a 20 percent increase from Q4 FY23, attributed to robust advances and reduced credit costs, despite margin pressure. The bank achieved an ROA of 2.4 percent in FY24, reflecting strong performance across all segments.
Furthermore, the net interest income (NII) increased by 8 percent to Rs 19,093 crore in Q4 FY24, surpassing estimates of Rs 18,958 crore.
