ICICI Bank becomes fifth Indian company to surpass Rs 8-lakh-crore mcap
For Q4 FY24, ICICI reports a net profit of Rs 10,708 crore, up 20 per cent from last year.
The ICICI Bank on Thursday denied reports of its MD and CEO Sandeep Bakhshi wanting to quit his position and thrashed the report published in this context.
It called the report published by The Morning Context as ‘baseless’ and a ‘figment of imagination’. It also categorically denied the information published in the article.
In a regulatory filing, the bank said, “We would like to categorically deny the information published in the article regarding ICICI Bank’s MD allegedly expressing willingness to leave his position due to personal reasons. This information is figment of imagination and therefore, completely baseless and misleading.”
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“It appears that this rumour is being spread with an ulterior motive and malicious intent in order to harm the Bank and its stakeholders,” the ICICI Bank added.
Notably, the Morning Context report said that Sandeep Bakhshi indicated he wants to be relieved as managing director and CEO of ICICI Bank due to personal emergency. But the Reserve Bank of India (RBI) was against him stepping down.
In September 2023, the RBI approved Bakhshi’s tenure being extended for another three years. This re-appointment, announced by the bank’s board in October 2022, was subsequently endorsed by shareholders during the annual general meeting.
Last week, the ICICI Bank reported strong earnings for the quarter ended March 2024.
Its share price also surged to record highs with its market capitalization surpassing Rs 8 lakh crore for the first time.
The bank reported a standalone net profit of Rs 10,707.5 crore in Q4FY24, a rise of 17.4 per cent from Rs 9,121.9 crore in the corresponding period last year. The lender posted a growth of 8 per cent in net interest income (NII) to Rs 19,092.8 crore from Rs 17,666.8 crore, YoY.
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