ICICI BANK DENIES REPORT OF MD & CEO SANDEEP BAKHSHI WANTING TO QUIT; TERMS IT ‘BASELESS’ AND ‘FIGMENT OF IMAGINATION’
ICICI Bank on Thursday denied reports of its MD and CEO Sandeep Bakhshi wanting to quit his position. Terming the report published by The Morning Context as ‘baseless’ and a ‘figment of imagination’, the lender categorically denied the information published in the article.
“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,” ICICI Bank said in a regulatory filing on May 2.
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.
“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 statement added.
Last week, ICICI Bank, the second-largest private sector lender in India, reported strong earnings for the quarter ended March 2024. ICICI Bank share price also surged to record highs with its market capitalization surpassing ₹8 lakh crore for the first time.
Read here: ICICI Bank: Brokerages remain bullish on stock post Q4 earnings; raise target price
ICICI Bank reported a standalone net profit of ₹10,707.5 crore in Q4FY24, a rise of 17.4% from ₹9,121.9 crore in the corresponding period last year. The lender posted a growth of 8% in net interest income (NII) to ₹19,092.8 crore from ₹17,666.8 crore, YoY.
The bank achieved an annualized Return on Assets (RoA) of 2.4% and a Return on Equity (RoE) of 18.5%.
At 11:55 am, ICICI Bank shares were trading 1.26% lower at ₹1,137.50 apiece on the BSE.
2024-05-02T06:49:05Z dg43tfdfdgfd
