ICICI Bank Dismisses Rumours Of CEO And MD Sandeep Bakhshi's Resignation

ICICI Bank termed the report "baseless" and "a figment of imagination"

ICICI Bank's filing refuted the claim, highlighting that it may have been spread with malicious intent to harm the bank and its stakeholders. ( Image Source :Getty )

Shares of ICICI Bank remained stable on Thursday (May 2) following a firm denial from the bank regarding rumours of CEO and Managing Director Sandeep Bakhshi's departure. In a statement, the bank dismissed a report from The Morning Context suggesting Bakhshi planned to leave his position due to a personal emergency.

ICICI Bank termed the report "baseless" and "a figment of imagination". The bank's filing refuted the claim, highlighting that it may have been spread with malicious intent to harm the bank and its stakeholders. The Reserve Bank of India (RBI) was reportedly against Bakhshi's departure, according to the contested report.

At 1.30 pm, shares of ICICI Bank are trading at Rs 1,138.50 apiece, down 1.18 per cent, on the BSE on Thursday.

"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," the bank said.

The stability in ICICI Bank's shares comes as the bank recently reached a significant milestone, becoming the fifth Indian firm and the second bank to surpass a market capitalisation of Rs 8 lakh crore for the first time. This follows a share price surge of over 4 per cent on the back of strong earnings.

In the fourth quarter of FY24, ICICI Bank reported a net profit of Rs 10,708 crore, marking a 20 per cent increase from the previous year. The bank's robust advances and reduced credit costs contributed to its success, despite facing margin pressure. ICICI Bank achieved a return on assets of 2.4 per cent for the fiscal year.

Net interest income (NII) also saw an 8 per cent rise to Rs 19,093 crore in Q4 FY24, exceeding market estimates.

In related news, Kotak Mahindra Bank experienced a sharp decline in share prices as much as 4 per cent on May 2. The drop followed the resignation of its joint managing director, KVS Manian, which has placed pressure on the bank's performance.