ICICI Bank denies report of MD & CEO Sandeep Bakhshi wanting to quit; terms it ‘baseless’ and ‘figment of imagination’

“We would similar to categorically contradict the accusation published successful the nonfiction regarding ICICI Bank’s MD allegedly expressing willingness to permission his presumption owed to idiosyncratic reasons. This accusation is figment of imaginativeness and therefore, wholly baseless and misleading," ICICI Bank said successful a regulatory filing connected May 2.

The Morning Context study said that Sandeep Bakhshi indicated helium wants to beryllium relieved arsenic managing manager and CEO of ICICI Bank owed to idiosyncratic emergency. But the Reserve Bank of India (RBI) was against him stepping down.

“It appears that this rumour is being dispersed with an ulterior motive and malicious intent successful bid to harm the Bank and its stakeholders," the ICICI Bank connection added.

Last week, ICICI Bank, the second-largest backstage assemblage lender successful India, reported beardown net for the 4th ended March 2024. ICICI Bank stock terms besides surged to grounds highs with its marketplace capitalization surpassing ₹8 lakh crore for the archetypal time.

Read here: ICICI Bank: Brokerages stay bullish connected banal station Q4 earnings; rise people price

ICICI Bank reported a standalone nett net of ₹10,707.5 crore successful Q4FY24, a emergence of 17.4% from ₹9,121.9 crore successful the corresponding play past year. The lender posted a maturation of 8% successful nett involvement income (NII) to ₹19,092.8 crore from ₹17,666.8 crore, YoY.

The slope achieved an annualized Return connected Assets (RoA) of 2.4% and a Return connected Equity (RoE) of 18.5%.

Meanwhile, different backstage assemblage lender, Kotak Mahindra Bank stock terms was nether dense selling unit connected Thursday aft its associated managing manager KVS Manian resigned with contiguous effect. Kotak Mahindra Bank shares dropped much than 4% to a 52-week low.

Read here: Kotak Mahindra Bank stock terms falls implicit 4% aft KVS Manian resigns; Nuvama downgrades stock, cuts target

KVS Manian, who was precocious promoted to the relation of Joint MD of Kotak Mahindra Bank, resigned aft 29 years of work with the bank.

Analysts judge the exit of Manian on with the exits of different cardinal managerial unit (KMP) successful the past 1 twelvemonth is simply a antagonistic amid the RBI’s caller prohibition connected Kotak Bank. 

At 11:55 am, ICICI Bank shares were trading 1.26% little astatine ₹1,137.50 apiece connected the BSE.

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Published: 02 May 2024, 11:58 AM IST