GST Officials Search ICICI Bank Offices, Bank Cooperates Fully

Maharashtra GST officials searched three offices of ICICI Bank on December 4, 2024. ICICI Bank, the second-largest private bank in India, said it is fully cooperating with the officials and sharing all the information they have asked for.

The searches were conducted under sections 67(1) and 67(2) of the Maharashtra GST Act, 2017. As of the date of this report, GST officials had not made a public statement on the findings or reasons for the search operations. The bank has issued the information in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

ICICI Bank Reports Strong Q2 Results

ICICI Bank performed very well in the second quarter of 2024-25. The bank made a net profit of Rs.11,745.9 crore in the September quarter, which is 14.5% more than the Rs.10,261 crore it earned in the same period last year.

Net interest income (NII) also increased in the bank to grow by 9.5% Rs.20,048 crore and Rs.18,307.9 crore compared to its corresponding quarter last year. There was a broadening of the loan book and increases in interest margins, which assisted in achieving the results.

Loan Growth and Quality

By September 30, 2024, ICICI Bank’s loans in India increased by 15.7% compared to last year and by 4.6% compared to the last quarter. Retail loans, which make up 53% of all loans, grew by 14.2% over the year and 2.9% from the last quarter.

The bank has shown remarkable improvement in asset quality during the quarter. Gross non-performing assets (NPA) ratio declined to 1.97% compared to 2.15% in the first quarter of the fiscal year. Net NPA ratio has also marginally improved to 0.42% from 0.43% in the preceding quarter.

While GST officials are still conducting searches, ICICI Bank’s strong financial results show its strength and steady growth in the competitive banking industry. Updates on the investigation are expected soon, as the bank continues to follow all rules and regulations.