Maharashtra GST officials search three ICICI Bank branches
Updated: Dec 5th, 2024
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| ICICI Bank (representative image) |
Maharashtra Goods and Services Tax (GST) officials searched three branches of the ICICI Bank on Wednesday. The bank's shares dropped by around 0.6% as markets opened on Thursday.
According to a statement shared by the bank addressed to the stock markets – NSE and BSE – the search was on Wednesday and the bank was 'co-operating fully in providing data as per request'.
On Thursday at 11.25 am, the shares of ICICI Bank stood at ₹1308.75, down by 0.62% from the opening of ₹1316.95.
Notably, ICICI Bank in October reported a 14.5% growth in net profit at ₹11,746 crore (year-on-year) in Q2 FY25, from ₹10,261 crore in the year-ago quarter.
The private sector lender’s net interest income (NII) increased by 9.5% to ₹20,048 crore, in Q2 2025 from ₹18,308 crore in the same quarter last year.
Average deposits grew by 15.6% year-on-year to ₹14,28,095 crore (as of September 30). Net NPA ratio was 0.42% at September 30, compared to 0.43% at June 30, the bank said in its financial results. The net additions to gross NPAs, excluding write-offs and sales, were ₹1,754 crore in Q2 2025 compared to ₹2,624 crore in Q1 2025.
The ICICI Bank has written off gross NPAs amounting to ₹3,336 crore in Q2 2025. The provisioning coverage ratio on nonperforming loans was 78.5% on September 30.
According to the ICICI Bank, the domestic loan portfolio grew by 15.7% (year-on-year) ₹12,43,090 crore. Total period-end deposits increased by 15.7% (year-on-year) and 5.0% sequentially to ₹14,97,761 crore (on September 30, 2024). Period-end term deposits increased by 15.9% year-on-year and 5.5% sequentially to ₹8,89,038 crore. The annualised premium equivalent of ICICI Prudential Life Insurance (ICICI Life) was ₹4,467 crore in H1 FY25 as compared to ₹3,523 crore in H1 FY24, according to the ICICI Bank.
The profit after tax of ICICI Prudential Asset Management Company increased to ₹694 crore in Q2 2025 from ₹501 crore in Q2 2024. The profit after tax of ICICI Securities, on a consolidated basis, increased to ₹529 crore in Q2 from ₹424 crore in Q2 last year.
With the addition of 90 branches during H1-2025, the Bank had a network of 6,613 branches and 16,120 ATMs and cash recycling machines.
(with inputs from syndicated feed)
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