Maharashtra: ICICI Bank's 3 offices searched by GST officials
What's the story
India's second-largest private sector lender, ICICI Bank, has confirmed that Maharashtra Goods and Services Tax (GST) authorities searched three of its offices on December 4.
The bank is fully cooperating with the officials in the ongoing proceedings.
"The proceedings are ongoing and the bank is cooperating fully in providing data as per the request placed," ICICI Bank stated.
Compliance assurance
ICICI Bank assures compliance amid GST searches
The bank has assured its adherence to "the details as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015."
The searches are being conducted under sections 67(1) and 67(2) of the Maharashtra GST Act, 2017.
So far, no official statement has been released by the GST authorities regarding these searches at ICICI Bank's offices.
Financial performance
ICICI Bank reports robust Q2 financial results
Despite the ongoing proceedings, ICICI Bank recently announced strong financial results for the second quarter of FY 2024-25.
The bank reported a net profit of ₹11,745.9 crore for the September quarter, a 14.5% increase from ₹10,261 crore last year.
Its net interest income also rose by 9.5% to ₹20,048 crore in the September quarter against ₹18,307.9 crore during the same period last year.
Business growth
ICICI Bank's loan portfolio and asset quality improve
ICICI Bank's domestic loan portfolio increased 15.7% year-on-year and 4.6% sequentially till September 30, 2024.
The retail loan portfolio, which makes up 53% of the overall loan portfolio, grew 14.2% year-on-year and 2.9% sequentially.
Notably, the bank's asset quality also improved significantly with the gross non-performing assets (NPA) ratio falling to 1.97% from 2.15% in Q1 of this fiscal year.