According to a credible report, ICICI Bank has refuted a new site story claiming that Sandeep Bakhshi, the lender's Managing Director and Chief Executive Officer (CEO), is thinking about leaving his role.
In a Thursday exchange filing, the bank refuted information about Bakhshi's departure that was reported in The Morning Context.
"We would want to vehemently refute the facts in the article that says the MD of ICICI Bank expressed a desire to resign for personal reasons. ICICI Bank stated, "This information is a fabrication of imagination and is thus totally false and deceptive.
In October 2018, Bakhshi became the bank's MD, taking over from Chanda Kochhar, who had resigned due to accusations of financial malfeasance. Bakhshi was a full-time director and chief operating officer (COO) before taking up this position.
Due to strong results and a more than 4% rise in its shares, ICICI Bank became the second bank and the sixth Indian firm to surpass a market capitalization of Rs 8 trillion last week.
ICICI Bank reported a net profit of Rs 10,708 crore for the fourth quarter of its fiscal year 2023–24, a 20% rise over the same time the previous year. This gain was mainly attributable to increased advances and decreased credit expenses in spite of margin pressure. In the fiscal year 2023–2024, the bank produced a 2.4% return on assets, demonstrating an excellent performance by a number of measures.
