Key Points
- ICICI Bank confirms searches by Maharashtra GST authorities at three offices.
- The searches are being carried out under sections 67(1) and 67(2) of the Maharashtra GST Act, 2017.
- The bank is cooperating fully with the authorities and providing all required data.
- No official statement has been made by the GST authorities at this time.
- ICICI Bank reported a strong financial performance for Q2 FY 2024-25, with a 14.5% rise in net profit.
- The bank’s loan portfolio and asset quality improved during Q2 FY 2024-25.
Looma News
ICICI Bank, India’s second-largest private sector bank, confirmed that Maharashtra GST officials searched three of its offices on December 4, 2024. The searches are part of an ongoing investigation under sections 67(1) and 67(2) of the Maharashtra GST Act, 2017. The bank stated that it is fully cooperating with the authorities and providing all necessary information. No statement has been made by the GST authorities regarding the searches as of now.
Earlier this year, ICICI Bank reported strong financial results for the second quarter of FY 2024-25. The bank’s net profit for the September quarter was Rs 11,745.9 crore, up 14.5% from Rs 10,261 crore in the same period last year. The bank’s net interest income (NII) also grew by 9.5%, reaching Rs 20,048 crore, compared to Rs 18,307.9 crore in the same quarter the previous year.
The bank’s solid performance was driven by its growing loan portfolio and better interest margins. Its domestic loan portfolio grew by 15.7% year-over-year and 4.6% from the previous quarter, as of September 30, 2024. The retail loan portfolio, which makes up 53% of the total loan book, grew by 14.2% year-over-year and 2.9% from the previous quarter.
ICICI Bank also saw improvement in its asset quality, with its gross non-performing asset (NPA) ratio dropping to 1.97%, compared to 2.15% in the first quarter of the fiscal year. The net NPA ratio also slightly decreased to 0.42%, down from 0.43% in the previous quarter.
