Maharashtra GST Authorities Search Three ICICI Bank Offices - Here’s Why

GST authorities of the Maharashtra State government initiated searches at three offices of ICICI Bank, India’s second-largest private lender, on 4 December. The proceedings, conducted under sections 67(1) and 67(2) of the Maharashtra GST Act, 2017, are ongoing, with the bank cooperating fully and providing the requested data.

“Please note that on December 4, 2024, GST authorities initiated a search at three offices of ICICI Bank. The proceedings are ongoing and the Bank is co-operating fully in providing data as per the request placed,” the private bank informed the exchanges on Wednesday.

ICICI Bank Q2 Earnings Performance

The development comes as ICICI Bank recently reported strong financial results for the September quarter. The lender posted a 14.5 per cent year-on-year rise in net profit to Rs 11,746 crore, driven by a 9.5 per cent increase in Net Interest Income (NII) to Rs 20,048 crore.

Asset quality remained robust, with the gross Non-Performing Asset (NPA) ratio improving to 1.97 per cent as of 30 September, compared to 2.15 per cent in the previous quarter. The net NPA ratio stood nearly flat at 0.42 per cent, marginally lower than 0.43 per cent in the prior quarter.

ICICI Bank’s performance in the September quarter outpaced peers like Kotak Mahindra Bank and IndusInd Bank, which faced challenges related to rising stress in asset quality. The bank attributed its strong results to disciplined underwriting, prudent customer selection in personal loans, and effective risk management, as highlighted during its recent earnings call.