Officials from the Maharashtra Goods and Services Tax (GST) department searched three ICICI Bank offices on December 4, the bank informed the exchanges today. It added that it is cooperating and providing data as requested by authorities.

"...on December 4, 2024, GST authorities initiated a search at three offices of ICICI Bank. The proceedings are ongoing, and the Bank is cooperating fully in providing data as per request placed…" says ICICI Bank.

Stock Watch

ICICI Bank shares were down ₹5 from opening at ₹1,310.90. On December 5, the stock opened at ₹1,316.25, touching an intra-day high of ₹1,319.85 and a low of ₹1,308.60 at the time of writing. 

At 1 pm, the stock had recovered by ₹1,327.80, erasing losses for the day. 

Over a 52-week period the stock has touched a high of ₹1,361.35 and low of ₹970.05. The bank has a market capitalisation of ₹9,34,616.95 crore, according to data on the BSE.

ICICI Bank Q2 Results Highlight

ICICI Bank announced its July to September quarter results on October 26, and reported a 14.47 per cent rise in net profit on standalone basis to ₹11,745.88 crore in Q2FY25, compared to ₹10,261 crore in the same period the previous year.

The Mumbai-based lending giant recorded a 16.08 per cent rise in income earned from interest to ₹40,537.38 crore in the second quarter of the financial year 2024-25, compared to ₹34,920.39 crore in the same quarter the previous year, as per the statements.

The bank's income from investment activities also rose by 18.38 per cent to ₹8,311.33 crore in the July to September quarter of the current financial year, compared to ₹7,020.31 crore in the same period the previous year.

Gross Non-performing assets (NPA) for the bank fell 51 basis points (bps) to 1.97 per cent in the second quarter, compared to 2.48 per cent in the same quarter the previous year. Meanwhile, the net non-performing assets (NPA) rose to ₹5,685.14 crore from ₹5,046.47 crore.