ICICI Bank’s board of directors has reappointed Sandeep Bakhshi as the bank’s managing director (MD) and chief executive officer (CEO) for a three-year term, according to a regulatory filing.
Subject to the consent of the Reserve Bank of India (RBI) and the Bank’s shareholders, the re-appointment tenure will run from October 4, 2023, to October 3, 2026.
Bakhshi has been in charge of the bank since October 15, 2018. He formerly served as Wholetime Director and Chief Operating Officer (COO).
Bakhshi has worked for the ICICI Group for 36 years, holding various positions at ICICI Limited, ICICI Lombard General Insurance, ICICI Bank, and ICICI Prudential Life Insurance.
ICICI Bank reported a net profit of Rs 7,558 crore for the quarter that ended in September, up 37 per cent from Rs 5,511 crore in the same period the previous year. Net interest income (NII) increased by 26 per cent year on year to 14,787 crore in Q2FY23, from 11,690 crore in Q2FY22. In Q2FY23, the net interest margin was 4.31 per cent.
As of September 30, 2022, the business banking portfolio has grown by 43 per cent year on year and 11 per cent sequentially.