ICICI Bank Q3: Provisions Surge on RBI Directive, CEO Bakhshi's Term Extended

• ICICI Bank's Q3 provisions rose significantly to ₹2,556 crore, up from ₹1,227 crore year-on-year, primarily due to an RBI directive.
• The RBI mandated a ₹1,283 crore standard asset provision for agricultural priority sector credit facilities not fully compliant with PSL norms.
• Net profit for the quarter fell 4% to ₹11,318 crore, missing analyst estimates, while Net Interest Income (NII) increased 7.7% to ₹21,932.2 crore.
• Asset quality improved with net NPA declining to 0.37% and gross NPA contracting to 1.53% sequentially.
• Sandeep Bakhshi's re-appointment as MD and CEO was approved for another two years, from October 4, 2026, to October 3, 2028.

Why It Matters: ICICI Bank's Q3 profit was hit by higher RBI-mandated provisions, but asset quality improved and CEO's term extended.