ICICI Bank board approves 2-year extension for CEO Sandeep Bakhshi

Sandeep Bakhshi, MD & CEO, ICICI Bank

• ICICI Bank extends CEO Sandeep Bakhshi's term by two years to October 2028
• Ajay Kumar Gupta's tenure as Executive Director also extended by two years
• ICICI Bank Q3 FY26 net profit down 4 percent year-on-year to Rs 11,317.9 crore

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ICICI Bank Ltd has approved a two-year extension for its Managing Director and Chief Executive Officer Sandeep Bakhshi, allowing him to continue in his position until October 3, 2028.

In a call with the media post Q3 FY26 results, Sandeep Batra, Executive Director, ICICI Bank, said the board, in consultation with Bakhshi, felt it was appropriate to approve a two-year extension of his tenure.

The decision was taken by the bank’s board at its meeting held on January 17, and is subject to regulatory and shareholder approvals, according to an exchange filing.

Bakhshi’s current term was scheduled to end on October 3, 2026.

Sandeep Bakhshi was appointed Managing Director and Chief Executive Officer of ICICI Bank in October 2018, with his term earlier extended until October 2026. Bakhshi took charge following the exit of Chanda Kochhar.

In the same meeting, the board also approved a proposal to extend the tenure of Ajay Kumar Gupta, Executive Director of ICICI Bank, for a period of two years until November 26, 2028, subject to the necessary approvals.

ICICI Bank on January 17 reported a 4 percent year-on-year decline in standalone net profit for the fiscal third quarter, weighed down by a sharp rise in provisions, even as core operating performance remained stable and asset quality improved.

The country's second-largest private sector lender posted a standalone net profit of Rs 11,317.9 crore for the quarter ended December 31, 2025 (Q3 FY26), compared with Rs 11,792.4 crore in the corresponding quarter last year.

Net interest income (NII) increased 7.7 percent year-on-year to Rs 21,932 crore in Q3 FY26 from Rs 20,371 crore in Q3 FY25, while net interest margin was 4.30 percent in the quarter, compared with 4.25 percent in the year-ago period and 4.30 percent in Q2 FY26, the bank said in its performance review.

Ahead of the quarterly results, ICICI Bank share price fell 0.4 percent to end at Rs 1,413 on the NSE on Friday. The stock has gained over 15 percent in the last one year, outperforming benchmark Nifty 50, which has returned less than 11 percent during the same period.