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ICICI Bank Ltd
NSE: ICICIBANK BSE: 532174 INE090A01021 Financial Services Bank 🔎 Screen
NIFTY 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY Bank Fin. Services
₹879,651 Cr
Market Cap
2.45
P/B
4.32%
NIM
16.1%
ROE
1.40%
GNPA
Fin. Margin
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

ICICI Bank is the second-largest private sector bank in India offering a diversified portfolio of financial products and services to retail, SME and corporate customers. The Bank has an extensive network of branches, ATMs and other touch-points.The ICICI group has presence in businesses like life and general insurance, housing finance, primary dealership, etc, through its subsidiaries and associates.

✓ Strengths

No strengths data yet.

! Concerns 4
  • Company has low interest coverage ratio.
  • Contingent liabilities of Rs.80,16,362 Cr.
  • Earnings include an other income of Rs.1,16,900 Cr.
  • Working capital days have increased from 75.8 days to 135 days
Key Ratios Snapshot
📊 Sector Averages
📈 Growth Pattern
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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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Mixed quarter — PAT grew 8.5% YoY driven by strong fee income and controlled provisions, but cost-to-income worsened and NIM declined 9 bps YoY. quarter Investor Presentation One-Pager? Mar 2026
Revenue
₹30,394 Cr
+7.7% YoY (Q4-2026 core operating income of ₹303.94 bn)
EBITDA Margin
60.2%
Core operating profit / core operating income; cost-to-income rose to 39.9% from 37.9% a year ago
PAT
₹13,702 Cr
+8.5% YoY (₹137.02 bn); FY2026 PAT ₹50,147 Cr (+6.2% YoY)
Net NPA ratio
0.33%
Improved from 0.39% a year ago and 0.37% sequentially; gross NPA ratio 1.40%
What Went Right
  • Fee income grew 7.5% YoY to ₹67.79 bn in Q4-2026; total non-interest income up 5.6% YoY.
  • Loan growth of 15.8% YoY, with business banking (+24.4%) and rural (+25.6%) leading; retail mortgages +13.2%.
  • Asset quality improved: net NPA ratio 0.33% (lowest in several quarters); net additions to NPAs fell to ₹11.74 bn from ₹13.25 bn a year ago.
  • CET1 ratio improved to 16.35% (after proposed dividend); total capital adequacy 17.18%.
  • Consolidated PAT from key subsidiaries (ICICI Pru Life, AMC, Securities) remained strong, with ICICI Pru Life PAT up 58% YoY in Q4.
What to Watch
  • Cost-to-income ratio worsened to 39.9% from 37.9% in Q4-2025, driven by higher non-employee expenses (+14.0% YoY).
  • Net interest margin (NIM) slipped to 4.32% from 4.41% a year ago; sequential decline from 4.30% in Q3-2026 after adjusting for tax refund.
  • Treasury income was a loss of ₹1.06 bn in Q4 (vs profit of ₹2.39 bn a year ago), dragging reported PBT growth.
  • Average CASA ratio fell to 38.6% from 39.0% QoQ, despite strong total deposit growth of 11.4% YoY.
  • Credit card portfolio declined 5.6% YoY and 1.3% QoQ, reflecting higher delinquencies or strategic de-risking.
Investor Lens
The headline PAT beat is overshadowed by a deteriorating cost structure and flat NIM trajectory. Core operating profit growth of 5.1% YoY lagged loan growth, indicating spread compression. Asset quality is a clear positive — net NPA at 0.33% and contingency buffer of ₹131 bn provide cushion. However, retail portfolio growth (9.5% YoY) remains below system average, and high-cost term deposits are pressuring margins. Over the next quarter, watch for: (1) trajectory of NIM amid rising deposit costs, (2) ability to contain cost-to-income below 40%, and (3) any uptick in retail NPAs, especially in credit cards. Thesis remains intact but requires disciplined execution to justify current valuation multiples.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED PAT up 9.2% YoY to ₹15,681 Cr; margins under severe pressure
Revenue
Revenue grew 2.5% YoY to ₹49,594 Cr, supported by other income of ₹35,020 Cr and interest income of ₹22,047 Cr. The modest growth reflects stable core income streams.
Profitability
Net profit rose 9.2% YoY to ₹15,681 Cr, with EPS improving to ₹20.61 from ₹18.96. PBT stood at ₹20,744 Cr and tax rate was 25%, indicating steady bottom-line performance.
Margins
Financing margin turned sharply negative at -29% (vs -25% YoY and -22% QoQ), signaling severe NIM compression. This is a critical concern despite revenue growth.
Cash Flow
Skip — not applicable for banking/financial companies
Balance Sheet
Total assets reached ₹2,914,498 Cr with reserves of ₹358,946 Cr. ROE stood at 16.1% and P/E at 16.8x, reflecting reasonable capital efficiency.
Key Risks
Key risks include further NIM compression from rising deposit costs, potential asset quality stress, and high reliance on other income which may be volatile.
Outlook
Loan growth and asset re-pricing could gradually ease margin pressure. However, elevated credit costs and regulatory changes may cap earnings improvement.
Generated by AI · Mar 2026 results · Not investment advice
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Revenue by Segment

Segment Q3FY26 Q4FY26 Trend
General Insurance
7,366
7,344
intersegment
0
0
Life Insurance
15,459
22,512
Other Banking
1,686
2,069
Others
5,120
4,743
Retail Banking
40,569
40,609
Treasury
33,230
34,339
Wholesale Banking
22,170
23,115
Total 125,599 134,731

Source: NSE Integrated Filing XBRL (Reg. 33 Ind AS). Values in ₹ Crore.

🏦 Banking KPIs

NIM, GNPA, CASA, CAR, ROA, ROE and more — extracted from investor presentations
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Quarterly banking KPIs with historical trend — NIM, GNPA, CASA, CAR and more, AI-extracted from investor presentations
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The analysis and opinions expressed herein are based on publicly available information, including but not limited to company filings with the BSE/NSE, annual reports, management commentary, investor presentations, data from the Reserve Bank of India (RBI), SEBI, industry publications, and other reliable financial data sources. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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