Financial Services · NSE: ICICIBANK · BSE: 532174
ICICI Bank: how the business works
ICICI Bank takes deposits and lends to households and businesses in India, earning ₹50,147 crore of bank-only profit in FY26.
ICICI Bank Limited · Mumbai, Maharashtra · Founded 1994
Last updated · Reviewed by Cityfort Research on
- Deposits, 30 Sep 2026
- ₹20.50 lakh cr
- Loans (net advances), 30 Sep 2026
- ₹18.32 lakh cr
- Bank-only net profit, FY26
- ₹50,147 cr
- Branches, 30 Sep 2026
- 7,656
- Promoter holding, Sep 2026
- None (0%)
01 · The business in one line
What does ICICI Bank do?
Borrowers pay ICICI Bank interest; in FY26, ₹41 of every ₹100 went to depositors and lenders, and ₹25 was profit.
- Interest on loans and investments was ₹85 of every ₹100 that came in to the bank during FY26. Fees, treasury gains and dividends from subsidiaries made up the other ₹15.
- ICICI Bank has no promoter: no founding family or parent company controls it. It owns just over half of its life insurance, general insurance and mutual fund companies.
02 · What it sells
What does ICICI Bank sell?
Deposits: savings, current and fixed
Accounts for people and firms: ₹20.50 lakh crore at 30 Sep 2026. Of this, 36.1% sat in current and savings accounts (CASA), which pay little or no interest.
Home loans
Mortgages were ₹5.31 lakh crore at 30 Sep 2026, the largest part of retail and rural loans (56.2%). They grew 15.3% in a year.
Other retail and rural loans
Vehicle, personal, credit card, gold (jewel) and farm loans. With home loans, retail and rural loans were 51.6% of all loans at 30 Sep 2026.
Loans to small and mid-sized businesses
Business banking: 21.2% of loans at 30 Sep 2026, up 33.8% in a year.
Loans to companies, in India and abroad
Loans to Indian companies were 19.4% of all loans at 30 Sep 2026. Loans booked at overseas branches were 7.8%.
Fees and services
Fees on cards, accounts, loans and other services brought in ₹25,742 crore in FY26, up from ₹23,870 crore in FY25.
What it does
- Does: Takes deposits from people and businesses
- Does: Lends to home buyers, consumers, farmers, small businesses and large companies
- Does: Earns fees on cards, payments and other services
- Does: Owns majority stakes in ICICI Prudential Life, ICICI Lombard and ICICI Prudential AMC, and all of ICICI Securities
What it does not do
- Does not: Have a promoter (a founding family or parent company in control)
- Does not: Own all of its insurance and mutual fund companies: it held 50.89–53.00% of each at 31 Mar 2026
- Does not: Lend mostly abroad: loans at overseas branches were 7.8% of the total at 30 Sep 2026
Source: Investor presentation Q2 FY27; Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR
03 · Who pays it
Who pays ICICI Bank?
Retail and rural borrowers
Not disclosed
Pay interest on home, vehicle, personal, card, gold and farm loans: 51.6% of loans at 30 Sep 2026. Home loans were 56.2% of this part.
Small and mid-sized businesses
Not disclosed
Pay interest on business-banking loans: 21.2% of loans at 30 Sep 2026.
Indian companies
Not disclosed
Pay interest on corporate loans: 19.4% of loans at 30 Sep 2026.
Borrowers of overseas branches
Not disclosed
7.8% of loans at 30 Sep 2026, up from ₹33,196 crore to ₹1.43 lakh crore in a year. In Q2 FY27 the bank lent foreign-currency FCNR(B) deposits through these branches.
Customers paying fees
Not disclosed
Pay fees on cards, accounts, loans and other services: ₹25,742 crore in FY26. That was ₹12.8 of every ₹100 that came in to the bank.
How spread out the customers are
ICICI Bank does not disclose income by customer. ICRA notes that its top 20 depositors held 3.7% of deposits at 30 Sep 2026. The shares above are of loans, not of income.
Source: Investor presentation Q2 FY27; Transcript of Q2 FY27 earnings call held 17 Oct 2026; Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR and 1 more
04 · How the money flows · FY26
How does money flow through ICICI Bank?
Money in
- Interest on loans₹130,606 cr
- Income on investments₹33,593 cr
- Other interest (RBI and inter-bank balances, other)₹5,748 cr
- Fees, treasury gains, dividends and other income₹30,758 cr
The company
ICICI Bank
₹200,705 cr came in
Money out
- Interest paid to depositors and lenders₹81,871 cr
- Employees₹17,975 cr
- Other running costs (incl. depreciation)₹29,259 cr
- Provisions for bad loans and other risks₹5,380 cr
- Tax₹16,072 cr
- Net profit (bank only)₹50,147 cr
- These are ICICI Bank's own FY26 accounts (standalone), without its insurance and fund subsidiaries.
- Savers and companies keep deposits with the bank, and it also borrows. In FY26 it paid them ₹81,871 crore of interest.
- It lends and invests that money. Interest earned was ₹169,946 crore, and fees and other income added ₹30,758 crore.
- After staff and running costs, ₹5,380 crore of provisions for possible bad loans and ₹16,072 crore of tax, ₹50,147 crore was profit.
Source: XBRL financial results Q4 FY26 and FY26, standalone; Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR
05 · Where the money goes · FY26
Where does ₹100 of ICICI Bank's money go?
ICICI Bank · FY26
Receipt for every ₹100
| Interest paid to depositors and lenders | ₹40.8 |
|---|---|
| Employees | ₹9.0 |
| Other running costs | ₹14.6 |
| Provisions for bad loans and other risks | ₹2.7 |
| Tax | ₹8.0 |
| Kept as profit | ₹25.0 |
| Total | ₹100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly ₹100 because of rounding.
Source: XBRL financial results Q4 FY26 and FY26, standalone; Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR
06 · What it needs to run
What does ICICI Bank need to run?
A banking licence and capital
RBI requires each bank to hold a minimum of its own money (capital) against its loans and other assets, weighted by risk. This share is called CRAR. ICICI Bank's CRAR was 16.68% at 30 Sep 2026, against a minimum of 11.70%.
Deposits
Deposits of ₹20.50 lakh crore at 30 Sep 2026 fund most of its lending. At 31 Mar 2026 deposits were 93.5% of its funding.
Borrowings
Borrowings were ₹124,994 crore at 31 Mar 2026. On 30 Jul 2026 the bank issued USD 1 billion of senior notes abroad.
Branches and ATMs
7,656 branches and 12,143 ATMs and cash recycling machines at 30 Sep 2026. The bank added 145 branches in Apr–Sep 2026.
People
124,324 employees at 31 Mar 2026. Staff cost ₹17,975 crore in FY26.
Source: News release: performance review, quarter ended 30 Sep 2026 (Q2 FY27); Investor presentation Q2 FY27; Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR and 2 more
07 · Why it makes money
Why does ICICI Bank make money?
A bank earns the gap between the interest it charges and the interest it pays
ICICI Bank takes in deposits, lends at higher rates and keeps the gap, called net interest income (NII). Low-interest current and savings (CASA) deposits keep that gap wider. Provisions for bad loans fell from ₹8,641 crore in FY22 to ₹5,380 crore in FY26, so more of the gap stayed as profit.
Net interest margin, as reported (bank only)
4.0%4.3%
FY22 to FY26
- Savers and firms deposit money; 41.4% sat in low-interest current and savings accounts at 31 Mar 2026
- The bank lends to households and businesses at higher rates
- The gap is net interest income: ₹88,075 crore in FY26
- Fees and dividends from subsidiaries add income
- Staff, branches and provisions for bad loans are paid out of it
- Profit adds to capital, which lets the bank lend more
↺ Step 6 feeds back into step 1.
Source: Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR
08 · Business segments · FY26
Which businesses make up ICICI Bank?
Retail banking
41%Loans, cards and deposits for individuals and small firms. Revenue counts internal transfers between segments.
Revenue ₹162,394 cr · Operating profit ₹23,244 cr
Wholesale banking
22%Loans and services for companies. Revenue counts internal transfers between segments.
Revenue ₹87,847 cr · Operating profit ₹24,489 cr
Treasury
35%The bank's own investments and trading. All funding is priced through a central treasury unit, so revenue counts internal transfers.
Revenue ₹138,409 cr · Operating profit ₹17,230 cr
Other banking
1%Other banking business that the bank reports as a separate segment.
Revenue ₹4,703 cr · Operating profit ₹1,255 cr
How the mix changed
- Retail banking
- Wholesale banking
- Treasury
- Other banking
Revenue by segment, FY25 to FY26.
₹ crore · Source: Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR
See the numbers
Source: Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR
09 · Where it sells · FY26
Where does ICICI Bank sell?
- India98%
- Outside India3%
Source: Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR
10 · Competitors and what protects it
Who does ICICI Bank compete with?
HDFC Bank
NSE: HDFCBANK
Takes deposits and lends in India: deposits ₹31.05 lakh crore and loans ₹29.37 lakh crore at 31 Mar 2026. FY26 net profit ₹74,671 crore.
State Bank of India
NSE: SBIN
Takes deposits and lends in India: deposits ₹59.76 lakh crore and loans ₹48.78 lakh crore at 31 Mar 2026. FY26 net profit ₹80,032 crore.
Axis Bank
NSE: AXISBANK
Takes deposits and lends in India: deposits ₹13.36 lakh crore and loans ₹12.34 lakh crore at 31 Mar 2026. FY26 net profit ₹24,457 crore.
Kotak Mahindra Bank
NSE: KOTAKBANK
Takes deposits and lends in India: deposits ₹5.72 lakh crore and loans ₹4.96 lakh crore at 31 Mar 2026. FY26 net profit ₹14,008 crore.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Deposit base4 of 5
Deposits were ₹20.50 lakh crore at 30 Sep 2026. ICRA notes its cost of interest-bearing funds was 4.39% in Q1 FY27, against 5.00% for the banking sector. Its top 20 depositors held 3.7% of deposits.
- Scale and branches4 of 5
7,656 branches at 30 Sep 2026. ICRA puts its share of all bank loans at 7.6%, and of private-bank loans at 19.1% (30 Jun 2026).
- Capital4 of 5
Core equity capital (CET1) was 16.01% of risk-weighted assets at 30 Sep 2026, against an RBI minimum of 8.20%. The bank also held ₹13,100 crore of contingency provisions.
- Range of financial businesses3 of 5
Subsidiaries sell life and general insurance, mutual funds and broking. The bank owned 50.89% to 100% of each at 31 Mar 2026.
Weak spot
Fewer low-cost deposits
Current and savings (CASA) deposits fell from 48.7% of deposits at 31 Mar 2022 to 41.4% at 31 Mar 2026, and 36.1% at 30 Sep 2026. The last drop came as about USD 18 billion of foreign-currency FCNR(B) deposits came in.
Source: HDFC Bank: XBRL financial results Q4 FY26 and FY26, standalone (peer filing); State Bank of India: XBRL financial results Q4 FY26 and FY26, standalone (peer filing); Axis Bank: XBRL financial results Q4 FY26 and FY26, standalone (peer filing) and 7 more
11 · Where growth could come from
Where could ICICI Bank's growth come from?
On 17 Oct 2026, CFO Anindya Banerjee said more overseas loans and retail term deposits had narrowed margins. He said the full impact would show in Q3 FY27, "after which we expect the margins to start moving back up". The same day, MD & CEO Sandeep Bakhshi said the bank aims to gain market share across key segments.
Gaining share of bank lending
Working7.6% of all bank loans (Jun 2026), from 7.4% a year earlier (ICRA)
MD & CEO Sandeep Bakhshi said on 17 Oct 2026 that the bank aims to grow market share across key segments. ICRA puts its share of private-bank loans at 19.1%, from 18.6%.
Status: Working, on track against what the company said.
Loans to small and mid-sized businesses
Working+33.8% in the year to Sep 2026
Business-banking loans were ₹3.89 lakh crore at 30 Sep 2026, against ₹3.28 lakh crore at 31 Mar 2026. They were 21.2% of all loans.
Status: Working, on track against what the company said.
Foreign-currency deposits lent abroad
NewAbout USD 18 billion of FCNR(B) deposits in Q2 FY27
FCNR(B) deposits are foreign-currency deposits from non-resident Indians. The bank raised them under an RBI swap facility and lent them through overseas branches. Overseas loans reached 7.8% of loans at 30 Sep 2026.
Status: New, recently announced.
Gold loans
Working+79.4% in the year to Sep 2026
Jewel (gold) loans were ₹55,794 crore at 30 Sep 2026, 5.9% of retail and rural loans.
Status: Working, on track against what the company said.
Insurance and fund subsidiaries
WorkingICICI Prudential AMC profit ₹3,299 crore in FY26, from ₹2,648 crore
The AMC listed on 19 Dec 2025. In Q2 FY27 the bank bought 2% more of its life insurer for ₹1,470 crore.
Status: Working, on track against what the company said.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Source: Transcript of Q2 FY27 earnings call held 17 Oct 2026; ICRA and CARE Ratings rationales dated 23 Oct 2026 (ratings reaffirmed), filed with the exchange 24 Oct 2026; Investor presentation Q2 FY27 and 3 more
12 · The numbers · bank only (standalone) · ₹ crore
How has ICICI Bank done?
Net interest income
₹88,075 crFY26
Bank-only net interest income rose every year, from ₹47,466 crore in FY22 to ₹88,075 crore in FY26.
₹ crore · bank only (standalone) · interest earned minus interest paid · Source: XBRL financial results Q4 FY22 and FY22, standalone; Annual Report FY23 (2022-23) (PDF inside NSE zip); Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR and 27 more
See the yearly numbers
See the quarterly numbers
Net profit
₹50,147 crFY26
Bank-only (standalone) net profit rose every year, from ₹23,339 crore in FY22 to ₹50,147 crore in FY26.
₹ crore · bank only (standalone) · Source: XBRL financial results Q4 FY22 and FY22, standalone; Annual Report FY23 (2022-23) (PDF inside NSE zip); Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR and 27 more
See the yearly numbers
See the quarterly numbers
Net interest margin
4.32%FY26
Net interest margin, as reported, rose from 3.96% in FY22 to 4.53% in FY24. It was 4.32% in FY25 and FY26, and 4.18% in Q2 FY27.
% · as reported by the company · Source: XBRL financial results Q4 FY22 and FY22, standalone; Annual Report FY23 (2022-23) (PDF inside NSE zip); Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR and 27 more
See the numbers
Bad loans (gross NPA)
1.40%FY26
Gross NPA (loans not being repaid) fell from 3.60% of loans in FY22 to 1.40% in FY26 and 1.20% at 30 Sep 2026.
% of loans · gross and net (after provisions) non-performing assets · Source: XBRL financial results Q4 FY22 and FY22, standalone; Annual Report FY23 (2022-23) (PDF inside NSE zip); Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR and 27 more
See the yearly numbers
See the quarterly numbers
See all yearly numbers
EPS is group (consolidated) basic EPS, as filed.
Net interest income = interest earned on loans and investments minus interest paid on deposits and borrowings. Provisions = money set aside for loans that may not be repaid. Financial year runs April to March.
- Lending numbers and ratios here are ICICI Bank alone (standalone), as the bank reports them. Total income and EPS elsewhere are group (consolidated) figures, which add subsidiaries such as ICICI Prudential Life and, from 29 Feb 2024, ICICI Lombard.
- NIM is as reported by the bank and includes interest on income-tax refunds: 7 basis points in Q1 FY26, 5 in Q4 FY26 and 8 in Q1 FY27. From Q1 FY26 the bank annualises quarterly NIM by months, not days. Cityfort does not calculate NIM.
- Operating profit here is profit before provisions and tax, including treasury gains. The bank's own "core operating profit" leaves treasury out: ₹70,401 crore in FY26.
- Gross and net NPA are the bank's headline ratios. For Q2 and Q3 FY24 the results filing shows 2.55%/0.51% and 2.37%/0.47% on another basis.
- One-offs: Q3 FY26 provisions include ₹1,283 crore that RBI directed the bank to hold against part of its farm loans. Q4 FY26 provisions were ₹96 crore, after recoveries and write-backs. The bank held ₹13,100 crore of contingency provisions at 31 Mar 2026 and 30 Sep 2026.
- Q2 FY27 includes about USD 18 billion of FCNR(B) deposits raised under an RBI swap facility. Without them, deposits grew 17.0% in the year to Sep 2026, not 27.1%. Loans grew 24.1%, not 30.0%, without the overseas loans they funded.
- CASA is at period end. FY22–FY24 are CASA deposits divided by total deposits from the annual reports. Average CASA was 38.9% in FY26. Loans are net advances from the balance sheet.
13 · Financial strength · FY26
How strong is ICICI Bank's balance sheet?
- Loans given (advances)₹15.54 lakh cr
- Deposits taken₹17.95 lakh cr
Loans were 87% of deposits (credit–deposit ratio) at the end of FY26.
- Capital adequacy (CRAR)
- 17.18%
- capital as a share of risk-weighted loans; regulators set a minimum
- Core equity (CET1)
- 16.35%
- the highest-quality part of that capital
- Gross NPA
- 1.4%
- loans not being repaid, as % of all loans
- Net NPA
- 0.33%
- the same, after money already set aside
- Provision cover
- 75.8%
- share of bad loans already provided for
- CASA ratio
- 41.4%
- deposits in current and savings accounts, which usually pay low interest
- Cost to income
- 39.75%
- ₹ of running costs per ₹100 of income after interest paid
- Return on assets
- 2.32%
- profit as % of everything the lender owns
- Return on equity
- 15.97%
- profit as % of shareholders' money
Figures as on FY26 year end (standalone, as banks report these ratios). Reported by the company; see the dates on each source.
Source: XBRL financial results Q4 FY26 and FY26, standalone; Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR
14 · Who owns it · Q2 FY27
Who owns ICICI Bank?
- Foreign institutions (FII)34.7%
- Indian institutions (DII)41.8%
- Public7.8%
- Shares behind US-listed ADSs15.8%
No promoter
ICICI Bank reports no promoter group in Q2 FY27: no founder family or parent company is filed as controlling it, so there are no promoter shares to pledge.
How ownership changed
* Others = Shares behind US-listed ADSs.
Source: Shareholding pattern (XBRL), 30 Sep 2026; Shareholding pattern (XBRL), 30 Jun 2026; Shareholding pattern (XBRL), 31 Mar 2026 and 9 more
15 · What it does with profit
What does ICICI Bank do with its profit?
Dividend per share
₹12.00FY26
Dividend paid for each share, by financial year.
₹ per share · Source: Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR; Board recommends FY26 dividend of ₹12 per share (NSE announcement)
See the numbers
Money raised · 30 Jul 2026
Issued USD 1 billion of senior unsecured notes (debt, not shares) through its IFSC Banking Unit, under its global medium-term note programme.
16 · Who runs it
Who runs ICICI Bank, and did they deliver?
Sandeep Bakhshi
Managing Director & CEO
RBI approved his re-appointment from 4 Oct 2026 to 3 Oct 2028, the bank said on 22 May 2026. Shareholder approval is to follow.
Pradeep Kumar Sinha
Part-time Chairperson · since 2024
Chairperson since 1 Jul 2024. On 17 Oct 2026 the board approved applying to RBI for him to continue from 1 Jul 2027 to 16 Feb 2029.
Sandeep Batra
Executive Director
Rakesh Jha
Executive Director
Ajay Kumar Gupta
Executive Director
RBI approved his re-appointment for two years from 27 Nov 2026.
Anindya Banerjee
Group Chief Financial Officer
What they said, and what happened
2 too early to tell
Said on 17 Oct 2026
The full impact of the lower margin would show in Q3 FY27, after which the bank expects margins to start rising again (CFO Anindya Banerjee).
Too early to tellWhat happened
NIM was 4.18% in Q2 FY27. Q3 FY27 results are expected in Jan 2027.
Said on 18 Jul 2026
At that point the bank did not see a material impact from ECL provisioning (starting 1 Apr 2027) on an ongoing basis, with some marginal impact during the transition that existing provisions cover (Executive Director Sandeep Batra, Q1 FY27 media call).
Too early to tellWhat happened
The new rules apply from 1 Apr 2027.
Source: RBI approval for re-appointment of Sandeep Bakhshi as MD & CEO, 4 Oct 2026 to 3 Oct 2028; Pradeep Kumar Sinha part-time Chairman from 1 Jul 2024 (G. C. Chaturvedi retired 30 Jun 2024) (NSE announcement); Board approves RBI application for continuation of Pradeep Kumar Sinha as part-time Chairperson, 1 Jul 2027 to 16 Feb 2029 (NSE announcement) and 6 more
17 · Governance signals
What do ICICI Bank's governance filings show?
- Auditor
- B S R & Co. LLP and C N K & Associates LLP (joint statutory auditors)
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- ICICI Bank's main related parties are its subsidiaries. At 31 Mar 2026 it owned 50.89% of ICICI Prudential Life, 51.26% of ICICI Lombard and 53.00% of ICICI Prudential AMC. It owned all of ICICI Securities and ICICI Home Finance. Dividends from subsidiaries were ₹3,458 crore in FY26.
- Credit rating
- ICRA AAA (issuer rating) (Stable), 23 Oct 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
other · 30 Sep 2026
No promoter; depositary shares counted separately
ICICI Bank has no promoter. The depository for its NYSE-listed ADSs held 15.76% of all shares at 30 Sep 2026. Filings moved this block between categories, so Cityfort shows each group as a share of all shares, with the ADS block as its own slice. Government bodies' 0.22% is counted with the public.
regulatory · 17 Jan 2026
RBI-directed extra provision on farm loans
In Q3 FY26 RBI directed the bank to hold an extra ₹1,283 crore standard-asset provision against part of its farm (priority-sector) loans. The bank said some of these loans were found not fully compliant with classification norms. It still held the provision at 30 Sep 2026. The bank said it is reviewing these loans and will hold the provision until that review is complete.
Source: Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR; ICRA and CARE Ratings rationales dated 23 Oct 2026 (ratings reaffirmed), filed with the exchange 24 Oct 2026; Shareholding pattern (XBRL), 30 Sep 2026 and 5 more
18 · What the market paid · price as of 30 Jun 2026
What did the market pay for ICICI Bank on 30 Jun 2026?
Price as of 30 Jun 2026 (shown for education; prices change daily).
Price as of 30 Jun 2026 (data at least 3 months old, shown for education): ₹1,375.20 on NSE. Market value: ₹986,516 crore, on all 7,173,615,744 shares, including those behind ADSs. P/E is the share price divided by one year's profit per share: here FY26 group EPS of ₹75.89 (18.1). On bank-only EPS of ₹70.21 it is 19.6. P/B divides the price by book value (shareholders' money) per share: bank-only ₹471.18 at 31 Mar 2026 (2.9). EV/EBITDA is not shown, because interest is a bank's main running cost.
- Share price
- ₹1,375.20
- Market value (market cap)
- ₹986,516 cr
- P/E
- 18.1×
- P/B
- 2.9×
Source: NSE capital-market bhavcopy, 30 Jun 2026; Shareholding pattern (XBRL), 30 Jun 2026; Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR
19 · What could go wrong
What could go wrong for ICICI Bank?
- Pricing
Narrower lending margin
Net interest margin, as reported, fell from 4.53% in FY24 to 4.32% in FY26 and 4.18% in Q2 FY27. The CFO said on 17 Oct 2026 that the full impact would show in Q3 FY27.
Watch Quarterly NIM and cost of deposits (4.50% in Q2 FY27).
- Cash and liquidity
Fewer low-cost deposits
CASA deposits fell from 48.7% of deposits at 31 Mar 2022 to 36.1% at 30 Sep 2026. Average CASA was 35.8% in Q2 FY27. Term deposits cost more interest.
Watch Period-end and average CASA ratio each quarter.
- Currency
Foreign-currency deposits and overseas loans
About USD 18 billion of FCNR(B) deposits came in during Q2 FY27 under an RBI swap facility. The bank lent them through overseas branches, whose loans rose from ₹33,196 crore to ₹1.43 lakh crore in a year.
Watch Overseas loans as a share of all loans (7.8% at 30 Sep 2026) and deposit growth without FCNR(B).
- Concentration
Bad loans in retail lending
ICRA notes retail loans made up about 77% of new bad loans (slippages) in H1 FY27 and calls asset quality "monitorable". Retail and rural loans were 51.6% of all loans. Credit-card loans shrank 9.7% in the year to Sep 2026.
Watch Gross NPA (1.20% at 30 Sep 2026) and new bad loans each quarter.
- Regulation
New provisioning rules and RBI reviews
From 1 Apr 2027 banks must set aside money for expected loan losses (ECL), not only losses already seen. ICRA expects the impact on ICICI Bank to be manageable. RBI separately directed a ₹1,283 crore extra provision on farm loans in Q3 FY26.
Watch Provisions after 1 Apr 2027 and the outcome of the bank's review of these farm loans.
- Other
Treasury results swing
Treasury gains fell to ₹1,198 crore in FY26 from ₹1,903 crore in FY25. Q2 FY27 had a treasury loss of ₹230 crore.
Watch Treasury gain or loss in each quarterly results release.
Source: Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR; Investor presentation Q2 FY27; Transcript of Q2 FY27 earnings call held 17 Oct 2026 and 3 more
20 · How it got here
How did ICICI Bank get here?
1994
Milestone
Bank incorporated
ICICI Bank Limited was incorporated in 1994, with its registered office in Vadodara, Gujarat.
2024
Business-model change
ICICI Lombard becomes a subsidiary
The general insurer was counted as a subsidiary from 29 Feb 2024. Its premiums and claims now sit in group income and costs.
2025
Business-model change
ICICI Securities delisted
The broking arm was delisted on 24 Mar 2025 under a scheme and became wholly owned by the bank.
2025
Milestone
ICICI Prudential AMC listed
The mutual fund company listed on 19 Dec 2025. The bank owned 53.00% of it at 31 Mar 2026.
2026
Milestone
Pension fund arm fully owned
ICICI Pension Fund Management became 100% owned by the bank on 12 Jan 2026.
2026
Milestone
Larger stake in the life insurer
The bank bought 2% more of its life insurance company in Q2 FY27, for ₹1,470 crore. It had owned 50.89% at 31 Mar 2026.
2026
Business-model change
Foreign-currency deposits lent abroad
In Q2 FY27 the bank raised about USD 18 billion of FCNR(B) deposits under an RBI swap facility. Overseas-branch loans rose to 7.8% of all loans.
Source: Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR; Annual Report FY25 (2024-25); Shareholding pattern (XBRL), 31 Mar 2025 and 6 more
21 · Both sides
What do supporters and critics point to?
What supporters point to
- Gross NPA fell from 3.60% of loans at 31 Mar 2022 to 1.20% at 30 Sep 2026.
- Bank-only net profit rose every year, from ₹23,339 crore in FY22 to ₹50,147 crore in FY26.
- CET1 capital was 16.01% at 30 Sep 2026, against an RBI minimum of 8.20%. The bank also held ₹13,100 crore of contingency provisions.
- ICRA puts its cost of interest-bearing funds at 4.39% in Q1 FY27, against 5.00% for the banking sector.
- Return on assets was 2.32% in FY26, bank only.
What critics point to
- Net interest margin fell from 4.53% in FY24 to 4.18% in Q2 FY27, as reported.
- CASA deposits fell from 48.7% of deposits at 31 Mar 2022 to 36.1% at 30 Sep 2026.
- Bank-only profit growth slowed: 28.2% in FY24, 15.5% in FY25 and 6.2% in FY26.
- RBI directed a ₹1,283 crore extra provision on part of the farm-loan book in Q3 FY26; it was still held at 30 Sep 2026.
- Credit-card loans shrank 9.7% in the year to Sep 2026, and ICRA notes retail made up about 77% of new bad loans in H1 FY27.
22 · What to watch next
What should you watch next at ICICI Bank?
Next event
Q3 FY27 results (expected; Q3 FY26 results came on 17 Jan 2026)
16 Jan 2027
Expected, based on last year's date
Net interest margin
It was 4.18% in Q2 FY27. The CFO said on 17 Oct 2026 that the full impact would show in Q3 FY27, after which the bank expects margins to rise.
Low-cost deposits
CASA was 36.1% of deposits at 30 Sep 2026, against 41.4% at 31 Mar 2026. It shows how much of the bank's money pays little or no interest.
New loan-loss rules
RBI's expected-credit-loss provisioning starts on 1 Apr 2027. Watch provisions and what the bank says about them in its results.
23 · Key facts
Key facts about ICICI Bank
- What does ICICI Bank do?
- ICICI Bank is a private-sector bank in India. ICICI Bank takes deposits and lends to households, farmers, small businesses and large companies. At 30 Sep 2026 ICICI Bank held deposits of ₹20.50 lakh crore and loans of ₹18.32 lakh crore, through 7,656 branches.
- How does ICICI Bank make money?
- ICICI Bank earns mainly the gap between the interest it charges borrowers and the interest it pays depositors and lenders. In FY26, ICICI Bank's own net interest income was ₹88,075 crore. Its other income, mainly fees, was ₹30,758 crore.
- Who are ICICI Bank's customers?
- At 30 Sep 2026, retail and rural borrowers had 51.6% of ICICI Bank's loans, with home loans the largest part. Small and mid-sized businesses had 21.2%, Indian companies 19.4% and borrowers of its overseas branches 7.8%.
- How big is ICICI Bank?
- In FY26, ICICI Bank's group total income was ₹312,118 crore and group profit for shareholders was ₹54,208 crore. The bank on its own earned ₹50,147 crore. CARE Ratings calls ICICI Bank the second-largest private-sector bank in India by business (Oct 2026).
- Who owns ICICI Bank?
- ICICI Bank has no promoter. At 30 Sep 2026, Indian institutions such as mutual funds and insurers held 41.78% of ICICI Bank's shares, and foreign investors 34.69%. The depository for its US-listed ADSs held 15.76%, and individuals and others 7.78%.
- How many of ICICI Bank's loans are not being repaid?
- ICICI Bank's gross NPA ratio (loans not being repaid) was 1.20% at 30 Sep 2026, down from 3.60% at 31 Mar 2022. After provisions, ICICI Bank's net NPA was 0.30%.
- Which companies does ICICI Bank own?
- At 31 Mar 2026 ICICI Bank owned 50.89% of ICICI Prudential Life Insurance, 51.26% of ICICI Lombard General Insurance and 53.00% of ICICI Prudential Asset Management. ICICI Bank also owned all of ICICI Securities and ICICI Home Finance.
- What dividend did ICICI Bank pay for FY26?
- ICICI Bank paid a dividend of ₹12 per share for FY26, up from ₹11 for FY25. The record date for the FY26 dividend was 3 Aug 2026.
- Where are ICICI Bank shares listed?
- ICICI Bank shares trade on NSE as ICICIBANK and on BSE under code 532174. ICICI Bank's American depositary shares (ADSs) trade on the New York Stock Exchange as IBN.
Source: News release: performance review, quarter ended 30 Sep 2026 (Q2 FY27); Investor presentation Q2 FY27; XBRL financial results Q4 FY26 and FY26, standalone and 8 more
Terms on this page
- CASA ratio
- Credit rating
- FII and DII holding
- Gross and net NPA
- Net interest margin (NIM)
- Net profit
- Promoter holding
- Provision coverage ratio (PCR)
- Public shareholding
- Return on equity (ROE)
Each explains the term in plain English, with the same number from other companies on Cityfort.
24 · Sources and changes
Where every number on this page comes from
Sources (77 documents)
- S1Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Jul 2026
- S2Annual Report FY25 (2024-25) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 5 Aug 2025
- S3Annual Report FY24 (2023-24) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 26 Sep 2024
- S4Annual Report FY23 (2022-23) (PDF inside NSE zip) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 2 Aug 2023
- S5News release: performance review, quarter ended 30 Sep 2026 (Q2 FY27) · ICICI Bank investor relations (icici.bank.in) · Tier 1: company or exchange filing · 17 Oct 2026
- S6Investor presentation Q2 FY27 · ICICI Bank investor relations (icici.bank.in) · Tier 1: company or exchange filing · 17 Oct 2026
- S7Transcript of Q2 FY27 earnings call held 17 Oct 2026 · ICICI Bank investor relations (icici.bank.in) · Tier 1: company or exchange filing · 23 Oct 2026
- S8Investor presentation Q1 FY27 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Jul 2026
- S9Transcripts of media call and earnings call on Q1 FY27 results (18 Jul 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 23 Jul 2026
- S10Investor presentation Q4 FY26 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Apr 2026
- S12Investor presentation Q3 FY26 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Jan 2026
- S13Transcripts of media call and earnings call on Q3 FY26 results (17 Jan 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 22 Jan 2026
- S14Investor presentation Q2 FY26 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Oct 2025
- S15Investor presentation Q1 FY26 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 19 Jul 2025
- S16Investor presentation Q4 FY25 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 19 Apr 2025
- S17Investor presentation Q3 FY25 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 25 Jan 2025
- S18Investor presentation Q2 FY25 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 26 Oct 2024
- S19Investor presentation Q1 FY25 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 27 Jul 2024
- S20XBRL financial results Q2 FY27, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Oct 2026
- S21XBRL financial results Q2 FY27, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Oct 2026
- S22XBRL financial results Q1 FY27, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Jul 2026
- S23XBRL financial results Q1 FY27, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Jul 2026
- S24XBRL financial results Q4 FY26 and FY26, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Apr 2026
- S25XBRL financial results Q4 FY26 and FY26, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Apr 2026
- S26XBRL financial results Q3 FY26, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Jan 2026
- S27XBRL financial results Q3 FY26, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Jan 2026
- S28XBRL financial results Q2 FY26, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Oct 2025
- S29XBRL financial results Q2 FY26, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Oct 2025
- S30XBRL financial results Q1 FY26, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 19 Jul 2025
- S31XBRL financial results Q1 FY26, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 19 Jul 2025
- S32XBRL financial results Q4 FY25 and FY25, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 19 Apr 2025
- S33XBRL financial results Q4 FY25 and FY25, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 19 Apr 2025
- S34XBRL financial results Q3 FY25, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 25 Jan 2025
- S35XBRL financial results Q3 FY25, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 25 Jan 2025
- S36XBRL financial results Q2 FY25, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 26 Oct 2024
- S37XBRL financial results Q2 FY25, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 26 Oct 2024
- S38XBRL financial results Q1 FY25, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 27 Jul 2024
- S39XBRL financial results Q1 FY25, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 27 Jul 2024
- S40XBRL financial results Q4 FY24 and FY24, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 27 Apr 2024
- S41XBRL financial results Q4 FY24 and FY24, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 27 Apr 2024
- S42XBRL financial results Q3 FY24, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 20 Jan 2024
- S43XBRL financial results Q3 FY24, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 20 Jan 2024
- S44XBRL financial results Q2 FY24, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Oct 2023
- S45XBRL financial results Q2 FY24, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Oct 2023
- S46XBRL financial results Q1 FY24, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 22 Jul 2023
- S47XBRL financial results Q1 FY24, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 22 Jul 2023
- S48XBRL financial results Q4 FY23 and FY23, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 22 Apr 2023
- S49XBRL financial results Q4 FY23 and FY23, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 22 Apr 2023
- S50XBRL financial results Q4 FY22 and FY22, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 23 Apr 2022
- S51XBRL financial results Q4 FY22 and FY22, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 23 Apr 2022
- S52Shareholding pattern (XBRL), 30 Sep 2026 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 14 Oct 2026
- S53Shareholding pattern (XBRL), 30 Jun 2026 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Jul 2026
- S54Shareholding pattern (XBRL), 31 Mar 2026 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 20 Apr 2026
- S55Shareholding pattern (XBRL), 31 Dec 2025 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 16 Jan 2026
- S56Shareholding pattern (XBRL), 30 Sep 2025 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 16 Oct 2025
- S57Shareholding pattern (XBRL), 30 Jun 2025 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Jul 2025
- S58Shareholding pattern (XBRL), 31 Mar 2025 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Apr 2025
- S59Shareholding pattern (XBRL), 31 Dec 2024 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Jan 2025
- S60Shareholding pattern (XBRL), 30 Sep 2024 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 19 Oct 2024
- S61Shareholding pattern (XBRL), 30 Jun 2024 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 19 Jul 2024
- S62Shareholding pattern (XBRL), 31 Mar 2024 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 20 Apr 2024
- S63Shareholding pattern (XBRL), 31 Dec 2023 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Jan 2024
- S64NSE capital-market bhavcopy, 30 Jun 2026 · NSE (nsearchives.nseindia.com) · Tier 1: company or exchange filing · 30 Jun 2026
- S65ICRA and CARE Ratings rationales dated 23 Oct 2026 (ratings reaffirmed), filed with the exchange 24 Oct 2026 · NSE (company filing, nsearchives.nseindia.com) · Tier 2: rating agency or regulator · 24 Oct 2026
- S66RBI approval for re-appointment of Sandeep Bakhshi as MD & CEO, 4 Oct 2026 to 3 Oct 2028 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 22 May 2026
- S67Board approves RBI application for continuation of Pradeep Kumar Sinha as part-time Chairperson, 1 Jul 2027 to 16 Feb 2029 (NSE announcement) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Oct 2026
- S68RBI approval for re-appointment of Ajay Kumar Gupta as Executive Director for two years from 27 Nov 2026 (NSE announcement) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 31 Jul 2026
- S69Issue of USD 1 billion senior unsecured notes through the IFSC Banking Unit (GMTN programme) (NSE announcement) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 30 Jul 2026
- S70Record date for FY26 dividend: 3 Aug 2026 (NSE announcement) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 29 Jun 2026
- S71Board recommends FY26 dividend of ₹12 per share (NSE announcement) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Apr 2026
- S72Board approves purchase of up to 2.0% additional shareholding in ICICI Prudential Life Insurance (NSE announcement) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 28 Feb 2026
- S73Board approves acquiring 100% of ICICI Prudential Pension Funds Management from ICICI Prudential Life (NSE announcement) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 19 Jul 2025
- S75Pradeep Kumar Sinha part-time Chairman from 1 Jul 2024 (G. C. Chaturvedi retired 30 Jun 2024) (NSE announcement) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 1 Jul 2024
- S76HDFC Bank: XBRL financial results Q4 FY26 and FY26, standalone (peer filing) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Apr 2026
- S77State Bank of India: XBRL financial results Q4 FY26 and FY26, standalone (peer filing) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 8 May 2026
- S78Axis Bank: XBRL financial results Q4 FY26 and FY26, standalone (peer filing) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 28 Apr 2026
- S79Kotak Mahindra Bank: XBRL financial results Q4 FY26 and FY26, standalone (peer filing) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 2 May 2026
Changes to this page (v1 · 26 Oct 2026)
- v1 · 26 Oct 2026First version. (first version)
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