NSE: ICICIBANK · BSE: 532174
ICICI BANK LTD.
A private sector commercial bank that takes deposits and lends across retail, rural, business banking and wholesale/corporate segments, alongside proprietary treasury operations and life and general insurance subsidiaries. For the nine months ended December 31, 2024, Retail Banking contributed 32.4% of segment revenue, followed by Treasury at 28.1%, Wholesale Banking at 17.1%, Life Insurance at 11.4% and General Insurance at 5.4%. In Q1 FY27, the loan book grew 19.6% year-on-year to Rs 16.31 trillion — corporate +18.5%, rural +35.4%, business banking +28.2%, retail +12% — with net interest income up 12.7% to Rs 24,384 crore on a 4.36% net interest margin, fee income up 23.5% to Rs 7,286 crore, and net NPA at 0.35% supported by a Rs 13,100 crore contingency buffer. Capital ratios stood at CET-1 16.19% and CRAR 16.84%. The bank priced a USD 1 billion five-year offshore bond at 5.459% in July 2026 under its USD 7.5 billion Global Medium Term Note programme. The bank funds itself through deposits at a cost of 4.41% in Q1 FY27, alongside offshore borrowings and equity. Customers span retail depositors and borrowers, rural and small-business borrowers, and large Indian corporates, with insurance flows routed through related subsidiaries ICICI Prudential Life and ICICI Lombard. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail Banking (32%), Treasury (28%), Wholesale Banking (17%), Life Insurance (11%), General Insurance (5%), Others (4%), Other Banking (2%). Diversified private sector commercial bank with retail, rural, business and wholesale lending plus insurance subsidiaries.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | 25,110 | 34,037 | 44,256 | 51,029 | 54,208 |
| EPS, as reported (₹) | 36.21 | 14.12 | 63.19 | 72.41 | 75.89 |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 58,111 | (3,771) | 1,57,284 | 1,22,805 | 67,325 |
| Capex | — | — | — | — | — |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — |
| Profit before tax | 18,496 | 18,483 | 19,113 | 19,494 | 19,065 | 17,754 | 20,744 | 21,307 |
| Net profit | 13,861 | 13,829 | 14,323 | 14,394 | 14,256 | 13,411 | 15,612 | 16,210 |
| EPS (₹) | 18.39 | 18.26 | 19.11 | 19.02 | 18.71 | 17.54 | 20.62 | 21.54 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HDFC BANK LTD | 10,47,596 | 13.2 | — | — | — | — | — | — |
| ICICI BANK LTD. ◆ | 9,95,059 | 17.7 | — | — | — | — | — | — |
| KOTAK MAHINDRA BANK LTD | 4,40,141 | 11.5 | — | — | — | — | — | — |
| AXIS BANK LIMITED | 3,75,069 | 13.5 | — | — | — | — | — | — |
| FEDERAL BANK LTD | 84,309 | 18.0 | — | — | — | — | — | — |
| IDBI BANK LIMITED | 83,869 | 9.0 | — | — | — | — | — | — |
| INDUSIND BANK LIMITED | 64,925 | 49.1 | — | — | — | — | — | — |
| IDFC FIRST BANK LIMITED | 61,475 | 27.4 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.7 | 12.3 | 15 of 20 | 26% |
| Profit growth | 12.6 | 29.5 | 17 of 20 | 16% |
| Market cap | 995059 | 41910 | 2 of 20 | 95% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · ICICI Bank allots 1,063,398 shares under employee stock option plan | capital market events | low | — | — |
| 24 Oct 2026 · ICICI Bank ratings reaffirmed with stable outlook by ICRA and CARE | credit debt | medium | — | — |
| 23 Oct 2026 · Q2 profit rises 20 percent as loans grow 30 percent; margin under pressure | investor communications | medium | — | — |
| 22 Oct 2026 · ICICI Bank allots 24,096 shares under employee stock plan | capital market events | low | — | — |
| 17 Oct 2026 · ICICI Bank uploads Q2 FY26 earnings call audio on website | investor communications | low | — | — |
| 17 Oct 2026 · ICICI Bank Q2 FY27 investor presentation: PAT up 20% YoY | investor communications | medium | — | — |
| 17 Oct 2026 · ICICI Bank Q2 FY27: Net Profit rises 20% YoY at Rs 14,843 cr | management changes | high | — | — |
| 17 Oct 2026 · ICICI Bank Q2 FY27 results: PAT up 20 percent YoY, asset quality improves | results | high | — | — |
| 15 Oct 2026 · ICICI Bank allots 1.13 lakh shares under ESOP 2000 | capital market events | low | — | — |
| 13 Oct 2026 · ICICI Bank allots 749,099 equity shares under ESOS 2000 | capital market events | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.