ICICI Bank Ltd.

•

icici.bank.inBSE: 532174NSE: ICICIBANK

Market Cap₹ 9,93,415 Cr.

Current Price

High / Low₹ 1,480 / 1,188

Stock P/E19.0

Book Value₹ 483

Price to Book2.61

Dividend Yield0.87 %

ROCE17.1 %

ROE16.3 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Treasury/Investment Banking: 35.2% • Other Retail Banking-Retail Banking: 30.0% • Wholesale Banking: 22.3%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Company has delivered good profit growth of 25.4% CAGR over last 5 years
Strong return ratios for a lender: 3Y avg ROE 17.8%, ROA 2.3%
Comfortable capital adequacy - CAR of 17.2%
Solid return on assets for a lender - ROA of 2.2%
Asset quality is healthy - gross NPA of just 1.4%

CONS

A large part of profit comes from other income (46.4% of PBT)
Growth is decelerating - 3Y profit CAGR (16.3%) trails the 5Y trend (25.4%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesBankBank - Private

Part ofNIFTY BANK NIFTY 50 NIFTYLARGEMIDCAP250 NIFTY PVT BANK NIFTY100 LOWVOL30

S.No.	Name
1.	HDFCBANK	694.00	13.54	1069744.03	2.23	203826.90	1092.64	905753.30	936.66	12.81	35.64
2.	ICICIBANK	1384.00	17.71	993414.93	0.87	16209.74	12.62	52240.85	6.44	16.51	32.39
3.	KOTAKBANK	416.95	20.44	414767.52	0.16	5487.06	23.89	18354.57	6.41	12.05	19.05
4.	AXISBANK	1260.00	14.12	392291.69	0.08	7656.51	22.31	35541.96	9.87	11.04	63.88
5.	IDBI	81.60	9.42	87739.60	0.00	2130.57	5.27	7549.28	7.44	14.76	76.80
6.	FEDERALBNK	347.00	18.32	85792.15	0.35	1297.61	37.06	7861.58	9.94	10.98	66.11
7.	AUBANK	1065.00	43.86	79980.41	0.09	7959.53	1270.31	53027.42	1111.10	14.17	56.24
8.	INDUSINDBK	995.00	58.63	77524.48	0.15	1037.02	71.68	11309.94	-7.78	4.97	55.07
9.	IDFCFIRSTB	86.70	32.43	74750.22	0.29	1147.82	153.12	11051.09	14.61	5.42	38.45
10.	YESBANK	22.24	18.49	69807.90	0.00	1071.81	32.53	8054.49	5.92	8.04	58.47
11.	RBLBANK	409.40	70.62	63495.46	0.24	2342.30	993.41	38402.40	1015.97	6.49	40.95
12.	KARURVYSYA	335.40	11.81	32423.57	0.78	755.70	44.92	3049.42	18.72	23.62	71.82

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	33,328	34,920	36,695	37,948	38,996	40,537	41,300	42,431	42,947	41,758	41,966	43,275	45,671
Interest Expended	15,101	16,612	18,016	18,856	19,443	20,489	20,929	21,238	21,312	20,228	20,034	20,296	21,286
Net Interest Income	18,226	18,308	18,679	19,093	19,553	20,048	20,371	21,193	21,634	21,529	21,932	22,979	24,384
	5,435	5,777	6,097	5,649	7,002	7,177	7,068	7,260	8,505	7,576	7,368	7,309	8,576
Total Income	38,763	40,697	0	0	67,270	7,29,426	7,46,266	7,97,478	74,576	7,61,466	7,67,821	8,46,137	54,247
Operating Expenses	9,523	9,855	10,052	9,703	10,530	10,501	10,552	10,789	11,394	11,807	11,944	12,089	12,574
Operating Profit	14,139	14,229	14,724	15,039	16,025	16,723	16,887	17,664	18,746	17,298	17,356	18,199	20,386
Provisions & Contingencies	1,292	583	1,049	718	1,332	1,233	1,227	891	1,815	914	2,556	96	1,260
Profit before Tax	12,847	13,647	13,674	14,320	14,693	15,490	15,660	16,774	16,931	16,384	14,800	18,103	19,126
Tax %	24.90%	24.81%	24.88%	25.23%	24.73%	24.17%	24.70%	24.71%	24.59%	24.57%	23.53%	24.31%	22.59%
Net Profit	9,648	10,261	10,272	10,708	11,059	11,746	11,792	12,630	12,768	12,359	11,318	13,702	14,804
EPS	14	15	15	15	16	17	17	18	18	17	16	19	2

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	0	0	0	0	0	0	0	1,42,891	1,63,264	1,69,946	—
Interest Expended	32,419	31,940	36,386	41,531	40,129	38,908	47,103	68,585	82,099	81,871	81,845
Net Interest Income	-32,419	-31,940	-36,386	-41,531	-40,129	-38,908	-47,103	74,306	81,164	88,075	—
	19,504	17,420	14,512	16,449	18,969	18,518	19,831	22,958	28,507	30,758	30,829
Total Income	0	0	0	0	0	0	0	1,65,849	1,91,770	2,00,704	24,29,670
	0	0	0	0	0	0	0	39,133	42,372	47,234	—
Operating Profit	-32,419	-31,940	-36,386	-41,531	-40,129	-38,908	-47,103	58,131	67,299	71,599	—
	15,295	16,122	17,167	10,126	10,641	6,541	677	3,643	4,683	5,380	—
Profit before Tax	11,279	7,435	3,777	14,048	20,183	30,609	42,421	54,488	62,616	66,218	68,413
Tax %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	24.96%	24.58%	24.27%	23.72%
Net Profit	9,801	6,777	3,363	7,931	16,193	23,339	31,896	40,888	47,227	50,147	52,183
EPS	15	10	5	12	24	33	45	58	66	70	—

COMPOUNDED SALES GROWTH

10 Years:: 12%
5 Years:: 17%
3 Years:: 16%

COMPOUNDED PROFIT GROWTH

10 Years:: 18%
5 Years:: 25%
3 Years:: 16%

STOCK PRICE CAGR

10 Years:: 19%
5 Years:: 14%
3 Years:: 12%
1 Year:: -2%

RETURN ON EQUITY

10 Years:: 13%
5 Years:: 17%
3 Years:: 18%
Last Year:: 16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	1,165	1,286	1,289	1,295	1,383	1,390	1,397	1,404	1,424	1,432
	98,780	1,03,868	1,07,074	1,15,206	1,46,123	1,68,856	1,98,558	2,35,589	2,88,582	3,33,257
	4,90,039	5,60,975	6,52,920	7,70,969	9,32,522	10,64,572	11,80,841	14,12,825	16,10,348	17,94,625
	1,47,556	1,82,859	1,65,320	1,62,897	91,631	1,07,231	1,19,325	1,24,968	1,23,538	1,24,994
Other Liabilities & Provisions	34,245	30,196	37,851	47,995	58,770	68,983	83,325	95,323	92,277	1,15,540
Total Liabilities	7,71,791	8,79,189	9,64,459	10,98,365	12,30,433	14,11,298	15,84,207	187	212	23,72,531
ASSETS	-	-	-	-	-	-	-	-	-	-
	31,702	33,102	37,858	35,284	46,031	1,09,523	68,526	89,712	1,19,928	1,21,024
Balances with Banks & Money at Call	44,011	51,067	42,438	83,872	87,097	58,300	50,912	50,214	65,634	1,09,311
	1,61,507	2,02,994	2,07,733	2,49,531	2,81,287	3,10,241	3,62,330	4,61,942	5,04,757	4,92,217
	4,64,232	5,12,395	5,86,647	6,45,290	7,33,729	8,59,020	10,19,638	11,84,406	13,41,766	15,53,893
	7,805	7,904	7,931	8,410	8,878	9,374	9,600	10,860	12,839	13,922
	62,535	71,727	81,852	75,978	73,411	64,840	73,200	74,380	73,316	82,163
Total Assets	7,71,791	8,79,189	9,64,459	10,98,365	12,30,433	14,11,298	15,84,207	187	212	23,72,531

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	39,223	13,304	38,419	78,449	1,24,093	55,047	7,690	81,657	1,22,357	64,726
Cash from Investing	7,045	-38,969	-23,875	-37,107	-53,491	-35,035	-65,751	-62,649	-69,582	-16,328
Cash from Financing	-30,379	34,118	-18,251	-2,645	-55,935	14,868	9,426	1,076	-7,296	-4,573
	15,889	8,453	-3,708	38,697	14,667	34,880	-48,635	20,084	45,479	43,825

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	16.83	10.54	5.22	12.25	23.41	33.59	45.68	58.23	66.31	70.04
Book Value (₹)	166.37	158.91	163.38	175.17	208.81	240.40	281.97	333.09	401.95	462.01
Dividend per Share (₹)	2.50	1.50	1.00	0.00	2.00	5.00	8.00	10.00	11.00	12.00
PROFITABILITY
Net Interest Margin %	0.00%	2.88%	0.00%	0.00%	0.00%	0.00%	0.00%	4.16%	3.99%	3.87%
ROA %	1.31%	0.82%	0.36%	0.77%	1.39%	1.77%	2.13%	2.37%	2.37%	2.23%
ROE %	10.66%	6.81%	3.24%	7.25%	12.56%	14.99%	17.53%	18.98%	18.16%	16.25%
	0.00%	38.83%	0.00%	0.00%	0.00%	0.00%	0.00%	40.23%	38.64%	39.75%
ASSET QUALITY
Gross NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	3.76%	2.87%	2.55%	0.00%	1.75%
Net NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.81%	0.51%	0.45%	0.00%	0.44%
Provision Coverage %	0.00%	0.00%	0.00%	0.00%	0.00%	79.20%	82.80%	82.60%	0.00%	75.30%
Slippage Ratio %	—	—	—	—	—	—	—	—	—	—
BALANCE SHEET & LIQUIDITY
CASA %	0.00%	51.68%	0.00%	0.00%	0.00%	0.00%	0.00%	42.18%	41.84%	41.43%
Credit-Deposit Ratio %	0.00%	0.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	0.08%	0.07%
	0.00%	18.42%	0.00%	0.00%	0.00%	0.00%	0.00%	16.33%	16.55%	17.18%
GROWTH & VALUATION
Net Profit Growth %	0.77%	-30.85%	-50.37%	135.80%	104.17%	44.14%	36.66%	28.19%	15.50%	6.18%
Book Value Growth %	0.00%	-4.48%	0.00%	0.00%	0.00%	0.00%	0.00%	18.13%	20.67%	14.94%
P/E (x)	0.00x	26.40x	0.00x	0.00x	0.00x	0.00x	0.00x	18.82x	20.33x	17.21x
P/B (x)	0.00x	1.75x	0.00x	0.00x	0.00x	0.00x	0.00x	3.29x	3.35x	2.61x
	0.00%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.91%	0.82%	1.00%

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	45.47	46.21	45.69	45.82	46.76	45.55	43.87	34.48	33.79
	44.45	43.93	44.71	44.72	43.86	45.00	46.68	39.89	42.27
	0.28	0.27	0.27	0.27	0.27	0.27	0.27	0.22	0.22
	9.79	9.59	9.33	9.18	9.12	9.18	9.19	7.40	7.70

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

ESOP/ESOS/ESPS

2026-09-11 - ICICI Bank Limited has informed the Exchange regarding Allotment of 336265 Shares.

2026-09-09

General Updates

2026-09-09 - ICICI Bank Limited has informed the Exchange about Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

2026-09-08

ESOP/ESOS/ESPS

2026-09-08 - ICICI Bank Limited has informed the Exchange regarding Allotment of 437638 Shares.

2026-09-07

General Updates

2026-09-07 - ICICI Bank Limited has informed the Exchange about Disclosure under Regulation 30 read with para A of Schedule III and Regulation 46(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

2026-09-05

General Updates

2026-09-05 - ICICI Bank Limited has informed the Exchange about Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

2026-09-04

ESOP/ESOS/ESPS

2026-09-04 - ICICI Bank Limited has informed the Exchange regarding Allotment of 38512 Shares.

2026-09-03

General Updates

2026-09-03 - ICICI Bank Limited has informed the Exchange about Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - In continuation to our earlier letter dated August 31, 2026, please note that ICICI Bank Limited (Bank), acting through its IFSC Banking Unit, has today completed the issuance of USD 500 million Senior Unsecured Fixed Rate Notes (Notes) under the USD 7.5 billion Global Medium Term Note Programme of the Bank. The Notes are rated BBB by S&P Global Ratings and Baa3 by Moody s Ratings. The Notes will be listed at Global Securities Market of the India International Exchange IFSC Limited, Debt Securities Market of the NSE IFSC Limited and SGX-ST.

2026-09-02

General Updates

2026-09-02 - Disclosure under Regulation 30 read with para A of Schedule III and Regulation 46(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

2026-09-02

General Updates

2026-09-02 - ICICI Bank Limited has informed the Exchange about disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

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