ICICI Bank Ltd.

•

icici.bank.inBSE: 532174NSE: ICICIBANK

Market Cap₹ 9,89,980 Cr.

Current Price

High / Low₹ 1,480 / 1,188

Stock P/E17.6

Book Value₹ 521

Price to Book2.42

Dividend Yield0.87 %

ROCE16.5 %

ROE17.4 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Retail Banking: 31.8% • Treasury: 27.1% • Wholesale Banking: 17.2%

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 23.3% CAGR over last 5 years
Strong return ratios for a lender: 3Y avg ROE 18.8%, ROA 2.1%
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 (151.7% of PBT)

* 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	708.00	13.81	1091323.88	2.19	203826.90	1092.64	905753.30	936.66	12.81	35.64
2.	ICICIBANK	1379.15	17.65	989980.04	0.87	16209.74	12.62	52240.85	6.44	16.51	32.39
3.	KOTAKBANK	418.70	20.52	416508.36	0.16	5487.06	23.89	18354.57	6.41	12.05	19.05
4.	AXISBANK	1247.50	13.98	388399.91	0.08	7656.51	22.31	35541.96	9.87	11.04	63.88
5.	IDBI	83.44	9.63	89718.04	0.00	2130.57	5.27	7549.28	7.44	14.76	76.80
6.	FEDERALBNK	344.40	18.18	85149.33	0.35	1297.61	37.06	7861.58	9.94	10.98	66.11
7.	AUBANK	1058.00	43.57	79454.72	0.09	7959.53	1270.31	53027.42	1111.10	14.17	56.24
8.	INDUSINDBK	977.80	57.61	76184.77	0.15	1037.02	71.68	11309.94	-7.78	4.97	55.07
9.	IDFCFIRSTB	86.20	32.24	74319.14	0.29	1147.82	153.12	11051.09	14.61	5.42	38.45
10.	YESBANK	23.47	19.52	73668.68	0.00	1071.81	32.53	8054.49	5.92	8.04	58.47
11.	RBLBANK	412.80	71.21	64022.78	0.24	2342.30	993.41	38402.40	1015.97	6.49	40.95
12.	KARURVYSYA	333.85	11.76	32273.73	0.78	755.70	44.92	3049.42	18.72	23.62	71.82

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	37,106	38,938	40,865	42,607	44,582	46,326	47,037	48,387	49,080	48,181	48,364	49,594	52,241
Interest Expended	16,368	17,908	19,409	20,424	21,122	22,225	22,633	23,047	23,090	22,017	21,874	22,047	23,064
Net Interest Income	20,738	21,030	21,456	22,183	23,460	24,100	24,404	25,340	25,990	26,164	26,490	27,547	29,177
	14,978	18,354	18,615	24,575	22,688	26,617	27,589	31,361	25,496	27,966	28,418	35,020	27,448
Total Income	52,084	57,292	0	0	67,270	72,943	74,627	79,748	74,576	76,147	76,782	84,614	79,689
Operating Expenses	2,00,567	2,39,110	0	0	2,80,712	3,08,389	3,22,423	3,66,476	3,01,692	3,41,553	3,45,072	4,15,620	34,021
Operating Profit	1,56,597	1,54,732	0	0	1,80,773	1,98,783	1,97,509	2,00,528	2,13,168	1,99,739	2,04,006	2,10,049	22,604
Provisions & Contingencies	13,450	6,490	0	0	13,159	13,819	12,679	9,401	18,223	9,093	26,465	2,607	1,297
Profit before Tax	14,315	14,824	15,142	16,154	16,761	18,496	18,483	19,113	19,494	19,065	17,754	20,744	21,307
Tax %	24.81%	25.69%	25.67%	25.88%	25.99%	25.06%	25.18%	25.06%	26.16%	25.22%	24.46%	24.74%	23.92%
Net Profit	10,763	11,015	0	0	12,406	13,861	13,829	14,323	14,394	14,256	13,411	15,612	16,210
EPS	15	16	16	17	17	18	18	19	19	19	18	21	2

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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	1,59,516	1,86,331	1,95,218	—
Interest Expended	34,836	34,262	39,178	44,666	42,659	41,167	50,543	74,108	89,028	89,029	89,002
Net Interest Income	-34,836	-34,262	-39,178	-44,666	-42,659	-41,167	-50,543	85,408	97,304	1,06,190	—
	52,458	56,807	59,325	64,950	72,030	62,129	65,112	76,522	1,08,255	1,16,900	1,18,852
Total Income	0	0	0	0	0	0	0	2,36,038	2,94,587	3,12,118	3,17,232
	0	0	0	0	0	0	0	97,783	1,27,800	1,40,394	—
Operating Profit	-34,836	-34,262	-39,178	-44,666	-42,659	-41,167	-50,543	64,147	77,759	82,696	—
	16,682	16,701	17,971	10,776	10,887	6,919	1,026	3,712	4,906	5,639	—
Profit before Tax	13,809	10,978	7,408	18,589	25,884	34,241	46,256	60,434	72,854	77,057	78,870
Tax %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	25.53%	25.30%	25.16%	24.57%
Net Profit	11,340	9,100	5,689	11,225	20,220	25,784	34,463	45,007	54,419	57,673	59,489
EPS	16	12	7	15	27	35	48	63	72	76	—

COMPOUNDED SALES GROWTH

10 Years:: 13%
5 Years:: 17%
3 Years:: 17%

COMPOUNDED PROFIT GROWTH

10 Years:: 18%
5 Years:: 24%
3 Years:: 17%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 14%
5 Years:: 18%
3 Years:: 19%
Last Year:: 17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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
	1,03,461	1,09,338	1,12,959	1,21,662	1,56,201	1,80,396	2,12,340	2,53,334	3,10,411	3,58,946
	5,12,587	5,85,796	6,81,317	8,00,784	9,59,940	10,91,366	12,10,832	14,43,580	16,41,637	18,30,020
	1,88,287	2,29,402	2,10,324	2,13,852	1,43,900	1,61,603	1,89,062	2,07,428	2,18,883	2,20,264
Other Liabilities & Provisions	1,75,353	1,92,445	2,26,319	2,32,901	3,02,796	3,11,636	3,37,412	4,43,023	4,52,978	4,84,642
Total Liabilities	9,85,725	11,24,281	12,38,794	13,77,292	15,73,812	17,52,637	19,58,490	236	264	29,14,498
ASSETS	-	-	-	-	-	-	-	-	-	-
	31,891	33,273	38,066	35,312	46,302	1,09,631	68,649	89,943	1,20,241	1,21,237
Balances with Banks & Money at Call	48,600	55,727	49,325	92,541	1,01,268	73,495	67,808	72,826	93,783	1,43,744
	3,04,373	3,72,208	3,98,201	4,43,473	5,36,579	5,67,098	6,39,552	8,27,163	8,86,377	8,70,720
	5,15,317	5,66,854	6,46,962	7,06,246	7,91,801	9,20,308	10,83,866	12,60,776	14,20,664	16,44,658
	9,338	9,465	9,660	10,409	10,809	10,605	10,969	13,240	15,812	17,420
	76,205	86,755	96,580	89,312	87,052	71,500	87,647	1,00,115	1,05,365	1,16,719
Total Assets	9,85,725	11,24,281	12,38,794	13,77,292	15,73,812	17,52,637	19,58,490	236	264	29,14,498

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	52,636	19,383	48,671	79,565	1,38,015	58,111	-3,771	1,57,284	1,22,805	67,325
Cash from Investing	-1,606	-50,573	-30,147	-42,308	-62,987	-39,321	-68,005	-1,45,931	-77,288	-13,014
Cash from Financing	-35,470	39,676	-19,997	2,992	-54,667	17,451	24,791	13,765	5,589	-4,661
	15,560	8,485	-1,474	40,249	20,362	36,241	-46,986	25,118	51,106	49,651

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	17.49	12.00	6.60	14.78	26.58	36.14	48.74	63.02	71.65	75.71
Book Value (₹)	174.37	167.39	172.47	185.10	223.34	256.96	301.66	358.32	432.55	497.80
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%	2.71%	0.00%	0.00%	0.00%	0.00%	0.00%	3.79%	3.86%	3.82%
ROA %	1.19%	0.86%	0.48%	0.86%	1.37%	1.55%	1.86%	2.08%	2.17%	2.08%
ROE %	11.76%	8.70%	5.20%	9.72%	14.74%	15.49%	17.71%	19.47%	19.45%	17.36%
	0.00%	65.82%	0.00%	0.00%	0.00%	0.00%	0.00%	60.39%	62.17%	62.93%
ASSET QUALITY
Gross NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Provision Coverage %	0.00%	0.00%	0.00%	0.00%	0.00%	79.20%	80.60%	0.00%	0.00%	0.00%
Slippage Ratio %	—	—	—	—	—	—	—	—	—	—
BALANCE SHEET & LIQUIDITY
CASA %	0.00%	51.32%	0.00%	0.00%	0.00%	0.00%	0.00%	41.90%	41.53%	41.05%
Credit-Deposit Ratio %	0.00%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.14%	0.13%	0.12%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GROWTH & VALUATION
Net Profit Growth %	3.78%	-19.76%	-37.48%	97.31%	80.12%	27.52%	33.66%	30.59%	20.91%	5.98%
Book Value Growth %	0.00%	-4.00%	0.00%	0.00%	0.00%	0.00%	0.00%	18.78%	20.71%	15.09%
P/E (x)	0.00x	23.20x	0.00x	0.00x	0.00x	0.00x	0.00x	17.39x	18.82x	15.92x
P/B (x)	0.00x	1.66x	0.00x	0.00x	0.00x	0.00x	0.00x	3.06x	3.12x	2.42x
	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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