ICICI Bank Limited
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.
Branch Network Q2 FY27[6]
The bank operates 7,656 branches and 12,143 ATMs and Cash Recycling Machines across India. Branch mix:
Metro – 31.6%,Urban – 19.9%, Semi Urban – 25.8%
Rural – 22.7%
Key Points
Deposit Base Q2 FY27[2][5]
Total deposits stood at Rs 20,498.74 bn, up 27.1% YoY (17% excluding FCNR(B) deposits). CASA deposits formed 36.1% of total deposits and term deposits the remaining 63.9%. Average CASA ratio stood at 35.8%.
Loan Book Q2 FY27[7]
Total advances stood at Rs 18,315.80 bn, up 30% YoY (24.1% excluding international branch loans against FCNR(B) deposits). Segment mix:
Retail & Rural – 51.6%
Business Banking – 21.2%
Domestic Corporate – 19.4%
Overseas Book – 7.8%
Shareholding Pattern (Sep. 2026)
Financial Summary
| Particular | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 |
| Revenue – | 95,407 | 1,21,067 | 1,59,516 | 1,86,331 | 1,95,218 |
| Revenue growth % | 7% | 27% | 32% | 17% | 5% |
| Interest | 41,167 | 50,543 | 74,108 | 89,028 | 89,029 |
| Expenses + | 80,798 | 87,864 | 99,560 | 1,30,078 | 1,42,971 |
| Financing Profit | -26,558 | -17,341 | -14,152 | -32,775 | -36,782 |
| Financing Margin % | -28% | -14% | -9% | -18% | -19% |
| Net Profit + | 26,538 | 35,461 | 46,081 | 54,569 | 57,936 |
| EPS in Rs | 36.14 | 48.74 | 63.02 | 71.65 | 75.71 |
| Dividend Payout % | 14% | 16% | 16% | 15% | 16% |
Synopsis of Financials
- Core operating profit +21.8% YoY to ₹208.05bn.
- Core op profit ex-subsidiary dividends +25% YoY to ₹203.42bn.
- PAT +20.1% YoY to ₹148.43bn; consolidated PAT +22.3% YoY to ₹163.33bn.
- PBT ex-treasury +23.4% YoY to ₹199.54bn; treasury swung to loss ₹2.3bn (vs gain prior quarter), “reflecting market movements.”
Final Outlook
Summary
ICICI Bank continues to demonstrate strong business momentum, supported by rising deposits, loan growth and improving core operating profitability.
Q2 FY27 was encouraging, with core operating profit increasing 21.8% and reported quarterly revenue growing 16.21%. Business banking and domestic corporate lending were the key growth drivers.
However, investors should carefully monitor the impact of FCNR(B)-linked funding on headline growth, the CASA ratio, treasury volatility and retail loan growth.
Compared with its selected peers, ICICI Bank has delivered strong quarterly growth, but its valuation still requires sustained earnings performance to justify the current market price.
Recent Performance – Q2 FY27
- Strong revenue growth: Revenue increased 16% year-on-year to ₹55,992 crore.
- Healthy profit growth: Net profit reached ₹17,389 crore, showing a 22.28% increase.
- Core operating performance improved: Core operating profit grew 21.8% to ₹20,805 crore.
- Consolidated profitability improved: Consolidated PAT increased 22.3% to ₹16,333 crore.
Strong Core Earnings, but Monitor Growth Quality
ICICI Bank has a strong banking franchise, a diversified loan portfolio and an expanding deposit base. Its Q2 FY27 performance reflects healthy core operating profit and earnings growth.
However, some of the headline balance-sheet expansion is linked to FCNR(B) deposits, while treasury volatility and relatively slower retail loan growth require attention.
The bank’s valuation is reasonable relative to Kotak Mahindra Bank but remains above HDFC Bank in the report’s peer comparison.
