ICICI Bank
ICICI Bank is India's second-largest private sector bank, taking deposits and lending across retail, SME, corporate and rural segments, with insurance and asset-management subsidiaries alongside.
- P/E ~17x
- Loan growth ~20% YoY
- GNPA 1.38%
- No promoter/pledge
- Q2 FY27 results Oct 17
Updated on 14 Oct 2026 · Data as of 13 Oct 2026
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Snapshot
- Share price
- ₹1,360.20
- 13 Oct 2026
- 52-week range
- ₹1,195.82 – ₹1,460.00
- All-time peak
- ₹1,464.85
- 23 Jul 2025 · −7.1% from peak
- Dividend yield
- 0.88%
- Price history since
- 2002
- About 24 years of prices
What's happening
ICICI Bank's board meets on 17 October 2026 (three days from now) to approve Q2 FY27 (July-September 2026) results, with an earnings call the same day. In the preceding quarter (Q1 FY27, April-June 2026), standalone net profit rose 15.9% year-on-year to ₹14,804 crore and net interest income grew 12.7% to ₹24,384 crore, with loan growth of 19.6%. Separately, the bank has disclosed GST demand notices of about ₹229 crore and ₹16.76 crore in recent months, which are contingent liabilities rather than confirmed losses.
In plain terms
This is one of the two private banks that effectively set the pace for Indian banking, and it's been taking market share while growing loans by roughly a fifth a year. The tension is that the market already knows this and prices it in: the stock has nearly doubled over five years and trades at a premium to the sector, so good results are partly already paid for. The thing to watch isn't whether the bank is well run - the numbers say it is - it's whether growth this fast can continue without asset quality or margins slipping.
Quarters
Q1 FY27 (Apr-Jun 2026): standalone PAT ₹14,804 crore, up 15.9% YoY from ₹12,768 crore; NII ₹24,384 crore, up 12.7%; NIM 4.36% (vs 4.34% a year ago and 4.32% in Q4 FY26) - broadly stable, not expanding or contracting materially. Gross NPA improved to 1.38% from 1.67% a year ago and 1.40% the previous quarter. Net NPA ticked up slightly to 0.35% from 0.33% in Q4 FY26, though still well below the 0.41% of a year ago. Provision coverage stood at 74.7%. Advances grew 19.6% YoY, led by rural/gold loans (+35.4%) and business banking (+28.2%), with retail slower at +12%. Management (Sandeep Bakhshi) said it expects loan growth to stay in the 'high teens' for the year. Q2 FY27 numbers are due 17 October 2026 and are not yet known - nothing here should be read as this quarter's result.
Performance
Heads-up on splits: ICICI Bank has split its shares or issued bonus shares before (most recently ×1.1 on 20 Jun 2017 and 5-for-1 on 4 Dec 2014). A sudden price drop around a split date is usually just the price adjusting for the extra shares, not a crash.
Share price
−0.6% over 1 year
Returns by period
| Period | ICICI Bank | Nifty 50 | HDFC Bank |
|---|---|---|---|
| 3 months | −2.6% | −5.5% | −11.8% |
| 1 year | −0.6% | −9.9% | −25.7% |
| 3 years | +46.5% | +15.2% | −2.5% |
| 5 years | +99.2% | +25.1% | −6.9% |
₹100 invested on 13 Oct 2021 became…
- ICICI Bank₹199
- Nifty 50₹125
- HDFC Bank₹93
The stock is up 99% over 5 years and 46.5% over 3 years, comfortably ahead of the Nifty (25% and 15% respectively) and far ahead of its peer HDFC Bank, which is down 6.9% over 5 years and 25.7% over the last year. Both 2014 and 2017 corporate actions (a 5-for-1 split and a bonus issue) are already reflected in these return figures, so there is no hidden crash to adjust for - the recent 7.1% pullback from the July 2025 peak of ₹1,464.85 to the current ₹1,360.20 looks like a normal drawdown within a strong uptrend, not a structural problem. HDFC Bank's weak showing over the same period is widely linked to its 2023 merger with its parent HDFC Ltd diluting return ratios - worth keeping in mind before reading ICICI's outperformance purely as a sign of superior execution.
Dividend
Paid in the last 12 months
₹12.00 per share
Dividend yield
0.88%
Dividend yield is the last 12 months of dividends divided by today's share price. A 0.9% yield means every ₹100 of ICICI Bank shares paid about ₹0.9 in dividends over the past year. Past payouts can change.
Recent dividends
| Date | Per share |
|---|---|
| 3 Aug 2026 | ₹12.00 |
| 12 Aug 2025 | ₹11.00 |
| 12 Aug 2024 | ₹10.00 |
| 9 Aug 2023 | ₹8.00 |
| 8 Aug 2022 | ₹5.00 |
| 29 Jul 2021 | ₹2.00 |
| 22 Jul 2019 | ₹1.00 |
| 24 Aug 2018 | ₹1.50 |
Valuation
ICICI Bank trades around 17x trailing earnings and roughly 2.5x book value, against a Financial Services sector median P/E near 15.5x - a modest premium. It is cheap relative to its own history: the current P/B is below its 10-year median of about 2.85x even though the stock sits only 7% off its all-time high. Why it carries a premium at all: consistently improving asset quality, stable margins and an ROE near 16-17%, which is high for a bank of this size. Whether that premium is justified is a judgment call the reader has to make, not a fact the numbers settle.
Growth
This is volume-led growth, not a margin story: advances grew ~20% YoY across retail, rural, business banking and corporate segments, while NIM stayed essentially flat (4.32-4.36% over the last three quarters). That combination - book growing, margin holding rather than expanding - is a more durable form of growth than margin-led expansion on a flat loan book.
Health
Profits are backed by a clean balance sheet: gross NPA of 1.38% and net NPA of 0.35% are low by Indian banking standards, and provision coverage of 74.7% gives a cushion against future slippage. Capital adequacy of 16.84% (CET-1 16.19%) is comfortably above the regulatory minimum of 11.70%, so there is no capital-raise overhang. The real variable here is business risk - whether rapid loan growth across rural/gold and business banking segments eventually shows up as stress - rather than financial or balance-sheet risk, which currently looks well managed.
Ownership
ICICI Bank has no promoter group - it emerged from a 2002 merger structure and is widely held, so the usual pledging question does not apply (0% promoter, 0% pledged). As of June 2026, DIIs held about 42.3% and FIIs about 33.8%, with the remaining ~23.7% public. This is an institutionally-owned stock; there is no marquee individual investor on the register, which is typical for a company of this size and float rather than a red flag.
The View
The one thing to watch
The 17 October 2026 Q2 FY27 results: specifically whether NIM holds near 4.3-4.4% and whether the small quarter-on-quarter uptick in net NPA (0.33% to 0.35%) continues or reverses.
Strengths
- +Advances grew 19.6% YoY in Q1 FY27, with rural/gold loans up 35.4% and business banking up 28.2%
- +Net interest margin held at 4.36%, essentially flat for three straight quarters despite rate moves
- +Gross NPA fell to 1.38% from 1.67% a year earlier, with provision coverage of 74.7%
- +Capital adequacy of 16.84% (CET-1 16.19%) sits well above the regulatory floor, leaving headroom to keep growing the loan book without raising capital
Watchpoints
- !Net NPA ticked up to 0.35% from 0.33% quarter-on-quarter - small, but worth watching for a reversal of the improving trend
- !GST demand notices of roughly ₹229 crore and ₹16.76 crore are open contingent liabilities, not yet resolved
- !Stock trades at a premium to the sector median P/E (~17x vs ~15.5x), which leaves less room for a soft quarter to be shrugged off
- !Q2 FY27 results land on 17 October 2026, just three days out - any sign of NIM compression or loan-growth deceleration there would be the first real test of the current narrative
How sure are we about the data? · Moderate
Q1 FY27 profit, NII, NIM, NPA, PCR and capital-adequacy figures were cross-checked across multiple financial news sources and were consistent. Valuation multiples (P/E, P/B, ROE) varied by a few points across Screener, GuruFocus and ValueResearch depending on exact date and standalone-vs-consolidated basis - a mid-range figure is used here and should be re-checked against Screener before publishing. Q2 FY27 results were not yet released at the time of writing (board meeting scheduled for 17 October 2026); nothing in this report should be mistaken for that quarter's actual numbers.
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Ticker Tales is not a SEBI-registered investment adviser or research analyst. This report is for learning only and is not investment advice. Data as of 13 Oct 2026.