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Icici Bank
(NYSE:IBN)
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Rating:77Outperform
Price Target:
$34.00
▲(13.86% Upside)
Action:Reiterated
Date:10/18/26
The score is driven primarily by strong underlying financial performance (multi-year growth, improving profitability, healthy ROE) and supportive technicals (uptrend across major moving averages with positive momentum). The latest earnings call reinforces strength in growth, asset quality, and capital, though near-term margin pressure and some credit/treasury headwinds cap the upside. Valuation is fair with a low dividend yield, providing less support than higher-income options.
Positive Factors
Strong earnings growth
Strong multi-year revenue and net-income compounding indicates expanding scale and sustained earnings power. Improving net margins into the high-teens range provides greater capacity to reinvest in distribution, technology and lending while supporting durable profitability over the next several quarters.
Negative Factors
Net interest margin pressure
Lower NIM directly pressures the bank’s core spread-based earnings, particularly as higher term deposits and overseas assets affect funding and asset yields. Although management expects improvement from Q4, the interim pressure may constrain profit momentum and reflects sensitivity to funding mix.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong earnings growth
Strong multi-year revenue and net-income compounding indicates expanding scale and sustained earnings power. Improving net margins into the high-teens range provides greater capacity to reinvest in distribution, technology and lending while supporting durable profitability over the next several quarters.
Read all positive factors
Icici Bank (IBN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$104.99B
Dividend Yield0.85%
Average Volume (3M)4.78M
Price to Earnings (P/E)16.8
Beta (1Y)0.40
Revenue Growth0.06%
EPS Growth1.65%
CountryUS
Employees124,324
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)156.78
Shares Outstanding3,589,946,000
10 Day Avg. Volume5,675,919
30 Day Avg. Volume4,784,065
Financial Highlights & Ratios
PEG Ratio3.32
Price to Book (P/B)2.38
Price to Sales (P/S)2.77
P/FCF Ratio13.59
Enterprise Value/Market Cap0.99
Enterprise Value/Revenue0.03
Enterprise Value/Gross Profit0.05
Enterprise Value/Ebitda0.13
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.74
Revenue Forecast (FY)$14.49B
Icici Bank Business Overview & Revenue Model
Company Description
ICICI Bank Limited, a prominent financial institution with its various subsidiaries, delivers a comprehensive suite of banking and financial solutions. These services cater to both individual consumers (retail) and corporate entities, spanning ope...
How the Company Makes Money
ICICI Bank primarily earns money through a mix of interest-based income and fee-based income. (1) Net interest income: The core earnings engine is the spread between interest earned on assets (such as retail and corporate loans, and interest-beari...
Icici Bank Earnings Call Summary
Earnings Call Date:Oct 17, 2026
(Q2-2027)
| Next Earnings Date:Jan 18, 2027
Earnings Call Sentiment Positive
The call was predominantly positive, with strong year-on-year growth in profit, deposits, loans, fee income, capital, and several subsidiary businesses, alongside improving net NPA metrics and substantial provisioning buffers. The main challenges were near-term NIM moderation, a declining credit card portfolio, higher corporate and business banking NPA additions, a treasury loss, weaker dividend income, higher operating expenses, and a higher insurance combined ratio. Management nevertheless characterized loan demand, credit quality, capital, and the broader franchise as strong.Positive Updates
Strong Profit Growth
Profit before tax excluding treasury increased 23.4% year-on-year to INR 199.54 billion. Core operating profit rose 21.8% year-on-year to INR 208.05 billion, or 25% excluding dividends from subsidiaries, to INR 203.42 billion. Profit after tax increased 20.1% year-on-year to INR 148.43 billion, while consolidated profit after tax grew 22.3% year-on-year to INR 163.33 billion.
Negative Updates
Net Interest Margin Moderation
Net interest margin declined to 4.18% from 4.36% in the previous quarter and 4.30% in Q2 of the prior year. Domestic NIM excluding the income-tax-refund benefit declined to 4.32% from 4.36% in the previous quarter and 4.37% in Q2 of the prior year.
Read all updates
Q2-2027 Updates
Positive
Negative
Strong Profit Growth
Profit before tax excluding treasury increased 23.4% year-on-year to INR 199.54 billion. Core operating profit rose 21.8% year-on-year to INR 208.05 billion, or 25% excluding dividends from subsidiaries, to INR 203.42 billion. Profit after tax increased 20.1% year-on-year to INR 148.43 billion, while consolidated profit after tax grew 22.3% year-on-year to INR 163.33 billion.
Read all positive updates
Company Guidance
Management said there was “no particular view on the mix between retail and corporate going forward,” with the franchise “fully open and capable of delivering very robust levels of growth,” while credit cost was expected to be “up to 50 basis points.” The full impact of the FCNR (B) deposits raised during Q2 and the increased overseas book would be seen in Q3, with “a further moderation in margins,” partly offset by the rate hike, while “from Q4” margins were expected “to come back in a pretty healthy way,” even assuming “there are no further rate hikes.” Excess liquidity was expected to be deployed “over the next 2 quarters,” and the bank expected jewel-loan volumes “to pick up”; an update on agricultural priority-sector standard asset provisioning was expected “over the next 2 quarters.”Icici Bank Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
76
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.00T | 3.12T | 2.95T | 2.35T | 1.85T | 1.58T |
| Gross Profit | 2.05T | 2.17T | 2.01T | 1.60T | 1.29T | 989.30B |
| EBITDA | 792.23B | 804.43B | 1.65T | 635.04B | 488.90B | 280.08B |
| Net Income | 561.94B | 542.08B | 510.29B | 442.56B | 340.37B | 251.10B |
Balance Sheet | ||||||
| Total Assets | 30.02T | 29.14T | 26.42T | 23.64T | 19.58T | 17.53T |
| Cash, Cash Equivalents and Short-Term Investments | 1.96T | 2.65T | 2.38T | 1.90T | 1.64T | 2.14T |
| Total Debt | 2.26T | 2.20T | 2.04T | 2.01T | 1.84T | 1.59T |
| Total Liabilities | 26.04T | 25.35T | 23.13T | 20.94T | 17.37T | 15.65T |
| Stockholders Equity | 3.81T | 3.63T | 3.14T | 2.56T | 2.14T | 1.82T |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 635.95B | 773.94B | 1.54T | 552.00B | 777.05B |
| Operating Cash Flow | 0.00 | 673.25B | 822.20B | 1.57T | 577.21B | 795.97B |
| Investing Cash Flow | 0.00 | -130.14B | -2.37T | -1.46T | -2.53T | -1.94T |
| Financing Cash Flow | 0.00 | -46.61B | 2.06T | 137.65B | 1.47T | 1.51T |
Icici Bank Technical Analysis
Positive
29.86
Price Trends
28.95
Positive
28.83
Positive
28.42
Positive
Market Momentum
0.31
Negative
63.09
Neutral
81.32
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IBN, the sentiment is Positive. The current price of 29.86 is above the 20-day moving average (MA) of 28.38, above the 50-day MA of 28.95, and above the 200-day MA of 28.42, indicating a bullish trend. The MACD of 0.31 indicates Negative momentum. The RSI at 63.09 is Neutral, neither overbought nor oversold. The STOCH value of 81.32 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IBN.
Icici Bank Risk Analysis
Icici Bank disclosed 9 risk factors in its most recent earnings report. Icici Bank reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
Risks relating to ADSs and equity shares Q1, 2026
2.
Major shareholders Q1, 2026
3.
Risks relating to technology Q1, 2026
Icici Bank Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $104.99B | 16.80 | 15.93% | 0.85% | 0.06% | 1.65% | |
75 Outperform | $116.09B | 13.59 | 13.54% | 5.31% | -3.00% | 2.20% | |
71 Outperform | $72.70B | 20.34 | 30.26% | ― | 53.50% | 55.50% | |
70 Outperform | $88.92B | 11.86 | 12.61% | 3.32% | 7.11% | 21.33% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $118.59B | 14.06 | 12.28% | 1.75% | 2.65% | 54.00% | |
56 Neutral | $43.24B | 8.08 | 13.60% | 7.57% | 32.37% | 27.68% |
* Financial Sector Average
IBN
Icici Bank
29.94
-0.98
-3.17%
BBD
Banco Bradesco SA
3.95
0.78
24.64%
HDB
Hdfc Bank
22.44
-13.48
-37.52%
MFG
Mizuho Financial
9.71
3.29
51.25%
PNC
PNC Financial
225.53
49.38
28.03%
NU
Nu Holdings
14.73
-1.17
-7.36%
Icici Bank Corporate Events
ICICI Bank Schedules October 17 Calls on September-Quarter Results
Oct 14, 2026
ICICI Bank has announced it will hold two conference calls on October 17, 2026, to discuss its financial results for the quarter and six months ended September 30, 2026. A dedicated media call is scheduled for 4:00 p.m. Indian Standard Time, follo...
ICICI Bank Announces Leadership Transition at ICICI Life Insurance
Oct 6, 2026
ICICI Bank Limited, a leading Indian private-sector lender with a broad suite of retail and corporate banking services, anchors the ICICI Group’s diversified financial offerings, including ICICI Life Insurance Limited, its life insurance arm...
ICICI Bank Flags ₹229 Crore GST Demand in Fresh Show Cause Notice
Oct 1, 2026
On September 30, 2026, ICICI Bank received a show cause notice from the Additional Commissioner under the Maharashtra Goods and Services Tax Act, 2017, raising a GST demand of about ₹229.14 crore plus applicable interest and penalties. The d...
ICICI Bank Files Technical Amendment to Japan Annual Securities Report
Sep 30, 2026
ICICI Bank Limited has amended its Annual Securities Report for the fiscal year from April 1, 2025 to March 31, 2026 filed with the Director of the Kanto Regional Finance Bureau in Japan. The amendment, submitted on September 29, 2026 and disclose...
ICICI Bank Discloses New ₹16.76 Crore GST Demand from West Bengal Tax Authority
Sep 28, 2026
On September 25, 2026, ICICI Bank disclosed that it had received a show cause notice under Section 73 of the West Bengal Goods and Services Tax Act, 2017, from the Joint Commissioner of Revenue, West Bengal. The notice, issued the same day at 11:2...
ICICI Bank Sets October 17 Board Meeting to Approve Q2 FY2026 Results
Sep 23, 2026
ICICI Bank has scheduled a meeting of its Board of Directors for October 17, 2026, to consider and approve its unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. The announcement, disclo...
ICICI Bank Files Annual Securities Report in Japan for Fiscal 2025-26
Sep 22, 2026
On September 18, 2026, ICICI Bank filed its Annual Securities Report for the fiscal year April 1, 2025 to March 31, 2026 with the Kanto Regional Finance Bureau in Japan, as required under Japan’s Financial Instruments and Exchange Law. The f...
ICICI Bank Subsidiary Cleared by RBI to Take Stakes in Four Indian Lenders
Sep 10, 2026
On September 8, 2026, ICICI Bank disclosed that its subsidiary ICICI Prudential Asset Management Company received Reserve Bank of India approvals to acquire an aggregate holding of up to 9.95% in four Indian banks: CSB Bank, DCB Bank, Kotak Mahind...
RBI Clears LIC to Acquire Up to 9.99% Stake in ICICI Bank
Sep 8, 2026
On September 4, 2026, ICICI Bank received notice that the Reserve Bank of India had approved Life Insurance Corporation of India to acquire an aggregate holding of up to 9.99% of the bank’s paid-up share capital or voting rights. The stake m...
ICICI Bank Raises USD 500 Million via IFSC-Minted Senior Notes
Sep 4, 2026
On September 3, 2026, ICICI Bank reported that it had completed the issuance of USD 500 million senior unsecured fixed-rate notes through its IFSC Banking Unit under its USD 7.5 billion Global Medium Term Note Programme. The notes carry investment...
ICICI Bank Raises Stake in ICICI Prudential Life Insurance to 52.8%
Sep 3, 2026
ICICI Bank has increased its stake in its life insurance subsidiary, ICICI Prudential Life Insurance Company Limited, through a series of market purchases executed between July 22, 2026 and September 2, 2026. The bank acquired 29,015,693 equity sh...
ICICI Bank Secures Investment-Grade Ratings on USD 500 Million Global Notes
Sep 2, 2026
On August 31, 2026, ICICI Bank priced USD 500 million senior unsecured fixed-rate notes under its USD 7.5 billion Global Medium Term Note Programme, marking a significant capital-raising step in international debt markets. On September 1, 2026, Mo...
ICICI Bank Discloses USD 17.88 Billion FCNR (B) Mobilisation and Bond Issuance Under RBI Swap Facility
Sep 2, 2026
ICICI Bank has reported substantial activity under the Reserve Bank of India’s swap facility for FCNR (B) deposits up to August 31, 2026, underscoring its strength in foreign currency funding and international operations. The disclosure high...
ICICI Bank Shareholders Clear FY2026 Accounts, Dividend and Board Changes at August AGM
Aug 25, 2026
ICICI Bank held its 32nd Annual General Meeting on August 21, 2026 via video conferencing, confirming that statutory and secretarial audit reports carried no adverse remarks on the bank’s operations. The meeting featured the full slate of ke...
ICICI Bank Raises USD 750 Million via IFSC Senior Unsecured Notes
Aug 25, 2026
On August 21, 2026, ICICI Bank disclosed that, through its IFSC Banking Unit, it had completed the issuance of USD 750 million senior unsecured fixed-rate notes under its USD 7.5 billion Global Medium Term Note Programme. The notes, rated BBB by S...
ICICI Bank Prices USD 1 Billion Five-Year Senior Notes Under Global MTN Programme
Aug 25, 2026
On August 24, 2026, ICICI Bank Limited, acting through its IFSC Banking Unit, priced USD 1 billion in senior unsecured fixed-rate notes under its USD 7.5 billion Global Medium Term Note Programme. The five-year notes carry a 5.410% coupon, with se...
ICICI Bank Secures Investment-Grade Ratings for USD 750 Million Global Notes
Aug 19, 2026
On August 18, 2026, ICICI Bank Limited reported that Moody’s Ratings and SP Global Ratings had assigned investment-grade ratings to its newly priced USD 750 million senior unsecured fixed-rate notes under the bank’s USD 7.5 billion Glo...
ICICI Bank Board to Review Overseas Fund-Raising Limits on August 21
Aug 19, 2026
On August 18, 2026, ICICI Bank disclosed that its Board of Directors will meet on Friday, August 21, 2026, to consider revising its fund-raising limit. The planned review covers potential issuance of bonds, notes and offshore certificates of depos...
ICICI Bank Raises USD 300 Million via IFSC-Listed Senior Notes
Aug 14, 2026
ICICI Bank Limited is one of India’s leading private sector banks, providing a full range of retail and corporate banking services, as well as international banking through its IFSC Banking Unit. The bank serves domestic and global markets, ...
ICICI Bank’s USD 300 Million Notes Receive Investment-Grade Ratings from Moody’s and S&P
Aug 13, 2026
As part of this programme, ICICI Bank priced USD 300 million in senior unsecured fixed-rate notes on August 6, 2026, and subsequently secured investment-grade ratings for the issue. On August 12, 2026, Moody’s assigned a ‘Baa3’ r...
ICICI Bank Secures RBI Nod to Extend Executive Director Ajay Kumar Gupta’s Tenure
Aug 3, 2026
ICICI Bank has received approval from the Reserve Bank of India, dated July 31, 2026, for the re-appointment of Executive Director Ajay Kumar Gupta for a further two-year term starting November 27, 2026 and ending November 26, 2028. The bank will ...
ICICI Bank Raises USD 1 Billion via IFSC Senior Unsecured Notes
Jul 30, 2026
On July 30, 2026, ICICI Bank disclosed that, through its IFSC Banking Unit, it had completed the issuance of USD 1 billion in senior unsecured fixed-rate notes under its USD 7.5 billion Global Medium Term Note Programme. The notes, rated BBB by SP...
ICICI Bank Wins Moody’s, S&P Investment-Grade Ratings on Dollar Bonds
Jul 27, 2026
On July 24, 2026, ICICI Bank disclosed that Moody’s Ratings and SP Global Ratings assigned investment-grade ratings of Baa3 and BBB, respectively, to its U.S. dollar-denominated senior unsecured fixed-rate notes. The notes were issued throug...
ICICI Bank Prices $1 Billion Senior Unsecured Notes Under Global MTN Programme
Jul 24, 2026
On July 24, 2026, ICICI Bank announced that its IFSC Banking Unit has priced USD 1 billion in senior unsecured fixed-rate notes under its USD 7.5 billion Global Medium Term Note programme, with allocation set for July 30, 2026 and maturity on July...
ICICI Bank Publishes Q1 FY2027 Earnings Call Transcripts for Investors and Media
Jul 23, 2026
ICICI Bank has disclosed to Indian stock exchanges that it has released transcripts of its media conference call and earnings call discussing financial results for the quarter ended June 30, 2026. The bank has also uploaded these documents to its ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.