ICICI Bank Limited (IN:ICICIBANK)
:ICICIBANK
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ICICI Bank Limited
(ICICIBANK)
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Rating:72Outperform
Price Target:
₹1,367.00
▲(0.90% Upside)
Action:ReiteratedDate:01/20/26
The score is driven primarily by strong underlying financial performance and a solid earnings update (healthy growth, stable margins, strong capital/liquidity, and improved asset quality). This is tempered by cash flow volatility, a mixed technical picture with limited longer-term momentum, and only moderate valuation support with a low dividend yield.
Positive Factors
Diverse, Sustained Loan Growth
Consistent, broad-based loan growth across retail, mortgages, business banking and corporate (11.5% YoY overall) supports durable net interest income expansion and reduces concentration risk. Segment-level momentum (mortgages, business banking) indicates structural demand and a diversified lending franchise that sustains earnings over multiple quarters.
Negative Factors
Regulatory PSL Provisioning Drag
RBI‑mandated provisioning on a flagged priority‑sector agricultural portfolio creates a recurring, structural earnings overhang until loans are repaid, reclassified or remediated. This reduces reported profitability and ties up provisioning capital, constraining near‑term returns and requiring management action to resolve PSL compliance.
Read all positive and negative factors
Positive Factors
Negative Factors
Diverse, Sustained Loan Growth
Consistent, broad-based loan growth across retail, mortgages, business banking and corporate (11.5% YoY overall) supports durable net interest income expansion and reduces concentration risk. Segment-level momentum (mortgages, business banking) indicates structural demand and a diversified lending franchise that sustains earnings over multiple quarters.
Read all positive factors
ICICI Bank Limited (ICICIBANK) vs. iShares MSCI India ETF (INDA)
Market Cap
₹9.38T
Dividend Yield0.81%
Average Volume (3M)442.43K
Price to Earnings (P/E)19.1
Beta (1Y)1.00
Revenue Growth14.32%
EPS Growth11.36%
CountryIN
Employees187,765
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)15.80
Shares Outstanding7,160,865,700
10 Day Avg. Volume618,919
30 Day Avg. Volume442,434
Financial Highlights & Ratios
PEG Ratio1.27
Price to Book (P/B)3.01
Price to Sales (P/S)3.22
P/FCF Ratio-11.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,610.00Price Target Upside18.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)79.4
Revenue Forecast (FY)₹1.36T
ICICI Bank Limited Business Overview & Revenue Model
Company Description
ICICI Bank Limited provides various banking products and financial services in India and internationally. It operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life insurance, General insurance, and Others segments. The c...
How the Company Makes Money
ICICI Bank primarily makes money through (1) net interest income and (2) fee and other non-interest income, supported by treasury and other banking activities. Net interest income is earned from the spread between interest received on interest-ear...
ICICI Bank Limited Earnings Call Summary
Earnings Call Date:Jan 17, 2026
(Q3-2026)
| Next Earnings Date:Apr 18, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive underlying performance: healthy loan and deposit growth, stable margins, strong capital and liquidity, improving net NPAs and solid subsidiary VNB/AMC performance. Key challenges included a regulatory-mandated INR 12.83 billion standard provisioning for a PSL-related portfolio, softness in the credit card book, higher operating expenses (including a labor-code related provision), a treasury loss, and some NPA additions and write-offs. Management provided context that core profitability would have grown year-on-year after adjusting for the additional provision and reiterated a range-bound view on margins and focus on risk-calibrated growth and remediation of the PSL issue.Positive Updates
Core Operating Profit Growth
Core operating profit increased 6.0% year-on-year and 2.5% quarter-on-quarter to INR 175.13 billion in Q3 FY2026.
Negative Updates
Regulatory-Mandated Additional Standard Asset Provision
Bank made an additional standard asset provision of INR 12.83 billion following RBI's supervisory review for a ~INR 200–250 billion agricultural priority sector portfolio that was deemed not fully PSL-compliant. Provisioning will continue until loans are repaid or reclassified and may require remediation or PSL-coverage actions.
Read all updates
Q3-2026 Updates
Positive
Negative
Core Operating Profit Growth
Core operating profit increased 6.0% year-on-year and 2.5% quarter-on-quarter to INR 175.13 billion in Q3 FY2026.
Read all positive updates
Company Guidance
Management guided that the bank will pursue risk‑calibrated profitable growth while maintaining a strong balance sheet, prudent provisioning and healthy capital and liquidity — CET1 16.46%, total CAR 17.34%, average LCR ~126% — and expects loan momentum to continue into Q4 after domestic loan growth of 11.5% YoY / 4.0% QoQ (overall incl. international 11.5% / 4.1%); segment growth included retail +7.2% YoY / +1.9% QoQ (mortgages +11.1% / +3.2%, auto +0.7% / +0.9%), rural +4.9% / +7.2%, business banking +22.8% / +4.7% and domestic corporate +5.6% / +6.5%; deposits were healthy (average deposits +8.7% YoY / +1.8% QoQ; total deposits +9.2% YoY / +2.9% QoQ; avg CASA growth ~8.9% / +1.5%), margins are expected to be range‑bound (NIM 4.3%) as loan repricing and deposit repricing offset each other, and asset quality/coverage remain comfortable (net NPA 0.37%, PCR 75.4%; gross NPA additions INR53.56bn, net additions INR20.74bn), with total provisions this quarter INR25.56bn (excluding RBI‑directed additional standard asset provision of INR12.83bn, provisions were INR12.73bn or 0.36% of avg advances), contingency provisions INR131bn (~0.9% of advances) and total non‑specific provisions INR226.57bn (1.5% of loans); the RBI‑mandated standard provision applies to an identified agricultural PSL portfolio of ~INR200–250bn and will continue until repayment/renewal, and management noted adjusted PBT excl. treasury would have been INR162.40bn (reported INR149.57bn) and adjusted PAT INR122.80bn (reported INR113.18bn) with adjusted ROA ~2.3% and ROE ~15.5%.ICICI Bank Limited Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.04T | 2.94T | 2.35T | 1.86T | 1.58T | 1.61T |
| Gross Profit | 2.09T | 2.01T | 1.60T | 1.17T | 989.30B | 964.98B |
| EBITDA | 789.72B | 756.32B | 634.43B | 369.76B | 278.68B | 217.04B |
| Net Income | 533.00B | 510.29B | 442.56B | 340.37B | 251.10B | 183.84B |
Balance Sheet | ||||||
| Total Assets | 26.86T | 26.42T | 23.64T | 19.58T | 17.53T | 15.74T |
| Cash, Cash Equivalents and Short-Term Investments | 1.68T | 2.14T | 1.63T | 1.36T | 807.23B | 1.82T |
| Total Debt | 2.15T | 2.19T | 2.01T | 2.05T | 1.77T | 1.40T |
| Total Liabilities | 23.35T | 23.13T | 20.94T | 17.37T | 15.65T | 14.07T |
| Stockholders Equity | 3.36T | 3.14T | 2.56T | 2.14T | 1.82T | 1.58T |
Cash Flow | ||||||
| Free Cash Flow | -1.04T | -800.22B | 821.42B | -62.39B | 562.51B | 1.36T |
| Operating Cash Flow | -968.30B | -752.52B | 858.21B | -37.71B | 581.11B | 1.38T |
| Investing Cash Flow | -960.96B | -772.88B | -1.46T | -680.05B | -393.21B | -629.87B |
| Financing Cash Flow | 1.97T | 2.04T | 2.47T | 247.91B | 174.51B | -546.67B |
ICICI Bank Limited Technical Analysis
Negative
1354.80
Price Trends
1334.69
Negative
1355.55
Negative
1382.09
Negative
Market Momentum
-33.65
Negative
42.38
Neutral
49.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ICICIBANK, the sentiment is Negative. The current price of 1354.8 is above the 20-day moving average (MA) of 1257.29, above the 50-day MA of 1334.69, and below the 200-day MA of 1382.09, indicating a bearish trend. The MACD of -33.65 indicates Negative momentum. The RSI at 42.38 is Neutral, neither overbought nor oversold. The STOCH value of 49.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ICICIBANK.
ICICI Bank Limited Risk Analysis
ICICI Bank Limited disclosed 63 risk factors in its most recent earnings report. ICICI Bank Limited 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 0 New Risks
ICICI Bank Limited Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | ₹9.79T | 10.63 | ― | 1.64% | 8.90% | 11.93% | |
76 Outperform | ₹4.14T | 14.05 | ― | 0.08% | 6.08% | -7.26% | |
75 Outperform | ₹1.26T | 6.69 | ― | 2.66% | 8.89% | 19.79% | |
72 Outperform | ₹9.38T | 19.14 | ― | 0.81% | 14.32% | 11.36% | |
68 Neutral | ₹12.56T | 19.24 | ― | 1.10% | 1.30% | 3.86% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | ₹651.18B | 131.74 | ― | 1.95% | -7.44% | -109.30% |
* Financial Sector Average
IN:ICICIBANK
ICICI Bank Limited
1,309.25
18.71
1.45%
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ICICI Bank Limited Corporate Events
ICICI Bank Shareholders Approve Appointment of New Independent Director
Feb 25, 2026
ICICI Bank has confirmed that its shareholders have approved a special resolution to appoint Ms. Vijayalakshmi Iyer as an independent director, effective December 1, 2025, with her term running until May 31, 2030. The decision follows a postal bal...
ICICI Bank to Contest Maharashtra GST Appellate Order on ₹50.38 Crore Tax Demand
Feb 22, 2026
ICICI Bank has disclosed that it received an Order in Appeal from the Maharashtra GST Department upholding a goods and services tax demand of ₹50.38 crore, along with an equivalent amount of penalty and applicable interest. The demand pertai...
ICICI Bank Posts Audio of Q3 FY2026 Results Calls for Media and Investors
Jan 17, 2026
ICICI Bank has uploaded audio recordings of its media call and its earnings call with analysts and investors discussing the financial results for the quarter and nine months ended December 31, 2025, on its website. By making these recordings publi...
ICICI Bank Completes 100% Acquisition of ICICI Prudential Pension Funds Management
Jan 12, 2026
ICICI Bank has completed the acquisition of 100% shareholding in ICICI Prudential Pension Funds Management Company Limited from ICICI Prudential Life Insurance Company Limited, making the pension fund manager a wholly owned subsidiary of the bank....
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.