HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 30 Oct 2026 +1.39%
Research updated
ICICI Bank Limited
NSE: ICICIBANKFinancial ServicesBanks - Regional
- Last close
- ₹1,398.00
- Day change
- +₹11.40 (+0.82%)vs
- Market cap
- ₹10.01 lakh crIndian rupees
- Research updated
- 4 reports
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About ICICI Bank
ICICI Bank Ltd. is a diversified financial services group offering a comprehensive range of banking and financial products through its subsidiaries, joint ventures, and associates. It provides commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking, and treasury services. The bank operates across key segments including retail banking for individual exposures, wholesale banking for advances to companies and statutory bodies, treasury for its investment portfolio, and other banking activities like hire purchase and leasing. ICICI Bank Ltd. serves personal, business, corporate, and NRI customers with services such as savings accounts, deposits, payments, credit cards, loans, mutual funds, life and non-life insurance, cash management, trade finance, and global market services. Primarily focused on the Indian market, it maintains a extensive branch network and digital banking platforms to deliver seamless financial solutions. Founded in 1994 and headquartered in Mumbai, India, ICICI Bank Ltd. stands as a leading private sector bank shaping the financial landscape.
- Sector
- Financial Services
- Industry
- Banks - Regional
- Listing
- NSE: ICICIBANK
- Chief executive
- Mr. Sandeep Bakhshi B.E.
- Employees
- 1,82,665
- Headquarters
- Mumbai, India
- ISIN
- INE090A01021
- Website
- icici.bank.in
Public research · Report of
Business model & financial foundation
ICICI Bank (NSE: ICICIBANK), Private sector bank: revenue of ₹2,23,407 crore in FY26 (+22.6% on FY25) and net profit of ₹50,147 crore.
- Revenue, FY26 (₹ crore)
- 2,23,407
- consolidated
- Revenue growth, FY26
- +22.6%
- on FY25
- Net profit, FY26 (₹ crore)
- 50,147
- to owners
- Return on equity, FY26
- 16.1%
- on average equity
- Market capitalisation (₹ crore)
- 10,02,968
- at the close of 24 Oct 2026
Company profile
ICICI Bank is India's second-largest private sector bank, with standalone advances of INR 16.31 lakh crore and deposits of INR 18.34 lakh crore at 30 June 2026, 7,608 branches, and a loan book split across retail (49%), business banking (21%), corporate (20%), rural (6%) and overseas (3%). It earns mostly net interest income (NIM 4.36% in Q1 FY27) plus fees, and owns majority stakes in listed ICICI Prudential Life, ICICI Lombard and ICICI Prudential AMC. It has no promoter; shares are held by institutions and through NYSE ADRs.
| Item | Value |
|---|---|
| Legal name | ICICI Bank Limited |
| Exchange and ticker | NSE: ICICIBANK; BSE: 532174 |
| ISIN | INE090A01021 |
| CIN | L65190GJ1994PLC021012 |
| Sector | Financial Services |
| Industry | Private sector bank |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | B S R & Co. LLP and C N K & Associates LLP (joint statutory auditors) (since FY25) |
| Market capitalisation | ₹10,02,968 crore (24 Oct 2026) |
| Shares outstanding | 724.67 crore shares (FY26) |
| Price | ₹1,394 (close, 24 Oct 2026) |
| 52-week range | ₹1,188 - ₹1,480 (to 24 Oct 2026) |
| Website | https://www.icici.bank.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| ICICI Prudential Life Insurance | 50.84% | Life insurance (listed, NSE: ICICIPRULI) |
| ICICI Lombard General Insurance | 51.18% | General insurance (listed, NSE: ICICIGI) |
| ICICI Prudential Asset Management | 53% | Mutual fund asset manager (listed Dec 2025, NSE: ICICIAMC) |
| ICICI Securities | 100% | Broking and investment banking (delisted Mar 2025) |
| ICICI Bank UK PLC | 100% | Banking, UK |
| ICICI Bank Canada | 100% | Banking, Canada |
| ICICI Home Finance | 100% | Housing finance |
| ICICI Securities Primary Dealership | 100% | Primary dealer in government securities |
| ICICI Venture Funds Management | 100% | Alternative asset management |
| ICICI Pension Fund Management | 100% | NPS pension fund manager (acquired from ICICI Life Jan 2026) |
17 subsidiaries (incl two step-down) and two associates (India Infradebt, Arteria Technologies) at 30 Jun 2026. No promoter: 100% public shareholding; 16.03% held via ADRs (NYSE: IBN).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 0.00% | 0.00% | 0.00% | 0.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 43.90% | 34.50% | 33.80% | |
| Domestic institutions | 47.00% | 40.20% | 42.60% | |
| of which mutual funds | 32.08% | 27.83% | 29.60% | |
| Retail | 9.10% | 7.40% | 7.60% | |
| Other | 0.00% | 17.90% | 16.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | pbt, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Retail Banking | 1,62,394 | 41.3% | 23,244 | 35.1% |
| Wholesale Banking | 87,847 | 22.3% | 24,489 | 37.0% |
| Treasury | 1,38,409 | 35.2% | 17,230 | 26.0% |
| Other Banking | 4,703 | 1.2% | 1,255 | 1.9% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| HDFC Bank (HDFCBANK) | Largest private bank; closest competitor in retail, deposits and corporate |
| Axis Bank (AXISBANK) | Third-largest private bank with similar universal-bank mix |
| Kotak Mahindra Bank (KOTAKBANK) | High-ROA private bank with financial subsidiaries |
| State Bank of India (SBIN) | Largest bank; sets system pricing on deposits and corporate loans |
| IndusInd Bank (INDUSINDBK) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net interest income | 62,129 | 74,306 | 81,165 | 88,075 | |
| Non-interest income excluding treasury | 19,883 | 22,949 | 26,603 | 29,560 | |
| Fee income | 18,001 | 20,796 | 23,870 | 25,742 | |
| Treasury income (gain or loss) | -52.0 | 93.0 | 1,903 | 1,198 | |
| Operating expenses | 32,873 | 39,133 | 42,372 | 47,234 | |
| Employee cost | 16,541 | 17,975 | |||
| Core operating profit (pre-provision, excluding treasury) | 49,139 | 58,122 | 65,396 | 70,401 | |
| Provisions and contingencies (excluding tax) | 6,666 | 3,643 | 4,683 | 5,380 | |
| Profit before tax | 26,538 | 42,421 | 54,488 | 62,616 | 66,219 |
| Provision for taxes | 8,457 | 10,525 | 13,600 | 15,389 | 16,072 |
| Profit after tax (standalone) | 26,538 | 31,896 | 40,888 | 47,227 | 50,147 |
| Diluted EPS (standalone) (₹) | 35.44 | 47.84 | 57.33 | 65.89 | 69.20 |
| Consolidated profit after tax to owners (memo) | 34,037 | 44,256 | 51,029 | 54,208 | |
| Dividend per share declared for the year (₹) | 10.00 | 11.00 | 12.00 | ||
| Revenue * | 1,16,364 | 1,34,189 | 1,61,210 | 1,82,170 | 2,23,407 |
| Other operating costs (vendor classification) * | 25,870 | 30,195 | 37,033 | 32,752 | 65,100 |
| Depreciation and amortisation (from the cash flow add-back) * | 1,470 | 1,635 | 1,996 | 2,690 | 3,123 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Advances (standalone, net) | 10,19,638 | 11,84,406 | 13,41,766 | 15,53,893 | |
| Deposits (standalone) | 11,80,841 | 14,12,825 | 16,10,348 | 17,94,625 | |
| Shareholders' funds: capital plus reserves and surplus (standalone) | 1,88,033 | 1,99,955 | 2,36,994 | 2,90,007 | 3,34,689 |
| Borrowings including subordinated debt (standalone) | 1,58,502 | 1,83,509 | 2,00,999 | 1,23,538 | 1,24,994 |
| Total assets (standalone) | 23,64,063 | 21,18,240 | 23,72,531 | ||
| Investments (standalone) | 5,04,757 | 4,92,217 | |||
| Cash and cash equivalents * | 2,13,555 | 1,63,567 | 1,90,130 | 2,38,304 | 2,90,249 |
| Trade receivables * | 10,839 | 15,110 | 20,855 | 23,838 | 23,660 |
| Trade payables * | 2,752 | 3,339 | 3,899 | 4,215 | 4,205 |
| Net property, plant and equipment * | 21,102 | 22,325 | 26,992 | 31,210 | 34,960 |
| Capital work in progress * | 774.9 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | 1,96,171 | 1,68,346 | 3,47,290 | 3,05,088 | 67,325 |
| Free cash flow (vendor definition) * | 56,251 | -6,239 | 1,53,606 | 1,18,035 | 63,595 |
| Dividends paid (the provider's sign: an outflow is negative) * | -1,385 | -3,479 | -5,599 | -7,041 | -7,853 |
| Capital expenditure (the provider's sign: an outflow is negative) * | -1,743 | -2,180 | -3,609 | -4,705 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Diluted weighted shares (standalone PAT / diluted EPS) | 713.20 | 716.76 | 724.67 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Net interest income | 20,048 | 20,371 | 21,193 | 21,635 | 21,529 | 21,932 | 22,979 | 24,384 |
| Non-interest income excluding treasury | 6,496 | 6,697 | 7,021 | 7,264 | 7,356 | 7,525 | 7,415 | 8,425 |
| Fee income | 5,894 | 6,180 | 6,306 | 5,900 | 6,491 | 6,572 | 6,779 | 7,286 |
| Treasury income (gain or loss) | 680.0 | 371.0 | 239.0 | 1,241 | 220.0 | -157.0 | -106.0 | 151.0 |
| Operating expenses | 10,501 | 10,552 | 10,789 | 11,394 | 11,807 | 11,944 | 12,089 | 12,574 |
| Employee cost | 4,136 | 3,929 | 4,105 | 4,743 | 4,342 | 4,422 | 4,468 | 5,005 |
| Core operating profit (pre-provision, excluding treasury) | 16,043 | 16,516 | 17,425 | 17,505 | 17,078 | 17,513 | 18,305 | 20,235 |
| Provisions and contingencies (excluding tax) | 1,233 | 1,227 | 891.0 | 1,815 | 914.0 | 2,556 | 96.0 | 1,260 |
| Profit before tax | 15,490 | 15,660 | 16,773 | 16,931 | 16,384 | 14,800 | 18,103 | 19,126 |
| Provision for taxes | 3,744 | 3,868 | 4,143 | 4,163 | 4,025 | 3,482 | 4,401 | 4,321 |
| Profit after tax (standalone) | 11,746 | 11,792 | 12,630 | 12,768 | 12,359 | 11,318 | 13,702 | 14,805 |
| Diluted EPS (standalone) (₹) | 16.40 | 16.45 | 17.58 | 17.63 | 17.06 | 15.61 | 18.90 | 20.42 |
| Consolidated profit after tax to owners (memo) | 12,948 | 12,883 | 13,502 | 13,558 | 13,357 | 12,538 | 14,755 | 15,440 |
| Revenue * | 50,717 | 51,993 | 84,184 | 51,486 | 34,605 | 35,293 | 35,742 | 38,366 |
| Other operating costs (vendor classification) * | 23,335 | 24,558 | 14,919 | 22,511 | 6,120 | 6,243 | 6,257 | 6,912 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -1.8% | 15.3% | 20.1% | 13.0% | 22.6% |
| Net margin | 22.8% | 23.8% | 25.4% | 25.9% | 22.4% |
| Return on equity | 14.9% | 16.4% | 18.7% | 17.9% | 16.1% |
| Return on assets | 1.7% | 2.1% | 2.2% | ||
| Dividend payout | 5.2% | 10.9% | 13.7% | 14.9% | 15.7% |
| EPS, diluted (₹) | 35.44 | 47.84 | 57.33 | 65.89 | 69.20 |
| Book value per share (₹) | 332.3 | 404.6 | 461.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (standalone)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 24 Oct 2026); market data at the close of 24 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on ICICI Bank includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on ICICI Bank
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- Research report
- Research report
- Research report
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 24 Oct 2026; page updated 2 Nov 2026.
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