ICICI Bank

ICICI Bank is one of the largest private-sector banks in India. It takes deposits and gives retail, rural, business banking and corporate loans, and it has branches outside India. Its main subsidiaries and group companies include ICICI Prudential Life Insurance, ICICI Lombard General Insurance, ICICI Prudential Asset Management, ICICI Securities and ICICI Home Finance. At September 30, 2026, it had 7,656 branches, deposits of ₹20,499 billion, advances of ₹18,316 billion and a standalone balance sheet of ₹27,253 billion.

Its fiscal year ends on March 31, and it reports under Indian GAAP in rupees. Its shares trade on the NSE and the BSE in India. Its ADSs trade on the New York Stock Exchange, and each ADS represents two equity shares.

ICICI Bank trades at a premium to the AI estimate because investors pay for its high returns and fast growth. Consolidated profit after tax was about 17.0% of average equity in the first half of fiscal 2027, when annualized (a calculation from the results). Standalone profit after tax rose 20.1% in Q2 fiscal 2027, and gross non-performing assets fell to 1.20% of advances. Part of the recent growth comes from foreign currency FCNR (B) deposits under a swap facility of the Reserve Bank of India.

Without them, deposits grew 17.0% and loans grew 24.1% in the year to September 30, 2026. For the premium to be earned, three things must be true. The net interest margin must stay near 4.2% as rates change; it was 4.18% in Q2 fiscal 2027, down from 4.30% a year earlier. Net non-performing assets must stay near 0.30% of advances.

Return on equity must stay near the current level, and the bank must name a successor before the new two-year term of the chief executive Sandeep Bakhshi, which started on October 4, 2026, ends in 2028. The Q3 fiscal 2027 report, expected in mid-January 2027, gives the next test, and the full-year report in April 2027 gives a larger one. If returns fall toward those of other large Indian banks, the premium can shrink over the next two years.

AI estimate, checked by Kevin. How it is made

1. Jan 16, 2027 · est.Pending

   Q3 fiscal 2027 results: margin and asset qualityProfit growth near loan growth, a net interest margin near 4.2% and stable asset quality pass; a margin below 4.0% or rising bad loans fail.
2. Apr 2027 · est.Pending

   Fiscal 2027 results: returnsConsolidated return on equity near 17% and no new regulatory issue pass; a clear fall in returns fails.

Every passed and failed checkpoint across all picks

• October 17, 2026ICICI Bank reported Q2 fiscal 2027 results. Standalone profit after tax rose 20.1% to ₹148.4 billion, and net interest income rose 17.7% to ₹253.4 billion. The net interest margin was 4.18%. Deposits grew 27.1% and loans grew 30.0% from a year earlier, or 17.0% and 24.1% without FCNR (B) deposits and the loans against them. The gross non-performing asset ratio fell to 1.20%, and the CET1 ratio was 16.01%. Consolidated profit after tax was ₹163.3 billion.
• September 4, 2026The Reserve Bank of India approved Life Insurance Corporation of India to hold up to 9.99% of ICICI Bank's paid-up capital or voting rights within one year.
• August 31, 2026ICICI Bank said that it had raised about USD 17.88 billion of FCNR (B) deposits under the swap facility of the Reserve Bank of India up to August 31, 2026. Its international branches and subsidiaries had lent about USD 9.00 billion against these deposits. From July to September 2026, it also issued senior unsecured USD notes through its IFSC Banking Unit.

Next earnings

Expected about January 16, 2027. The company has not confirmed the date.

• 20-FAnnual report for the period ended Mar 31, 2026Filed July 20, 2026 · Read it on sec.gov
• 20-FAnnual report for the period ended Mar 31, 2025Filed July 25, 2025 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1103838)

• Large FCNR (B) deposit inflows raised the share of term deposits, and the average current and savings account ratio was 35.8% in Q2 fiscal 2027. Higher funding costs or lower rates can push the net interest margin below 4.2%.
• The chief executive started a new two-year term on October 4, 2026, which ends in 2028. An unclear succession can affect the bank's strategy and the value of the shares.
• The bank earns in rupees, and the ADS trades in U.S. dollars. A weaker rupee lowers the value of each ADS.
• The Reserve Bank of India directed a ₹12.8 billion standard asset provision on some agricultural priority sector loans, and the bank received warnings from SEBI in 2026. New regulatory findings can add costs.
• Gross non-performing assets were 1.20% of advances at September 30, 2026. A slower economy can raise credit costs, although the bank holds a contingency provision of ₹131 billion.

ICICI Bank is a bank, so its balance sheet is mostly loans, investments and deposits, and not corporate debt. At September 30, 2026, the standalone balance sheet was ₹27,253 billion. Read more

Dividend yield

0.7% (last 12 months, at today’s price of $34.45)

Paid per share

$0.249 in the last 12 months (1 payment)

Current annual rate

$0.249 ($0.249 × 1 a year)

Latest ex-dividend date

August 3, 2026, $0.249 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 35.8% a year. Over the last 10 years, the dividend grew by about 6.3% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.