ICICI Bank to Kotak Mahindra: Goldman Sachs’ top banking picks with 18% to 37% upside potential

ICICI Bank scheduled investor meetings with Morgan Stanley and Goldman Sachs for late August 2026. The bank recently issued $750 million in senior unsecured notes with a 5.417% coupon rate, maturing in 2031. The notes are rated BBB by S&P and Baa3 by Moody's and will be listed on multiple international platforms. Proceeds will be used for general corporate purposes.

Bernstein sees upside in select Indian banks, with HDFC Bank (56.7%), ICICI Bank (31.1%), Kotak Mahindra Bank (32.4%), and Axis Bank (14.8%) showing potential. SBI has modest upside (2.6%), while IndusInd Bank may decline. The report cites strong loan growth, easing margin pressure, and stable asset quality as key drivers.

ICICI Bank's shares fell on August 24, 2026, despite a 15.9% net profit growth in Q1. The bank plans to raise $5 billion in overseas borrowings, using RBI's swap facility. Investors monitor global interest rates, currency volatility, and the upcoming FCNR-B deposit swap window closure.

ICICI Bank's stock rose 0.46% to Rs. 1418.00 on the BSE. Its board approved a $5.00 billion overseas borrowing limit for bonds, notes, and CDs. The bank's market cap is Rs. 1018782.76 crore, with institutions holding 76.27% stake.

ICICI Bank issued $750M in senior unsecured notes under its $7.5B GMTN program. The notes received BBB (S&P) and Baa3 (Moody's) ratings and will be listed on international exchanges. ICICI Bank's shares traded at Rs. 1419.00 on BSE, up from Rs. 1411.50.

ICICI Bank's board approved a revised USD 5 billion limit for overseas borrowing, to be issued via bonds, notes, or offshore CDs. The bank's shares were last traded at Rs. 1411.50 on the BSE, up from the previous close of Rs. 1401.80, with a total turnover of Rs. 1137323646.00.