ICICI BANK LTD (IBN): Financial results for H2 2026
ICICI BANK LTD (IBN) furnished an SEC Form 6-K — earnings release. Table of Contents Items: 1. Other news 2. Unaudited financial results (standalone and consolidated) for the quarter and six months ended September 30, 2026 3. Limited review reports on the unaudited financial results (standalone and consolidated) issued by M/s. B S R & Co. LLP, C
How this was made
The 30-second read
Why it matters
The earnings release provides fresh data for valuation models and may trigger re‑rating by analysts.
Market read
First‑hand earnings data for a major Indian bank; relevant for emerging‑market credit investors.
What to watch
Potential impact of RBI policy changes and credit quality trends not fully reflected in the release.
Standalone profit after tax increased by 20.1% year-on-year to ₹ 14,843 crore in Q2-2027 as loans and deposits expanded and asset-quality ratios improved.
Standalone profit after tax grew 20.1% year-on-year, net interest income grew 17.7%, core operating profit excluding dividend from subsidiaries grew 25.0%, total loans grew 30.0%, and gross and net NPA ratios improved year-on-year and sequentially.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Standalone total income, Q2-2027other | ₹ 57,157.49 crore | – | – |
| Standalone interest earned, Q2-2027other | ₹ 49,110.00 crore | – | – |
| Standalone net interest income, Q2-2027other | ₹ 25,339 crore | – | 17.7% |
| Standalone net interest margin, Q2-2027other | 4.18% | – | – |
| Standalone non-interest income excluding treasury, Q2-2027other | ₹ 8,277 crore | – | 12.5% |
| Standalone fee income, Q2-2027other | ₹ 7,795 crore | – | 20.1% |
| Standalone operating expenses, Q2-2027other | ₹ 12,810.95 crore | – | 8.5% |
| Standalone core operating profit, Q2-2027other | ₹ 20,805 crore | – | 21.8% |
| Standalone core operating profit excluding dividend from subsidiaries, Q2-2027other | ₹ 20,342 crore | – | 25.0% |
| Standalone treasury income, Q2-2027other | ₹ (230) crore | – | – |
| Standalone operating profit before provisions and contingencies, Q2-2027other | ₹ 20,575.23 crore | – | – |
| Standalone provisions other than tax and contingencies, Q2-2027other | ₹ 850.69 crore | – | – |
| Standalone profit before tax, Q2-2027other | ₹ 19,724.54 crore | – | 20.4% |
| Standalone tax expense, Q2-2027other | ₹ 4,881.51 crore | – | – |
| Standalone net profit, Q2-2027other | ₹ 14,843.03 crore | – | 20.1% |
| Standalone diluted EPS, Q2-2027other | ₹ 20.45 | – | – |
| Standalone total income, H1-2027other | ₹ 111,404.33 crore | – | – |
| Standalone net profit, H1-2027other | ₹ 29,647.53 crore | – | – |
| Standalone net cash flow from operating activities, H1-2027other | ₹ (2,408.17) crore | – | – |
| Standalone net cash flow from investing activities, H1-2027other | ₹ (55,124.95) crore | – | – |
| Standalone net cash flow from financing activities, H1-2027other | ₹ 71,472.87 crore | – | – |
| Consolidated total income, Q2-2027other | ₹ 88,161.18 crore | – | – |
| Consolidated operating profit before provisions and contingencies, Q2-2027other | ₹ 24,009.97 crore | – | – |
| Consolidated net profit, Q2-2027other | ₹ 16,333.18 crore | – | – |
| Consolidated diluted EPS, Q2-2027other | ₹ 22.49 | – | – |
| Consolidated net cash flow from operating activities, H1-2027other | ₹ (4,467.75) crore | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Retail Banking, Q2-2027Includes exposures satisfying the criteria for retail exposures, income from credit cards, debit cards and third party product distribution and associated costs. | ₹ 43,723.90 crore | – | – |
| Wholesale Banking, Q2-2027Includes advances to trusts, partnership firms, companies and statutory bodies not included under Retail Banking. | ₹ 27,035.05 crore | – | – |
| Treasury, Q2-2027Primarily includes the entire investment and derivative portfolio of the Bank. | ₹ 39,522.11 crore | – | – |
| Other Banking, Q2-2027Includes leasing operations, items not attributable to any particular business segment, ICICI Bank UK PLC and ICICI Bank Canada. | ₹ 4,416.41 crore | – | – |
| Life Insurance, Q2-2027Represents ICICI Life Insurance Limited. | ₹ 17,504.35 crore | – | – |
| General Insurance, Q2-2027Represents ICICI Lombard General Insurance Company Limited. | ₹ 8,597.81 crore | – | – |
| Others, Q2-2027Comprises consolidated entities not covered in the other segments. | ₹ 5,160.30 crore | – | – |
Capital returns
- Dividend paid: ₹ 8,610.72 crore in H1-2027.
- During Q2-2027, the Bank allotted 5,130,452 equity shares of ₹ 2 each pursuant to exercise of employee stock options/units.
- The Bank purchased 2% additional shareholding in ICICI Life Insurance Limited for consideration of ₹ 1,470 crore during Q2-2027.
What drove it
- Total loan portfolio grew by 30.0% year-on-year and 12.3% sequentially to ₹ 18,31,580 crore at September 30, 2026.
- Excluding loans provided by international branches against FCNR (B) deposits, total loans grew by 24.1% year-on-year and 7.3% sequentially.
- The retail and rural loan portfolio grew by 14.8% year-on-year and 3.2% sequentially, and comprised 51.6% of the total loan portfolio.
- The business banking portfolio grew by 33.8% year-on-year and 11.1% sequentially.
- The domestic corporate portfolio grew by 30.6% year-on-year and 10.4% sequentially.
- Total period-end deposits increased by 27.1% year-on-year and 11.8% sequentially to ₹ 20,49,874 crore.
- Excluding FCNR (B) deposits, total deposits grew by 17.0% year-on-year and 3.1% sequentially.
- Fee income increased by 20.1% year-on-year to ₹ 7,795 crore; fees from retail, rural and business banking customers constituted about 75% of total fees.
- ICICI Life annualised premium equivalent increased to ₹ 4,935 crore in H1-2027 from ₹ 4,286 crore in H1-2026, while value of new business increased to ₹ 1,283 crore from ₹ 1,049 crore.
Concerns
- Net interest margin was 4.18% in Q2-2027, compared to 4.36% in Q1-2027 and 4.30% in Q2-2026.
- There was a treasury loss of ₹ 230 crore in Q2-2027, compared with a gain of ₹ 151 crore in Q1-2027 and ₹ 220 crore in Q2-2026, primarily reflecting market movements.
- The Bank continues to hold an additional standard asset provision of ₹ 1,283 crore, made in Q3-2026 as directed by RBI in respect of the agricultural priority sector portfolio, pending completion of its review process.
- ICICI Lombard's combined ratio was 107.0% in Q2-2027, compared to 105.1% in Q2-2026. Excluding CAT losses, the combined ratio was 105.3% and 103.8%, respectively.
- Standalone net cash flow from operating activities was ₹ (2,408.17) crore in H1-2027.
What to watch
- Net interest margin after the Q2-2027 level of 4.18%.
- Loan and deposit growth excluding FCNR (B) deposits.
- Completion of the review of agricultural priority sector credit facilities associated with the ₹ 1,283 crore additional standard asset provision.
- Asset quality, including gross NPA additions, recoveries, write-offs and the BB and below corporate borrower portfolio.
- Treasury income following the ₹ 230 crore treasury loss in Q2-2027.
- ICICI Lombard's combined ratio and CAT-loss impact.
Balance sheet and cash flow
- Standalone deposits: ₹ 2,049,874.18 crore at September 30, 2026, compared to ₹ 1,833,585.79 crore at June 30, 2026 and ₹ 1,612,824.94 crore at September 30, 2025.
- Standalone advances: ₹ 1,831,579.85 crore at September 30, 2026, compared to ₹ 1,631,259.71 crore at June 30, 2026 and ₹ 1,408,456.43 crore at September 30, 2025.
- Standalone borrowings including subordinated debt: ₹ 204,552.66 crore at September 30, 2026.
- Standalone cash and cash equivalents: ₹ 244,388.09 crore at September 30, 2026.
- Standalone net worth: ₹ 349,436.61 crore at September 30, 2026.
- Consolidated assets: ₹ 3,292,952.99 crore at September 30, 2026, compared to ₹ 2,686,485.38 crore at September 30, 2025.
- Consolidated deposits: ₹ 2,091,538.51 crore at September 30, 2026.
- Consolidated advances: ₹ 1,935,385.44 crore at September 30, 2026.
- Consolidated borrowings including subordinated debt: ₹ 295,561.42 crore at September 30, 2026.
Analysis
ICICI Bank delivered a strong standalone Q2-2027. Profit after tax increased by 20.1% year-on-year to ₹ 14,843 crore, while profit before tax increased by 20.4% to ₹ 19,724 crore. Net interest income increased by 17.7% to ₹ 25,339 crore and fee income increased by 20.1% to ₹ 7,795 crore. Core operating profit excluding dividend from subsidiaries increased by 25.0% to ₹ 20,342 crore, outpacing the 8.5% increase in operating expenses to ₹ 12,811 crore.
Balance-sheet growth was substantial, aided by FCNR (B) flows. Total loans increased by 30.0% year-on-year and 12.3% sequentially to ₹ 18,31,580 crore, while period-end deposits increased by 27.1% year-on-year and 11.8% sequentially to ₹ 20,49,874 crore. On an adjusted basis excluding FCNR (B) activity, total loans grew by 24.1% year-on-year and deposits grew by 17.0% year-on-year. The business banking and domestic corporate portfolios grew by 33.8% and 30.6%, respectively, while retail and rural loans grew by 14.8%.
Asset quality improved across reported comparisons. The gross NPA ratio was 1.20%, compared to 1.38% at June 30, 2026 and 1.58% at September 30, 2025. The net NPA ratio was 0.30%, compared to 0.35% and 0.39%, respectively. The Bank reported gross NPA additions of ₹ 4,833 crore, recoveries and upgrades excluding write-offs and sale of ₹ 3,620 crore, and gross NPA write-offs of ₹ 1,592 crore. It also retained contingency provisions of ₹ 13,100 crore and an additional ₹ 1,283 crore standard asset provision related to the agricultural priority sector portfolio.
Margin and treasury trends were the main offsets. Net interest margin declined to 4.18% from 4.36% in Q1-2027 and 4.30% in Q2-2026. Treasury income moved to a ₹ 230 crore loss from gains of ₹ 151 crore in Q1-2027 and ₹ 220 crore in Q2-2026, primarily reflecting market movements. Despite this, the reported profit before tax excluding treasury increased by 23.4% to ₹ 19,954 crore.
The consolidated result also advanced, with net profit of ₹ 16,333.18 crore versus ₹ 13,357.06 crore in Q2-2026. Insurance operations contributed to group activity: ICICI Life's H1-2027 value of new business was ₹ 1,283 crore with a 26.0% VNB margin, while ICICI General reported Q2-2027 profit after tax of ₹ 946 crore. The Bank acquired a further 2% stake in ICICI Life for ₹ 1,470 crore and recognized ₹ 1,178.39 crore of consolidated goodwill. No forward financial guidance was provided.
Not in the filing
stated, not guessed- Forward revenue, margin, expense, tax-rate or earnings guidance
- Management earnings-call or CFO commentary
- Named executive quotations
- GAAP and non-GAAP reconciliations, as the Bank reports under Indian accounting standards
- Free cash flow
- Share repurchases
- Standalone gross margin
- Standalone operating margin
- Consolidated segment revenue growth rates printed on each segment row
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
ICICI Bank filed a Form 6‑K with unaudited H2 2026 financial results, including profit, asset quality, and capital ratios.
Market effects
Banking sector may see valuation adjustments as ICICI Bank's earnings set a benchmark for Indian lenders.
Indian equity markets could react to the results, influencing peer banks and financial indices.
Limited; primarily affects investors with exposure to emerging market financials.
Counterpoint
If earnings miss consensus, the stock could rally on a short-cover bounce despite the positive headline.
Key entities
- companyICICI Bank Limited
Indian private sector bank reporting H2 2026 results.
