Q2-2027
Filed Oct 22, 2026Standalone 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.