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ICICI Bank LimitedNYSE:IBN Stock Report

Market Cap US$106.5b
Share Price
n/a
1Y-8.6%
7D0.6%
1D0.8%
Portfolio Value
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ICICI Bank Limited

NYSE:IBN Stock Report

Market Cap: US$106.5b

ICICI Bank (IBN) Stock Overview

Engages in the provision of various banking and financial services to corporate and retail customers in India and internationally. More details

IBN fundamental analysis
Snowflake Score
Valuation0/6
Future Growth1/6
Past Performance3/6
Financial Health5/6
Dividends3/6

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ICICI Bank Limited Competitors

Price History & Performance

Summary of share price highs, lows and changes for ICICI Bank
Historical stock prices
Current Share Price₹29.91
52 Week High₹33.18
52 Week Low₹25.08
Beta0.26
1 Month Change1.56%
3 Month Change15.13%
1 Year Change-8.59%
3 Year Change27.66%
5 Year Change55.86%
Change since IPO3,196.70%

Recent News & Updates

Seeking Alpha Jul 07

ICICI Bank: Staying Positive After Policy Tailwind And Optimistic Q1 Outlook

Summary ICICI Bank Limited remains a 'Buy,' considering a potential 1QFY2027 beat and favorable regulatory developments. The Indian central bank's recent measures to attract Foreign Currency Non-Resident ("FCNR") deposits are likely to boost IBN's future Net Interest Income. I expect IBN's 1QFY2027 net profit growth to exceed consensus, considering the favorable read-across from peers, sector data, and investor event commentary. Read the full article on Seeking Alpha

Recent updates

Seeking Alpha Jul 07

ICICI Bank: Staying Positive After Policy Tailwind And Optimistic Q1 Outlook

Summary ICICI Bank Limited remains a 'Buy,' considering a potential 1QFY2027 beat and favorable regulatory developments. The Indian central bank's recent measures to attract Foreign Currency Non-Resident ("FCNR") deposits are likely to boost IBN's future Net Interest Income. I expect IBN's 1QFY2027 net profit growth to exceed consensus, considering the favorable read-across from peers, sector data, and investor event commentary. Read the full article on Seeking Alpha
Seeking Alpha Apr 28

ICICI Bank: Full Steam Ahead For India's Banking Outperformer

Summary ICICI Bank defied expectations again in its latest quarter. A closer look indicates the fundamentals remain as strong as ever. The group is also well-placed to capitalize on India’s regulatory shift. Stay long on India’s banking outperformer. Read the full article on Seeking Alpha
Seeking Alpha Feb 12

ICICI Bank: Poised For Growth

Summary ICICI Bank shows strong growth, with a 15% rise in profit after tax and a 9% increase in net interest income. The recent RBI repo rate cut could boost ICICI's net interest margin, despite initial risks from reduced returns on assets. ICICI Bank outperforms peers in key metrics like CASA ratio and net NPA ratio, indicating robust profitability and lower risk. Read the full article on Seeking Alpha
Seeking Alpha Nov 03

ICICI Bank: A 'Consistent Compounder' That Doesn't Disappoint

Summary ICICI Bank defied expectations for yet another quarter. All signs point to more compounding potential from here. Valuations remain well-supported by underlying fundamentals. Read the full article on Seeking Alpha
Seeking Alpha Aug 26

ICICI Bank: Weathering The Cycles With India's 'All Weather' Banking Group

Summary ICICI Bank has stayed resilient through a rather challenging backdrop. Sticking with 'quality' still makes a lot of sense from here. Valuations, while optically high, aren't at all detached from fundamentals. Read the full article on Seeking Alpha
Seeking Alpha Mar 18

ICICI Bank: The 'All Weather' Indian Bank

Summary ICICI Bank has turned the page on its scandal-hit past. There are challenges on the horizon, but the group is well-placed to weather the storm. The valuation is a hurdle but by no means an insurmountable one. Read the full article on Seeking Alpha
Seeking Alpha Jan 07

ICICI Bank: Focus On Industry Statistics And Company Outlook

Summary ICICI Bank's credit growth outlook is favorable, but the bank's net interest margin might be negatively affected by competition for deposits. A review of IBN's past ROAs and historical P/B multiples supports my view that the stock is valued fairly by the market. I don't change my existing Hold rating for IBN, following an evaluation of industry metrics, the company's prospects, and the stock's valuations. Read the full article on Seeking Alpha
Seeking Alpha Oct 24

ICICI Bank: Earnings Beat Overshadowed By NIM Contraction And Competition

Summary ICICI Bank's bottom line expanded by +36% YoY in Q2 FY 2024, and this was +9% above market expectations. But ICICI Bank's outlook isn't that favorable, considering expectations of continued net interest margin compression, and competitive risks. My Hold rating for IBN stock remains intact, taking into account both its second quarter performance and its near-term prospects. Read the full article on Seeking Alpha
Seeking Alpha Aug 14

ICICI Bank: Still Neutral

Summary I like ICICI Bank Limited's optimal loan mix which supports its net interest margins, and I am positive on the popularity of ICICI Bank's mobile banking application, iMobile Pay. On the flip side, ICICI Bank's earnings growth could potentially be slower in the coming years, and there is an absence of portfolio restructuring catalysts. I am sticking to my Neutral view and Hold rating for ICICI Bank. Read the full article on Seeking Alpha
Seeking Alpha Jun 01

ICICI Bank: A Mix Of Positives And Negatives

Summary IBN's key positives are its healthy asset quality metrics and favorable top line prospects. The key negatives for ICICI Bank are expectations of higher operating costs and a gradual normalization of its net interest margin. A Hold, rather than a Buy or Sell, is the most appropriate rating for IBN, as the stock has a mix of positives and negatives. Read the full article on Seeking Alpha
Seeking Alpha Jan 06

ICICI Bank: Digital Transformation Is A Double-Edged Sword

Summary ICICI Bank's recent December 2022 Analyst Day presentation sends a clear message that it has made substantial headway in the area of digital transformation. But IBN seemed to have neglected new branch additions in recent years with its focus on digitalization, and it needs to invest going forward to bridge the gap with peers. ICICI Bank remains as a Hold-rated stock, as its current valuations imply limited upside at current price levels. Elevator Pitch I rate ICICI Bank's (IBN) [ICICIBC:IN] stock as a Hold. I previously reviewed IBN's financial performance for the second quarter of fiscal 2023 (YE March 31) with my earlier write-up for ICICI Bank published on October 25, 2022. With the current article, I provide an update of my thoughts on ICICI Bank, after reviewing the company's recent Analyst day presentation. I have a favorable view of IBN's digital transformation efforts, but digitalization is a double-edged sword for the company. ICICI Bank has underinvested in its physical branch network in recent years with its focus on digitalization, and I am worried about the substantial investments that ICICI Bank needs to make to grow its branch network in the near future. Moreover, ICICI Bank's valuations are already approaching 10-year historical highs. Therefore, I have chosen to retain my Hold rating for IBN. Positive Takeaways From Recent Analyst Day Relating To Digital Transformation ICICI Bank recently hosted the bank's 2022 Analyst Day in December, and I am particularly impressed with IBN's progress in relation to digital transformation. I highlight key takeaways from ICICI Bank's recent Analyst Day below. More than 90% of ICICI Bank's transactions are already digital in nature currently, and this process of digitalization has helped to drive a +28% YoY in IBN's transaction value per customer for the first 10 months of 2022. During the same period, IBN's mortgage loans, automotive loans, and personal loans that were sourced from digital channels grew by approximately +20%, +50%, and +80%, respectively in YoY terms. There are specific business segments which have benefited tremendously from digital transformation that are worth noting. Earlier, Business Insider India reported on November 29, 2022 that ICICI Bank recently introduced "iLens, a digital lending solution" to the market in July 2022 which "digitizes the entire mortgage lending process." iLens has been a huge success, having garnered 24,000 active users and achieved a client penetration rate in excess of 80% in just months following its launch. Notably, iLens currently handles around 95% of all new mortgages for ICICI Bank, and this has been the key driving force behind a +44% YoY increase in Non-Resident Indians or NRI home loans for IBN in 1H 2022. Separately, ICICI Bank's SME (Small-to-Medium Sized Enterprises) loan book and business banking loan book have expanded by +27% and +43%, respectively in the 9M 2022 financial period. This strong growth in ICICI Bank's loan books should be largely attributable to IBN's new "electronic bank guarantee facility" and new "instant overdraft facility" which have simplified the financing process for its corporate customers. Also, IBN's customer acquisition process for credit cards is now fully digital, and it is noteworthy that about 14% of its current credit card issuances can be completed in under half an hour. ICICI Bank's credit card business has been growing very strongly thanks to its digitalization efforts, and this is reflected in the key metrics for this business segment. The credit card book for IBN jumped by +68% between end-September 2021 and September 30, 2022, while ICICI Bank's credit card spends and transactions increased by +43% YoY and +36% YoY, respectively in Q2 FY 2023. Although ICICI Bank's progress in the area of digitalization is commendable, this doesn't make IBN a perfect investment candidate. In fact, the focus on digital transformation is a double-edged sword, as I will highlight in the subsequent section. Spotlight On ICICI Bank's Branch Network Expansion ICICI Bank's emphasis on digital transformation (as outlined in the preceding section) appears to have come at the expense of a slower pace of branch network expansion in recent years. According to a research report (not publicly available) titled "India Financials: Stars Aligned" published by Sanford Bernstein Research on November 21, 2022, IBN's market share within the four largest Indian private sector banks in terms of branch network size has dropped significantly from 34% in FY 2017 to 29% for FY 2022. Specifically, ICICI Bank saw a net decline of -58 bank branches in fiscal 2021 and added only 152 bank branches (on a net basis) in FY 2022 as highlighted in the report. In contrast, IBN added a relatively higher 450 net new bank branches in FY 2020. This means that ICICI Bank is most probably going to ramp up its investments in new branch additions in the short to medium term, and this could potentially hurt IBN's future profitability and cash flow. At the company's most recent Q2 FY 2023 earnings call, an analyst highlighted competitors' "very aggressive branch expansion" plans, and ICICI Bank acknowledged that it "would continue to expand our branches" and it expects its "branch numbers going up over the next couple of quarters." Valuations Are Close To Historical Peak ICICI Bank currently trades at a trailing price-to-tangible book or P/TBV ratio of 3.11 times based on valuation data taken from S&P Capital IQ.
Seeking Alpha Oct 25

ICICI Bank: A Balanced Risk-Reward

Summary ICICI Bank achieved an excellent +23% YoY growth in loans for Q2 FY 2023, and this didn't come at the expense of asset quality. IBN's net interest margin expanded by +0.31 percentage points QoQ to 4.3% in the recent quarter, but a higher cost of deposits will be a drag in the quarters ahead. ICICI Bank's shares don't seem to be undervalued based on a comparison with its peer, HDFC Bank. I have a Hold investment rating for ICICI Bank' shares, as I think that the risk-reward for IBN is balanced, considering its financial outlook and valuations. Elevator Pitch I assign a Hold investment rating to ICICI Bank (IBN) [ICICIBC:IN]. Credit ratings agency Fitch refers to ICICI Bank as India's "second-largest private bank", trailing only HDFC Bank Limited (HDB) [HDFCB:IN]. In this article, my focus is on ICICI Bank's Q2 FY 2023 (YE March) financial results which were recently announced on October 22, 2022. IBN's core operating profit expanded by +24% YoY from INR95 billion in Q2 FY 2022 to INR118 billion in the recent quarter, which beat the sell-side's consensus forecast by approximately +7% according to S&P Capital IQ data. I analyze ICICI Bank's key second quarter metrics in detail in the subsequent sections. My analysis leads me to the conclusion that the risk-reward for ICICI Bank is balanced, which warrants a Hold rating for the company's shares. On one hand, I don't find ICICI Bank's valuations attractive, especially in view of the bank's weaker net interest margin outlook. On the other hand, I have been impressed with IBN's loan growth and asset quality metrics for the recent quarter, and I also view ICICI Bank as a good play on the Indian economy. Loan Growth Loans for ICICI Bank increased by +5% QoQ and +23% YoY to INR9.4 trillion as of September 30, 2022. Almost all of its key segments witnessed an expansion in their respective loan portfolios in the most recent quarter. ICICI Bank's retail loans grew by +6% QoQ to INR5.1 trillion as of the end of second quarter of fiscal 2023. Retail is the bank's largest segment accounting for around 54% of IBN's total loans. Loans for the bank's other key segments, SME, corporate, business banking, also increased by +6%, +7%, and +11%, respectively, on a QoQ basis during the same period. In fact, ICICI Bank's overseas segment, which only contributed 4% of the bank's overall loan portfolio, was the only segment that saw a decline in Q2 FY 2023. In the recent quarter, loans for IBN's overseas segment contracted by -2% YoY and -17% QoQ. IBN explained at its Q2 FY 2023 earnings briefing that the drop in loans for the overseas segment is attributable to "maturities of the short-term India-linked trade book", rather than any fundamental issues. India's economy remains healthy, and this certainly played a key role in boosting the loan growth of ICICI Bank in the recent quarter. An October 6, 2022 Business Insider India article cited research from Indian "credit bureau CRIF High Mark" noting that "FY22 witnessed tremendous growth in new loan originations across retail, microfinance and commercial loans" in India which "signals economic recovery." Notably, IBN also commented at its recent quarterly earnings call that "the recovery from the pandemic in India has been quite strong" and highlighted that "the (Indian) consumer is in good shape." As I mentioned at the beginning of this article, ICICI Bank is the second largest player in the Indian banking industry, which makes it a good proxy for the growth of the Indian economy. Asset Quality At the bank's second quarter investor call, IBN emphasized that its approach is "growing our loan portfolio in a granular manner with a focus on risk and reward." This is reflected in ICICI Bank's decent asset quality metrics as highlighted below. ICICI Bank's Net Non Performing Assets ratio decreased from 0.99% as of end-Q2 FY 2022 to 0.61% as of end-Q2 FY 2023. The Non Performing Loans coverage ratio for IBN increased from 79.6% as of June 30, 2022 to 80.6% as of September 30, 2022. Net Interest Margin ICICI Bank's net interest income went up by +12% QoQ and +27% YoY to INR148 billion in the second quarter of the current fiscal year. This was driven by a +0.31 percentage points QoQ growth and a +0.30 percentage points YoY increase in IBN's net interest margin to 4.31% in the recent quarter. Net interest margin for IBN grew strongly in Q2 FY 2023, because its yield on advances increased at a faster pace than its cost of deposits. ICICI Bank's cost of deposits expanded by +9 basis points QoQ and +2 basis points YoY to 3.55% in the second quarter. In the same time frame, the yield on advances for IBN grew by +51 basis points QoQ and +29 basis points YoY to 8.63%. At its Q2 FY 2023 results briefing, ICICI Bank attributed its net interest margin expansion to the "increase in interest rates on loan yields while repricing of deposits occurs with a lag." However, IBN also cautioned at the recent quarterly results call that "it would be fair to assume that the repricing of deposits will pick up" going forward.
Seeking Alpha Aug 03

ICICI Bank: Long-Term Compounding Potential Intact

ICICI Bank reported a strong quarter yet again, outperforming across virtually all core operating metrics. With loan growth and asset quality also looking strong heading into a rising rate environment, ICICI is well-positioned. Continued outperformance in the coming quarters should help narrow the relative discount. ICICI Bank (IBN), India's second-largest bank, again delivered an impressive set of quarterly results, led by a +22% YoY core pre-provision operating profit (PPOP) growth on continued momentum across loan growth and net fee income. The ~Rs4bn net slippage was another key highlight, reflecting favorable normalized credit cost trends. With its asset quality intact and the visibility of earnings growth set to improve going forward, I see a clear path to the bank sustaining strong ROEs in the coming years. As ICICI leverages its extensive distribution franchise and best-in-class digital infrastructure to further extend its growth runway amid an improving post-COVID backdrop as well, the valuation gap relative to key peer Kotak Mahindra should narrow. 2023e P/E 2024e P/E ICICI Bank 19.7x 16.9x Kotak Bank 27.0x 23.2x Source: Market Data as of 3rd August 2022 Core Operating Metrics Outpace Expectations ICICI reported a strong quarter yet again, led by net interest income growth of ~21% YoY and even stronger net fee income growth of ~32% YoY. Although this was partially offset by higher operating expenses, margins still expanded at a healthy ~9bps pace on a sequential basis. For context, the elevated opex was driven by a ~20% YoY increase in employee expense - given this was largely due to the company passing through the fair value impact of its stock options, though, I view this as a one-off impact. Meanwhile, the cost-income ratio (ex-treasury) was a solid ~42% - up by ~140bps sequentially, but well below pre-COVID levels of ~45%. As a result, PPOP was up ~19% YoY, outpacing HDFC Bank's ~15% YoY growth during the corresponding period. Assuming the cost-income ratio sustains at 41-42%, expect operating leverage to remain high, benefiting the mid-term PPOP growth runway. ICICI Bank Based on the strong Q1 2023 result, the near-term industry outlook looks bright - this quarter's solid margin expansion reflects the improvement seen at Kotak Bank, despite the yield benefit of rate hikes yet to fully flow through to the P&L. Given ICICI has one of the best deposit franchises in India as well as a higher floating rate composition within its portfolio, the bank is well-positioned to drive margins even higher. Having also delivered a ~20% PPOP CAGR in recent years, I see no reason why ICICI won't be able to deliver a high-teens % core PPOP through 2025 in a base case scenario. The key here will be the extent of the coming repo rate hikes and management's ability to manage any competitive pressures in mortgages and other consumer retail products. Impressive Growth Momentum Continues in Lending Business ICICI's domestic loan growth is clearly on the right track - mortgages were up 22% YoY, while share gains in SMEs/business banking led to ~35% YoY gains. Accelerating growth in unsecured credit at 40-60% YoY contributed to the remainder of the YoY growth, driving a robust ~32% YoY core fee growth. More importantly, ICICI has achieved this growth without compromising on its loan book composition - the bank has gained share in cards and mortgages, but its market share remains relatively low in the SMEs, rural and corporate sectors at 4%-5%. Overall, advances were up ~21% YoY this quarter (another consecutive quarter of strong loan growth), although the sequential loan growth of 4.3% QoQ was particularly impressive given it was the highest for a Q1 since the 2013 fiscal year. The outlook for loans looks bright as well - the economy is opening up post-COVID, which means ICICI should benefit from an improvement in revolvers, along with potential untapped growth opportunities from Production Linked Incentive (PLI) schemes. Another key highlight from ICICI's result was the increasing traction in digital channels, helping to amplify the pace of disbursements - per management, digital contributed ~94% of personal loan disbursements, ~98% of credit cards sourcing, and ~33% of mortgage loans. The digital factor could be key at a time when HDFC Bank is getting increasingly aggressive post lifting of the RBI ban on new issuance of cards. Thus far, ICICI has likely lost some market share YTD, particularly in credit card spending, but with its strong digital capabilities, ICICI retains the potential to regain market share and outperform on loan growth over the mid-term. ICICI Bank Asset Quality Improvement Supports Double-Digit ROE Outlook Gross non-performing loans (GNPLs) are trending favorably as well, reaching 3.6% of loans (down ~20bps sequentially) on strong ~16% recovery rates (of opening GNPLs) - for comparison, ICICI has generally seen GNPLs trend between 10% and 13% in recent quarters. The non-NPL stressed portfolio also improved by ~50 bps to 2.2% of loans, helped by a reduction in the restructured portfolio as well as improvements in the sub-BB book. No surprise then that net slippage also outpaced expectations at ~Rs4bn despite elevated agriculture stress, driving the overall core credit cost to near-zero levels.
Seeking Alpha Feb 04

ICICI Bank: Gaining Traction

IBN’s loan growth performance is well ahead of the industry and it is well set to benefit from rate hikes given a higher share of floating rate loans. IBN has a resilient fee income profile whilst its asset quality too has strengthened over time. The market is rewarding IBN even as it punishes close peer HDB.
Seeking Alpha Aug 28

ICICI Bank: India's Economy Is Booming. This Bank's Profits Could Too.

According to the IMF’s projections, India’s economy could grow 9.5% in 2021 and 8.5% in 2022. As one of India’s leading banks, ICICI Bank could benefit from more loan and deposit growth. The company’s nonperforming assets are also decreasing.

Shareholder Returns

IBNUS BanksUS Market
7D0.6%-3.9%-2.1%
1Y-8.6%21.8%18.8%

Return vs Industry: IBN underperformed the US Banks industry which returned 21.8% over the past year.

Return vs Market: IBN underperformed the US Market which returned 18.8% over the past year.

Price Volatility

Is IBN's price volatile compared to industry and market?
IBN volatility
IBN Average Weekly Movement2.7%
Banks Industry Average Movement3.3%
Market Average Movement7.2%
10% most volatile stocks in US Market16.3%
10% least volatile stocks in US Market3.1%

Stable Share Price: IBN has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: IBN's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1955124,029Sandeep Bakhshiwww.icici.bank.in

ICICI Bank Limited, together with its subsidiaries, engages in the provision of various banking and financial services to corporate and retail customers in India and internationally. The company operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, General Insurance, and Others segments. The company offers asset management, securities brokerage, private equity, foreign exchange, agricultural and rural banking, equities underwriting, depositary share accounts, consumer durable goods financing, corporate salary and current account, savings and sovereign gold bonds, insurance policies, public offerings, investment, credit and protection, retail inward remittances, certificates of deposits, and payment and transaction banking products and services.

ICICI Bank Limited Fundamentals Summary

How do ICICI Bank's earnings and revenue compare to its market cap?
IBN fundamental statistics
Market capUS$106.45b
Earnings (TTM)US$5.86b
Revenue (TTM)US$21.28b
18.2x
P/E Ratio
2.7x
P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
IBN income statement (TTM)
Revenue₹2.04t
Cost of Revenue₹0
Gross Profit₹2.04t
Other Expenses₹1.48t
Earnings₹560.90b

Last Reported Earnings

Jun 30, 2026

Next Earnings Date

n/a

Earnings per share (EPS)78.17
Gross Margin100.00%
Net Profit Margin27.53%
Debt/Equity Ratio56.9%

How did IBN perform over the long term?

See historical performance and comparison

Dividends

0.8%
Current Dividend Yield
16%
Payout Ratio

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/08/21 22:37
End of Day Share Price 2026/08/21 00:00
Earnings2026/06/30
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

ICICI Bank Limited is covered by 78 analysts. 39 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null null360 ONE Capital Market Private Limited
Parth Gupta360 ONE Capital Market Private Limited
Jignesh ShialAmbit Capital