ICICIBANKNSEApril 24, 2026

ICICI Bank Limited

13,779words

188turns

20analyst exchanges

0executives

Key numbers — 40 extracted

8.4%

: First, moving on to profit and capital A. Profit and capital 1. Net interest income grew by 8.4% year-on-year to ₹22,979 crore in Q4-2026 2. Net interest margin was 4.32% in Q4-2026 compared to 4

₹22,979 crore

to profit and capital A. Profit and capital 1. Net interest income grew by 8.4% year-on-year to ₹22,979 crore in Q4-2026 2. Net interest margin was 4.32% in Q4-2026 compared to 4.30% in Q3-2026 3. Fee income

4.32%

t interest income grew by 8.4% year-on-year to ₹22,979 crore in Q4-2026 2. Net interest margin was 4.32% in Q4-2026 compared to 4.30% in Q3-2026 3. Fee income grew by 7.5% year-on-year to ₹6,779 crore in

4.30%

% year-on-year to ₹22,979 crore in Q4-2026 2. Net interest margin was 4.32% in Q4-2026 compared to 4.30% in Q3-2026 3. Fee income grew by 7.5% year-on-year to ₹6,779 crore in Q4-2026 4. Operating expens

7.5%

26 2. Net interest margin was 4.32% in Q4-2026 compared to 4.30% in Q3-2026 3. Fee income grew by 7.5% year-on-year to ₹6,779 crore in Q4-2026 4. Operating expenses grew by 12.0% year-on-year to ₹12,08

₹6,779 crore

argin was 4.32% in Q4-2026 compared to 4.30% in Q3-2026 3. Fee income grew by 7.5% year-on-year to ₹6,779 crore in Q4-2026 4. Operating expenses grew by 12.0% year-on-year to ₹12,089 crore in Q4-2026 5. Core o

12.0%

3. Fee income grew by 7.5% year-on-year to ₹6,779 crore in Q4-2026 4. Operating expenses grew by 12.0% year-on-year to ₹12,089 crore in Q4-2026 5. Core operating profit grew by 5.1% year-on-year to ₹18

₹12,089 crore

y 7.5% year-on-year to ₹6,779 crore in Q4-2026 4. Operating expenses grew by 12.0% year-on-year to ₹12,089 crore in Q4-2026 5. Core operating profit grew by 5.1% year-on-year to ₹18,305 crore in Q4-2026 6. Prov

5.1%

g expenses grew by 12.0% year-on-year to ₹12,089 crore in Q4-2026 5. Core operating profit grew by 5.1% year-on-year to ₹18,305 crore in Q4-2026 6. Provisions (excluding provision for tax) were ₹96 cror

₹18,305 crore

.0% year-on-year to ₹12,089 crore in Q4-2026 5. Core operating profit grew by 5.1% year-on-year to ₹18,305 crore in Q4-2026 6. Provisions (excluding provision for tax) were ₹96 crore in Q4-2026 reflecting heal

₹96 crore

by 5.1% year-on-year to ₹18,305 crore in Q4-2026 6. Provisions (excluding provision for tax) were ₹96 crore in Q4-2026 reflecting healthy asset quality and higher recoveries and write-backs. 7. Profit be

10.1%

et quality and higher recoveries and write-backs. 7. Profit before tax excluding treasury grew by 10.1% year-on-year to ₹18,209 crore in Q4-2026 and grew by 7.1% year-on-year to ₹65,021 crore in FY2026

Guidance — 20 items

Enhancing our digital banking platforms

opening

“Blogs and FAQs have also been added for additional guidance.”

Making banking more convenient for NRI customers

opening

“Going forward, we will continue to operate within our strategic framework while focussing on micromarkets and ecosystems.”

Making banking more convenient for NRI customers

opening

“We aim to be the trusted financial services provider of choice for our customers and deliver sustainable returns to our shareholders.”

Making banking more convenient for NRI customers

opening

“With this, I conclude my opening remarks, and will be happy to take your questions.”

Sandeep Batra

“So, we will see how it goes forward, but we do expect to maintain a healthy trendline, and we are monitoring the current economic environment very carefully.”

Ankur Mishra

“And overall, on the growth, also including advances, growth in the current scenario, you think that will be sustainable?”

Sandeep Batra

“We do expect NIMs to be range-bound in FY27.”

Piyush Shukla

“What would be your guidance in terms of both loans and deposit growth in FY27?”

Piyush Shukla

“The other question, I wanted to understand, you are the second largest private bank and have a fair view of how macros will be impacted, the second and third order impact from the Middle East conflict on the banks’ balance sheet.”

Sandeep Batra

“Piyush, very difficult to make a forecast in this day, where forecast validity is not even a day at this point of time.”

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Risks & concerns — 15 flagged

Maintaining high standards of governance, deepening coverage and enhancing delivery capabilities with a focus on simplicity and operational resilience, are key drivers for our risk calibrated profitable growth.

— Sandeep Batra

After reckoning the impact of proposed dividend, CET-1 ratio was 16.35% and total capital adequacy ratio was 17.18% Moving on to deposit growth B.

— Sandeep Batra

And treasury income of this ₹109 crore loss, does reflect the impact of the widening of spread, post issuance of this guideline.

— Sandeep Batra

It is very difficult to make this…both lending rate and deposit rate move in tandem.

— Sandeep Batra

How the interest rate moves, is largely dependent on macros, and given the uncertainty at this point of time, it is very difficult to make a long- term call on this.

— Sandeep Batra

There has been a decline in provisions, which I just talked about, by 89% and profit before tax, excluding treasury, has been about 10%.

— Sandeep Batra

From our perspective, we continue to focus on risk-calibrated operating profit, which we have been saying for a long period of time.

— Sandeep Batra

So, our approach on risk-calibrated growth will continue as it has been in the past, and within this framework, we do see reasonable opportunities coming our way.

— Sandeep Batra

Piyush, very difficult to make a forecast in this day, where forecast validity is not even a day at this point of time.

— Sandeep Batra

We will continue to leverage our franchise and grow within our risk parameters, and we will continue to monitor developments across.

— Sandeep Batra

So, within that framework, and our risk thresholds, we are happy to grow within the overall environment.

— Sandeep Batra

Of course, and as you rightly said, there are developments and the impacts, as and when they become more visible, we will be cognisant of it and take appropriate action, both in terms of growth as well as our risk measures.

— Sandeep Batra

The first question is, are you witnessing your corporate customers, delay investments, as a result of the uncertain situation?

— Shayan Ghosh

Are you seeing any signs of stress there?

— Shayan Ghosh

Our standards around growing in a risk-calibrated manner remains.

— Sandeep Batra

Q&A — 20 exchanges

Hello. Congratulations on the milestone profits. I had a couple of questions. Firstly, did you all have to make any losses on account of these RBI measures to put limits on the forex transactions? And secondly, there was a report that ICICI Bank is facilitating payments to Iran. Just wanted to check, would that expose you to any kind of risks, since there is a sanction?

Sandeep Batra

I will just answer the first question. There has been a treasury loss of about ₹106 crore in Q4 compared to a loss of about ₹157 crore in the previous quarter and a gain of ₹239 crore in Q4 of the previous year. This primarily reflects market movements. Of course, the Bank had some open positions on onshore market, which were required to be reduced as per RBI guidelines. And treasury income of this ₹109 crore loss, does reflect the impact of the widening of spread, post issuance of this guideline. Mayur, Kausik here. On the second question about the Iranian oil, I would rather request you to c

Thank you. Sir, I just want clarification before I ask my question. There is a 90% drop in provisions year-on-year. I just wanted to understand because that is a huge drop. Can you explain why that 90% drop has happened? I know asset quality is good and everything, but if you can explain because, it is a huge drop.

Sandeep Batra

Yes, the total provisions during this quarter have been less than ₹100 crore, compared to ₹891 crore in the previous quarter. We have seen some improvement in quality of the portfolio and also certain corporate recoveries which have come from written-off accounts. We have also not utilised the contingency provisions. So, I think we are very careful about our asset quality, but adjusted for these one-offs, and normalising for agri loans, our credit cost has been under 50 basis points for FY2026. So, we will see how it goes forward, but we do expect to maintain a healthy trendline, and we are mo

Good evening, gentlemen. I want to get your comment on the net profit numbers per se, which has grown 8.5% Y-o-Y. How much is driven by low provisions versus core income growth?

Sandeep Batra

Sorry, come again? You are talking about the? Just wanted to talk on the NIM. Our core operating profit for the year is grown by about 7.7% and for the quarter at about 5.1%. The profit before tax for the year grew by 7.1% and the profit after tax for the year grew by about 6.2%. I am just talking on the yearly numbers. For the quarter, you will see that the core operating profit grew by 5.1%. There has been a decline in provisions, which I just talked about, by 89% and profit before tax, excluding treasury, has been about 10%. So there has been hardly any change on the treasury income line. O

Good evening, Mr. Batra. I have two queries for you. First is on the momentum of your…you have posted a strong loan growth in Q4. What would be your guidance in terms of both loans and deposit growth in FY27? The other question, I wanted to understand, you are the second largest private bank and have a fair view of how macros will be impacted, the second and third order impact from the Middle East conflict on the banks’ balance sheet. Can you give us some colour? There are expectations that the petroleum prices may rise, input costs may rise, there could be supply chain issues. Eventually, it

Sandeep Batra

Piyush, very difficult to make a forecast in this day, where forecast validity is not even a day at this point of time. But given the overall scenario, there has been an immediate impact on market yields which you are aware of. There has been an impact on currency, equity prices and some of this is reflected in the numbers for Q4. Of course, during Q4, there was a very little period of the West-Asian conflict. We will continue to monitor these indicators. The impact on economic growth and potential credit demand will depend on the duration of the conflict. Of course, even RBI has mentioned tha

Good afternoon. Two questions from my end. One is that, for most of the gone-by fiscals, FY2026, we have witnessed the revenue growth in single digit and profit growth in single digit. Should we assume that these growth levels are the new normal for ICICI, considering the operating environment we are in? My second question is on SME loans. The business banking segment particularly, this has been growing at a healthy 17% plus runway for most quarters of last fiscal. Given the geopolitical tension and this is a segment where people are saying given tariffs and the war impact, etc., one needs to

Sandeep Batra

Hamsini, I just want to mention that we continue to see strong growth on the asset size and deposit mobilisations. The profit growth is also a function of the interest rate cycles, as you are aware. That aside, if coming back to the advances that you really talked about, I think the advances reflect the strong momentum of economic activity in the country which has been supported by policy measures and a fairly stable policy rate. So, within this framework, we have seen growth in mortgages, we have seen in rural portfolio, we have also seen some pickup in personal loans. During this quarter, we

Hi, Mr. Batra. The first question is, are you witnessing your corporate customers, delay investments, as a result of the uncertain situation? Are they holding back on investments?

Sandeep Batra

Shayan, it is too early to call out. I mean, just look at the quarter gone by. Most of the developments have happened in the month of April. If I just go back to what has happened on West-Asia, I think we have to remember that the long-term story of India remains intact. We cannot deny that the developments of West-Asia will have some impact, overall. But given the overall framework, I think corporate India will get back to growth. You can see that reflected in all the forecast by RBI or even IMF. Will there be a bit of an impact on the GDP growth in FY27? The answer is yes, but it is still go

Mr. Batra, firstly on your advances growth, I just wanted to clarify this 15.8% kind of a growth year-on-year. We have not seen this strong a number from the Bank in a while. Should we see it as the new normal? Can you sustain this kind of growth rate? And apart from some of the segments you highlighted, rural, corporate picking up, where exactly has this come from? And secondly, in your asset quality, which is improved this quarter, you have about ₹4,200 odd crore of slippages. You know, in the last one month or so, since the 27th of Feb, when the West-Asia conflict started, in your MSME book

Sandeep Batra

Ritu, I could not hear the second part of your question but let me answer the question on the loan growth for the quarter. Yes, we have seen a broad-based growth. We have been mentioning over the previous quarter, growth has been picking up driven by opportunities as well as our continuous effort on distribution and allocating appropriate resources in growth markets. I think it is just a question of focus. Our standards around growing in a risk-calibrated manner remains. Yes, it is a competitive environment. Within this framework, I think we have probably had a quarter where we have seen all-r

Hi, sir. Just to add on to Ritu's question on West-Asia. Is there an increased demand for working capital loans from your MSME clients to perhaps, tide over this situation? Or are you seeing some kind of stress in their cash flows? So, if you can throw some light on that. And also on your deposit…

Sandeep Batra

It is too early to call out on this. Sorry, continue, please? Yes, your credit growth is almost 16%, but deposits is around 11.5%. So, there is a fair bit of gap there. So, if you could just help us understand how do you plan to grow your credit book, given there is a lag in the deposit growth. Are you going to rely more on long-term instruments from the debt market? You have, I think, indicated that you will raise around ₹25,000 crore in securities, and also $1.5 billion from the overseas market. So, if you can just throw some light on that. On the debt market side, which you have talked abou

Sir, just wanted to understand, given that there is, as Subrata also said, there is certain gap in the deposit growth and the credit growth, just wanted to understand what is going to be the strategy for deposit mobilisation going ahead. And the second question is for FY27, which segments are you basically seeing driving loan growth for FY27?

Sandeep Batra

So, I think our deposit strategy has been very similar for what we have been doing in the past. We will continue to focus on quality customers, and hope that we are their primary banker, and we would like to have a substantially higher share of the market. This goes across segments between retail banking, business banking, corporate. I think it is a question of having a fairly good technology platform, a good reach, and having fair charges and being fair to the customers. These are three principles that we really talk about. And I think they seem to be working well. We have been able to grow o

Sandeep, this is about the forex loss. Can you just repeat the number? ₹109 crore in the quarter. How much was in the last quarter?

Sandeep Batra

That is right. The total loss is about, ₹106 crore, that is the loss that we had. All this is treasury loss.. okay, got it. This is again on West-Asia. Are you seeing any stress in your accounts with the companies, those having a focus on the West-Asia or business at West-Asia? Not as yet, but it is too early to call out. Okay. Too early to call out. During the quarter, I think the customers seem to be doing well. Maharashtra announced a farm loan waiver last month. What is your exposure to Maharashtra in the agri book, farm loan book? We do not give state level data, Benn. Because it is a wai

Sir, just labouring a bit on the West-Asia thing. So, in the numbers that you have reported today, apart from the forex related measures’ impact because of RBI's measures, what could be the number impact of the crisis really playing out if you were to look at it? Apart from the numbers, you also have operations in the affected regions. How are you managing your presence there? And also what are the early trends which you are seeing in remittances?

Sandeep Batra

Look, I think West-Asia crisis, we have talked about it. Yes, we do have presence in both Dubai and Bahrain. We have tried to ensure the safety of our employees, that is paramount, and I think there is nothing specific to be called out here. Business is happening even in this sort of difficult times in those areas. So, as I have mentioned, we have and we will continue to watch these developments. We will grow within the acceptable risk parameters and continue to focus on good quality customers. So, that is the strategy that we have been adopting, that remains unchanged. Remittances, again, too

Thank you. Good evening, management. Three questions: First, on the market share of ICICI Bank's credit cards – it was approximately around 17% for a good long time. Recently came down to 16%, correct me if I am wrong. So, what is ICICI Bank's strategy out over here? Second, July onwards credit institutions are supposed to report four times a month to CIC. What is the status on that? And third, we are already into FY27, have you laid out your hiring plans? When I see your employee cost quarter-on-quarter or yearly basis, it has been increasing. So, do we make that you have been adding headcoun

Sandeep Batra

So, the employee cost increase is largely a function of the increments that would have happened during the course of the year. Coming on the credit card book, yes, our objective is to drive a risk-calibrated profitable growth and of course do ‘Customer 360’. So again, to repeat, we do not focus on a product, we try to focus on the customer. During the year, we have focussed on onboarding quality customers, driving profitable spends, and also exiting riskier and unprofitable segments. So that in a way, you can see some moderation of growth, or it has remained flat, but profitability remains ver

 The total outstanding to NBFCs and HFCs was 859.04 billion Rupees at March 31, 2026 compared to 791.18 billion Rupees at December 31, 2025. The total outstanding loans to NBFCs and HFCs were about 4.6% of our advances at March 31, 2026.  The builder portfolio including construction finance, lease rental discounting, term loans and working capital was 714.21 billion Rupees at March 31, 2026 compared to 680.83 billion Rupees at December 31, 2025. The builder loan portfolio was 4.2% of our total loan portfolio. Our portfolio largely comprises well-established builders and this is also reflecte

Management

Congratulations on a great set of numbers. First question is on...

Management

Yes. The first question is on the...

Management

The first question is on the growth side. So, particularly on retail, we had seen the good uptick out there, particularly when we look at the mortgages, it's been up like almost 4.7-odd percent and we had seen the uptick even on the PL as well as the commercial vehicle side. On mortgages, is it like the competition is coming off, spreads are getting attractive? Otherwise, we have always focused on ROA. So, what is actually driving this growth on the mortgages side, in particular quarter- on-quarter? And the second question is on deposits. Deposits still seems to be slightly slower compared to

Anindya Banerjee

First on the growth in mortgages. As we may have discussed in the past, if we look back 2 to 3 quarters ago, we were probably holding back a little because of both the benchmark risk and the spreads over the benchmark. As the benchmark has settled, it has given us the space to grow that portfolio and that is what you have seen over the last 2 quarters and more particularly in this quarter. It is a competitive market, but we are within that trying to operate and price appropriately across the spectrum, also focusing very much on the entire customer 360 aspect, which we do in all our businesses.

Yes. Hi, good evening and congrats on strong performance once again. The first question, Anindya, is on the fee income growth. How do you look at this over the coming year? What steps are we taking to drive better traction on this line?

Anindya Banerjee

I guess if we look at the broad areas of fee income that we focus on, I think on the transaction banking in which I would include both trade aspects as well as forex and derivatives, and on the deposit account linked fees, deposit, demat, etc. I think we are doing reasonably well. On the cards and payment side, this year has been a little slow. We have not grown as much there in terms of fees and that would be one area for us to focus on. I think more recently, as the loan growth has picked up, the lending-linked fees have also picked up and we will hopefully see that momentum sustain going fo

Congratulations. I had a couple of questions. Firstly, after this war, would you have tightened any credit parameter or any credit rule going into FY27 or its business as usual or growth as usual across segments, even small segments? So that's my first question. Secondly, if you see your yield on advances, what you reported in the presentation, that's been coming off over the last 2 quarters. Of course, there have been the impact of rate cuts as well. But can we say that yields have now bottomed because your cost of funds has also come down materially? I believe most of the repricing is done t

Anindya Banerjee

On the first question side, we have looked at and continue to look at regularly all the potential sectoral impact as well as the impact at a client level. I would not say that we have specifically tightened anything or are excluding any segment, but we have our understanding of which are the segments that potentially need, require closer monitoring, and we are doing that, and we will calibrate our actions as we go along. Overall, I think, as I said, we are continuing to focus on growing the business. On the yield, I think we have, of course, this quarter seen the impact of the December repo cu

Thank you for the opportunity. I have a couple of questions. One is, for the second successive quarter, your credit card book is contracting. Is that just the nature of the business, seasonal, or are you taking any interventions in terms of trying to boost profitability? And overall, if you could comment on how the profitability of the credit card business is trending because revolver rates are coming down, cost of acquisitions seems to be moving up a little bit?

Anindya Banerjee

The decline we saw in Q3 was really seasonal because there was a sharp buildup of the book towards the end of Q2 due to the festive season spend, which ran off in Q3. The small decline in the fourth quarter, I would say, we can't really say that it is seasonal, it is really a function of spends and revolvers. From our perspective, I think we are focused on growing the business and growing it with the right set of customers in a profitable way. And we have been seeing reasonably steady new customer acquisition. I think the level of revolvers, etc., has been an issue for the industry, so that is

Hi, good evening. A few questions. First one is on operating expenses. The operating expenses growth was about at 11.5%-12%. This year has been higher than the peers, perhaps due to the increase in the average remuneration for the employees. So how should we think about it going into next year, especially when your volume growth is also picking up? So, does this further rise in terms of the overall expenses growth or are there certain levers to bring that down? So that's one. Second, Anindya, could you comment on the government SA balances where we were seeing some outflows? Have the trends st

Anindya Banerjee

So as far as the operating expenses are concerned, if we look at this year, more or less, it has been in line with our expectations. Couple of areas where the costs have been somewhat higher than what we would have expect, would have started out with. One is on the priority sector compliance and the second is, to some extent, on the remuneration because of the Labour Code and a couple of others, like the market movement impact that we saw in March. And the final numbers on business growth are a little ahead of operating expenses growth, and we hope that, that will be sustained over the next ye

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Speaking time

Sandeep Batra

Moderator

Anindya Banerjee

Piran Engineer

Shayan Ghosh

Benn

Srishti Sharma

Chintan

Kunal Shah

Joel Rebello

Opening remarks

Sandeep Batra

Good evening everyone. Thank you all for joining us today. Amidst the global uncertainties, the Indian economy has continued to show resilience, supported by timely and effective measures taken by the Government and regulators. We continue to monitor the developments closely and remain focussed on our long-term strategy, aligned with India’s evolving economic landscape. At ICICI Bank, our strategic focus continues to be on growing profit before tax excluding treasury through the 360-degree customer centric approach and by serving opportunities across ecosystems and micromarkets. We continue to operate within the framework of our values to strengthen our franchise. Maintaining high standards of governance, deepening coverage and enhancing delivery capabilities with a focus on simplicity and operational resilience, are key drivers for our risk calibrated profitable growth. Our Board has today approved the financial results of ICICI Bank for the quarter and year ended March 31, 2026. I wo

Enhancing our digital banking platforms

We have refined our digital platforms to better align with customer needs. In our mobile banking app, iMobile, the ‘My Loans’ section has been redesigned for a more streamlined experience. Customers can now view all loans and statements in one place, check overdues, and access the no objection or no dues certificates and income tax certificates with ease. Blogs and FAQs have also been added for additional guidance. We have revamped the user interface of InstaBIZ, our mobile banking app for businesses, and our Corporate Net Banking platform. The redesigned interfaces, simplify navigation, and provide a more comprehensive view of all the sections. On InstaBIZ, role-based dashboards for makers and checkers help speed up transaction approvals and improve traceability.

Making banking more convenient for NRI customers

NRI customers can now access Money2India, our money transfer platform, through the iMobile app. This feature is available in the USA, UK, Canada, Europe, and UAE, making cross border banking more accessible. We have also launched iMobile Global, a unified banking app for NRI customers. It is currently available in the UK and will soon be expanded to other international geographies. The app provides a consolidated view of both domestic and NRO/NRE savings accounts. As part of our initiatives to further simplify banking, we have introduced various features in iMobile. Customers can now instantly access, download and share their digital cancelled cheque directly from the app, without the need of a physical chequebook. It makes account verification and payment setup effortless. We have also enhanced the inward remittance experience. All the key details a recipient in India needs to share with an overseas sender, including purpose and currency, are now consolidated in a single document, wit

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