Q2 2026 · NSE · Aug 15, 2026

ICICIBANK Is the Cheap-Deposit Machine Running Out of Fuel?

ICICI Bank's Q1 FY2027 profit after tax grew 15.9% year-on-year on a loan book still growing at a rare-for-its-size 19.6% clip - but the cheap-deposit franchise that funds all of it is eroding, with the average CASA ratio falling to a multi-quarter low as term deposits grow nearly twice as fast as current and savings balances.

The CASA Machine Is Running on a Different Fuel Mix

ICICIBANK share price against profit before tax and its margin, last 12 quarters ICICIBANK share price against profit before tax and its margin, last 12 quarters. One graph by quarter: bars are the quarter's profit before tax in Rs. crore, with two lines over them, the share price at quarter-end and the profit before tax margin. Q2 FY24: share price Rs. 952, profit before tax 13,646, margin 74.5%; Q3 FY24: share price Rs. 997, profit before tax 13,674, margin 73.2%; Q4 FY24: share price Rs. 1,093, profit before tax 14,321, margin 75.0%; Q1 FY25: share price Rs. 1,200, profit before tax 14,693, margin 75.1%; Q2 FY25: share price Rs. 1,273, profit before tax 15,490, margin 77.3%; Q3 FY25: share price Rs. 1,282, profit before tax 15,660, margin 76.9%; Q4 FY25: share price Rs. 1,348, profit before tax 16,774, margin 79.1%; Q1 FY26: share price Rs. 1,446, profit before tax 16,931, margin 78.3%; Q2 FY26: share price Rs. 1,348, profit before tax 16,384, margin 76.1%; Q3 FY26: share price Rs. 1,343, profit before tax 14,800, margin 67.5%; Q4 FY26: share price Rs. 1,206, profit before tax 18,103, margin 78.8%; Q1 FY27: share price Rs. 1,375, profit before tax 19,126, margin 78.4%. Share price at quarter-end (Rs., left axis) Profit before tax margin, % (right axis) Profit before tax for the quarter (Rs. crore; bars from zero, values in the bottom row) Rs. 1,000 Rs. 1,200 Rs. 1,400 70% 75% 80% 13,646 13,674 14,321 14,693 15,490 15,660 16,774 16,931 16,384 14,800 18,103 19,126 Rs. 952 74.5% Q2 FY24 Rs. 997 73.2% Q3 FY24 Rs. 1,093 75.0% Q4 FY24 Rs. 1,200 75.1% Q1 FY25 Rs. 1,273 77.3% Q2 FY25 Rs. 1,282 76.9% Q3 FY25 Rs. 1,348 79.1% Q4 FY25 Rs. 1,446 78.3% Q1 FY26 Rs. 1,348 76.1% Q2 FY26 Rs. 1,343 67.5% Q3 FY26 Rs. 1,206 78.8% Q4 FY26 Rs. 1,375 78.4% Q1 FY27 Profit

Over these 12 quarters: share price Rs. 952 to Rs. 1,375 (+44%); profit before tax 13,646 to 19,126 Rs. crore; profit before tax margin 74.5% to 78.4%. One graph in actual numbers: bars are the quarter's profit before tax, over them the share price at quarter-end (left axis) and the profit before tax margin (right axis); each line is fitted to its own range, so read the timing, not the heights. Prices are adjusted for splits.

The Q2 FY23 post closed on a bank that had solved its 2005-era funding problem: a CASA» ratio that had nearly doubled to 45-46%, funding a loan book cheaply enough that a rate-hiking cycle expanded margin instead of compressing it. Four fiscal years later, in the quarter ended June 30, 2026 (Q1 FY2027, or "Q1-2027" in the bank's own labeling), that same engine is still turning, but its fuel mix has shifted. Average CASA deposits grew 12.1% year-on-year - solid in isolation - but term deposits grew 15.2%, and period-end CASA's share of total deposits slipped to 39.5%, down from 41.2% a year earlier. The average CASA ratio fell to 38.1% this quarter, from 38.7% a year ago and 38.6% the prior quarter - a small move, but a consistent one across three consecutive readings, not a single noisy quarter.

None of this shows up yet in the headline numbers. Standalone profit after tax grew 15.9% year-on-year to Rs. 14,804 crore (US$1.56 billion), core operating profit grew 15.6% to Rs. 20,235 crore (US$2.13 billion), and total loans grew 19.6% - a growth rate most banks of ICICI's Rs. 24.3 lakh-crore (US$256 billion) balance-sheet size don't sustain. The net interest margin» even ticked up slightly, to 4.36% from 4.34% a year earlier. But margin and loan growth accelerating together, funded by a deposit base that's tilting toward more expensive term money, is a combination that works only as long as the bank keeps winning the loan-pricing side of that trade - and management's own commentary on the July 18, 2026 earnings call was notably non-committal about how long that holds (see Management's Framing of a Margin Story With an Asterisk below).

The quarter also carried an unresolved thread from the prior fiscal year: the Reserve Bank of India directed ICICI Bank, following a supervisory review, to hold an additional Rs. 1,283 crore standard-asset provision against a portfolio of agricultural priority-sector loans found not fully compliant with classification rules. That provision is still sitting on the balance sheet, unreversed, with management declining on this quarter's call to give any timeline for resolving it (see Beyond the Usual below).

The Prescription

ICICI Bank should keep pushing the granular, repo-linked lending mix that's actually driving this quarter's margin resilience - business banking (+28.2% year-on-year), rural lending (+35.4%), and domestic corporate (+18.5%) are all growing faster than the more mature mortgage and retail-unsecured book, and about 57% of the domestic loan book now reprices directly with RBI policy moves. That's a genuinely differentiated position: a bank that can grow loans at high-teens rates and hold margin steady is rare, and it's why core operating profit (excluding subsidiary dividends) grew a faster 18.3% year-on-year than the headline 15.6% core operating profit figure.

What it should stop doing is treating the CASA erosion as a non-issue. Nothing in the presentation, the filed results, or the earnings call frames the falling average CASA ratio as something management is actively managing - it's disclosed in a table, and never mentioned in the opening remarks that otherwise walk through deposits, advances, asset quality, and capital in detail. A bank whose entire re-rating story since 2005 has been "we fixed our funding cost" shouldn't let its cheapest funding source shrink as a share of the balance sheet without saying so out loud. If the FCNR(B) (Foreign Currency Non-Resident, Bank-held deposits) foreign-currency deposit mobilization management flagged on the call (still "very early days," per the CFO's team) is meant to be part of the answer, that's a case investors deserve to hear made explicitly, not left to be inferred from a footnote in the deposits slide.

Key Financial Metrics

ICICIBANK net revenue, profit before tax and its margin, last 12 quarters (Rs. crore) ICICIBANK net revenue, profit before tax and its margin, last 12 quarters (Rs. crore). In Rs. crore, with the profit before tax margin as a percent of net revenue. Q2 FY24: net revenue 18,308, profit before tax 13,646, margin 74.5%; Q3 FY24: net revenue 18,678, profit before tax 13,674, margin 73.2%; Q4 FY24: net revenue 19,093, profit before tax 14,321, margin 75.0%; Q1 FY25: net revenue 19,553, profit before tax 14,693, margin 75.1%; Q2 FY25: net revenue 20,048, profit before tax 15,490, margin 77.3%; Q3 FY25: net revenue 20,371, profit before tax 15,660, margin 76.9%; Q4 FY25: net revenue 21,193, profit before tax 16,774, margin 79.1%; Q1 FY26: net revenue 21,635, profit before tax 16,931, margin 78.3%; Q2 FY26: net revenue 21,529, profit before tax 16,384, margin 76.1%; Q3 FY26: net revenue 21,932, profit before tax 14,800, margin 67.5%; Q4 FY26: net revenue 22,979, profit before tax 18,103, margin 78.8%; Q1 FY27: net revenue 24,384, profit before tax 19,126, margin 78.4%. Net revenue Profit before tax Profit before tax margin (% of net revenue) 18,308 13,646 Q2 FY24 18,678 13,674 Q3 FY24 19,093 14,321 Q4 FY24 19,553 14,693 Q1 FY25 20,048 15,490 Q2 FY25 20,371 15,660 Q3 FY25 21,193 16,774 Q4 FY25 21,635 16,931 Q1 FY26 21,529 16,384 Q2 FY26 21,932 14,800 Q3 FY26 22,979 18,103 Q4 FY26 24,384 19,126 Q1 FY27 74.5% 73.2% 75.0% 75.1% 77.3% 76.9% 79.1% 78.3% 76.1% 67.5% 78.8% 78.4%

Rs. crore; margin is profit before tax as a percent of net revenue, per quarter.

Q1 FY2027 (quarter ended June 30, 2026) vs. Q1 FY2026 (quarter ended June 30, 2025) - standalone, Indian GAAP, reported in Rs. crore and USD

FX: US$1 = Rs. 94.92 (period-end market rate, June 30, 2026 - the filed results are in rupees only and carry no convenience-translation rate this quarter, unlike the 2022-09 post's SEC Form 6-K filing).

Metric Q1-2027 (Rs. cr) Q1-2027 (USD) Q1-2026 (Rs. cr) YoY
Net Interest Income ("Net Revenue" equivalent) Rs. 24,384cr ~$2.57B Rs. 21,634cr +12.7%
Non-interest income (excl. treasury) Rs. 8,425cr ~$888M Rs. 7,264cr +16.0%
- of which Fee income Rs. 7,286cr ~$768M Rs. 5,900cr +23.5%
Core operating profit (PPOP», "Operating Income" proxy before tax) Rs. 20,235cr ~$2.13B Rs. 17,505cr +15.6%
Provisions (other than tax) Rs. 1,260cr ~$133M Rs. 1,815cr -30.5%
Profit before tax Rs. 19,126cr ~$2.02B Rs. 16,931cr +13.0%
Net Income (Profit after tax, standalone) Rs. 14,805cr ~$1.56B Rs. 12,768cr +15.9%
Net Income (Profit after tax, consolidated) Rs. 15,440cr ~$1.63B Rs. 13,558cr +13.9%¹
Diluted EPS (not annualised) Rs. 20.42 ~$0.22 Rs. 17.63 +15.8%
Cash & balances with RBI + banks (period-end, standalone) Rs. 163,047cr ~$17.18B Rs. 164,598cr -0.9%

¹ Consolidated net income growth (13.9%) trails standalone (15.9%) because two subsidiary segments - Treasury and General Insurance - had a weak quarter; see Segments below.

Core operating profit is the metric that best isolates recurring net interest and fee income from treasury trading swings and provisioning decisions - the closest a bank's income statement gets to a clean recurring-earnings read.

Diluted EPS growth (15.8%) tracks net income growth (15.9%) almost exactly - paid-up equity capital grew only 0.5% year-on-year, entirely from routine employee stock option exercises (13,503,175 shares issued this quarter), not a capital raise.

Where Q1 FY27's Revenue Went

Net revenue, and how much of it was left as operating profit and net income, in one view. Figures are the same standalone-quarter figures as the metrics table.

ICICIBANK Q1 FY27 revenue-to-profit flow Net revenue is the starting point. From net revenue, cost and deduction flows are shaded red, darkest to lightest by size, and profit before tax splits into tax & other items and net income, shown in green. Figures in Rs. crore and percent of net revenue, Q1 FY27. Net revenue Rs. 24,384 crore · 100% Profit before tax — Rs. 19,126 crore · 78% Operating costs Rs. 5,259 crore · 22% Tax & other items Rs. 4,321 crore · 18% Net income Rs. 14,805 crore · 61%

Rs. crore, Q1 FY27. Operating costs are net revenue less profit before tax; tax & other items are profit before tax less net income.

Key Operational Metrics

  • CASA ratio: 38.1% average (down from 38.7% a year earlier and 38.6% the prior quarter); 39.5% of total deposits on a period-end basis, down from 41.2% a year earlier - see The CASA Machine Is Running on a Different Fuel Mix above.
  • Net interest margin: 4.36% this quarter vs. 4.34% a year earlier and 4.32% the prior quarter - though management disclosed the core margin (excluding an 8-basis-point boost from interest on an income-tax refund) was flat at 4.28% this quarter versus 4.27% a year earlier, a smaller improvement than the headline number implies (see Beyond the Usual below).
  • Cost of deposits: 4.41% vs. 4.85% a year earlier - the main reason margin held up despite the CASA mix shift.
  • Gross NPA» ratio (customer assets, net of write-off): 1.38% vs. 1.40% the prior quarter and 1.67% a year earlier.
  • Net NPA ratio: 0.35% vs. 0.33% the prior quarter and 0.41% a year earlier - a slight sequential uptick, but still meaningfully better year-on-year.
  • Provisioning coverage ratio» on NPAs: 74.7%, down from 75.8% the prior quarter and 75.3% a year earlier - a modest, gradual decline across all three periods.
  • Total advances: Rs. 1,631,260 crore (US$171.9 billion), +19.6% year-on-year; business banking +28.2%, rural +35.4%, domestic corporate +18.5%, retail +12.0%.
  • Capital adequacy ratio (Basel III, standalone): 16.84% total, 16.19% CET1» (both including Q1-2027 profits) - down from 17.18%/16.35% the prior quarter but up from 16.31% CAR a year earlier, and still comfortably above regulatory minimums.
  • Cost-to-income ratio: 38.1% this quarter vs. 37.8% a year earlier (a small deterioration, though still far better than the 56.57% recorded in 2005 and roughly in line with the 41.1% recorded in the 2022-09 post).
  • Standalone return on equity (annualised): 17.1% vs. 16.6% a year earlier - and higher than the 16.6% recorded four fiscal years ago in the 2022-09 post, a sign returns have held up even as the balance sheet has grown roughly 88% larger over that span.
  • Return on assets (annualised): 2.49% vs. 2.44% a year earlier.
  • Branch network: 7,608 branches at quarter-end, +97 in the quarter.
  • Contingency provisions: unchanged at Rs. 13,100 crore across the last three reported periods (June 2025, March 2026, June 2026) - see Beyond the Usual below for the callback to this buffer's disclosure history.

A seasonality note: Q1 (April-June) is the start of an Indian bank's fiscal year and typically carries higher NPA additions from the kisan credit card portfolio (agricultural loans), which management explicitly flagged this quarter (Rs. 706 crore of gross NPA additions from KCC alone) - useful context before comparing this quarter's asset-quality trend against a Q3 or Q4 filing for this same company.

Six Banking Segments, and Two Insurance Arms

ICICI Bank's consolidated results report seven segments: Retail Banking (now split into Digital Banking and Other Retail Banking sub-segments - see below), Wholesale Banking, Treasury, Other Banking (leasing operations plus the UK and Canada banking subsidiaries), Life Insurance (ICICI Prudential Life), General Insurance (ICICI Lombard), and Others (the remaining consolidated entities - asset management, securities, home finance, and other subsidiaries).

Retail Banking

ICICIBANK Retail Banking: segment revenue, segment profit before tax and its margin, last 11 quarters (Rs. crore) ICICIBANK Retail Banking: segment revenue, segment profit before tax and its margin, last 11 quarters (Rs. crore). In Rs. crore, with the segment profit before tax margin as a percent of segment revenue. Q3 FY24: segment revenue 34,001, segment profit before tax 4,288, margin 12.6%; Q4 FY24: segment revenue 36,410, segment profit before tax 5,486, margin 15.1%; Q1 FY25: segment revenue 37,378, segment profit before tax 4,239, margin 11.3%; Q2 FY25: segment revenue 38,751, segment profit before tax 5,556, margin 14.3%; Q3 FY25: segment revenue 39,438, segment profit before tax 5,332, margin 13.5%; Q4 FY25: segment revenue 40,618, segment profit before tax 6,493, margin 16.0%; Q1 FY26: segment revenue 40,458, segment profit before tax 4,735, margin 11.7%; Q2 FY26: segment revenue 40,759, segment profit before tax 6,319, margin 15.5%; Q3 FY26: segment revenue 40,569, segment profit before tax 5,263, margin 13.0%; Q4 FY26: segment revenue 40,609, segment profit before tax 6,927, margin 17.1%; Q1 FY27: segment revenue 42,166, segment profit before tax 6,239, margin 14.8%. Segment revenue Segment profit before tax Segment profit before tax margin (% of segment revenue) 34,001 4,288 Q3 FY24 36,410 5,486 Q4 FY24 37,378 4,239 Q1 FY25 38,751 5,556 Q2 FY25 39,438 5,332 Q3 FY25 40,618 6,493 Q4 FY25 40,458 4,735 Q1 FY26 40,759 6,319 Q2 FY26 40,569 5,263 Q3 FY26 40,609 6,927 Q4 FY26 42,166 6,239 Q1 FY27 12.6% 15.1% 11.3% 14.3% 13.5% 16.0% 11.7% 15.5% 13.0% 17.1% 14.8%

Rs. crore; margin is segment profit before tax as a percent of segment revenue, per quarter. Revenue is the segment revenue (consolidated segmental results, incl. inter-segment); profit is the segment profit before tax (consolidated segmental results). Shows the 11 quarters the segment's definition and disclosures allow.

Segment revenue grew a modest 4.2% year-on-year to Rs. 42,166 crore, but segment profit before tax grew 31.8% to Rs. 6,239 crore - a much better profit-to-revenue conversion than a year earlier, consistent with the lower provisioning burden showing up across the bank this quarter. The sub-segment split - newly reported this quarter (see Beyond the Usual below) - shows Digital Banking growing faster than Other Retail Banking on both revenue (+5.9% vs. +3.6% year-on-year) and profit (+44.8% vs. +26.2%), a first look at how much of the retail engine is genuinely digital-first.

Wholesale Banking

ICICIBANK Wholesale Banking: segment revenue, segment profit before tax and its margin, last 11 quarters (Rs. crore) ICICIBANK Wholesale Banking: segment revenue, segment profit before tax and its margin, last 11 quarters (Rs. crore). In Rs. crore, with the segment profit before tax margin as a percent of segment revenue. Q3 FY24: segment revenue 19,455, segment profit before tax 5,746, margin 29.5%; Q4 FY24: segment revenue 18,873, segment profit before tax 5,476, margin 29.0%; Q1 FY25: segment revenue 19,392, segment profit before tax 4,912, margin 25.3%; Q2 FY25: segment revenue 20,389, segment profit before tax 5,198, margin 25.5%; Q3 FY25: segment revenue 21,119, segment profit before tax 5,903, margin 28.0%; Q4 FY25: segment revenue 21,536, segment profit before tax 5,552, margin 25.8%; Q1 FY26: segment revenue 21,451, segment profit before tax 5,388, margin 25.1%; Q2 FY26: segment revenue 21,112, segment profit before tax 5,759, margin 27.3%; Q3 FY26: segment revenue 22,170, segment profit before tax 6,305, margin 28.4%; Q4 FY26: segment revenue 23,115, segment profit before tax 7,037, margin 30.4%; Q1 FY27: segment revenue 25,327, segment profit before tax 7,479, margin 29.5%. Segment revenue Segment profit before tax Segment profit before tax margin (% of segment revenue) 19,455 5,746 Q3 FY24 18,873 5,476 Q4 FY24 19,392 4,912 Q1 FY25 20,389 5,198 Q2 FY25 21,119 5,903 Q3 FY25 21,536 5,552 Q4 FY25 21,451 5,388 Q1 FY26 21,112 5,759 Q2 FY26 22,170 6,305 Q3 FY26 23,115 7,037 Q4 FY26 25,327 7,479 Q1 FY27 29.5% 29.0% 25.3% 25.5% 28.0% 25.8% 25.1% 27.3% 28.4% 30.4% 29.5%

Rs. crore; margin is segment profit before tax as a percent of segment revenue, per quarter. Revenue is the segment revenue (consolidated segmental results, incl. inter-segment); profit is the segment profit before tax (consolidated segmental results). Shows the 11 quarters the segment's definition and disclosures allow.

Segment revenue grew 18.1% to Rs. 25,327 crore and PBT grew 38.8% to Rs. 7,479 crore - the fastest profit growth of any core segment this quarter, and, at a 29.5% PBT margin, still the highest-margin of the four core banking segments (Retail Banking converts at 14.8%). Corporate lending remains where a rupee of segment revenue turns into profit most efficiently, even as retail carries the funding-cost story.

Treasury

ICICIBANK Treasury: segment revenue, segment profit before tax and its margin, last 11 quarters (Rs. crore) ICICIBANK Treasury: segment revenue, segment profit before tax and its margin, last 11 quarters (Rs. crore). In Rs. crore, with the segment profit before tax margin as a percent of segment revenue. Q3 FY24: segment revenue 29,356, segment profit before tax 3,210, margin 10.9%; Q4 FY24: segment revenue 30,321, segment profit before tax 3,242, margin 10.7%; Q1 FY25: segment revenue 32,652, segment profit before tax 5,478, margin 16.8%; Q2 FY25: segment revenue 33,564, segment profit before tax 4,588, margin 13.7%; Q3 FY25: segment revenue 34,052, segment profit before tax 4,222, margin 12.4%; Q4 FY25: segment revenue 34,775, segment profit before tax 4,463, margin 12.8%; Q1 FY26: segment revenue 36,973, segment profit before tax 6,309, margin 17.1%; Q2 FY26: segment revenue 33,888, segment profit before tax 4,116, margin 12.1%; Q3 FY26: segment revenue 33,230, segment profit before tax 3,085, margin 9.3%; Q4 FY26: segment revenue 34,339, segment profit before tax 3,740, margin 10.9%; Q1 FY27: segment revenue 37,212, segment profit before tax 4,822, margin 13.0%. Segment revenue Segment profit before tax Segment profit before tax margin (% of segment revenue) 29,356 3,210 Q3 FY24 30,321 3,242 Q4 FY24 32,652 5,478 Q1 FY25 33,564 4,588 Q2 FY25 34,052 4,222 Q3 FY25 34,775 4,463 Q4 FY25 36,973 6,309 Q1 FY26 33,888 4,116 Q2 FY26 33,230 3,085 Q3 FY26 34,339 3,740 Q4 FY26 37,212 4,822 Q1 FY27 10.9% 10.7% 16.8% 13.7% 12.4% 12.8% 17.1% 12.1% 9.3% 10.9% 13.0%

Rs. crore; margin is segment profit before tax as a percent of segment revenue, per quarter. Revenue is the segment revenue (consolidated segmental results, incl. inter-segment); profit is the segment profit before tax (consolidated segmental results). Shows the 11 quarters the segment's definition and disclosures allow.

Segment revenue was essentially flat (+0.6% to Rs. 37,212 crore) and PBT fell 23.6% to Rs. 4,822 crore - the one core segment moving backward this quarter, consistent with the standalone-level treasury income line collapsing 87.8% year-on-year to Rs. 151 crore, as bond-market conditions were less favorable for trading gains than a year earlier. This is the main reason headline profit before tax (+13.0%) grew slower than profit before tax excluding treasury (+20.9%) - the underlying lending business is accelerating faster than the consolidated number suggests.

Other Banking

ICICIBANK Other Banking: segment revenue, segment profit before tax and its margin, last 11 quarters (Rs. crore) ICICIBANK Other Banking: segment revenue, segment profit before tax and its margin, last 11 quarters (Rs. crore). In Rs. crore, with the segment profit before tax margin as a percent of segment revenue. Q3 FY24: segment revenue 1,748, segment profit before tax 522, margin 29.9%; Q4 FY24: segment revenue 1,591, segment profit before tax 361, margin 22.7%; Q1 FY25: segment revenue 1,497, segment profit before tax 314, margin 21.0%; Q2 FY25: segment revenue 2,076, segment profit before tax 307, margin 14.8%; Q3 FY25: segment revenue 2,172, segment profit before tax 422, margin 19.4%; Q4 FY25: segment revenue 1,764, segment profit before tax 409, margin 23.2%; Q1 FY26: segment revenue 2,113, segment profit before tax 679, margin 32.1%; Q2 FY26: segment revenue 1,649, segment profit before tax 286, margin 17.3%; Q3 FY26: segment revenue 1,686, segment profit before tax 236, margin 14.0%; Q4 FY26: segment revenue 2,069, segment profit before tax 502, margin 24.3%; Q1 FY27: segment revenue 2,432, segment profit before tax 719, margin 29.6%. Segment revenue Segment profit before tax Segment profit before tax margin (% of segment revenue) 1,748 522 Q3 FY24 1,591 361 Q4 FY24 1,497 314 Q1 FY25 2,076 307 Q2 FY25 2,172 422 Q3 FY25 1,764 409 Q4 FY25 2,113 679 Q1 FY26 1,649 286 Q2 FY26 1,686 236 Q3 FY26 2,069 502 Q4 FY26 2,432 719 Q1 FY27 29.9% 22.7% 21.0% 14.8% 19.4% 23.2% 32.1% 17.3% 14.0% 24.3% 29.6%

Rs. crore; margin is segment profit before tax as a percent of segment revenue, per quarter. Revenue is the segment revenue (consolidated segmental results, incl. inter-segment); profit is the segment profit before tax (consolidated segmental results). Shows the 11 quarters the segment's definition and disclosures allow.

Revenue grew 15.1% to Rs. 2,432 crore and PBT grew 5.9% to Rs. 719 crore. This segment bundles leasing operations with the UK and Canada banking subsidiaries, whose results diverged this quarter: ICICI Bank UK's profit after tax rose to US$7.2 million from US$5.9 million, while ICICI Bank Canada's fell to CAD 5.3 million from CAD 7.8 million.

Life Insurance and General Insurance

ICICIBANK General Insurance: segment revenue, segment profit before tax and its margin, last 9 quarters (Rs. crore) ICICIBANK General Insurance: segment revenue, segment profit before tax and its margin, last 9 quarters (Rs. crore). In Rs. crore, with the segment profit before tax margin as a percent of segment revenue. Q1 FY25: segment revenue 6,176, segment profit before tax 774, margin 12.5%; Q2 FY25: segment revenue 6,547, segment profit before tax 919, margin 14.0%; Q3 FY25: segment revenue 6,462, segment profit before tax 960, margin 14.9%; Q4 FY25: segment revenue 6,466, segment profit before tax 668, margin 10.3%; Q1 FY26: segment revenue 6,898, segment profit before tax 994, margin 14.4%; Q2 FY26: segment revenue 7,283, segment profit before tax 1,077, margin 14.8%; Q3 FY26: segment revenue 7,366, segment profit before tax 870, margin 11.8%; Q4 FY26: segment revenue 7,344, segment profit before tax 718, margin 9.8%; Q1 FY27: segment revenue 7,542, segment profit before tax 536, margin 7.1%. Segment revenue Segment profit before tax Segment profit before tax margin (% of segment revenue) 6,176 774 Q1 FY25 6,547 919 Q2 FY25 6,462 960 Q3 FY25 6,466 668 Q4 FY25 6,898 994 Q1 FY26 7,283 1,077 Q2 FY26 7,366 870 Q3 FY26 7,344 718 Q4 FY26 7,542 536 Q1 FY27 12.5% 14.0% 14.9% 10.3% 14.4% 14.8% 11.8% 9.8% 7.1%

Rs. crore; margin is segment profit before tax as a percent of segment revenue, per quarter. Revenue is the segment revenue (consolidated segmental results, incl. inter-segment); profit is the segment profit before tax (consolidated segmental results). Starts at Q1 FY25: earlier periods are not comparable.

ICICIBANK Life Insurance: segment revenue, segment profit before tax and its margin, last 11 quarters (Rs. crore) ICICIBANK Life Insurance: segment revenue, segment profit before tax and its margin, last 11 quarters (Rs. crore). In Rs. crore, with the segment profit before tax margin as a percent of segment revenue. Q3 FY24: segment revenue 13,150, segment profit before tax 232, margin 1.8%; Q4 FY24: segment revenue 17,735, segment profit before tax 234, margin 1.3%; Q1 FY25: segment revenue 11,336, segment profit before tax 260, margin 2.3%; Q2 FY25: segment revenue 13,888, segment profit before tax 286, margin 2.1%; Q3 FY25: segment revenue 15,551, segment profit before tax 376, margin 2.4%; Q4 FY25: segment revenue 19,449, segment profit before tax 414, margin 2.1%; Q1 FY26: segment revenue 12,071, segment profit before tax 345, margin 2.9%; Q2 FY26: segment revenue 15,430, segment profit before tax 347, margin 2.2%; Q3 FY26: segment revenue 15,459, segment profit before tax 447, margin 2.9%; Q4 FY26: segment revenue 22,512, segment profit before tax 669, margin 3.0%; Q1 FY27: segment revenue 13,633, segment profit before tax 431, margin 3.2%. Segment revenue Segment profit before tax Segment profit before tax margin (% of segment revenue) 13,150 232 Q3 FY24 17,735 234 Q4 FY24 11,336 260 Q1 FY25 13,888 286 Q2 FY25 15,551 376 Q3 FY25 19,449 414 Q4 FY25 12,071 345 Q1 FY26 15,430 347 Q2 FY26 15,459 447 Q3 FY26 22,512 669 Q4 FY26 13,633 431 Q1 FY27 1.8% 1.3% 2.3% 2.1% 2.4% 2.1% 2.9% 2.2% 2.9% 3.0% 3.2%

Rs. crore; margin is segment profit before tax as a percent of segment revenue, per quarter. Revenue is the segment revenue (consolidated segmental results, incl. inter-segment); profit is the segment profit before tax (consolidated segmental results). Shows the 11 quarters the segment's definition and disclosures allow.

Life Insurance (ICICI Prudential Life) segment revenue grew 12.9% to Rs. 13,633 crore and PBT grew 25.1% to Rs. 431 crore - a genuine improvement. General Insurance (ICICI Lombard) told the opposite story: revenue grew a modest 9.3% to Rs. 7,542 crore, but PBT fell 46.1% to Rs. 536 crore, the sharpest profit decline of any segment this quarter. Neither the presentation nor the filed results disclose a specific cause for the General Insurance PBT drop within this document - a reader following the standalone insurer's own results separately would need to for the underlying driver.

Others

ICICIBANK Others: segment revenue, segment profit before tax and its margin, last 11 quarters (Rs. crore) ICICIBANK Others: segment revenue, segment profit before tax and its margin, last 11 quarters (Rs. crore). In Rs. crore, with the segment profit before tax margin as a percent of segment revenue. Q3 FY24: segment revenue 3,608, segment profit before tax 1,675, margin 46.4%; Q4 FY24: segment revenue 4,012, segment profit before tax 1,623, margin 40.4%; Q1 FY25: segment revenue 4,436, segment profit before tax 1,683, margin 37.9%; Q2 FY25: segment revenue 5,184, segment profit before tax 2,164, margin 41.7%; Q3 FY25: segment revenue 4,560, segment profit before tax 1,792, margin 39.3%; Q4 FY25: segment revenue 4,652, segment profit before tax 1,784, margin 38.4%; Q1 FY26: segment revenue 5,274, segment profit before tax 2,381, margin 45.2%; Q2 FY26: segment revenue 4,833, segment profit before tax 1,961, margin 40.6%; Q3 FY26: segment revenue 5,120, segment profit before tax 2,185, margin 42.7%; Q4 FY26: segment revenue 4,743, segment profit before tax 1,851, margin 39.0%; Q1 FY27: segment revenue 5,174, segment profit before tax 2,191, margin 42.3%. Segment revenue Segment profit before tax Segment profit before tax margin (% of segment revenue) 3,608 1,675 Q3 FY24 4,012 1,623 Q4 FY24 4,436 1,683 Q1 FY25 5,184 2,164 Q2 FY25 4,560 1,792 Q3 FY25 4,652 1,784 Q4 FY25 5,274 2,381 Q1 FY26 4,833 1,961 Q2 FY26 5,120 2,185 Q3 FY26 4,743 1,851 Q4 FY26 5,174 2,191 Q1 FY27 46.4% 40.4% 37.9% 41.7% 39.3% 38.4% 45.2% 40.6% 42.7% 39.0% 42.3%

Rs. crore; margin is segment profit before tax as a percent of segment revenue, per quarter. Revenue is the segment revenue (consolidated segmental results, incl. inter-segment); profit is the segment profit before tax (consolidated segmental results). Shows the 11 quarters the segment's definition and disclosures allow.

Revenue fell 1.9% to Rs. 5,174 crore and PBT fell 8.0% to Rs. 2,191 crore, a genuine (if small) decline rather than a rounding effect.

Which Segments Are Actually Carrying the Business

Retail and Wholesale Banking are doing the heavy lifting this quarter - both grew profit before tax faster than 30%, and Wholesale Banking remains the highest-margin core segment. Treasury and General Insurance are the drag: Treasury's PBT fell nearly a quarter year-on-year on weaker trading conditions, and General Insurance's PBT nearly halved. Total consolidated segment profit (before tax and minority interest) grew 9.3% year-on-year - well behind the standalone bank's own 13.0-20.9% growth range - which means the subsidiary and treasury lines are diluting, not amplifying, the core banking franchise's growth this quarter, the same directional pattern flagged in the 2022-09 post about the subsidiary segments.

Beyond the Usual

An RBI-directed agricultural provision is still open, with no timeline for resolution

During FY2026, following its annual supervisory review, the RBI directed ICICI Bank to hold an additional Rs. 1,283 crore standard-asset provision against a portfolio of agricultural priority-sector credit facilities whose terms were found not fully compliant with regulatory classification requirements. That provision remains on the balance sheet, unreversed, as of June 30, 2026 - the bank's own quarterly report states it "is in the process of completing" a review of the affected loans' eligibility and that "the additional standard asset provision will be reviewed on the completion of this exercise." On the July 18, 2026 earnings call, an analyst asked directly when a reversal might come; management (Anindya Banerjee) declined to give a timeline, saying only that the remediation process is "granular" and the bank wants it "appropriately validated" before discussing any write-back, and that it hopes to "work it out over the next few months." A regulator-mandated provision tied to a compliance finding, still open two quarters after it was first disclosed with no committed resolution date, is worth tracking into the next filing.

The headline margin improvement is smaller than it looks once a tax-refund benefit is stripped out

Management disclosed that interest income on an income-tax refund added 8 basis points to this quarter's reported net interest margin, compared to 5 basis points the prior quarter and 7 basis points a year earlier. Strip that out, and the core NIM was 4.28% this quarter versus 4.27% the prior quarter and 4.27% a year earlier - essentially flat, not the modestly-rising trend the headline 4.36%/4.32%/4.34% sequence suggests. This isn't disclosed as a footnote buried deep in the filing - it's flagged plainly on the presentation's key-ratios slide and repeated on the call - but a reader who only takes the headline NIM number at face value would read more margin strength into this quarter than the bank's own core figure supports.

The Digital Banking sub-segment disclosure flagged as pending in 2022 has now actually started

Back in the 2022-09 post, ICICI Bank's own segment disclosure noted that a new RBI-mandated Digital Banking sub-segment (splitting Retail Banking into Digital Banking and Other Retail Banking) awaited a decision from an Indian Banks' Association working group before it could be implemented. That sub-segment reporting is now live: this quarter's filing shows Digital Banking generating Rs. 11,605 crore of segment revenue and Rs. 2,064 crore of segment profit before tax, against Rs. 30,561 crore and Rs. 4,175 crore for Other Retail Banking - meaning Digital Banking already accounts for roughly 28% of Retail Banking's segment revenue and 33% of its segment profit, a genuinely useful new lens on how much of the retail franchise runs through digital channels versus branches.

A live co-lending disclosure, now required by a new RBI rule

Under RBI's Commercial Banks (Transfer and Distribution of Credit Risk) Directions, 2025, the bank disclosed its co-lending arrangement (CLA) book for the first time in this format: four CLA partners, 11,310 outstanding cases, Rs. 1,580 crore of gross outstanding exposure, at a weighted average interest rate of 8.81%, concentrated in home loans, loans against property, and business loans. Of that book, Rs. 76 crore (about 4.8%) was already classified non-performing at quarter-end - a small but real early read on how a fast-growing, RBI-encouraged lending-partnership channel is performing, ahead of it becoming a large enough book to move the bank's aggregate asset-quality numbers.

The bank sold NPAs to asset reconstruction companies at a meaningful discount to face value

During the quarter, the bank sold 47 non-performing accounts with an aggregate principal outstanding of Rs. 239 crore to asset reconstruction companies (ARCs) for cash consideration of Rs. 214 crore, releasing a Rs. 192 crore excess provision back to the profit and loss account - a routine but real contributor to this quarter's lighter provisioning line, on top of organic recoveries.

The Rs. 13,100 crore discretionary contingency buffer hasn't moved in a year

The discretionary contingency provision buffer flagged in the 2022-09 post - then Rs. 10,000 crore, with four analysts unable to get management to specify what risk it was calibrated against - has grown to Rs. 13,100 crore and has now sat unchanged across three consecutive reported periods (June 2025, March 2026, and June 2026). A buffer that neither grows nor shrinks for a full year reads less like an active risk-management lever and more like a static capital cushion at this point, though the bank still hasn't disclosed a specific methodology for its size.

Management's Framing of a Margin Story With an Asterisk

Management's opening remarks led with core operating profit and profit-before-tax-excluding-treasury growth - the same "risk-calibrated profitable growth" framing used in the 2022-09 call - and spent real time on loan growth (up across every segment) and deposit growth (up 14.0% year-on-year) before asset quality and capital. What's notably absent from the prepared remarks: any direct mention of the average CASA ratio's decline (see The CASA Machine Is Running on a Different Fuel Mix above) - it appears only in a supporting slide, never in the narrative Sandeep Bakhshi or Anindya Banerjee delivered.

When pressed by an analyst on whether the current "range-bound" margin guidance would hold given accelerating loan growth, Anindya Banerjee was candid that the answer depends on several moving parts - systemic liquidity, policy rate movements, and the eventual leverage impact of the new FCNR(B) foreign-currency deposit program - before landing on "other things being equal, I would still say range bound." That's a real hedge, not a scripted reassurance, and it's the closest management came on the call to acknowledging that the deposit-mix shift could eventually pressure the metric it just reported improving.

Target Valuation Range

Cheaper than its own 2022 reading; too early to call against peers. At ~2.79x price-to-book» and ~16.6x trailing-annualised earnings, ICICI Bank trades below the 3.29x P/B it carried four fiscal years ago, on a higher ROE (17.1% now vs. 16.6% then). This section has no peer table, and the CASA-mix uncertainty flagged above is the reason to stay cautious about the loan-growth acceleration this quarter delivered.

ICICI Bank's shares closed at Rs. 1,375.20 on the National Stock Exchange on June 30, 2026 - the actual nominal price quoted that day; the bank's last stock split (a 1:5 sub-division of face value, effective December 2014) and last bonus issue (1:10, in 2017) both predate this quarter by close to a decade, so this figure needs no retroactive split adjustment.

Market cap → book value (per-share basis) Q1-2027
Share price (period-end) Rs. 1,375.20
Shares outstanding (face value Rs. 2) ~717.5 crore
Market capitalization ~Rs. 986,665 crore (~$104.0B)
Book value per share Rs. 492.8
P/B ~2.79x
Weighted-average annualised EPS Rs. 82.6
Trailing-annualised P/E» ~16.6x
Standalone ROE (annualised) 17.1%

The market's actual 2.79x is a lower multiple on a higher ROE (17.1% now vs. 16.6% in the 2022-09 post) than four fiscal years ago, when the stock traded at 3.29x P/B. No full multi-year projection is attempted here: with only three ICICI Bank periods available, spanning three different fiscal eras (FY2005, Q2 FY23, Q1 FY2027), there isn't yet a contiguous multi-quarter trailing series to anchor a defensible multi-year loan-growth and margin trajectory, and no same-currency, same-period bank comparison is available for this quarter.

A Choppy Two Years That Ended Roughly Where It Started

ICICI Bank's shares moved from roughly Rs. 1,214.90 at the end of July 2024 to Rs. 1,375.20 at the end of June 2026 - a +13.2% gain over the window, but a genuinely volatile one along the way: the stock peaked near Rs. 1,481.40 in July 2025, then fell to roughly Rs. 1,205.90 by the end of March 2026, an approximately 18.6% peak-to-trough drawdown, before recovering most of that ground by this quarter's close. None of that move required any split or bonus adjustment (see Target Valuation Range above). The pullback into early 2026 coincided with a broader derating of Indian private-bank multiples amid slower systemic credit growth and global rate uncertainty; the recovery into June 2026 tracks this filing's own story of loan growth reaccelerating to 19.6% year-on-year. The current 2.79x P/B, at the low end of the justified band above, suggests the market hasn't yet fully priced this quarter's growth reacceleration back in.

ICICI Bank Limited's standalone and consolidated financial results for the quarter ended June 30, 2026 (Q1-2027), approved by the Board of Directors on July 18, 2026 and reviewed by joint statutory auditors B S R & Co. LLP and C N K & Associates LLP; its Q1-2027 investor presentation dated July 18, 2026; and its July 18, 2026 earnings conference call transcript.