ICICI Bank Limited
- Open
- 30.64
- Day high
- 30.67
- Day low
- 30.36
- Prev close
- 30.58
- Volume
- 605K
- Mkt cap
- $109.7B
- P/E (TTM)
- 18.5
- EPS (TTM)
- $1.65
- P/B
- 2.7
- P/S
- 3.5
- Yield
- 0.81%
- Per share
- $0.25
ICICI Bank Limited (IBN) is a Financial Services company listed on NYSE. The stock is down 4% over the past year. Drillr has 2 published research articles covering IBN.
ICICI Bank Limited (IBN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IBN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 18, 2026 | $0.40 | $0.43 | +7.5% | $3.4B | +3.0% |
| Apr 18, 2026 | $0.39 | $0.41 | +5.1% | $3.3B | -0.5% |
| Jan 17, 2026 | $0.38 | $0.35 | -7.9% | $8.6B | +155.1% |
| Oct 18, 2025 | $0.37 | $0.39 | +5.4% | $8.6B | +151.6% |
| Jul 19, 2025 | $0.40 | $0.43 | +7.5% | $8.7B | +157.7% |
| Apr 19, 2025 | $0.37 | $0.41 | +10.8% | $9.3B | +183.9% |
| Jan 25, 2025 | $0.35 | $0.39 | +11.4% | $8.7B | +167.7% |
| Oct 26, 2024 | $0.35 | $0.43 | +22.9% | $8.7B | +198.0% |
| Jul 27, 2024 | $0.34 | $0.39 | +14.7% | $8.1B | +168.3% |
| Jan 24, 2024 | $0.35 | $0.37 | +5.7% | $7.2B | +152.5% |
| Oct 25, 2023 | $0.32 | $0.37 | +15.6% | $6.9B | +137.2% |
| Jul 22, 2023 | $0.32 | $0.33 | +2.4% | $6.3B | +136.8% |
IBN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 8, 2026 | Banerjee Anindyaofficer: Group Chief Financial Officer | Grant | 125,600 | $14.48 |
| May 7, 2026 | Batra Sandeepdirector | Option | 20,125 | $2.26 |
| May 7, 2026 | Gupta Ajay Kdirector | Option | 41,400 | $4.23 |
| May 7, 2026 | Gupta Ajay Kdirector | Option | 18,200 | $2.98 |
| May 5, 2026 | Jha Rakeshdirector | Sell | 45,000 | $14.08 |
| Apr 30, 2026 | Bakhshi Sandeepdirector, officer: Chief Executive Officer | Option | 53,900 | $2.36 |
| Apr 30, 2026 | Bakhshi Sandeepdirector, officer: Chief Executive Officer | Option | 20,000 | $2.51 |
| Apr 30, 2026 | Jha Rakeshdirector | Option | 70,125 | $2.27 |
| Apr 24, 2026 | Bakhshi Sandeepdirector, officer: Chief Executive Officer | Sell | 24,999 | $14.95 |
| Apr 24, 2026 | Jha Rakeshdirector | Sell | 90,000 | $14.94 |
| Apr 24, 2026 | Jha Rakeshdirector | Sell | 45,000 | $14.49 |
| Apr 23, 2026 | Gupta Ajay Kdirector | Option | 8,000 | $1.65 |
| Apr 23, 2026 | Gupta Ajay Kdirector | Option | 33,000 | $2.30 |
| Apr 23, 2026 | Gupta Ajay Kdirector | Option | 7,950 | $2.54 |
| Apr 23, 2026 | Gupta Ajay Kdirector | Option | 31,350 | $3.02 |
Source: IBN SEC Form 4 filings, latest May 8, 2026. For informational purposes only — not investment advice.
See the full IBN insider & 13F page →IBN research & analysis
[IBN] ICICI Bank Thesis 2026: Retail Loan Growth Tests India Credit Cycle Continuation
ICICI Bank Ltd. (NYSE: IBN) FY2026 (ending March 2026) revenue ~₹2.6-2.8 lakh crore (~$31-34B; +12-15%) with diluted EPS ~₹68-78 reflecting continued ~15-17% loan growth (~50%+ retail dominated) plus selected ~4.3-4.5% NIM stability plus selected post-2024 digital banking penetration acceleration plus continued ~17-19% ROE under continued CEO Sandeep Bakhshi (~7-year tenure since October 2018). India's second-largest private sector bank serving selected ~75M+ customer relationships across India through ~6,500+ branches + ~17,000+ ATMs + selected continued digital banking platforms. Founded 1994 as ICICI Bank by Industrial Credit and Investment Corporation of India (ICICI Limited; founded 1955 as India's first development financial institution under World Bank + Government of India + Indian industry sponsorship); selected post-1998 Bombay Stock Exchange listing; selected post-2000 NYSE ADR listing; selected post-March 2002 ICICI Limited reverse merger into ICICI Bank; selected post-2010 Bank of Rajasthan acquisition ~$390M; selected post-2018 Sandeep Bakhshi leadership transition + post-2018 corporate loan stress cycle resolution + selected continued retail loan focus shift. Headquartered in Mumbai India; ~150,000+ employees globally with ~₹2.6-2.8 lakh crore revenue. Five primary revenue segments: Retail Banking ~50%+ (~₹1.3-1.4 lakh crore — home loans + auto + personal + credit card + commercial vehicle + agriculture + business banking + ~75M+ customer relationships), Wholesale Banking ~25% (~₹0.65-0.70 lakh crore — corporate + SME + commercial real estate + selected agriculture + various wholesale products), Treasury ~15% (~₹0.40 lakh crore — investment + trading + selected liquidity management), Insurance ~5% (~₹0.13 lakh crore — ICICI Prudential Life + ICICI Lombard General Insurance subsidiary contributions), Other ~5% (~₹0.13 lakh crore). Retail loan dominance: ~50%+ retail loan mix FY2026 (vs ~40% FY2018 pre-Bakhshi tenure); home loans ~30%+ retail (~+15-18%); auto loans ~10-15% (~+18-22%); personal loans ~10-15% (~+20-25%); credit cards ~5-10% (~+25-30%); commercial vehicle + agriculture + business banking ~25-30% aggregate (~+12-18%); FY2026 catalyst: India retail credit cycle continuation. NIM + asset quality: ~4.3-4.5% NIM FY2026 (best-in-class among Indian banks); ~2.16% gross NPA FY2025 (vs ~2.30% FY2024 + ~3.07% FY2023); ~80% PCR (best-in-class). Insurance + subsidiary contributions: ICICI Prudential Life Insurance (~51% ICICI Bank ownership; +15-18% premium growth); ICICI Lombard General Insurance (~48% ICICI Bank ownership; +12-15% premium growth); ICICI Securities (~78% ICICI Bank ownership; pending December 2024 take-private). CEO Sandeep Bakhshi since October 2018 (succeeded Chanda Kochhar CEO 2009-October 2018 retired; Bakhshi ex-ICICI Lombard MD + ~38-year company career). Capital return: ~₹10-12 annual dividend FY2026 (~+15-20% growth); modest buybacks; CAR ~16-17%; Tier 1 ~15-16%; investment-grade Baa3/BBB- credit rating. FY2026 thesis: continued retail loan growth + NIM stability + asset quality maintenance + ROE sustainability + subsidiary contributions. Risks: India macro deceleration, asset quality (retail unsecured + MFI portfolio watch), funding cost (RBI repo rate cuts + competitive deposit pricing), RBI regulatory framework, foreign ownership cap.
India Stocks See Record Foreign Selloff — Why INFY Wins While HDB and IBN Falter
Record foreign selling in Indian stocks, fueled by an oil price surge, has intensified risks for US-listed exposures as per Bloomberg. Defensive IT leader Infosys (INFY) emerges as the top pick with USD revenues and AI tailwinds, outperforming cyclical banks (HDB, IBN) and broad ETFs (INDA, EPI). Tata Motors (TTM) faces the steepest headwinds from consumer squeeze.
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ICICI Bank Limited company profile
Overview
ICICI Bank Limited (NYSE:IBN) is one of India's largest private sector banks, founded in 1955 and headquartered in Mumbai. Originally established as the Industrial Credit and Investment Corporation of India to promote industrial development, the company transformed into a full-service commercial bank in the 1990s. Today, ICICI Bank serves millions of retail and corporate customers across India and internationally, operating as a comprehensive financial services provider with subsidiaries spanning banking, insurance, asset management, and investment services.
Business
ICICI Bank operates as a diversified financial services company primarily focused on commercial banking in India, one of the world's largest and fastest-growing banking markets. The Indian banking sector serves over 1.4 billion people and is characterized by both traditional branch-based services and rapidly expanding digital banking adoption. The company's operations are structured across six main business segments: Retail Banking forms the core of ICICI's business, providing everyday banking services to individual customers. This includes savings and checking accounts, personal loans, home mortgages, auto loans, credit cards, and digital banking services. In India's context, retail banking encompasses everything from basic account services for first-time bank users to sophisticated wealth management for affluent customers. Wholesale Banking serves corporate and institutional clients with commercial lending, trade finance, cash management, and treasury services. This segment provides working capital loans, term financing for business expansion, and specialized services for importers and exporters - crucial services in India's export-oriented economy. Treasury Operations manages the bank's investment portfolio, government securities trading, and foreign exchange operations. This segment generates income through trading activities and managing the bank's liquidity. Life Insurance through ICICI Prudential Life Insurance, one of India's leading private life insurers, offers term life, whole life, and investment-linked insurance products. Other Banking Services include investment banking, asset management, and broking services through various subsidiaries. The Others segment encompasses general insurance distribution, pension fund management, and various fee-based financial services. While specific segment revenue breakdowns aren't provided in the available data, retail banking typically represents the largest portion of Indian private banks' revenue, often accounting for 60-70% of total income, with wholesale banking contributing 20-30%.
Revenue model
ICICI Bank generates revenue through multiple streams typical of full-service banks. The primary revenue source is net interest income - the difference between interest earned on loans and investments and interest paid on deposits. The bank collects deposits from customers at relatively low interest rates and lends these funds at higher rates to borrowers, capturing the spread as profit. Fee-based income represents the second major revenue stream, including credit card fees, account maintenance charges, loan processing fees, foreign exchange commissions, and investment product distribution fees. Digital banking services, particularly mobile and internet banking, generate transaction fees while reducing operational costs. The bank's insurance and asset management subsidiaries contribute through premium income, investment management fees, and distribution commissions. ICICI Prudential Life Insurance, being one of India's largest private insurers, provides significant fee income to the parent bank. Treasury operations generate income through government securities trading, foreign exchange dealing, and managing the bank's investment portfolio. Several factors influence ICICI Bank's profitability margins. Interest rate cycles significantly impact net interest margins - when the Reserve Bank of India raises rates, banks can potentially improve spreads if loan rates rise faster than deposit rates. Credit quality directly affects profitability, as higher loan defaults require increased provisions, reducing net income. India's economic growth rate influences loan demand and credit quality simultaneously. Digital adoption presents both opportunities and challenges - while digital services reduce operational costs and expand reach, they also intensify competition and may compress certain fee income. Regulatory changes by India's banking regulator can impact capital requirements, lending practices, and fee structures. Competition from both traditional banks and new fintech companies affects pricing power and market share, particularly in urban markets where ICICI primarily operates.
Competitive moat
ICICI Bank possesses a moderate competitive moat built primarily on scale advantages and regulatory barriers inherent to banking. The bank benefits from its position as one of India's largest private sector banks, with extensive branch networks, established customer relationships, and significant scale in processing transactions. This scale provides cost advantages in technology investments, regulatory compliance, and funding costs. The bank's digital banking capabilities represent a meaningful competitive advantage in India's rapidly digitalizing financial services landscape. ICICI has invested heavily in mobile banking, digital payment systems, and automated lending processes, creating switching costs for customers and operational efficiencies that smaller competitors struggle to match. Regulatory licensing provides some protection, as obtaining banking licenses in India is extremely difficult and time-consuming. This limits new entrants and protects existing players from direct competition. However, ICICI's moat faces several challenges. Intense competition from both public sector banks (which benefit from government backing) and other private banks limits pricing power. Public sector banks, despite their inefficiencies, often compete aggressively on loan pricing due to their lower funding costs and government support. Fintech disruption poses an increasing threat, particularly in payments, lending, and wealth management. Companies like Paytm, PhonePe, and various digital lending platforms are capturing market share in specific segments, potentially commoditizing traditional banking services. The bank's moat strength is also constrained by the cyclical nature of banking, where credit cycles can quickly erode profitability regardless of competitive position. India's banking sector has historically experienced periodic credit quality issues that affect all players. Overall, ICICI Bank maintains a reasonable but not exceptional competitive position - strong enough to defend market share and generate consistent returns, but not sufficiently differentiated to command premium pricing or guarantee superior long-term returns.
Risks & safety
ICICI Bank demonstrates a solid financial position with reasonable margin of safety characteristics typical of established banking institutions. • Solvency and Liquidity: The bank maintains strong cash positions with over $16 billion in cash and short-term investments as of Q1 2024. Banking regulations require substantial capital buffers, and ICICI's debt-to-equity ratio of 0.76 reflects normal banking leverage levels rather than excessive risk. • Profitability Metrics: Return on equity of 17.3% (FY 2023) indicates strong profitability, while consistent quarterly earnings demonstrate operational stability. Net income has remained relatively stable around $1.3-1.4 billion per quarter. • Valuation Metrics: Trading at a P/E ratio of approximately 17-18x and price-to-book ratio of around 3x, the stock appears reasonably valued relative to growth prospects and Indian banking sector averages. • Credit Quality Considerations: As with all banks, asset quality represents the primary risk factor. The bank's loan portfolio performance and provisioning levels require ongoing monitoring, particularly given India's economic cycles. • Regulatory Capital: Indian banks must maintain substantial regulatory capital ratios, providing a buffer against potential losses and ensuring operational continuity. The primary safety concern stems from the inherent cyclical nature of banking and potential credit quality deterioration during economic downturns.
Recent development
Based on the available financial data, ICICI Bank has demonstrated consistent operational performance and strategic positioning over recent years. The bank has maintained steady revenue growth, with annual revenues increasing from approximately $16.5 billion in FY 2022 to $17.1 billion in FY 2023, reflecting the underlying growth in India's banking sector. Digital Transformation Focus: The bank has continued investing heavily in digital banking capabilities, mobile applications, and automated lending processes. This digital-first approach has become increasingly important as Indian consumers rapidly adopt digital financial services, particularly following the COVID-19 pandemic. Asset Quality Management: The bank has maintained relatively stable credit quality metrics while expanding its loan portfolio. Consistent quarterly earnings suggest effective risk management practices during a period of economic uncertainty. Market Expansion: ICICI has continued expanding its presence in both urban and semi-urban markets, leveraging its private sector efficiency advantages over public sector competitors while building scale to compete with other private banks. Subsidiary Performance: The bank's insurance and asset management subsidiaries have continued contributing to fee income diversification, reducing dependence on traditional interest income and providing more stable revenue streams. Capital Management: The bank has maintained strong capital ratios while supporting loan growth, demonstrating effective balance sheet management and regulatory compliance.
IBN company profile · for informational purposes only — not investment advice.
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