1. Opening Hook
Just when markets were celebrating “India resilience” speeches and steady NIMs, RBI quietly walked in with a ₹1,283 crore provisioning bill. ICICI Bank smiled, paid up, and told everyone not to panic — classic Indian banking theatre.
On paper, profits dipped, analysts panicked, journalists circled the CEO chair, and management calmly repeated “risk calibrated” like a meditation mantra. Somewhere in between, agriculture PSL rules from 2012 resurfaced, and suddenly Q3 became less about growth and more about explanations.
Margins didn’t fall, asset quality stayed pristine, and capital ratios flexed. Yet, questions kept coming — is growth slowing, is the CEO on his last term, and will RBI ask for more?
Stick around. The real story isn’t the numbers — it’s what management didn’t say. Things get interesting later. 😏
2. At a Glance
- NII up 7.7% – Respectable growth, considering rate cuts tried their best to sabotage it.
- NIM at 4.30% – Frozen like a government file; stability is the new excitement.
- PAT down 4% YoY – RBI’s surprise gift wrapped in PSL compliance.
- Adjusted PAT up 4.1% – Remove RBI from the room, profits behave again.
- Loan growth 11.5% – System-like growth, not the alpha monster of old.
- Net NPA at 0.37% – Asset quality
- flex continues, quietly.
- CET-1 at 16.46% – Capital says: “Relax, I’ve got this.”
3. Management’s Key Commentary
“The Indian economy continues to be resilient.”
(Opening with macro optimism before the provisioning bomb drops 😏)
“There is no change in asset classification or borrower behaviour.”
(Translation: Don’t you dare call this stress.)
“We have been originating this portfolio since 2012.”
(Yes, and RBI just noticed in 2025.)
“Excluding the additional provision, profit would have grown 4.1%.”
(Please mentally delete ₹1,283 crore.)
“Margins are expected to remain range-bound.”
(Don’t expect miracles in a rate-cut cycle.)
“We do not give specific growth targets.”
(Because then you’ll hold us to them.)
“The Board, in its wisdom, decided on a two-year extension.”
(Stop asking about succession.)
4. Numbers Decoded
| Metric | Q3 FY26 | What It Really Means |
|---|---|---|
| NII | ₹21,932 cr | Growth survived rate cuts |
| NIM | 4.30% | Held by deposit repricing duct tape |
| Core Op Profit | ₹17,513 cr | Engine fine, speed moderated |
| Provisions | ₹2,556 cr | RBI cameo stole the show |
| PAT | ₹11,318 cr | Looks weak, isn’t structurally |
| Net NPA | 0.37% | Still best-in-class |
| Capital Adequacy | 17.34% | No fundraising panic |
