1. At a Glance
ICICI Bank just pulled off another precision-engineered quarter: 15.5% profit growth, a ₹14,456 Cr Q1 PAT, and a laser-focused grip on asset quality. No noise, no drama. Just clean execution.
2. Introduction with Hook
If HDFC Bank is the brawny gym bro flaunting biceps, ICICI is the sharp guy quietly topping CAT and dating the interviewer.
- Q1FY26 PAT: ₹14,456 Cr (+15.5%)
- NIM: 4.57% (better than HDFC)
- ROE: 18% (mic drop!)
India’s second-largest private bank might soon snatch the crown—not with theatrics but with surgical consistency.
3. Business Model (WTF Do They Even Do?)
ICICI Bank’s model isn’t sexy—it’s efficient:
- Retail Banking: EMI machines for the masses.
- Corporate Banking: Working capital, project loans.
- SME & Rural: Bharat’s backbone banking.
- Subsidiaries: Life insurance, general insurance, housing finance, AMC, broking, etc. (Like a fintech buffet)
And the new buzz? Aggressive digital expansion + low NPA + high capital adequacy = Investor’s dream sandwich.
4. Financials Overview
Quarterly Performance:
| Metric | Value (₹ Cr) | YoY Growth |
|---|---|---|
| Revenue | 49,080 | +14% |
| Interest Income | 23,090 | +11% |
| Net Profit | 14,456 | +15.5% |
| NIM | 4.57% | Flat |
| ROE | 18.0% | Solid |
TTM Highlights:
- Net Profit: ₹56,563 Cr
- EPS: ₹74.59
- Book Value: ₹438
- Dividend Yield: 0.77% (not stingy, not generous—just ICICI)
5. Valuation
- Current Price: ₹1,426
- Book Value (Mar’25): ₹438
- P/B Ratio: 3.26x
- P/E Ratio: 19.2x
EduInvesting Fair Value Range (FY26E):
₹1,500 – ₹1,700
With ~15% earnings CAGR and ROE > 17%, ICICI deserves its valuation multiple. And it’s still cheaper than HDFC on a PEG basis.
6. What’s Cooking – News, Triggers, Drama
- Q1FY26 PAT up 15.5% – And no accounting acrobatics involved.
- Deposits +12.8% – Sticky CASA at 39.4%
- Advances +12% – With net NPA at just 0.44%.
- Acquired ICICI PFM (Pension arm) – Going full-stack in retirement biz.
- No Bonus, No Dividend Drama – Just good ol’ compounding and capital discipline.
7. Balance Sheet
| Item | FY24 (₹ Cr) | FY25 (₹ Cr) |
|---|---|---|
| Equity Capital | 1,405 | 1,425 |
| Reserves | 2,54,739 | 3,10,411 |
| Deposits | 14,43,580 | 16,41,637 |
| Borrowings | 2,07,428 | 2,18,883 |
| Total Assets | 23,64,063 | 26,42,241 |
Observations:
- Deposits up 13.7% YoY
- Capital Adequacy: 16.03%
- Clean asset book + conservative provisioning = Investor chill pill
8. Cash Flow – Sab Number Game Hai
| Year | CFO (₹ Cr) | CFI (₹ Cr) | CFF (₹ Cr) | Net Cash (₹ Cr) |
|---|---|---|---|---|
| FY24 | 1,57,284 | -1,44,737 | 13,765 | 26,312 |
| FY25 | 1,22,805 | -77,288 | 5,589 | 51,106 |
Insights:
- Strong operating cash engine.
- Continued investment in loan book + infra.
- Financed from internal accruals—minimal dilution risk.
9. Ratios – Sexy or Stressy?
| Metric | FY24 | FY25 |
|---|---|---|
| ROE | 19% | 18% |
| NIM | 4.57% | 4.57% |
| GNPA | 2.3% | <2.2% est |
| NNPA | 0.44% | <0.4% est |
| CASA Ratio | 39.4% | ~39% |
Verdict:
Top-quartile across metrics. Asset quality so clean it probably meditates every morning.
10. P&L Breakdown – Show Me the Money
| Year | Revenue (₹ Cr) | PAT (₹ Cr) | EPS (₹) | ROE (%) |
|---|---|---|---|---|
| FY23 | 1,21,067 | 35,461 | 48.74 | 17% |
| FY24 | 1,59,516 | 46,081 | 63.02 | 19% |
| FY25 | 1,86,331 | 54,569 | 71.65 | 18% |
Margins stable. Profits rising. What’s not to love?
11. Peer Comparison
| Bank | P/E | ROE | NIM | GNPA | Net Profit (TTM) |
|---|---|---|---|---|---|
| HDFC Bank | 21.3 | 14.4% | ~3.9% | ~1.3% | ₹73,343 Cr |
| ICICI Bank | 19.2 | 18.0% | 4.57% | 2.3% | ₹56,563 Cr |
| Axis Bank | 12.2 | 16.3% | ~4.0% | 2.0% | ₹27,862 Cr |
| Kotak Bank | 19.3 | 15.4% | ~5.0% | <2.5% | ₹22,091 Cr |
Takeaway:
ICICI gives you HDFC’s size, Axis’s aggression, and Kotak’s finesse—all in one stock.
12. Miscellaneous – Shareholding, Promoters
- Promoter Holding: 0%
- FII Holding: 45.83%
- DII Holding: 44.77%
- Public Holding: Just 9.12% (tight float = price sensitive)
- No. of Shareholders: 19 lakh+
Bonus Material:
- No equity dilution
- Controlled ESOP issuances
- Bought out ICICI PFM = Full-stack financial empire coming?
13. EduInvesting Verdict™
ICICI Bank isn’t flashy. It’s not issuing surprise bonuses or massive dividends. But it is quietly growing profits, improving margins, and compounding at a pace that’s giving HDFC executives sleepless nights.
This isn’t a bank. It’s a compounding machine wrapped in a compliance manual.
Metadata
– Written by EduInvesting Research | July 20, 2025
– Tags: ICICI Bank, Q1FY26 Results, Private Banking, NIM, HDFC Bank, Asset Quality, Digital Banking, Compounding
