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View Promises →Icicibank Ltd — Q1 FY26
ICICI Bank reported a 15.5% YoY PAT growth to INR 127.68 billion for Q1 FY26, driven by core operating profit growth of 13.6% YoY and higher treasury gains.
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ICICI Bank reported a 15.5% YoY PAT growth to INR 127.68 billion for Q1 FY26, driven by core operating profit growth of 13.6% YoY and higher treasury gains. Net interest income rose 10.6% YoY to INR 216.35 billion, though NIM compressed to 4.34% from 4.41% in Q4 due to repo rate cuts and deposit repricing. Domestic loan growth was 12% YoY, led by business banking (+29.7% YoY), while retail growth remained subdued at 6.9% YoY. Asset quality was stable with net NPA at 0.41%. Management expects gradual margin pressure in Q2 from full repo rate transmission, offset by lower deposit costs. Credit costs normalized to ~50 bps excluding KCC seasonality. A key risk is the slowdown in unsecured retail growth and potential asset quality normalization in business banking.
आईसीआईसीआई बैंक ने पहली तिमाही में 15.5% ज्यादा मुनाफा कमाया, जो 12,768 करोड़ रुपये रहा। इसकी वजह बैंक की मुख्य कमाई में 13.6% की बढ़ोतरी और सरकारी बॉन्ड से हुई कमाई थी। ब्याज से होने वाली आय 10.6% बढ़कर 21,635 करोड़ रुपये हुई, लेकिन ब्याज दरों में कटौती के कारण बैंक का मार्जिन घटकर 4.34% रह गया। कर्ज देने में 12% की बढ़ोतरी हुई, जिसमें छोटे कारोबारियों को दिए गए कर्ज में 29.7% का उछाल रहा, जबकि व्यक्तिगत कर्ज में सिर्फ 6.9% की बढ़ोतरी हुई। बैंक के खराब कर्ज का स्तर 0.41% पर स्थिर रहा। आने वाले समय में ब्याज दरों में कटौती का पूरा असर दिखने से मार्जिन पर और दबाव पड़ सकता है, लेकिन जमा पर ब्याज दरें घटने से राहत मिलेगी।
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Unsecured retail growth slowdown
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Read Transcript →Quarter Snapshot
Domestic Loan Growth
12%
+12% YoY
Domestic loan portfolio grew 12% year-on-year, driven by business banking (+29.7% YoY).
Net NPA Ratio
0.41%
-2bps YoY
Net NPA ratio improved to 0.41% from 0.43% a year ago, reflecting stable asset quality.
CET1 Ratio
16.31%
Flat QoQ
CET1 ratio remained strong at 16.31%, including Q1 profits, supporting growth.
Cost of Deposits
4.85%
-15bps QoQ
Cost of deposits declined 15 bps sequentially to 4.85%, aided by savings rate cuts and wholesale deposit runoff.
What Changed vs Last Quarter
NEW
NIM pressure in Q2 from repo rate transmission
Full impact of 50 bps repo rate cut in June will flow through in Q2, partially offset by lower deposit costs.
NEW
Credit cost normalization to ~50 bps
Underlying credit cost expected to be around 50 bps, excluding KCC seasonality in Q1 and Q3.
NEW
Business banking to grow faster than overall loan book
Business banking portfolio expected to grow faster, increasing its share of total loans.
DROPPED
Margin pressure expected from rate cuts
Management expects some impact on NIMs as loan repricing is immediate while deposit repricing lags, but will manage through growth and other levers.
DROPPED
Continued focus on risk-adjusted PPOP
The bank will prioritize risk-adjusted pre-provision operating profit over pure loan growth, making tactical pricing calls as needed.
DROPPED
Unsecured retail NPL stabilization expected to continue
NPL formation on unsecured retail has broadly stabilized; management hopes for improvement in coming quarters.
NEW RISK
Unsecured retail growth slowdown
Personal loans and credit card portfolios grew only 1.4% and 1.5% YoY respectively, reflecting systemic softness and cautious underwriting.
NEW RISK
Potential asset quality normalization in business banking
Rapid growth in business banking (29.7% YoY) may lead to higher credit costs as portfolio matures.
RISK GONE
Competitive pressure from PSU banks on pricing
Public sector banks are pricing loans below ICICI Bank, creating challenges for growth in segments like housing.
RISK GONE
Global trade uncertainty impact on credit quality
Management noted that global trade-related issues could affect the economy and portfolio performance, though current comfort is high.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY25, Q3 FY25, Q4 FY25
Public sector banks are pricing loans below ICICI Bank, creating challenges for growth in segments like housing.
Mentioned in Q1 FY25, Q2 FY25
Personal loan growth has slowed from 40% YoY to 17% and is expected to decline further over the next couple of quarters due to tighter underwriting.
Fast read
Guidance and risk preview
Full impact of 50 bps repo rate cut in June will flow through in Q2, partially offset by lower deposit costs.
Personal loans and credit card portfolios grew only 1.4% and 1.5% YoY respectively, reflecting systemic softness and cautious underwriting.
View Risks →