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View Promises →Icicibank Ltd — Q3 FY26
ICICI Bank reported a mixed Q3 FY26 with PAT declining 4% YoY to INR 113.18 billion, impacted by a one-time standard asset provision of INR 12.83 billion directed by RBI for agricultural PSL classification issues.
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ICICI Bank reported a mixed Q3 FY26 with PAT declining 4% YoY to INR 113.18 billion, impacted by a one-time standard asset provision of INR 12.83 billion directed by RBI for agricultural PSL classification issues. Excluding this, PAT would have grown 4.1% YoY. Core operating profit rose 6% YoY to INR 175.13 billion, supported by NIM stability at 4.3% and fee income growth of 6.3%. Domestic loan growth accelerated to 11.5% YoY, led by business banking (+22.8%) and mortgages (+11.1%), while credit cards declined 3.5% YoY. Asset quality improved with net NPA at 0.37%. Management expects NIM to remain range-bound and loan growth momentum to sustain. Key risks include elevated operating expense growth and potential further regulatory scrutiny on PSL compliance.
आईसीआईसीआई बैंक ने तीसरी तिमाही में मिला-जुला प्रदर्शन दिखाया। मुनाफा पिछले साल की तुलना में 4% घटकर 11,318 करोड़ रुपये रहा। इसकी वजह RBI के नियम के अनुसार कृषि कर्ज के लिए 1,283 करोड़ रुपये का एक बार का प्रावधान था। इस प्रावधान को हटा दें तो मुनाफा 4.1% बढ़ा होता। बैंक की मुख्य कमाई 6% बढ़ी, क्योंकि ब्याज दरों पर कमाई स्थिर रही और फीस से आय बढ़ी। कर्ज देने में 11.5% की वृद्धि हुई, खासकर व्यापार और गृह ऋण में। क्रेडिट कार्ड का कर्ज घटा। बैंक के खराब कर्ज का स्तर 0.37% पर बहुत कम है। प्रबंधन का कहना है कि आगे भी कर्ज वृद्धि जारी रहेगी, लेकिन खर्च बढ़ने और RBI की जांच से सावधान रहना होगा।
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RBI-directed standard asset provision may recur
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Read Transcript →Quarter Snapshot
Domestic Loan Growth YoY
11.5%
+0.9pp YoY
Domestic loan portfolio grew 11.5% YoY vs 10.6% in Sep 2025, driven by business banking and mortgages.
Net NPA Ratio
0.37%
-5bps YoY
Net NPA ratio improved to 0.37% from 0.42% a year ago, reflecting better asset quality.
CET1 Ratio
16.46%
flat YoY
Capital adequacy remains strong with CET1 at 16.46%, well above regulatory minimum.
Average LCR
126%
flat QoQ
Liquidity coverage ratio averaged 126% in Q3, expected to remain similar post new guidelines.
What Changed vs Last Quarter
NEW
NIM to remain range-bound
Management expects net interest margin to stay around current levels in Q4, supported by deposit repricing and lower non-accrual impact.
NEW
Credit card book to improve gradually
After a seasonal decline in Q3, credit card portfolio is expected to grow from current levels.
UPDATED
Loan growth momentum to sustain
Sequential loan growth improved in Q3 and management expects this momentum to continue into Q4.
DROPPED
NIMs expected to be range-bound over next couple of quarters
Management expects net interest margins to remain broadly stable, with no major movements either way, despite deposit repricing and competitive dynamics.
DROPPED
Operating expenses not expected to increase at Q2 pace
Management indicated that sequential OpEx growth should moderate from the Q2 level, though continued investment in distribution will persist.
NEW RISK
RBI-directed standard asset provision may recur
RBI directed INR 12.83 billion provision for agricultural PSL non-compliance; similar observations could arise for other portfolios.
NEW RISK
Operating expense growth may remain elevated
OpEx grew 13.2% YoY, partly due to new labour code provisions and PSL compliance costs; management did not commit to moderation.
NEW RISK
Credit card book decline may persist
Credit card portfolio declined 3.5% YoY and 6.7% QoQ; management attributed it to seasonality but growth outlook remains uncertain.
RISK GONE
ECL provisioning impact uncertain
The final ECL guidelines are yet to be issued; while management expects no transition impact given existing provisions, ongoing credit costs under ECL remain to be assessed.
RISK GONE
Competitive pressure on margins
Management acknowledged competitive dynamics in the market as a factor that could influence NIMs, though they expect range-bound margins.
RISK GONE
KCC seasonality impacting asset quality
Higher NPA additions from the Kisan credit card portfolio are typical in Q1 and Q3, which could affect credit costs in upcoming quarters.
RISK GONE
Potential slowdown in IT services sector affecting salary accounts
An analyst raised concerns about unemployment in IT services impacting salaried accounts; management noted no impact so far but acknowledged the sector's significance.
🤫 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, Q1 FY26, Q3 FY25
Underlying credit cost expected to be around 50 bps, excluding KCC seasonality in Q1 and Q3.
Mentioned in Q1 FY26, Q4 FY25
Full transmission of 50 bps repo cut in June will pressure NIM in Q2, though partially offset by lower deposit costs.
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.
Mentioned in Q2 FY25, Q3 FY25
Personal loan and credit card portfolios have seen increased delinquencies over the past six quarters; management has taken corrective actions but trend may persist.
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Guidance and risk preview
Management expects net interest margin to stay around current levels in Q4, supported by deposit repricing and lower non-accrual impact.
RBI directed INR 12.83 billion provision for agricultural PSL non-compliance; similar observations could arise for other portfolios.
View Risks →