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ICICI Bank Limited — Q4 FY26
ICICI Bank reported a solid Q4 FY26 with PAT of ₹13,702 crore (+8.5% YoY) driven by strong loan growth of 15.8% YoY and stable NIM at 4.32%.
bullish
high
✓ Verified against BSE filing
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ICICI Bank reported a solid Q4 FY26 with PAT of ₹13,702 crore (+8.5% YoY) driven by strong loan growth of 15.8% YoY and stable NIM at 4.32%. Asset quality improved with net NPA at 0.33% and credit cost at 38bps for FY26. Retail loan growth picked up, especially mortgages (+13.2% YoY) and rural (+25.6% YoY), while credit card book contracted. Management expects margins to remain rangebound and aims to grow revenues ahead of costs. Key risk: escalating West Asia conflict could impact economic outlook and credit demand.
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West Asia conflict impact
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Loan Growth (YoY)
15.8%
+15.8pp YoY
Overall loan portfolio grew 15.8% year-on-year, driven by retail and rural segments.
Net NPA Ratio
0.33%
-6bps YoY
Net NPA ratio improved to 0.33% from 0.39% a year ago, reflecting strong asset quality.
CASA Ratio (Average)
~45%
flat YoY
Average CASA deposits grew 11.3% YoY, maintaining a healthy low-cost deposit base.
Branch Count
7,511
+528 YoY
Added 528 branches in FY26, expanding physical footprint to support growth.
What Changed vs Last Quarter
NEW
Credit cost below 50bps in FY27
Management expects credit cost to remain below 50 basis points, excluding one-time items, supported by healthy asset quality.
NEW
Opex growth below revenue growth
Management aims to keep operating expense growth lower than revenue growth, targeting positive jaws.
UPDATED
NIM rangebound around 4.3%
Net interest margin expected to remain in the current range, with limited upside due to competitive pricing.
DROPPED
Loan growth momentum to sustain
Sequential loan growth improved in Q3 and management expects this momentum to continue into Q4.
DROPPED
Credit card book to improve gradually
After a seasonal decline in Q3, credit card portfolio is expected to grow from current levels.
NEW RISK
West Asia conflict impact
Escalating conflict could cloud economic outlook and affect credit demand and asset quality.
NEW RISK
Residual deposit repricing
Some deposit repricing remains, which could pressure NIMs if not offset by asset repricing.
RISK GONE
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.
RISK GONE
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.
🤫 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 Q2 FY26, Q3 FY26
Sequential loan growth improved in Q3 and management expects this momentum to continue into Q4.
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.
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Guidance and risk preview
Management expects credit cost to remain below 50 basis points, excluding one-time items, supported by healthy asset quality.
Escalating conflict could cloud economic outlook and affect credit demand and asset quality.
View Risks →