The annual report confirms steady but unexciting growth. Monitor the upcoming Q1 FY2027 earnings call on July 18, 2026, where the board will also consider revising the overseas fund-raising limit — any material update on capital deployment or dividend policy could move the stock. The flat NIM and declining ROE warrant watching for margin compression trends.
Price Chart
Executive Summary
ICICI Bank filed its Form 20-F annual report for fiscal year ended March 31, 2026, reporting consolidated net profit of Rs. 542.1 billion (up 6.2% YoY) and net interest income of Rs. 1,061.9 billion (up 9.1% YoY). Asset quality improved with gross NPL ratio declining to 1.41% from 1.69%, and capital ratios remain strong with CET1 at 16.4% (unconsolidated). The results reflect steady operational performance but no material upside surprise given the modest profit growth and flat net interest margin at 4.41%.
Key Facts
- Consolidated net profit (after minority interest) for fiscal 2026: Rs. 542.1 billion (US$ 5,778 million)
- Net interest income increased 9.1% YoY to Rs. 1,061.9 billion
- Gross NPL ratio improved to 1.41% from 1.69% year-over-year
- Net NPL ratio stable at 0.37%
- Common Equity Tier 1 ratio (unconsolidated) at 16.4%, total capital ratio at 17.2%
- Net interest margin unchanged at 4.41%
- Return on average equity declined to 15.90% from 17.74%
- Total advances grew 15.8% to Rs. 16,446.6 billion; total deposits grew 11.5% to Rs. 18,300.2 billion
Financial Impact
Filing covers full-year FY2026 results; net profit of Rs. 542.1 billion, book value per share Rs. 486.37, earnings per share basic Rs. 75.89
Risk Factors
- Prolonged economic slowdown in India could pressure loan growth and asset quality
- Geopolitical tensions and crude oil price volatility may impact inflation and interest rates
- Regulatory changes including expected credit loss framework from April 2027 could increase provisioning requirements
- Competition from new entrants and fintechs may pressure margins and fee income
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0000950103-26-010820 |
| Document: dp249803_ex1102.htm | 0000950103-26-010820 |
| Document: dp249803_ex1101.htm | 0000950103-26-010820 |
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Sep 10, 2026 22d ago | 6-K | $28.85 $28.18 | ▼ −2.32% | ▼ −1.82% | $27.44 (−4.89%) |
Sep 4, 2026 28d ago | 6-K | $30.30 $29.26 | ▼ −3.43% | ▼ −2.22% | $27.44 (−9.44%) |
Sep 3, 2026 29d ago | 6-K | $30.52 $29.39 | ▼ −3.70% | ▼ −2.55% | $27.44 (−10.09%) |
Sep 2, 2026 4w ago | 6-K | $30.58 $28.85 | ▼ −5.66% | ▼ −4.70% | $27.44 (−10.27%) |
Sep 2, 2026 4w ago | 6-K | $30.58 $28.85 | ▼ −5.66% | ▼ −4.70% | $27.44 (−10.27%) |
Aug 28, 2026 5w ago | 6-K | $29.88 $30.30 | ▲ +1.41% | ▲ +1.30% | $27.44 (−8.17%) |
Aug 25, 2026 5w ago | 6-K | $30.39 $30.19 | ▼ −0.66% | ▼ −0.12% | $27.44 (−9.71%) |
Aug 21, 2026 6w ago | 6-K | $29.91 $29.88 | ▼ −0.10% | ▼ −0.57% | $27.44 (−8.26%) |
Aug 21, 2026 6w ago | 6-K | $29.91 $29.88 | ▼ −0.10% | ▼ −0.57% | $27.44 (−8.26%) |
Aug 19, 2026 6w ago | 6-K | $29.44 $30.15 | ▲ +2.41% | ▲ +2.80% | $27.44 (−6.79%) |
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