ICICI Bank Share Price After Q2 FY27 Results: Profit Up 20.1%, Loans Up 30% as Margins Ease
ICICI Bank reported a standalone net profit of ₹14,843 crore for the July–September 2026 quarter (Q2 FY27), up 20.1% from ₹12,359 crore a year earlier, according to its October 17, 2026 exchange filing. Net interest income grew 17.7% to ₹25,339 crore, gross NPAs fell to 1.20%, and consolidated profit rose 22.3% to ₹16,333 crore.
That's more than four times HDFC Bank's 4.7% profit growth for the same quarter, and unlike Axis Bank's 38% jump, it didn't depend on a low base. The one soft spot was the net interest margin, which slipped to 4.18% from 4.30%. Here's what the numbers show and how the stock has traded since. Track the live ICICI Bank share price on GoPocket.
Key Takeaways
- Standalone profit: ₹14,843 crore, up 20.1% YoY. Consolidated: ₹16,333 crore, up 22.3%.
- Core operating profit: ₹20,805 crore, up 21.8%.
- NIM fell 12 basis points YoY to 4.18%.
- Total loans up 30% YoY (24.1% excluding FCNR(B)-linked overseas loans).
- Gross NPA 1.20%, net NPA 0.30%, provision coverage 75%.
ICICI Bank Q2 FY27 Results at a Glance
| Metric (standalone) | Q2 FY27 | YoY change |
|---|---|---|
| Net profit | ₹14,843 crore | +20.1% |
| Net interest income | ₹25,339 crore | +17.7% |
| Net interest margin | 4.18% | 4.30% a year ago |
| Fee income | ₹7,795 crore | +20.1% |
| Operating expenses | ₹12,811 crore | +8.5% |
| Core operating profit | ₹20,805 crore | +21.8% |
| Provisions | ₹851 crore | -7.0% |
| Gross NPA ratio | 1.20% | 1.58% a year ago |
| Net NPA ratio | 0.30% | 0.39% a year ago |
Source: ICICI Bank Q2-2027 performance review filed with NSE, October 17, 2026. Year-ago NPA ratios from Free Press Journal. Figures converted from ₹ billion to ₹ crore.
What Drove ICICI Bank's 20% Profit Growth?
ICICI Bank's profit growth came from strong loan growth combined with costs that grew far more slowly than income. That gap, often called operating leverage, did most of the work this quarter.
- NII up 17.7%: Lending income grew well ahead of costs.
- Fees up 20.1%: Fee income of about ₹7,795 crore added to the core earnings base.
- Costs up only 8.5%: Operating expenses rose less than half as fast as NII.
- Provisions down 7%: Credit costs fell to about ₹851 crore, a small number for a bank of this size.
Core operating profit, which strips out treasury gains, rose 21.8%. Excluding dividends from subsidiaries, it rose 25.0%. That matters because it shows the growth wasn't driven by one-off treasury income.
Why Did ICICI Bank's Margin Fall?
The net interest margin fell to 4.18% from 4.30% a year earlier. The domestic NIM was 4.32%, while overseas NIM was only 1.07%. A bigger share of low-margin overseas business pulls the blended number down.
The filing points to a specific reason: FCNR(B) deposits. Period-end deposits jumped 27.1% year-on-year to about ₹20.50 lakh crore, but excluding FCNR(B) deposits, growth was 17.0%. FCNR(B) deposits are foreign-currency deposits held by NRIs, and banks often use them to fund overseas lending at thinner spreads. Total loans grew 30.0%, but 24.1% excluding loans booked by international branches against FCNR(B) deposits. Our explainer on what FCNR(B) deposits are and the RBI swap window covers why these deposits surged this year.
The CASA ratio also eased. Average CASA deposits were 35.8% of total deposits, down from 39.2% a year earlier. Cheaper current and savings account money makes up a smaller share of funding, which adds to margin pressure.
Where Is ICICI Bank's Loan Growth Coming From?
| Segment | YoY growth (Sep 30, 2026) |
|---|---|
| Total loans | +30.0% |
| Total loans excl. FCNR(B)-linked overseas loans | +24.1% |
| Business banking | +33.8% |
| Domestic corporate | +30.6% |
| Retail and rural | +14.8% |
Business banking and corporate lending led growth, while retail grew in the mid-teens. That's a shift from a few years ago, when retail was the main growth engine for most private banks.
GoPocket Analysis: ICICI Bank vs HDFC Bank in Q2 FY27
Both banks reported on the same day, so a side-by-side comparison is useful. Note that the two banks calculate some ratios on different bases, so treat this as a directional comparison.
| Metric | ICICI Bank | HDFC Bank |
|---|---|---|
| Standalone profit growth | +20.1% | +4.7% |
| NII growth | +17.7% | +9.7% |
| Net interest margin | 4.18% | 3.16% (on total assets) |
| Gross NPA | 1.20% | 1.11% |
| Net NPA | 0.30% | 0.37% |
| CASA ratio | 35.8% (average) | 31.6% (period-end) |
| Opex growth | +8.5% | +5.5% |
Our read: ICICI Bank's edge this quarter came from margin and income growth, not lower costs. HDFC Bank actually controlled costs more tightly, but its income grew too slowly. Asset quality is broadly similar at both. See the full HDFC Bank Q2 FY27 results analysis and our Axis Bank Q2 FY27 results analysis.
How Did ICICI Bank Shares React?
| Date | NSE close | Daily change |
|---|---|---|
| October 16 (before results) | ₹1,397.00 | +0.5% |
| October 19 | ₹1,381.00 | -1.1% |
| October 21 | ₹1,385.00 | +0.3% |
Source: NSE bhavcopy data. October 20 was a market holiday.
The stock had already rallied before the results, rising from ₹1,338.60 on October 14 to ₹1,397 on October 16. So the small dip on results day looks more like profit-taking after a run-up than a negative reaction to the numbers, though that's our interpretation. Over the month to October 21, ICICI Bank shares rose about 3.4% while the Nifty 50 fell, according to NSE data.
What Do the Subsidiaries Add?
Consolidated profit of ₹16,333 crore includes ICICI Prudential Life, ICICI Lombard, ICICI Prudential AMC and ICICI Securities. The filing shows the AMC's mutual fund quarterly average assets grew 14.4% to about ₹11.61 lakh crore, and ICICI Life's value of new business rose to ₹1,283 crore in H1 FY27 from ₹1,049 crore. These businesses give the group earnings that don't depend only on lending spreads.
What Are the Risks?
- Margins: NIM has drifted lower and may stay under pressure if deposit costs remain high.
- Funding mix: A falling CASA share and reliance on FCNR(B) deposits can raise funding costs over time.
- Fast corporate growth: Business banking and corporate loans grew over 30%, and rapid growth needs close monitoring for asset quality.
- Valuation and flows: As a large Nifty and Bank Nifty constituent, the stock moves with foreign and domestic institutional flows.
What Should Investors Watch Next?
- Domestic NIM trend in Q3 FY27.
- Deposit growth excluding FCNR(B) and the CASA ratio.
- Slippages in business banking and corporate books.
- Fee income growth, which has been running ahead of NII.
Sources
- ICICI Bank, Q2-2027: Performance review (NSE filing), October 17, 2026
- Free Press Journal, ICICI Bank Reports 22% Year-On-Year Rise In Q2 Net Profit, October 17, 2026
- NewsBytes, ICICI Bank reports 20.1% rise in Q2 net profit, October 2026
- NSE bhavcopy price data, accessed October 22, 2026
Disclaimer: This article is for information and educational purposes only. It is not a recommendation to buy, sell or hold ICICI Bank or any other security. Share prices are as of the October 21, 2026 close. Past performance does not guarantee future returns. Consult a SEBI-registered investment adviser before investing.
