ICICI Bank Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript ICICI Bank Ltd filed with BSE on 24 Apr 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
ICICI Bank reported net interest income growth of 8.4% year-on-year to Rs 22,979 crore in Q4-2026, with net interest margin at 4.32% and profit after tax up 8.5% year-on-year to Rs 13,702 crore for the quarter. Provisions fell sharply to Rs 96 crore, which management attributed to improved asset quality and corporate recoveries from written-off accounts. Management said loan growth was broad-based at 15.8% year-on-year while flagging that the West-Asia conflict created uncertainty that was too early to fully assess.
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Numbers mentioned
Net interest income: ₹22,979 crore (Q4-2026)
p. 3
“Net interest income grew by 8.4% year-on-year to ₹22,979 crore in Q4-2026”
Sandeep Batra, page 3 of the filed PDF · View the filing
Net interest margin: 4.32% (Q4-2026)
p. 3
“Net interest margin was 4.32% in Q4-2026 compared to 4.30% in Q3-2026”
Sandeep Batra, page 3 of the filed PDF · View the filing
Fee income: ₹6,779 crore (Q4-2026)
p. 3
“Fee income grew by 7.5% year-on-year to ₹6,779 crore in Q4-2026”
Sandeep Batra, page 3 of the filed PDF · View the filing
Core operating profit: ₹18,305 crore (Q4-2026)
p. 3
“Core operating profit grew by 5.1% year-on-year to ₹18,305 crore in Q4-2026”
Sandeep Batra, page 3 of the filed PDF · View the filing
Provisions: ₹96 crore (Q4-2026)
p. 3
“Provisions (excluding provision for tax) were ₹96 crore in Q4-2026 reflecting healthy asset quality and higher recoveries and write-backs.”
Sandeep Batra, page 3 of the filed PDF · View the filing
Profit before tax excluding treasury: ₹18,209 crore (Q4-2026)
p. 3
“Profit before tax excluding treasury grew by 10.1% year-on-year to ₹18,209 crore in Q4-2026 and grew by 7.1% year-on-year to ₹65,021 crore in FY2026”
Sandeep Batra, page 3 of the filed PDF · View the filing
Profit after tax: ₹13,702 crore (Q4-2026)
p. 3
“Profit after tax grew by 8.5% year-on-year to ₹13,702 crore in Q4 2026 and grew by 6.2% year-on-year and was above ₹50,000 crore in FY2026”
Sandeep Batra, page 3 of the filed PDF · View the filing
Dividend per share: ₹12 (FY2026)
p. 3
“The Board has recommended a dividend of ₹12 per share for FY2026. The declaration and payment of dividend is subject to requisite approvals”
Sandeep Batra, page 3 of the filed PDF · View the filing
CET-1 ratio: 16.35% (March 31, 2026)
p. 3
“CET-1 ratio was 16.35% and total capital adequacy ratio was 17.18%”
Sandeep Batra, page 3 of the filed PDF · View the filing
Total deposit growth: 11.4% year-on-year, 8.1% quarter-on-quarter (March 31, 2026)
p. 3
“Total period-end deposits increased by 11.4% year-on-year and 8.1% quarter-onquarter at March 31, 2026”
Sandeep Batra, page 3 of the filed PDF · View the filing
Total loan portfolio growth: 15.8% year-on-year, 6.0% quarter-on-quarter (March 31, 2026)
p. 3
“The total loan portfolio grew by 15.8% year-on-year and 6.0% quarter-on-quarter at March 31, 2026”
Sandeep Batra, page 3 of the filed PDF · View the filing
Net NPA ratio: 0.33% (March 31, 2026)
p. 4
“Net NPA ratio was 0.33% at March 31, 2026 compared to 0.37% at December 31, 2025”
Sandeep Batra, page 4 of the filed PDF · View the filing
Provisioning coverage ratio: 75.8% (March 31, 2026)
p. 4
“Provisioning coverage ratio on non-performing loans was 75.8% at March 31, 2026”
Sandeep Batra, page 4 of the filed PDF · View the filing
Contingency provisions: ₹13,100 crore (March 31, 2026)
p. 4
“The Bank continues to hold contingency provisions of ₹13,100 crore at March 31, 2026”
Sandeep Batra, page 4 of the filed PDF · View the filing
Treasury loss: ₹106 crore (Q4-2026)
p. 5
“There has been a treasury loss of about ₹106 crore in Q4 compared to a loss of about ₹157 crore in the previous quarter and a gain of ₹239”
Sandeep Batra, page 5 of the filed PDF · View the filing
Credit cost: under 50 basis points (FY2026)
p. 6
“adjusted for these one-offs, and normalising for agri loans, our credit cost has been under 50 basis points for FY2026”
Sandeep Batra, page 6 of the filed PDF · View the filing
LCR: 126% (Q4-2026)
p. 13
“we have got a healthy LCR, which is at about 126%”
Sandeep Batra, page 13 of the filed PDF · View the filing
Value of new business margin: 24.7% (FY2026)
p. 28
“The value of new business margin was 24.7% in FY2026 compared to 22.8% in FY2025.”
Anindya Banerjee, page 28 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Net interest margin — range-bound · FY27
stated conditionally by Sandeep Batra
p. 8
“We do expect NIMs to be range-bound in FY27.”
Sandeep Batra, page 8 of the filed PDF · View the filing
Margins — range-bound
stated as an aspiration by Anindya Banerjee
p. 36
“we continue to look at sort of range-bound margins, unlikely to move up, but should be broadly in this range is what we would think”
Anindya Banerjee, page 36 of the filed PDF · View the filing
Operating expenses growth relative to revenue — opex growth below top line growth
stated as an aspiration by Anindya Banerjee
p. 40
“definitely, we would want to have opex growth at a level which is below the top line growth. That would be our objective.”
Anindya Banerjee, page 40 of the filed PDF · View the filing
Credit card business
stated as an aspiration by Anindya Banerjee
p. 38
“we would hope to see better numbers in terms of growth”
Anindya Banerjee, page 38 of the filed PDF · View the filing
Revenue growth versus cost growth — revenues ahead of costs
stated as an aspiration by Anindya Banerjee
p. 47
“our objective would be to grow revenues ahead of costs. So, we will see how it evolves. That's certainly the way in which we would like to drive the bank.”
Anindya Banerjee, page 47 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the drop reflected both improved asset quality and recoveries from written-off corporate accounts, with normalized credit cost under 50 basis points.
Answered by Sandeep Batra
Asked by Joel Rebello: Why did provisions drop 90% year-on-year?
p. 6
“We have seen some improvement in quality of the portfolio and also certain corporate recoveries which have come from written-off accounts.”
Sandeep Batra, page 6 of the filed PDF · View the filing
Management said margins depend on multiple factors and expects them to stay range-bound in FY27.
Answered by Sandeep Batra
Asked by Ankur Mishra: Have net interest margins peaked, and is loan growth sustainable?
p. 8
“Very difficult to say about the future.”
Sandeep Batra, page 8 of the filed PDF · View the filing
Management said it is too early to forecast, noted immediate impact on market yields, currency and equity prices, and said outcomes depend on the conflict's duration.
Answered by Sandeep Batra
Asked by Piyush Shukla: What is the impact of the Middle East conflict on the banking industry's asset quality outlook for FY27?
p. 8
“very difficult to make a forecast in this day, where forecast validity is not even a day at this point of time”
Sandeep Batra, page 8 of the filed PDF · View the filing
Management said it is too early to call out any impact since most developments occurred in April.
Answered by Sandeep Batra
Asked by Shayan Ghosh: Are corporate customers delaying investments due to the uncertain geopolitical situation?
p. 10
“it is too early to call out. I mean, just look at the quarter gone by. Most of the developments have happened in the month of April.”
Sandeep Batra, page 10 of the filed PDF · View the filing
Management said the co-lending book is small relative to the overall retail and SME portfolio and it is too early to draw conclusions.
Answered by Anindya Banerjee
Asked by Shayan Ghosh: What is happening with NPAs in the co-lending portfolio?
p. 11
“it is really maybe an early stage to comment on how this will eventually pan out.”
Anindya Banerjee, page 11 of the filed PDF · View the filing
Management said deposits and credit should move in tandem over time and that the bank has a healthy LCR to support growth.
Answered by Sandeep Batra
Asked by Subrata Panda: How will the bank fund credit growth given the gap versus deposit growth?
p. 13
“the LCR has been a healthy 126%, so we do have enough cash, and I do not think so we are going to miss out on opportunities for want of deposit growth.”
Sandeep Batra, page 13 of the filed PDF · View the filing
Management said they exited riskier and unprofitable segments while focusing on profitable growth via co-branded partnerships.
Answered by Sandeep Batra
Asked by Srishti Sharma: What is driving the decline in credit card market share?
p. 17
“we have focussed on onboarding quality customers, driving profitable spends, and also exiting riskier and unprofitable segments.”
Sandeep Batra, page 17 of the filed PDF · View the filing
Management said easing benchmark risk and settled spreads gave room to grow the mortgage portfolio.
Answered by Anindya Banerjee
Asked by Kunal Shah: What drove the pickup in mortgage growth this quarter?
p. 30
“As the benchmark has settled, it has given us the space to grow that portfolio and that is what you have seen over the last 2 quarters and more particularly in this quarter.”
Anindya Banerjee, page 30 of the filed PDF · View the filing
Management said lower retail unsecured additions and higher corporate recoveries, including from written-off accounts, drove the low provisions.
Answered by Anindya Banerjee
Asked by Kunal Shah: Were there specific provisioning write-backs this quarter?
p. 32
“we had a somewhat higher level of recoveries and write-backs on the corporate portfolio, including recoveries from written-off accounts, which has resulted in the provisioning for this quarter being at a pretty low level.”
Anindya Banerjee, page 32 of the filed PDF · View the filing
Management said the Q3 decline was seasonal but the Q4 decline reflects spend and revolver trends rather than seasonality.
Answered by Anindya Banerjee
Asked by Seshadri Sen: Why is the credit card book contracting for a second quarter?
p. 38
“The small decline in the fourth quarter, I would say, we can't really say that it is seasonal, it is really a function of spends and revolvers.”
Anindya Banerjee, page 38 of the filed PDF · View the filing
Management said it is too early to generalize about any stress.
Answered by Anindya Banerjee
Asked by Chintan Joshi: Are early indicators showing stress in corporate or business banking books from the conflict?
p. 46
“It's too early to make any call or generalization of that kind.”
Anindya Banerjee, page 46 of the filed PDF · View the filing
Risks flagged
Uncertainty and potential economic impact from the West-Asia conflict
p. 12
“It is safe to assume there will be some kind of economic impact, and that will also depend on the duration of the conflict.”
Sandeep Batra, page 12 of the filed PDF · View the filing
Impact of RBI's net open position guidelines requiring reduction of onshore treasury positions, leading to a loss
p. 6
“the Bank had some open positions on onshore market, which were required to be reduced as per RBI guidelines”
Sandeep Batra, page 6 of the filed PDF · View the filing
Uncertainty over GDP growth impact in FY27 from geopolitical developments
p. 10
“Will there be a bit of an impact on the GDP growth in FY27? The answer is yes, but it is still going to be growing”
Sandeep Batra, page 10 of the filed PDF · View the filing
Potential impact of Maharashtra farm loan waiver on credit discipline
p. 15
“I think the customers are also, whether they are farmers or not, are cognisant of the importance of credit discipline. We will see how that plays out.”
Sandeep Batra, page 15 of the filed PDF · View the filing
Stress reported in gold loan book across the industry per credit bureau data
p. 15
“latest CIBIL report says that there is stress building up in the gold loan book.”
Benn, page 15 of the filed PDF · View the filing
Decline in credit card revolver rates and rising cost of acquisition affecting profitability
p. 38
“the decline in the level of revolvers has impacted profitability, but it still remains a very profitable business”
Anindya Banerjee, page 38 of the filed PDF · View the filing
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