ICICI Bank Q1 FY27 Results: Net Profit Jumps 16% To ₹14,804 Crore, NII Rises 6.3% Amid Improving Asset Quality

ICICI Bank reported its Q1 FY27 results on July 17, 2026. Standalone net profit for the April-June quarter came in at ₹14,804 crore, up 16% from ₹12,768 crore a year earlier. Net interest income grew 6.3% YoY to ₹45,670 crore, against ₹42,964 crore in Q1 FY26, and rose 5.5% from ₹43,275 crore in the March quarter. NIM held largely flat at 4.4%, ticking up marginally on a sequential basis.

Asset quality kept improving. Gross NPA fell to 1.38% from 1.67% a year ago and 1.4% in Q4 FY26. Net NPA came in at 0.4%. Provisions were down sharply, dropping 30.5% YoY to ₹1,260.45 crore from ₹1,814 crore, helped by slippages easing to 1.4%.

On-book advances grew 20% YoY, and total advances including BRDS/IBPS were up 19%. Deposits rose 14% YoY, with term deposits leading the growth at 17%. The bank's CASA ratio stayed healthy through the quarter. Operating profit was up around 10% YoY, and RoE came in at 17%. Retail banking, wholesale banking, treasury and other revenue lines all grew during the quarter.

ICICI Bank Q1 FY27 Results: Kotak Neo Research View

Kotak Neo Research kept its BUY call on ICICI Bank, with fair value unchanged at ₹1,800 - implying room for upside from current levels. It called the ~15% YoY earnings growth a function of roughly 10% operating profit growth plus a steep drop in provisions.

On the positives side, the note highlighted that the bank's operating metrics keep outpacing peers, which it said justifies the stock's premium valuation. Loan growth, a stable margin, and flat sequential asset-quality ratios were also flagged as strengths. It remains the desk's top pick in the space, largely on consistency of execution.

The one caution: while ICICI Bank should keep commanding a premium over HDFC Bank, pushing that gap wider from the current ~20% looks like a stretch from here. The stock was valued at about 2.5x book and 20x June FY2028E earnings, assuming RoE holds near 15%. No downgrades to estimates are currently on the table, according to the note.

ICICI Bank Share Price

ICICI Bank shares were trading at ₹1,459.00 on Monday, July 20, up ₹14.70 or 1.02% on the day. The stock had closed 1.8% higher at ₹1,444.30 on Friday, ahead of the results, from a previous close of ₹1,418.20. It's up 8.6% so far in 2026 and has gained 9% over the past month. The 52-week high of ₹1,500 was hit on July 25, 2025, and the 52-week low of ₹1,187.60 came on April 2, 2026. Market cap stood above ₹10.43 lakh crore as of Friday's close.

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