OPERATING ENVIRONMENT
Growth
Indias growth trajectory remained strong in fiscal 2026, with real Gross Domestic Product (GDP) growth at 7.7% year-on-year from 7.1% year-on-year in fiscal 2025, driven by domestic demand, with private final consumption expenditure continuing and investment activity remaining steady. Meanwhile, Gross Value Added (GVA) year-on- year growth stood at 7.9% for fiscal 2026, driven by services and manufacturing sectors, with nominal GDP year-on-year growth at 8.9%. For fourth quarter of fiscal 2026, GDP and GVA growth stood at 7.8% year-on-year, driven by robust investment growth, while GVA growth for the quarter stood at 7.9% year-on-year. Economic activity in fiscal 2027 so far has been fairly resilient, supported by movement in high-frequency indiscators like sales of commercial vehicles, electricity demand, industrial activities and rising bank credit. However, volatility in global financial markets and weather-related events, weigh on the domestic growth outlook. The medium-term growth prospects remain positive, supported by structural reforms and continuing policy measures, though global tariff uncertainty and geopolitical developments could weigh on the outlook.
Inflation
Inflation, as measured by the Consumer Price Index (CPI), under the new series with base year 2024 released in February 2026, moved from 1.2% year-on-year in December 2025 to 3.2% in February 2026 and 3.4% in March 2026. For fiscal year 2026, average inflation stood at 2.1% year-on-year versus 4.6% year-on-year in fiscal 2025. Core inflation was at 3.4% year-on-year in January and February 2026 and moderated further to 3.36% in March 2026. The Monetary Policy Committee (MPC) has estimated CPI at 4.6% in fiscal year 2027, reflecting the upside pressure due to higher global energy prices and concerns of below normal monsoon in 2026.
Interest rates
After keeping the policy rate unchanged for two years, the MPC embarked on an easing cycle from February 2025 onwards, with cumulative rate cuts of 125 basis points during calendar year 2025, driven by a greater degree of certainty in the decline in headline inflation, particularly
food inflation. Over the course of the year, growth projections were consistently revised upward while inflation projections were revised lower: the fiscal 2026 GDP growth estimate was raised from 6.7% at the February 2025 meeting to 7.3% by the December 2025 meeting, while the CPI estimate for fiscal 2026 was revised from 4.2% to approximately 2.0% over the same period. In the most recent policy meeting held in April 2026, the MPC kept the policy rate unchanged at 5.25%, with the stance remaining Neutral, citing risks to inflation and growth outlooks from the ongoing conflict in West Asia.
Financial markets
During fiscal 2026, the Rupee depreciated by approximately 10.9% from 85.46 per USD at March 31, 2025, to 94.83 per USD at March 31, 2026. The benchmark S&P BSE Sensex declined by 7.06% during fiscal 2026 compared to an increase of 4.39% in fiscal 2025. The yields on the benchmark 10-year government securities moved from 6.58% at March 31, 2025, to 7.04% at March 31, 2026, which was also the highest level recorded during the fiscal year.
Banking sector trends
Non-food credit of the banking system grew by 16.1% year-on-year at March 31, 2026 compared to 11% year- on-year at March 31, 2025. According to the sectoral break down of credit data available, credit growth continued to be driven by services at 19% year-on-year and personal credit at 6.2% year-on-year (aided by GST rationalization) while credit to industry also increased to 15% year-on-year.
Meanwhile, deposit growth for Scheduled Commercial Banks (SCBs) has also picked-up, with deposit growth at 13.5% year-on-year for the fortnight ending March 31, 2026, compared to 10.3% year-on-year growth seen in March 2025.
According to RBIs Financial Stability Report of December 2025, non-performing assets (NPAs) of scheduled commercial banks continued to decline, with gross NPA ratio of 2.2% and net NPA ratio of 0.5% at September 30, 2025 as compared to a gross NPA ratio of 2.3% and net NPA ratio of 0.5% at March 31, 2025.
OUTLOOK
In its first bi-monthly policy review of fiscal 2027, held from April 6 to 8, 2026, the MPC decided to keep the policy repo rate unchanged at 5.25%, maintaining the Neutral stance. The MPC noted that the ongoing conflict in West Asia poses heightened uncertainty for the global economy, with potential disruptions to supply chains and upward pressures on energy and commodity prices. On the inflation front, the RBI projected CPI inflation for fiscal 2027 at 4.6%, with the committee noting that core inflation excluding food and fuel had averaged just 2.1% in January-February 2026, reflecting benign underlying price momentum prior to the conflict. The possibility of El Nino conditions adds further uncertainty to food prices. On growth, the RBI projected GDP for fiscal 2027 at approximately 6.9%, supported by strong domestic demand, a growing services sector, higher manufacturing capacity utilisation, and government measures to boost domestic manufacturing. The Indian economy continues to be supported by sound macroeconomic fundamentals and a series of structural reforms implemented over the past several years. In this backdrop, the Bank will remain focused on its long-term strategy, aligned with Indias evolving economic landscape and growth potential, while being mindful of risks.
STRATEGY
In fiscal 2026, the Bank maintained its strategic focus on profitable growth in business within the guardrails of risk and compliance. The Bank grew its credit portfolio with a focus on granularity and saw healthy growth across segments. Customer-centricity continues to be at core to Banks strategy, with the prime objective of serving customers all banking needs in a holistic manner across ecosystems and micromarkets as ‘One Bank, One Team. The Bank has taken initiatives that underscored the ethos of ‘Fair to Customer, Fair to Bank and enhancing customers trust in the Bank. The Bank is focused on the principles of ‘Return of Capital emphasising the need to onboarding quality counterparty and prioritise conservation of capital. The Bank has adopted ‘Agile Risk Management approach allowing us to identify, assess and mitigate risks proactively. The Bank has laid strong emphasis on strengthening operational resilience and
enhancing delivery systems. The Bank sought to maintain and enhance its liability franchise. The Bank focused on maintaining a strong balance sheet, with adequate liquidity, prudent provisioning and healthy capital adequacy. The Banks capital adequacy ratios were well above regulatory requirements as at March 31, 2026.
Going forward, the Banks strategic approach is based on three pillars of principles, coverage and delivery framework. Integrity, transparency and fairness continue to be core in serving customers and each employee is expected to uphold these values while representing the organisation. The Risk Appetite and Enterprise Risk Management framework articulates the Banks risk appetite and drills it down into a limit framework for various risk categories under which various business lines operate. The Bank aims to uphold a strong risk and compliance culture throughout the Bank. The Bank continues to make investments in technology and cybersecurity to strengthen the operational infrastructure, ensuring scalability and robustness. The Bank would continue to focus on customer 360-degree approach. The Bank believes there are significant opportunities for profitable growth across various sectors of the Indian economy. The Bank continues to deepen presence and harness business opportunities across ecosystems and micro markets in a unified manner. The Bank would focus on maximizing the profit before tax excluding treasury within the guardrails of compliance and risk management. The Bank will focus on growing its loan portfolio in a granular manner with a focus on risk and reward, with return of capital and containment of provisions within targeted levels being a key imperative. There are no specific targets for loan mix or segment-wise loan growth. The Bank would aim to continue to grow its deposit franchise, maintain a stable and healthy funding profile and competitive advantage in cost of funds, and invest in building capabilities for the future. The Bank would focus on maintaining a strong balance sheet, sufficient liquidity, prudent provisioning and healthy capital adequacy. The Bank remains committed to high standards of governance and becoming a trusted financial partner for customers while creating long-term sustainable value for all stakeholders.
See also “Integrated Report - Our Business Strategy”.
STANDALONE FINANCIALS AS PER INDIAN GAAP
Summary
Profit before tax (excluding treasury gains) increased by 7.1% from 607.13 billion in fiscal 2025 to 650.21 billion in fiscal 2026. Core operating profit (i.e. profit before provisions and tax, excluding treasury gains) increased by 7.7% from 653.96 billion in fiscal 2025 to 704.01 billion in fiscal 2026 primarily due to an increase in net interest income by 8.4% and fee income by 7.8%, offset, in part, by an increase in operating expenses by 11.5%. Gain from treasury-related activities decreased by 37.0% from 19.03 billion in fiscal 2025 as compared to 11.98 billion in fiscal 2026. Provisions and contingencies (excluding provision for tax) increased by 14.9% from 46.83 billion in fiscal 2025 to 53.80 billion in fiscal 2026. Profit after tax increased from 472.27 billion in fiscal 2025 to 501.47 billion in fiscal 2026.
Net interest income increased by 8.5% from 811.65 billion in fiscal 2025 to 880.75 billion in fiscal 2026 primarily due to an increase in the average interest-earning assets. NIM was stable at 4.32% in fiscal 2025 and fiscal 2026.
Fee income increased by 7.8% from 238.70 billion in fiscal 2025 to 257.42 billion in fiscal 2026. Dividend from subsidiaries/associates increased by 32.0% from 26.19 billion in fiscal 2025 to 34.58 billion in fiscal 2026. Operating expenses increased by 11.5% from 423.72 billion in fiscal 2025 to 472.34 billion in fiscal 2026.
Provisions and contingencies (excluding provision for tax) increased by 14.9% from 46.83 billion in fiscal 2025 to 53.80 billion in fiscal 2026 primarily due to an increase in specific provisions for non-performing loans and provision for standard assets, offset, in part, by a decrease in provision for investments and other assets. Provision for non-performing and other assets increased from 40.15 billion in fiscal 2025 to 62.08 billion in fiscal 2026.
The provision coverage ratio on NPAs decreased from 76.2% at March 31, 2025 to 75.8% at March 31, 2026.
The income tax expense increased from 153.89 billion in fiscal 2025 to 160.72 billion in fiscal 2026. The effective
tax rate decreased from 24.6% in fiscal 2025 to 24.3% in fiscal 2026 primarily due to change in composition of income.
Net worth increased by 15.5% from 2,920.77 billion at March 31, 2025 to 3,373.71 billion at March 31, 2026 primarily due to accretion to reserves out of retained profit.
Total assets increased by 12.0% from 21,182.40 billion at March 31, 2025 to 23,725.30 billion at March 31, 2026. Total advances increased by 15.8% from 13,417.66 billion at March 31, 2025 to 15,538.93 billion at March 31, 2026 primarily due to an increase in domestic advances by 15.3%. Total investments decreased by 2.5% from 5,047.57 billion at March 31, 2025 to 4,922.17 billion at March 31, 2026. Cash and cash equivalents increased by 24.1% from 1,855.62 billion at March 31, 2025 to 2,303.35 billion at March 31, 2026.
Total deposits increased by 11.4% from 16,103.48 billion at March 31, 2025 to 17,946.25 billion at March 31, 2026. Term deposits increased by 12.2% from 9,366.19 billion at March 31, 2025 to 10,510.38 billion at March 31, 2026. Current and savings account (CASA) deposits increased by 10.4% from 6,737.29 billion at March 31, 2025 to 7,435.88 billion at March 31, 2026. Average current and savings account deposits increased by 9.7% from 5,606.25 billion at March 31, 2025 to 6,147.36 billion at March 31, 2026. Borrowings increased by 1.2% from 1,235.38 billion at March 31, 2025 to 1,249.94 billion at March 31, 2026.
The Bank had a business center (branch) network of 7,511 branches, and network of 12,087 ATMs/CRMs at March 31, 2026.
The Bank is subject to Basel III capital adequacy guidelines stipulated by RBI. The total capital adequacy ratio of the Bank at March 31, 2026 (after deducting proposed dividend for fiscal 2026 from capital funds) in accordance with RBI guidelines on Basel III was 17.18% as compared to 16.55% at March 31, 2025. The Tier-1 capital adequacy ratio was 16.35% at March 31, 2026 as compared to 15.94% at March 31, 2025. The Common Equity Tier 1 (CET-1) ratio was 16.35% at March 31, 2026 as compared to 15.94% at March 31, 2025.
OPERATING RESULTS DATA
The following table sets forth, for the periods indicated, the operating results data.
in billion, except percentages
| Particulars | Fiscal 2025 | Fiscal 2026 | % change |
| Interest income | 1,632.64 | 1,699.46 | 4.1% |
| Interest expense | 820.99 | 818.71 | (0.3) |
| Net interest income | 811.65 | 880.75 | 8.5 |
| Fee income1 | 238.70 | 257.42 | 7.8 |
| Dividend from subsidiaries /associates | 26.19 | 34.58 | 32.0 |
| Other income | 1.14 | 3.60 | - |
| Core operating income | 1,077.68 | 1,176.35 | 9.2 |
| Operating expenses | 423.72 | 472.34 | 11.5 |
| Core operating profit | 653.96 | 704.01 | 7.7 |
| Provisions, net of write-backs | 46.83 | 53.80 | 14.9 |
| Profit before tax excluding treasury gains | 607.13 | 650.21 | 7.1 |
| Treasury gains | 19.03 | 11.98 | (37.0) |
| Profit before tax | 626.16 | 662.19 | 5.8 |
| Tax, including deferred tax | 153.89 | 160.72 | 4.4 |
| Profit after tax | 472.27 | 501.47 | 6.2% |
1
Includes merchant foreign exchange income, margin on customer derivative transactions and income on sale ofpriority sector lending certificates (PSLCs)2
All amounts have been rounded off to the nearest10.0 million.3
Prior period figures have been re-grouped/re-arranged, where necessary.Key ratios
The following table sets forth, for the periods indicated, the key financial ratios.
| Particulars | Fiscal 2025 | Fiscal 2026 |
| Net interest margin (%) | 4.32 | 4.32 |
| Cost to income (%)3 | 38.64 | 39.75 |
| Provisions to core operating profit (%) | 7.16 | 7.64 |
| Return on average equity (%)1 | 17.95 | 15.97 |
| Return on average assets (%)2 | 2.40 | 2.32 |
| Earnings per share (?) | 67.01 | 70.21 |
| Book value per share (?) | 410.11 | 471.18 |
2
Return on average equity is the ratio of the net profit after tax to the quarterly average equity share capital and reserves. 2 Return on average assets is the ratio of net profit after tax to average assets.3.
Cost represents operating expenses. Income represents net interest income and non-interest income.Net interest income and spread analysis
The following table sets forth, for the periods indicated, the net interest income and spread analysis.
in billion, except percentages
| Particulars | Fiscal 2025 | Fiscal 2026 | % change |
| Interest income | 1,632.64 | 1,699.46 | 4.1% |
| Interest expense | 820.99 | 818.71 | (0.3) |
| Net interest income | 811.65 | 880.75 | 8.5 |
| Average interest-earning assets | 18,784.55 | 20,407.73 | 8.6 |
| Average interest-bearing liabilities | 16,093.66 | 17,240.99 | 7.1% |
| Net interest margin | 4.32% | 4.32% | - |
| Average yield | 8.69% | 8.33% | - |
| Average cost of funds | 5.10% | 4.75% | - |
| Interest spread | 3.59% | 3.58% | - |
1
All amounts have been rounded off to the nearest 10.0million.Net interest income increased by 8.5% from 811.65 billion in fiscal 2025 to 880.75 billion in fiscal 2026 primarily due to an increase of 8.6% in the average interest-earning assets.
Net interest margin was stable at 4.32% in fiscal 2025 and fiscal 2026. The yield on average interest-earning assets decreased by 36 basis points from 8.69% in fiscal 2025 to 8.33% in fiscal 2026 primarily due to a decrease in yield on average advances and investments, offset, in part, by increase in yield on other interest earning assets. The cost of funds decreased by 35 basis points from 5.10% in fiscal 2025 to 4.75% in fiscal 2026 primarily due to a decrease in cost of term deposits and saving deposits. The interest spread decreased by 1 basis points from 3.59% in fiscal 2025 to 3.58% in fiscal 2026.
The following table sets forth, for the periods indicated, the trend in yield, cost, spread and margin.
| Particulars | Fiscal 2025 | Fiscal 2026 |
| Yield on interest-earning assets | 8.69% | 8.33% |
| - On advances | 9.76 | 9.19 |
| - On investments | 7.20 | 7.03 |
| - On SLR investments | 7.23 | 7.07 |
| - On other investments | 7.02 | 6.82 |
| - On other interest-earning assets | 3.11 | 4.07 |
| Cost of interest-bearing liabilities | 5.10 | 4.75 |
| - Cost of deposits | 4.91 | 4.62 |
| - Current and savings account (CASA) deposits | 2.23 | 1.80 |
| - Term deposits | 6.63 | 6.41 |
| - Cost of borrowings | 6.70 | 6.21 |
| Interest spread | 3.59 | 3.58 |
| Net interest margin | 4.32% | 4.32% |
The yield on average interest-earning assets decreased
by 36 basis points from 8.69% in fiscal 2025 to 8.33% in
fiscal 2026 primarily due to the following factors:
• The yield on domestic advances decreased by 56 basis points from 9.85% in fiscal 2025 to 9.29% in fiscal 2026. The decrease in yield is primarily due to repo rate reduction and incremental lending at lower yields. Of the total domestic loan book 55.3% has interest rate linked to repo rate and other external benchmarks, 31.5% has fixed interest rates and 13.2% has interest rate linked to MCLR and other older benchmarks.
Reserve Bank of India decreased the repo rate by 100 basis points from 6.25% in February 2025 to 5.25% until March 2026. The future movement in the yield on advances will depend on the increase/decrease in the repo rate and the systemic interest rates.
The yield on overseas advances decreased by 120 basis points from 6.11% in fiscal 2025 to 4.91% in fiscal 2026 primarily due to reduction in benchmark SOFR rate.
• The yield on average interest-earning investments decreased by 17 basis points from 7.20% in fiscal 2025 to 7.03% in fiscal 2026.
The yield on Indian government securities decreased by 16 basis points from 7.23% in fiscal 2025 to 7.07% in fiscal 2026 primarily due to new investment in government securities at lower market yields.
The yield on non-SLR investments decreased by 20 basis points from 7.02% in fiscal 2025 to 6.82% in fiscal 2026. The yield on domestic non-SLR investments decreased by 15 basis points from 7.21% in fiscal 2025 to 7.06% in fiscal 2026 primarily due to a decrease in yield on commercial papers and pass through certificates and an increase in proportion of certificate of deposits which are lower yielding. The yield on overseas non-SLR investments decreased by 98 basis points from 4.84% in fiscal 2025 to 3.86% in fiscal 2026 primarily due to a decrease in yield on foreign government securities.
• The yield on other interest-earning assets increased by 96 basis points from 3.11% in fiscal 2025 to 4.07% in fiscal 2026, primarily due to an increase in income on non-trading swaps, increase in interest
on income tax refund, increase in average balance with US Federal Reserve, decrease in proportion of RIDF deposits, decrease in average balance with RBI which does not earn any interest, offset, in part, by a decrease in yield on balance with US Federal Reserve.
Further, interest on income tax refund increased from 0.84 billion in fiscal 2025 to 7.11 billion in fiscal 2026. The impact of income tax refund on NIM is 3 basis points in fiscal 2026. These receipts are neither consistent nor predictable and the amount and timing of such income depend on the nature and timing of determinations by tax authorities.
The cost of funds decreased by 35 basis points from 5.10% in fiscal 2025 to 4.75% in fiscal 2026 primarily due to the following factors:
• The cost of average deposits decreased by 29 basis points from 4.91% in fiscal 2025 to 4.62% in fiscal 2026 primarily due to a decrease in cost of domestic savings and term deposits. The cost of domestic savings account deposits decreased by 56 basis points from 3.16% in fiscal 2025 to 2.60% in fiscal 2026 primarily due to rate reduction. The cost of domestic term deposits decreased by 21 basis points from 6.65% in fiscal 2025 to 6.44% in fiscal 2026 primarily due to repricing of deposits at lower rates. The cost of overseas term deposit decreased by 100 basis points from 5.17% in fiscal 2025 to 4.17% in fiscal 2026 primarily due to change in interest rates.
The average CASA deposits as a percentage of total deposit were 38.9% in fiscal 2026 as compared to 39.0% in fiscal 2025.
• The cost of borrowings decreased by 49 basis points from 6.70% in fiscal 2025 to 6.21% in fiscal 2026. The cost of domestic borrowings decreased by 40 basis points from 6.79% in fiscal 2025 to 6.39% in fiscal 2026 primarily due to a decrease in cost and average balance of interbank participatory certificate, decrease in RBI borrowings under liquidity adjustment facility, refinance and redemption of higher cost privately placed deep discount bonds. The cost of overseas borrowings decreased by 106 basis points from 5.64% in fiscal 2025 to 4.58% in fiscal 2026 primarily due to a decrease in cost of term borrowings, offset, in part, by an increase in proportion of term borrowings. Cost of term
borrowings decreased primarily due to a reduction in the benchmark SOFR rate and repayment of higher cost borrowings.
The Banks interest income, yield on advances, net interest income and net interest margin are impacted by systemic liquidity, the competitive environment, level of additions to
non-performing loans, regulatory developments, monetary policy and economic and geopolitical factors. Interest rates on about 55.3% of Banks domestic loans are linked to external benchmarks. The differential movements in the external benchmark rates compared to cost of funds of the Bank, impacts the Banks net interest income and net interest margin.
The following table sets forth, for the period indicated, the trend in average interest-earning assets and average interestbearing liabilities:
in billion, except percentages
| Particulars | Fiscal 2025 | Fiscal 2026 | % change |
| Advances | 12,954.29 | 14,216.34 | 9.7% |
| Interest-earning investments1 | 4,582.39 | 4,779.55 | 4.3 |
| Other interest-earning assets | 1,247.87 | 1,411.84 | 13.1 |
| Total interest-earning assets | 18,784.55 | 20,407.73 | 8.6 |
| Deposits | 14,378.66 | 15,806.62 | 9.9 |
| Borrowings1 | 1,715.00 | 1,434.37 | (16.4) |
| Total interest-bearing liabilities | 16,093.66 | 17,240.99 | 7.1% |
1
Average investments and average borrowings include average short-term repurchase transactions.2
All amounts have been rounded off to the nearest 10.0million.The average volume of interest-earning assets increased by 8.6% from 18,784.55 billion in fiscal 2025 to 20,407.73 billion in fiscal 2026 primarily due to an increase in average advances by 1,262.05 billion, average investments by 197.16 billion and average other interest-earning assets by 163.97 billion.
Average advances increased by 9.7% from 12,954.29 billion in fiscal 2025 to 14,216.34 billion in fiscal 2026 due to an increase of 9.9% in average domestic advances, offset, in part, by an increase of 3.4% in average overseas advances.
Average interest-earning investments increased by 4.3% from 4,582.39 billion in fiscal 2025 to 4,779.55 billion in fiscal 2026. Average interest-earning investments in Indian government securities increased by 3.0% from 3,854.47 billion in fiscal 2025 to 3,970.31 billion in fiscal 2026. Average interest-earning non-SLR investments increased by 11.2% from 727.92 billion in fiscal 2025 to 809.24 billion in fiscal 2026.
Average other interest-earning assets increased by 13.1% from 1,247.87 billion in fiscal 2025 to 1,411.84 billion in fiscal 2026 primarily due to an increase in balance
with US Federal Reserve, margin paid on treasury related products, call and term money lent, offset, in part, by a decrease in RIDF deposits and balance with RBI.
Average interest-bearing liabilities increased by 7.1% from 16,093.66 billion in fiscal 2025 to 17,240.99 billion in fiscal 2026 primarily due to an increase in average deposits by 1,427.96 billion, offset, in part, by a decrease in average borrowings by 280.63 billion.
Average deposits increased by 9.9% from 14,378.66 billion in fiscal 2025 to 15,806.62 billion in fiscal 2026 due to an increase in average term deposits by 886.87 billion and average CASA deposits by 541.11 billion.
Average borrowings decreased by 16.4% from 1,715.00 billion in fiscal 2025 to 1,434.37 billion in fiscal 2026 primarily due to a decrease in inter-bank participatory certificates, privately placed bonds, bullion borrowings, term money borrowings and refinance borrowings.
Fee income
Fee income primarily includes fees from retail customers such as loan processing fees, fees from cards business,
account servicing charge, income from foreign exchange transactions and third-party referral fees and commercial banking fees such as loan processing fees and transaction banking fees, income from foreign exchange transactions and margin on derivative transactions.
Fee income increased by 7.8% from 238.70 billion in fiscal 2025 to 257.42 billion in fiscal 2026 primarily due
to an increase in lending linked fees, income from forex and derivatives products, transaction banking fees and deposit linked fees.
Dividend from subsidiaries/associates
Dividend from subsidiaries/associates increased by 32.0% from 26.19 billion in fiscal 2025 to 34.58 billion in fiscal 2026.
The following table sets forth, for the periods indicated, the details of dividend received from subsidiaries/associates:
in billion
| Name of the entity | Fiscal 2025 | Fiscal 2026 |
| ICICI Prudential Asset Management company Limited | 10.26 | 13.61 |
| ICICI Securities Limited | 4.11 | 8.60 |
| ICICI Lombard General Insurance Company Limited | 2.94 | 3.45 |
| ICICI Securities Primary Dealership Limited | 3.48 | 3.30 |
| ICICI Venture Funds Management Company Limited | 0.15 | 1.58 |
| ICICI Bank UK PLC | 1.09 | 1.40 |
| ICICI Bank Canada | 3.01 | 1.17 |
| ICICI Home Finance Company Limited | 0.60 | 0.73 |
| ICICI Prudential Life Insurance Company Limited | 0.44 | 0.63 |
| India Infradebt Limited | 0.11 | 0.11 |
| ICICI Prudential Trust Limited1 | 0.00 | 0.00 |
| Total | 26.19 | 34.58 |
1
0.00 representsinsignificant amount2
All amounts have been rounded off to the nearest10.0 million.Other income
Other income increased from 1.14 billion in fiscal 2025 to 3.60 billion in fiscal 2026 primarily due to sale of nonbanking assets.
Operating expenses
The following table sets forth, for the periods indicated, the principal components of operating expenses.
in billion, except percentages
| Particulars | Fiscal 2025 | Fiscal 2026 | % change |
| Payments to and provisions for employees | 165.41 | 179.75 | 8.7% |
| Other administrative expenses | 258.31 | 292.59 | 13.3 |
| Total operating expenses | 423.72 | 472.34 | 11.5% |
1
All amounts have been rounded off to the nearest 10.0 million.Operating expenses primarily include employee expenses, depreciation on assets and other administrative expenses. Operating expenses increased by 11.5% from 423.72 billion in fiscal 2025 to 472.34 billion in fiscal 2026.
Payments to and provisions for employees
Employee expenses increased by 8.7% from 165.41 billion in fiscal 2025 to 179.75 billion in fiscal 2026 primarily due to increase in payroll cost, provision for performance bonus and performance-linked retention pay, provision requirement for retirement benefit obligations and fair value accounting of employee stock options. Salary cost increased primarily due to impact of annual increment and promotions, offset, in part, by a decrease in average staff strength (number of employees at March 31, 2026: 124,324 and at March 31, 2025: 130,957).
The employee base includes sales executives, employees on fixed term contracts and interns.
Other administrative expenses
Other administrative expenses primarily include rent, taxes and lighting, advertisements, sales promotion, repairs and maintenance, direct marketing expenses, depreciation, premium paid towards priority sector lending certificates
and other expenditure. Other administrative expenses increased by 13.3% from 258.31 billion in fiscal 2025 to 292.59 billion in fiscal 2026 primarily due to an increase in technology related expenses, reward point expenses, premium paid towards Priority Sector Lending Certificates and advertisement and sales promotion expenses.
PROFIT/(LOSS) ON TREASURY-RELATED ACTIVITIES (NET)
Income from treasury-related activities includes income from sale of investments and changes in unrealised profit/ (loss) on account of revaluation of investments in the fixed income portfolio, equity and preference portfolio and units of venture funds and security receipts. Further, it also includes income from foreign exchange transactions comprising various foreign exchange and derivative products, including options and swaps.
Income from treasury-related activities decreased from 19.03 billion in fiscal 2025 to 11.98 billion in fiscal 2026.
PROVISIONS AND CONTINGENCIES (EXCLUDING PROVISIONS FOR TAX)
The following tables set forth, for the periods indicated, the components of provisions and contingencies.
in billion, except percentages
| Particulars | Fiscal 2025 | Fiscal 2026 | % change |
| Provision for non-performing and other assets1 | 40.15 | 62.08 | 54.6% |
| Provision for investments (including credit substitutes) (net) | 8.47 | (6.55) | - |
| Provision for standard assets | 5.75 | 7.68 | 33.6% |
| Others | (7.56) | (9.41) | 24.5% |
| Total provisions and contingencies (excluding provision for tax) | 46.81 | 53.80 | 14.9% |
1
Includes restructuring related provision.2
All amounts have been rounded off to the nearest 10.0million.Provisions and contingencies (excluding provisions for tax) increased from 46.81 billion in fiscal 2025 to 53.80 billion in fiscal 2026.
Provision for non-performing and other assets was 40.15 billion in fiscal 2025 as compared to 62.08 billion in fiscal 2026. Provision for fiscal 2025 included reversal of provision on sale of non-retail non-performing loans to assets reconstruction companies. The Bank continues to hold full provision against the security receipts received against these non-retail non-performing loans.
During fiscal 2026, following annual supervisory review, RBI has directed the Bank to make a standard asset provision of 12.83 billion in respect of a portfolio of agricultural priority sector credit facilities wherein the terms of the facilities were found to be not fully compliant with the regulatory requirements for classification as agricultural priority sector lending. There is no change in asset classification or in the terms and conditions applicable to the borrowers or in the repayment behaviour of borrowers as per these terms. This additional standard
asset provision will continue until the loans are repaid or renewed in conformity with the PSL classification guidelines.
The provision coverage ratio (excluding cumulative technical/prudential write-offs) on NPAs decreased from 76.2% at March 31, 2025 to 75.8% at March 31, 2026.
Provision for investments decreased from 8.47 billion in fiscal 2025 to write-back of 6.55 billion in fiscal 2026. During fiscal 2026, the Bank primarily wrote-back a provision of 5.04 billion on redemption of security receipts and on debentures of 1.57 billion on account of receipt of funds, units and conversion into equity shares. During fiscal 2025, the Bank had made a provision of 16.05 billion on security receipts received on conversion of loans (the Bank was already holding an equivalent provision against these loans), offset, in part, by write-back of provision of 3.91 billion on investments in Alternate Investment Funds,
2.39 billion on redemption of security receipts and 0.39 billion on equity shares due to an increase in share price.
Provision for standard assets increased from 5.75 billion in fiscal 2025 to 7.68 billion in fiscal 2026 primarily due to increase in standard advances book. The Banks cumulative general provision held at March 31, 2026 was 73.18 billion (March 31, 2025: 64.45 billion).
The write-back in other provisions and contingencies was 7.56 billion in fiscal 2025 as compared to a write-back of 9.41 billion in fiscal 2026.
TAX EXPENSE
The income tax expense increased from 153.89 billion in fiscal 2025 to 160.72 billion in fiscal 2026. The effective tax rate decreased from 24.6% in fiscal 2025 to 24.3% in fiscal 2026 primarily due to change in composition of income.
FINANCIAL CONDITION
Assets
The following table sets forth, at the dates indicated, the principal components of assets.
in billion, except percentages
| Assets | At
March 31, 2025 |
At
March 31, 2026 |
% change |
| Cash and bank balances | 1,855.62 | 2,303.35 | 24.1% |
| Investments | 5,047.57 | 4,922.17 | (2.5) |
| - Government and other approved investments1 | 3,996.86 | 3,878.65 | (3.0) |
| - Equity investment in subsidiaries | 191.36 | 220.26 | 15.1 |
| - Other investments | 859.34 | 823.26 | (4.2) |
| Advances (net of BRDS/IBPC)2 | 13,417.66 | 15,538.93 | 15.8 |
| - Domestic | 13,109.81 | 15,115.98 | 15.3 |
| - Overseas branches | 307.85 | 422.95 | 37.4 |
| Fixed assets (including leased assets) | 128.39 | 139.22 | 8.4 |
| Other assets | 733.16 | 821.64 | 12.1 |
| - RIDF and other related deposits3 4 | 134.93 | 103.66 | (23.2) |
| Total assets | 21,182.40 | 23,725.31 | 12.0% |
1
Banks in India are required to maintain a specified percentage, currently 18.00% (at March 31, 2026), of their net demand and time liabilities by way of investments in instruments referred as SLR securities by RBI or liquid assets like cash and gold.2
Bill Rediscounting Scheme (BRDS)/Interbank Participatory Certificate (IBPC).3
Deposits made in Rural Infrastructure Development Fund and other related deposits pursuant to shortfall in the amount required to be lent to certain specified sectors called priority sector as per RBI guidelines.4
All amounts have been rounded off to the nearest10.0 million.CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash in hand and balances with RBI and other banks, including money at call and short notice. Cash and cash equivalents increased by 24.1% from 1,855.62 billion at March 31, 2025 to 2,303.35 billion at March 31, 2026. The increase is primarily due to an increase in money at call and short notice by 317.35 billion, increase in balance with US Federal Reserve by 80.68 billion and increase in balances with RBI by 20.34 billion.
INVESTMENTS
Total investments decreased by 2.5% from 5,047.57 billion at March 31, 2025 to 4,922.17 billion at March 31, 2026. Investments in Indian government securities decreased by 3.0% from 3,996.87 billion at March 31, 2025 to 3,878.65 billion at March 31, 2026. Non-SLR investments decreased by 0.7% from 859.34 billion at March 31, 2025 to 823.26 billion at March 31, 2026.
Domestic investments decreased by 2.9% from 4,977.59 billion at March 31, 2025 to 4,832.43 billion at March 31, 2026. Overseas investments increased by 28.2% from 69.98 billion at March 31, 2025 to 89.74 billion at March 31, 2026.
ADVANCES
Net advances (gross of BRDS/IBPC) increased by 14.1% from 13,693.68 billion at March 31, 2025 to 15,620.33
billion at March 31, 2026. Net advances (net of BRDS/ IBPC) increased by 15.8% from 13,417.66 billion at March 31, 2025 to 15,538.93 billion at March 31, 2026.
Domestic advances increased by 15.3% from 13,109.81 billion at March 31, 2025 to 15,115.98 billion at March 31, 2026 primarily due to an increase in retail advances and business banking portfolio. Net retail advances increased by 9.4% from 7,172.23 billion at March 31, 2025 to 7,847.57 billion at March 31, 2026. Business banking portfolio increased by 24.2% from 2,633.67 billion at March 31, 2025 to 3,271.48 billion at March 31, 2026. Advances of rural business was 1,013.76 billion at March 31, 2026 as compared to 783.40 billion at March 31, 2025. The domestic corporate portfolio increased by 6.3% from 2,709.42 billion at March 31, 2025 to 2,880.26 billion at March 31, 2026.
Net advances of overseas branches increased by 37.4% from 307.85 billion at March 31, 2025 to 422.95 billion at March 31, 2026.
FIXED AND OTHER ASSETS
Fixed assets (net block) increased by 8.4% from 128.39 billion at March 31, 2025 to 139.22 billion at March 31, 2026.
Other assets increased by 12.1% from 733.16 billion at March 31, 2025 to 821.63 billion at March 31, 2026 primarily due to an increase in mark-to-market on forex and derivative transactions and other advances and deposits offset, in part, by decrease in RIDF deposits.
LIABILITIES
The following table sets forth, at the dates indicated, the principal components of liabilities (including capital and reserves).
in billion, except percentages
| Liabilities | At
March 31, 2025 |
At
March 31, 2026 |
% change |
| Networth | 2,920.77 | 3,373.71 | 15.5% |
| - Equity share capital | 34.95 | 41.14 | 17.7 |
| - Reserves | 2,885.82 | 3,332.57 | 15.5 |
| Deposits | 16,103.48 | 17,946.25 | 11.4 |
| - Savings deposits | 4,407.72 | 4,756.06 | 7.9 |
| - Current deposits | 2,329.57 | 2,679.82 | 15.0 |
| - Term deposits | 9,366.19 | 10,510.38 | 12.2 |
| Borrowings (excluding subordinated debt) | 1,215.87 | 1,196.21 | (1.6) |
| - Domestic | 971.71 | 925.35 | (4.8) |
| - Overseas branches | 244.16 | 270.86 | 10.9 |
| Subordinated debt (included in Tier-1 and Tier-2 capital) | 19.51 | 53.73 | - |
| Other liabilities | 922.77 | 1,155.41 | 25.2 |
| Total liabilities | 21,182.40 | 23,725.31 | 12.0% |
1
All amounts have been rounded off to the nearest10.0 million.DEPOSITS
Deposits increased by 11.4% from 16,103.48 billion at March 31, 2025 to 17,946.25 billion at March 31, 2026.
Term deposits increased by 12.2% from 9,366.19 billion at March 31, 2025 to 10,510.38 billion at March 31, 2026. Savings account deposits increased by 7.9% from 4,407.72 billion at March 31, 2025 to 4,756.06 billion at March 31, 2026 and current account deposits increased by 15.0% from 2,329.57 billion at March 31, 2025 to 2,679.82 billion at March 31, 2026. CASA deposits increased by 10.4% from 6,737.29 billion at March 31, 2025 to 7,435.88 billion at March 31, 2026.
Average savings account deposits increased by 7.6% from 3,949.99 billion at March 31, 2025 to 4,251.47 billion at March 31, 2026 and average current account deposits increased by 14.5% from 1,656.27 billion at March 31, 2025 to 1,895.89 billion at March 31, 2026. Average current and savings account deposits increased by 9.7% from 5,606.25 billion at March 31, 2025 to 6,147.36 billion at March 31, 2026. Average CASA ratio was 38.9% at March 31, 2026 compared to 39.0% at March 31, 2025.
Deposits of overseas branches increased from 185.68 billion at March 31, 2025 to 278.59 billion at March 31, 2026.
Total deposits at March 31, 2026 formed 93.5% of the funding (i.e., deposits and borrowings) as compared to 92.9% at March 31, 2025.
BORROWINGS
Borrowings increased by 1.2% from 1,235.38 billion at March 31, 2025 to 1,249.94 billion at March 31, 2026. Net borrowings of overseas branches increased from 244.16 billion at March 31, 2025 to 270.86 billion at March 31, 2026.
OTHER LIABILITIES
Other liabilities increased by 25.2% from 922.77 billion at March 31, 2025 to 1,155.40 billion at March 31, 2026 primarily due to an increase in mark to market on forex and derivative transactions and miscellaneous liabilities.
EQUITY SHARE CAPITAL AND RESERVES
Equity share capital and reserves increased by 15.5% from 2,920.77 billion at March 31, 2025 to 3,373.71
billion at March 31, 2026 primarily due to accretion to reserves out of retained profit. The Bank is subject to Basel III capital adequacy guidelines stipulated by RBI. The total capital adequacy ratio of the Bank at March 31, 2026 (after deducting proposed dividend for fiscal 2026 from capital funds) in accordance with RBI guidelines on
Basel III was 17.18% as compared to 16.55% at March 31, 2025. The Tier-1 capital adequacy ratio was 16.35% at March 31, 2026 as compared to 15.94% at March 31, 2025. The Common Equity Tier 1 (CET-1) ratio was 16.35% at March 31, 2026 as compared to 15.94% at March 31, 2025.
Off balance sheet items, commitments and contingencies
The following table sets forth, for the periods indicated, the principal components of contingent liabilities.
? in billion
| Particulars | At
March 31, 2025 |
At
March 31, 2026 |
| Claims against the Bank, not acknowledged as debts | 104.03 | 94.45 |
| Liability for partly paid investments | 0.02 | 0.01 |
| Notional principal amount of outstanding forward exchange contracts | 17,294.92 | 14,772.51 |
| Guarantees given on behalf of constituents | 1,784.50 | 2,112.78 |
| Acceptances, endorsements and other obligations | 666.37 | 779.14 |
| Notional principal amount of currency swaps | 769.31 | 510.22 |
| Notional principal amount of interest rate swaps and currency options and interest rate futures | 39,694.11 | 25,626.29 |
| Other items for which the Bank is contingently liable | 83.87 | 101.06 |
| Total | 60,397.13 | 43,996.46 |
1
All amounts have been rounded off to the nearest 10.0million.The Bank is an active market participant in the interest rate and foreign exchange derivative market for trading and market making purposes, which are carried out primarily for customer transactions and managing the proprietary position on interest rate and foreign exchange risk. The Bank enters into foreign exchange contracts in its normal course of business, to exchange currencies at a prefixed price at a future date. This item represents the notional principal amount of such contracts, which are derivative instruments. With respect to the transactions entered into with its customers, the Bank generally enters into off-setting transactions in the inter-bank market. This results in generation of a higher number of outstanding transactions, and hence a large value of gross notional principal of the portfolio, while the net market risk is lower. The notional amount of interest rate swaps and currency options decreased from 39,694.11 billion at March 31, 2025 to 25,626.29 billion at March 31, 2026 as part of portfolio rationalisation. The notional principal amount of
outstanding forward exchange contracts decreased from 17,294.92 billion at March 31, 2025 to 14,772.51 billion at March 31, 2026 as part of portfolio rationalisation.
The Bank records foreign exchange contracts and derivatives transactions with either hedging/balance sheet management intent or with a trading intent. All the transactions done for trading purposes are fair valued and the hedging/balance sheet management transactions (such trades are done with external counterparties only) are accounted as per the RBI guidelines/Accounting Standards.
CONCENTRATION OF EXPOSURES1
The Bank follows a policy of portfolio diversification and evaluates its total financing exposure to a particular industry in the light of its forecasts of growth and profitability for that industry. The Banks Credit Risk Management Group monitors all major sectors of the economy and
specifically tracks industries in which the Bank has credit exposures. The Bank monitors developments in various sectors to assess potential risks in its portfolio and new business opportunities. The Banks policy is to limit its portfolio to any particular industry (other than retail loans) to 15.0% of its total exposure. In addition, the Bank has a
framework for managing concentration risk with respect to single borrower and group exposures, based on the internal rating and track record of the borrowers. The exposure limits for lower rated borrowers and groups are substantially lower than the regulatory limits.
The following tables set forth, at the dates indicated, the composition of the Banks exposure.
in billion, except percentages
March 31, 2025 |
March 31, 2026 |
|||
| Industry | Total | % of total | Total | % of total |
| exposure | exposure | exposure | exposure | |
| Retail finance1 | 10,097.78 | 37.4 | 11,285.62 | 36.1 |
| Services - finance | 2,183.87 | 8.1 | 2,208.51 | 7.1 |
| Wholesale/retail trade | 1,745.96 | 6.5 | 2,187.55 | 7.0 |
| Banks | 1,336.21 | 4.9 | 1,499.44 | 4.8 |
| Services - non-finance | 1,183.62 | 4.4 | 1,487.05 | 4.8 |
| Rural retail | 1,128.20 | 4.2 | 1,227.32 | 3.9 |
| Electronics and engineering | 1,195.65 | 4.4 | 1,223.83 | 3.9 |
| Construction | 725.63 | 2.7 | 1,043.68 | 3.3 |
| Crude petroleum/refining and petrochemicals | 743.73 | 2.8 | 966.06 | 3.1 |
| Real estate activities | 710.54 | 2.6 | 914.74 | 2.9 |
| Road, ports, telecom, urban development and other infrastructure | 857.64 | 3.2 | 892.53 | 2.9 |
| Iron and steel (including iron and steel products) | 645.08 | 2.4 | 744.16 | 2.4 |
| Chemical and fertilisers | 535.01 | 2.0 | 680.03 | 2.2 |
| Power | 501.67 | 1.9 | 595.82 | 1.9 |
| Manufacturing products (excluding metal and metal products) | 439.98 | 1.6 | 546.41 | 1.7 |
| Automobiles | 390.16 | 1.4 | 452.50 | 1.4 |
| Textile | 334.72 | 1.2 | 395.31 | 1.3 |
| Gems & jewellery | 231.74 | 0.9 | 352.68 | 1.1 |
| Food & beverages | 304.86 | 1.1 | 347.43 | 1.1 |
| Other industries2 | 1,713.30 | 6.3 | 2,184.37 | 7.1 |
| Total | 27,005.35 | 100.0 | 31,235.04 | 100.0 |
1
Includes home loans, automobile loans, commercial business loans, personal loans, credit cards and loans against securities.2
Other industries primarily include mutual funds, mining, cement, shipping, drugs and pharmaceuticals, metal and metal products (excluding iron and steel) and FMCG.3
All amounts have been rounded off to the nearest10.0 million.The exposure to the top 20 non-bank borrowers as a percentage of total exposure decreased from 7.5% of total exposure of the Bank at March 31, 2025 to 6.4% at March 31, 2026. All top 20 borrowers as of March 31, 2026 are rated A- and above internally. The exposure to the top 10 borrower groups increased from 9.6% of total exposure of the Bank at March 31, 2025 to 10.3% at March 31, 2026.
The following table sets forth, at the dates indicated, the composition of the Banks outstanding net advances:
in billion
| Particulars | March 31, 2025 | March 31, 2026 |
| Advances | 13,417.66 | 15,538.93 |
| - Domestic book | 13,109.81 | 15,115.98 |
| - Retail | 7,172.23 | 7,847.57 |
| - Rural | 783.40 | 1,013.76 |
| - Business banking | 2,633.67 | 3,271.48 |
| - Corporate and others | 2,520.51 | 2,983.17 |
| - Overseas book | 307.85 | 422.95 |
1
Net of Bill Rediscounting Scheme (BRDS)/Interbank Participatory Certificate (IBPC).Net retail advances increased by 9.4% in fiscal 2026 compared to an increase of 15.8% in total advances. The share of net retail advances was 50.5% of net advances at March 31, 2026 as compared to 53.5% of net advances at March 31, 2025. Including non-fund based outstanding, the share of retail portfolio was 41.8% of the total portfolio at March 31, 2026.
The business banking portfolio comprises exposures to borrowers with a turnover of up to 7.50 billion. The business banking portfolio grew by 24.2% to 3,271.48 billion in fiscal 2026, accounting for 21.1% of the net advances.
The Banks domestic Corporate and others portfolio grew by 18.4% to 2,983.17 billion in fiscal 2026, accounting for 19.2% of the net advances.
The overseas loan portfolio, in US dollar terms, increased by 23.8% year-on-year at March 31, 2026. The year-on-
year increase in the overseas loan portfolio was primarily on account of market opportunities in well rated Indian corporates and their subsidiaries and joint ventures. The overseas loan portfolio was 2.7% of the overall loan book at March 31, 2026. The corporate fund and nonfund outstanding, net of cash/bank/financial institutions, was USD 3.87 billion at March 31, 2026. Out of USD 3.87 billion, 94.2% of the outstanding was to Indian corporates and their subsidiaries and joint ventures and 4.9% of the outstanding was to non-India companies with Indian or India-linked operations and activities. The portfolio in this segment is primarily to well-rated companies and the Indian operations of these companies are target customers for the Bank. The Bank would continue to pursue risk- calibrated opportunities in this segment. The non-India linked corporate portfolio reduced by 16.1% from about USD 265.2 million year-on-year to USD 222.6 million at March 31, 2026.
The following table sets forth, at the dates indicated, the composition of the Banks net outstanding retail advances.
in billion, except percentages
March 31, 2025 |
March 31, 2026 |
|||
| Total retail advances | % of total retail advances | Total retail advances | % of total retail advances | |
| Home loans | 4,395.85 | 61.3 | 4,969.37 | 63.3 |
| Personal loans | 1,215.55 | 16.9 | 1,305.25 | 16.6 |
| Automobile loans | 629.09 | 8.8 | 632.34 | 8.1 |
| Credit cards | 573.41 | 8.0 | 541.33 | 6.9 |
| Commercial business | 336.32 | 4.7 | 374.51 | 4.8 |
| Others1 | 22.01 | 0.3 | 24.77 | 0.3 |
| Total retail advances | 7,172.23 | 100.0 | 7,847.57 | 100.0 |
1
Includes loans against securities and dealer financing.2
Gross of Bill Rediscounting Scheme (BRDS)/Interbank Participatory Certificate (IBPC) amounting to 161.5 billion at March 31, 2025.3
All amounts have been rounded off to the nearest 10.0 million.The following table sets forth, at the dated indicated, the composition of the Banks net outstanding rural advances:
in billion
| Particulars | March 31, 2025 | March 31, 2026 |
| Farmer finance | 302.15 | 355.52 |
| Jewel loan2 | 313.79 | 482.05 |
| Others1 | 167.46 | 176.19 |
| Rural advances | 783.40 | 1,013.76 |
1
Includes term loans for farm equipment, self-help groups, loans to micro finance institutions for on-lending to individuals and inventory funding etc.2
Includes jewel loans to customers from rural and urban areas.The following table sets forth, at the dates indicated, the rating wise categorisation of the Banks net outstanding corporate portfolio:
in billion, except percentages
| Ratings category1 | March 31, 2025 | March 31, 2026 |
| AA- and above | 35.9% | 26.5% |
| A+, A, A- | 38.9 | 45.4 |
| A- and above | 74.8 | 71.9 |
| BBB+, BBB, BBB- | 24.1 | 27.2 |
| BB and below2 | 0.8 | 0.5 |
| Unrated | 0.3 | 0.5 |
| Total | 100.0% | 100.0% |
| Total net advances3 | 2,989.86 | 3,308.98 |
1
Based on internal ratings.2.
Includes net non-performing loans.3
Includes domestic corporate and overseas loans.Directed Lending
The following table sets forth, for the periods indicated, ICICI Banks average priority sector lending:
Fiscal 2025 |
Fiscal 2026 |
||||
| Particulars | Amount ( billions) | % of adjusted net bank credit | Amount ( billions) | % of adjusted net bank credit | Target (% of adjusted net bank credit) |
| Agriculture Sector | 2,025.15 | 18.0 | 2,294.06 | 17.8 | 18.0 |
| - Small and marginal farmers | 1,197.77 | 10.6 | 1,362.24 | 10.5 | 10.0 |
| - Non-corporate farmers | 1,627.61 | 14.5 | 1,768.17 | 13.7 | 14.0 |
| Micro, small and medium enterprises | 2,640.66 | - |
3,290.90 | - |
- |
| - Micro enterprises | 882.04 | 7.8 | 1,181.30 | 9.1 | 7.5 |
| Other priority sector | 253.86 | - | (355.86) | - | - |
| Total priority sector lending | 4,919.67 | 43.7 | 5,229.10 | 40.5 | 40.0 |
| - Weaker sections | 1,377.63 | 12.2 | 1,638.67 | 12.7 | 12.0 |
1
The above includes the impact of Priority Sector Lending Certificate purchased/sold by the Bank.Classification of loans
The following table sets forth, at the dates indicated, information regarding asset classification of the Banks gross nonperforming assets (net of write-offs, interest suspense and derivative income reversals).
in billion
| Particulars | March 31, 2025 | March 31, 2026 |
| Non-performing assets | ||
| Sub-standard assets | 91.94 | 82.37 |
| Doubtful assets | 78.65 | 68.51 |
| Loss assets | 71.07 | 79.64 |
| Total non-performing assets1 | 241.66 | 230.52 |
1
Include advances, lease receivables and credit substitutes like debentures and bonds. Excludes preference shares.2
All amounts have been rounded off to the nearest 10.0million.The following table sets forth, at the dates indicated, information regarding the Banks non-performing assets (NPAs).
in billion, except percentages
| Year ended | Gross NPA1 | Net NPA | Net customer assets | % of net NPA to net customer assets2 |
| March 31, 2023 | 311.84 | 51.55 | 10,816.41 | 0.48 |
| March 31, 2024 | 279.62 | 53.78 | 12,720.24 | 0.42 |
| March 31, 2025 | 241.66 | 55.89 | 14,290.76 | 0.39 |
| March 31, 2026 | 230.52 | 54.59 | 16,339.02 | 0.33 |
1
Net of write-offs, interest suspense and derivatives income reversal.2
Include advances, lease receivables and credit substitutes like debentures and bonds. Excludes preference shares.3
All amounts have been rounded off to the nearest 10.0million.The following table sets forth, for the periods indicated, the composition of gross non-performing assets (net of writeoffs) by industry sector.
in billion, except percentages
March 31, 2025 |
March 31, 2026 |
|||
| Amount | % | Amount | % | |
| Retail finance1 | 83.76 | 34.7 | 69.68 | 30.2 |
| Rural retail | 43.40 | 18.0 | 47.49 | 20.6 |
| Crude petroleum/refining and petrochemicals | 16.91 | 7.0 | 17.07 | 7.4 |
| Wholesale/retail trade | 14.26 | 5.9 | 17.13 | 7.4 |
| Electronics and engineering | 12.49 | 5.2 | 12.40 | 5.4 |
| Construction | 12.12 | 5.0 | 10.53 | 4.6 |
| Services - non-finance | 9.76 | 4.0 | 10.58 | 4.6 |
| Road, ports, telecom, urban development and other infrastructure | 8.65 | 3.6 | 6.28 | 2.7 |
| Iron/steel and products | 4.73 | 2.0 | 4.48 | 1.9 |
| Power | 3.86 | 1.6 | 3.69 | 1.6 |
| Mining | 3.51 | 1.5 | 3.75 | 1.6 |
| Gems and jewelry | 2.37 | 1.0 | 2.38 | 1.0 |
| Manufacturing products | 1.42 | 0.6 | 2.21 | 1.0 |
| Other industries2 | 24.42 | 9.9 | 22.85 | 10.0 |
| Total | 241.66 | 100.0 | 230.52 | 100.0 |
1
Includes home loans, automobile loans, commercial business loans, dealer financing, personal loans, credit cards and loans against securities.2
Other industries primarily include textile, metal and metal products, shipping, food and beverages, chemical and fertilizers, services- finance, cement, drugs and pharmaceuticals, FMCG, automobiles and developer financing.3
All amounts have been rounded off to the nearest 10.0million.The gross additions to NPAs were 191.47 billion in fiscal 2026 ( 202.11 billion in fiscal 2025). The net additions to NPAs were 76.55 billion in fiscal 2026 ( 84.48 billion in fiscal 2025). In fiscal 2026, the Bank recovered/upgraded non-performing assets amounting to 114.92 billion ( 117.63 billion in fiscal 2025), wrote-off non-performing assets amounting to 84.24 billion ( 92.70 billion in fiscal 2025) and sold non-performing assets amounting to 3.45 billion ( 29.74 billion in fiscal 2025). As a result, gross NPAs (net of write-offs) of the Bank decreased from 241.66 billion at March 31, 2025 to 230.52 billion at March 31, 2026.
Net NPAs decreased from 55.89 billion at March 31, 2025 to 54.59 billion at March 31, 2026. The ratio of net NPAs to net customer assets decreased from 0.39% at March 31, 2025 to 0.33% at March 31, 2026. The provision coverage ratio at March 31, 2026 was 75.8% as compared to 76.2% at March 31, 2025.
At March 31, 2026, gross non-performing loans in the retail portfolio were 0.88% of gross retail loans compared to 1.16% at March 31, 2025 and net non-performing loans in the retail portfolio were 0.31% of net retail loans compared to 0.42% at March 31, 2025.
The total non-fund based outstanding to borrowers classified as non-performing was 21.74 billion at March 31, 2026 (March 31, 2025: 30.75 billion). The Bank held a provision of 11.95 billion at March 31, 2026 (March 31, 2025: 16.60 billion) against these non-fund based outstanding.
The gross outstanding loans to borrowers whose facilities have been restructured decreased from 19.56 billion at March 31, 2025 to 14.96 billion at March 31, 2026. The net outstanding loans to borrowers whose facilities have been restructured decreased from 18.66 billion at March 31, 2025 to 14.31 billion at March 31, 2026. The aggregate non-fund based outstanding to borrowers whose loans were restructured was 2.57 billion at March 31, 2026 (March 31, 2025: 2.50 billion). Additionally, Bank holds provision of 4.39 billion on restructured accounts.
At March 31, 2026, outstanding loans and non-fund facilities to borrowers in the corporate portfolio internally rated BB and below were 35.19 billion.
For a discussion on accounting policy for classification on loans, see “Financial Statement (Schedule 17- Significant Accounting Policies) - Provision/write-offs on loans and other credit facilities”.
SEGMENT INFORMATION
RBI in its guidelines on "segmental reporting” has stipulated specified business segments and their definitions, for the purpose of public disclosures on business information for banks in India. The business segments as defined by RBI for standalone segmental report are Retail Banking, Wholesale Banking, Treasury and Other Banking. Additionally, Unallocated includes items such as income tax paid in advance net of provision for tax, deferred tax and provisions to the extent reckoned at entity level.
Framework for transfer pricing
All liabilities are transfer priced to a central treasury unit, which pools all funds and lends to the business units at appropriate rates based on the relevant maturity of assets being funded after adjusting for regulatory reserve requirement and directed lending requirements.
Retail banking segment
The profit before tax of the segment increased from 216.21 billion in fiscal 2025 to 232.44 billion in fiscal 2026 primarily due to an increase in net interest income and non-interest income, offset, in part, by an increase in operating expenses and provisions.
Wholesale banking segment
The profit before tax of the segment increased from 215.64 billion in fiscal 2025 to 244.89 billion in fiscal 2026 primarily due to an increase in net interest income, non-interest income, offset, in part, by an increase in operating expenses and lower write back of provisions.
Treasury segment
The profit before tax of the segment decreased from 187.61 billion in fiscal 2025 to 172.30 billion in fiscal 2026 primarily due to an increase in premium paid towards Priority Sector Lending Certificates.
Other banking segment
The profit before tax of the other banking segment increased from 6.70 billion in fiscal 2025 to 12.56 billion in fiscal 2026 primarily due to an increase in interest on income tax refund.
Unallocated
The contingency provision was not allocated to any segment and included in unallocated.
CONSOLIDATED FINANCIALS AS PER INDIAN GAAP
The consolidated profit after tax increased from 510.29 billion in fiscal 2025 to 542.08 billion in fiscal 2026 primarily due to an increase in the profit of ICIG Bank and subsidiaries namely ICICI Prudential Asset Management Company, ICICI Lombard General Insurance Company, ICICI Securities, ICICI Prudential Life Insurance Company, ICICI Home Finance Company and ICICI UK.
The consolidated assets of the Bank and its subsidiaries and other consolidating entities increased by 10.3% from 26,422.41 billion at March 31, 2025 to 29,144.98 billion at March 31, 2026. Consolidated advances increased from 14,206.64 billion at March 31, 2025 to 16,446.58 billion at March 31, 2026.
At March 31, 2026, the Banks consolidated Tier-1 capital adequacy ratio was 16.25% as against the requirement of 9.70% and consolidated total capital adequacy ratio was 17.05% as against the requirement of 11.70%.
From April 1, 2018, ICICI Securities Limited, ICICI Securities Primary Dealership Limited, ICICI Prudential Asset Management Company and ICICI Home Finance Company have adopted Ind-AS. For preparation of consolidated financial statements of the Bank, financial statements as per Indian GAAP of these entities have been considered.
ICICI Bank Canada
The core operating profit of ICICI Bank Canada decreased from CAD 90.2 million in fiscal 2025 to CAD 35.7 million in fiscal 2026 primarily due to decrease in net interest income (NII) on account of reduction in benchmark interest rate which resulted in NIM compression and decrease in fee income on account of reduction in immigration related fee and increase in operating expenses. The profit after tax of ICICI Bank Canada decreased from CAD 71.6 million ( 4.35 billion) in fiscal 2025 to CAD 24.0 million ( 1.52 billion) in fiscal 2026 primarily due to decrease in core operating profit, treasury income and increase in provisions.
The total assets decreased from CAD 5.23 billion at March 31, 2025 to CAD 4.90 billion at March 31, 2026. Loans and advances decrease from CAD 4.46 billion at March 31, 2025 to CAD 4.18 billion at March 31, 2026. The net impairment ratio increased from 0.46% at March 31,
2025 to 0.74% at March 31, 2026. ICICI Bank Canada had total capital adequacy ratio of 18.96% at March 31, 2026 as compared to 18.5% at March 31, 2025.
ICICI Bank UK
The core operating profit of ICICI Bank UK decreased from USD 33.1 million in fiscal 2025 to USD 29.0 million in fiscal
2026 primarily due to an increase in operating expenses,
offset, in part, by increase in net interest income and fee income. Profit after tax of ICICI Bank UK decreased from USD 26.8 million ( 2.27 billion) in fiscal 2025 to USD 25.3 million ( 2.23 billion) in fiscal 2026 primarily due to decrease in core operating profit, offset, in part, by decrease in provisions.
Total assets increased from USD 2.42 billion at March 31, 2025 to USD 2.91 billion at March 31, 2026. Loans and advances increased USD 1.15 billion at March 31, 2025 to USD 1.49 billion at March 31, 2026. The net impairment ratio decreased from 0.20% at March 31, 2025 to 0.15% at March 31, 2026. ICICI Bank UK had a total capital adequacy ratio of 19.7% at March 31, 2026 as compared to 22.6% at March 31, 2025.
ICICI Prudential Life Insurance (ICICI Life)
The Annualised Premium Equivalent of ICICI Life increased by 2.2% from 104.07 billion in fiscal 2025 to 106.41 billion in fiscal 2026. The Value of New Business (VNB) increased by 10.9% from 23.70 billion in fiscal 2025 to 26.29 billion in fiscal 2026. The VNB margin increased from 22.8% billion in fiscal 2025 to 24.7% billion in fiscal 2026. The total premium earned increased by 8.5% from 489.51 billion in fiscal 2025 to 531.25 billion in fiscal 2026. The total assets under management increased from 3,093.59 billion at March 31, 2025 to 3,136.34 billion at March 31, 2026.
Net premium earned increased by 8.6% from 472.60 billion in fiscal 2025 to 513.36 billion in fiscal 2026. The profit after tax increased from 11.89 billion in fiscal 2025 to 16.00 billion in fiscal 2026 primarily due to increase in investment income from shareholders funds.
During the year, ICICI Bank acquired 100% shareholding in ICICI Pension Fund Management Limited (ICICI Pension) from ICICI Life and consequently, ICICI Pension became a wholly owned subsidiary Bank.
ICICI Lombard General Insurance (ICICI General)
The Gross Domestic Premium Income of ICICI General increased by 7.0% year-on-year from 268.34 billion in fiscal 2025 to 287.12 billion in fiscal 2026. The profit after tax increased from 25.08 billion in fiscal 2025 to 27.71 billion in fiscal 2026 primarily due to an increase in premium income and reversal of tax provision, offset, in part, by an increase in claims and benefits paid.
ICICI Prudential Asset Management (ICICI AMC) The profit after tax of ICICI Prudential AMC increased from 26.48 billion in fiscal 2025 to 32.99 billion in fiscal 2026 primarily due to an increase in income from operations, offset, in part, by increase in staff cost and other administrative expense.
ICICI AMC was listed on BSE Limited and the National Stock Exchange of India on December 19, 2025.
ICICI Securities
The consolidated profit after tax of ICICI Securities decreased from 17.52 billion in fiscal 2025 to 17.07 billion in fiscal 2026 primarily due to decrease in fee income, offset, in part, by increase in net interest income and decrease in other administrative expenses.
ICICI Securities Primary Dealership (I-Sec PD)
The profit after tax of I-Sec PD decreased from 5.35 billion in fiscal 2025 to 4.47 billion in fiscal 2026 primarily due to a decrease in trading gains, offset, in part, by increase in net interest income.
ICICI Home Finance (ICICI HFC)
The profit after tax increased from 5.56 billion in fiscal 2025 to 6.61 billion in fiscal 2026 primarily due to an increase in net interest income, offset, in part, by increase in provisions and operating expenses. Provision increased from 0.55 billion in fiscal 2025 to 0.76 billion in fiscal 2026. In fiscal 2025, provisions were lower due to recovery from one written-off account in CRF amounting to 0.38 billion.
Loans and advances increased from 275.92 billion at March 31, 2025 to 314.62 billion at March 31, 2026. Net
NPAs increased from 3.27 billion at March 31, 2025 to 3.43 billion at March 31, 2026.
During the year ended March 31, 2026, the Bank infused capital of 5.00 billion.
ICICI Venture Funds Management (ICICI Venture)
The profit after tax of ICICI Venture increased from 0.15 billion in fiscal 2025 to 1.48 billion in fiscal 2026 primarily due to an increase in investment income and fee income.
The Bank has received SEBI approval on March 2, 2026 for the proposed transfer of the private equity, venture capital and real estate fund management business of ICICI Venture to ICICI AMC. Accordingly, ICICI AMC will be providing investment management services to the identified funds with effect from April 1, 2026.
ICICI Pension Fund Management (ICICI Pension)
On January 12, 2026, ICICI Pension Fund Management Limited (erstwhile ICICI Prudential Pension Funds Management Company Limited) became a wholly-owned subsidiary of the Bank.
With the implementation of Unified Pension Scheme (UPS), private sector players are expected to be allowed to manage funds of government employees. Though the growth and movement of AUM towards private sector is expected to be gradual, the segment presents a long-term growth opportunity for the Bank.
The following table sets forth, for the periods and at the dates indicated, the profit/(loss) and total assets of our principal subsidiaries as per Indian GAAP.
in billion
Profit after tax1 |
Total assets1 |
|||
| Company | Fiscal
2025 |
Fiscal
2026 |
At
March 31, 2025 |
At
March 31, 2026 |
| ICICI Bank Canada | 4.35 | 1.52 | 313.05 | 333.80 |
| ICICI Bank UK PLC | 2.27 | 2.23 | 207.22 | 276.10 |
| ICICI Prudential Life Insurance Company Limited | 11.89 | 16.00 | 3,142.40 | 3,189.48 |
| ICICI Lombard General Insurance Company Limited2 | 25.08 | 27.71 | 690.20 | 756.32 |
| ICICI Prudential Asset Management Company Limited | 26.48 | 32.99 | 41.28 | 48.28 |
| ICICI Securities Limited (consolidated) | 17.52 | 17.07 | 297.64 | 350.50 |
| ICICI Securities Primary Dealership Limited | 5.35 | 4.47 | 390.34 | 300.38 |
| ICICI Home Finance Company Limited | 5.56 | 6.61 | 295.53 | 333.68 |
| ICICI Venture Funds Management Company Limited | 0.15 | 1.48 | 3.01 | 2.71 |
1
Profit after tax and total assets are as per accounting policy and classification used in the consolidated financial statements and hence may differ from subsidiarys financial statements.2
Entity ceased to be accounted as per the equity method as prescribed by Accounting Standard - 23 - "Accounting for Investments in Associates in Consolidated Financial Statements" and became subsidiary of Bank w.e.f. February 29, 2024 and consolidated as per Accounting Standard-21- "Consolidated Financial Statements".3
All amounts have been rounded off to the nearest10.0 million.4
See also "Financials- Statement pursuant to Section 129 of the Companies Act, 2013".| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | |
| Total deposits | 4,900.39 | 5,609.75 | 6,529.20 | 7,709.69 | 9,325.22 | 10,645.72 | 11,808.41 | 14,128.25 | 16,103.48 | 17,946.25 |
| Total advances | 4,642.32 | 5,123.95 | 5,866.47 | 6,452.90 | 7,337.29 | 8,590.20 | 10,196.38 | 11,844.06 | 13,417.66 | 15,538.93 |
| Equity capital & reserves | 999.51 | 1,051.59 | 1,083.68 | 1,165.04 | 1,475.09 | 1,705.12 | 2,007.15 | 2,383.99 | 2,920.76 | 3,373.71 |
| Total assets | 7,717.91 | 8,791.89 | 9,644.59 | 10,983.65 | 12,304.33 | 14,112.98 | 15,842.07 | 18,715.15 | 21,182.40 | 23,725.31 |
| Total capital adequacy ratio1 | 17.4% | 18.4% | 16.9% | 16.1% | 19.1% | 19.2% | 18.3% | 16.3% | 16.6% | 17.2% |
| Core operating profit | 179.10 | 189.39 | 220.72 | 268.08 | 313.51 | 383.47 | 491.39 | 581.22 | 653.96 | 704.01 |
| Net interest income | 217.37 | 230.26 | 270.15 | 332.67 | 389.89 | 474.66 | 621.29 | 743.06 | 811.65 | 880.75 |
| Net interest margin | 3.25% | 3.23% | 3.42% | 3.73% | 3.69% | 3.96% | 4.48% | 4.53% | 4.32% | 4.32% |
| Profit after tax | 98.01 | 67.77 | 33.63 | 79.31 | 161.93 | 233.39 | 318.96 | 408.88 | 472.27 | 501.47 |
| Earnings per share (Basic)2 | 15.31 | 10.56 | 5.23 | 12.28 | 24.01 | 33.66 | 45.79 | 58.38 | 67.01 | 70.21 |
| Earnings per share (Diluted)2 | 15.25 | 10.46 | 5.17 | 12.08 | 23.67 | 32.98 | 44.89 | 57.33 | 65.89 | 69.20 |
| Return on average equity | 10.3% | 6.6% | 3.2% | 7.1% | 12.2% | 14.8% | 17.3% | 18.7% | 18.0% | 16.0% |
| Dividend per share3 | 2.50 | 1.50 | 1.00 | 0.00 | 2.00 | 5.00 | 8.00 | 10.00 | 11.00 | 12.00 |
1 Total capital adequacy ratio has been calculated as per Basel III framework.
2 During the year ended March 31, 2018, the Bank issued bonus shares in the proportion of 1:10, i.e. 1 (One) bonus equity share of?2 each for every 10 (Ten) fully paid-up equity shares held (including shares underlying ADS). Per share information of prior periods also reflects the effect of bonus issue.
3 RBI through its circular Declaration of dividends by banks (Revised) dated April 17, 2020, had directed that banks shall not make any dividend payment on equity shares from the profits pertaining to the financial year ended March 31, 2020. Accordingly, the Bank did not pay any dividend for FY2020.
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