ICICI Bank, India's second-largest private sector lender, heads into its Q2 FY 2026-2027 print with loan growth running at 19.6% year-on-year and a net interest margin of 4.36% in the preceding quarter. The key questions this results season are whether the margin holds after an 8-basis-point tax-refund benefit drops out and FCNR(B) funding costs feed through, and whether high-teen loan growth is sustained against a widening credit-deposit gap.
| Results date | October 17, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter NII | Rs. 24,384 crore |
| Previous quarter PAT | Rs. 14,805 crore |
| Previous quarter NIM | 4.36% |
| Market cap | Rs. 972,758.47 Cr |
| CMP | Rs. 1,355 |
The Board was scheduled to consider unaudited standalone and consolidated results for the quarter and six months ended September 30, 2026, on October 17, 2026. The trading window was closed from October 1 through October 19, 2026.
At the 32nd AGM on August 21, 2026, shareholders approved the FY2026 dividend of Rs. 12 per share recommended by the Board. This relates to FY2026 and is separate from the upcoming Q2 FY2027 results agenda.
The quarter tests whether ICICI Bank's high-teen loan growth momentum — 19.6% year-on-year in Q1 FY2027, led by business banking at 28.2% and domestic corporate at 18.5% — carries through, with system credit growth at roughly 19-20% YoY through September supporting the guided range. On margins, management has guided for NIM to remain range-bound in FY2027 with possible slight dilution from FCNR(B) deposit raising; Q1's 4.36% NIM included an 8-basis-point benefit from interest on tax refunds, and the Bank raised FCNR(B) deposit rates by 25 bps to 6.25% for the 3-5 year bucket. The FCNR(B) programme has been the standout: gross mobilisation reached approximately USD 17.88 billion up to August 31, 2026, with loans of approximately USD 9.00 billion against those deposits and USD 3.55 billion of USD-denominated bonds issued during July-August. Fee income grew 12.2% year-on-year in Q1 to Rs. 7,286 crore, though the credit-card portfolio declined 1.9% year-on-year and management described card-fee growth as below its preference. Asset quality has been stable, with net NPA at 0.35% at June 30, 2026, provision coverage at 74.7% and contingency provisions of Rs. 13,100 crore, while the RBI's ECL framework remains at draft stage with an effective date of April 1, 2027.
Performance vs guidance tracking: How reported numbers stack up against management's stated FY2027 priorities.
FCNR(B) programme and balance-sheet funding
Asset quality and regulatory items
Operating metric trajectory
Management said high-teen loan growth was achievable for FY2027 but declined to provide a specific number, citing market volatility and uncertainty. It said it would grow within risk parameters and focus on high-quality customers.
Management did not provide a specific credit-cost forecast, citing geopolitical uncertainty. It said the retail/corporate mix is an outcome of opportunities within its risk framework rather than a fixed target.
The RBI directed an additional Rs. 1,283 crore standard-asset provision in Q3 FY2026 for agricultural priority-sector facilities whose terms did not fully meet regulatory classification requirements. Management said the provision follows the regulator's supervisory review and that the Bank is working to bring the portfolio into conformity.
Gross FCNR(B) deposit mobilisation was approximately USD 17.88 billion up to August 31, 2026, with related loans of approximately USD 9.00 billion, per the Bank's September 2 disclosure. The Bank also issued approximately USD 3.55 billion of USD-denominated bonds during July-August 2026; the figures were provisional and unaudited.
In Q1 FY2027, NII grew 12.7% year-on-year to Rs. 24,384 crore and PAT grew 15.9% to Rs. 14,805 crore. Core operating profit grew 15.6% and NIM stood at 4.36%, including an 8-basis-point benefit from interest on tax refunds.