ICICI Bank Limited Q1FY26 Result Analysis

ICICI Bank Limited is one of India’s leading private sector banks, offering a comprehensive range of financial products and services to retail, SME, and corporate customers. The bank operates through a strong network of over 7,066 branches and 13,376 ATMs across India, along with an international presence in key global markets. The bank’s diversified portfolio includes retail banking, corporate banking, treasury operations, and subsidiaries in life insurance, asset management, and securities.

Result Analysis:  ICICI Bank Limited  (CMP: Rs. 1,472)

Result Update: Q1FY26

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Financial Performance:

Shareholding Pattern:

Particulars (In %)	Q4FY25	Q4FY24
FIIs	56.37	56.05
DIIs	36.45	36.47
Public & Others	6.97	7.27
Government	0.22	0.22

Management Commentary:

• Decline in deposit cost was driven mainly by repricing of savings accounts and runoff of older, high-cost wholesale deposits. Management expects further cost tailwinds in Q2 due to full impact of repo rate cuts and ongoing repricing of term deposits, benefiting overall margin stability.
• Management clarified that the apparent NIM decline was largely due to a change in computation from actual days to a monthly convention. This transition smooths volatility and aligns reporting. The real sequential drop is minimal, with the adjusted Q4 margin only slightly lower than previously reported.
• Loan growth, especially in retail and secured products, remains modest due to competitive pricing and subdued demand. Management sees potential for recovery as recent monetary easing transmits into credit demand. They maintain a cautious but optimistic stance, expecting mid-teen growth if market conditions improve.

Outlook:

ICICI Bank remains cautiously optimistic about growth in the coming quarters. Management expects further margin support in Q2 FY26 from the full impact of repo rate cuts and continued deposit repricing. While loan growth remains moderate due to competitive pricing and subdued demand, the Bank anticipates improvement as monetary easing gains traction. With a strong capital position, stable asset quality, and continued investment in technology. .It has reported an EPS of Rs 17.63 in Q1FY26 and TTM EPS of Rs 74.11 and currently trading at a TTM P/E of 19.86x and P/B of 3.4x.

Results:

Source: Company website, EWL Research

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