ICICI Bank Q2 FY27 Results Analysis: PAT Jumps 20.1%, Advances Surge 30% (ICICIBANK)
ICICI Bank Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 57,157.49 Cr (+15.86% YoY) and PAT growth of +20.10% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 17, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 57,157.49 Cr (+15.86% YoY) |
| PAT (Q2) | Rs. 14,843.03 Cr (+20.10% YoY) |
| EPS (Q2) | Rs. 20.68 (+19.47% YoY) |
| Market cap | Rs. 1,003,030.89 Cr |
| CMP | Rs. 1,397.00 |
Quarter Snapshot
ICICI Bank grew advances 30.04% YoY (24.1% ex-FCNR), exceeding management's 'high-teen' FY2027 guidance, while PAT rose 20.1% to Rs.14,843 Cr — the fastest pace in at least five quarters — on 21.8% core operating profit growth and positive operating leverage. GNPA and NNPA fell to 1.20% and 0.30%, the best levels in at least five quarters. NIM of 4.18% ran below the guided range on FCNR(B) costs and the non-recurrence of a tax-refund benefit, and the 89.35% credit-deposit ratio funded by 82.9% borrowings growth is the key structural watch item.
Key Investment Insights
Key Positives
- Advances grew 30.04% YoY (24.1% ex-FCNR), exceeding management's 'high-teen' FY2027 loan growth guidance
- PAT grew 20.1% YoY to Rs.14,843 Cr, the fastest pace in at least five quarters
- Core operating profit rose 21.8% YoY to Rs.20,805 Cr and PBT excluding treasury grew 23.5% YoY to Rs.19,954 Cr
- NII rose 17.7% YoY to Rs.25,339 Cr; fee income grew 20.1% YoY to Rs.7,795 Cr
- GNPA fell to 1.20% and NNPA to 0.30%, the best levels in at least five quarters; provisions declined 6.9% YoY to Rs.851 Cr
- Operating expenses grew 8.5% YoY against 15.9% total income growth; cost-to-income improved to 38.37% from 40.57%
- Deposits grew 27.1% YoY to Rs.20,49,874 Cr with a 35.8% CASA ratio
- Consolidated PAT grew 22.3% YoY to Rs.16,333 Cr; subsidiary contribution rose 49% to Rs.1,490 Cr
Risk Factors
- NIM compressed 32 bps YoY to 4.18% (down 18 bps QoQ), below the guided range, on FCNR(B) cost drag and non-recurrence of the Q1 tax-refund benefit
- Credit-deposit ratio rose to 89.35% and borrowings surged 82.9% YoY to Rs.2,04,553 Cr, lifting the debt-equity ratio from 0.19 to 0.35
- Treasury loss of Rs.230 Cr versus a Rs.220 Cr gain in Q2-2026 from weaker INR mark-to-market positions
- Capital adequacy ratio drifted to 16.68% from 17.18% at FY2026 and 16.84% in Q1-2027
- Rs.1,283 Cr agricultural priority-sector provision remains held pending completion of the RBI-directed review
Ask about this
Ask Cofacto a question about this result. Answers cite filings and company data.
Related
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.