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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
コンテナターミナル
Economic Updates
Philippines Trade Update: Trade deficit narrows but not a sign of strength
August 29, 2025 DOWNLOAD
Frick collection with palm trees 
Economic Updates
Policy Rate Updates: BSP takes on less dovish tone
August 28, 2025 DOWNLOAD
City skyline at sunset in Metro Manila
Economic Updates
Quarterly Economic Growth Release: Stronger case for a BSP cut in August
August 7, 2025 DOWNLOAD
View all Reports
Bonds Market Movements Top Picks Issuer List
  • Top Picks
  • ICICI Bank
Sovereign Bonds

ICICI Bank

  • Sector: Financial Services
  • Sub Sector: Banks
  • Region: India
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Fundamental View

AS OF 23 Jul 2025
  • ICICI Bank is one of the leading private banks in India and has a good diversified business model, with well regarded life and general insurance subsidiaries.

  • Under its previous CEO, the bank suffered setbacks from sizeable bad debt problems in FY17/18, but the situation has since stabilised following a leadership change and the bank has done well ever since.

Business Description

AS OF 23 Jul 2025
  • The original Industrial Credit and Investment Corporation of India (ICICI) was established in 1955 by the World Bank, the Government of India and representatives of Indian industry as a financial institution to provide Indian businesses with medium and long-term project financing.
  • In 1994, ICICI established a commercial banking subsidiary, ICICI Bank as India's financial sector opened up, and in 2002 ICICI merged with ICICI Bank, keeping the latter's name.
  • Retail now accounts for 52% of its loan book, corporates are at 20%, while rural and business banking & SMEs are at 6% and 20% respectively, and overseas (which is being de-emphasised) consists of just 2% at F1Q26.
  • The bank has well regarded life insurance (ICICI Prudential) and general insurance (ICICI Lombard) businesses.

Risk & Catalysts

AS OF 23 Jul 2025
  • ICICI has been delivering both relatively strong loan and deposit growth momentum, while maintaining its leading LDR and profitability, in testament to its strong franchise. Rate cuts will impact the NIM in FY26, but treasury gains provide some offset. Loan growth has been slow for the sector as a whole despite improved system liquidity; the hope is for rate cuts to drive a pickup in loan growth.

  • We are cautious about Indian unsecured retail and microfinance given a stretched urban middle and lower-middle class consumer by earlier high inflation and interest costs. ICICI’s prudence towards the segment than peers however is keeping asset quality well controlled.

  • Leadership and governance issues under the previous CEO Ms. Chanda Kochhar have been dealt with well, since her replacement in Oct-18.

Key Metric

AS OF 23 Jul 2025
INR bn FY22 FY23 FY24 FY25 1Q26
NIM 3.96% 4.48% 4.53% 4.32% 4.34%
ROAA 1.77% 2.13% 2.37% 2.37% 2.41%
ROAE 14.7% 17.2% 18.7% 17.9% 17.2%
Equity/Assets 12.1% 12.6% 12.7% 13.7% 14.3%
CET1 Ratio 17.3% 16.9% 15.4% 15.8% 15.5%
Gross NPA Ratio 3.60% 2.81% 2.16% 1.67% 1.67%
Provisions/Loans 0.97% 0.65% 0.30% 0.34% 0.50%
PPP ROA 2.97% 3.28% 3.36% 3.37% 3.54%
Scroll to view columns right arrow

CreditSight View Comment

AS OF 23 Jul 2025

ICICI Bank is a preferred name among the Indian FIs we cover. We like the bank’s robust capital and loan loss buffers, strong asset quality, as well as peer leading margins, profitability and liquidity position. Under its previous CEO, the bank suffered setbacks from sizable bad debt problems in FY17/18 but the situation has since stabilised following a leadership change. The bank has emerged stronger from a capital, asset quality and earnings perspective, as it de-risked its book, and took pro-active actions to protect its capital by raising equity and selling small stakes in its well-regarded insurance subsidiaries to raise funds and set aside more general provisions. ICICI last issued a $ bond in 2017. The senior looks wide but we have ICICI on M/P due to likely low trading liquidity.

Recommendation Reviewed: July 23, 2025

Recommendation Changed: December 07, 2020

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