ICICI Bank Limited — Form 6-K Summary
Business context and reporting period
Filed September 22, 2026, the Form 6-K transmits ICICI Bank’s Annual Securities Report filed with Japan’s Kanto Regional Finance Bureau on September 18, 2026. The report covers the fiscal year ended March 31, 2026, and presents consolidated financial statements under Indian GAAP, with reconciliations to U.S. GAAP.
ICICI Bank is a diversified Indian financial-services group focused on retail and corporate banking, with subsidiaries in insurance, asset management, securities, private equity, housing finance and pension management. The Group operated 7,511 Indian branches and 12,087 ATMs and cash recyclers at fiscal year-end.
Key financial metrics
| Metric | Fiscal 2026 | Change versus fiscal 2025 |
|---|---|---|
| Net interest income | Rs. 1,061.9 billion | Up 9.1% |
| Other income, including associates | Rs. 1,171.6 billion | Up 8.1% |
| Operating profit before provisions | Rs. 827.0 billion | Up 6.3% |
| Profit before tax | Rs. 773.2 billion | Up 5.9% |
| Net profit after minority interest | Rs. 542.1 billion | Up 6.2% |
| Net interest margin | 4.41% | Unchanged |
| Cost-to-income ratio | 62.93% | Up from 62.17% |
| Total assets | Rs. 29,145.0 billion | Up 10.3% |
| Net advances | Rs. 16,446.6 billion | Up 15.8% |
| Total deposits | Rs. 18,300.2 billion | Up 11.5% |
| Net cash and cash equivalents | Rs. 2,649.8 billion | Up 23.8% |
| Operating cash inflow | Rs. 673.3 billion | Down from Rs. 1,228.1 billion |
| Consolidated CET1 ratio | 16.25% | Up from 15.8% |
| Consolidated total capital ratio | 17.05% | Up from 16.4% |
| Consolidated leverage ratio | 10.8% | The filing does not provide a prior-period comparison |
| Consolidated LCR | 123.6% | Above the 100% regulatory minimum |
| Consolidated NSFR | 122.3% | Above the 100% regulatory minimum |
Asset quality, margins and funding
- Gross non-performing loans declined 3.7% to Rs. 234.3 billion; the gross NPL ratio improved to 1.41% from 1.69%.
- Net NPLs were Rs. 61.0 billion, with the net NPL ratio stable at 0.4%. Provision coverage was 74.0%, compared with 74.7%.
- Gross restructured loans declined 22.6% to Rs. 18.3 billion, and net restructured loans declined 22.3% to Rs. 17.6 billion.
- Gross loans grew 15.5%; retail finance grew 11.5% and represented 51.3% of gross loans, down from 53.1%. Business banking and wholesale portfolios grew more rapidly.
- Net interest margin remained 4.41% as lower asset yields were offset by lower funding costs. The yield on interest-earning assets declined to 8.11% from 8.45%, while cost of funds declined to 4.79% from 5.15%.
- Borrowings increased only 0.6% to Rs. 2,202.6 billion, while deposits funded 93.5% of the Bank’s deposits-plus-borrowings base, compared with 92.9% previously.
- Uninsured deposits totaled Rs. 14,748.1 billion at March 31, 2026, including uninsured time deposits of Rs. 9,713.9 billion.
Material changes versus the prior comparable period
- Profit growth was supported by higher net interest income, insurance income, commission and fee income, and stronger retail and wholesale banking results.
- Operating expenses increased 9.9% to Rs. 1,403.9 billion, exceeding net total income growth and resulting in higher cost ratios.
- Provisions and contingencies increased 14.9% to Rs. 56.4 billion. This included a Rs. 12.8 billion standard-asset provision directed by the Reserve Bank of India for agricultural priority-sector facilities whose terms were not fully compliant with classification requirements.
- Operating cash flow fell substantially because of increased advances and other assets, although investing cash outflows decreased to Rs. 130.1 billion.
- Capital adequacy strengthened, with standalone CET1 rising to 16.4% and total capital to 17.2%; both remained well above applicable regulatory requirements.
- ICICI Bank acquired 100% of ICICI Pension Fund Management Limited, completed the transfer of private-equity and related fund-management activities to ICICI Prudential Asset Management, and increased its ownership in the asset-management subsidiary to 53%.
- The Bank acquired approximately 2% additional equity in its life-insurance subsidiary, increasing ownership to approximately 52.8% after transactions completed through September 2, 2026. The subsidiary received approval to change its name to ICICI Life Insurance Limited, subject to remaining approvals.
- During July and August 2026, the Bank’s IFSC Banking Unit issued approximately US$3.6 billion of foreign-currency bonds. The Bank also mobilized approximately US$17.9 billion under the RBI’s FCNR(B) swap facility before the facility closed to new mobilization.
Guidance, outlook, risks and unusual items
Management expects India’s medium-term growth prospects to remain positive, supported by domestic consumption, investment, digitization, formalization, urbanization and strong corporate and banking balance sheets. The Bank’s stated strategy is to grow profit before tax excluding treasury income through granular, risk-calibrated loan growth, deposit expansion, technology investment and disciplined capital and liquidity management. No specific loan-mix or segment-growth targets were provided.
- Key external risks include global trade restrictions and tariffs, geopolitical tensions, elevated energy prices, capital outflows, rupee volatility, inflation, interest-rate movements and slower Indian or global growth.
- The Bank is exposed to credit deterioration in retail unsecured, rural, small-business, real-estate, infrastructure and commodity-linked portfolios. Regulatory changes may increase provisioning, capital or compliance costs.
- RBI directions introducing forward-looking expected-credit-loss provisioning and revised standardized credit-risk capital requirements become effective April 1, 2027 and may increase provisioning or capital requirements.
- The Bank reported no cyber incident during fiscal 2026 that materially affected, or was reasonably likely to materially affect, its business or financial condition. It did report attempted phishing, credential-harvesting and distributed-denial-of-service attacks that were detected and mitigated.
- Contingent tax liabilities totaled Rs. 148.5 billion, primarily relating to income tax, service tax, GST, sales tax and VAT disputes. The Bank has not provided for these amounts and expects to contest the demands.
- There were 161 ongoing litigations involving claims of at least Rs. 10 million, with aggregate quantified claims of Rs. 779.8 billion. Provisions of Rs. 1.079 billion were held for 633 cases assessed as probable, with claims totaling Rs. 2.0 billion.
- The Bank disclosed RBI penalties of Rs. 10 million and Rs. 8 million during fiscal 2026 for specified cybersecurity, KYC, card, property-valuation and current-account compliance matters.
- The independent auditor issued an unqualified opinion on the consolidated financial statements and internal control over financial reporting. Critical audit matters included allowance for credit losses and life-insurance policy liabilities.
Important facts for investors to verify
- Reconcile the Indian GAAP net profit of Rs. 542.1 billion with the U.S. GAAP attributable net income of Rs. 560.4 billion and review the related adjustments.
- Assess whether loan growth, particularly in business banking, rural lending and unsecured retail lending, remains consistent with asset-quality and provisioning trends.
- Review the impact of the Rs. 12.8 billion agricultural-sector provision and the planned 2027 expected-credit-loss and capital-rule changes.
- Monitor deposit growth, uninsured deposits, funding concentration, the maturity mismatch between deposits and loans, and continued access to domestic and international funding markets.
- Evaluate sensitivity to interest rates, foreign-exchange movements, energy prices, geopolitical conditions and rupee depreciation.
- Review the status and potential financial exposure of the Rs. 148.5 billion contingent tax liability, ongoing regulatory inquiries and litigation claims.
- Confirm the final fiscal 2026 dividend of Rs. 12 per equity share, which remains subject to shareholder approval, and consider applicable RBI dividend restrictions.
- Verify ownership and regulatory approvals related to ICICI Life Insurance Limited, ICICI Prudential Asset Management, ICICI Pension Fund Management and other subsidiaries.