Business Context and Reporting Period
Company: ICICI Bank Limited
Filing Type: Form 6-K (Report of Foreign Issuer)
Reporting Period: Quarter and six months ended September 30, 2025 (Q2 and H1 of FY2026)
Board Meeting Date: October 18, 2025
The filing presents unaudited standalone and consolidated financial results approved by the Board of Directors. The results include the full impact of ICICI Securities Limited becoming a wholly-owned subsidiary following a Scheme of Arrangement effective March 24, 2025, rendering consolidated figures for the current period not fully comparable with prior periods.
Key Financial Metrics (Standalone)
| Particulars (₹ in Crore) | Q2 2026 (3 Months Ended Sep 30, 2025) |
H1 2026 (6 Months Ended Sep 30, 2025) |
Q2 2025 (3 Months Ended Sep 30, 2024) |
|---|---|---|---|
| Total Income | 49,333.49 | 100,785.30 | 47,714.04 |
| Net Interest Income (NII) | 21,529.00 | 43,164.00 | 20,048.00 |
| Profit Before Tax (PBT) | 16,383.85 | 33,315.12 | 15,490.09 |
| Profit After Tax (PAT) | 12,358.89 | 25,127.10 | 11,745.88 |
| EPS (Basic, ₹) | 17.31 | 35.22 | 16.68 |
| Net NPA Ratio | 0.39% | 0.39% | 0.42% |
| Gross NPA Ratio | 1.58% | 1.58% | 1.97% |
| Capital Adequacy Ratio (Basel III) | 15.76% | 15.76% | 15.35% |
| Total Deposits (Period End) | 1,612,824.94 | 1,612,824.94 | 1,497,760.67 |
| Total Advances (Period End) | 1,408,456.43 | 1,408,456.43 | 1,277,240.43 |
Key Financial Metrics (Consolidated)
| Particulars (₹ in Crore) | Q2 2026 | H1 2026 | Q2 2025 |
|---|---|---|---|
| Total Income | 76,146.59 | 150,722.62 | 72,942.55 |
| Profit Before Tax | 19,126.33 | 38,683.34 | 18,541.65 |
| Profit After Tax | 13,357.06 | 26,914.66 | 12,947.77 |
| EPS (Basic, ₹) | 18.71 | 37.73 | 18.39 |
Material Changes and Performance Highlights
- Profitability Growth: Standalone PAT grew 5.2% year-on-year (YoY) to ₹12,359 crore. Core operating profit grew 6.5% YoY to ₹17,078 crore. Profit before tax excluding treasury grew 9.1% YoY.
- Income Drivers: Net Interest Income (NII) increased 7.4% YoY to ₹21,529 crore with a Net Interest Margin (NIM) of 4.30%. Non-interest income (excluding treasury) rose 13.2% YoY to ₹7,356 crore, driven by a 10.1% increase in fee income.
- Asset Quality Improvement: Gross NPA ratio improved to 1.58% from 1.97% in the prior year. Net NPA ratio declined to 0.39% from 0.42%. Provisioning coverage ratio on non-performing loans stood at 75.0%.
- Balance Sheet Expansion: Total period-end deposits grew 7.7% YoY to ₹16.13 lakh crore. Domestic loan portfolio grew 10.6% YoY to ₹13.75 lakh crore. Retail loans comprised 52.1% of the total loan portfolio.
- Cash Flow: Standalone net cash flow from operating activities was negative ₹19,167 crore for H1-2026, primarily due to a significant increase in advances (₹69,832 crore) and investments, offset by deposit growth.
Guidance, Outlook, and Management Commentary
- Capital Adequacy: Including H1-2026 profits, the standalone Total Capital Adequacy Ratio was 17.00% and CET-1 ratio was 16.35%, well above regulatory minimums (11.70% and 8.20% respectively).
- Subsidiary Performance:
- ICICI Prudential Life Insurance: Value of New Business (VNB) margin improved to 24.5% in H1-2026. PAT increased to ₹299 crore in Q2-2026.
- ICICI Lombard General Insurance: PAT grew 18.1% YoY to ₹820 crore. Combined ratio was 105.1% (103.8% excluding CAT losses).
- ICICI Securities: Consolidated PAT was ₹425 crore in Q2-2026.
- Corporate Actions: The Board appointed Ms. Vijayalakshmi Iyer as an Additional Independent Director effective December 1, 2025. Mr. Balaji V.V. ceased to be Senior Management Personnel effective November 1, 2025, due to retirement.
- Risks and Contingencies: The Bank holds a contingency provision of ₹13,100 crore. The filing includes standard forward-looking statement disclaimers regarding economic conditions, interest rates, and regulatory changes.
Investor Verification Checklist
- Comparability of Consolidated Results: Verify the impact of the ICICI Securities Limited acquisition (March 2025) on consolidated revenue and profit comparisons with prior periods.
- Asset Quality Trends: Monitor the trajectory of Gross and Net NPA ratios, specifically the reduction in gross NPA additions and the effectiveness of recoveries.
- Provisioning Adequacy: Review the ₹13,100 crore contingency provision and the 75.0% coverage ratio on non-performing loans against future credit stress scenarios.
- Insurance Segment Margins: Assess the sustainability of the improved VNB margin in the life insurance segment and the combined ratio in general insurance, noting the impact of CAT losses.
- Cash Flow Dynamics: Analyze the negative operating cash flow in H1-2026 to ensure it aligns with strategic asset deployment (advances and investments) rather than liquidity stress.