The company’s net interest income stood at Rs 22,979 crore, higher by 8.4% from the Rs 21,193 crore posted in the corresponding quarter of the previous financial year, ICICI Bank said in a regulatory filing.
Along with results, the board also recommended a dividend of Rs 12 per share in line with applicable guidelines. The payout remains subject to necessary approvals, with record and book closure dates to be announced in due course.
Should you buy, sell or hold ICICI Bank shares?
Jefferies maintained its buy rating on ICICI Bank with a target price of Rs 1,670, an upside of 23% from current levels. The brokerage expects loan growth to strengthen to around 15% from FY27, supported by improving sector trends and the bank’s focus on balancing growth with margins. It anticipates net interest margins to soften slightly, while fee income growth is likely to pick up from FY27 as the base effect normalises. Credit costs are expected to inch up marginally, factoring in a normalisation of corporate recoveries and potential risks arising from the ongoing West Asia conflict.
Overall, Jefferies expects these factors to support a 13% CAGR in profit before tax, excluding treasury income, over FY26-29.
Bernstein maintained a market perform rating on the lender with a target price of Rs 1,550, an upside of 14.5%, noting a steady and balanced performance. The brokerage highlighted that loan growth improved to around 16% YoY, with better traction across segments, although it expects growth to remain measured given external uncertainties.
Credit costs are likely to stay benign at below 50 basis points, supported by stable asset quality, strong corporate balance sheets and improving trends in the retail portfolio. Overall, Bernstein sees the bank delivering a stable performance with a balanced risk-reward profile.Nomura reiterated its buy rating on the stock and raised the target price to Rs 1,620 from Rs 1,535, citing a steady underlying performance and forecasting a 20% upside potential. After adjusting credit costs for recoveries, the brokerage estimates credit cost at around 24 basis points, which translates into a cleaner profit beat of roughly 2%. It also highlighted that asset quality remains strong, while loan growth has started to pick up pace again.
Motilal Oswal maintained its buy rating on ICICI Bank with a target price of Rs 1,750, citing a strong quarterly performance. The brokerage expects NIMs to remain largely stable through FY27, even as the full impact of cost of funds repricing is yet to be reflected. It believes ICICI Bank is well-positioned to deliver an average return on assets of around 2.25% over FY27-28. Asset quality remains among the strongest in the sector, supported by a stable contingency buffer of Rs 131 billion, equivalent to 0.9% of the loan book.
Elara Capital also maintained its buy rating on ICICI Bank with a target price of Rs 1,783. It said loan growth remained healthy at 6% quarter-on-quarter, with traction across segments. Net interest margins stayed stable at 4.32%, supported by steady growth in net interest income. Asset quality improved, aided by lower slippages and strong provision buffers.
The brokerage highlighted that return on assets remains above 2% and return on equity above 15%, reinforcing the bank’s premium valuation. It added that consistent execution and value from subsidiaries strengthen the long-term outlook, with ICICI Bank continuing to be a top pick among large private sector banks.
JM Financial reiterated its buy rating on ICICI Bank and raised the target price to Rs 1,630 from Rs 1,550, while continuing to list it as its top pick. The brokerage described the quarter as “picture perfect”, with stable asset quality in the business banking segment despite strong growth and minimal stress in the corporate portfolio. Management has guided for normalised credit costs to remain below 50 basis points, while JM Financial has built in an average credit cost of 67 basis points over FY27–28.
On valuations, the brokerage believes ICICI Bank will continue to command a premium among large banks. It has raised its FY27 and FY28 earnings estimates by 5-7% and expects an EPS CAGR of around 16% over FY26-28, along with an average return on assets of about 2.3% and return on equity of around 16% for FY27-28.
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