ICICI Bank Ltd. (ICICIBANK)
Comprehensive Fundamental & Dividend Analysis Report
ICICI Bank Limited stands as India’s second-largest private sector commercial bank, commanding an extensive domestic and international network across retail banking, SME solutions, and large-scale corporate financing. Renowned for maintaining exceptional balance sheet strength, high net interest margins, and best-in-class asset quality metrics, ICICI Bank continues to demonstrate multi-year compounding growth in operating revenues and profitability.
The core fundamental strength of the bank reflects a robust capital buffer, strong deposit profile, and consistently elevated returns on assets and equity.
| Financial Metric | Details / Value | Strategic Significance |
|---|---|---|
| Market Capitalization | ~₹10,15,946 Crores | Mega-cap classification with deep liquidity. |
| Current Market Price (CMP) | ~₹1,444.00 | Trading near long-term resistance range. |
| 52-Week Range | ₹1,187.60 – ₹1,500.00 | Stable upward consolidation curve. |
| Price-to-Earnings (P/E) | ~18.74x | Attractively valued relative to peers. |
| Price-to-Book (P/B) | ~2.87x | Reflects strong return on book values. |
| Return on Equity (ROE) | ~16.10% | High capital deployment efficiency. |
| CASA Ratio | ~39.00% | Healthy proportion of low-cost deposit base. |
| Net Interest Margin (NIM) | ~4.30% | High profitability on interest earning assets. |
| Capital Adequacy (CAR) | 17.11% | Well above regulatory thresholds. |
| Face Value | ₹2.00 per share | Standard equity denomination. |
Asset quality remains one of the strongest pillars of ICICI Bank’s operational framework, with write-offs and bad loans kept at historically low levels through strict underwriting standards.
- Gross Non-Performing Assets (GNPA): 1.53% — Demonstrates controlled slippages and strong loan recovery mechanisms across retail and commercial books.
- Net Non-Performing Assets (NNPA): 0.37% — Reflects exceptional risk mitigation and an ultra-clean balance sheet.
- Provision Coverage Ratio (PCR): Consistently maintained above 75%, providing strong buffer protection against potential macro credit shocks.
ICICI Bank has consistently delivered double-digit YoY growth in quarterly and annual Profit After Tax (PAT), backed by sustainable Net Interest Income (NII) and rising fee income generation.
| Financial Period | Standalone PAT (Profit After Tax) | Year-on-Year (YoY) Growth |
|---|---|---|
| Q4 FY26 Final Quarter | ₹13,702 Crores | +8.5% YoY |
| Q4 FY25 Corresponding Quarter | ₹12,630 Crores | +14.2% YoY |
| Full Year FY25 Total PAT | ~₹44,200 Crores | +18.6% YoY |
| Full Year FY24 Total PAT | ~₹40,888 Crores | +22.9% YoY |
Commercial banks in India primarily prioritize capital preservation to finance core credit growth. As a result, dividend yields remain modest, typically hovering around 0.80%. However, ICICI Bank has established a multi-year trend of increasing annual cash payouts to reward long-term equity investors.
- Current Dividend Yield: ~0.81% (Based on annual dividend of ₹12.00 per equity share).
- Dividend Distribution Frequency: Annual (Declared following full audited results in Q4).
- 5-Year Dividend Growth: From ₹2.00 per share in FY21 to ₹12.00 per share in FY26 — representing a 500% overall increase.
| Financial Year (FY) | Payout Type | Amount (per Share) | Growth Status |
|---|---|---|---|
| FY 2026 | Final Dividend | ₹12.00 | +9.09% YoY |
| FY 2025 | Final Dividend | ₹11.00 | +10.00% YoY |
| FY 2024 | Final Dividend | ₹10.00 | +25.00% YoY |
| FY 2023 | Final Dividend | ₹8.00 | +60.00% YoY |
| FY 2022 | Final Dividend | ₹5.00 | +150.00% YoY |
| FY 2021 | Final Dividend | ₹2.00 | Base Year |
A significant proportion of ICICI Bank’s long-term enterprise valuation stems from its premier listed market subsidiaries, which provide diversified non-banking income streams:
- ICICI Prudential Life Insurance: A dominant private life insurer in India.
- ICICI Lombard General Insurance: Leading private non-life insurance provider.
- ICICI Securities: Retail and institutional brokerage and wealth management business.
- ICICI Prudential AMC: One of India’s largest Asset Management Companies by AUM.
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