- ICICI Bank board approved overseas debt fundraising up to $5 billion
- Approval includes bonds, notes, offshore instruments, and certificates of deposit
- Decision made during the board meeting held on August 21
ICICI Bank on Friday announced that its board of directors have approved fundraising via debt in overseas markets.
The board of directors of ICICI Bank, at its meeting held today, August 21, approved borrowings by way of issuances of bonds / notes / offshore / Certificate of Deposits in overseas markets for a revised limit of up to $5 billion, the lender said in a regulatory filing.
The Reserve Bank of India (RBI) had earlier announced concessional swap facility for FCNR-B (Foreign Currency Non-Resident [Bank]), overseas foreign currency borrowings, and external commercial borrowings. Under this, the hedging cost of dollar denominated bonds would be capped at 1.5%%.
ICICI Bank has already raised $1.7 billion under this scheme across two tranches of $1 billion and $700 million.
On Thursday, HDFC Bank had announced the raising $1.75 billion through the dollar denominated bonds, the highest by an Indian bank ever.
HDFC Bank's bond issuance was carried out through its GIFT City branch and comprised two tranches — $500 million of three-year bonds and $1.25 billion of five-year bonds.
Meanwhile, during the June quarter ICICI Bank reported a 15.95% year-on-year (YoY) rise in standalone net profit to Rs 14,804.5 crore. The private sector lender's net interest income (NII) in Q1FY27 grew 12.7% YoY to Rs 24,384.35 crore.
The bank's net interest margin (NIM) improved sequentially, and asset quality strengthened during the quarter. NIM stood at 4.36 percent for the June quarter, compared with 4.32 percent in the March quarter and 4.34 percent in the year-ago period.
The lender's total period-end deposits grew by 14.0% YoY to Rs 18,335.86 billion at June 30, 2026, while total advances grew by 19.6% YoY to Rs 16,312.60 billion at June 30, 2026.
In other development, Goldman Sachs initiated coverage on ICICI Bank with a ‘Buy' rating and a target price of Rs 1,935.
At 11:20 AM, ICICI Bank shares were trading 0.44% higher at Rs 1,417.70 apiece on the BSE.
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