ICICI Bank on Saturday, April 18, had reported a solid performance for the January–March quarter of FY26, posting an 8.4% year-on-year increase in standalone net profit at Rs 13,702 crore. This compares with Rs 12,629.5 crore in the same quarter last year. The country's second-largest private sector lender surpassed market expectations, aided by strong loan expansion and a decline in provisions set aside for stressed assets. The bank also announced a dividend of Rs 12 per equity share for FY26.
Brokerages remain broadly positive on ICICI Bank following its Q4 performance, citing accelerating loan growth, stable margins and benign asset quality as key positives. Citi maintained a Buy rating with a target price of Rs 1,720, highlighting near-zero credit costs as the primary driver behind the earnings beat. Morgan Stanley also reiterated an Overweight rating with a target of Rs 1,705, calling ICICI Bank its preferred bet among Indian financials.
Kotak Securities and Jefferies retained their Buy recommendations but struck a more nuanced tone. Kotak, with a target of Rs 1,800, termed the quarter a solid all-round performance supported by stable margins and lower provisions. Jefferies, which set a target of Rs 1,670, pointed to a pickup in loan growth led by corporate and business banking, stable asset quality and positive surprises from corporate recoveries.
Citi on ICICI Bank
- Maintain Buy with Target of Rs 1720
- Accelerated loan growth, stable NIMs, near-zero credit cost
- Near-zero credit cost drives earnings beat
- Advances growth accelerates; rural/business banking lead, retail steps up
- Raise loan growth estimates to 15-16%, expect range-bound NIMs, agri-Priority Sector Lending (PSL) provision reversal offers credit cost buffer
MS on ICICI Bank
- Maintain Overweight with Target of Rs 1705
- Q4: Solid quarter; Preferred Play Among India Financials
- PAT beat estimates by 7%, largely driven by lower provisions
- Core Pre-Provision Operating Profit (PPOP) was 1% above estimates, reflecting higher NII
- Adjusted NIM dipped 2 bps QoQ to 4.27%
- Loan growth accelerated to 16% vs. 10% in Q2FY26
- Resilience with growth amid geopolitical uncertainties
Kotak Securities on ICICI Bank
- Maintain Buy with Target of Rs 1800
- A solid all-round performance
- Stable NIM; earnings supported by lower provisions
- Steady execution focused on balance sheet strength
- ICICI Bank has to deal with elevated expectations that are challenging to meet
- Combined with its valuation premium, this makes outperformance difficult
- Like balance sheet resilience over growth
Jefferies on ICICI Bank
- Maintain Buy with Target of Rs 1670
- Loan growth pickup led by corporate & business banking loans; NIMs stay stable
- Core asset quality stable & positive surprise from corporate recoveries
- For FY26-29E: Expect better loan growth, slightly lower NIMs and tad higher credit costs
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
