ICICI Bank Share Price Rises After Q1 Beat And Upgrades

ICICI Bank share price climbed up to 3 percent on Monday after the private lender reported a stronger than expected Q1 FY27 and several brokerages raised target prices on the back of robust growth and asset quality.

Share Price Movement

According to BSE data, ICICI Bank shares rose as much as 3 percent in Monday’s session to ₹1,480 after the June quarter results.

On Friday, the stock had closed 2.5 percent higher at ₹1,454, and according to NSE data it was recently quoted around ₹1,457.90, up about 0.9 percent in early trade. The stock has gained roughly 9 to 10 percent so far in 2026 and is trading close to its 52 week high of ₹1,500.

Stock Performance

Metric	Value
Previous close	₹1,454.00
Intraday high	₹1,480.00
Recent price	₹1,457.90
Day change	About +1%
Year to date	Up around 9-10%
52 week high	₹1,500.00

• Intraday high of ₹1,480 followed Q1 FY27 results and commentary.
• Stock is trading just below the 52 week high of ₹1,500.
• Year to date gains of around 9 to 10 percent outpace many large lenders.

Why ICICI Bank Share Price Moved

The stock reacted to a broad based beat in Q1 FY27 metrics and a series of positive brokerage actions.

ICICI Bank reported double digit growth in both net profit and net interest income, with asset quality ratios improving from a year earlier and net interest margins holding firm. Several analysts cited the bank’s sector leading loan growth, resilient margins and strong provisioning buffers.

Brokerages also pointed to a robust return profile, with return on assets around 2.3 to 2.5 percent, and argued that the bank can sustain higher growth than many peers while maintaining conservative credit costs.

Financial Highlights

ICICI Bank’s June quarter results showed healthy growth across core metrics, with profitability and asset quality both improving on a year on year basis.

Financial Performance

Metric	Q1 FY27	YoY change
Net interest income (NII)	₹24,384, 24,385 crore	Up about 12.1, 12.7%
Core operating profit	₹20,235 crore	Up 15.6%
Core operating profit (ex subsidiary dividends)	₹19,125 crore	Up 18.3%
Pre provision operating profit (PPOP)	₹20,386 crore	Up 8.7%
Net profit	₹14,804, 14,805 crore	Up about 15.9, 16%
Non interest income (ex treasury)	₹8,425 crore	Up 16%
Fee income	₹7,286 crore	Up 23.5%

• NII growth of around 12 to 13 percent exceeded internal and Street expectations.
• Net profit rose about 16 percent, beating poll estimates by over ₹1,100 crore.
• Core operating profit grew faster than headline PPOP once dividend income is excluded.
• Fee income expanded 23.5 percent, with about 72 percent contributed by retail, rural and business banking customers.

Asset Quality And Provisions

Metric	Q1 FY27	Q4 FY26	Q1 FY26
Gross NPA ratio	1.38%	1.40%	1.67%
Net NPA ratio	0.35%	0.33%	0.41%
Gross NPAs (absolute)	₹23,847 crore	₹23,052 crore	Not stated
Net NPAs (absolute)	₹5,908 crore	₹5,459.5 crore	Not stated
Provisions for the quarter	₹1,260 crore	₹96 crore	₹1,814.5 crore
Total provisions held	₹22,963 crore	Not stated	Not stated
Provision buffer share of loans	1.4% of loans	Not stated	Not stated

• Gross NPA ratio improved 29 basis points year on year to 1.38 percent.
• Net NPA ratio fell 6 basis points year on year to 0.35 percent, despite a slight sequential uptick.
• Quarterly provisions rose sharply sequentially to ₹1,260 crore, but were lower than the year ago level.
• Total provisions of ₹22,963 crore, including ₹13,100 crore of contingency provisions, represent 1.4 percent of loans.

Loan Growth And Margins

Metric	Q1 FY27	YoY change
Total advances	₹16.31 lakh crore	Up 19.6%
Sequential loan growth	Noted at 5%	Not applicable
Business banking loans	Not stated absolute	Up 28.2%
Rural portfolio	Not stated absolute	Up 35.4%
Domestic corporate loans	Not stated absolute	Up 18.5%
Retail loans	Not stated absolute	Up 12%
Net interest margin (NIM)	4.36%	From 4.34% a year ago
NIM previous quarter	4.32%	Sequential increase

• Total advances grew 19.6 percent year on year, the fastest pace in 14 quarters.
• Business banking and rural portfolios expanded 28.2 percent and 35.4 percent respectively.
• Domestic corporate loans grew 18.5 percent, while retail loans rose 12 percent.
• NIM improved to 4.36 percent from 4.34 percent a year earlier and 4.32 percent in the March quarter.

Management And Risk Commentary

ICICI Bank management said that asset quality remained resilient despite seasonal stress in the Kisan Credit Card portfolio. The bank maintained a conservative stance on provisioning and credit costs.

Management expects credit costs to normalise around 50 basis points and does not foresee a material one time impact from the transition to the Expected Credit Loss framework, supported by its existing provisioning buffers. The bank also indicated that FCNR(B) deposits are expected to support deposit growth and liquidity.

The lender continues to hold contingency provisions of ₹13,100 crore, along with general provisions on standard assets and exposures to borrowers under resolution or in the BB and below portfolio. It also carries standard asset provisions of ₹1,283 crore created in the third quarter of the previous financial year in line with the Reserve Bank of India’s agriculture sector priority portfolio guidance.

Brokerage Views And Target Prices

Brokerages largely welcomed the Q1 FY27 performance, citing sector leading growth, stable margins and strong asset quality. Out of 50 analysts covering the stock, 49 have a Buy rating and one has a Hold, according to data compiled from analyst coverage.

Key Brokerage Calls

Brokerage	Rating	Target price	Implied upside*
Bernstein	Outperform	₹1,800	About 27%
Motilal Oswal	Buy	₹1,750	About 21%
JM Financial	Buy	₹1,710	About 18.4%
Centrum	Buy	₹1,900	About 32%
Dolat Capital	Buy	₹1,800	About 25%

\*Upside calculated from recent prices around ₹1,480 as cited by brokerages.

• Bernstein upgraded ICICI Bank from Market Perform to Outperform and raised its target to ₹1,800.
• Bernstein cited higher growth than peers, benign asset quality and resilient NIMs as key drivers.
• Motilal Oswal expects margins to remain broadly stable through FY27 and sees average RoA of 2.33 percent over FY27 to FY28.
• JM Financial raised FY27 and FY28 EPS estimates by 2 to 5 percent and expects RoA around 2.3 percent and RoE about 17 percent.
• Centrum cited 19.6 percent loan growth and called ICICI Bank one of the highest quality franchises among banks.
• Dolat Capital said Q1 FY27 exceeded expectations on loan growth, deposit growth, credit costs and NIMs.

Business Context

ICICI Bank is one of India’s largest private sector lenders with a diversified loan book across retail, corporate, business banking and rural segments. The June quarter performance showed its strategy of balancing growth with risk adjusted returns.

Centrum noted that retail loan growth remains calibrated as management prioritises risk adjusted returns over market share. At the same time, business banking, rural and domestic corporate portfolios are driving overall loan expansion.

Fee income growth of 23.5 percent, largely from retail, rural and business banking customers, reflects the bank’s focus on cross selling and non interest revenue. Non interest income excluding treasury operations rose 16 percent year on year.

ICICI Bank’s capital adequacy ratio stood at 16.84 percent, providing headroom for future growth. The bank reported an annualised return on assets of 2.49 percent, which several brokerages described as industry leading among large private banks.

What Investors Are Watching Next

Investors are likely to track how ICICI Bank manages credit costs and margins through the rest of FY27, particularly as the Expected Credit Loss framework is implemented.

Brokerages expect credit costs to remain in the 0.4 to 0.5 percent range, supported by the existing contingency buffer and strong asset quality trends. Margin performance is expected to stay resilient, aided by lower funding costs and a favourable loan mix.

The next key catalyst will be ICICI Bank’s Q2 FY27 results and any updated guidance on loan growth, deposit mobilisation and credit cost trajectory, as well as the impact of regulatory changes on capital and provisioning.

Frequently Asked Questions

Why did ICICI Bank share price rise after the Q1 FY27 results?

ICICI Bank shares gained after the lender reported a stronger than expected Q1 FY27, with net profit rising about 16 percent and net interest income growing around 12 to 13 percent. Asset quality ratios improved year on year, net interest margins edged higher, and loan growth accelerated to nearly 20 percent. Multiple brokerages then raised target prices and, in one case, upgraded the rating, citing sector leading growth, resilient margins and strong provisioning buffers.

How did ICICI Bank perform financially in Q1 FY27?

In Q1 FY27, ICICI Bank reported net profit of about ₹14,805 crore, up roughly 16 percent year on year, and net interest income of around ₹24,385 crore, growing about 12 to 13 percent. Core operating profit rose 15.6 percent, while fee income increased 23.5 percent. Loan growth reached 19.6 percent, with strong contributions from business banking, rural and domestic corporate portfolios. Net interest margin improved to 4.36 percent and asset quality remained among the best in the sector.

What are analysts and investors watching next for ICICI Bank?

Analysts are watching how ICICI Bank sustains high growth while keeping credit costs around 0.4 to 0.5 percent and maintaining net interest margins near current levels. They are also tracking the impact of the Expected Credit Loss framework, utilisation of the ₹22,963 crore provision buffer and trends in retail, rural and corporate loan growth. The next major checkpoint will be the Q2 FY27 results and any updated guidance on loan growth, deposit mobilisation and profitability metrics.