ICICI Bank Q2 results review: ICICI Bank reported its Q2FY27 results over the weekend, delivering steady performance for the July-September quarter (Q2FY27). The second-largest private domestic lender's earnings were supported by growth across segments and controlled asset quality.
Subsequently, the bank's counter gained on Monday. At 9:17 AM, ICICI Banks’s share price was trading 0.67 per cent higher at ₹1,406 per share on NSE. In comparison, Nifty 50 was flat at 23,143.85. In intraday trade, the stock gained 0.85 per cent to touch the day's high at ₹1,409 per share.

ICICI Q2 results highlights: ICICI Bank reported a 20.1 per cent year-on-year rise in standalone net profit to ₹14,843 crore in the July-September quarter of FY27 (Q2FY27), supported by strong growth in net interest income (NII) and lower provisions.
NII, the difference between interest earned and interest expended, increased 17.7 per cent year-on-year to ₹25,339 crore. The growth came alongside a 30 per cent increase in the bank’s total loan portfolio to ₹18.32 trillion as of September 30, 2026.

Excluding loans provided by its international branches against Foreign Currency Non-Resident (Bank), or FCNR(B), deposits, the loan portfolio grew 24.1 per cent. The bank’s net interest margin (NIM) moderated to 4.18 per cent in Q2FY27, compared with 4.30 per cent in the year-ago quarter and 4.36 per cent in the April-June quarter.
Brokerages’ view on ICICI Bank post Q2 Results Elara Capital The brokerage noted that ICICI Bank demonstrated strong execution across cycles, supported by healthy growth across segments and controlled asset quality. While margins moderated in Q3 and may remain under pressure in Q4, “we expect NIM to improve through the rate-hike cycle, aided by deployment to higher-yielding retail assets”.

Elara Capital added that consistent delivery on key operating metrics positions the bank to sustain earnings momentum. “We remain confident in the strength of the bank’s underlying franchise and view it as our preferred pick among large private sector peers.
We stay constructive on its earnings trajectory,” it said. The brokerage recommended a ‘Buy’ call with a SOTP-based target price of ₹1,720, including ₹219 from subsidiary valuation. Nirmal Bang The brokerage noted that ICICI Bank reported a healthy 2QFY27 performance, coming in ahead of estimates, supported by benign credit costs.

It added that, despite the FCNR-driven margin hiccup, “we expect operating performance to remain healthy, supported by robust loan growth, strong fee income growth, and contained opex growth. Nirmal Bang added that the management indicated that FCNR-related processing fees were broadly offset by the associated costs of wholesale funding raised to facilitate FCNR-linked lending.
Reported credit costs remained benign at 20bps; adjusting for one-off corporate recoveries, standard-asset provisions on FCNR-linked loans, and seasonal KCC provisioning, normalised credit costs stood at around 50bps. Treasury performance was impacted by a loss, compared with a gain in the previous quarter, reflecting market movements.

The brokerage maintains a ‘Buy’ call with a revised target price of ₹1,840, valuing the standalone bank at ₹1,600 and subsidiaries at ₹240 per share. Disclaimer: Views and outlook in this report belong to the brokerages and analysts cited. They do not reflect the views of Business Standard.
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