ICICI Bank (ICICIBC IN) – Q1FY27 Result Update – Remains the best; earning beat driven by core revenue – BUY
Published on 19 Jul 2026
ICICIBC saw yet another stellar quarter; earnings quality was best among peers as core PPoP beat of 7% was led by core revenue (NII/fees) vs opex beat for peers. Loan growth is back in reckoning, improving since last 4 quarters; it was 5%/20% QoQ/YoY. We raise loan growth for FY27E by 200bps to 17% YoY. Despite Q1 usually being soft, fee grew by 7.5% QoQ driven by strong momentum in corporate, retail & BuB. Provision buffer may absorb one-time ECL impact & on a sustainable basis, ECL may not affect earnings. Due to better NII/fees we raise core PAT for FY27/28E by avg. 5%. We keep multiple at 2.7x on FY28 core ABV and raise TP to INR 1,850 from INR 1,825. Reiterate ‘BUY’.
