ICICI Bank Model Update

Research evidence excerpt

J P M O R G A N

Asia Pacific Equity Research

18 August 2026

ICICI Bank

Overweight

ICBK.NS, ICICIBC IN

Price (18 Aug 26):Rs1,412.00

Model Update

Price Target (Sep-27):Rs1,735.00

We are updating our model. Please see the key changes below.

India Financials

Anuj Singla AC

We revise our FY27-29 PAT estimates by 0-1%.

(91-22) 6157-3590

J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

Our FY27/28/29 RoE forecasts are 15.8%/16.0%/16.5% respectively.

We keep our Sep-27 PT of Rs 1,735 unchanged.

We remain OW on ICICBC.

Harsh Wardhan Modi

(65) 6882-2450

J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

Table 1: ICICIBC: Key changes

Rs mn

Net Interest Income

Non-Interest Income

PPOP

Pre-Tax

Reported Net Profits

Loan gr y/y

NIM

Credit costs

FY27E

1,006,865

340,052

822,619

752,765

570,062

14.8%

4.28%

0.41%

New estimate

FY28E

FY29E

1,148,197 1,322,351

387,971

442,863

954,199 1,119,227

873,016 1,024,092

661,127

775,536

15.3%

15.8%

4.37%

4.40%

0.42%

FY27E

1,010,567

339,692

823,601

753,747

570,806

14.8%

4.25%

0.41%

Old estimate

FY28E

FY29E

1,152,384 1,326,899

387,834

442,992

958,261 1,123,918

877,078 1,028,783

664,203

779,088

15.3%

15.8%

4.34%

4.37%

0.42%

FY27E

-0.4%

0.1%

-0.1%

0 bps

2 bps

0 bps

Change

FY28E

-0.4%

0.0%

-0.4%

-0.5%

0 bps

2 bps

0 bps

FY29E

-0.3%

0.0%

-0.4%

-0.5%

0 bps

2 bps

0 bps

Source: J.P. Morgan estimates.

Shivansh Puri, CFA

(91-22) 6157-5077

J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

Rachit Agrawal

(91-22) 6157-3260

J.P. Morgan India Private Limited

Key Changes (FYE Mar)

Adj. net income - 27E (Rs bn)

Adj. net income - 28E (Rs bn)

Prev

571

664

Style Exposure

Sources for: Style Exposure – J.P. Morgan Global Markets Strategy; all other tables are company data and J.P. Morgan estimates.