India Banks: 1Q27 review: ICICI shines with market-leading performance; NII growth continues to accelerate; Asset Quality trends benign

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India Banks: 1Q27 review: ICICI shines with market-leading performance; NII growth continues to accelerate; Asset Quality trends benign

J P M O R G A N Asia Pacific Equity Research

20 July 2026

India Banks

1Q27 review: ICICI shines with market-leading

performance; NII growth continues to accelerate; Asset

Quality trends benign

We went into 1Q27 expecting benign asset quality, loan growth acceleration and India Financials

ACNIM pressure for the large private banks (1Q preview) and the 1Q trends reported Anuj Singla

over the weekend have been broadly in line, with ICICI Bank (our preferred pick (91-22) 6157-3590

into 1Q) delivering a strong outperformance vs peers. ICICI’s NII growth of anuj.singla@jpmchase.com

12.7% y/y (6.1% q/q) was the best among large private banks with NIMs J.P.Tower,MorganSantacruz(E),India PrivateMumbaiLimited,- 400098,J.P. MorganSEBI

(reported) expanding by 4 bps to 4.36%. NII delivery for the remainder of the Registration: INH000001873, (91-22) 6157-3000.

large private banks lagged JPMe, however, earnings still surprised positively with Harsh Wardhan Modi

credit costs coming in below JPMe, reflecting benign Asset Quality (AQ) trends. (65) 6882-2450

It is important to note that NII growth revival continues to gain pace with NII for harsh.w.modi@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

the large private banks as a pack accelerating to 8.9% y/y in 1Q’FY27 vs 5.4% J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

y/y in 4Q’FY26. 1Q NIMs were challenged by a constrained deposit environment Morgan Broking (Hong Kong) Limited

and tighter liquidity, however, the decline in wholesale rates, potential positive Shivansh Puri, CFA

impact of FCNR as well as improved spreads in the wholesale book should support (91-22) 6157-5077