ICICI Bank Ltd.PAT +20.1%, loans +30%, NIM 4.18% on $18 bn FCNR(B)

ICICI Bank's Q2 FY27 results, discussed on 17 October 2026, showed net interest income up 17.7% to ₹25,339 crore and profit after tax up 20.1% to ₹14,843 crore, with core operating profit up 21.8%.

The bank mobilised about $18 billion of FCNR(B) deposits under the RBI's swap facility, lifting deposit growth to 27.1% and loan growth to 30%; without the FCNR(B) money these were 17.0% and 24.1%. Net interest margin fell to 4.18% from 4.36% in Q1, or from 4.28% without a tax refund, and management said the full effect lands in Q3 before margins recover from Q4. Net NPA improved to 0.30%, provision coverage was 75% and normalised credit cost was about 50 basis points.

Credit cards fell 9.7% and jewel loans slowed sequentially after the RBI's new gold loan guidelines. Management gave no loan or deposit growth target, declined to quantify the margin cost of FCNR(B) alone and did not mention the shift to expected credit loss provisioning from April 2027.