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Key data
Market Cap
₹10.21 L Cr
P/E
18.23x
ROE
14.86%
Debt / Equity
5.69
OPM
70.51%
Net Margin
29.51%
Price
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Company Overview
ICICI Bank is India's second-largest private bank. It takes deposits and lends to consumers and businesses, and is a leader in digital banking. It also owns valuable insurance, asset-management and broking arms. After cleaning up a risky past, it now runs conservatively.
Key business segments
🏦
Retail Loans
The growth engine
🏢
Corporate
Business lending
💳
Digital & Cards
iMobile leader
◆ Key Milestones
1994
Founded by ICICI development bank
2000
Lists on the NYSE
2002
Reverse-merges with parent ICICI
2010
Builds nationwide retail network
2018
Cleans up bad loans, retail turnaround
2023
Among India's most profitable banks
Business Model
💰Gather Deposits
→🧠Lend Smart
→📱Digital Cross-sell
→📈Spread + Fees
A cleaned-up risk culture plus a best-in-class app let ICICI grow retail lending fast without repeating old mistakes.
Compounding Flywheel
Discipline + Digital
More Deposits
Cheap Funds
Smart Lending
Low Losses
Higher Returns
A strong deposit base funds cheap lending. Careful underwriting keeps losses low. The app deepens relationships and cross-sell. Higher returns rebuild trust and capital. Which pulls in the next wave of customers.
Why It Wins · Moat
💰
Deposit Franchise
A large, low-cost deposit base built over decades.
📱
Digital Edge
iMobile and its ecosystem lead among Indian banks.
🛡️
Risk Discipline
A rebuilt, conservative underwriting culture.
🏬
Scale & Reach
Nationwide branches and a big customer base.
🛡️
Subsidiaries
Insurance, AMC and broking arms add hidden value.
Growth Drivers
🌏Retail credit growth in an under-borrowed India.
📱Digital-first banking widening reach cheaply.
🏢SME and business banking expansion.
🛍️Rising consumption driving loans and cards.
🛡️Value building in insurance and AMC arms.
Key Risks
▲Credit cycle: defaults rise in a downturn.
▲RBI regulation on rates and lending rules.
▲Competition for deposits and borrowers.
▲Interest-rate swings affect the lending spread.
▲Valuation now reflects the successful turnaround.