01
ICICI is growing loans faster
ICICI Bank's total advances grew 19.6% year-on-year in the quarter, and deposits grew 14.0%. Business banking grew 28.2%. Fast lending growth needs funding growth to keep up.
The analysis notebook · Day 05
ICICI vs HDFC.
Two bank models.
Both are large private-sector banks. Both earn mainly from the gap between lending and funding. The details of how they report, grow and manage risk are where the comparison gets interesting.
The simple answer: compare the engine (net interest income), the extras (fees), the risk (bad loans) and the profit that stays. Do not compare headline numbers without checking what they measure.
01 / The same model, different shape
Two banks, one basic formula.
A bank takes deposits and borrows, lends and invests, and keeps the difference as net interest income (NII). It adds fees and other income, then subtracts costs, loan-loss provisions and tax. I covered this in detail in the HDFC Bank notebook.
FUNDINGDeposits & borrowingsCost of money the bank owes.
USELoans & investmentsEarn interest and returns.
RESULTNII + other income - costsThen provisions and tax decide profit.
02 / Side by side
The June 2026 quarter (Q1 FY27).
Both banks reported standalone results for the quarter ended 30 June 2026. Amounts are in ₹ crore.
| Measure | ICICI Bank | HDFC Bank |
|---|---|---|
| Net interest income | ₹24,384 cr (+12.7% YoY) | ₹33,533.95 cr (+6.7% YoY) |
| Profit after tax | ₹14,805 cr (+15.9% YoY) | ₹19,059.72 cr (+5.0% YoY) |
| Net interest margin | 4.36% | 3.26% on total assets; 3.40% on interest-earning assets |
| Gross NPA ratio | 1.38% | 1.17% |
| Net NPA ratio | 0.35% | - |
| Fee income | ₹7,286 cr (+23.5% YoY) | Fees & commissions ₹8,450 cr |
| Loan growth (YoY) | +19.6% to ₹16,31,260 cr | - |
A dash means I did not use a matching figure. I only compare figures that I could verify from each bank's own published results. NIM is a trap: HDFC Bank itself reports two NIM figures with different denominators, so a margin should only be compared when both banks define it the same way. Fee lines may also be defined differently. HDFC figures are from the HDFC Bank notebook (Day 03).
03 / What stands out
Three things I noticed.
02
HDFC is larger in profit
HDFC Bank's profit after tax of ₹19,059.72 crore is higher than ICICI Bank's ₹14,805 crore in this quarter. Profit growth was 5.0% for HDFC and 15.9% for ICICI.
HDFC's base year quarter included a one-off ₹9,130 crore gain from the partial sale of HDB Financial Services, which matters when reading growth.
03
Asset quality is a trade-off
A bank that lends faster must watch bad loans. ICICI's gross NPA ratio fell to 1.38% from 1.67% a year earlier. HDFC's was 1.17% at 30 June 2026.
04
Branches & reach
ICICI added 97 branches in the quarter and had 7,608 branches and 12,190 ATMs and cash recyclers on 30 June 2026. Reach helps gather deposits, which is cheaper funding.
04 / A rough way to compare
How much of NII turns into profit?
One simple lens: profit after tax divided by net interest income, using only the reported numbers above.
ICICI Bank: ₹14,805 cr ÷ ₹24,384 cr60.7%
HDFC Bank: ₹19,059.72 cr ÷ ₹33,533.95 cr56.8%
Reading this carefullyA starting point
This ratio is my own calculation for learning, not a reported measure. HDFC's profit also depends on its other income and the base-period effects above, so the lens does not prove one bank is better.
05 / What I learned
Compare the definitions before the numbers.
My biggest lesson: two banks can look similar and still be different underneath. Growth, margin definitions, asset quality and one-off items all change the story.
Next time I compare banks I will check: the same period, the same type of results (standalone or consolidated), the same definition for each ratio, and any one-off gains.
A commerce student's learning notebook. Not investment advice or a recommendation to buy or sell any share.
Source notes
The receipts behind the numbers.
- ICICI Bank: Performance Review, quarter ended 30 June 2026 · NII, profit after tax, NIM, NPA ratios, fee income, loan and deposit growth, branches. Published 18 July 2026.
- HDFC Bank: Q1 FY27 official press release · NII, profit growth, NIM definitions, gross NPA ratio, fees and commissions.
- HDFC Bank: financial results for 30 June 2026 · Exact standalone profit and loss figures.