ICICI Bank Ltd. - ADR

Earnings & profitability strong (growth > peers on core): - PBT (ex-treasury): INR 189.75bn, +20.9% YoY (core operating profit INR 202.35bn, +15.6% YoY). - PAT: INR 148.05bn, +15.9% YoY; consolidated PAT: INR 154.4bn, +13.9% YoY. - Net interest income: INR 243.84bn, +12.7% YoY; NIM 4.36% (vs 4.32% QoQ, 4.34% YoY). Management said NIM is range-bound barring major systemic rate/liquidity changes.

Balance sheet momentum: deposits strong + loan growth strong into “seasonally weak” quarter: - Deposits +14% YoY, +2.2% QoQ; CASA deposits +12.1% YoY, +4.7% QoQ (supports funding franchise). - Loans +19.6% YoY, +5% QoQ; retail +12% YoY and rural +35.4% YoY; business banking +28.2% YoY; domestic corporate +18.5% YoY. - CEO/management indicated this momentum is linked to broader system recovery and expects opportunities to continue, though not promising a specific “high-teens” growth target for the full year.

Asset quality: net NPA broadly stable but watch NPA build + provisioning buffers: - Net NPA: 0.35% (Jun-26) vs 0.33% (Mar-26) and 0.41% (Jun-25)—slightly up QoQ, still low. - Gross NPA additions (excluding write-offs/sale): INR 27.07bn net addition this quarter; gross additions INR 55.52bn. - Provisions INR 12.60bn (6.2% of core O P, 0.32% of avg advances) and PCR on NPAs 74.7%. - Contingency provision: INR 131bn (~0.8% of advances) held in addition to standard buffers (investor positive for resilience).