Anchor: the compounding franchise
ICICI Bank is a large private sector bank in India offering a diversified portfolio of financial products and services to retail, SME and corporate customers. The Bank has an extensive network of branches, ATMs and other touchpoints. It is at the forefront of leveraging technology and offering services through digital channels like mobile and internet banking. The offers deposit, credit and other financial products and services to individuals, households and small businesses across India, through digital channels and extensive branch network spanning urban and rural areas. It also offers select products like deposits and remittances to non-resident Indians, and local market offerings in select international geographies. It offers financial solutions to large and medium sized companies and their business and channel partners, and to financial and government/public sector entities. The product offerings include deposits, long-term finance, working capital, trade, cash management, transaction banking and treasury management. In addition to its network in India, it leverages its international presence to meet the cross-border requirements of its clients.
ICICI Bank Limited, together with its subsidiaries, engages in the provision of various banking and financial services to corporate and retail customers in India and internationally. The company operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, General Insurance, and Others segments. The company offers asset management, securities brokerage, private equity, foreign exchange, agricultural and rural banking, equities underwriting, depositary share accounts, consumer durable goods financing, corporate salary and current account, savings and sovereign gold bonds, insurance policies, public offerings, investment, credit and protection, retail inward remittances, certificates of deposits, and payment and transaction banking products and services. It is also involved in the fee and commission-based activities; distribution of financial products; venture capital and real estate fund management business; treasury and rural banking operations; financial solutions; working capital financing; I-Process services, mutual funds, investment banking, and pension funds; and advisory activities. In addition, the company provides savings, salary, capital gains scheme, Hindu undivided family savings, real estate regulatory authority, government e-marketplace, current, trade, escrow, and foreign currency accounts. Further, it offers personal, home, car, education, gold, automobile, and commercial business loans, as well as loans against time deposits, securities, and property; and working capital loans, as well as credit, debit, prepaid, travel, forex, commercial, and corporate cards. Additionally, the company provides fixed income products; investment products; payments; general, accident, life, health, vehicle, and travel insurance products; cash management and merchant services; capital market and securities market services; and forex, derivatives, bullion, and bonds. The company was founded in 1955 and is headquartered in Mumbai, India.
Key people: Mr. Sandeep Bakhshi B.E. (MD, CEO & Executive Director) · Mr. Rakesh Jha BE, PGDM (Executive Director) · Mr. Sandeep Batra A.C.S., B.Com., CA, CS, F.C.A. (Executive Director) · Mr. Ajay Kumar Gupta B.Com, CA (Executive Director) · Mr. Anindya Banerjee (Group CFO & Head of Investor Relations) · Mr. Laxminarayan Achar (Chief Accountant)
ICICI Bank major competitors are HDFC Bank, Kotak Mahindra Bank, Axis Bank, Federal Bank, AU Small Fin. Bank, Indusind Bank, IDFC First Bank. Market Cap of ICICI Bank is ₹9,66,157 Crs. While the median market cap of its peers are ₹82,029 Crs.
ICICI Bank seems to be financially stable compared to its competitors.The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
India's second-largest private bank (₹16 lakh crore of loans, 7,600 branches) and, on every measure we track, the best-run: ROA 2.2%, net NPA 0.4%, CET1 16%+, a 39% CASA franchise, the deepest technology stack in Indian banking and a subsidiary stable (ICICI Prudential Life, ICICI Lombard, ICICI Securities, ICICI Pru AMC) worth ~₹200 a share. Since the 2018 leadership change it has run a 'fair to customer, fair to bank' strategy that traded growth for risk-adjusted return and delivered both.
| HDFC Bank | Bigger but still digesting the merger: ROA 1.7% vs 2.5%, CASA 32% vs 39%, LDR 96% vs 89%. It is cheaper — which is exactly why we are building a separate position in it — but ICICI is the higher-certainty compounder. |
| Kotak Mahindra | Kotak earns a 12% ROE at 2.0x core book against ICICI's 16% at 2.5x: ICICI's premium is smaller per unit of ROE and its ROA is higher (2.2–2.5% vs 2.0%). |
| Axis Bank | We own both. Axis is the recovery (ROE 12.7% → 15.6%); ICICI is the finished article. Axis has more upside on our model, ICICI less risk. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Banking — 21.1%: the largest exposure, chosen bank by bank
Banks are the cheapest way to own an economy growing 8–9% in nominal terms, and today they are cheap for a reason that has nothing to do with their economics. Every one of the four cycles that drive bank earnings is turning in their favour: deposits are growing 15.4% (the fastest in a decade) so the funding squeeze that capped growth in FY25–26 is easing; system credit is growing 18.3% and corporate borrowing is migrating from a shrinking bond market (issuance −18%) back onto bank balance sheets; margins troughed in the June 2026 quarter after 125 bp of repo cuts and are now rising as deposits reprice; and asset quality is the best in twenty years (large private-bank net NPAs 0.3–0.5%, SBI 0.38%). Yet the Bank Nifty trades below its own long-run average. The reason is mechanical: foreign investors have sold ₹1.8 lakh crore of Indian equity in FY26 and six of their ten largest holdings are banks. They can only sell what they own. Our own work — a capital-adjusted residual-income model of the four large private banks plus SBI, built from FY17 — says the four large private banks earn 14.5–17.5% on normalised capital against a 12.25–13% cost of equity and will compound book at 12–16% a year. Over ten-year horizons EPS growth and share-price growth converge; the arithmetic is on our side even if the timing of the narrative turn is not. The important sales point is that our alpha in financials has come from selection, not the index: SBI in 2017 when retail delinquencies were better than perceived, ICICI as a top pick from 2018, Axis through its credit-cost trough (up 40–50% for us). Roughly 40% of the bank index is HDFC Bank and Kotak and we deliberately did not hug it at 4–5x book.
Kotak Mahindra Bank is the obvious omission. Our model rates it REDUCE: a 12% ROE bank at 2.0x core book, priced for a 17% ROE it does not earn, with CASA sliding toward 40% and a CEO succession still ahead. The argument the house has used for years — a 16–17% ROE bank cannot compound above that without dilution, so 4–5x book is unsustainable — applies with more force to a 12% one. IndusInd is a governance rebuild we do not need to underwrite; Federal Bank and AU Small Finance are good franchises but neither has IDFC First's deposit engine or its operating-leverage runway at a comparable price. Among public-sector banks, Bank of Baroda and Canara are cheaper on paper but have weaker CASA, thinner capital and none of SBI's subsidiary optionality; SBI's premium (1.25x vs 0.9–1.0x) is the price of a franchise that survived the AQR and emerged with the best retail book in the system.
| Bank Advances - Market Share | 7.89 % | as of Jun 26 |
| Bank Deposits - Market Share | 7.05 % | as of Jun 26 |
| Credit Card Transactions - Market Share | 16.33 % | as of Jul 26 |
| Debit Card Transactions - Market Share | 5.27 % | as of Jul 26 |
| Equity AUM - Market Share | 17.24 % | as of Oct 25 |
| Housing Loan - Market Share | 11.97 % | as of Mar 26 |
| Internet Banking - Market Share | 29.71 % | as of Jul 26 |
| Mobile Banking Transactions - Market Share | 10.97 % | as of Jul 26 |