ICICI Bank Q3 results preview: Check profit, NIM, loan growth expectations

ICICI Bank Q3FY26 results preview: Brokerages expect moderate profit growth, stable loan growth, margin pressure and higher provisions

ICICI Bank Q3 results preview: Private bank, ICICI Bank, is expected to deliver steady earnings growth in the December quarter of the current financial year (Q3FY26), aided by resilient loan growth, and controlled asset quality, partly offset by higher provisions, and margin compression.

 

Brokerages broadly expect moderate profit growth, with commentary on margins, deposit traction and FY27 outlook likely to be the key market triggers.

 

ICICI Bank Q3 results date, time

The Board of Directors of ICICI Bank is scheduled to meet on Saturday, January 17, 2026, to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2025.

 

 

The bank will host a conference call with media at 4:00 PM (IST) on January 17, 2026, and with  analysts and investors at 5:00 PM (IST) to discuss the Q3FY26 financial results.

 

What brokerages expect from ICICI Bank Q3FY26 results:

 

BNP Paribas

 

BNP Paribas has shared a cautious estimate for ICICI Bank’s Q3 results. The global brokerage expects ICICI Bank’s Q3FY26 net profit to grow merely 3.6 per cent year-on-year (Y-o-Y) to ₹12,218.8 crore, broadly in line with consensus. In Q3FY25, the bank’s net profit stood at ₹11,792.4 crore.

 

Further, on a sequential basis, BNP expects ICICI Bank’s profit to slip 1.1 per cent from a PAT of ₹12,358.9 crore reported in Q2FY26.

 

Net interest income (NII) is expected to rise 7 per cent Y-o-Y to ₹21,792.5 crore, supported by loan growth, though partially offset by marginal NIM pressure.

 

Sequential NIMs are likely to soften to 4.2 per cent from 4.3 per cent in Q2, as loan yield resets outpace benefits from easing funding costs.

 

BNP Paribas said credit growth is estimated at 11.2 per cent Y-o-Y, with deposit growth slightly lower at 10.6 per cent.

 

Nomura

 

Nomura expects Q3FY26 to mark a transitional quarter with improving momentum, and sees ICICI Bank as one of the better-placed large private lenders. It expects the lender’s Q3 profit after tax (PAT) to grow 6 per cent Y-o-Y and 1 per cent Q-o-Q to ₹12,500 crore.

 

NII, it said, is seen increasing 11 per cent Y-o-Y to ₹22,590 crore from Q3FY25’s NII of ₹20,370 crore, aided by sustained credit growth and early benefits from CRR (cash reserve ratio) cuts.

 

Sequentially, NII could rise 5 per cent from ₹21,530-crore NII of Q2FY26.

 

On the margins front, Nomura expects sequential NIM expansion of ~5 basis points (4.4 per cent), driven by term-deposit repricing and liquidity benefits.

 

The brokerage expects loan growth to come at 11 per cent on year, taking the credit book to ₹14,60,600 crore. Deposits, meanwhile, may rise 9 per cent Y-o-Y to ₹16,61,200 crore.

 

Nomura, however, sees provisions jumping 41 per cent Y-o-Y and 90 per cent Q-o-Q to ₹1,730 crore.

 

“Credit cost are expected to inch-up due to seasonal agri-related slippages but we expect it to remain contained at 0.5 per cent. Going ahead, outlook on margins and loan/deposit growth will be

key monitorables,” it said.

 

 

Kotak Institutional Equities

 

Kotak Institutional Equities expects largely flat-to-moderate earnings growth for banks in Q3FY26, including ICICI Bank, amid mixed operating trends.

 

Loan growth, it said, may come around 11 per cent Y-o-Y, amid a slowdown across categories. This would lead to a slight pressure on operating income and margins.

 

Kotak Institutional Equities estimates ICICI Bank’s NII at ₹21,622.4 crore, up 6.1 per cent Y-o-Y/0.4 per cent Q-o-Q. Including non-interest income of ₹7,510.3 crore, the operating profit is seen at ₹17,513.1 crore.

 

This would be an increase of just 3.7 per cent Y-o-Y in pre-provision operating profit (PPoP) over ₹16,886.6 crore and merely 1.2 per cent Q-o-Q rise over ₹17,298 crore.

 

Calculated NIMs, thus, are expected to dip 5-10bps sequentially to 4.1 per cent; though reported NIM may be higher, it added.

 

The brokerage expects a 25-per cent sequential rise in loan-loss provisions at ₹1,142.6 crore, capping net profit at ₹12,523.4 crore (up 6 per cent Y-o-Y/1.3 per cent Q-o-Q).

 

“We expect lower credit costs (0.3 per cent) to continue. We are building in slippages of ~1.9 per cent (around ₹6500 crore) in Q3 due to higher PSL loans. We do not expect any negative commentary on asset quality. Key discussion areas are likely to be on NIM outlook and improvement in loan growth trajectory,” it said.

 

 

JM Financial Institutional Equities

Analysts at this domestic brokerage has even more cautious earnings estimates for ICICI Bank. It sees net profit growth at 1.3 per cent Y-o-Y, taking the bottomline to ₹11,950 crore in Q3FY26.

 

On a quarterly basis, this is a decline of 3.3 per cent.

 

It sees NII rising 6.3 per cent Y-o-Y (0.6 per cent Q-o-Q) and NIM contracting 5bps Y-o-Y (1bps Q-o-Q) to 4.2 per cent on the back of 11.2 per cent Y-o-Y rise in loan book and 7.9 per cent annual growth in deposits.

 

Credit costs are seen inching up 11bps Y-o-Y/22bps Q-o-Q to 0.5 per cent, with return on asset (RoA) slipping 15bps Y-o-Y/11bps Q-o-Q to 2.2 per cent.