India's ICICI Bank misses quarterly profit expectations; reappoints CEO

ICICI Bank

17/01/2026 10:28

MUMBAI, Jan 17 (Reuters) - Indian private lender ICICI Bank ICBK.NS reported a lower-than-expected profit for the third quarter on Saturday, as it boosted provisions for bad loans and other contingencies following a supervisory review.

The bank's board also approved the reappointment of current chief executive Sandeep Bakshi for a  further two years starting October 2026. Bakshi has led the bank since 2018.

The country’s second-largest private bank by market capitalisation posted a standalone net profit of 113.18 billion Indian rupees ($1.25 billion) for the three months to end-December, compared with 117.92 billion rupees a year earlier.

Analysts had expected a profit of 123.54 billion rupees, according to data compiled by LSEG.

Provisions more than doubled to 25.56 billion rupees, which the bank attributed to an adjustment following the Reserve Bank of India's annual supervisory review, without giving further details.

ICICI Bank's third-quarter net interest income rose 7.7% to 219.32 billion rupees, aided by a 11.5% rise in domestic loans. Its deposits grew 9.2% during the quarter.

India's major lenders posted double-digit percent loan growth in the December quarter amid festive-season demand and tax cuts aimed at spurring consumption in the world's fastest-growing major economy.

     The RBI's cuts to benchmark interest rates by a cumulative 125 basis points since February last year have also boosted appetite for credit.

ICICI's net interest margin, a key measure of the bank’s profitability, was stable at 4.3%.

     Asset quality improved marginally, with its gross non-performing asset ratio at 1.53% at the end of December, compared with 1.58% at the end of September.

($1 = 90.6820 Indian rupees)

(Reporting by Ashwin Manikandan and Ira Dugal in Mumbai; Editing by Mrigank Dhaniwala and Kirsten Donovan)

((Ashwin.Manikandan@thomsonreuters.com;))