ICICI Bank Limited

Indian shares traded notably lower on Monday as U.S. forces struck Iran for a ninth consecutive day and Iran retaliated by firing missiles toward Jordan, risking a wider conflict. The benchmark BSE Sensex was down 640 points, or 0.8 percent, at 77,512 in early trade while the broader NSE Nifty index fell 170 points, or 0.7 percent, to 24,163. Brent crude prices rose above $90 a barrel for the first time since mid-June, fanning inflation fears and clouding the interest-rate outlook. Reliance Industries rose over 1 percent after beating Q1 expectations, while HDFC Bank slumped 4.7 percent despite a 5 percent year-on-year rise in standalone net profit. ICICI Bank gained about 1 percent after its Q1 consolidated net profit jumped 14 percent, and JSW Steel advanced 1.2 percent after its consolidated net profit more than doubled for the quarter ended June.

ICICI Bank reported a 20.9% year-on-year increase in profit before tax excluding treasury to Rs.189.75 billion for the first quarter of fiscal 2027. Core operating profit grew 15.6% to Rs.202.35 billion, while total deposits rose 14% and the retail loan portfolio expanded 12%. The net NPA ratio edged up to 0.35% from 0.33% in the prior quarter, with net additions of Rs.27.07 billion to gross NPAs, and the credit card portfolio declined 1.9% year-on-year. The bank maintained a strong capital position with a CET1 ratio of 16.19% and a total capital adequacy ratio of 16.84%.

ICICI Bank has teamed up with TPG and others to acquire Aseem Infrastructure Finance, a provider of loans for sustainable infrastructure projects in India. ICICI Bank will hold up to a 5% stake in Aseem, which has disbursed roughly $4.2 billion in loans to finance projects including 27 gigawatts of renewable energy and about 2,000 kilometers of power transmission. India is targeting 500 gigawatts of renewable energy capacity by 2030, and the partners see Aseem as well-positioned to address climate financing needs. ICICI Bank also aims to raise at least $500 million in fresh capital, with Bloomberg reporting on July 3 that the bank was in talks to issue offshore dollar bonds.

Indian shares rose notably on Monday, with benchmark indexes Sensex and Nifty extending gains for a fourth consecutive session. The BSE Sensex surged 521.16 points, or 0.67 percent, to 78,285.07, while the NSE Nifty index settled 159.50 points, or 0.66 percent, higher at 24,430.35. Gains were driven by falling crude prices after OPEC+ decided to raise output, eased concerns over near-term Federal Reserve rate hikes, optimism for corporate earnings, and strong provisional June quarter business growth updates from banks. Among prominent gainers, ICICI Bank, Reliance Industries, BEL, Mahindra & Mahindra and HDFC Bank rose 1-3 percent, while Kotak Mahindra Bank tumbled nearly 4 percent after reporting slower sequential growth in loans and deposits. IT stocks were subdued, with TCS falling 1.7 percent on fears of another subdued quarter due to AI-driven pricing pressure and weak client spending.