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Neither HDFC Bank nor ICICI Bank is the better choice for every investor. The decision depends on the price you pay, your investment horizon and risk tolerance, and which bank can sustain attractive growth and returns. The latest figures available for this comparison are from different reporting periods: ICICI Bank’s quarter ended 30 June 2026 and HDFC Bank’s FY2026 and Q4FY2026 disclosures. They do not establish a same-quarter winner.
What the reported results say—and what they do not
The figures below are useful signals about each bank, not a like-for-like scorecard. ICICI Bank’s figures are for Q1FY2027, the quarter ended 30 June 2026, unless otherwise stated. HDFC Bank’s cited quarterly figures are for Q4FY2026, and its annual figures are for FY2026. The available HDFC figures do not provide the same-quarter basis needed to compare the banks directly.
ICICI Bank: Q1FY2027 growth and asset quality
For the quarter ended 30 June 2026, ICICI Bank reported net interest income (NII) of ₹24,384 crore, up 12.7% year on year, and profit after tax (PAT) of ₹14,805 crore, up 15.9%. Its net interest margin (NIM) was 4.36%, compared with 4.32% in Q4FY2026 and 4.34% in Q1FY2026.
At 30 June 2026, advances were ₹16,31,260 crore, up 19.6% year on year; period-end deposits were ₹18,33,586 crore, up 14.0%. Growth varied by business: retail loans rose 12.0% and business banking rose 28.2%. Net non-performing assets (net NPA) were 0.35% and gross NPAs were 1.38%. Standalone capital adequacy was 16.84%, including a 16.19% Common Equity Tier 1 (CET-1) ratio. These are bank-reported figures; growth rates alone do not show whether lending is adequately funded or how profitable it will prove to be.
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HDFC Bank: FY2026 earnings and Q4FY2026 margin
HDFC Bank reported standalone FY2026 net revenue of ₹1,912.2 billion and PAT of ₹746.7 billion, with PAT up 10.9% from FY2025. In Q4FY2026, its standalone NII was ₹330.8 billion, up 3.2% year on year. The bank reported NIM of 3.38% on total assets, or 3.53% on interest-earning assets, and a cost-to-income ratio of 39.9% for that quarter.
The NIM figures should not be ranked against ICICI Bank’s 4.36% as if they were calculated on a demonstrated common basis: HDFC gives two denominators, and the cited figures are from different quarters. Similarly, HDFC’s Q4 NII growth and ICICI’s Q1 NII growth are not measurements of the same period. A lower or higher margin by itself does not establish superior profitability, risk or shareholder returns.
One ICICI Bank provision to put in context
For FY2026, ICICI Bank reported PAT of ₹50,147 crore, up 6.2%, and NIM of 4.32%, similar to FY2025. It also disclosed an additional ₹1,283 crore standard-asset provision directed by the Reserve Bank of India after a supervisory review of agricultural priority-sector facilities whose terms did not fully comply with regulatory classification requirements. This is a specific provision issue; it should not be read as evidence that the bank’s entire loan book is impaired.
How to make the comparison useful for your decision
Before choosing between the shares, compare both banks using the same reporting period, accounting basis and market-data date. A current bank’s growth or profit figure cannot answer whether its stock is attractively priced. Use the latest filed results for both banks and a common market close, then assess these factors together:
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- Valuation: Compare price-to-earnings (P/E) and price-to-book (P/B) using the same date and a consistent earnings and book-value basis. For banks, book value and sustainable return on equity matter; a lower multiple alone does not prove a stock is undervalued.
- Returns and earnings quality: Look at PAT growth alongside return on assets, return on equity, NII, fee income and operating profit. Separate recurring operations from one-off provisions, recoveries or treasury gains.
- Funding and margins: Review deposit growth, the current- and savings-account deposit mix, cost of deposits, loan-to-deposit position and NIM definition. Loan growth that outruns funding growth can have different implications from growth supported by deposits.
- Credit quality: Compare gross and net NPAs, new slippages, recoveries, write-offs, credit costs and provision buffers for the same date. NPA ratios are only part of the picture.
- Capital and business mix: Consider CET-1 and total capital adequacy along with lending by segment, concentration risks and the capital needed to support future growth.
- Execution and regulation: Review management continuity, governance disclosures and regulatory actions, including their scope and financial effect. A specific regulatory provision deserves attention without being generalized into a claim about all lending.
A market snapshot dated 6 October 2026 showed ICICI Bank at ₹1,339 at the close, but a single share price is not a valuation comparison. A dependable conclusion also requires HDFC Bank’s price on the same date and comparable multiples calculated with matching denominators. Do not combine a price from one date with ratios from another or treat a secondary-market snapshot as a definitive valuation assessment.
Which stock may fit which investor?
ICICI Bank may warrant closer examination if
- You are evaluating the reported Q1FY2027 combination of NII and PAT growth, margin, and expansion in advances, while also checking deposit funding and loan quality.
- You are comfortable investigating how its different business segments contribute to growth and whether that growth can be sustained without weakening underwriting or funding economics.
- You have assessed the agricultural priority-sector provision in its FY2026 disclosure in its specific context rather than treating it as either irrelevant or representative of the whole portfolio.
HDFC Bank may warrant closer examination if
- You want to assess its FY2026 standalone earnings and Q4FY2026 operating figures, while recognizing that the cited quarterly NII growth was 3.2% year on year.
- You are willing to examine more recent, same-period results before drawing conclusions about its current growth, margins or relative performance.
- You can form a view on the price you would pay using current, consistently calculated valuation measures rather than relying on its scale or annual profit alone.
These are research starting points, not stock recommendations. Either share can disappoint if future credit costs rise, deposit pricing pressures margins, expenses increase, regulation changes, or the price already assumes more growth than the bank delivers. A long horizon does not remove valuation or business risk, and recent growth does not guarantee future returns.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.A practical decision process
- Set your constraints. Decide your holding horizon, tolerance for share-price declines, need for liquidity or income, and how much exposure to Indian bank stocks you already have.
- Align the evidence. Read both banks’ latest results for the same quarter and use standalone or consolidated figures consistently. Confirm each metric’s definition and reporting date.
- Check the price and denominator together. Use the same market close for both shares, then calculate valuation multiples from matching earnings and book-value periods. Do not make a buy decision from an isolated price or a lower multiple.
- Stress-test the business case. Consider how slower loan growth, more expensive deposits, weaker asset quality or higher credit costs could affect earnings and returns.
- Compare the result with your portfolio. Choose only if the risk, valuation and potential role of the holding make sense alongside your other investments; otherwise, waiting or holding neither may fit better.
On the available dated evidence, ICICI Bank’s Q1FY2027 figures show strong NII and loan growth, while HDFC Bank’s cited FY2026/Q4FY2026 figures establish substantial annual earnings but slower quarterly NII growth. Because periods, margin bases and valuation inputs are not aligned, those facts cannot establish which share offers the better prospective return at the price available to you.
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