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Start with one comparable reporting period
The figures below come from each bank’s FY2026 disclosures. Keeping the period consistent avoids comparing one bank’s newer quarterly results with another’s full-year performance. The measures are issuer-reported, and their scope is not always identical: for example, SBI provides both whole-bank and domestic net interest margin (NIM), while Kotak distinguishes customer assets from other balance-sheet measures.
Use the figures as starting points, not as a league table. Absolute profit reflects scale as well as performance, and ratios can have different definitions or denominators. Check the relevant bank’s disclosures when comparing like with like.
- ICICI Bank FY2026 performance review
- SBI Q4 FY2026 press release
- Kotak Q4 FY2026 investor presentation
Compare FY2026 operating results
| Measure | ICICI Bank | SBI | Kotak Mahindra Bank |
|---|---|---|---|
| FY2026 profit | Profit after tax (PAT) ₹50,147 crore; up 6.2% year on year. | Net profit ₹80,032 crore. | PAT ₹14,008 crore. FY2025 comparative profit excludes ₹2,730 crore of ZKGI divestment gains, so account for that adjustment when interpreting annual growth. |
| Return and margin measures | Not stated in the cited FY2026 summary. | Return on assets (ROA) 1.12%; return on equity (ROE) 18.57%; whole-bank NIM 2.91% and domestic NIM 3.03%. | ROA 1.97%; NIM 4.60%; cost-to-income ratio 47.0%. |
| Deposits and lending | Total period-end deposits ₹17,94,625 crore, up 11.4%; total loan portfolio ₹15,53,893 crore, up 15.8%. | Deposits ₹59.8 trillion, up 11.03%; advances ₹49.3 trillion, up 16.87%. | Deposits ₹572,456 crore; customer assets ₹545,716 crore. Growth rates are not stated in the cited FY2026 summary. |
| Asset quality and credit cost | Net NPA ratio 0.33%. Gross NPA and credit cost are not stated in the cited FY2026 summary. | Gross NPA 1.49%; net NPA 0.39%; provision coverage ratio 74.36%, or 91.97% including AUCA. | Net NPA 0.25%; credit cost 0.65%. Gross NPA is not stated in the cited FY2026 summary. |
| Capital | Total capital adequacy 17.18% and CET-1 16.35%, after reckoning the proposed dividend impact. | CRAR 15.40%. | CAR 22.4%; CET-I 21.3%. |
Sources: ICICI Bank, SBI and Kotak Mahindra Bank. “Not stated” means the cited FY2026 summary does not provide that figure; it is not an estimate.
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What to examine beyond headline profit
Profitability: returns, margins and efficiency
PAT tells you how much profit a bank reported, but it does not by itself show how efficiently the bank generated it. ROA relates profit to assets, while ROE relates it to shareholders’ equity; NIM reflects the spread between interest earned and interest paid, as defined by the bank. Cost-to-income provides another view of operating efficiency. Compare each measure over time and confirm whether the numbers are bank-only or consolidated and whether unusual gains affect the period.
SBI’s release gives separate whole-bank and domestic NIM figures; do not treat them as interchangeable. Kotak’s FY2025 profit comparison is adjusted to exclude the stated ZKGI divestment gain. The FY2026 figures listed here do not provide a like-for-like set of profitability ratios for all three banks.
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Funding and growth: size is not the same as momentum
SBI’s reported deposits and advances are substantially larger in absolute terms than the figures for the other two banks. That reflects business scale, not automatically stronger investment prospects. For growth, compare deposit and loan growth rates over the same period, then examine deposit composition, CASA mix, loan composition and the credit-to-deposit position. The supplied figures give a CASA ratio for Kotak but not a matching CASA comparison across all three banks.
Rapid loan growth is more informative when considered alongside deposit growth and funding mix. A bank’s ability to fund lending sustainably matters as much as expansion in the loan book.
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Asset quality: use more than net NPA
Gross NPA and net NPA are related but different measures; a lower net NPA alone does not establish that one bank has lower overall credit risk. Where disclosures permit, compare slippages, credit costs, provision coverage, write-offs and trends in problem loans as well. SBI reports a provision coverage ratio both excluding and including AUCA; retain that distinction when using the figures.
Capital: check the measure and adjustments
CRAR, CAR and CET-I describe different aspects of capital, so do not collapse them into one ranking. Compare the same capital measure and check whether the reported figure reflects proposed dividends or other adjustments. ICICI’s total capital adequacy and CET-1 figures already reckon the proposed dividend impact; SBI’s release reports CRAR, and Kotak reports CAR and CET-I.
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Translate business performance into an investment comparison
A sound bank is not necessarily an attractively priced stock. The cited FY2026 results do not provide an up-to-date comparison of share prices, price-to-book values, earnings valuations or expected shareholder returns. Before forming a view, assemble current market data and consider:
- Valuation: Compare price-to-book and earnings-based measures using consistent dates and definitions. Consider whether the price already reflects expected growth or improved asset quality.
- Expectations and scenarios: Test how changes in loan growth, margins, funding costs, credit losses and provisions could affect future earnings. Historical results do not guarantee those outcomes.
- Shareholder returns: Include dividend policy and potential dilution or capital needs, rather than treating a proposed dividend as a guaranteed return. ICICI’s board recommended a ₹12-per-share dividend for FY2026, subject to approvals.
- Your horizon and risk tolerance: A comparison should fit the period you plan to hold the shares and the volatility or loss you can withstand. These results alone do not support a personalized recommendation.
Keep the comparison current
FY2026 ended on March 31, 2026. Newer quarterly results can change the picture, but update all three banks to the same reporting period before comparing them. Also refresh share prices, valuation measures, dividend status and any relevant regulatory developments. Do not pair a newer quarter for one bank with FY2026 full-year figures for the others and present the result as a direct comparison.
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