# ICICI Bank (IBN.US)

Canonical: https://gigainvestors.com/s/IBN

Analysis as of: 2026-10-16T07:29:18.608Z. Financial observations: FY2016–FY2026.

Listing currency: USD. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $29.44 per share; close as of 2026-10-15.

Estimated value: low $15.07 per share, central $18.83 per share, high $25.11 per share. Buy at or below the central value $18.83 per share. Valuation as of 2026-10-16T07:29:18.608Z; scenarios are not confidence intervals.

Expected annual return: 8.6% at the stated quote. About 8.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.39×

Chart: Net income; fiscal year observations.

- FY2017: INR 102B

- FY2018: INR 77B

- FY2019: INR 43B

- FY2020: INR 96B

- FY2021: INR 184B

- FY2022: INR 251B

- FY2023: INR 340B

- FY2024: INR 443B

- FY2025: INR 510B

- FY2026: INR 542B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 13.4%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 3.5%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2017: 9.3%

- FY2018: 6.6%

- FY2019: 3.5%

- FY2020: 0.0%

- FY2021: 11.7%

- FY2022: 15.0%

- FY2023: 18.1%

- FY2024: 17.4%

- FY2025: 16.7%

- FY2026: 15.4%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- nonpositive book value in the compounding window

- Book return interval: 10 years

- Starting book value per share: INR 278.75

- Ending book value per share: INR 972.14

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 0.7%

- Diluted shares, 5-year annual growth: 0.4%

- Share growth excluding flagged crisis recapitalisations: 0.7%

- Five-year share growth excluding flagged crisis recapitalisations: 0.4%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.57×

- Book value created per share: INR 693.39

- Earnings retained per share after dividends and buybacks: INR 441.84

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 100

- FY2018: 97

- FY2019: 100

- FY2020: 104

- FY2021: 105

- FY2022: 106

- FY2023: 106

- FY2024: 106

- FY2025: 108

- FY2026: 108

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 7.4% a year forever · net income +6.2%

Story as of 2026-10-16T09:58:55.789Z; price observation 2026-10-15.

The price assumes profits grow 7.4% a year forever

- 2026-04-18: India's ICICI Bank profit beats estimates on strong loan growth, lower provisions ([sg.finance.yahoo.com](https://sg.finance.yahoo.com/news/indias-icici-bank-profit-beats-113013605.html))

### Net income · FY2026

net income +6.2%; source https://www.sec.gov/Archives/edgar/data/1103838/000095010326010820/dp249803_20f.htm; observed 2026-07-20.

- FY2017: INR 102B 

- FY2018: INR 77B 

- FY2019: INR 43B 

- FY2020: INR 96B 

- FY2021: INR 184B 

- FY2022: INR 251B 

- FY2023: INR 340B 

- FY2024: INR 443B 

- FY2025: INR 510B 

- FY2026: INR 542B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are INR 3.1 trillion.

- Source: https://www.sec.gov/Archives/edgar/data/1103838/000095010326010820/dp249803_20f.htm (filed 2026-07-20); FY2026: revenue 3121183600000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IBN.US: ICICI Bank Limited, together with its subsidiaries, engages in the provision of various banking and financial services to corporate and retail customers in India and internationally. The company operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, General Insurance, and Others segments. The company offers asset management, securities brokerage, private equity, foreign exchange, agricultural and rural banking, equities underwriting, depositary share accounts, consumer durable goods financing, corporate salary and current account, savings and sovereign gold bonds, insurance policies, public offerings, investment, credit and protection, retail inward remittances, certificates of deposits, and payment and transaction banking products and services. It is also involved in the fee and commission-based activities; distribution of financial products; venture capital and real estate fund management business; treasury and rural banking operations; financial solutions; working capital financing; I-Process services, mutual funds, investment banking, and pension funds; and advisory activities. In addition, the company provides savings, salary, capital gains scheme, Hindu undivided family savings, real estate regulatory authority, government e-marketplace, current, trade, escrow, and foreign currency accounts. Further, it offers personal, home, car, education, gold, automobile, and commercial business loans, as well as loans against time deposits, securities, and property; and working capital loans, as well as credit, debit, prepaid, travel, forex, commercial, and corporate cards. Additionally, the company provides fixed income products; investment products; payments; general, accident, life, health, vehicle, and travel insurance products; cash management and merchant services; capital market and securities market services; and forex, derivatives, bullion, and bonds. The company was founded in 1955 and is headquartered in Mumbai, India.

### Why customers stay

It earns 13.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-20); 10-year return on tangible equity observations [[2017,0.09314269353730013],[2018,0.06618733928266915],[2019,0.035239308195272136],[2020,0],[2021,0.11674079135500617],[2022,0.15029852784046177],[2023,0.18111141766399078],[2024,0.1744645836470254],[2025,0.1670642929015818],[2026,0.15377618972673598]]; median 0.133519659597734. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-20); Dividend observations: [[2017,33119571000],[2018,17319703000],[2019,11563321000],[2020,11688270000],[2021,8863800000],[2022,13852300000],[2023,13852300000],[2024,55985964000],[2025,71238913000],[2026,78531500000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IBN.US SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 7.4% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-20); Price 29.44; FX 0.01054; original perpetual distributable cash 71.47135838629394; discount 0.1; growth 0.07441208840382005. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-11: $7.13 per share

- 2016-12: $6.81 per share

- 2017-01: $7.05 per share

- 2017-02: $7.45 per share

- 2017-03: $7.82 per share

- 2017-04: $7.79 per share

- 2017-05: $9.02 per share

- 2017-06: $8.97 per share

- 2017-07: $9.31 per share

- 2017-08: $9.37 per share

- 2017-09: $8.56 per share

- 2017-10: $9.15 per share

- 2017-11: $9.54 per share

- 2017-12: $9.73 per share

- 2018-01: $10.98 per share

- 2018-02: $9.50 per share

- 2018-03: $8.85 per share

- 2018-04: $8.51 per share

- 2018-05: $8.39 per share

- 2018-06: $8.03 per share

- 2018-07: $8.83 per share

- 2018-08: $9.63 per share

- 2018-09: $8.49 per share

- 2018-10: $9.49 per share

- 2018-11: $10.17 per share

- 2018-12: $10.29 per share

- 2019-01: $10.21 per share

- 2019-02: $9.86 per share

- 2019-03: $11.46 per share

- 2019-04: $11.45 per share

- 2019-05: $12.00 per share

- 2019-06: $12.59 per share

- 2019-07: $12.21 per share

- 2019-08: $11.23 per share

- 2019-09: $12.18 per share

- 2019-10: $13.03 per share

- 2019-11: $14.09 per share

- 2019-12: $15.09 per share

- 2020-01: $14.58 per share

- 2020-02: $13.87 per share

- 2020-03: $8.50 per share

- 2020-04: $9.76 per share

- 2020-05: $8.70 per share

- 2020-06: $9.29 per share

- 2020-07: $9.39 per share

- 2020-08: $10.74 per share

- 2020-09: $9.83 per share

- 2020-10: $10.55 per share

- 2020-11: $12.86 per share

- 2020-12: $14.86 per share

- 2021-01: $15.10 per share

- 2021-02: $16.61 per share

- 2021-03: $16.03 per share

- 2021-04: $16.30 per share

- 2021-05: $18.01 per share

- 2021-06: $17.10 per share

- 2021-07: $18.59 per share

- 2021-08: $19.62 per share

- 2021-09: $18.87 per share

- 2021-10: $21.15 per share

- 2021-11: $18.46 per share

- 2021-12: $19.79 per share

- 2022-01: $21.73 per share

- 2022-02: $19.47 per share

- 2022-03: $18.94 per share

- 2022-04: $19.04 per share

- 2022-05: $19.25 per share

- 2022-06: $17.74 per share

- 2022-07: $20.78 per share

- 2022-08: $21.84 per share

- 2022-09: $20.97 per share

- 2022-10: $22.04 per share

- 2022-11: $23.72 per share

- 2022-12: $21.89 per share

- 2023-01: $20.83 per share

- 2023-02: $20.68 per share

- 2023-03: $21.58 per share

- 2023-04: $22.75 per share

- 2023-05: $22.92 per share

- 2023-06: $23.08 per share

- 2023-07: $24.57 per share

- 2023-08: $23.17 per share

- 2023-09: $23.12 per share

- 2023-10: $22.19 per share

- 2023-11: $22.17 per share

- 2023-12: $23.84 per share

- 2024-01: $24.40 per share

- 2024-02: $25.61 per share

- 2024-03: $26.41 per share

- 2024-04: $27.53 per share

- 2024-05: $26.74 per share

- 2024-06: $28.81 per share

- 2024-07: $29.11 per share

- 2024-08: $29.31 per share

- 2024-09: $29.85 per share

- 2024-10: $30.41 per share

- 2024-11: $30.55 per share

- 2024-12: $29.86 per share

- 2025-01: $28.67 per share

- 2025-02: $27.88 per share

- 2025-03: $31.52 per share

- 2025-04: $33.56 per share

- 2025-05: $34.24 per share

- 2025-06: $33.64 per share

- 2025-07: $33.70 per share

- 2025-08: $31.74 per share

- 2025-09: $30.23 per share

- 2025-10: $30.30 per share

- 2025-11: $31.23 per share

- 2025-12: $29.80 per share

- 2026-01: $29.29 per share

- 2026-02: $30.51 per share

- 2026-03: $25.90 per share

- 2026-04: $26.59 per share

- 2026-05: $26.23 per share

- 2026-06: $29.03 per share

- 2026-07: $29.99 per share

- 2026-08: $30.36 per share

- 2026-09: $27.55 per share

- 2026-10: $28.54 per share

## Annual estimated value (USD per share)

- FY2017: low $3.45 per share, central $4.31 per share, high $5.75 per share

- FY2018: low $3.72 per share, central $4.64 per share, high $6.19 per share

- FY2019: low $3.73 per share, central $4.66 per share, high $6.21 per share

- FY2021: low $4.91 per share, central $6.14 per share, high $8.19 per share

- FY2022: low $5.06 per share, central $5.57 per share, high $6.19 per share

- FY2023: low $5.83 per share, central $7.28 per share, high $9.71 per share

- FY2024: low $7.83 per share, central $9.79 per share, high $13.06 per share

- FY2025: low $9.33 per share, central $11.66 per share, high $15.55 per share

- FY2026: low $15.07 per share, central $18.83 per share, high $25.11 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1103838/000095010326010820/dp249803_20f.htm); period 2026-03-31, filed 2026-07-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Sarah Ketterer](https://gigainvestors.com/CAU): 447,935 IBN shares; USD 13,004,000 reported position value; 0.14% of portfolio; reduce; quarter 2026 Q2.
- [Dan Davidowitz](https://gigainvestors.com/pcm): 38,124 IBN shares; USD 1,107,000 reported position value; 0.01% of portfolio; reduce; quarter 2026 Q2.

# IBN — ICICI Bank Ltd.

Held by 2 investors · USD 14,111,000 total · 2026 Q2 · reported price USD 29.04 (split-adjusted).
Page: https://gigainvestors.com/s/IBN

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Sarah Ketterer (https://gigainvestors.com/CAU) | USD 13,004,000 | 0.1% | reduce -0.65% |
| Dan Davidowitz (https://gigainvestors.com/pcm) | USD 1,107,000 | <0.1% | reduce -67.71% |

## Total held by quarter

- 2014 Q1: USD 251,031,466 · 1 holder · USD 8.76
- 2014 Q2: USD 32,920,477 · 1 holder · USD 9.98
- 2014 Q3: USD 25,120,297 · 1 holder · USD 9.82
- 2014 Q4: USD 46,559,990 · 1 holder · USD 11.55
- 2015 Q1: USD 52,335,021 · 1 holder · USD 10.36
- 2015 Q2: USD 44,055,166 · 1 holder · USD 10.42
- 2015 Q3: USD 37,799,222 · 1 holder · USD 8.38
- 2015 Q4: USD 32,454,379 · 1 holder · USD 7.83
- 2016 Q1: USD 43,194,379 · 2 holders · USD 7.83
- 2016 Q2: USD 29,645,808 · 1 holder · USD 7.16
- 2016 Q3: USD 44,165,755 · 1 holder · USD 7.47
- 2016 Q4: USD 47,819,598 · 1 holder · USD 7.49
- 2017 Q1: USD 56,900,369 · 1 holder · USD 8.60
- 2017 Q2: USD 65,191,759 · 1 holder · USD 8.96
- 2017 Q3: USD 65,632,345 · 1 holder · USD 8.56
- 2017 Q4: USD 85,665,995 · 1 holder · USD 9.73
- 2018 Q1: USD 79,349,100 · 1 holder · USD 8.85
- 2018 Q2: USD 78,224,341 · 1 holder · USD 8.03
- 2018 Q3: USD 89,436,589 · 1 holder · USD 8.49
- 2018 Q4: USD 96,790,230 · 1 holder · USD 10.29
- 2019 Q1: USD 118,187,931 · 1 holder · USD 11.46
- 2019 Q2: USD 108,726,107 · 1 holder · USD 12.59
- 2019 Q3: USD 101,890,499 · 1 holder · USD 12.18
- 2019 Q4: USD 300,713,505 · 2 holders · USD 15.09
- 2020 Q1: USD 40,540,274 · 1 holder · USD 8.50
- 2020 Q2: USD 48,781,892 · 1 holder · USD 9.29
- 2020 Q3: USD 59,476,543 · 1 holder · USD 9.83
- 2020 Q4: USD 91,449,228 · 1 holder · USD 14.86
- 2021 Q1: USD 691,787,891 · 1 holder · USD 16.03
- 2021 Q2: USD 824,666,909 · 2 holders · USD 17.10
- 2021 Q3: USD 849,460,298 · 2 holders · USD 18.87
- 2021 Q4: USD 81,326,035 · 1 holder · USD 19.79
- 2022 Q1: USD 78,934,136 · 1 holder · USD 18.94
- 2022 Q2: USD 90,761,317 · 1 holder · USD 17.74
- 2022 Q3: USD 330,368,006 · 2 holders · USD 20.97
- 2022 Q4: USD 618,893,649 · 4 holders · USD 21.89
- 2023 Q1: USD 548,556,629 · 4 holders · USD 21.58
- 2023 Q2: USD 588,285,058 · 4 holders · USD 23.08
- 2023 Q3: USD 550,891,153 · 4 holders · USD 23.12
- 2023 Q4: USD 663,815,407 · 4 holders · USD 23.84
- 2024 Q1: USD 511,521,795 · 5 holders · USD 26.41
- 2024 Q2: USD 181,959,034 · 3 holders · USD 28.81
- 2024 Q3: USD 134,275,777 · 3 holders · USD 29.85
- 2024 Q4: USD 207,047,299 · 3 holders · USD 29.86
- 2025 Q1: USD 173,164,071 · 3 holders · USD 31.52
- 2025 Q2: USD 32,130,366 · 3 holders · USD 33.64
- 2025 Q3: USD 20,221,663 · 2 holders · USD 30.23
- 2025 Q4: USD 17,907,774 · 2 holders · USD 29.80
- 2026 Q1: USD 14,735,701 · 2 holders · USD 25.90
- 2026 Q2: USD 14,111,000 · 2 holders · USD 29.04