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Compare HDFC Bank, ICICI Bank and Axis Bank on six linked dimensions—not on quarterly profit alone: balance-sheet growth, core earnings, profitability, asset quality, capital strength, and funding mix. For the latest common period, use Q2 FY27, the quarter ended September 30, 2026, keep all amounts in ₹ crore, and distinguish period-end balances from quarterly averages. On the figures currently available, ICICI shows the strongest combination of deposit and loan growth and core-profit growth; Axis pairs solid growth with a clearly reported capital and asset-quality set. HDFC Bank’s Q2 FY27 archive is available, but the extract does not expose enough KPI values for a defensible three-bank numeric ranking.
A fair conclusion therefore needs two parts: identify the leader on each axis, then check whether the result persists across several quarters. A bank can lead on growth while trailing on margins, credit costs or capital buffers.
Set a common basis before comparing the banks
The latest shared reporting period is Q2 FY27, ended September 30, 2026. ICICI Bank says its board approved both standalone and consolidated accounts and that auditors issued an unmodified limited-review report. HDFC Bank’s investor-relations archive lists Q2 FY27 financial results and a presentation dated October 17, 2026. Use one basis—standalone or consolidated—for every bank in your worksheet; never mix a standalone ratio for one bank with a consolidated balance for another.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware match- Period-end balances: deposits, advances, loan portfolios, gross NPA, net NPA, capital ratios and CET1 are measured at September 30, 2026 unless a release says otherwise.
- Quarterly flows: NII, fee income, operating profit, provisions and profit after tax cover the three months of Q2 FY27.
- Annualised ratios: ROA, ROE, EPS, slippage and credit-cost figures may be annualised. Keep the issuer’s label beside the number.
- Units: convert every rupee amount to ₹ crore. Do not compare a value reported in millions or lakhs without conversion.
- Definitions: preserve each bank’s treatment of FCNR(B), average balances, restructured loans and provisioning. A seemingly small definition change can alter a margin or growth rate.
These rules matter because a 30-day period-end balance and a three-month average are not interchangeable. A bank that added deposits late in the quarter may show strong September 30 growth without having earned that funding for the entire quarter.
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Q2 FY27 scorecard: the figures currently disclosed
The table below separates reported values from information that is not exposed in the available HDFC Bank extract. “Not stated” means the figure should be taken from the bank’s Q2 FY27 presentation before publication or investment analysis; it does not mean zero.
| Metric | ICICI Bank | Axis Bank | HDFC Bank |
|---|---|---|---|
| Deposits at September 30, 2026 | ₹20,49,874 crore; up 27.1% year on year | ₹14,52,066 crore; up 21% year on year | Not stated in the available Q2 FY27 extract; use the October 17, 2026 presentation |
| Loans or advances at September 30, 2026 | ₹18,31,580 crore total loan portfolio; up 30.0% year on year | ₹13,73,727 crore net advances; up 23% year on year | Not stated in the available Q2 FY27 extract |
| Net interest income (quarter) | ₹25,339 crore; up 17.7% year on year | ₹15,371 crore; up 12% year on year | Not stated in the available Q2 FY27 extract |
| Net interest margin | Not stated in the available extract | 3.36%; 3.47% excluding the FCNR(B) impact | Not stated in the available Q2 FY27 extract |
| Core operating profit | ₹20,805 crore; up 21.8% year on year | ₹10,998 crore; up 11% year on year | Not stated in the available Q2 FY27 extract |
| Profit after tax | Not stated in the available extract | ₹7,003 crore for Q2 FY27 | Not stated in the available Q2 FY27 extract |
| Return on assets | Not stated in the available extract | 1.38% standalone | Published KPI framework includes ROA, but the Q2 FY27 value is not stated in the extract |
| Return on equity and EPS | Not stated in the available extract | ROE not stated in the extract; EPS not stated | Published KPI framework includes ROE and EPS, but Q2 FY27 values are not stated |
| Gross NPA at September 30, 2026 | 1.20% | 1.16% | Not stated in the available Q2 FY27 extract |
| Net NPA at September 30, 2026 | 0.30% | 0.35% | Not stated in the available Q2 FY27 extract |
| Provision coverage ratio | Not stated in the available extract | 70% | Not stated in the available Q2 FY27 extract |
| Gross slippage (annualised) | Not stated in the available extract | 1.48% | Not stated in the available Q2 FY27 extract |
| Net credit cost | Not stated in the available extract | 0.45% | Not stated in the available Q2 FY27 extract |
| Total capital adequacy | 16.68%; regulatory minimum 11.70% | 16.27% | Not stated in the available Q2 FY27 extract |
| CET1 | 16.01%; regulatory minimum 8.20% | 14.61% | Not stated in the available Q2 FY27 extract |
1. Start with scale, growth and funding quality
Deposits show the funding base
ICICI Bank reported September 30 deposits of ₹20,49,874 crore, up 27.1% year on year. Axis Bank reported ₹14,52,066 crore, up 21%. The absolute totals show scale; the year-on-year rates show how quickly each bank is expanding its funding base. Neither number alone proves that growth is economical. Check deposit cost, CASA share and the mix of retail, corporate and wholesale deposits next.
HDFC Bank’s Q2 FY27 deposit total and growth rate are not stated in the available archive extract. Do not fill that gap with Q2 FY26 figures or with a number from a different reporting basis.
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Loans must be read beside deposits
ICICI reported a total loan portfolio of ₹18,31,580 crore, up 30.0% year on year. Axis reported net advances of ₹13,73,727 crore, up 23%. Compare loan growth with deposit growth rather than celebrating the fastest loan number. ICICI’s disclosed loan growth is 2.9 percentage points above its deposit growth, while Axis’s is 2 percentage points above its deposit growth. That spread can support faster earnings, but it also raises the question of whether funding costs or liquidity risk are increasing.
Also confirm that the numerator is comparable: ICICI reports a total loan portfolio, whereas Axis reports net advances. Gross loans, net advances and loans excluding a particular portfolio are different measures.
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CASA and business composition explain durability
Extract CASA growth and the current CASA ratio from each presentation. A higher share of current and savings accounts generally indicates a lower-cost funding base than term deposits, but the benefit depends on pricing and customer behaviour. Separate retail, small-business, corporate and other wholesale exposures. Two banks with identical loan growth can have very different risk and margin profiles if one is expanding in secured retail lending and the other in corporate credit.
2. Test whether growth is reaching core earnings
Net interest income
NII is the rupee spread earned from interest-bearing assets and liabilities before non-interest income and operating expenses. ICICI’s Q2 FY27 NII was ₹25,339 crore, up 17.7% year on year. Axis reported ₹15,371 crore, up 12%. Compare each bank’s NII growth with loan growth: when loans grow much faster than NII, asset yields, funding costs or product mix may be compressing the spread.
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NIM normalises interest spread against the issuer’s stated average earning-asset base. Axis reported 3.36%, or 3.47% excluding the FCNR(B) impact. Use the adjusted figure only when the comparison table labels the exclusion. Do not place Axis’s adjusted NIM beside another bank’s reported NIM if that bank includes the corresponding FCNR(B) effect.
For HDFC and ICICI, retrieve the Q2 FY27 NIM definition and denominator from the official presentations. A percentage without its average-balance convention is not a like-for-like result.
Operating profit, fees and cost-to-income
ICICI’s core operating profit was ₹20,805 crore, up 21.8% year on year. Axis reported ₹10,998 crore, up 11%. Core operating profit shows whether the franchise is converting spread and fee revenue into earnings before provisions. Add fee income and the cost-to-income ratio to the worksheet: rising profit with an improving cost ratio is stronger than profit growth bought through unusually high fee income or one-off items.
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HDFC’s published KPI framework includes NIM and cost-to-income, but the Q2 FY27 values are not exposed in the available extract. Use the bank’s own definitions when those figures are collected.
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Profit after tax
Axis reported Q2 FY27 PAT of ₹7,003 crore. A PAT ranking is incomplete without the balance-sheet size that generated it, the provisions charged in the quarter and the capital employed. The available figures do not state ICICI’s or HDFC Bank’s Q2 FY27 PAT, so a three-way PAT table would be premature.
ROA, ROE and EPS
Axis reported standalone ROA of 1.38%. ROA is useful for comparing banks of different sizes because it relates profit to assets; ROE shows the return earned on shareholders’ capital and is affected by leverage and capital levels. EPS translates profit into a per-share measure but can change with share count. Mark every ratio as standalone or consolidated and annualised or reported for the quarter.
HDFC’s KPI framework explicitly includes PAT, ROA and EPS. Obtain the actual Q2 FY27 values before calling one bank the profitability leader. ICICI’s available extract does not state the corresponding return figures.
4. Separate asset-quality stocks from credit-risk flows
Gross and net NPA
ICICI reported gross NPA of 1.20% and net NPA of 0.30% at September 30, 2026. Axis reported gross NPA of 1.16% and net NPA of 0.35%. Gross NPA measures impaired loans before provisions; net NPA reflects the residual after eligible provisions. Axis has the lower gross ratio in these disclosures, while ICICI has the lower net ratio. That is why ranking on only one NPA measure can give the wrong impression.
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Provision coverage, slippages and credit cost
Axis reported a 70% provision coverage ratio, annualised gross slippage of 1.48% and net credit cost of 0.45%. The coverage ratio indicates how much of identified bad-loan exposure is covered by provisions; slippage measures new loans entering non-performing status; credit cost captures the provision burden relative to the relevant loan base. A low NPA stock with rising slippages can deteriorate later, while a high current credit cost may represent prudent early provisioning.
Collect the same flow measures for ICICI and HDFC from their Q2 FY27 disclosures. Also check restructured, stressed and otherwise monitored loans, because these exposures may not yet appear in GNPA.
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ICICI reported total capital adequacy of 16.68% and CET1 of 16.01%, against stated minimums of 11.70% and 8.20%. Its disclosed buffers are therefore 4.98 percentage points for total capital and 7.81 percentage points for CET1. Axis reported total capital adequacy of 16.27% and CET1 of 14.61%; compare those figures with the applicable minimums in the same disclosure before calculating a buffer.
Total capital includes several layers of loss-absorbing capital; CET1 is the highest-quality common-equity layer. CET1 is usually the more conservative first check when assessing whether a bank can absorb losses while continuing to grow. Add leverage and liquidity ratios when disclosed, and state whether the ratio is reported before or after any transitional treatment.
HDFC’s capital and CET1 values are not stated in the available Q2 FY27 extract. They must be taken from the bank’s current presentation, not carried forward from an earlier quarter.
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6. Reconcile funding costs, averages and FCNR(B) effects
Funding quality links deposits to NIM. Compare CASA growth, term-deposit pricing, deposit cost, retail-versus-wholesale funding and the share of foreign-currency deposits. Axis notes that some balances are period-end figures while others are quarterly averages. It also notes that excluding FCNR(B) changes reported growth and NIM.
Keep two columns when an issuer provides both: “reported” and “excluding FCNR(B).” Never use the adjusted Axis NIM as though it were the reported figure. For each bank, record the balance date, averaging period, currency treatment and whether the number is standalone or consolidated.
7. A repeatable comparison procedure
- Lock the period: select Q2 FY27, quarter ended September 30, 2026, for all three banks.
- Lock the basis: choose standalone or consolidated and apply it consistently.
- Build the balance sheet: enter deposits, loans or advances, CASA, and retail/corporate composition; mark period-end values.
- Measure growth quality: calculate year-on-year and quarter-on-quarter changes, then compare loan growth with deposit growth.
- Calculate core earnings: record NII, NIM, fee income, core operating profit and cost-to-income, preserving each issuer’s denominator.
- Test returns: enter PAT, ROA, ROE and EPS, marking annualisation and share-count effects.
- Inspect risk flows: pair GNPA and NNPA with provision coverage, gross slippage, net credit cost and restructured or stressed loans.
- Assess resilience: record total capital adequacy, CET1, leverage and liquidity, then calculate the buffer over the applicable minimum.
- Review trends: repeat the worksheet for at least four quarters before assigning an overall winner.
8. How to name a leader without oversimplifying
Use six decision axes rather than a single composite score:
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| Axis | Question to answer | Evidence to prioritise |
|---|---|---|
| Growth and funding quality | Is expansion funded by stable, reasonably priced deposits? | Deposit and loan growth, CASA, deposit cost, retail/wholesale mix |
| Margin and operating efficiency | Is growth producing durable pre-provision profit? | NII, NIM, fee income, core operating profit, cost-to-income |
| Profitability | How efficiently does the bank use assets and equity? | PAT, ROA, ROE, EPS, annualisation |
| Asset-quality risk | Are bad-loan stocks and new problem loans contained? | GNPA, NNPA, PCR, slippage, credit cost, stressed loans |
| Capital resilience | Can the bank absorb losses and keep lending? | Total CAR, CET1, regulatory buffers, leverage, liquidity |
| Consistency | Does the result survive changes in the cycle or one-off items? | At least four quarters of like-for-like definitions |
On the disclosed Q2 FY27 numbers, ICICI is the provisional growth and core-earnings leader: deposits rose 27.1%, loans 30.0%, NII 17.7% and core operating profit 21.8%. Axis reports a lower gross NPA, a 70% provision coverage ratio, 1.38% standalone ROA, ₹7,003 crore PAT and strong capital ratios, but its NII and core-profit growth are slower than ICICI’s. Those observations are axis-specific, not an overall three-bank verdict, because HDFC’s comparable Q2 FY27 values are not available in the extract and ICICI’s full return and credit-flow set is also incomplete.
Common mistakes that invalidate a bank comparison
- Mixing dates: using Q2 FY26 for HDFC while using Q2 FY27 for ICICI and Axis.
- Mixing accounting bases: comparing standalone PAT with consolidated assets.
- Comparing unlike loan measures: total loan portfolio versus net advances without explaining the difference.
- Ignoring averages: treating a period-end deposit balance as the quarter’s average funding base.
- Hiding adjustments: presenting Axis’s FCNR(B)-excluded NIM as its reported NIM.
- Ranking on PAT only: overlooking provisions, asset quality, capital and the size of the balance sheet.
- Using one NPA ratio: failing to pair GNPA with NNPA, coverage and new slippages.
- Declaring a winner after one quarter: mistaking a one-time movement for a durable franchise trend.
What to collect from HDFC Bank before publishing a three-bank table
Open the HDFC Bank Q2 FY27 presentation and financial-results release dated October 17, 2026, then extract deposits, advances, year-on-year and quarter-on-quarter growth, CASA, NII, NIM, fee income, core operating profit, cost-to-income, PAT, ROA, ROE, EPS, GNPA, NNPA, PCR, slippage, credit cost, total capital adequacy and CET1. Record the basis and definition beside every value. Until that step is complete, a precise HDFC-versus-ICICI-versus-Axis ranking would imply certainty that the disclosed figures do not support.
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