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Neither bank is the clear choice for every investor. As of 7 October 2026, the available figures point to different strengths, but they cover different reporting periods and do not establish which share is better valued today. Your decision should turn on your time horizon, risk tolerance, portfolio, and the price you would pay—not on a one-quarter growth or margin comparison.
What the latest reported figures say—and what they do not
The figures available for comparison are not from the same quarter: ICICI Bank’s reported results cover Q1FY2027, the quarter ended 30 June 2026, while HDFC Bank’s cited results cover FY2026 and Q4FY2026. Treat them as separate snapshots, not a like-for-like quarterly ranking.
ICICI Bank: Q1FY2027 and FY2026
For Q1FY2027, 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. These figures are from the bank’s Q1FY2027 performance review.
At 30 June 2026, advances were ₹16,31,260 crore, up 19.6% year on year, while period-end deposits were ₹18,33,586 crore, up 14.0%. Retail loans grew 12.0% and business banking grew 28.2%. The growth rates describe different parts of the book; they do not, by themselves, show whether loan growth is being funded efficiently or will produce attractive shareholder returns.
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ICICI Bank’s reported net NPA ratio was 0.35% and gross NPA ratio was 1.38% at 30 June 2026. Standalone total capital adequacy was 16.84%, including a CET-1 ratio of 16.19%. NPA ratios capture recognized stressed loans under the bank’s reporting definitions; they do not replace a review of slippages, recoveries, write-offs, credit costs, and provision coverage.
For FY2026, ICICI Bank reported PAT of ₹50,147 crore, up 6.2% year on year, and NIM of 4.32%, similar to FY2025. It also disclosed an additional ₹1,283 crore standard-asset provision directed by the RBI after a supervisory review found that terms for some agricultural priority-sector facilities did not fully comply with regulatory classification requirements. That is a specific provision issue; it should not be read as evidence that the entire loan book is impaired.
HDFC Bank: FY2026 and Q4FY2026
HDFC Bank reported standalone net revenue of ₹1,912.2 billion and standalone PAT of ₹746.7 billion for FY2026; PAT was up 10.9% over FY2025. In Q4FY2026, NII was ₹330.8 billion, up 3.2% year on year. The bank reported Q4 NIM of 3.38% on total assets, or 3.53% on interest-earning assets, and a cost-to-income ratio of 39.9%.
HDFC’s Q4 NIM values use different denominators, and its figures are from an earlier period than ICICI’s Q1FY2027 results. Do not compare HDFC’s 3.38% or 3.53% directly with ICICI’s 4.36% as if they were measured on the same basis and date. Nor does a higher NIM alone establish a better investment: funding costs, operating expenses, credit losses, capital needs, and the share price all matter.
Which stock may fit which investment approach?
ICICI Bank may suit investors focused on recent operating momentum
The cited Q1FY2027 data show year-on-year growth in ICICI Bank’s NII, PAT, and advances, alongside reported asset-quality and capital ratios at 30 June 2026. An investor considering ICICI should test whether deposit growth and funding costs can support its loan expansion, and whether credit quality holds as the loan book grows. The Q1 figures are evidence of recent performance, not a forecast or a guarantee that growth will continue.
HDFC Bank may suit investors evaluating a larger annual earnings base
HDFC Bank’s reported FY2026 standalone revenue and PAT give investors an annual earnings reference, while Q4 NII growth of 3.2% year on year provides a more recent quarterly signal. An investor considering HDFC should examine subsequent results for NII and deposit momentum, margins, asset quality, and returns on capital. The figures cited here do not establish its Q1FY2027 performance.
These are ways to frame further analysis, not recommendations. Either bank could fit a long-term plan if its future performance and purchase price meet that investor’s assumptions; neither set of reported results settles that question.
How to compare the shares before deciding
Compare both banks using the same reporting period, accounting basis, and market-price date. A useful comparison should put earnings, funding, loan growth, asset quality, capital, and valuation in context rather than rank one headline ratio.
- Set the valuation date and basis. Use the same closing date for both share prices. Calculate price-to-earnings using a consistent earnings period and price-to-book using a consistent book-value basis. If using adjusted book value, explain the adjustment. A lower multiple on its own does not prove a share is undervalued.
- Compare earnings quality and returns. Review NII, fee income, operating profit, PAT, return on assets, and return on equity. Separate recurring performance from treasury gains, recoveries, or one-off provisions, and check whether growth is translating into returns on capital.
- Examine funding and margins. Check deposit growth alongside advances, CASA or current-and-savings account mix, cost of deposits, and the loan-to-deposit position. Confirm each bank’s NIM definition and denominator before comparing it.
- Assess credit quality beyond headline NPA ratios. Review gross and net NPAs with their dates and definitions, as well as slippages, recoveries, write-offs, credit costs, and provision buffers. Consider whether faster growth is accompanied by changes in underwriting or risk.
- Check capital, governance, and concentration. Consider CET-1 and total capital adequacy, likely capital needs, regulatory developments, management continuity, and exposures concentrated in particular sectors or borrower groups.
- Test the assumptions against your own portfolio. Decide how much volatility you can accept, whether you already have substantial exposure to Indian financials, and how long you can hold through weaker results. A bank’s growth is not the same thing as the return a shareholder earns.
Why a definitive winner cannot be named from these figures
The evidence available as of 7 October 2026 does not provide a same-quarter results comparison: ICICI’s cited operating figures are for Q1FY2027, and HDFC’s cited numeric figures are for FY2026 and Q4FY2026. It also does not establish a reliable, same-date pair of valuation multiples calculated on a common basis. A secondary market snapshot dated 6 October 2026 is not enough to support a valuation verdict, particularly when share prices and market ratios move.
Before choosing between the shares, refresh both banks’ results and market prices, align the reporting periods and definitions, and calculate valuation using the same date and earnings or book-value basis. Until then, ICICI’s cited quarter shows strong margin and loan growth, while HDFC’s cited figures show substantial FY2026 earnings alongside slower Q4 NII growth. Neither observation determines which stock offers better value at the price available to you.
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