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Compare ICICI Bank, State Bank of India (SBI) and Kotak Mahindra Bank across the same reporting period, then assess profitability, funding and growth, asset quality, capital and share valuation. Their FY2026 results, for the year ended March 31, 2026, show different strengths and very different business scales; they do not, on their own, establish which share is the better investment.
Start with a like-for-like comparison
Use full-year figures for all three banks rather than comparing one bank’s latest quarter with another’s annual results. The FY2026 disclosures below provide a common period. Figures are issuer-reported and may use different business scopes or definitions, so a ratio or absolute amount should not be treated as directly comparable without checking what it measures.
For ICICI Bank, the reported loan figure is its total loan portfolio. SBI’s deposits and advances are whole-bank figures, and it reports both whole-bank and domestic net interest margin (NIM). Kotak reports deposits and customer assets, along with bank-level measures. These labels matter: the figures describe related but not necessarily identical scopes.
FY2026 results at a glance
| Measure | ICICI Bank | SBI | Kotak Mahindra Bank |
|---|---|---|---|
| Profit after tax / net profit | ₹50,147 crore; up 6.2% year on year | ₹80,032 crore | ₹14,008 crore |
| Deposits at March 31, 2026 | ₹17,94,625 crore; up 11.4% | ₹59.8 trillion; up 11.03% | ₹572,456 crore |
| Loans, advances or customer assets at March 31, 2026 | Total loan portfolio: ₹15,53,893 crore; up 15.8% | Advances: ₹49.3 trillion; up 16.87% | Customer assets: ₹545,716 crore |
| Profitability ratios | ROA, ROE and NIM: not stated in the cited FY2026 performance review | ROA 1.12%; ROE 18.57%; whole-bank NIM 2.91%; domestic NIM 3.03% | ROA 1.97%; NIM 4.60%; cost-to-income 47.0% |
| Net NPA | 0.33% | 0.39% | 0.25% |
| Capital measure | Total capital adequacy 17.18%; CET-1 16.35%, after proposed dividend impact | CRAR 15.40% | CAR 22.4%; CET-I 21.3% |
Sources: ICICI Bank FY2026 performance review, SBI Q4 FY2026 press release and Kotak Q4 FY2026 investor presentation.
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Compare profitability without confusing scale and efficiency
Profit and returns
SBI reported the largest absolute FY2026 profit of the three, at ₹80,032 crore. Absolute profit reflects business size as well as profitability; it is not a standalone measure of how efficiently a bank uses its assets or equity. SBI’s reported ROA was 1.12% and ROE was 18.57%. Kotak reported ROA of 1.97%, while the cited figures do not provide matching ROA and ROE values for ICICI Bank. Do not infer an apples-to-apples ranking where the same measure is not available for all three.
Margins and operating costs
NIM indicates the spread between interest earned on assets and interest paid on funding, but scope matters. SBI’s whole-bank NIM was 2.91%, while its domestic NIM was 3.03%; Kotak reported NIM of 4.60%. Those are reported measures, not proof that one bank will sustain a higher margin or earn a better shareholder return. The cited FY2026 ICICI review does not state a matching NIM. Kotak also reported a 47.0% cost-to-income ratio and 0.65% credit cost, measures that add operating-efficiency and lending-risk context but are not supplied here on a comparable basis for the other banks.
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Annual profit comparisons need adjustments
Kotak’s presentation says FY2025 comparative profit excludes ₹2,730 crore of gains from the ZKGI divestment. Any year-on-year growth calculation for Kotak should preserve that adjustment rather than compare FY2026 profit with an unadjusted FY2025 figure.
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All three banks reported deposit and lending growth, but their scale differs substantially. ICICI’s FY2026 deposits rose 11.4% and its total loan portfolio grew 15.8%. SBI reported deposit growth of 11.03% and advance growth of 16.87%. Kotak’s presentation gives end-period deposit and customer-asset balances; the figures listed here do not establish matching growth rates.
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For an investment comparison, look beyond balance growth. A bank needs deposits and other funding to support lending, and rapid asset growth is useful only if it can be funded economically and managed without weakening underwriting. Compare deposit growth with advances or customer-asset growth, then examine CASA mix, loan composition and credit-to-deposit position. Kotak reported a CASA ratio of 43.3%; matching FY2026 CASA figures are not stated here for ICICI or SBI.
Read asset-quality measures together
Net NPA was 0.33% at ICICI, 0.39% at SBI and 0.25% at Kotak in the FY2026 disclosures. Net NPA is only one view of stressed lending: it reflects provisions and does not by itself show the flow of new problem loans or the coverage available against them.
Rank #4
SBI also reported gross NPA of 1.49% and a provision coverage ratio of 74.36%, or 91.97% including AUCA. These additional measures help put its net NPA figure in context, but they should not be treated as directly interchangeable with a net NPA ratio. For a fuller comparison, check each bank’s gross NPA, slippages, credit cost, provision coverage and write-offs using consistent definitions and periods.
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Check capital and dividend treatment
Capital ratios indicate a bank’s loss-absorbing buffer, but compare like with like: CRAR or CAR is not the same measure as CET-I. ICICI reported total capital adequacy of 17.18% and CET-1 of 16.35% after reckoning the proposed dividend impact. SBI reported CRAR of 15.40%. Kotak reported CAR of 22.4% and CET-I of 21.3%. These figures do not establish the banks’ distance from every applicable regulatory requirement; consider the reported ratio, its definition, distributions and the relevant requirements together.
Best Value
ICICI’s board recommended a ₹12-per-share dividend for FY2026, subject to approvals. A recommendation is not the same as a finalized payment. The cited figures do not provide comparable dividend details for SBI and Kotak, so a dividend-yield ranking cannot be drawn from them.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Operating strength is not share valuation
Even a careful comparison of FY2026 operations cannot answer whether a share is attractively priced today. That requires contemporaneous share prices and valuation measures—such as price-to-book and earnings valuation—alongside expectations for growth, profitability, credit costs and risks. The cited results releases do not provide an up-to-date market valuation comparison, so they cannot support a buy-or-sell conclusion.
Before investing, compare all three shares using market data from the same date and the same valuation convention. Consider how much future growth and return on equity is already reflected in each price, and test whether the investment case still works if margins fall, credit costs rise or growth slows. The appropriate weighting also depends on your time horizon, risk tolerance and portfolio; operating ratios alone are not a personalized recommendation.
Quick Recap
A practical comparison checklist
- Fix the date and scope. Use the same fiscal period and confirm whether each number is bank-only, consolidated, domestic or whole-bank.
- Compare returns and margins. Review PAT, ROA, ROE and NIM, alongside cost-to-income where consistently reported. Identify one-off gains before calculating growth.
- Evaluate funding and asset growth. Compare deposit growth with loan or advance growth, CASA mix, loan composition and credit-to-deposit position.
- Test asset quality. Read gross and net NPA with slippages, credit cost, coverage and write-offs rather than relying on one low ratio.
- Review capital and distributions. Distinguish total capital from CET-I and account for stated dividend adjustments or approvals.
- Bring in market valuation. Use share prices from the same date, compare valuation measures consistently and consider plausible downside as well as expected growth.
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