ICICI Bank Profit Jumps 23.4% as JPMorgan Lifts Price Target

ICICI Bank reported a 23.4% year-over-year jump in profit for its fiscal second quarter of 2027, driven by accelerating loan growth and improving asset quality, according to the company's earnings call. JPMorgan responded by raising its price target on the stock following what it called strong earnings. The contrast with HDFC Bank, India's largest private lender by assets, was notable. HDFC Bank posted deposit growth of 18.8% and profit growth of 12.7% in the same quarter, but the company said margin pressure persists, meaning the gap between what it earns on loans and pays on deposits is narrowing. The divergence raises a question for investors comparing the two banks: whether ICICI's faster profit growth reflects a structural lending advantage or simply a different point in its credit cycle. That will depend on whether loan growth holds up over coming quarters without a corresponding rise in bad loans.