For a fair HDFC Bank, ICICI Bank and Axis Bank comparison, begin with the common quarter ended September 30, 2026 (Q2 FY27), put every bank on the same standalone or consolidated basis, and separate period-end balances from quarterly income and annualised ratios. Compare six areas in order: balance-sheet growth and funding quality, NII and NIM, operating efficiency, profitability and returns, asset quality and credit costs, and capital buffers.
On the figures currently disclosed for ICICI Bank and Axis Bank, ICICI shows the stronger combination of deposit and loan growth and core operating-profit momentum. Axis has a slightly lower gross NPA ratio, but its net NPA is higher than ICICI’s and its disclosed NII growth is slower. A three-way winner cannot be named responsibly until HDFC Bank’s Q2 FY27 KPI values are taken from its October 17, 2026 presentation and the three banks are checked over several quarters.
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Use one reporting basis before comparing any number
Q2 FY27 means the quarter ended September 30, 2026. ICICI Bank says its board approved both standalone and consolidated accounts for that quarter and that the auditors issued an unmodified limited-review report. HDFC Bank’s investor-relations archive lists its Q2 FY27 presentation and financial results dated October 17, 2026. Axis Bank publishes a mixture of period-end balances, quarterly income figures and annualised ratios.
Choose either standalone or consolidated statements for all three banks and keep that choice visible in your worksheet. Do not put a standalone return on assets beside a consolidated profit, or compare a parent-bank deposit figure with a group loan figure. Report all rupee amounts in crore. Mark whether a figure is measured on September 30, 2026, accumulated during the July–September quarter, or annualised from the quarter.
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- Period-end stock: deposits, loans or advances, CASA balances, gross and net NPAs, capital ratios and balance-sheet composition are measured at September 30, 2026.
- Quarterly flow: NII, fee income, operating profit, provisions and profit after tax cover the three months of Q2 FY27.
- Annualised ratio: NIM, ROA, ROE, slippage rates and credit cost may be annualised. Preserve the bank’s own definition instead of recalculating it from incompatible figures.
This discipline prevents a common error: treating a larger bank as more profitable simply because its rupee income is larger, or treating a one-quarter ratio as if it were a full-year outcome.
Q2 FY27 comparison snapshot
The table shows the disclosed figures that can be aligned without inventing missing HDFC Bank values. ICICI Bank and Axis Bank figures are presented on the basis stated in their Q2 FY27 materials; check the original presentations for any bank-specific perimeter or averaging convention before calculating rankings.
| Metric | ICICI Bank | Axis Bank | HDFC Bank | How to read it |
|---|---|---|---|---|
| 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 Q2 FY27 figures available here | Scale plus funding growth; confirm period-end basis |
| Loans or advances at September 30, 2026 | Total loan portfolio ₹18,31,580 crore; up 30.0% year on year | Net advances ₹13,73,727 crore; up 23% year on year | Not stated in the Q2 FY27 figures available here | Use the same gross, net or portfolio definition across banks |
| Net interest income for Q2 FY27 | ₹25,339 crore; up 17.7% year on year | ₹15,371 crore; up 12% year on year | Not stated in the Q2 FY27 figures available here | Quarterly flow, not a period-end balance |
| Core operating profit for Q2 FY27 | ₹20,805 crore; up 21.8% year on year | ₹10,998 crore; up 11% year on year | Not stated in the Q2 FY27 figures available here | Tests earnings before provisions and tax |
| NIM | Not stated in the figures available here | 3.36%; 3.47% excluding the FCNR(B) impact | Not stated in the Q2 FY27 figures available here | Annualised margin; adjustments must be retained |
| Profit after tax | Not stated in the figures available here | ₹7,003 crore | Not stated in the Q2 FY27 figures available here | Pair with ROA, ROE and provisions |
| Gross NPA at September 30, 2026 | 1.20% | 1.16% | Not stated in the Q2 FY27 figures available here | Stock measure of impaired loans before provisions |
| Net NPA at September 30, 2026 | 0.30% | 0.35% | Not stated in the Q2 FY27 figures available here | Residual impaired loans after provisions |
| Provision coverage or related credit metrics | Not stated in the figures available here | PCR 70%; gross slippage 1.48%; net credit cost 0.45% | Not stated in the Q2 FY27 figures available here | Explains how asset quality is changing and what it costs |
| Total capital ratio | 16.68%; stated minimum 11.70% | 16.27% | Not stated in the Q2 FY27 figures available here | Solvency buffer above the applicable requirement |
| CET1 ratio | 16.01%; stated minimum 8.20% | 14.61% | Not stated in the Q2 FY27 figures available here | Highest-quality capital and capacity to absorb losses |
1. Start with scale, growth and funding quality
Deposits: growth is useful only when it is fundable
Compare the year-on-year and quarter-on-quarter change in deposits, then examine CASA growth and the cost of those deposits. Fast deposit growth can support loan expansion, but a bank that buys growth with expensive term deposits may see its margin compress. Look for a rising or stable CASA share, the mix of retail and corporate deposits, and whether the bank’s deposit growth is keeping pace with its loan book.
In Q2 FY27, ICICI’s disclosed deposit growth was faster than Axis Bank’s and its absolute deposit base was larger. That establishes scale and momentum, not superior economics by itself. The next question is whether each bank’s funding mix allowed NII and NIM to hold up.
Loans and advances: match definitions before ranking growth
ICICI reports a total loan portfolio, while Axis reports net advances. Those labels are not automatically interchangeable. A comparison file should record whether the number is gross advances, net advances, total loans including specific portfolios, or another management-defined measure. If definitions differ, present the figures side by side with the labels intact rather than manufacturing a false ranking.
Review retail, corporate, small-business and other disclosed segments. Retail growth may diversify risk but can bring different yields and seasoning patterns; corporate growth can be lumpy and sensitive to a few large exposures. The useful test is growth adjusted for mix, funding cost and subsequent slippages.
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Use both year-on-year and quarter-on-quarter changes
Year-on-year growth removes much of the seasonal noise and shows the direction over twelve months. Quarter-on-quarter growth identifies acceleration or deceleration, but it can be distorted by the previous quarter’s base, large transactions near the reporting date or seasonal deposit movements. Record both, and flag any bank that reports only one.
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NII shows the rupee engine
Net interest income is interest earned on loans and investments minus interest paid on deposits and other funding. Compare its year-on-year growth with loan growth. If loans grow much faster than NII, yields, funding costs, loan mix or one-off items may be diluting the benefit of scale. If NII grows faster than loans, investigate whether the change comes from better pricing, a higher-yield mix or a temporary balance-sheet effect.
ICICI’s Q2 FY27 NII growth and core operating-profit growth were both ahead of Axis Bank’s disclosed rates. That is a stronger signal than NII alone because it includes the bank’s operating-cost base, while still excluding provisions and tax.
NIM needs its denominator and adjustments
Net interest margin is generally annualised net interest income divided by average interest-earning assets, but banks can use different averaging periods and classifications. Capture the reported NIM exactly, then note whether it is domestic, global, standalone or consolidated and whether a portfolio has been excluded.
Axis Bank reports a 3.36% NIM and 3.47% when the FCNR(B) impact is excluded. Keep both values in the record: the reported figure describes the quarter as booked, while the adjusted figure helps isolate an identified funding effect. Do not compare the adjusted Axis number with another bank’s unadjusted NIM.
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Core operating profit indicates how much revenue remains after operating expenses but before provisions and tax. Pair it with fee income, other operating income and the cost-to-income ratio. A bank can post strong NII growth yet deliver weaker operating profit if staff, technology, distribution or other expenses rise faster.
Use a simple bridge for each bank: NII growth, non-interest income growth, operating-expense growth, core operating-profit growth, provisions and tax. This reveals whether the quarter was driven by recurring banking revenue or by volatile treasury and other income.
3. Judge profitability through PAT, ROA, ROE and EPS
PAT is the outcome, not the diagnosis
Profit after tax is affected by provisions, recoveries, tax and one-time items. Compare year-on-year and quarter-on-quarter PAT growth, but read the notes for recoveries, write-offs, investment gains or changes in deferred tax. A high PAT growth rate from an unusually low base is less informative than a stable multi-quarter trend.
Axis Bank reports Q2 FY27 PAT of ₹7,003 crore. The rupee amount should not be used to rank it against a larger or smaller bank without normalising for assets and equity.
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Return on assets divides annualised profit by average assets. It is usually the cleaner cross-bank profitability measure because it controls for balance-sheet scale. Confirm whether the bank annualises the quarter and whether the denominator is average standalone or consolidated assets.
Axis reports standalone ROA of 1.38% for Q2 FY27. HDFC Bank’s published KPI framework includes PAT, ROA and EPS, but the specific Q2 FY27 values are not stated in the material available for this comparison. Do not substitute Q2 FY26 figures.
ROE and EPS answer different questions
Return on equity measures profit relative to shareholders’ equity and is sensitive to capital levels. A high ROE can reflect efficient earnings, a smaller equity base or greater leverage, so read it with CET1 and the total capital ratio. EPS is useful for equity investors but depends on the share count and is not a substitute for asset-quality analysis.
4. Separate asset-quality stocks from credit-risk flows
GNPA and NNPA are point-in-time stocks
Gross NPA is the share of loans classified as non-performing before provisions; net NPA reflects the residual after provisions and eligible adjustments. A lower gross ratio is positive, but the gap between gross and net also shows how much protection has been built. Compare both ratios at September 30, 2026 and track their direction over at least four quarters.
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ICICI reports GNPA of 1.20% and NNPA of 0.30%. Axis reports GNPA of 1.16% and NNPA of 0.35%. Axis therefore has the slightly lower gross ratio in this quarter, while ICICI has the lower net ratio. Neither result alone proves that one bank has lower future losses.
Slippages and credit cost show what is arriving
Gross slippage is new loans entering non-performing status during the period, usually annualised as a percentage of loans. Net slippage removes recoveries and upgrades under the bank’s definition. Net credit cost expresses provisions net of recoveries relative to average loans or another stated base. These are flow measures and can deteriorate before the NPA stock rises.
Axis discloses gross slippage of 1.48% and net credit cost of 0.45% for Q2 FY27. Record the denominator and annualisation convention from the presentation. Compare them with provision coverage, recoveries, write-offs and restructured or stressed loans rather than treating one quarter’s slippage as a forecast.
Provision coverage and stressed pools complete the picture
Provision coverage ratio indicates how much of gross NPAs is covered by provisions. Axis reports PCR of 70%. Also check restructured loans, special-mention accounts, sectors under stress, security receipts and large individual exposures where disclosed. A stable GNPA ratio supported by heavy write-offs or transfers can hide a different risk profile from a stable ratio supported by low inflows and strong recoveries.
5. Compare capital and resilience against the right minimum
Total capital and CET1 are not interchangeable
Total capital adequacy includes CET1, additional Tier 1 and Tier 2 capital. CET1 is the highest-quality loss-absorbing capital. Record both, along with the applicable regulatory minimum and any bank-specific buffer requirement. A bank with a similar total ratio but a higher CET1 ratio generally has more high-quality capital, although the risk-weighted asset mix still matters.
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ICICI reports total capital adequacy of 16.68% and CET1 of 16.01%, against stated minimums of 11.70% and 8.20%, respectively. Axis reports total CAR of 16.27% and CET1 of 14.61%. Calculate the percentage-point buffer over the relevant minimum, not just the headline ratio. Do not compare a ratio measured under a different regulatory phase-in without noting the date.
Leverage and liquidity add a funding stress test
Where disclosed, add the leverage ratio, liquidity coverage ratio and deposits-to-loans relationship. These measures answer different questions: leverage limits balance-sheet expansion, liquidity coverage addresses short-term stress, and funding composition shows dependence on unstable or wholesale sources. If a bank does not publish a comparable figure in the quarter’s presentation, mark it as not stated rather than estimating it.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.6. Keep CASA, deposit cost and FCNR(B) effects visible
CASA is the current-account and savings-account portion of deposits. A higher CASA share generally indicates a lower-cost funding base, but the benefit depends on pricing, customer behaviour and the bank’s ability to retain those balances. Track CASA growth, the absolute CASA balance, deposit cost and the share of retail versus wholesale funding.
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7. A repeatable six-step quarterly worksheet
- Lock the perimeter: write “standalone” or “consolidated” at the top of the sheet for all three banks, and record the quarter-end date.
- Enter stock measures: deposits, loans or advances, CASA, gross NPA, net NPA, capital ratios and any stressed-loan balance, each marked as September 30 period-end.
- Enter flow measures: NII, fee income, operating profit, provisions and PAT for July–September 2026, with year-on-year and quarter-on-quarter changes.
- Capture definitions: note average versus period-end balances, annualisation, gross versus net advances, FCNR(B) exclusions, and any management-adjusted metric.
- Calculate buffers and conversion: compute NII growth versus loan growth, operating-profit growth versus expense growth, ROA and ROE alongside capital buffers, and provision coverage alongside slippages.
- Check the trend: load at least four quarters of the same metrics before assigning a winner. Investigate any abrupt change caused by a base effect, accounting reclassification, sale, write-off or one-time recovery.
8. How to decide which bank had the strongest quarter
Use a scorecard rather than one headline number. A practical sequence is:
- Growth and funding quality: reward loan and deposit growth that is supported by CASA and a sustainable retail or diversified funding mix.
- Margin and efficiency: compare NIM on the same definition, then test whether fee income and operating expenses allow core operating profit to keep pace.
- Profitability: use PAT with annualised ROA, ROE and EPS, while removing one-time effects.
- Risk: read GNPA and NNPA with slippage, credit cost, PCR and stressed-loan disclosures.
- Resilience: compare CET1 and total capital buffers with the applicable minimum, plus liquidity and leverage where available.
- Consistency: prefer a bank whose result is repeatable across several quarters to one boosted by a single recovery or unusually favourable base.
Under this framework, the disclosed Q2 FY27 data gives ICICI the clearest operating-momentum case: its deposits, loans, NII and core operating profit all grew strongly. Axis presents a credible alternative on balance-sheet quality, with a marginally lower gross NPA and substantial capital, but its higher net NPA, slower NII growth and FCNR(B)-sensitive NIM require closer follow-up. HDFC Bank remains unscored numerically until its Q2 FY27 KPI values are extracted on the same basis.
9. Common comparison mistakes and how to fix them
- Mixing periods: Do not compare September 30 balances with an average balance used for a quarterly ratio. Label every column.
- Mixing perimeters: Standalone and consolidated statements can have different assets, profits and capital. Use one basis throughout.
- Ranking by rupees alone: Larger NII or PAT usually reflects a larger balance sheet. Add growth rates, ROA and ROE.
- Using only GNPA: Add NNPA, slippages, PCR, credit cost and stressed exposures.
- Ignoring adjustments: Keep reported and FCNR(B)-excluded NIM values separate and explain the reason for the adjustment.
- Substituting an old HDFC figure: HDFC’s Q2 FY27 archive listing is dated October 17, 2026, but a missing KPI is not permission to use Q2 FY26.
- Calling a one-quarter winner: Require a multi-quarter trend and investigate one-time items before making an investment conclusion.
What the completed comparison should contain
A publication-ready table should show all three banks in matching columns for deposits, loans, CASA, NII, NIM, fee income, operating profit, cost-to-income, PAT, ROA, ROE, EPS, GNPA, NNPA, PCR, slippage, credit cost, restructured loans, CET1, total capital, leverage and liquidity. Each cell should include the period, basis and definition where the bank’s presentation differs. For Q2 FY27, the ICICI and Axis figures above can populate the disclosed rows; HDFC rows should remain marked as not stated until its official presentation supplies comparable values.
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