Quick wins for a faster PC:
Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Compare ICICI Bank, State Bank of India (SBI) and Kotak Mahindra Bank using the same reporting period and the same measures—not headline profit alone. Their FY2026 results, for the year ended March 31, 2026, show different scale, profitability, growth, asset quality and capital profiles. They do not establish which share is the best investment: that also depends on current valuation, future expectations, risks and your time horizon.
Start with a like-for-like comparison
Use each bank’s full-year FY2026 disclosures as a common baseline. A bank’s absolute profit mostly reflects its size; ratios such as return on assets (ROA), return on equity (ROE) and net interest margin (NIM) help assess performance relative to assets, equity or interest-earning activity. Even ratios need context: business mix, reporting scope and definitions can differ.
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For example, SBI reports both whole-bank and domestic NIM, while Kotak reports customer assets and bank-level measures. ICICI reports a total loan portfolio. Do not treat differently scoped figures as perfectly interchangeable.
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| Measure | ICICI Bank | SBI | Kotak Mahindra Bank |
|---|---|---|---|
| Profit for FY2026 | ₹50,147 crore PAT; up 6.2% year on year | ₹80,032 crore net profit | ₹14,008 crore PAT |
| Deposits at March 2026 | ₹17,94,625 crore; up 11.4% | ₹59.8 trillion; up 11.03% | ₹572,456 crore |
| Loans or customer assets at March 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% |
| Asset quality | Net NPA 0.33% | Gross NPA 1.49%; net NPA 0.39%; provision coverage 74.36% (91.97% including AUCA) | Net NPA 0.25%; credit cost 0.65% |
| Capital | Total capital adequacy 17.18%; CET-1 16.35%, after proposed dividend impact | CRAR 15.40% | CAR 22.4%; CET-I 21.3% |
These are issuer-reported FY2026 figures, not a uniform valuation screen. See the ICICI Bank FY2026 performance review, SBI Q4 FY2026 press release and Kotak Q4 FY2026 investor presentation.
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How to interpret each bank’s profile
ICICI Bank: strong reported growth, with capital after dividend impact
ICICI reported FY2026 PAT of ₹50,147 crore, up 6.2%, alongside deposit growth of 11.4% and loan-portfolio growth of 15.8%. Its 0.33% net NPA ratio is one useful asset-quality indicator, but it does not by itself show new stress, write-offs or provisioning coverage. Capital adequacy was 17.18% and CET-1 16.35% after accounting for the proposed dividend. The board recommended a ₹12-per-share FY2026 dividend, subject to approvals; a recommendation is not the same as a completed payment.
SBI: largest reported scale, with profitability and asset-quality measures to weigh together
SBI reported the largest absolute profit and balance-sheet figures among these three: ₹80,032 crore net profit, ₹59.8 trillion in deposits and ₹49.3 trillion in advances. Deposits grew 11.03% and advances 16.87%. Its 1.12% ROA and 18.57% ROE add context to scale; the 2.91% whole-bank NIM and 3.03% domestic NIM are distinct measures, so use the one appropriate to the comparison. SBI reported gross NPA of 1.49%, net NPA of 0.39% and provision coverage of 74.36%, or 91.97% including AUCA. Coverage figures use different inclusions and should not be compared without that qualification.
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Kotak Mahindra Bank: high reported margins and capital ratios, with a comparison adjustment to preserve
Kotak reported FY2026 PAT of ₹14,008 crore, NIM of 4.60% and ROA of 1.97%, as well as a 47.0% cost-to-income ratio and 0.65% credit cost. At March 2026, deposits were ₹572,456 crore and customer assets ₹545,716 crore; the bank reported a 43.3% CASA ratio, 0.25% net NPA, 22.4% CAR and 21.3% CET-I. Its investor presentation says FY2025 comparative PAT excludes ₹2,730 crore of gains from the ZKGI divestment. Preserve that adjustment when discussing annual profit growth; otherwise the comparison may be misleading.
Do these 3 things before closing this tab:
1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesAssess the four operating questions before looking at the share price
1. Is profit sustainable and efficient?
Compare PAT alongside ROA and ROE, then examine NIM and cost-to-income where consistently reported. Profit growth can be affected by one-off gains, so check whether the comparison includes unusual items. A higher NIM is not automatically a better investment: it should be considered with funding costs, credit costs, operating expenses and risk.
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2. Can funding and lending growth be maintained?
Look at deposit growth relative to advances or loan growth, then investigate deposit mix, CASA, loan composition and credit-to-deposit position in each bank’s filings. The figures above show growth and scale, but they do not provide a complete, directly comparable view of funding mix or portfolio composition.
3. What does asset quality say—and what does it leave out?
Use gross NPA and net NPA together when available, and add slippages, credit cost, provision coverage, write-offs and recoveries. Net NPA alone can understate differences in provisioning or portfolio risk. These FY2026 disclosures do not supply every measure on a directly comparable basis, so avoid ranking the banks on net NPA alone.
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4. Is capital adequate for the risks and growth?
Compare capital adequacy and CET-1, noting any dividend or other adjustment. ICICI’s figures explicitly account for the proposed dividend impact; SBI’s cited CRAR and Kotak’s CAR/CET-I are reported measures, not a shared claim about regulatory headroom. Assess them against applicable requirements and the bank’s planned growth and risk profile.
Turn operating performance into an investment comparison
Good operating results do not tell you whether a share is attractively priced. Before comparing prospective returns, gather share prices from the same date and calculate or verify valuation measures such as price-to-book and earnings multiples using consistent earnings and share-count definitions. The cited results releases do not provide an up-to-date market valuation comparison.
Best Value
- Compare valuation against each bank’s own history and against peers, while checking that the earnings period and accounting scope match.
- Build more than one scenario for growth, margins, credit costs and valuation. Explain what assumptions would have to hold for each outcome.
- Review dividend policy and distinguish a declared or paid dividend from a board recommendation that still needs approval.
- Match the decision to your time horizon, risk tolerance and portfolio concentration. A bank’s past financial performance is not a guarantee of future share returns.
As of the FY2026 reporting baseline, ICICI’s investor-relations index lists Q1 FY2027 materials, but corresponding Q1 FY2027 figures for SBI and Kotak are not established here. Do not mix a newer quarter for one bank with full-year FY2026 figures for the other two; update all three to a common period before making a current comparison.
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