HDFC Bank vs ICICI Bank
HDFC Bank trades below its peers' median P/E (35% below), ICICI Bank above it (95% above).
ICICI Bank earns the higher return on assets: 2.2% against 1.8%.
The latest change on file is HDFC Bank's, on 17 Oct 2026: Q2 FY2027 results filed.
HDFC Bank trades at a P/E of 15.07: 8th of 21 among its peers (peer median 23.2).
HDFC Bank: the full company page →ICICI Bank trades at a P/E of 18.98: 8th of 9 among its peers (peer median 9.7).
ICICI Bank: the full company page →HDFC Bank and ICICI Bank, figure by figure
| Figure | HDFC Bank | ICICI Bank | Leads |
|---|---|---|---|
| Market cap | ₹12,10,055 Cr | ₹11,23,856 Cr | HDFC Bank, larger |
| P/E | 15.07 | 18.98 | HDFC Bank, cheaper |
| P/B | 2.00 | 2.59 | HDFC Bank, cheaper |
| Dividend yield | 1.9% | 0.9% | HDFC Bank, higher |
| Return on assets | 1.8% | 2.2% | ICICI Bank, higher |
| Net interest margin | 3.5% | 4.5% | ICICI Bank, higher |
| Cost to income | 38.0% | 39.8% | HDFC Bank, leaner |
| Gross NPA | 1.1% | 1.2% | HDFC Bank, lower |
| Net NPA | 0.4% | 0.3% | ICICI Bank, lower |
| Loan growth | 12.1% | 15.8% | ICICI Bank, faster |
| Revenue growth, 3 years | 34.3% a year | 18.8% a year | HDFC Bank, faster |
| EPS growth, 3 years | 6.2% a year | 15.8% a year | ICICI Bank, faster |
| 1-year return | −20.4% | +16.1% | ICICI Bank, higher |
| 5-year return | −2.6% a year | +11.8% a year | ICICI Bank, higher |
| Our valuation view | Dear, low confidence | Dear, low confidence (held for review) | Level |
The leading figure is in green: the lower for P/E, P/B, cost to income, NPAs, risk and red flags, the higher for the rest. P/E and P/B on the latest price; growth rates are yearly averages; returns are price only. Our valuation view and the red flags are explained on each company's page.
Which is bigger, HDFC Bank or ICICI Bank?
HDFC Bank is the bigger company by market value: ₹12,10,055 Cr against ₹11,23,856 Cr for ICICI Bank, about 1.1 times as large.
HDFC Bank market cap is ₹12,10,055 crore (large cap), making it the 4th largest listed company on the NSE.
ICICI Bank market cap is ₹11,23,856 crore (large cap), making it the 5th largest listed company on the NSE.
Which is cheaper on valuation, HDFC Bank or ICICI Bank?
HDFC Bank is the cheaper of the two on P/E: 15.07 against 18.98 for ICICI Bank.
On price to book, HDFC Bank is also the cheaper: 2.00 against 2.59.
Against their own peers' median P/E, HDFC Bank trades 35% below its own (23.2) and ICICI Bank trades 95% above its own (9.7).
Our valuation view: dear on HDFC Bank (low confidence) and dear on ICICI Bank (low confidence). The view weighs the multiples against each company's peers and its own history.
Which is more profitable, HDFC Bank or ICICI Bank?
ICICI Bank is the more profitable on return on assets: 2.2% against 1.8% for HDFC Bank.
Net interest margin: ICICI Bank 4.5%, HDFC Bank 3.5%.
Cost to income: HDFC Bank 38.0%, ICICI Bank 39.8%.
Which grew faster, HDFC Bank or ICICI Bank?
HDFC Bank grew faster over the last three years: revenue up 34.3% a year against 18.8% a year for ICICI Bank.
EPS growth, 3 years: ICICI Bank 15.8% a year, HDFC Bank 6.2% a year.
Loan growth: ICICI Bank 15.8%, HDFC Bank 12.1%.
History break at HDFC Bank: FY2024 step year (revenue +99%, shares +36%) in the 3- and 5-year growth figures.
What these figures tell you
More comparisons
What this page rests on
Every figure is the one HDFC Bank's and ICICI Bank's own pages print, from their filings with the exchanges and our arithmetic on them; each company is set against its own peer set. A side-by-side reading of the figures on both company pages, not a recommendation to buy, sell or hold either share. Which figure matters more depends on what you are looking for.