ICICI Bank sees another margin squeeze in Q3 as FCNR-B costs kick in

ICICI Bank reported movement of 4.18% and 4.36%. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.

Against that, the stock is +0.6% on the day at ₹1,397.00, and has returned -1.5% over three months. It sits 4% below its 52-week high. The banks sector has moved -3.1% over the same period, so ICICI Bank is running 1.6 points ahead of its peers.

This is an Asset quality / margins event. For lenders the headline profit is the least informative line. Slippages, credit cost and margin direction determine whether the quarter is repeatable. On the day the stock is +0.6%, so the price barely moved, which suggests this was expected or is seen as immaterial.