Credit Rating

October 24, 2026 BSE Limited National Stock Exchange of India Limited Listing Department Listing Department Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor Dalal Street Plot No. C/1, G Block Mumbai 400 001 Bandra-Kurla Complex Bandra (East) Mumbai 400 051 Dear Sir/Madam, Subject : Disclosure under Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ICRA Limited (“ICRA”) and CARE Ratings Limited (“CARE Ratings”) have, vide emails received by ICICI Bank Limited (the Bank) yesterday at 3:58 p.m. and 7:47 p.m. respectively, informed the Bank that they have vide press releases dated October 23, 2026, re-affirmed the credit ratings of the Bank’s Facilities/Instruments. The press releases issued by ICRA and CARE Ratings are attached herewith as Annexure I and Annexure II respectively. Please take the above information on record. Yours sincerely, For ICICI Bank Limited Vivek Ranjan Leadership Team Encl.: as above. Copy to- (i) New York Stock Exchange (ii) Singapore Stock Exchange (iii) Japan Securities Dealers Association (iv) SIX Swiss Exchange Limited Annexure I October 23, 2026 ICICI Bank Limited: Ratings reaffirmed and withdrawn for matured instruments Summary of rating action Previous rated Current rated Financial sector Instrument* amount amount Rating action regulator# (Rs. crore) (Rs. crore) Issuer Rating - - [ICRA]AAA (Stable); reaffirmed -$ Basel III Tier II 9,055.00 9,055.00 [ICRA]AAA (Stable); reaffirmed SEBI bonds Basel III Tier II [ICRA]AAA (Stable); reaffirmed and 945.00 - SEBI bonds withdrawn Basel III Tier I bonds 5,000.00 5,000.00 [ICRA]AA+ (Stable); reaffirmed SEBI Infrastructure 47,739.00 47,739.00 [ICRA]AAA (Stable); reaffirmed SEBI bonds Infrastructure [ICRA]AAA (Stable); reaffirmed and 6,500.00 - SEBI bonds withdrawn [ICRA]AAA (Stable); reaffirmed and Long-term bonds 40.41 - SEBI withdrawn Fixed deposits^ - - [ICRA]AAA (Stable); reaffirmed -+ Certificates of 50,000.00 50,000.00 [ICRA]A1+; reaffirmed RBI deposit Total 119,279.41 111,794.00 *Instrument details are provided in Annexure I; ^Ongoing #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI $ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs + To be finalised following a discussion with the regulatory authorities Rationale ICICI Bank Limited’s (IBL) ratings continue to be supported by its strong position as one of the three systemically important banks in India, reflected by its sizeable market share in banking sector advances. The ICICI Group, comprising IBL and its subsidiaries/associates, has a presence across different verticals in the financial services sector, which has driven the growth of its granular assets and liabilities. The ratings also factor in the bank’s strong capitalisation profile, with the common equity Tier I (CET I) ratio remaining healthy at 16.01% of risk-weighted assets (RWAs) as on Sep 30, 2026 (16.35% as on Sep 30, 2025), supported by healthy internal capital generation. Moreover, given the sizeable contingent and other provisions carried by the bank, ICRA expects the impact of the transition to the expected credit loss (ECL) framework (to be implemented from April 01, 2027) to remain manageable in relation to its current capitalisation profile. IBL’s headline asset quality metrics remain strong with continued improvement in FY2026 while the same remained steady in H1 FY2027. The asset quality trajectory, however, would continue to be monitorable amid persistent uncertainties arising from the West Asia conflict. Prolonged geopolitical disruptions with increasing inflationary pressure and supply chain constraints could adversely affect borrower cash flows and debt-servicing ability, thereby posing risks to the asset quality. Credit costs are expected to increase slightly in the near term, but would remain comfortably below the operating profitability, given the healthy asset quality profile. Further, the bank’s strong capital position, robust operating profitability, and sizeable contingent provisions, equivalent to 0.72% of standard advances as on Sep 30, 2026, are expected to provide a cushion against any future asset quality stress. The ratings continue to consider IBL’s robust resource profile, driven by its www.icra .in 1 Sensitivity Label : Public Page | retail franchise and well supported by its widespread branch presence and digital platforms, leading to one of the lowest cost of funds among private sector banks. The Stable outlook on the ratings factors in the expectation that the bank will continue to maintain a steady credit profile, deriving strength from its established retail franchise, while ensuring that its asset quality, profitability and capital cushions are better than the negative triggers. ICRA has reaffirmed and withdrawn the rating assigned to the Rs 945-crore Basel III Tier II bonds, Rs. 6,500-crore infrastructure bonds and the Rs. 40.41-crore long-term bonds as these have been fully redeemed with no amount outstanding against the same. The rating was withdrawn in accordance with ICRA’s policy on withdrawal (click here for the policy). Key rating drivers and their description Credit strengths Strong market position across financial services verticals supports granular growth of assets and liabilities – IBL is one of the three systemically important banks in India with a market share of 7.6% in banking sector advances as on June 30, 2026 (7.4% as on June 30, 2025) and 19.1% in private sector banks’ advances (18.6% as on June 30, 2025). Along with its subsidiaries, IBL has a wide presence across various financial services verticals like life insurance, general insurance, securities broking, merchant banking, asset management, primary dealership, etc, with a leadership position in many of these businesses. This allows it to provide a diverse range of financial services to customers, thereby enhancing its customer engagement and retention strategy, particularly in the retail segments. In line with the strong credit growth witnessed across the banking sector, IBL’s net advances increased by 30.0% year-on-year (YoY) to Rs. 18.31 lakh crore as on Sep 30, 2026 from Rs. 14.08 lakh crore as on Sep 30, 2025. The growth was broad-based across segments, including business banking, while the corporate portfolio also witnessed a notable pickup, registering double- digit growth, in line with industry trends. Going forward, the bank’s strong retail franchise is expected to continue supporting asset growth, although the overall growth momentum is likely to moderate from the elevated level witnessed in the previous year. Robust liability franchise supports competitive funding cost – Aided by its extensive branch presence and the deepening of the digital ecosystem, the bank’s deposit base grew at a healthy pace of 27.1% YoY to Rs. 20.49 lakh crore as on Sep 30, 2026. The cost of interest-bearing funds stood at 4.39% for IBL compared to the banking sector average of 5.00% in Q1 FY2027. In line with the industry-wide challenges in mobilising low-cost deposits, coupled with the raising of Foreign Currency Non- Resident (Bank) [FCNR(B)] deposits, IBL witnessed some moderation in its CASA franchise, with the CASA ratio declining to 37.2% as on September 30, 2026, from 40.9% as on September 30, 2025. Nevertheless, it remained healthy and continued to compare favourably with the private sector average. Further, the granularity of the deposit profile is reflected in the low share of the top 20 depositors in total deposits, which stood at 3.7% as on Sep 30, 2026 (3.2% as on Sep 30, 2025), driving the superior liquidity profile. Compa [Showing first 8,000 characters — download PDF for full document]