SYNOPSIS: India’s top banks reported steady Q3 FY26 earnings with moderate NII growth and stable profitability. While some lenders outperformed on profit expansion, others saw margin pressures, reflecting mixed trends across the sector.
The Union Budget 2026-27 has proposed the formation of a ‘High-Level Committee on Banking for Viksit Bharat’. While presenting the Budget in Parliament, Union Finance and Corporate Affairs Minister Nirmala Sitharaman stated that the committee will undertake a comprehensive review of the financial sector to align it with India’s next phase of growth, while ensuring financial stability, inclusion, and consumer protection.
The Budget also highlighted that the Indian banking sector is currently marked by strong balance sheets, record profitability, improved asset quality, and banking coverage extending to over 98 percent of villages across the country. Listed below are some notable banking-related stocks that have reported their financial results for the third quarter of FY26:
State Bank of India
With a market cap of Rs. 11.34 lakh crores, the stock is trading in the green at Rs. 1,229.1 on Monday, up by around 1 percent on BSE. For Q3 FY26, the company reported a consolidated net interest income (NII) of Rs. 51,807 crores, reflecting a sequential growth of around 4 percent QoQ compared to Rs. 50,038 crores in Q2 FY26, and a marginal year-on-year increase of about 10 percent from Rs. 47,256 crores recorded in Q3 FY25.
Meanwhile, net profit stood at Rs. 21,876 crores, indicating a marginal rise of about 2 percent QoQ from Rs. 21,504 crores in Q2 FY26, as well as an increase on a year-on-year basis by nearly 14 percent from Rs. 19,175 crores reported in Q3 FY25. As of December 2025, CASA deposits increased to Rs. 21,39,726 crores, the Net Interest Margin (NIM) stood at 2.99 percent, and the Net NPA ratio was reported at 0.39 percent.
HDFC Bank Limited
With a market cap of Rs. 14.2 lakh crores, the stock is trading in the green at Rs. 922.95 on Monday, up by over 1 percent on BSE. For Q3 FY26, the company reported a consolidated net interest income (NII) of Rs. 41,245 crores, reflecting a sequential growth of over 2 percent QoQ compared to Rs. 40,252 crores in Q2 FY26, and a year-on-year increase of around 8 percent from Rs. 38,125 crores recorded in Q3 FY25.
Meanwhile, net profit stood at Rs. 20,691 crores, indicating a marginal rise of about 2 percent QoQ from Rs. 20,363 crores in Q2 FY26, as well as an increase on a year-on-year basis by nearly 13 percent from Rs. 18,340 crores reported in Q3 FY25. As of December 2025, CASA deposits increased to Rs. 21,000 crores, the Net Interest Margin (NIM) stood at 3.35 percent, and the Net NPA ratio was reported at 0.4 percent.
Axis Bank Limited
With a market cap of Rs. 4.34 lakh crores, the stock is trading in the green at Rs. 1,398.6 on Monday, up by over 2 percent on BSE. For Q3 FY26, the company reported a consolidated net interest income (NII) of Rs. 14,924 crores, reflecting a sequential growth of 4 percent QoQ compared to Rs. 14,338 crores in Q2 FY26, and a year-on-year increase of around 6 percent from Rs. 14,122 crores recorded in Q3 FY25.
Meanwhile, net profit stood at Rs. 7,044.4 crores, indicating a rise of about 27 percent QoQ from Rs. 5,557.5 crores in Q2 FY26, as well as a marginal increase on a year-on-year basis by nearly 4 percent from Rs. 6,763 crores reported in Q3 FY25. As of December 2025, CASA deposits increased to Rs. 4,93,073 crores, the Net Interest Margin (NIM) stood at 3.64 percent, and the Net NPA ratio was reported at 0.42 percent.
ICICI Bank Limited
With a market cap of Rs. 10.06 lakh crores, the stock is trading in the green at Rs. 1,405.7 on Monday, up by around 1 percent on BSE. For Q3 FY26, the company reported a consolidated net interest income (NII) of Rs. 26,489 crores, reflecting a sequential growth of over 1 percent QoQ compared to Rs. 26,163 crores in Q2 FY26, as well as a year-on-year increase of around 9 percent from Rs. 24,403 crores recorded in Q3 FY25.
Meanwhile, net profit stood at Rs. 13,411 crores, indicating a decline of about 6 percent QoQ from Rs. 14,318 crores in Q2 FY26, as well as a decrease on a year-on-year basis by nearly 3 percent from Rs. 13,846 crores reported in Q3 FY25. As of December 2025, CASA deposits increased to Rs. 6,67,590 crores, the Net Interest Margin (NIM) stood at 4.3 percent, and the Net NPA ratio was reported at 0.37 percent.
Kotak Mahindra Bank Limited
With a market cap of Rs. 4.24 lakh crores, the stock is trading in the green at Rs. 427 on Monday, up by over 1 percent on BSE. For Q3 FY26, the company reported a consolidated net interest income (NII) of Rs. 10,122 crores, reflecting a sequential growth of about 3 percent QoQ compared to Rs. 9,866.2 crores in Q2 FY26, and a year-on-year increase of around 7 percent from Rs. 9,462.4 crores recorded in Q3 FY25.
Meanwhile, net profit stood at Rs. 4,904 crores, indicating a rise of about 10 percent QoQ from Rs. 4,445 crores in Q2 FY26, as well as an increase on a year-on-year basis by nearly 6 percent from Rs. 4,639.6 crores reported in Q3 FY25. As of December 2025, CASA deposits increased to Rs. 2,24,199 crores, the Net Interest Margin (NIM) stood at 4.54 percent, and the Net NPA ratio was reported at 0.31 percent.
Punjab National Bank
With a market cap of Rs. 1.51 lakh crores, the stock is trading in the green at Rs. 132 on Monday, up by around 2 percent on BSE. For Q3 FY26, the company reported a consolidated net interest income (NII) of Rs. 10,724 crores, reflecting a sequential growth of about 1 percent QoQ compared to Rs. 10,654 crores in Q2 FY26, but a year-on-year decrease of around 4 percent from Rs. 11,157 crores recorded in Q3 FY25.
Meanwhile, net profit stood at Rs. 5,190 crores, indicating a rise of about 7 percent QoQ from Rs. 4,848.6 crores in Q2 FY26, as well as an increase on a year-on-year basis by nearly 12 percent from Rs. 4,648.6 crores reported in Q3 FY25. As of December 2025, CASA deposits increased to Rs. 5,92,176 crores, the Net Interest Margin (NIM) stood at 2.65 percent, and the Net NPA ratio was reported at 0.32 percent.
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