ICICI Bank has issued $300 million in senior unsecured fixed-rate notes through its IFSC Banking Unit, reflecting a strategic move to tap more foreign currency funding amid robust quarterly growth and expanding overseas presence.
ICICI Bank has raised $300 million through senior unsecured fixed-rate notes issued via its IFSC Banking Unit, underscoring its continued access to offshore funding as Indian lenders deepen their presence in GIFT City. The notes sit under the bank’s existing $7.5 billion Global Medium Term Note programme, carry a coupon of 5.352% and mature in five years. The securities are due to be listed on the India INX IFSC and NSE IFSC debt markets on August 13, 2026.
The timing of the issue comes shortly after ICICI Bank reported a stronger first quarter, with standalone net profit rising 15.95% year on year to ₹14,804.50 crore, according to Business Standard. Net interest income climbed 12.7% to ₹24,384 crore, while net interest margin edged up to 4.36% from 4.34% a year earlier. Asset quality also improved, with the gross non-performing asset ratio falling to 1.38% and the net NPA ratio at 0.35% as of June 30, 2026, Livemint reported.
The bank’s balance sheet growth has remained brisk, helping support its case in overseas debt markets. Business Standard said total deposits rose 14% from a year earlier to ₹18,33,586 crore, while advances increased 19.6% to ₹16,31,260 crore. Livemint also reported that the retail loan book accounted for 49.2% of overall lending, suggesting broad-based demand rather than concentration in a single segment.
The new borrowing also fits a wider shift among Indian banks that are using GIFT City structures to tap foreign-currency funding more efficiently. ICICI Bank’s ability to place five-year paper at a fixed rate reflects both investor appetite and the market’s view of its capital position and profitability. For the lender, the deal adds another long-term funding source without diluting shareholders, while giving it flexibility as it expands overseas and corporate banking activity.
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