ICICI Bank Financial Model — 3-Statement, NIM Schedule, Valuation & Dashboard (Excel)

This is a fully built, investment-grade financial model for ICICI Bank — India's second-largest private sector bank — constructed entirely from scratch and adapted specifically for the banking sector.

Model Overview

Unlike manufacturing models, banking financial models require a fundamentally different architecture, and this model reflects that in every sheet.

The model covers a complete 3-statement framework (Income Statement, Balance Sheet, and Cash Flow) with banking-specific line items:

• Interest Earned

• Interest Expended

• Provisions & Contingencies

• Net Interest Income

  
  

These are correctly structured as per RBI reporting norms.

Dedicated Schedules

The model includes four dedicated schedules built exclusively for banking analysis:

1. NII & NIM Schedule: Tracks Yield on Assets, Cost of Funds, and Interest Spread across FY23–FY30E.

2. Loan Book & Asset Quality Schedule: Covers Retail, Corporate, and Agriculture segments with:

   • Gross NPA%

   • Net NPA%

   • Provision Coverage Ratio

   • Slippage Rate

   • Credit Cost

3. Deposits & CASA Schedule: Projects:

   • CASA Ratio

   • Cost of Deposits

   • Deposit-to-Advance Ratio

4. Equity Schedule: Tracks:

   • Book Value per Share

   • ROE

   • ROA

   • Dividend trajectory

     
     

Valuation Methods

Valuation uses three methods appropriate for banks:

• P/E (18x)

• P/B (2.8x)

• DDM

With a CAPM-derived Cost of Equity of 11.14% using:

• Beta of 0.80

• 10-year G-Sec rate of 6.74%

  
  

FCFF and WACC are deliberately excluded, with a clear rationale explained: they are structurally inapplicable to financial institutions where debt is the raw material, not a financing choice.

The blended fair value arrives at ₹1,589 per share for FY27E.

Scenario Framework

The model runs a 3-scenario framework:

• Conservative (3%)

• Moderate (7%)

• Aggressive (11%)

These scenarios are switchable via a single CHOOSE function.

Projections run from FY27E to FY30E, with:

• Interest Earned modelled at 11% growth (consistent with 13% advance CAGR minus ~2% yield compression)

• Interest Expended stepped from 8% to 9.5% to reflect realistic deposit repricing

  
  

Executive Dashboard

The model includes an executive Dashboard with:

• KPI cards

• Revenue & PAT bar chart

• NIM & ROE trend chart

  
  

Pivot Analysis

A Pivot Analysis sheet with three structured tables decomposing:

• NII

• NIM

• Yield

• Spread

• YoY growth rates across all metrics

This makes the model presentation-ready for:

• Equity research

• Credit analysis

• Academic submissions