Sifting through countless of stocks in the Banks industry can be tedious, and sometimes two stocks are just too similar to judge which is the better investment. If you’re on the fence about investing in HDFC Bank Limited or ICICI Bank Limited because you’re not sure how they measure up, it’s important to compare them on a few factors before making your decision.

Read on to learn how HDFC Bank Limited and ICICI Bank Limited compare based on key financial metrics to determine which better meets your investment needs.

About HDFC Bank Limited and ICICI Bank Limited

HDFC Bank Limited provides banking and financial products and services to individuals and businesses in India, Bahrain, Hong Kong, Singapore, and Dubai. The company operates through Treasury, Retail Banking, Wholesale Banking, Other Banking Business, Insurance Business, and Other segments. It offers savings, salary, current, rural, public provident fund, pension, and demat accounts; fixed and recurring deposits; and safe deposit lockers, as well as offshore accounts and deposits, and overdrafts against fixed deposits. The company also provides personal, home, car, two-wheeler, business, doctor, educational, gold, consumer, and rural loans; loans against properties, securities, mutual funds, rental receivables, and assets; loans for professionals; government sponsored programs; and loans on credit card, as well as working capital and commercial/construction equipment finance, healthcare/medical equipment, commercial vehicle finance, dealer finance, and term loans. In addition, it offers credit, debit, prepaid, forex, and kisan gold cards; payment and collection, export, import, remittance, bank guarantee, letter of credit, trade, hedging, and merchant and cash management services; and insurance and investment products. Further, the company provides short term finance, bill discounting, structured finance, export credit, loan repayment, custodial, and documents collection services; online, mobile, and phone banking services; unified payment interface, immediate payment, national electronic funds transfer, and real time gross settlement services; channel financing, vendor financing, reimbursement account, money market, derivatives, employee trusts, cash surplus corporates, tax payment, and bankers to rights/public issue services; and financial solutions for supply chain partners and agricultural customers. It operates branches and automated teller machines in various cities/towns. The company was incorporated in 1994 and is headquartered in Mumbai, India.

ICICI Bank Limited, together with its subsidiaries, engages in the provision of various banking and financial services to retail and corporate customers in India and internationally. The company operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, General Insurance, and Others segments. It offers savings, salary, pension, current, trade, escrow, foreign currency, and vostro accounts, as well as time, fixed, recurring, and security deposits. The company also provides home, car, two-wheeler, personal, education, gold, and commercial business loans, as well as loans against securities, shares, mutual funds, and property; working capital finance, term loans, collateral free loans, loans without financials, finance for importers and exporters, and overdraft facilities, as well as loans for new entities and card swipes; and credit, debit, prepaid, travel, forex, and corporate cards. In addition, it offers pockets wallet; fixed income products; investment products, such as mutual funds, gold monetization schemes, initial public offerings, and other online investment services; and agri and rural business, farmer finance, tractor loans, and micro banking services. Further, the company provides portfolio management, trade, foreign exchange, locker, private and NRI banking, and cash management services; family wealth and demat accounts; commercial and investment banking, capital market, custodial, and institutional banking services; general, life health, personal accident, fire, travel, and motor insurance products; and internet, mobile, and phone banking services. Additionally, it offers securities investment, broking, trading, and underwriting services; and merchant banking, trusteeship, housing finance, pension fund management, asset management, investment advisory, points of presence, and private equity/venture capital fund management services. The company was founded in 1955 and is headquartered in Mumbai, India.

Latest Banks and HDFC Bank Limited, ICICI Bank Limited Stock News

As of February 24, 2026, HDFC Bank Limited had a $154.2 billion market capitalization, compared to the Banks median of $547.6 million. HDFC Bank Limited’s stock is down 11.9% in 2026, down 3.4% in the previous five trading days and up 8.37% in the past year.

Currently, HDFC Bank Limited’s price-earnings ratio is 59.9. HDFC Bank Limited’s trailing 12-month revenue is $31.7 billion with a 26.2% net profit margin. Year-over-year quarterly sales growth most recently was -0.7%. Analysts expect adjusted earnings to reach $1.181 per share for the current fiscal year. HDFC Bank Limited currently has a 0.5% dividend yield.

As of February 24, 2026, ICICI Bank Limited had a $109.1 billion market cap, putting it in the 97th percentile of all stocks. ICICI Bank Limited’s stock is up 4.1% in 2026, up 0.3% in the previous five trading days and up 9.16% in the past year.

Currently, ICICI Bank Limited’s price-earnings ratio is 36.9. ICICI Bank Limited’s trailing 12-month revenue is $21.3 billion with a 27.5% net profit margin. Year-over-year quarterly sales growth most recently was 28.2%. Analysts expect adjusted earnings to reach $1.528 per share for the current fiscal year. ICICI Bank Limited currently has a 0.8% dividend yield.

How We Compare HDFC Bank Limited and ICICI Bank Limited Stock Grades

Stock evaluation requires access to huge amounts of data and the knowledge and time to sift through it all, make sense of financial ratios, read income statements and analyze recent stock movements. AAII created A+ Investor, a robust data suite that condenses data research in an actionable and customizable way suitable for investors of all knowledge levels, to help investors streamline and work through such data.

AAII’s proprietary stock grades come with A+ Investor. These offer intuitive A‐F grades for each of five key investing factors: value, growth, momentum, earnings estimate revisions and quality. Here, we’ll take a closer look at HDFC Bank Limited and ICICI Bank Limited’s stock grades to see how they measure up against one another.

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HDFC Bank Limited and ICICI Bank Limited Growth Grades

Company	Ticker	Growth
HDFC Bank Limited	HDB	D
ICICI Bank Limited	IBN	D

The foundation of growth investing is seeking out stocks of companies exhibiting strong, consistent and prolonged growth that is expected to continue into the future.

In order to compute the growth score and assign it a letter grade, the percentile ranks for each of three components‐consistency of annual sales growth, five-year sales growth rankings adjusted for extreme levels, and consistency of positive annual cash from operations‐must be determined. These three rank figures are added together, and the sum is ranked against the entire stock universe to arrive at a company’s Growth Score to create an equal distribution of grades.

The companies in the bottom 20% of the stock universe receive Growth Grades of F, considered to be very weak, while those in the top 20% receive A grades, which are considered very strong.

HDFC Bank Limited has a Growth Score of 28, which is Weak. ICICI Bank Limited has a Growth Score of 39, which is Weak.

The Growth Stock Winner: No Clear Winner

Neither HDFC Bank Limited or ICICI Bank Limited has a high enough Growth Grade to be considered a “winner.” Investors who are considering these companies should do additional due diligence and research to see if either could be a good addition to their portfolios. It’s important to look at a wide range of financial metrics in order to determine if HDFC Bank Limited or ICICI Bank Limited is the better investment when it comes to sustainable growth.

HDFC Bank Limited and ICICI Bank Limited’s Quality Grades

Company	Ticker	Quality
HDFC Bank Limited	HDB	D
ICICI Bank Limited	IBN	F

Like the Value Grade, AAII’s A+ Investor Quality Grade comes from the percentile rank of key metrics. Specifically, the Quality Score is the percentile rank of the average of the percentile ranks of return on assets (ROA), return on invested capital (ROIC), gross profit relative to assets, buyback yield, change in total liabilities to assets, accruals, Z double prime bankruptcy risk (Z) score and the F-Score.

The score is variable, meaning it can consider all eight measures or, should any of the eight measures not be valid, the remaining measures that are valid. To be assigned a Quality Score, stocks must have a valid (non-null) measure and corresponding ranking for at least four of the eight quality measures.

The Quality Score is used to assess the underlying “quality” of a particular stock. A higher-quality stock possesses traits associated with upside potential and reduced downside risk. Backtesting of the Quality Grade shows that stocks with higher grades, on average, outperformed stocks with lower grades over the period of 1998 through 2019.

Stocks receive better grades (higher scores) for having higher scores for the quality subcomponents and worse grades (lower scores) for lower scores for the subcomponents.

HDFC Bank Limited has a Quality Score of 37, which is Weak. ICICI Bank Limited has a Quality Score of 18, which is Very Weak.

The Quality Stock Winner: No Clear Winner

Neither HDFC Bank Limited or ICICI Bank Limited has a high enough Quality Grade to be considered a “winner.” Investors who are considering these companies should do additional due diligence and research to see if either could be a good addition to their portfolios. It’s important to look at a wide range of financial metrics in order to determine if HDFC Bank Limited or ICICI Bank Limited is the better investment when it comes to quality.

HDFC Bank Limited and ICICI Bank Limited’s Momentum Grades

Company	Ticker	Momentum
HDFC Bank Limited	HDB	D
ICICI Bank Limited	IBN	C

Momentum grades help to uncover stocks experiencing anomalously high rates of return; research finds that stocks with high relative levels of momentum tend to outperform, whereas those with low levels of momentum tend to continue underperforming. Momentum is based on the price change of a stock over a specified period relative to all other stocks.

Typically, AAII looks at the weighted relative strength over the trailing four quarters. The weighted four-quarter relative strength rank is the relative price change for each of the past four quarters. The most recent quarterly price change is given a weight of 40% and each of the three previous quarters are given a weighting of 20%.

HDFC Bank Limited has a Momentum Score of 37, which is Weak. ICICI Bank Limited has a Momentum Score of 44, which is Average.

The Momentum Stock Winner: No Clear Winner

Neither HDFC Bank Limited or ICICI Bank Limited has a strong enough Momentum Grade to be considered a “winner.” Investors considering these companies should do additional due diligence and research to see if either could be a good addition to their portfolios. It’s important to look at a wide range of financial metrics in order to determine if HDFC Bank Limited or ICICI Bank Limited is the better investment when it comes to momentum.

Other HDFC Bank Limited and ICICI Bank Limited Grades

In addition to Quality, Growth and Momentum, A+ Investor also provides grades for Value and Estimate Revisions.

Earnings estimate revisions scores take into account the magnitude of a company’s earnings surprise in its last two reported fiscal quarters. Often, surprises beget further surprises‐or at least continued sales growth (the exact opposite is generally true, too).

Successful stock investing involves buying low and selling high, so stock valuation is an important consideration for stock selection. Buying stocks that are going to go up typically means buying stocks that are undervalued in the first place, although momentum investors may argue that point.

These 2 key factors, when combined with the above, provide a holistic view into a particular stock. Further, by joining A+ Investor you can see whether HDFC Bank Limited and ICICI Bank Limited pass any of our 60+ stock screens that have outperformed the market since their creation.

So, Which Is the Better Investment, HDFC Bank Limited or ICICI Bank Limited Stock?

Overall, HDFC Bank Limited stock has a Growth Score of 28, Momentum Score of 37 and Quality Score of 37.

ICICI Bank Limited stock has a Growth Score of 39, Momentum Score of 44 and Quality Score of 18.

Comparing HDFC Bank Limited and ICICI Bank Limited’s grades, scores and metrics can act as a solid basis to determine whether they may be a good investment or not. You’ll also want to look at your portfolio’s asset allocation as well as your risk tolerance and financial goals to see if either of these stocks would make a good fit for you. AAII can help you figure out which investments align with your individual needs and preferences.

Investors are encouraged to do their own due diligence and research. In this way, individuals can effectively become managers of their own assets‐without having to rely on others for financial independence. You can count on AAII for timeless articles on financial planning and stock-picking, unbiased research and actionable analysis.

A+ Investor adds to our qualitative teaching with a powerful data suite to help you whittle down investment choices to find stocks, exchange-traded funds (ETFs) or mutual funds that meet your needs.

AAII Disclaimer

We make no representations or warranties that any investor will, or is likely to, achieve profits similar to those shown, because past, hypothetical or simulated performance is not necessarily indicative of future results. Before making an investment decision, you should consider your circumstances and whether the information on our content is applicable to your situation. This information was prepared in good faith, and we accept no liability for any errors or omissions. The full disclaimer can be read here.