BBVA vs ICICI Bank: Revenue, Profit and Business Model
BBVA reported ~$41.7B of revenue in FY2025 and ~$11.9B of net income. ICICI Bank reported ~$23B of revenue in FY2026 and ~$6.3B of net income.
Latest financial snapshot
BBVA
- Latest revenue
- ~$41.7B (FY2025)
- Net income
- ~$11.9B
- Net margin
- 28.5%
- Revenue growth
- +4.6% a year, FY2016–FY2025
ICICI Bank
- Latest revenue
- ~$23B (FY2026)
- Net income
- ~$6.3B
- Net margin
- 27.4%
- Revenue growth
- +19.0% a year, FY2022–FY2026
Financial summary
BBVA
BBVA's profit is spread across five business areas. In 2025 Spain contributed ~$4.72B (EUR4.175B) of net attributable profit, Mexico ~$5.95B (EUR5.264B), Turkey ~$910M (EUR805M), South America ~$820M (EUR726M) and Rest of Business ~$709M (EUR627M), while the Corporate Center recorded a ~$1.23B (EUR1.086B) loss. Gross income rose 4.1 percent in reported euros but 16.3 percent at constant exchange rates, the gap being mostly the weaker Mexican peso. Loan-loss impairments were ~$6.86B (EUR6.073B) with a cost of risk of 1.39 percent, and the NPL ratio improved to 2.7 percent with 85 percent coverage. CET1 capital closed at 12.70 percent against a 9.28 percent requirement, and BBVA set total 2025 shareholder distributions at 50 percent of profit, EUR0.92 per share in cash.
ICICI Bank
ICICI Bank's finances moved from crisis to steady compounding over a decade. Bad corporate loans to infrastructure, power, and steel projects drove a non-performing asset surge between 2015 and 2018. After Sandeep Bakhshi became CEO in October 2018, the bank cut concentrated corporate exposure and rebuilt around granular retail and business lending. Standalone net profit reached Rs 47,227 crore in FY2025 and Rs 50,146.6 crore in FY2026, a 6.2% rise as margins held at 4.32%. Profit growth picked up again in Q1 FY2027 to 15.9% (Rs 14,805 crore), helped by 12.7% net interest income growth, 23.5% fee growth, and lower provisions. Consolidated Q1 FY2027 profit was about Rs 15,440 crore.
Revenue and profit by year
BBVA
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$41.7B | ~$11.9B | 28.5% | +4.1% | Source |
| FY2024 | ~$40.1B | ~$11.4B | 28.3% | +20.1% | Source |
| FY2023 | ~$33.4B | ~$9.1B | 27.1% | +19.4% | Source |
| FY2022 | ~$28B | ~$7.2B | 25.7% | +17.5% | Source |
| FY2021 | ~$23.8B | ~$5.3B | 22.1% | -8.3% | Source |
| FY2020 | ~$26B | ~$1.5B | 5.7% | -6.1% | Source |
| FY2019 | ~$27.6B | ~$4B | 14.4% | +3.4% | Source |
| FY2018 | ~$26.7B | ~$6.1B | 22.8% | -6.3% | Source |
| FY2017 | ~$28.6B | ~$4B | 13.9% | +2.5% | Source |
| FY2016 | ~$27.9B | ~$3.9B | 14.1% | — | Source |
ICICI Bank
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$23B | ~$6.3B | 27.4% | +8.7% | Source |
| FY2025 | ~$21.1B | ~$5.9B | 28.0% | +27.6% | Source |
| FY2024 | ~$16.6B | ~$5.1B | 31.0% | +22.1% | Source |
| FY2023 | ~$13.6B | ~$3.9B | 29.1% | +18.2% | Source |
| FY2022 | ~$11.5B | ~$2.9B | 25.4% | — | Source |
Where the revenue comes from
BBVA
- Net interest income
about 71% of gross income
Loan and deposit spreads produced ~$29.7B (EUR26.280B) in 2025, up 4.0 percent in euros and 13.9 percent at constant exchange rates.
- Net fees and commissions
about 22% of gross income
Payments, cards, accounts, asset management and insurance distribution produced ~$9.28B (EUR8.215B), with payment fees the fastest growing line.
- Net trading income and other items
about 7% of gross income
Markets activity produced ~$3B (EUR2.656B) in 2025, down 32.1 percent, while other operating income and expenses were negative at ~$250M (EUR221M).
ICICI Bank
- Net interest income and lending spread
Core driver
Interest earned on loans and investments less deposit and borrowing costs.
- Retail banking fees
Major fee stream
Credit cards, payments, wealth products, account services, and retail banking charges.
- Wholesale and business banking
Institutional stream
Corporate loans, trade finance, cash management, treasury services, and business banking.
- Treasury and investments
Market-linked stream
Investment portfolio, derivatives, foreign exchange, and balance-sheet treasury activity.
- Subsidiaries and associates
Diversified contribution
Insurance, asset management, securities, and other financial-services interests.
Business model and strategy
BBVA
How it makes money
BBVA runs a universal banking model built on local subsidiaries that fund themselves with local deposits, so a shock in one country does not drain the parent. Customer deposits reached ~$568B (EUR502.5B) at the end of 2025 against ~$534B (EUR472.7B) of gross loans, and net interest income of ~$29.7B (EUR26.280B) provided about 71 percent of gross income.
Growth strategy
After the Banco Sabadell offer lapsed in October 2025, BBVA's growth plan rests on organic lending, digital expansion in Europe and capital returns. Loans and advances to customers grew 11.5 percent in 2025 and customer funds 13.5 percent.
Competitive advantage
BBVA's first advantage is scale in Mexico, where BBVA Mexico is the largest bank in the country and produced ~$5.95B (EUR5.264B) of net attributable profit in 2025, close to half the group total. The second is cost: operating expenses grew 1.0 percent in euros in 2025 while gross income grew 4.1 percent, holding the efficiency ratio at 38.8 percent with a branch network trimmed to 5,642 offices.
ICICI Bank
How it makes money
ICICI Bank makes money mainly from net interest income: the gap between what it earns on loans and investments and what it pays on deposits and borrowings. Net interest income was Rs 22,979 crore in Q4 FY2026 alone and Rs 24,384 crore in Q1 FY2027, with a 4.32% FY2026 net interest margin. Fee income from cards, payments, wealth products, trade, and transaction banking is the second engine;
Growth strategy
Management frames its strategy as 'risk-calibrated core operating profit' growth. In FY2026 that meant leaning into segments growing faster than retail: total advances rose 15.8%, business banking 24.4%, and rural lending 25.6%, while retail loans grew 9.5% as the bank slowed unsecured credit. Digital platforms such as iMobile and InstaBIZ are used to cut servicing costs and widen cross-sell.
Competitive advantage
ICICI Bank's edge is a combination of low-cost deposits, strong underwriting data, and distribution. Net NPAs were 0.33% at March 2026 and 0.35% at June 2026, with about Rs 131 billion of contingency provisions held on top of specific provisions. That buffer lets the bank grow loans without the provisioning shocks that hit it in 2015-2018.
Questions about BBVA vs ICICI Bank
Which company has higher revenue — Banco Bilbao Vizcaya Argentaria, S.A. or ICICI Bank Limited?
Banco Bilbao Vizcaya Argentaria, S.A. reported ~$41.7B (FY2025), while ICICI Bank Limited reported ~$23B (FY2026). By last reported revenue, Banco Bilbao Vizcaya Argentaria, S.A. is the larger business, with ICICI Bank Limited reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Banco Bilbao Vizcaya Argentaria, S.A. vs ICICI Bank Limited?
Banco Bilbao Vizcaya Argentaria, S.A.'s market capitalisation stands at $139.7B, while ICICI Bank Limited's is $100.0B. Banco Bilbao Vizcaya Argentaria, S.A. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to ICICI Bank Limited.
Which is more financially efficient — Banco Bilbao Vizcaya Argentaria, S.A. or ICICI Bank Limited?
Banco Bilbao Vizcaya Argentaria, S.A. generates $328k / employee in revenue per employee, while ICICI Bank Limited generates $185k / employee. Banco Bilbao Vizcaya Argentaria, S.A. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Banco Bilbao Vizcaya Argentaria, S.A. and ICICI Bank Limited make money?
Banco Bilbao Vizcaya Argentaria, S.A. and ICICI Bank Limited generate revenue in fundamentally different ways. Banco Bilbao Vizcaya Argentaria, S.A.: BBVA runs a universal banking model built on local subsidiaries that fund themselves with local deposits, so a shock in one country does not drain the parent. ICICI Bank Limited: ICICI Bank makes money mainly from net interest income: the gap between what it earns on loans and investments and what it pays on deposits and borrowings.
Which company is valued higher relative to revenue — Banco Bilbao Vizcaya Argentaria, S.A. or ICICI Bank Limited?
On a price-to-sales (P/S) basis, Banco Bilbao Vizcaya Argentaria, S.A. trades at 3.3x P/S and ICICI Bank Limited at 4.4x P/S. ICICI Bank Limited commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Banco Bilbao Vizcaya Argentaria, S.A.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Banco Bilbao Vizcaya Argentaria, S.A. bigger than ICICI Bank Limited?
By last reported revenue, Banco Bilbao Vizcaya Argentaria, S.A. (~$41.7B (FY2025)) is the larger company compared to ICICI Bank Limited (~$23B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the BBVA vs ICICI Bank overview