ICICI Bank vs NEC: Revenue, Profit and Business Model
ICICI Bank reported ~$23B of revenue in FY2026 and ~$6.3B of net income. NEC reported ~$24B of revenue in FY2026 and ~$1.8B of net income.
Latest financial snapshot
ICICI Bank
- Latest revenue
- ~$23B (FY2026)
- Net income
- ~$6.3B
- Net margin
- 27.4%
- Revenue growth
- +19.0% a year, FY2022–FY2026
NEC
- Latest revenue
- ~$24B (FY2026)
- Net income
- ~$1.8B
- Net margin
- 7.5%
- Revenue growth
- +4.4% a year, FY2022–FY2026
Financial summary
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.
NEC
NEC's numbers show a company trading revenue for margin. Revenue moved from ~$20.2 billion (3,014.1 billion yen) in FY22/3 to ~$24 billion (3,582.7 billion yen) in FY26/3, but the bigger change was profitability: FY26/3 adjusted operating profit reached ~$2.59 billion (386.8 billion yen) (10.8% margin, up 2.4 points), net profit attributable to owners was ~$1.81 billion (270.2 billion yen), and non-GAAP net profit was ~$1.87 billion (279.8 billion yen), a record under IFRS. Momentum carried into FY27/3: first-quarter revenue rose 14.5% to ~$5.49 billion (819.8 billion yen), net profit was ~$333 million (49.7 billion yen), and NEC raised full-year guidance to ~$23.7 billion (3,540 billion yen) revenue and ~$2.88 billion (430 billion yen) adjusted operating profit.
Revenue and profit by year
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
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.
NEC
- IT Services70.0%
FY26/3 revenue was ~$16.8 billion (2,508.9 billion yen), including Domestic IT and International digital government/digital finance work.
- Social Infrastructure26.1%
FY26/3 revenue was ~$6.27 billion (935.3 billion yen), including telecom services and aerospace/national security systems.
- Others3.9%
FY26/3 other revenue was ~$928 million (138.5 billion yen).
Business model and strategy
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.
NEC
How it makes money
NEC makes money by selling technology projects and recurring services to governments, enterprises and telecom carriers. In FY26/3 (year ended March 31, 2026), IT Services produced ~$16.8 billion (2,508.9 billion yen), about 70% of revenue: system integration, managed services and the BluStellar DX offering in Japan, plus digital government and digital finance software abroad through subsidiaries such as Avaloq, KMD a…
Growth strategy
Under its 2025 Mid-term Management Plan, which NEC says it achieved in FY26/3, the company prioritized digital government and digital finance, 5G, and core DX (now branded BluStellar) as growth businesses while monitoring and pruning low-profit work.
Competitive advantage
NEC's edge comes from decades of trusted delivery to Japanese ministries, municipalities, the Ministry of Defense and NTT-group carriers, which makes it hard to displace on security-sensitive systems. Its face and fingerprint algorithms have repeatedly placed at or near the top of US NIST benchmark tests, which supports border-control and airport contracts abroad.
Questions about ICICI Bank vs NEC
Which company has higher revenue — ICICI Bank Limited or NEC Corporation?
ICICI Bank Limited reported ~$23B (FY2026), while NEC Corporation reported ~$24B (FY2026). By last reported revenue, NEC Corporation is the larger business, with ICICI Bank Limited reporting a smaller revenue base.
What is the market cap of ICICI Bank Limited vs NEC Corporation?
ICICI Bank Limited's market capitalisation stands at $100.0B, while NEC Corporation's is $40.2B. ICICI Bank Limited carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to NEC Corporation.
Which is more financially efficient — ICICI Bank Limited or NEC Corporation?
ICICI Bank Limited generates $185k / employee in revenue per employee, while NEC Corporation generates $236k / employee. NEC Corporation 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 ICICI Bank Limited and NEC Corporation make money?
ICICI Bank Limited and NEC Corporation generate revenue in fundamentally different ways. 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. NEC Corporation: NEC makes money by selling technology projects and recurring services to governments, enterprises and telecom carriers.
Which company is valued higher relative to revenue — ICICI Bank Limited or NEC Corporation?
On a price-to-sales (P/S) basis, ICICI Bank Limited trades at 4.4x P/S and NEC Corporation at 1.7x P/S. ICICI Bank Limited commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to NEC Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is ICICI Bank Limited bigger than NEC Corporation?
By last reported revenue, NEC Corporation (~$24B (FY2026)) 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 ICICI Bank vs NEC overview