ICICI Bank vs NVIDIA: Revenue, Profit and Business Model
ICICI Bank reported ~$23B of revenue in FY2026 and ~$6.3B of net income. NVIDIA reported $215.9B of revenue in FY2026 and $120.1B 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
NVIDIA
- Latest revenue
- $215.9B (FY2026)
- Net income
- $120.1B
- Net margin
- 55.6%
- Revenue growth
- +46.6% a year, FY2017–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.
NVIDIA
NVIDIA's revenue rose from $27.0B in fiscal 2023 to $60.9B in FY2024, $130.5B in FY2025 and $215.9B in FY2026, which ended January 25, 2026. FY2026 net income was $120.1B. Growth sped up again in fiscal 2027: Q1 revenue was $81.6B and Q2 (ended July 26, 2026) was $96.2B, up 106% year over year, with a 75.0% gross margin and $59.7B GAAP net income. Guidance for Q3 FY2027 is $108.0B, plus or minus 2%, and assumes no Data Center compute revenue from China. NVIDIA returned about $26.0B to shareholders in Q2. In May 2026 it raised the quarterly dividend to $0.25 from $0.01, and on September 28, 2026 it added $150B to its buyback authorization.
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 |
NVIDIA
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $215.9B | $120.1B | 55.6% | +65.5% | Source |
| FY2025 | $130.5B | $72.9B | 55.8% | +114.2% | Source |
| FY2024 | $60.9B | $29.8B | 48.8% | +125.9% | Source |
| FY2023 | $27B | $4.4B | 16.2% | +0.2% | Source |
| FY2022 | $26.9B | $9.8B | 36.2% | +61.4% | Source |
| FY2021 | $16.7B | $4.3B | 26.0% | +52.7% | Source |
| FY2020 | $10.9B | $2.8B | 25.6% | -6.8% | Source |
| FY2019 | $11.7B | $4.1B | 35.3% | +20.6% | Source |
| FY2018 | $9.7B | $3B | 31.4% | +40.6% | Source |
| FY2017 | $6.9B | $1.7B | 24.1% | — | 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.
NVIDIA
- Data CenterDominant
GPU accelerators, AI systems, networking, and software for cloud, enterprise, and supercomputing customers.
- GamingMaterial
GeForce GPUs and gaming-platform products for PC gamers, creators, and consumer AI PCs.
- Professional Visualization
Complementary
Workstation GPUs, visualization, simulation, and Omniverse-related products.
- AutomotiveGrowth
Automotive compute, software, and autonomous-driving platforms.
- Software And ServicesGrowth
Enterprise AI software, cloud services, libraries, and platform subscriptions layered on hardware.
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.
NVIDIA
How it makes money
NVIDIA is a fabless chip and systems company: it designs GPUs, CPUs, networking and software, and outsources manufacturing mainly to TSMC. Data Center is the core business, at $193.7B of FY2026 revenue (about 90%) and $89.0B of the $96.2B earned in Q2 FY2027.
Growth strategy
NVIDIA wants to sell the whole AI factory, not just accelerators. It ships a new architecture roughly every year: Blackwell, then Blackwell Ultra, then Vera Rubin, which reached full production in mid-2026. Each rack combines GPUs, Vera CPUs, NVLink, Spectrum-6 switches and BlueField DPUs.
Competitive advantage
NVIDIA's lead comes from three things working together. CUDA has been in use since 2006 and much of the AI software stack is tuned for it. NVIDIA sells full systems that tie compute, NVLink and networking into one rack. Its scale also gets it priority access to TSMC wafers and high-bandwidth memory.
Questions about ICICI Bank vs NVIDIA
Which company has higher revenue — ICICI Bank Limited or NVIDIA Corporation?
ICICI Bank Limited reported ~$23B (FY2026), while NVIDIA Corporation reported $215.9B (FY2026). By last reported revenue, NVIDIA Corporation is the larger business, with ICICI Bank Limited reporting a smaller revenue base.
What is the market cap of ICICI Bank Limited vs NVIDIA Corporation?
ICICI Bank Limited's market capitalisation stands at $100.0B, while NVIDIA Corporation's is $5.45T. NVIDIA Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to ICICI Bank Limited.
Which is more financially efficient — ICICI Bank Limited or NVIDIA Corporation?
ICICI Bank Limited generates $185k / employee in revenue per employee, while NVIDIA Corporation generates $5.14M / employee. NVIDIA 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 NVIDIA Corporation make money?
ICICI Bank Limited and NVIDIA 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. NVIDIA Corporation: NVIDIA is a fabless chip and systems company: it designs GPUs, CPUs, networking and software, and outsources manufacturing mainly to TSMC.
Which company is valued higher relative to revenue — ICICI Bank Limited or NVIDIA Corporation?
On a price-to-sales (P/S) basis, ICICI Bank Limited trades at 4.4x P/S and NVIDIA Corporation at 25.2x P/S. NVIDIA Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to ICICI Bank Limited. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is ICICI Bank Limited bigger than NVIDIA Corporation?
By last reported revenue, NVIDIA Corporation ($215.9B (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 NVIDIA overview