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Nitin Kumar Aggarwal

Research Analyst at Motilal Oswal Securities Limited

Nitin Kumar Aggarwal is a Research Analyst at Motilal Oswal Securities Limited, specializing in the Indian consumer and retail sectors. He covers specific companies including Avenue Supermarts (DMart), Trent, and other key players in organized retail and consumer goods, with a track record of strong performance highlighted by accurate calls on retail sector growth amid post-pandemic recovery. Aggarwal joined Motilal Oswal in 2018 after prior roles at Emkay Global Financial Services and smaller research firms, bringing over a decade of experience in equity research focused on domestic consumption themes. He holds relevant certifications such as NISM Series XV (Research Analyst) and maintains active SEBI registration as a research analyst.

Nitin Kumar Aggarwal's questions to ICICI BANK (IBN) leadership

Question · Q3 2026

Nitin Kumar Aggarwal asked about the moderation in business banking (BBB segment) growth, questioning if it was a conscious decision, if growth rates have bottomed out, and if the bank plans to relax any figures. He also inquired if credit card and personal loan growth would surpass overall loan growth or merely recover from current muted levels. Lastly, he asked if large private banks are more vulnerable to RBI directives like the recent standard provision, or if PSU banks could also face similar actions.

Answer

Anindya Banerjee (CFO, ICICI Bank) clarified that business banking is operating at full steam, and moderation in growth rate is a function of the base, with 22% year-on-year growth this quarter. He stated the bank is not holding back and is comfortable with the portfolio's quality. For credit card and personal loan growth, Mr. Banerjee expects a pickup from current muted levels but believes it will take time to surpass the overall loan growth rate. Regarding the RBI directive, he stated the bank cannot comment on the vulnerability of other banks and must comply with the observation given to ICICI Bank.

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Question · Q3 2026

Nitin Kumar Aggarwal asked about the moderation in business banking growth, questioning if it's a conscious decision and if the growth rate has bottomed out. He also sought clarity on whether credit card and personal loan growth would surpass overall loan growth or merely recover from current muted levels. Lastly, he inquired if large private banks are more vulnerable to RBI directives like the recent standard asset provision, or if PSU banks could also face similar actions.

Answer

Anindya Banerjee, CFO of ICICI Bank, clarified that business banking is operating at full steam, with moderation in growth rate being a function of the base, and the bank is comfortable with its 22% year-on-year growth and portfolio quality. He stated that credit card and personal loan growth would take time to exceed overall loan growth but expects a pickup from current levels. Regarding the RBI directive, Mr. Banerjee declined to comment on other banks, emphasizing the bank's focus on complying with the observation and resolving it.

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