FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For the month June, 2021

Commission File Number: 001-15002

ICICI Bank Limited
(Translation of registrant’s name into English)

ICICI Bank Towers,
Bandra-Kurla Complex
Mumbai, India 400 051
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.

Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7):

Indicate by check mark whether by furnishing the information
contained in this Form, the Registrant is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934:

If “Yes” is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g 3-2(b): Not Applicable

Table of Contents

June 18, 2021

The United States

Securities and Exchange Commission 

Washington D. C. 20549

United States of America

Attn.: Filing Desk

Dear Sirs,

IBN 

ICICI Bank Limited (the ‘Company’) Report on Form 6-K

On behalf of the Company, I am enclosing for filing, copy of Company's Report on Form 6-K dated June 18, 2021 in connection with press release issued by S&P Global Ratings. We enclose herewith a copy of Press release dated June 18, 2021 as forwarded to Indian stock exchanges in this regard.

This is for your reference and records.

Yours faithfully,

For ICICI Bank Limited

/s/ Vivek Ranjan 

Vivek Ranjan

Chief Manager

Encl : as above

Research Update:

ICICI Bank Outlook Revised To Stable From Negative; Ratings Affirmed

June 18, 2021

Research Update: ICICI Bank Outlook Revised To Stable From Negative; Ratings Affirmed

bank's new nonperforming loans (NPLs) are likely to stay elevated in fiscal 2022 owing to the impact of the second wave of COVID-19 infections. In our view, localized lockdowns will hit small and midsize enterprise (SME) borrowers the most. Retail loans, especially unsecured personal loans and credit card debt, are also vulnerable. For ICICI Bank, SME loans (accounting for 4.2% of total loans), personal loans (6.7%), credit cards (2.4%) and rural loans (10%) could contribute to the increase in NPLs.

ICICI Bank has made COVID-19 related provisions to the tune of 1% of advances. This should help smoothen the hit from pandemic-related losses. The bank's better customer profile and underwriting relative to the Indian banking system should limit losses. Most of ICICI Bank's retail loans are to salaried professionals and have low loan-to-value ratios (e.g. average for home loans is 65%). Moreover, 65%-75% of loans in key retail segments (such as mortgage, vehicle, and personal loans) are to existing liability customers. ICICI Bank's aggressive write-off strategy and recovery of NPLs should also contain its stressed loans.

ICICI Bank's lower credit costs than in the past should enhance its profitability. We estimate core earnings will be 1.3%-1.6% of assets over the next two years, with further upside possible from the sale of stake in subsidiaries.

Outlook

The stable outlook reflects our view that ICICI Bank's capitalization will remain strong over the next 24 months, aided by better earnings and profit from sale of stake in subsidiaries. We factor in a slight deterioration in the bank's asset quality and performance due to COVID-19.

In our base case, ICICI Bank will maintain its strong market position, strong capital, better-than-system asset quality, and good funding and liquidity over the next 24 months.

Downside scenario

We could lower the ratings on ICICI Bank if the bank is unable to maintain a RAC ratio above 10% on a sustained basis. This could be due to higher credit growth than we expect, a sharp rise in credit costs, or sale of stake in subsidiaries not progressing as planned.

Upside scenario

An upgrade of ICICI Bank is unlikely in the next one to two years because that would require an improvement in the bank's financial profile as well as the sovereign credit rating on India.

Our assessment of ICICI Bank's financial profile may improve if: (1) the bank's asset quality strengthens to levels in line with international peers; and (2) it maintains its capitalization at a strong level.

Ratings Score Snapshot

Research Update: ICICI Bank Outlook Revised To Stable From Negative; Ratings Affirmed

Related Criteria

Related Research

Ratings List

Research Update: ICICI Bank Outlook Revised To Stable From Negative; Ratings Affirmed

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.

Research Update: ICICI Bank Outlook Revised To Stable From Negative; Ratings Affirmed

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.