InCred Equities - State Bank of India

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	1,598,758	1,695,146	1,929,175	2,277,605
Total Non-Interest Income (Rsm)	516,822	514,188	547,105	610,190
Operating Revenue (Rsm)	2,115,580	2,209,334	2,476,279	2,887,795
Total Provision Charges (Rsm)	(49,142)	(168,602)	(194,725)	(263,777)
Net Profit (Rsm)	610,766	730,111	820,806	952,226
Core EPS (Rs)	68.44	81.81	91.97	106.70
Core EPS Growth	32%	10%	12%	16%
FD Core P/E (x)	11.73	9.82	8.73	7.53
DPS (Rs)	13.70	20.45	25.29	32.01
Dividend Yield	1.71%	2.55%	3.15%	3.99%
BVPS (Rs)	422.7	484.1	550.7	625.4
P/BV (x)	1.90	1.66	1.46	1.28
ROE	19.3%	18.0%	17.8%	18.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income	1,598,758	1,695,146	1,929,175	2,277,605
Total Non-Interest Income	516,822	514,188	547,105	610,190
Operating Revenue	2,115,580	2,209,334	2,476,279	2,887,795
Total Non-Interest Expenses	(1,144,089)	(1,022,771)	(1,129,099)	(1,287,172)
Pre-provision Operating Profit	937,972	1,145,994	1,293,528	1,538,511
Total Provision Charges	(49,142)	(168,602)	(194,725)	(263,777)
Operating Profit After Provisions	888,830	977,391	1,098,803	1,274,734
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	888,830	977,391	1,098,803	1,274,734
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	888,830	977,391	1,098,803	1,274,734
Exceptional Items	(71,000)
Pre-tax Profit	817,830	977,391	1,098,803	1,274,734
Taxation	(207,063)	(247,280)	(277,997)	(322,508)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	610,766	730,111	820,806	952,226
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	610,766	730,111	820,806	952,226

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits	100.6%	104.4%	110.4%	115.2%
Avg Loans/Avg Deposits	99.7%	102.6%	107.5%	112.9%
Avg Liquid Assets/Avg Assets	33.0%	31.2%	29.6%	28.2%
Avg Liquid Assets/Avg IEAs	38.1%	35.7%	33.7%	31.9%
Net Cust Loans/Assets	59.9%	61.6%	63.0%	64.6%
Net Cust Loans/Broad Deposits	100.6%	104.4%	110.4%	115.2%
Equity & Provns/Gross Cust Loans	10.2%	10.2%	10.1%	9.9%
Asset Risk Weighting	51.1%	51.3%	50.9%	50.9%
Provision Charge/Avg Cust Loans	0.14%	0.43%	0.43%	0.50%
Provision Charge/Avg Assets	0.08%	0.26%	0.27%	0.32%
Total Write Offs/Average Assets

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Gross Loans	37,039,708	42,278,632	48,823,140	56,622,416
Liquid Assets & Invst. (Current)	16,713,397	17,897,626	19,353,920	21,252,034
Other Int. Earning Assets
Total Gross Int. Earning Assets	53,753,104	60,176,256	68,177,064	77,874,448
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	53,753,104	60,176,256	68,177,064	77,874,448
Intangible Assets
Other Non-Interest Earning Assets	4,509,642	5,077,934	5,747,209	6,514,245
Total Non-Interest Earning Assets	4,935,815	5,531,209	6,219,015	7,007,260
Cash And Marketable Securities	3,108,020	2,957,142	3,096,931	2,835,045
Long-term Investments
Total Assets	61,796,940	68,664,608	77,493,008	87,716,752
Customer Interest-Bearing Liabilities	36,812,772	40,515,340	44,237,776	49,160,768
Bank Deposits
Interest Bearing Liabilities: Others	4,172,977	4,260,434	4,931,352	5,975,609
Total Interest-Bearing Liabilities	40,985,748	44,775,776	49,169,128	55,136,376
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	1,819,797	2,299,318	2,724,572	2,888,097
Total Liabilities	42,805,544	47,075,092	51,893,700	58,024,476
Shareholders Equity	3,772,465	4,320,049	4,915,133	5,581,692
Minority Interests
Total Equity	3,772,465	4,320,049	4,915,133	5,581,692

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	10.4%	6.0%	13.8%	18.1%
Operating Profit Growth	11.7%	22.1%	13.5%	18.8%
Pretax Profit Growth	22%	20%	12%	16%
Net Interest To Total Income	75.6%	76.7%	77.9%	78.9%
Cost Of Funds	6.67%	6.84%	6.46%	6.08%
Return On Interest Earning Assets	8.2%	8.1%	7.7%	7.5%
Net Interest Spread	1.51%	1.28%	1.28%	1.38%
Net Interest Margin (Avg Deposits)	4.62%	4.38%	4.55%	4.88%
Net Interest Margin (Avg RWA)	5.31%	5.07%	5.17%	5.42%
Provisions to Pre Prov. Operating Profit	5%	15%	15%	17%
Interest Return On Average Assets	2.73%	2.60%	2.64%	2.76%
Effective Tax Rate	25.3%	25.3%	25.3%	25.3%
Net Dividend Payout Ratio	17.9%
Return On Average Assets	1.17%	1.12%	1.12%	1.15%

(91) 22 4161 1547 jignesh.shial@incredresearch.com

(91) 22 4161 1569 rishabh.jogani@incredresearch.com

(91) 22 4161 1500 meghna.luthra@incredresearch.com

More Reports

Market Data

Source: Bloomberg