InCred Equities - State Bank of India

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	1,578,358	1,660,813	1,753,481	2,046,411
Total Non-Interest Income (Rsm)	537,222	535,044	525,398	558,271
Operating Revenue (Rsm)	2,115,580	2,195,857	2,278,879	2,604,682
Total Provision Charges (Rsm)	(49,142)	(142,597)	(245,008)	(282,384)
Net Profit (Rsm)	681,766	665,879	573,846	684,784
Core EPS (Rs)	76.39	74.61	64.30	76.73
Core EPS Growth	36%	(2%)	(14%)	19%
FD Core P/E (x)	10.16	10.40	12.07	10.11
DPS (Rs)	13.70	13.70	13.70	14.00
Dividend Yield	1.77%	1.77%	1.77%	1.80%
BVPS (Rs)	422.7	487.9	538.5	601.5
P/BV (x)	1.84	1.59	1.44	1.29
ROE	19.3%	16.4%	12.5%	13.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income	1,578,358	1,660,813	1,753,481	2,046,411
Total Non-Interest Income	537,222	535,044	525,398	558,271
Operating Revenue	2,115,580	2,195,857	2,278,879	2,604,682
Total Non-Interest Expenses	(1,177,608)	(1,141,796)	(1,266,698)	(1,406,811)
Pre-provision Operating Profit	937,972	1,054,060	1,012,181	1,197,871
Total Provision Charges	(49,142)	(142,597)	(245,008)	(282,384)
Operating Profit After Provisions	888,830	911,464	767,174	915,487
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	888,830	911,464	767,174	915,487
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	888,830	911,464	767,174	915,487
Exceptional Items
Pre-tax Profit	888,830	911,464	767,174	915,487
Taxation	(207,063)	(245,585)	(193,328)	(230,703)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	681,766	665,879	573,846	684,784
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	681,766	665,879	573,846	684,784

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	73.9%	76.8%	79.1%	80.3%
Avg Liquid Assets/Avg Assets	92.0%	91.9%	91.8%	91.8%
Avg Liquid Assets/Avg IEAs	106.1%	105.8%	105.8%	105.9%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans	0.14%	0.36%	0.54%	0.54%
Provision Charge/Avg Assets	0.08%	0.22%	0.34%	0.35%
Total Write Offs/Average Assets

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Gross Loans	37,039,708	42,047,952	48,462,428	55,855,436
Liquid Assets & Invst. (Current)	16,713,397	17,026,860	17,235,798	18,726,200
Other Int. Earning Assets
Total Gross Int. Earning Assets	53,753,104	59,074,812	65,698,224	74,581,640
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	53,753,104	59,074,812	65,698,224	74,581,640
Intangible Assets
Other Non-Interest Earning Assets	4,509,642	5,118,444	5,809,434	6,593,707
Total Non-Interest Earning Assets	4,935,815	5,555,271	6,257,181	7,052,648
Cash And Marketable Securities	3,108,020	3,432,608	3,854,954	4,389,720
Long-term Investments
Total Assets	61,796,940	68,062,688	75,810,360	86,024,008
Customer Interest-Bearing Liabilities	49,160,768	53,862,660	60,617,184	69,215,440
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	55,136,376	61,109,340	68,054,528	77,307,376
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	2,888,097	2,599,288	2,950,192	3,348,467
Total Liabilities	58,024,476	63,708,628	71,004,720	80,655,848
Shareholders Equity	3,772,465	4,354,064	4,805,643	5,368,160
Minority Interests
Total Equity	3,772,465	4,354,064	4,805,643	5,368,160

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	10.7%	5.2%	5.6%	16.7%
Operating Profit Growth	12.0%	12.4%	(4.0%)	18.3%
Pretax Profit Growth	32%	3%	(16%)	19%
Net Interest To Total Income	74.6%	75.6%	76.9%	78.6%
Cost Of Funds	4.89%	5.13%	5.24%	5.13%
Return On Interest Earning Assets	8.1%	8.2%	8.2%	8.2%
Net Interest Spread	3.25%	3.10%	3.00%	3.10%
Net Interest Margin (Avg Deposits)	3.38%	3.22%	3.06%	3.15%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	5%	14%	24%	24%
Interest Return On Average Assets	2.70%	2.56%	2.44%	2.53%
Effective Tax Rate	23.3%	26.9%	25.2%	25.2%
Net Dividend Payout Ratio	17.9%	18.4%	21.3%	18.2%
Return On Average Assets	1.17%	1.03%	0.80%	0.85%

(91) 22 4161 1551 bhavik.shah@incredresearch.com

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

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Market Data

Source: Bloomberg