InCred Equities - State Bank of India

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	1,669,651	1,719,571	1,942,290	2,268,416
Total Non-Interest Income (Rsm)	616,831	618,539	633,816	656,096
Operating Revenue (Rsm)	2,286,482	2,338,111	2,576,107	2,924,511
Total Provision Charges (Rsm)	(153,079)	(214,093)	(246,660)	(313,558)
Net Profit (Rsm)	709,006	625,210	674,841	767,285
Core EPS (Rs)	79.44	67.74	73.12	83.13
Core EPS Growth	4%	(15%)	8%	14%
FD Core P/E (x)	10.37	12.16	11.26	9.91
DPS (Rs)	15.90	13.70	15.90	18.00
Dividend Yield	1.93%	1.66%	1.93%	2.19%
BVPS (Rs)	494.3	583.5	642.9	710.2
P/BV (x)	1.67	1.41	1.28	1.16
ROE	17.3%	12.8%	11.9%	12.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	1,669,651	1,719,571	1,942,290	2,268,416
Total Non-Interest Income	616,831	618,539	633,816	656,096
Operating Revenue	2,286,482	2,338,111	2,576,107	2,924,511
Total Non-Interest Expenses	(1,180,690)	(1,286,480)	(1,427,253)	(1,585,172)
Pre-provision Operating Profit	1,105,792	1,051,631	1,148,854	1,339,340
Total Provision Charges	(153,079)	(214,093)	(246,660)	(313,558)
Operating Profit After Provisions	952,713	837,538	902,194	1,025,782
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	952,713	837,538	902,194	1,025,782
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	952,713	837,538	902,194	1,025,782
Exceptional Items
Pre-tax Profit	952,713	837,538	902,194	1,025,782
Taxation	(243,706)	(212,328)	(227,353)	(258,497)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	709,006	625,210	674,841	767,285
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	709,006	625,210	674,841	767,285

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	76.4%	77.8%	78.3%	78.9%
Avg Liquid Assets/Avg Assets	92.4%	92.7%	92.7%	92.8%
Avg Liquid Assets/Avg IEAs	105.8%	106.1%	106.5%	106.5%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans	0.39%	0.48%	0.49%	0.54%
Provision Charge/Avg Assets	0.24%	0.30%	0.31%	0.35%
Total Write Offs/Average Assets

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	41,633,120	46,970,328	53,870,492	62,090,184
Liquid Assets & Invst. (Current)	16,905,728	17,915,012	19,532,020	21,001,162
Other Int. Earning Assets
Total Gross Int. Earning Assets	58,538,848	64,885,340	73,402,512	83,091,344
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	58,538,848	64,885,340	73,402,512	83,091,344
Intangible Assets
Other Non-Interest Earning Assets	4,378,312	4,969,384	5,640,251	6,401,685
Total Non-Interest Earning Assets	4,819,388	5,421,487	6,103,656	6,876,675
Cash And Marketable Securities	3,402,297	4,175,594	4,752,735	5,411,288
Long-term Investments
Total Assets	66,760,532	74,482,416	84,258,896	95,379,312
Customer Interest-Bearing Liabilities	53,821,896	60,095,232	68,619,448	78,352,776
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	59,457,620	65,916,448	74,826,488	84,976,520
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	2,891,291	3,180,420	3,498,462	3,848,308
Total Liabilities	62,348,912	69,096,872	78,324,952	88,824,824
Shareholders Equity	4,411,621	5,385,549	5,933,947	6,554,483
Minority Interests
Total Equity	4,411,621	5,385,549	5,933,947	6,554,483

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	5.8%	3.0%	13.0%	16.8%
Operating Profit Growth	17.9%	(4.9%)	9.2%	16.6%
Pretax Profit Growth	7%	(12%)	8%	14%
Net Interest To Total Income	73.0%	73.5%	75.4%	77.6%
Cost Of Funds	5.16%	5.00%	4.84%	4.64%
Return On Interest Earning Assets	8.2%	7.9%	7.7%	7.6%
Net Interest Spread	3.08%	2.87%	2.90%	3.00%
Net Interest Margin (Avg Deposits)	3.24%	3.02%	3.02%	3.09%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	14%	20%	21%	23%
Interest Return On Average Assets	2.60%	2.43%	2.45%	2.53%
Effective Tax Rate	25.6%	25.4%	25.2%	25.2%
Net Dividend Payout Ratio	20.0%	20.2%	21.7%	21.7%
Return On Average Assets	1.10%	0.89%	0.85%	0.85%

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

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Market Data

Source: Bloomberg