InCred Equities - Axis Bank

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	498,945	547,595	619,380	707,334
Total Non-Interest Income (Rsm)	224,420	269,067	306,343	354,284
Operating Revenue (Rsm)	723,364	816,662	925,723	1,061,618
Total Provision Charges (Rsm)	(40,631)	(78,228)	(76,493)	(80,800)
Net Profit (Rsm)	248,614	272,248	304,841	352,376
Core EPS (Rs)	80.59	88.15	98.71	114.10
Core EPS Growth	159%	9%	12%	16%
FD Core P/E (x)	14.07	12.86	11.49	9.94
DPS (Rs)	4.00	4.00	5.00	6.00
Dividend Yield	0.35%	0.35%	0.44%	0.53%
BVPS (Rs)	486.5	568.5	660.7	767.0
P/BV (x)	2.33	1.99	1.72	1.48
ROE	18.0%	16.6%	15.9%	15.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income	498,945	547,595	619,380	707,334
Total Non-Interest Income	224,420	269,067	306,343	354,284
Operating Revenue	723,364	816,662	925,723	1,061,618
Total Non-Interest Expenses	(338,063)	(369,280)	(421,752)	(487,932)
Pre-provision Operating Profit	371,232	429,517	485,675	553,788
Total Provision Charges	(40,631)	(78,228)	(76,493)	(80,800)
Operating Profit After Provisions	330,601	351,288	409,182	472,988
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	330,601	351,288	409,182	472,988
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	330,601	351,288	409,182	472,988
Exceptional Items
Pre-tax Profit	330,601	351,288	409,182	472,988
Taxation	(81,986)	(79,040)	(104,341)	(120,612)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	248,614	272,248	304,841	352,376
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	248,614	272,248	304,841	352,376

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	89.8%	89.6%	88.2%	87.4%
Avg Liquid Assets/Avg Assets	72.7%	73.4%	74.2%	75.1%
Avg Liquid Assets/Avg IEAs	112.2%	113.1%	115.5%	117.1%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans
Provision Charge/Avg Assets
Total Write Offs/Average Assets

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Gross Loans	9,650,684	10,758,806	12,178,889	13,998,090
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	9,650,684	10,758,806	12,178,889	13,998,090
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	9,650,684	10,758,806	12,178,889	13,998,090
Intangible Assets
Other Non-Interest Earning Assets	604,740	721,767	753,738	787,261
Total Non-Interest Earning Assets	661,586	780,755	814,919	850,814
Cash And Marketable Securities	1,144,544	1,521,392	2,025,320	2,443,224
Long-term Investments	3,315,273	3,619,455	4,006,198	4,493,406
Total Assets	14,772,086	16,680,408	19,025,326	21,785,532
Customer Interest-Bearing Liabilities	10,686,414	12,101,618	13,899,647	16,041,328
Bank Deposits
Interest Bearing Liabilities: Others	1,968,118	2,160,426	2,371,817	2,604,216
Total Interest-Bearing Liabilities	12,654,531	14,262,043	16,271,464	18,645,544
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	606,939	649,934	698,632	754,034
Total Liabilities	13,261,470	14,911,977	16,970,096	19,399,578
Shareholders Equity	1,510,616	1,768,431	2,055,230	2,385,956
Minority Interests
Total Equity	1,510,616	1,768,431	2,055,230	2,385,956

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	16.2%	9.8%	13.1%	14.2%
Operating Profit Growth	17.2%	16.1%	12.6%	13.8%
Pretax Profit Growth	96%	6%	16%	16%
Net Interest To Total Income	69.0%	67.1%	66.9%	66.6%
Cost Of Funds	4.96%	5.10%	4.65%	4.31%
Return On Interest Earning Assets	12.1%	12.1%	11.6%	11.1%
Net Interest Spread	7.12%	6.99%	6.94%	6.84%
Net Interest Margin (Avg Deposits)	4.95%	4.81%	4.76%	4.72%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	11%	18%	16%	15%
Interest Return On Average Assets	3.57%	3.48%	3.47%	3.47%
Effective Tax Rate	24.8%	22.5%	25.5%	25.5%
Net Dividend Payout Ratio
Return On Average Assets	1.78%	1.73%	1.71%	1.73%

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

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

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

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Market Data

Source: Bloomberg