InCred Equities - Axis Bank

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	498,346	542,895	596,361	692,459
Total Non-Interest Income (Rsm)	225,019	252,101	271,470	310,540
Operating Revenue (Rsm)	723,364	794,996	867,831	1,002,999
Total Provision Charges (Rsm)	(40,631)	(83,242)	(90,751)	(97,087)
Net Profit (Rsm)	248,614	259,492	264,812	318,448
Core EPS (Rs)	40.27	41.92	42.78	51.44
Core EPS Growth	12%	4%	2%	20%
FD Core P/E (x)	26.93	25.87	25.35	21.08
DPS (Rs)	1.00	3.00	3.00	3.00
Dividend Yield	0.09%	0.28%	0.28%	0.28%
BVPS (Rs)	244.7	289.1	330.4	380.4
P/BV (x)	4.43	3.75	3.28	2.85
ROE	18.0%	15.7%	13.8%	14.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income	498,346	542,895	596,361	692,459
Total Non-Interest Income	225,019	252,101	271,470	310,540
Operating Revenue	723,364	794,996	867,831	1,002,999
Total Non-Interest Expenses	(352,133)	(372,737)	(423,053)	(480,180)
Pre-provision Operating Profit	371,232	422,258	444,777	522,819
Total Provision Charges	(40,631)	(83,242)	(90,751)	(97,087)
Operating Profit After Provisions	330,601	339,016	354,026	425,732
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	330,601	339,016	354,026	425,732
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	330,601	339,016	354,026	425,732
Exceptional Items
Pre-tax Profit	330,601	339,016	354,026	425,732
Taxation	(81,986)	(79,525)	(89,215)	(107,284)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	248,614	259,492	264,812	318,448
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	248,614	259,492	264,812	318,448

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	89.8%	90.7%	91.1%	91.1%
Avg Liquid Assets/Avg Assets	94.9%	95.4%	95.2%	95.2%
Avg Liquid Assets/Avg IEAs	109.1%	107.9%	107.0%	107.0%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans	0.45%	0.82%	0.80%	0.75%
Provision Charge/Avg Assets	0.29%	0.54%	0.53%	0.50%
Total Write Offs/Average Assets

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Gross Loans	9,650,684	10,615,752	12,101,957	13,796,232
Liquid Assets & Invst. (Current)	3,315,273	3,634,858	4,017,940	4,493,729
Other Int. Earning Assets
Total Gross Int. Earning Assets	12,965,956	14,250,610	16,119,897	18,289,960
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	12,965,956	14,250,610	16,119,897	18,289,960
Intangible Assets
Other Non-Interest Earning Assets	604,740	695,451	799,769	919,734
Total Non-Interest Earning Assets	661,586	757,981	868,552	995,396
Cash And Marketable Securities	1,144,544	993,621	1,125,528	1,277,917
Long-term Investments
Total Assets	14,772,086	16,002,213	18,113,978	20,563,272
Customer Interest-Bearing Liabilities	10,686,414	11,648,191	13,278,938	15,137,989
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	12,406,941	13,248,282	15,007,036	17,038,896
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	854,529	964,019	1,061,503	1,169,776
Total Liabilities	13,261,470	14,212,300	16,068,539	18,208,672
Shareholders Equity	1,510,616	1,789,913	2,045,439	2,354,601
Minority Interests
Total Equity	1,510,616	1,789,913	2,045,439	2,354,601

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	16.0%	8.9%	9.8%	16.1%
Operating Profit Growth	15.0%	13.7%	5.3%	17.5%
Pretax Profit Growth	12%	3%	4%	20%
Net Interest To Total Income	68.9%	68.3%	68.7%	69.0%
Cost Of Funds	5.06%	5.37%	5.53%	5.43%
Return On Interest Earning Assets	9.0%	9.1%	9.1%	9.1%
Net Interest Spread	3.93%	3.68%	3.54%	3.65%
Net Interest Margin (Avg Deposits)	4.94%	4.86%	4.78%	4.87%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	11%	20%	20%	19%
Interest Return On Average Assets	3.57%	3.53%	3.50%	3.58%
Effective Tax Rate	24.8%	23.5%	25.2%	25.2%
Net Dividend Payout Ratio	1.2%	3.6%	3.5%	2.9%
Return On Average Assets	1.78%	1.69%	1.55%	1.65%

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

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

More Reports

Market Data

Source: Bloomberg