InCred Equities - Bank of India

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	243,940	248,324	294,805	338,005
Total Non-Interest Income (Rsm)	89,936	83,340	84,012	87,613
Operating Revenue (Rsm)	333,876	331,664	378,817	425,618
Total Provision Charges (Rsm)	(39,777)	(49,291)	(52,572)	(54,866)
Net Profit (Rsm)	92,190	74,810	96,121	117,591
Core EPS (Rs)	20.25	16.43	21.11	25.82
Core EPS Growth	46%	(19%)	28%	22%
FD Core P/E (x)	5.80	7.14	5.56	4.54
DPS (Rs)	4.00	3.29	4.22	5.16
Dividend Yield	3.41%	2.80%	3.60%	4.40%
BVPS (Rs)	172.6	185.0	202.8	224.4
P/BV (x)	0.68	0.63	0.58	0.52
ROE	12.5%	9.2%	10.9%	12.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	243,940	248,324	294,805	338,005
Total Non-Interest Income	89,936	83,340	84,012	87,613
Operating Revenue	333,876	331,664	378,817	425,618
Total Non-Interest Expenses	(169,755)	(183,528)	(198,067)	(214,095)
Pre-provision Operating Profit	164,121	148,136	180,749	211,523
Total Provision Charges	(39,777)	(49,291)	(52,572)	(54,866)
Operating Profit After Provisions	124,345	98,845	128,177	156,657
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	124,345	98,845	128,177	156,657
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	124,345	98,845	128,177	156,657
Exceptional Items
Pre-tax Profit	124,345	98,845	128,177	156,657
Taxation	(32,154)	(24,035)	(32,057)	(39,066)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	92,190	74,810	96,121	117,591
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	92,190	74,810	96,121	117,591

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	78.0%	79.3%	79.2%	79.6%
Avg Liquid Assets/Avg Assets	96.3%	96.8%	96.9%	97.0%
Avg Liquid Assets/Avg IEAs	110.8%	111.1%	111.1%	111.1%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans	0.66%	0.72%	0.68%	0.64%
Provision Charge/Avg Assets	0.41%	0.45%	0.43%	0.40%
Total Write Offs/Average Assets

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	6,496,571	7,222,345	8,128,236	9,147,752
Liquid Assets & Invst. (Current)	2,591,118	2,927,442	3,230,143	3,572,628
Other Int. Earning Assets
Total Gross Int. Earning Assets	9,087,688	10,149,786	11,358,379	12,720,380
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	9,087,688	10,149,786	11,358,379	12,720,380
Intangible Assets
Other Non-Interest Earning Assets	215,935	237,528	261,281	287,409
Total Non-Interest Earning Assets	335,322	365,870	399,248	435,724
Cash And Marketable Securities	1,002,809	1,123,146	1,257,924	1,408,875
Long-term Investments
Total Assets	10,425,820	11,638,802	13,015,550	14,564,978
Customer Interest-Bearing Liabilities	8,165,415	9,145,265	10,242,696	11,471,820
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	9,403,979	10,532,457	11,796,351	13,211,914
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	235,826	264,125	295,820	331,318
Total Liabilities	9,639,805	10,796,582	12,092,171	13,543,232
Shareholders Equity	786,014	842,220	923,379	1,021,746
Minority Interests
Total Equity	786,014	842,220	923,379	1,021,746

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	5.8%	1.8%	18.7%	14.7%
Operating Profit Growth	16.7%	(9.7%)	22.0%	17.0%
Pretax Profit Growth	23%	(21%)	30%	22%
Net Interest To Total Income	73.1%	74.9%	77.8%	79.4%
Cost Of Funds	5.28%	4.96%	4.84%	4.84%
Return On Interest Earning Assets	8.3%	7.7%	7.8%	7.8%
Net Interest Spread	3.06%	2.76%	2.93%	2.99%
Net Interest Margin (Avg Deposits)	3.14%	2.87%	3.04%	3.11%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	24%	33%	29%	26%
Interest Return On Average Assets	2.50%	2.25%	2.39%	2.45%
Effective Tax Rate	25.9%	24.3%	25.0%	24.9%
Net Dividend Payout Ratio	20.2%	20.0%	20.0%	20.0%
Return On Average Assets	0.94%	0.68%	0.78%	0.85%

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

Market Data

Source: Bloomberg