InCred Equities - Bank of India

	Mar-20A	Mar-21F	Mar-22F	Mar-23F
Net Interest Income (Rsm)	152,570	154,407	164,632	176,137
Total Non-Interest Income (Rsm)	67,131	73,817	64,882	66,559
Operating Revenue (Rsm)	219,701	228,224	229,513	242,697
Total Provision Charges (Rsm)	(161,907)	(104,963)	(92,885)	(84,190)
Net Profit (Rsm)	(29,569)	11,410	15,858	26,246
Core EPS (Rs)	(9.02)	3.48	4.84	8.01
Core EPS Growth	(5,511%)	(13,859%)	3,898%	6,550%
FD Core P/E (x)
DPS (Rs)
Dividend Yield
BVPS (Rs)	133.7	137.2	142.0	150.0
P/BV (x)
ROE	(7.5%)	2.6%	3.5%	5.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-20A	Mar-21F	Mar-22F	Mar-23F
Net Interest Income	152,570	154,407	164,632	176,137
Total Non-Interest Income	67,131	73,817	64,882	66,559
Operating Revenue	219,701	228,224	229,513	242,697
Total Non-Interest Expenses	(100,666)	(104,011)	(111,234)	(119,020)
Pre-provision Operating Profit	115,187	120,211	114,078	119,265
Total Provision Charges	(161,907)	(104,963)	(92,885)	(84,190)
Operating Profit After Provisions	(46,721)	15,248	21,193	35,074
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	(46,721)	15,248	21,193	35,074
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	(46,721)	15,248	21,193	35,074
Exceptional Items
Pre-tax Profit	(46,721)	15,248	21,193	35,074
Taxation	17,152	(3,838)	(5,334)	(8,828)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	(29,569)	11,410	15,858	26,246
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	(29,569)	11,410	15,858	26,246

(Rs mn)	Mar-20A	Mar-21F	Mar-22F	Mar-23F
Gross Loans/Cust Deposits	74.9%	73.7%	71.7%	69.5%
Avg Loans/Avg Deposits	74.2%	74.3%	72.7%	70.6%
Avg Liquid Assets/Avg Assets	38.0%	37.6%	38.7%	39.8%
Avg Liquid Assets/Avg IEAs	44.1%	43.3%	44.8%	46.4%
Net Cust Loans/Assets	55.8%	54.3%	53.0%	51.7%
Net Cust Loans/Broad Deposits	66.4%	64.6%	63.0%	61.5%
Equity & Provns/Gross Cust Loans	22.5%	23.4%	23.3%	22.9%
Asset Risk Weighting	44.0%	44.6%	45.4%	46.2%
Provision Charge/Avg Cust Loans	3.62%	2.47%	2.11%	1.85%
Provision Charge/Avg Assets	2.26%	1.54%	1.29%	1.10%
Total Write Offs/Average Assets	(7.38%)	(7.83%)	(7.58%)	(6.94%)

(Rs mn)	Mar-20A	Mar-21F	Mar-22F	Mar-23F
Total Gross Loans	4,161,218	4,313,911	4,458,690	4,579,486
Liquid Assets & Invst. (Current)	1,584,344	1,741,346	1,913,975	2,103,793
Other Int. Earning Assets
Total Gross Int. Earning Assets	5,745,562	6,055,257	6,372,665	6,683,279
Total Provisions/Loan Loss Reserve	(472,385)	(531,975)	(544,331)	(527,973)
Total Net Interest Earning Assets	5,273,178	5,523,282	5,828,334	6,155,306
Intangible Assets
Other Non-Interest Earning Assets	173,240	190,564	209,620	230,582
Total Non-Interest Earning Assets	478,594	524,669	575,262	630,821
Cash And Marketable Securities	864,563	922,411	984,613	1,051,533
Long-term Investments
Total Assets	6,616,335	6,970,362	7,388,210	7,837,661
Customer Interest-Bearing Liabilities	5,555,050	5,857,121	6,215,320	6,591,354
Bank Deposits
Interest Bearing Liabilities: Others	394,525	414,251	434,963	456,712
Total Interest-Bearing Liabilities	5,952,575	6,274,972	6,654,604	7,053,249
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	225,597	245,817	268,178	292,741
Total Liabilities	6,178,172	6,520,788	6,922,782	7,345,991
Shareholders Equity	438,163	449,573	465,432	491,678
Minority Interests
Total Equity	438,163	449,573	465,432	491,678

	Mar-20A	Mar-21F	Mar-22F	Mar-23F
Total Income Growth	1,171.0%	120.4%	662.2%	698.9%
Operating Profit Growth	4,072.1%	435.1%	(477.7%)	456.3%
Pretax Profit Growth	(4,905%)	(13,264%)	3,898%	6,550%
Net Interest To Total Income	69.4%	67.7%	71.7%	72.6%
Cost Of Funds	4.67%	4.46%	4.34%	4.23%
Return On Interest Earning Assets	7.7%	7.2%	7.2%	7.1%
Net Interest Spread	3.00%	2.78%	2.82%	2.91%
Net Interest Margin (Avg Deposits)	2.83%	2.71%	2.73%	2.75%
Net Interest Margin (Avg RWA)	5.11%	5.13%	5.09%	5.05%
Provisions to Pre Prov. Operating Profit	141%	87%	81%	71%
Interest Return On Average Assets	2.38%	2.27%	2.29%	2.31%
Effective Tax Rate		25.2%	25.2%	25.2%
Net Dividend Payout Ratio
Return On Average Assets	(0.46%)	0.17%	0.22%	0.34%

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

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