InCred Equities - SBI Cards

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	53,319	61,761	68,611	77,415
Total Non-Interest Income (Rsm)	95,564	92,971	101,821	122,415
Operating Revenue (Rsm)	148,883	154,732	170,432	199,830
Total Provision Charges (Rsm)	(32,874)	(47,975)	(48,954)	(53,728)
Net Profit (Rsm)	24,079	19,086	23,747	26,953
Core EPS (Rs)	25.32	20.07	24.97	28.34
Core EPS Growth	6%	(21%)	24%	13%
FD Core P/E (x)	33.85	42.70	34.32	30.24
DPS (Rs)	2.50	3.02	3.75	4.26
Dividend Yield	0.29%	0.35%	0.44%	0.50%
BVPS (Rs)	127.1	144.1	165.4	189.4
P/BV (x)	6.74	5.95	5.18	4.52
ROE	22.0%	14.8%	16.1%	16.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income	53,319	61,761	68,611	77,415
Total Non-Interest Income	95,564	92,971	101,821	122,415
Operating Revenue	148,883	154,732	170,432	199,830
Total Non-Interest Expenses	(83,691)	(81,139)	(89,603)	(109,924)
Pre-provision Operating Profit	65,192	73,593	80,830	89,907
Total Provision Charges	(32,874)	(47,975)	(48,954)	(53,728)
Operating Profit After Provisions	32,318	25,619	31,876	36,178
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	32,318	25,619	31,876	36,178
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	32,318	25,619	31,876	36,178
Exceptional Items
Pre-tax Profit	32,318	25,619	31,876	36,178
Taxation	(8,239)	(6,533)	(8,128)	(9,225)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	24,079	19,086	23,747	26,953
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	24,079	19,086	23,747	26,953

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	9.4%	10.4%	10.3%	10.2%
Avg Liquid Assets/Avg IEAs	10.4%	11.3%	11.0%	10.8%
Net Cust Loans/Assets	84.4%	84.8%	84.8%	85.3%
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans	24.6%	25.3%	25.7%	25.8%
Asset Risk Weighting	93.5%	93.5%	93.5%	93.5%
Provision Charge/Avg Cust Loans	7.43%	9.30%	8.50%	8.20%
Provision Charge/Avg Assets	6.34%	7.87%	7.21%	6.97%
Total Write Offs/Average Assets

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Gross Loans	490,790	540,925	610,929	699,514
Liquid Assets & Invst. (Current)	35,191	54,547	63,274	74,663
Other Int. Earning Assets
Total Gross Int. Earning Assets	525,981	595,471	674,203	774,177
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	525,981	595,471	674,203	774,177
Intangible Assets
Other Non-Interest Earning Assets	28,435	32,136	35,053	38,248
Total Non-Interest Earning Assets	28,435	32,136	35,053	38,248
Cash And Marketable Securities	27,296	10,085	11,415	7,537
Long-term Investments
Total Assets	581,712	637,692	720,671	819,962
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others	443,649	480,822	540,645	613,609
Total Interest-Bearing Liabilities	443,649	480,822	540,645	613,609
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	17,223	19,807	22,778	26,194
Total Liabilities	460,872	500,629	563,423	639,803
Shareholders Equity	120,840	137,063	157,249	180,159
Minority Interests
Total Equity	120,840	137,063	157,249	180,159

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	18.4%	15.8%	11.1%	12.8%
Operating Profit Growth	25.6%	12.9%	9.8%	11.2%
Pretax Profit Growth	7%	(21%)	24%	13%
Net Interest To Total Income	35.8%	39.9%	40.3%	38.7%
Cost Of Funds	6.61%	6.95%	6.30%	6.00%
Return On Interest Earning Assets	16.8%	16.7%	15.9%	15.5%
Net Interest Spread	10.24%	9.79%	9.58%	9.47%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)	11.75%	10.83%	10.80%	10.75%
Provisions to Pre Prov. Operating Profit	50%	65%	61%	60%
Interest Return On Average Assets	10.28%	10.13%	10.10%	10.05%
Effective Tax Rate	25.5%	25.5%	25.5%	25.5%
Net Dividend Payout Ratio
Return On Average Assets	4.64%	3.13%	3.50%	3.50%

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

(91) 22 4161 1553 meghna.luthra@incredresearch.com

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Market Data

Source: Bloomberg