InCred Equities - SBI Cards

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	61,689	70,047	78,391	91,589
Total Non-Interest Income (Rsm)	92,898	103,056	120,531	142,334
Operating Revenue (Rsm)	154,588	173,103	198,923	233,924
Total Provision Charges (Rsm)	(48,715)	(48,667)	(51,573)	(58,499)
Net Profit (Rsm)	19,164	24,599	30,245	36,843
Core EPS (Rs)	20.14	25.86	31.79	38.73
Core EPS Growth	(20%)	28%	23%	22%
FD Core P/E (x)	49.30	38.41	31.24	25.64
DPS (Rs)	2.50	3.88	4.77
Dividend Yield	0.25%	0.39%	0.48%
BVPS (Rs)	144.9	166.8	193.9	226.8
P/BV (x)	6.86	5.95	5.12	4.38
ROE	14.8%	16.6%	17.6%	18.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	61,689	70,047	78,391	91,589
Total Non-Interest Income	92,898	103,056	120,531	142,334
Operating Revenue	154,588	173,103	198,923	233,924
Total Non-Interest Expenses	(80,066)	(91,348)	(106,667)	(125,868)
Pre-provision Operating Profit	74,522	81,755	92,256	108,056
Total Provision Charges	(48,715)	(48,667)	(51,573)	(58,499)
Operating Profit After Provisions	25,807	33,089	40,683	49,557
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	25,807	33,089	40,683	49,557
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	25,807	33,089	40,683	49,557
Exceptional Items
Pre-tax Profit	25,807	33,089	40,683	49,557
Taxation	(6,643)	(8,489)	(10,438)	(12,715)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	19,164	24,599	30,245	36,843
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	19,164	24,599	30,245	36,843

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	12.3%	13.2%	11.4%	9.9%
Avg Liquid Assets/Avg IEAs	13.5%	14.4%	12.4%	10.7%
Net Cust Loans/Assets	82.3%	82.8%	84.9%	85.5%
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans	25.6%	27.0%	26.7%	26.2%
Asset Risk Weighting	109.4%	109.4%	109.4%
Provision Charge/Avg Cust Loans	9.46%	8.64%	8.08%	7.73%
Provision Charge/Avg Assets	7.88%	7.13%	6.78%	6.59%
Total Write Offs/Average Assets

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	539,346	587,344	689,525	823,722
Liquid Assets & Invst. (Current)	62,351	59,551	64,460	69,773
Other Int. Earning Assets
Total Gross Int. Earning Assets	601,697	646,894	753,985	893,495
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	601,697	646,894	753,985	893,495
Intangible Assets
Other Non-Interest Earning Assets	26,379	32,064	38,974	47,373
Total Non-Interest Earning Assets	26,379	32,064	38,974	47,373
Cash And Marketable Securities	27,382	30,789	19,124	22,820
Long-term Investments
Total Assets	655,458	709,748	812,082	963,687
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others	499,203	528,609	599,887	708,401
Total Interest-Bearing Liabilities	499,203	528,609	599,887	708,401
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	18,438	22,412	27,760	39,535
Total Liabilities	517,641	551,021	627,647	747,936
Shareholders Equity	137,817	158,727	184,435	215,751
Minority Interests
Total Equity	137,817	158,727	184,435	215,751

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	15.7%	13.5%	11.9%	16.8%
Operating Profit Growth	14.3%	9.7%	12.8%	17.1%
Pretax Profit Growth	(20%)	28%	23%	22%
Net Interest To Total Income	39.9%	40.5%	39.4%	39.2%
Cost Of Funds	6.74%	6.11%	5.97%	5.60%
Return On Interest Earning Assets	16.6%	16.3%	16.0%	15.6%
Net Interest Spread	9.84%	10.14%	10.03%	9.97%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)	9.12%	9.38%	9.42%	20.63%
Provisions to Pre Prov. Operating Profit	65%	60%	56%	54%
Interest Return On Average Assets	9.97%	10.26%	10.30%	10.32%
Effective Tax Rate	25.7%	25.7%	25.7%	25.7%
Net Dividend Payout Ratio
Return On Average Assets	3.10%	3.60%	3.97%	4.15%

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

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Source: Bloomberg