InCred Equities

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)
Total Non-Interest Income (Rsm)	17,370	19,634	24,685	29,985
Operating Revenue (Rsm)	17,439	19,774	24,847	30,169
Total Provision Charges (Rsm)
Net Profit (Rsm)	7,649	8,431	10,808	13,524
Core EPS (Rs)	60.26	66.42	85.14	106.54
Core EPS Growth	75%	10%	28%	25%
FD Core P/E (x)	17.67	16.04	12.51	10.00
DPS (Rs)	22.00	35.00	45.00	55.00
Dividend Yield	2.07%	3.29%	4.23%	5.16%
BVPS (Rs)	345.7	382.8	428.7	486.0
P/BV (x)	3.08	2.78	2.48	2.19
ROE	18.5%	18.2%	21.0%	23.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income
Total Non-Interest Income	17,370	19,634	24,685	29,985
Operating Revenue	17,439	19,774	24,847	30,169
Total Non-Interest Expenses
Pre-provision Operating Profit	9,861	11,593	14,694	18,271
Total Provision Charges
Operating Profit After Provisions	9,861	11,593	14,694	18,271
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	9,861	11,593	14,694	18,271
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	9,861	11,593	14,694	18,271
Exceptional Items
Pre-tax Profit	9,861	11,593	14,694	18,271
Taxation	(1,848)	(2,434)	(3,159)	(4,020)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	8,013	9,158	11,535	14,251
Minority Interests	(364)	(727)	(727)	(727)
Pref. & Special Div
FX And Other Adj.
Net Profit	7,649	8,431	10,808	13,524

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	7.1%	6.9%	8.2%	8.9%
Avg Liquid Assets/Avg IEAs
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans
Provision Charge/Avg Assets
Total Write Offs/Average Assets

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Gross Loans
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets
Intangible Assets
Other Non-Interest Earning Assets	3,117	3,165	3,216	3,268
Total Non-Interest Earning Assets	5,896	5,999	6,106	6,217
Cash And Marketable Securities	3,200	4,449	5,538	6,548
Long-term Investments	44,283	47,826	52,609	58,922
Total Assets	53,379	58,274	64,253	71,686
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	3,678	3,827	3,983	4,147
Total Liabilities	3,678	3,827	3,983	4,147
Shareholders Equity	43,882	48,597	54,420	61,689
Minority Interests	5,850	5,850	5,850	5,850
Total Equity	49,732	54,448	60,270	67,539

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth
Operating Profit Growth	35.2%	13.4%	25.7%	21.4%
Pretax Profit Growth	68%	18%	27%	24%
Net Interest To Total Income
Cost Of Funds
Return On Interest Earning Assets
Net Interest Spread
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit
Interest Return On Average Assets
Effective Tax Rate	18.7%	21.0%	21.5%	22.0%
Net Dividend Payout Ratio	36.5%	52.7%	52.9%	51.6%
Return On Average Assets	16.08%	15.10%	17.64%	19.90%

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

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

More Reports

Market Data

Source: Bloomberg