InCred Equities

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Net Interest Income (Rsm)
Total Non-Interest Income (Rsm)	12,669	17,370	22,169	26,397
Operating Revenue (Rsm)	12,901	17,439	22,378	26,639
Total Provision Charges (Rsm)
Net Profit (Rsm)	4,374	7,649	10,155	12,056
Core EPS (Rs)	34.46	60.26	80.00	94.97
Core EPS Growth	(18%)	75%	33%	19%
FD Core P/E (x)	37.21	21.28	16.03	13.50
DPS (Rs)	22.00	22.00	40.00	45.00
Dividend Yield	1.72%	1.72%	3.12%	3.51%
BVPS (Rs)	304.8	345.7	391.4	447.1
P/BV (x)	4.21	3.71	3.28	2.87
ROE	11.7%	18.5%	21.7%	22.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Net Interest Income
Total Non-Interest Income	12,669	17,370	22,169	26,397
Operating Revenue	12,901	17,439	22,378	26,639
Total Non-Interest Expenses
Pre-provision Operating Profit	5,856	9,861	13,775	16,284
Total Provision Charges
Operating Profit After Provisions	5,856	9,861	13,775	16,284
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	5,856	9,861	13,775	16,284
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	5,856	9,861	13,775	16,284
Exceptional Items
Pre-tax Profit	5,856	9,861	13,775	16,284
Taxation	(1,459)	(1,848)	(2,893)	(3,501)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	4,397	8,013	10,882	12,783
Minority Interests	(23)	(364)	(727)	(727)
Pref. & Special Div
FX And Other Adj.
Net Profit	4,374	7,649	10,155	12,056

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	9.3%	7.1%	7.8%	10.6%
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-23A	Mar-24F	Mar-25F	Mar-26F
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	2,147	3,117	3,165	3,216
Total Non-Interest Earning Assets	5,699	5,896	5,999	6,106
Cash And Marketable Securities	3,572	3,200	5,539	7,875
Long-term Investments	32,479	44,283	47,826	52,609
Total Assets	41,751	53,379	59,364	66,590
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	3,071	3,678	3,827	3,983
Total Liabilities	3,071	3,678	3,827	3,983
Shareholders Equity	38,680	43,882	49,686	56,757
Minority Interests		5,850	5,850	5,850
Total Equity	38,680	49,732	55,537	62,607

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Income Growth
Operating Profit Growth	85.1%	35.2%	28.3%	19.0%
Pretax Profit Growth	(11%)	68%	40%	18%
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	24.9%	18.7%	21.0%	21.5%
Net Dividend Payout Ratio	63.8%	36.5%	50.0%	47.4%
Return On Average Assets	10.72%	16.08%	18.02%	19.14%

(91) 22 4161 1547 jignesh.shial@incredresearch.com

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

(91) 22 4161 1500 meghna.luthra@incredresearch.com

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Market Data

Source: Bloomberg