InCred Equities - HDFC Bank

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	1,085,325	1,228,361	1,408,882	1,666,831
Total Non-Interest Income (Rsm)	492,410	455,880	513,460	576,526
Operating Revenue (Rsm)	1,577,735	1,684,241	1,922,342	2,243,356
Total Provision Charges (Rsm)	(234,922)	(115,375)	(125,938)	(158,118)
Net Profit (Rsm)	608,123	674,069	790,311	925,320
Core EPS (Rs)	80.05	88.73	104.03	121.80
Core EPS Growth	1%	11%	17%	17%
FD Core P/E (x)	22.45	20.25	17.27	14.75
DPS (Rs)	19.50	25.00	30.00	35.00
Dividend Yield	1.09%	1.39%	1.67%	1.95%
BVPS (Rs)	579.5	643.0	716.7	803.1
P/BV (x)	3.10	2.79	2.51	2.24
ROE	16.9%	14.5%	15.3%	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	1,085,325	1,228,361	1,408,882	1,666,831
Total Non-Interest Income	492,410	455,880	513,460	576,526
Operating Revenue	1,577,735	1,684,241	1,922,342	2,243,356
Total Non-Interest Expenses	(607,070)	(667,176)	(742,433)	(846,374)
Pre-provision Operating Profit	943,874	1,002,308	1,165,821	1,375,644
Total Provision Charges	(234,922)	(115,375)	(125,938)	(158,118)
Operating Profit After Provisions	708,953	886,932	1,039,883	1,217,526
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	708,953	886,932	1,039,883	1,217,526
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	708,953	886,932	1,039,883	1,217,526
Exceptional Items
Pre-tax Profit	708,953	886,932	1,039,883	1,217,526
Taxation	(100,830)	(212,864)	(249,572)	(292,206)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	608,123	674,069	790,311	925,320
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	608,123	674,069	790,311	925,320

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	95.8%	101.2%	97.3%	95.8%
Avg Liquid Assets/Avg Assets	94.0%	94.3%	94.4%	94.7%
Avg Liquid Assets/Avg IEAs	107.8%	107.5%	108.6%	109.6%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans	1.15%	0.45%	0.45%	0.50%
Provision Charge/Avg Assets	0.77%	0.31%	0.31%	0.34%
Total Write Offs/Average Assets

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Gross Loans	24,848,616	26,429,378	29,543,050	33,704,288
Liquid Assets & Invst. (Current)	7,024,150	7,522,774	7,939,260	8,391,504
Other Int. Earning Assets
Total Gross Int. Earning Assets	31,872,764	33,952,152	37,482,312	42,095,792
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	31,872,764	33,952,152	37,482,312	42,095,792
Intangible Assets
Other Non-Interest Earning Assets	1,998,002	2,067,491	2,234,780	2,363,851
Total Non-Interest Earning Assets	2,111,992	2,192,880	2,372,708	2,515,571
Cash And Marketable Securities	2,191,474	2,736,948	3,431,020	4,180,081
Long-term Investments
Total Assets	36,176,232	38,881,980	43,286,036	48,791,444
Customer Interest-Bearing Liabilities	23,797,862	26,850,978	30,669,010	35,335,872
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	30,419,394	32,580,332	36,355,856	41,079,064
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	1,354,379	1,417,043	1,485,572	1,611,142
Total Liabilities	31,773,772	33,997,372	37,841,428	42,690,204
Shareholders Equity	4,402,458	4,884,606	5,444,612	6,101,242
Minority Interests
Total Equity	4,402,458	4,884,606	5,444,612	6,101,242

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	25.0%	13.2%	14.7%	18.3%
Operating Profit Growth	33.6%	4.8%	16.0%	18.4%
Pretax Profit Growth	21%	25%	17%	17%
Net Interest To Total Income	68.8%	72.9%	73.3%	74.3%
Cost Of Funds	5.84%	5.61%	5.07%	4.58%
Return On Interest Earning Assets	9.7%	9.1%	8.8%	8.6%
Net Interest Spread	3.90%	3.49%	3.77%	4.07%
Net Interest Margin (Avg Deposits)	5.09%	4.85%	4.90%	5.05%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	25%	12%	11%	11%
Interest Return On Average Assets	3.57%	3.27%	3.43%	3.62%
Effective Tax Rate	14.2%	24.0%	24.0%	24.0%
Net Dividend Payout Ratio	24.4%	28.5%	29.1%	29.0%
Return On Average Assets	2.00%	1.80%	1.92%	2.01%

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

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

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Market Data

Source: Bloomberg