InCred Equities - HDFC Bank

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	1,219,701	1,306,351	1,500,845	1,701,331
Total Non-Interest Income (Rsm)	463,323	534,114	608,145	694,886
Operating Revenue (Rsm)	1,683,024	1,840,465	2,108,990	2,396,217
Total Provision Charges (Rsm)	(116,494)	(130,877)	(149,487)	(174,387)
Net Profit (Rsm)	673,474	723,483	847,808	974,037
Core EPS (Rs)	88.01	94.06	109.67	125.35
Core EPS Growth	10%	7%	17%	14%
FD Core P/E (x)	22.48	21.04	18.04	15.78
DPS (Rs)	22.00	25.00	28.50	28.50
Dividend Yield	1.11%	1.26%	1.44%	1.44%
BVPS (Rs)	655.3	731.7	820.5	920.9
P/BV (x)	3.02	2.70	2.41	2.15
ROE	14.3%	13.6%	14.2%	14.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	1,219,701	1,306,351	1,500,845	1,701,331
Total Non-Interest Income	463,323	534,114	608,145	694,886
Operating Revenue	1,683,024	1,840,465	2,108,990	2,396,217
Total Non-Interest Expenses	(681,749)	(742,754)	(826,525)	(920,163)
Pre-provision Operating Profit	1,001,275	1,097,712	1,282,465	1,476,054
Total Provision Charges	(116,494)	(130,877)	(149,487)	(174,387)
Operating Profit After Provisions	884,781	966,835	1,132,978	1,301,667
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	884,781	966,835	1,132,978	1,301,667
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	884,781	966,835	1,132,978	1,301,667
Exceptional Items
Pre-tax Profit	884,781	966,835	1,132,978	1,301,667
Taxation	(211,307)	(243,352)	(285,171)	(327,630)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	673,474	723,483	847,808	974,037
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	673,474	723,483	847,808	974,037

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	100.2%	94.3%	91.2%	90.3%
Avg Liquid Assets/Avg Assets	94.3%	94.5%	94.4%	94.3%
Avg Liquid Assets/Avg IEAs	106.9%	106.2%	105.8%	106.1%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans	0.46%	0.48%	0.49%	0.50%
Provision Charge/Avg Assets	0.31%	0.32%	0.32%	0.34%
Total Write Offs/Average Assets

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	26,196,086	28,815,694	32,417,656	37,280,304
Liquid Assets & Invst. (Current)	8,363,597	10,075,639	11,058,915	11,714,262
Other Int. Earning Assets
Total Gross Int. Earning Assets	34,559,684	38,891,332	43,476,572	48,994,568
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	34,559,684	38,891,332	43,476,572	48,994,568
Intangible Assets
Other Non-Interest Earning Assets	2,010,046	2,261,302	2,600,497	2,990,571
Total Non-Interest Earning Assets	2,146,600	2,411,511	2,765,727	3,172,325
Cash And Marketable Securities	2,395,707	2,169,845	2,639,420	2,974,614
Long-term Investments
Total Assets	39,101,988	43,472,688	48,881,720	55,141,504
Customer Interest-Bearing Liabilities	27,147,148	31,219,222	35,902,104	41,287,420
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	32,491,688	36,029,308	40,471,684	45,628,524
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	1,596,055	1,815,248	2,067,320	2,357,202
Total Liabilities	34,087,744	37,844,556	42,539,004	47,985,724
Shareholders Equity	5,014,246	5,628,135	6,342,713	7,155,782
Minority Interests
Total Equity	5,014,246	5,628,135	6,342,713	7,155,782

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	12.4%	7.1%	14.9%	13.4%
Operating Profit Growth	6.1%	9.6%	16.8%	15.1%
Pretax Profit Growth	25%	9%	17%	15%
Net Interest To Total Income	72.5%	71.0%	71.2%	71.0%
Cost Of Funds	5.65%	5.52%	5.30%	5.20%
Return On Interest Earning Assets	9.0%	8.7%	8.6%	8.5%
Net Interest Spread	3.37%	3.19%	3.27%	3.32%
Net Interest Margin (Avg Deposits)	4.79%	4.48%	4.47%	4.41%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	12%	12%	12%	12%
Interest Return On Average Assets	3.24%	3.16%	3.25%	3.27%
Effective Tax Rate	23.9%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	25.0%	26.6%	26.0%	22.7%
Return On Average Assets	1.79%	1.75%	1.84%	1.87%

(91) 22 4161 1551 bhavik.shah@incredresearch.com

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

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Market Data

Source: Bloomberg