InCred Equities - HDFC Bank

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	1,085,325	1,295,825	1,502,630	1,742,217
Total Non-Interest Income (Rsm)	492,410	459,211	529,785	602,869
Operating Revenue (Rsm)	1,577,735	1,755,036	2,032,415	2,345,085
Total Provision Charges (Rsm)	(234,922)	(116,775)	(143,178)	(194,062)
Net Profit (Rsm)	608,123	712,996	857,547	976,196
Core EPS (Rs)	80.05	93.85	112.88	128.50
Core EPS Growth	1%	17%	20%	14%
FD Core P/E (x)	21.76	18.56	15.43	13.56
DPS (Rs)	19.50	30.00	45.00	65.00
Dividend Yield	1.12%	1.72%	2.58%	3.73%
BVPS (Rs)	579.5	643.2	710.9	774.1
P/BV (x)	3.01	2.71	2.45	2.25
ROE	16.9%	15.4%	16.7%	17.3%
% 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	1,295,825	1,502,630	1,742,217
Total Non-Interest Income	492,410	459,211	529,785	602,869
Operating Revenue	1,577,735	1,755,036	2,032,415	2,345,085
Total Non-Interest Expenses	(607,070)	(663,329)	(738,125)	(841,462)
Pre-provision Operating Profit	943,874	1,054,927	1,271,529	1,478,530
Total Provision Charges	(234,922)	(116,775)	(143,178)	(194,062)
Operating Profit After Provisions	708,953	938,152	1,128,352	1,284,468
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	708,953	938,152	1,128,352	1,284,468
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	708,953	938,152	1,128,352	1,284,468
Exceptional Items
Pre-tax Profit	708,953	938,152	1,128,352	1,284,468
Taxation	(100,830)	(225,157)	(270,804)	(308,272)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	608,123	712,996	857,547	976,196
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	608,123	712,996	857,547	976,196

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	95.8%	102.5%	99.6%	98.0%
Avg Liquid Assets/Avg Assets	94.0%	94.2%	94.4%	94.7%
Avg Liquid Assets/Avg IEAs	107.8%	106.7%	107.2%	107.9%
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%	0.50%	0.60%
Provision Charge/Avg Assets	0.77%	0.31%	0.35%	0.42%
Total Write Offs/Average Assets

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Gross Loans	24,848,616	27,051,244	30,219,776	34,467,568
Liquid Assets & Invst. (Current)	7,024,150	7,329,332	7,734,211	8,174,153
Other Int. Earning Assets
Total Gross Int. Earning Assets	31,872,764	34,380,576	37,953,988	42,641,720
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	31,872,764	34,380,576	37,953,988	42,641,720
Intangible Assets
Other Non-Interest Earning Assets	1,998,002	2,126,569	2,241,548	2,371,484
Total Non-Interest Earning Assets	2,111,992	2,251,958	2,379,475	2,523,204
Cash And Marketable Securities	2,191,474	2,266,846	2,925,393	3,424,909
Long-term Investments
Total Assets	36,176,232	38,899,380	43,258,856	48,589,836
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	1,432,589	1,502,490	1,630,224
Total Liabilities	31,773,772	34,012,920	37,858,344	42,709,288
Shareholders Equity	4,402,458	4,886,458	5,400,511	5,880,549
Minority Interests
Total Equity	4,402,458	4,886,458	5,400,511	5,880,549

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	25.0%	19.4%	16.0%	15.9%
Operating Profit Growth	33.6%	12.5%	18.6%	16.2%
Pretax Profit Growth	21%	32%	20%	14%
Net Interest To Total Income	68.8%	73.8%	73.9%	74.3%
Cost Of Funds	5.84%	5.48%	4.91%	4.50%
Return On Interest Earning Assets	9.7%	9.1%	8.8%	8.6%
Net Interest Spread	3.90%	3.64%	3.92%	4.15%
Net Interest Margin (Avg Deposits)	5.09%	5.12%	5.22%	5.28%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	25%	11%	11%	13%
Interest Return On Average Assets	3.57%	3.45%	3.66%	3.79%
Effective Tax Rate	14.2%	24.0%	24.0%	24.0%
Net Dividend Payout Ratio	24.4%	32.1%	40.1%	50.8%
Return On Average Assets	2.00%	1.90%	2.09%	2.13%

(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