InCred Equities - ICICI Bank

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	743,057	808,853	951,571	1,152,435
Total Non-Interest Income (Rsm)	229,578	287,417	331,629	385,051
Operating Revenue (Rsm)	972,635	1,096,270	1,283,200	1,537,486
Total Provision Charges (Rsm)	(36,429)	(47,159)	(69,415)	(107,696)
Net Profit (Rsm)	408,883	466,637	535,379	626,720
Core EPS (Rs)	57.33	65.43	75.07	87.87
Core EPS Growth	28%	14%	15%	17%
FD Core P/E (x)	21.79	19.09	16.64	14.21
DPS (Rs)	10.00	13.00	15.00	18.00
Dividend Yield	0.80%	1.04%	1.20%	1.44%
BVPS (Rs)	334.3	386.7	446.8	516.6
P/BV (x)	3.74	3.23	2.80	2.42
ROE	18.6%	18.2%	18.0%	18.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income	743,057	808,853	951,571	1,152,435
Total Non-Interest Income	229,578	287,417	331,629	385,051
Operating Revenue	972,635	1,096,270	1,283,200	1,537,486
Total Non-Interest Expenses	(374,701)	(425,722)	(497,350)	(591,019)
Pre-provision Operating Profit	581,308	665,222	781,355	941,100
Total Provision Charges	(36,429)	(47,159)	(69,415)	(107,696)
Operating Profit After Provisions	544,878	618,063	711,941	833,404
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	544,878	618,063	711,941	833,404
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	544,878	618,063	711,941	833,404
Exceptional Items
Pre-tax Profit	544,878	618,063	711,941	833,404
Taxation	(135,996)	(151,425)	(176,561)	(206,684)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	408,883	466,637	535,379	626,720
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	408,883	466,637	535,379	626,720

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	85.0%	84.5%	85.8%	87.4%
Avg Liquid Assets/Avg Assets	71.3%	72.0%	73.4%	73.9%
Avg Liquid Assets/Avg IEAs	111.8%	113.1%	113.2%	111.1%
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	11,844,060	13,615,558	15,925,261	18,871,074
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	11,844,060	13,615,558	15,925,261	18,871,074
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	11,844,060	13,615,558	15,925,261	18,871,074
Intangible Assets
Other Non-Interest Earning Assets	743,801	726,452	754,722	789,406
Total Non-Interest Earning Assets	852,399	836,088	873,521	918,319
Cash And Marketable Securities	1,399,260	1,948,217	1,954,742	1,924,522
Long-term Investments	4,619,423	4,885,272	5,555,336	6,345,029
Total Assets	18,715,142	21,285,136	24,308,860	28,058,944
Customer Interest-Bearing Liabilities	14,128,250	16,018,184	18,399,636	21,398,932
Bank Deposits
Interest Bearing Liabilities: Others	1,249,676	1,357,190	1,438,901	1,539,719
Total Interest-Bearing Liabilities	15,377,925	17,375,374	19,838,538	22,938,652
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	953,227	1,151,849	1,284,012	1,435,640
Total Liabilities	16,331,153	18,527,222	21,122,550	24,374,292
Shareholders Equity	2,383,993	2,757,913	3,186,311	3,684,654
Minority Interests
Total Equity	2,383,993	2,757,913	3,186,311	3,684,654

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	19.6%	8.9%	17.6%	21.1%
Operating Profit Growth	21.8%	12.1%	17.2%	20.4%
Pretax Profit Growth	28%	13%	15%	17%
Net Interest To Total Income	76.4%	73.8%	74.2%	75.0%
Cost Of Funds	4.83%	5.08%	4.76%	4.36%
Return On Interest Earning Assets	13.0%	12.9%	12.4%	12.0%
Net Interest Spread	8.13%	7.81%	7.68%	7.62%
Net Interest Margin (Avg Deposits)	5.73%	5.37%	5.53%	5.79%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	6%	7%	9%	11%
Interest Return On Average Assets	4.30%	4.04%	4.17%	4.40%
Effective Tax Rate	25.0%	24.5%	24.8%	24.8%
Net Dividend Payout Ratio
Return On Average Assets	2.37%	2.33%	2.35%	2.39%

(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