InCred Equities - ICICI Bank

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	743,057	807,083	940,595	1,123,411
Total Non-Interest Income (Rsm)	229,578	281,903	324,932	377,173
Operating Revenue (Rsm)	972,635	1,088,986	1,265,528	1,500,584
Total Provision Charges (Rsm)	(36,429)	(50,342)	(76,688)	(106,902)
Net Profit (Rsm)	408,883	465,595	523,426	610,715
Core EPS (Rs)	57.33	64.95	73.02	85.19
Core EPS Growth	28%	13%	12%	17%
FD Core P/E (x)	23.22	20.50	18.23	15.63
DPS (Rs)	10.00	13.00	15.00	17.00
Dividend Yield	0.75%	0.98%	1.13%	1.28%
BVPS (Rs)	334.3	384.5	442.5	510.7
P/BV (x)	3.98	3.46	3.01	2.61
ROE	18.6%	18.1%	17.7%	17.9%
% 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	807,083	940,595	1,123,411
Total Non-Interest Income	229,578	281,903	324,932	377,173
Operating Revenue	972,635	1,088,986	1,265,528	1,500,584
Total Non-Interest Expenses	(374,701)	(416,637)	(488,300)	(576,194)
Pre-provision Operating Profit	581,308	667,023	772,733	919,023
Total Provision Charges	(36,429)	(50,342)	(76,688)	(106,902)
Operating Profit After Provisions	544,878	616,682	696,045	812,121
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	544,878	616,682	696,045	812,121
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	544,878	616,682	696,045	812,121
Exceptional Items
Pre-tax Profit	544,878	616,682	696,045	812,121
Taxation	(135,996)	(151,087)	(172,619)	(201,406)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	408,883	465,595	523,426	610,715
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	408,883	465,595	523,426	610,715

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	85.0%	85.4%	87.7%	89.2%
Avg Liquid Assets/Avg Assets	71.3%	72.1%	73.6%	74.2%
Avg Liquid Assets/Avg IEAs	111.8%	112.1%	111.5%	109.9%
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	13,673,959	15,911,393	18,700,634
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	11,844,060	13,673,959	15,911,393	18,700,634
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	11,844,060	13,673,959	15,911,393	18,700,634
Intangible Assets
Other Non-Interest Earning Assets	743,801	727,036	754,584	787,701
Total Non-Interest Earning Assets	852,399	836,673	873,382	916,615
Cash And Marketable Securities	1,399,260	1,688,907	1,716,885	1,693,518
Long-term Investments	4,619,423	4,772,594	5,348,008	6,108,674
Total Assets	18,715,142	20,972,132	23,849,668	27,419,440
Customer Interest-Bearing Liabilities	14,128,250	15,738,276	17,990,460	20,825,116
Bank Deposits
Interest Bearing Liabilities: Others	1,249,676	1,324,911	1,403,072	1,499,590
Total Interest-Bearing Liabilities	15,377,925	17,063,188	19,393,532	22,324,706
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	953,227	1,152,550	1,283,845	1,433,595
Total Liabilities	16,331,153	18,215,736	20,677,378	23,758,302
Shareholders Equity	2,383,993	2,756,395	3,172,291	3,661,139
Minority Interests
Total Equity	2,383,993	2,756,395	3,172,291	3,661,139

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	19.6%	8.6%	16.5%	19.4%
Operating Profit Growth	21.8%	12.4%	15.6%	18.9%
Pretax Profit Growth	28%	13%	13%	17%
Net Interest To Total Income	76.4%	74.1%	74.3%	74.9%
Cost Of Funds	4.83%	5.09%	4.74%	4.25%
Return On Interest Earning Assets	13.0%	12.8%	12.2%	11.6%
Net Interest Spread	8.13%	7.71%	7.46%	7.36%
Net Interest Margin (Avg Deposits)	5.73%	5.40%	5.58%	5.79%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	6%	8%	10%	12%
Interest Return On Average Assets	4.30%	4.07%	4.20%	4.38%
Effective Tax Rate	25.0%	24.5%	24.8%	24.8%
Net Dividend Payout Ratio
Return On Average Assets	2.37%	2.35%	2.34%	2.38%

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

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

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Market Data

Source: Bloomberg