InCred Equities - ICICI Bank

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	810,034	896,572	1,033,912	1,215,333
Total Non-Interest Income (Rsm)	286,677	322,639	344,240	392,088
Operating Revenue (Rsm)	1,096,711	1,219,211	1,378,152	1,607,421
Total Provision Charges (Rsm)	(46,826)	(77,724)	(90,070)	(104,805)
Net Profit (Rsm)	472,270	509,306	576,571	689,334
Core EPS (Rs)	33.15	35.68	40.40	48.30
Core EPS Growth	14%	8%	13%	20%
FD Core P/E (x)	42.76	39.73	35.10	29.35
DPS (Rs)	9.50	11.00	12.50	12.50
Dividend Yield	0.67%	0.78%	0.88%	0.88%
BVPS (Rs)	205.0	236.6	271.5	313.5
P/BV (x)	6.91	5.99	5.22	4.52
ROE	17.8%	16.2%	15.9%	16.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	810,034	896,572	1,033,912	1,215,333
Total Non-Interest Income	286,677	322,639	344,240	392,088
Operating Revenue	1,096,711	1,219,211	1,378,152	1,607,421
Total Non-Interest Expenses	(423,723)	(466,123)	(523,520)	(588,526)
Pre-provision Operating Profit	672,988	753,088	854,632	1,018,895
Total Provision Charges	(46,826)	(77,724)	(90,070)	(104,805)
Operating Profit After Provisions	626,162	675,364	764,562	914,090
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	626,162	675,364	764,562	914,090
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	626,162	675,364	764,562	914,090
Exceptional Items
Pre-tax Profit	626,162	675,364	764,562	914,090
Taxation	(153,892)	(166,059)	(187,990)	(224,756)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	472,270	509,306	576,571	689,334
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	472,270	509,306	576,571	689,334

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	83.6%	82.8%	82.8%	84.1%
Avg Liquid Assets/Avg Assets	95.7%	95.9%	95.8%	95.7%
Avg Liquid Assets/Avg IEAs	109.3%	108.6%	107.3%	107.3%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans	0.37%	0.54%	0.55%	0.55%
Provision Charge/Avg Assets	0.23%	0.34%	0.35%	0.35%
Total Write Offs/Average Assets

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	13,417,660	15,126,163	17,477,966	20,331,570
Liquid Assets & Invst. (Current)	5,047,568	6,567,337	7,312,278	8,028,140
Other Int. Earning Assets
Total Gross Int. Earning Assets	18,465,228	21,693,500	24,790,244	28,359,710
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	18,465,228	21,693,500	24,790,244	28,359,710
Intangible Assets
Other Non-Interest Earning Assets	742,092	859,379	1,034,488	1,244,049
Total Non-Interest Earning Assets	861,551	990,783	1,179,032	1,403,048
Cash And Marketable Securities	1,855,620	1,584,597	1,810,438	2,068,735
Long-term Investments
Total Assets	21,182,398	24,268,880	27,779,714	31,831,492
Customer Interest-Bearing Liabilities	16,103,480	18,386,770	20,996,686	23,980,318
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	17,253,130	19,708,868	22,517,098	25,728,792
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	1,008,507	1,182,852	1,387,387	1,627,345
Total Liabilities	18,261,636	20,891,720	23,904,486	27,356,136
Shareholders Equity	2,920,763	3,377,161	3,875,229	4,475,356
Minority Interests
Total Equity	2,920,763	3,377,161	3,875,229	4,475,356

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	9.4%	10.7%	15.3%	17.5%
Operating Profit Growth	15.8%	11.9%	13.5%	19.2%
Pretax Profit Growth	15%	8%	13%	20%
Net Interest To Total Income	73.9%	73.5%	75.0%	75.6%
Cost Of Funds	5.05%	4.85%	4.72%	4.56%
Return On Interest Earning Assets	9.3%	8.9%	8.7%	8.7%
Net Interest Spread	4.29%	4.08%	4.02%	4.15%
Net Interest Margin (Avg Deposits)	5.36%	5.20%	5.25%	5.40%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	7%	10%	11%	10%
Interest Return On Average Assets	4.06%	3.95%	3.97%	4.08%
Effective Tax Rate	24.6%	24.6%	24.6%	24.6%
Net Dividend Payout Ratio	14.3%	15.4%	15.5%	12.9%
Return On Average Assets	2.37%	2.24%	2.22%	2.31%

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

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Market Data

Source: Bloomberg