InCred Equities - IndusInd Bank

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	190,313	194,962	229,967	267,818
Total Non-Interest Income (Rsm)	76,842	108,815	124,568	142,794
Operating Revenue (Rsm)	267,155	303,777	354,535	410,612
Total Provision Charges (Rsm)	(70,301)	(66,449)	(57,029)	(57,333)
Net Profit (Rsm)	26,429	40,086	65,389	84,553
Core EPS (Rs)	3.39	5.15	8.39	10.85
Core EPS Growth	(70%)	52%	63%	29%
FD Core P/E (x)	242.55	159.92	98.04	75.82
DPS (Rs)		10.00	15.00	15.00
Dividend Yield		1.22%	1.82%	1.82%
BVPS (Rs)	82.8	87.9	95.3	104.7
P/BV (x)	9.94	9.36	8.63	7.86
ROE	4.2%	6.0%	9.2%	10.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	190,313	194,962	229,967	267,818
Total Non-Interest Income	76,842	108,815	124,568	142,794
Operating Revenue	267,155	303,777	354,535	410,612
Total Non-Interest Expenses	(160,707)	(183,737)	(210,088)	(240,240)
Pre-provision Operating Profit	106,449	120,040	144,447	170,372
Total Provision Charges	(70,301)	(66,449)	(57,029)	(57,333)
Operating Profit After Provisions	36,147	53,591	87,418	113,039
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	36,147	53,591	87,418	113,039
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	36,147	53,591	87,418	113,039
Exceptional Items
Pre-tax Profit	36,147	53,591	87,418	113,039
Taxation	(9,718)	(13,505)	(22,029)	(28,486)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	26,429	40,086	65,389	84,553
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	26,429	40,086	65,389	84,553

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	86.5%	83.9%	83.9%	83.9%
Avg Liquid Assets/Avg Assets	94.0%	93.6%	93.5%	93.5%
Avg Liquid Assets/Avg IEAs	110.6%	110.3%	108.1%	108.2%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans	2.04%	1.82%	1.37%	1.20%
Provision Charge/Avg Assets	1.32%	1.13%	0.86%	0.75%
Total Write Offs/Average Assets

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	3,450,186	3,864,209	4,443,840	5,110,416
Liquid Assets & Invst. (Current)	1,144,968	1,512,506	1,715,977	1,961,785
Other Int. Earning Assets
Total Gross Int. Earning Assets	4,595,155	5,376,715	6,159,817	7,072,201
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	4,595,155	5,376,715	6,159,817	7,072,201
Intangible Assets
Other Non-Interest Earning Assets	329,814	379,287	436,180	501,606
Total Non-Interest Earning Assets	353,372	404,022	462,152	528,878
Cash And Marketable Securities	591,658	430,915	502,066	585,269
Long-term Investments
Total Assets	5,540,185	6,211,653	7,124,035	8,186,347
Customer Interest-Bearing Liabilities	4,110,782	4,604,075	5,294,687	6,088,890
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	4,647,817	5,248,518	6,068,018	7,016,887
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	247,442	278,123	313,407	353,983
Total Liabilities	4,895,259	5,526,641	6,381,424	7,370,870
Shareholders Equity	644,926	685,012	742,610	815,478
Minority Interests
Total Equity	644,926	685,012	742,610	815,478

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	(7.7%)	2.4%	18.0%	16.5%
Operating Profit Growth	(32.4%)	12.8%	20.3%	17.9%
Pretax Profit Growth	(70%)	48%	63%	29%
Net Interest To Total Income	71.2%	64.2%	64.9%	65.2%
Cost Of Funds	6.61%	6.52%	6.44%	6.45%
Return On Interest Earning Assets	10.7%	10.4%	10.3%	10.4%
Net Interest Spread	4.10%	3.86%	3.86%	3.98%
Net Interest Margin (Avg Deposits)	4.78%	4.47%	4.65%	4.71%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	66%	55%	39%	34%
Interest Return On Average Assets	3.56%	3.32%	3.45%	3.50%
Effective Tax Rate	26.9%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio		19.4%	17.9%	13.8%
Return On Average Assets	0.49%	0.68%	0.98%	1.10%

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

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

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Market Data

Source: Bloomberg