InCred Equities - State Bank of India

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	1,669,644	1,744,249	2,037,978	2,355,746
Total Non-Interest Income (Rsm)	616,831	598,004	615,545	636,753
Operating Revenue (Rsm)	2,286,474	2,342,252	2,653,524	2,992,499
Total Provision Charges (Rsm)	(153,083)	(212,806)	(243,473)	(309,686)
Net Profit (Rsm)	708,994	625,993	729,129	813,296
Core EPS (Rs)	79.44	70.14	81.70	91.13
Core EPS Growth	4%	(12%)	16%	12%
FD Core P/E (x)	10.23	11.59	9.95	8.92
DPS (Rs)	15.90	13.70	15.90	18.00
Dividend Yield	1.96%	1.69%	1.96%	2.21%
BVPS (Rs)	494.3	548.6	616.6	691.8
P/BV (x)	1.64	1.48	1.32	1.18
ROE	17.3%	13.5%	14.0%	13.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	1,669,644	1,744,249	2,037,978	2,355,746
Total Non-Interest Income	616,831	598,004	615,545	636,753
Operating Revenue	2,286,474	2,342,252	2,653,524	2,992,499
Total Non-Interest Expenses	(1,180,690)	(1,292,557)	(1,435,279)	(1,595,518)
Pre-provision Operating Profit	1,105,784	1,049,696	1,218,244	1,396,981
Total Provision Charges	(153,083)	(212,806)	(243,473)	(309,686)
Operating Profit After Provisions	952,701	836,889	974,771	1,087,295
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	952,701	836,889	974,771	1,087,295
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	952,701	836,889	974,771	1,087,295
Exceptional Items
Pre-tax Profit	952,701	836,889	974,771	1,087,295
Taxation	(243,706)	(210,896)	(245,642)	(273,998)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	708,994	625,993	729,129	813,296
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	708,994	625,993	729,129	813,296

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	76.4%	77.1%	76.9%	77.3%
Avg Liquid Assets/Avg Assets	92.4%	92.8%	92.8%	92.8%
Avg Liquid Assets/Avg IEAs	105.8%	105.8%	105.9%	105.9%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans	0.39%	0.48%	0.49%	0.54%
Provision Charge/Avg Assets	0.24%	0.30%	0.31%	0.34%
Total Write Offs/Average Assets

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	41,633,120	46,613,396	53,205,328	61,323,528
Liquid Assets & Invst. (Current)	16,905,728	18,789,238	20,910,072	22,686,586
Other Int. Earning Assets
Total Gross Int. Earning Assets	58,538,848	65,402,632	74,115,400	84,010,112
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	58,538,848	65,402,632	74,115,400	84,010,112
Intangible Assets
Other Non-Interest Earning Assets	4,378,312	4,969,384	5,640,251	6,401,685
Total Non-Interest Earning Assets	4,819,388	5,421,487	6,103,656	6,876,675
Cash And Marketable Securities	3,402,297	3,838,598	4,370,226	4,976,885
Long-term Investments
Total Assets	66,760,532	74,662,720	84,589,280	95,863,672
Customer Interest-Bearing Liabilities	53,821,896	60,571,308	69,163,048	78,973,496
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	59,457,620	66,586,584	75,588,248	85,841,392
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	2,891,291	3,180,420	3,498,462	3,848,308
Total Liabilities	62,348,912	69,767,008	79,086,704	89,689,704
Shareholders Equity	4,411,621	4,895,714	5,502,575	6,173,971
Minority Interests
Total Equity	4,411,621	4,895,714	5,502,575	6,173,971

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	5.8%	4.5%	16.8%	15.6%
Operating Profit Growth	17.9%	(5.1%)	16.1%	14.7%
Pretax Profit Growth	7%	(12%)	16%	12%
Net Interest To Total Income	73.0%	74.5%	76.8%	78.7%
Cost Of Funds	5.16%	5.15%	5.03%	5.00%
Return On Interest Earning Assets	8.2%	8.0%	8.0%	8.1%
Net Interest Spread	3.08%	2.90%	3.02%	3.08%
Net Interest Margin (Avg Deposits)	3.24%	3.05%	3.14%	3.18%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	14%	20%	20%	22%
Interest Return On Average Assets	2.60%	2.47%	2.56%	2.61%
Effective Tax Rate	25.6%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	20.0%	19.5%	19.5%	19.8%
Return On Average Assets	1.10%	0.89%	0.92%	0.90%

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

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Market Data

Source: Bloomberg