InCred Equities - Axis Bank

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	543,478	556,618	645,349	750,341
Total Non-Interest Income (Rsm)	252,571	276,623	302,240	345,926
Operating Revenue (Rsm)	796,049	833,241	947,589	1,096,267
Total Provision Charges (Rsm)	(77,584)	(101,284)	(92,661)	(100,263)
Net Profit (Rsm)	263,735	256,755	316,147	382,770
Core EPS (Rs)	42.57	41.40	50.97	61.71
Core EPS Growth	6%	(3%)	23%	21%
FD Core P/E (x)	25.96	26.70	21.68	17.91
DPS (Rs)	1.00	3.00	3.00	3.00
Dividend Yield	0.09%	0.27%	0.27%	0.27%
BVPS (Rs)	290.1	331.8	381.3	441.5
P/BV (x)	3.81	3.33	2.90	2.50
ROE	15.9%	13.3%	14.3%	15.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	543,478	556,618	645,349	750,341
Total Non-Interest Income	252,571	276,623	302,240	345,926
Operating Revenue	796,049	833,241	947,589	1,096,267
Total Non-Interest Expenses	(375,000)	(390,649)	(432,272)	(484,279)
Pre-provision Operating Profit	421,049	442,592	515,317	611,988
Total Provision Charges	(77,584)	(101,284)	(92,661)	(100,263)
Operating Profit After Provisions	343,466	341,309	422,656	511,725
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	343,466	341,309	422,656	511,725
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	343,466	341,309	422,656	511,725
Exceptional Items
Pre-tax Profit	343,466	341,309	422,656	511,725
Taxation	(79,731)	(84,553)	(106,509)	(128,955)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	263,735	256,755	316,147	382,770
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	263,735	256,755	316,147	382,770

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	89.5%	88.3%	87.9%	87.9%
Avg Liquid Assets/Avg Assets	95.5%	95.4%	95.3%	95.3%
Avg Liquid Assets/Avg IEAs	107.8%	107.0%	107.0%	107.0%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans	0.77%	0.92%	0.74%	0.71%
Provision Charge/Avg Assets	0.50%	0.59%	0.48%	0.46%
Total Write Offs/Average Assets

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	10,408,113	11,657,087	13,289,079	15,149,550
Liquid Assets & Invst. (Current)	3,961,418	4,432,200	4,927,726	5,504,804
Other Int. Earning Assets
Total Gross Int. Earning Assets	14,369,531	16,089,287	18,216,804	20,654,354
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	14,369,531	16,089,287	18,216,804	20,654,354
Intangible Assets
Other Non-Interest Earning Assets	669,530	769,959	885,453	1,018,271
Total Non-Interest Earning Assets	732,447	839,168	961,583	1,102,014
Cash And Marketable Securities	997,321	1,119,982	1,268,595	1,437,401
Long-term Investments
Total Assets	16,099,299	18,048,436	20,446,982	23,193,768
Customer Interest-Bearing Liabilities	11,729,520	13,254,358	15,109,968	17,225,364
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	13,343,685	14,933,090	16,914,604	19,165,348
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	958,362	1,057,455	1,167,643	1,290,218
Total Liabilities	14,302,048	15,990,544	18,082,248	20,455,566
Shareholders Equity	1,797,251	2,057,892	2,364,736	2,738,202
Minority Interests
Total Equity	1,797,251	2,057,892	2,364,736	2,738,202

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	9.1%	2.4%	15.9%	16.3%
Operating Profit Growth	13.4%	5.1%	16.4%	18.8%
Pretax Profit Growth	4%	(1%)	24%	21%
Net Interest To Total Income	68.3%	66.8%	68.1%	68.4%
Cost Of Funds	5.30%	5.18%	5.08%	4.99%
Return On Interest Earning Assets	9.0%	8.5%	8.5%	8.5%
Net Interest Spread	3.67%	3.28%	3.40%	3.50%
Net Interest Margin (Avg Deposits)	4.85%	4.46%	4.55%	4.64%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	18%	23%	18%	16%
Interest Return On Average Assets	3.52%	3.26%	3.35%	3.44%
Effective Tax Rate	23.2%	24.8%	25.2%	25.2%
Net Dividend Payout Ratio	1.2%	3.6%	2.9%	2.4%
Return On Average Assets	1.71%	1.50%	1.64%	1.75%

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

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Market Data

Source: Bloomberg