InCred Equities - Axis Bank

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	543,478	583,825	676,517	771,893
Total Non-Interest Income (Rsm)	252,571	266,639	304,984	349,082
Operating Revenue (Rsm)	796,049	850,463	981,501	1,120,975
Total Provision Charges (Rsm)	(77,584)	(85,725)	(92,409)	(99,994)
Net Profit (Rsm)	263,735	272,663	329,516	387,400
Core EPS (Rs)	42.57	44.02	53.19	62.54
Core EPS Growth	6%	3%	21%	18%
FD Core P/E (x)	28.06	27.14	22.46	19.10
DPS (Rs)	1.00	3.00	3.00	3.00
Dividend Yield	0.08%	0.25%	0.25%	0.25%
BVPS (Rs)	290.1	333.6	385.3	446.4
P/BV (x)	4.12	3.58	3.10	2.68
ROE	15.9%	14.1%	14.8%	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	583,825	676,517	771,893
Total Non-Interest Income	252,571	266,639	304,984	349,082
Operating Revenue	796,049	850,463	981,501	1,120,975
Total Non-Interest Expenses	(375,000)	(400,215)	(448,563)	(503,066)
Pre-provision Operating Profit	421,049	450,249	532,938	617,909
Total Provision Charges	(77,584)	(85,725)	(92,409)	(99,994)
Operating Profit After Provisions	343,466	364,523	440,529	517,914
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	343,466	364,523	440,529	517,914
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	343,466	364,523	440,529	517,914
Exceptional Items
Pre-tax Profit	343,466	364,523	440,529	517,914
Taxation	(79,731)	(91,860)	(111,013)	(130,514)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	263,735	272,663	329,516	387,400
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	263,735	272,663	329,516	387,400

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	89.5%	87.9%	87.2%	87.2%
Avg Liquid Assets/Avg Assets	95.5%	95.4%	95.4%	95.3%
Avg Liquid Assets/Avg IEAs	107.8%	106.9%	106.9%	106.9%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans	0.77%	0.78%	0.74%	0.70%
Provision Charge/Avg Assets	0.50%	0.50%	0.48%	0.45%
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	4,552,498	5,075,952	5,674,254
Other Int. Earning Assets
Total Gross Int. Earning Assets	14,369,531	16,209,585	18,365,030	20,823,804
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	14,369,531	16,209,585	18,365,030	20,823,804
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	1,126,231	1,275,885	1,445,889
Long-term Investments
Total Assets	16,099,299	18,174,984	20,602,498	23,371,706
Customer Interest-Bearing Liabilities	11,729,520	13,371,653	15,243,684	17,377,800
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	13,311,016	15,016,409	17,011,796	19,278,520
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	991,032	1,091,758	1,203,661	1,328,037
Total Liabilities	14,302,048	16,108,166	18,215,458	20,606,558
Shareholders Equity	1,797,251	2,066,817	2,387,041	2,765,149
Minority Interests
Total Equity	1,797,251	2,066,817	2,387,041	2,765,149

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	9.1%	7.4%	15.9%	14.1%
Operating Profit Growth	13.4%	6.9%	18.4%	15.9%
Pretax Profit Growth	4%	6%	21%	18%
Net Interest To Total Income	68.3%	68.6%	68.9%	68.9%
Cost Of Funds	5.31%	5.43%	5.34%	5.32%
Return On Interest Earning Assets	9.0%	8.9%	8.9%	8.9%
Net Interest Spread	3.66%	3.42%	3.52%	3.55%
Net Interest Margin (Avg Deposits)	4.85%	4.65%	4.73%	4.73%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	18%	19%	17%	16%
Interest Return On Average Assets	3.52%	3.41%	3.49%	3.51%
Effective Tax Rate	23.2%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	1.2%	3.4%	2.8%	2.4%
Return On Average Assets	1.71%	1.59%	1.70%	1.76%

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

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

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Market Data

Source: Bloomberg