InCred Equities - Bank of India

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	243,933	265,428	313,548	359,192
Total Non-Interest Income (Rsm)	89,939	78,575	75,632	79,196
Operating Revenue (Rsm)	333,872	344,003	389,180	438,388
Total Provision Charges (Rsm)	(39,777)	(50,513)	(52,963)	(59,609)
Net Profit (Rsm)	92,187	83,501	101,930	118,747
Core EPS (Rs)	20.25	18.34	22.39	26.08
Core EPS Growth	46%	(9%)	22%	16%
FD Core P/E (x)	6.14	6.78	5.56	4.77
DPS (Rs)	4.05	3.67	4.48	5.22
Dividend Yield	3.26%	2.95%	3.60%	4.19%
BVPS (Rs)	172.6	186.9	205.6	227.2
P/BV (x)	0.72	0.67	0.60	0.55
ROE	12.5%	10.2%	11.4%	12.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	243,933	265,428	313,548	359,192
Total Non-Interest Income	89,939	78,575	75,632	79,196
Operating Revenue	333,872	344,003	389,180	438,388
Total Non-Interest Expenses	(169,755)	(182,071)	(200,168)	(220,310)
Pre-provision Operating Profit	164,117	161,932	189,012	218,078
Total Provision Charges	(39,777)	(50,513)	(52,963)	(59,609)
Operating Profit After Provisions	124,341	111,420	136,049	158,469
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	124,341	111,420	136,049	158,469
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	124,341	111,420	136,049	158,469
Exceptional Items
Pre-tax Profit	124,341	111,420	136,049	158,469
Taxation	(32,154)	(27,919)	(34,119)	(39,722)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	92,187	83,501	101,930	118,747
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	92,187	83,501	101,930	118,747

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	78.0%	79.6%	79.8%	80.2%
Avg Liquid Assets/Avg Assets	96.3%	96.8%	96.9%	97.0%
Avg Liquid Assets/Avg IEAs	110.8%	111.0%	110.9%	110.9%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans	0.66%	0.73%	0.68%	0.68%
Provision Charge/Avg Assets	0.41%	0.45%	0.42%	0.43%
Total Write Offs/Average Assets

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	6,496,571	7,276,108	8,188,743	9,215,848
Liquid Assets & Invst. (Current)	2,591,118	3,044,532	3,364,020	3,720,703
Other Int. Earning Assets
Total Gross Int. Earning Assets	9,087,688	10,320,639	11,552,762	12,936,551
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	9,087,688	10,320,639	11,552,762	12,936,551
Intangible Assets
Other Non-Interest Earning Assets	215,935	237,528	261,281	287,409
Total Non-Interest Earning Assets	335,322	365,870	399,248	435,724
Cash And Marketable Securities	1,002,809	1,123,146	1,257,924	1,408,875
Long-term Investments
Total Assets	10,425,820	11,809,655	13,209,934	14,781,150
Customer Interest-Bearing Liabilities	8,165,415	9,145,265	10,242,696	11,471,820
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	9,403,979	10,532,457	11,796,352	13,211,914
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	235,826	426,286	477,441	534,733
Total Liabilities	9,639,805	10,958,743	12,273,792	13,746,647
Shareholders Equity	786,014	850,912	936,142	1,034,503
Minority Interests
Total Equity	786,014	850,912	936,142	1,034,503

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	5.8%	8.8%	18.1%	14.6%
Operating Profit Growth	16.7%	(1.3%)	16.7%	15.4%
Pretax Profit Growth	23%	(10%)	22%	16%
Net Interest To Total Income	73.1%	77.2%	80.6%	81.9%
Cost Of Funds	5.28%	5.05%	4.93%	4.93%
Return On Interest Earning Assets	8.3%	7.9%	7.9%	8.0%
Net Interest Spread	3.06%	2.87%	2.97%	3.04%
Net Interest Margin (Avg Deposits)	3.14%	3.07%	3.23%	3.31%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	24%	31%	28%	27%
Interest Return On Average Assets	2.50%	2.39%	2.51%	2.57%
Effective Tax Rate	25.9%	25.1%	25.1%	25.1%
Net Dividend Payout Ratio	20.2%	20.0%	20.0%	20.0%
Return On Average Assets	0.94%	0.75%	0.81%	0.85%

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

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

Market Data

Source: Bloomberg