InCred Equities - SBI Cards

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	53,319	61,131	73,201	86,675
Total Non-Interest Income (Rsm)	95,564	94,674	107,896	122,938
Operating Revenue (Rsm)	148,883	155,805	181,097	209,614
Total Provision Charges (Rsm)	(32,874)	(46,006)	(51,804)	(59,082)
Net Profit (Rsm)	24,079	20,084	21,300	24,482
Core EPS (Rs)	25.32	21.12	22.40	25.74
Core EPS Growth	6%	(17%)	6%	15%
FD Core P/E (x)	27.04	32.41	30.56	26.59
DPS (Rs)	2.50	3.18	3.37	3.87
Dividend Yield	0.37%	0.46%	0.49%	0.57%
BVPS (Rs)	127.1	145.0	164.1	185.9
P/BV (x)	5.39	4.72	4.17	3.68
ROE	22.0%	15.5%	14.5%	14.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income	53,319	61,131	73,201	86,675
Total Non-Interest Income	95,564	94,674	107,896	122,938
Operating Revenue	148,883	155,805	181,097	209,614
Total Non-Interest Expenses	(83,691)	(82,840)	(100,703)	(117,670)
Pre-provision Operating Profit	65,192	72,965	80,394	91,944
Total Provision Charges	(32,874)	(46,006)	(51,804)	(59,082)
Operating Profit After Provisions	32,318	26,959	28,590	32,862
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	32,318	26,959	28,590	32,862
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	32,318	26,959	28,590	32,862
Exceptional Items
Pre-tax Profit	32,318	26,959	28,590	32,862
Taxation	(8,239)	(6,875)	(7,291)	(8,380)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	24,079	20,084	21,300	24,482
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	24,079	20,084	21,300	24,482

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	9.4%	9.8%	8.8%	8.4%
Avg Liquid Assets/Avg IEAs	10.4%	10.8%	9.6%	9.0%
Net Cust Loans/Assets	84.4%	86.3%	87.0%	87.7%
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans	24.6%	23.3%	22.4%	21.6%
Asset Risk Weighting	93.5%	93.5%	93.5%	93.5%
Provision Charge/Avg Cust Loans	7.43%	8.50%	8.05%	7.80%
Provision Charge/Avg Assets	6.34%	7.26%	6.97%	6.81%
Total Write Offs/Average Assets

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Gross Loans	490,790	591,715	695,331	819,590
Liquid Assets & Invst. (Current)	35,191	40,118	46,537	54,914
Other Int. Earning Assets
Total Gross Int. Earning Assets	525,981	631,833	741,868	874,503
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	525,981	631,833	741,868	874,503
Intangible Assets
Other Non-Interest Earning Assets	28,435	32,136	35,053	38,248
Total Non-Interest Earning Assets	28,435	32,136	35,053	38,248
Cash And Marketable Securities	27,296	22,066	22,704	22,046
Long-term Investments
Total Assets	581,712	686,035	799,626	934,797
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others	443,649	528,317	620,832	731,776
Total Interest-Bearing Liabilities	443,649	528,317	620,832	731,776
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	17,223	19,807	22,778	26,194
Total Liabilities	460,872	548,123	643,609	757,971
Shareholders Equity	120,840	137,912	156,017	176,827
Minority Interests
Total Equity	120,840	137,912	156,017	176,827

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	18.4%	14.7%	19.7%	18.4%
Operating Profit Growth	25.6%	11.9%	10.2%	14.4%
Pretax Profit Growth	7%	(17%)	6%	15%
Net Interest To Total Income	35.8%	39.2%	40.4%	41.3%
Cost Of Funds	6.61%	6.80%	6.30%	6.00%
Return On Interest Earning Assets	16.8%	16.3%	15.9%	15.7%
Net Interest Spread	10.24%	9.47%	9.63%	9.75%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)	11.75%	10.31%	10.54%	10.69%
Provisions to Pre Prov. Operating Profit	50%	63%	64%	64%
Interest Return On Average Assets	10.28%	9.64%	9.85%	9.99%
Effective Tax Rate	25.5%	25.5%	25.5%	25.5%
Net Dividend Payout Ratio
Return On Average Assets	4.64%	3.17%	2.87%	2.82%

(91) 22 4161 1547 jignesh.shial@incredresearch.com

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

(91) 22 4161 1500 meghna.luthra@incredresearch.com

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Market Data

Source: Bloomberg