InCred Equities - SBI Cards

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	61,689	70,442	76,518	85,948
Total Non-Interest Income (Rsm)	92,898	104,542	117,448	137,643
Operating Revenue (Rsm)	154,588	174,984	193,966	223,591
Total Provision Charges (Rsm)	(48,715)	(51,940)	(50,159)	(55,943)
Net Profit (Rsm)	19,164	22,181	27,721	31,555
Core EPS (Rs)	20.14	23.31	29.13	33.16
Core EPS Growth	(20%)	16%	25%	14%
FD Core P/E (x)	42.50	36.73	29.39	25.82
DPS (Rs)	2.50	3.50	4.37
Dividend Yield	0.29%	0.41%	0.51%
BVPS (Rs)	144.9	164.7	189.5	217.6
P/BV (x)	5.91	5.20	4.52	3.93
ROE	14.8%	15.1%	16.5%	16.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	61,689	70,442	76,518	85,948
Total Non-Interest Income	92,898	104,542	117,448	137,643
Operating Revenue	154,588	174,984	193,966	223,591
Total Non-Interest Expenses	(80,066)	(93,187)	(106,493)	(125,173)
Pre-provision Operating Profit	74,522	81,798	87,474	98,418
Total Provision Charges	(48,715)	(51,940)	(50,159)	(55,943)
Operating Profit After Provisions	25,807	29,858	37,314	42,475
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	25,807	29,858	37,314	42,475
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	25,807	29,858	37,314	42,475
Exceptional Items
Pre-tax Profit	25,807	29,858	37,314	42,475
Taxation	(6,643)	(7,676)	(9,593)	(10,920)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	19,164	22,181	27,721	31,555
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	19,164	22,181	27,721	31,555

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	12.3%	12.4%	11.1%	10.2%
Avg Liquid Assets/Avg IEAs	13.5%	13.4%	11.9%	10.9%
Net Cust Loans/Assets	82.3%	84.2%	84.1%	85.2%
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans	25.6%	25.9%	26.3%	25.2%
Asset Risk Weighting	109.4%	109.4%	109.4%
Provision Charge/Avg Cust Loans	9.46%	9.07%	7.76%	7.41%
Provision Charge/Avg Assets	7.88%	7.55%	6.53%	6.28%
Total Write Offs/Average Assets

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	539,346	606,079	686,586	822,718
Liquid Assets & Invst. (Current)	62,351	67,164	72,700	78,693
Other Int. Earning Assets
Total Gross Int. Earning Assets	601,697	673,243	759,286	901,411
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	601,697	673,243	759,286	901,411
Intangible Assets
Other Non-Interest Earning Assets	26,379	32,777	40,739	50,650
Total Non-Interest Earning Assets	26,379	32,777	40,739	50,650
Cash And Marketable Securities	27,382	13,902	16,613	13,510
Long-term Investments
Total Assets	655,458	719,922	816,638	965,570
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others	499,203	545,471	617,928	732,219
Total Interest-Bearing Liabilities	499,203	545,471	617,928	732,219
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	18,438	17,736	18,433	26,252
Total Liabilities	517,641	563,208	636,361	758,471
Shareholders Equity	137,817	156,715	180,277	207,099
Minority Interests
Total Equity	137,817	156,715	180,277	207,099

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	15.7%	14.2%	8.6%	12.3%
Operating Profit Growth	14.3%	9.8%	6.9%	12.5%
Pretax Profit Growth	(20%)	16%	25%	14%
Net Interest To Total Income	39.9%	40.3%	39.4%	38.4%
Cost Of Funds	6.74%	6.19%	5.92%	5.57%
Return On Interest Earning Assets	16.6%	16.1%	15.5%	14.9%
Net Interest Spread	9.84%	9.93%	9.57%	9.31%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)	9.12%	9.37%	9.11%	19.25%
Provisions to Pre Prov. Operating Profit	65%	63%	57%	57%
Interest Return On Average Assets	9.97%	10.24%	9.96%	9.65%
Effective Tax Rate	25.7%	25.7%	25.7%	25.7%
Net Dividend Payout Ratio
Return On Average Assets	3.10%	3.23%	3.61%	3.54%

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

(22) 22 4161 1567 mazaharul.hassan@incredresearch.com

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Market Data

Source: Bloomberg