InCred Equities

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)
Total Non-Interest Income (Rsm)	18,511	24,055	29,221	35,065
Operating Revenue (Rsm)	18,599	24,158	29,338	35,198
Total Provision Charges (Rsm)
Net Profit (Rsm)	7,315	10,383	13,024	15,786
Core EPS (Rs)	60.26	85.53	107.29	130.05
Core EPS Growth		42%	25%	21%
FD Core P/E (x)	20.31	14.31	11.41	9.41
DPS (Rs)	48.00	45.00	55.00	65.00
Dividend Yield	3.92%	3.68%	4.49%	5.31%
BVPS (Rs)	378.9	426.1	485.1	485.1
P/BV (x)	3.23	2.87	2.52	2.52
ROE	16.3%	21.3%	23.5%	26.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income
Total Non-Interest Income	18,511	24,055	29,221	35,065
Operating Revenue	18,599	24,158	29,338	35,198
Total Non-Interest Expenses
Pre-provision Operating Profit	10,522	14,264	17,742	21,284
Total Provision Charges
Operating Profit After Provisions	10,522	14,264	17,742	21,284
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	10,522	14,264	17,742	21,284
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	10,522	14,264	17,742	21,284
Exceptional Items
Pre-tax Profit	10,522	14,264	17,742	21,284
Taxation	(2,392)	(3,067)	(3,903)	(4,682)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	8,130	11,198	13,839	16,601
Minority Interests	(815)	(815)	(815)	(815)
Pref. & Special Div
FX And Other Adj.
Net Profit	7,315	10,383	13,024	15,786

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	7.5%	9.6%	10.6%	6.2%
Avg Liquid Assets/Avg IEAs
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans
Provision Charge/Avg Assets
Total Write Offs/Average Assets

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets
Intangible Assets
Other Non-Interest Earning Assets	3,037	3,080	3,125	3,172
Total Non-Interest Earning Assets	5,854	5,954	6,056	6,162
Cash And Marketable Securities	5,045	6,423	7,666	1,032
Long-term Investments	45,575	50,133	56,148	62,886
Total Assets	56,474	62,509	69,871	70,080
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	4,981	5,171	5,370	5,580
Total Liabilities	4,981	5,171	5,370	5,580
Shareholders Equity	45,991	51,726	58,889	58,889
Minority Interests	5,612	5,612	5,612	5,612
Total Equity	51,603	57,338	64,501	64,501

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth
Operating Profit Growth	6.7%	29.9%	21.4%	20.0%
Pretax Profit Growth	7%	36%	24%	20%
Net Interest To Total Income
Cost Of Funds
Return On Interest Earning Assets
Net Interest Spread
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit
Interest Return On Average Assets
Effective Tax Rate	22.7%	21.5%	22.0%	22.0%
Net Dividend Payout Ratio	79.7%	52.6%	51.3%	50.0%
Return On Average Assets	13.32%	17.45%	19.68%	22.56%

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

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

More Reports

Market Data

Source: Bloomberg