InCred Equities

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)
Total Non-Interest Income (Rsm)	14,453	17,001	20,643	24,791
Operating Revenue (Rsm)	18,599	22,684	26,602	32,281
Total Provision Charges (Rsm)
Net Profit (Rsm)	7,315	9,685	11,269	13,636
Core EPS (Rs)	57.35	75.94	88.35	106.90
Core EPS Growth	(5%)	32%	16%	21%
FD Core P/E (x)	23.58	17.81	15.31	12.65
DPS (Rs)	48.00	65.00	75.00	90.00
Dividend Yield	3.55%	4.81%	5.55%	6.65%
BVPS (Rs)	360.6	393.7	422.9	460.0
P/BV (x)	3.75	3.43	3.20	2.94
ROE	16.3%	20.1%	21.6%	24.2%
% 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	14,453	17,001	20,643	24,791
Operating Revenue	18,599	22,684	26,602	32,281
Total Non-Interest Expenses
Pre-provision Operating Profit	10,522	13,312	15,346	18,385
Total Provision Charges
Operating Profit After Provisions	10,522	13,312	15,346	18,385
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	10,522	13,312	15,346	18,385
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	10,522	13,312	15,346	18,385
Exceptional Items
Pre-tax Profit	10,522	13,312	15,346	18,385
Taxation	(2,392)	(2,947)	(3,397)	(4,069)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	8,130	10,366	11,949	14,316
Minority Interests	(815)	(680)	(680)	(680)
Pref. & Special Div
FX And Other Adj.
Net Profit	7,315	9,685	11,269	13,636

(Rs mn)	Mar-25A	Mar-26F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	7.5%	4.2%
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
Total Non-Interest Earning Assets	5,854
Cash And Marketable Securities	5,045
Long-term Investments	45,575	63,381	76,584	95,475
Total Assets	56,474	63,381	76,584	95,475
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	2,794	3,155	3,516
Total Liabilities	4,981	2,794	3,155	3,516
Shareholders Equity	45,991	50,220	53,937	58,674
Minority Interests	5,612
Total Equity	51,603	50,220	53,937	58,674

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth
Operating Profit Growth	6.7%	22.0%	17.3%	21.3%
Pretax Profit Growth	7%	27%	15%	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%	22.1%	22.1%	22.1%
Net Dividend Payout Ratio	83.7%	85.6%	84.9%	84.2%
Return On Average Assets	13.32%	16.16%	16.10%	15.85%

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

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Market Data

Source: Bloomberg