InCred Equities - ICICI Bank

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	811,644	884,210	1,031,235	1,199,464
Total Non-Interest Income (Rsm)	285,067	308,209	350,820	399,679
Operating Revenue (Rsm)	1,096,711	1,192,419	1,382,055	1,599,142
Total Provision Charges (Rsm)	(46,826)	(69,878)	(81,361)	(94,759)
Net Profit (Rsm)	472,270	487,864	577,845	681,184
Core EPS (Rs)	33.15	34.25	40.56	47.82
Core EPS Growth	14%	3%	18%	18%
FD Core P/E (x)	44.03	42.62	35.99	30.53
DPS (Rs)	9.50	11.00	12.50	12.50
Dividend Yield	0.65%	0.75%	0.86%	0.86%
BVPS (Rs)	205.0	234.5	269.6	311.1
P/BV (x)	7.12	6.22	5.41	4.69
ROE	17.8%	15.6%	16.1%	16.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	811,644	884,210	1,031,235	1,199,464
Total Non-Interest Income	285,067	308,209	350,820	399,679
Operating Revenue	1,096,711	1,192,419	1,382,055	1,599,142
Total Non-Interest Expenses	(423,723)	(475,703)	(534,554)	(601,231)
Pre-provision Operating Profit	672,988	716,716	847,501	997,911
Total Provision Charges	(46,826)	(69,878)	(81,361)	(94,759)
Operating Profit After Provisions	626,162	646,838	766,140	903,152
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	626,162	646,838	766,140	903,152
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	626,162	646,838	766,140	903,152
Exceptional Items
Pre-tax Profit	626,162	646,838	766,140	903,152
Taxation	(153,892)	(158,974)	(188,295)	(221,968)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	472,270	487,864	577,845	681,184
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	472,270	487,864	577,845	681,184

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	83.6%	83.6%	84.3%	85.4%
Avg Liquid Assets/Avg Assets	95.7%	95.9%	95.8%	95.6%
Avg Liquid Assets/Avg IEAs	109.3%	108.0%	106.4%	106.4%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans	0.37%	0.48%	0.49%	0.49%
Provision Charge/Avg Assets	0.23%	0.31%	0.31%	0.31%
Total Write Offs/Average Assets

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	13,417,660	15,484,117	18,021,906	20,988,028
Liquid Assets & Invst. (Current)	5,047,568	6,434,485	7,169,449	7,981,772
Other Int. Earning Assets
Total Gross Int. Earning Assets	18,465,228	21,918,602	25,191,354	28,969,800
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	18,465,228	21,918,602	25,191,354	28,969,800
Intangible Assets
Other Non-Interest Earning Assets	742,092	880,918	1,060,119	1,274,550
Total Non-Interest Earning Assets	861,551	1,012,322	1,204,663	1,433,549
Cash And Marketable Securities	1,855,620	1,392,903	1,601,838	1,842,114
Long-term Investments
Total Assets	21,182,398	24,323,826	27,997,856	32,245,462
Customer Interest-Bearing Liabilities	16,103,480	18,477,918	21,249,606	24,437,046
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	17,253,130	19,800,016	22,770,018	26,185,520
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	1,008,507	1,182,852	1,387,387	1,627,345
Total Liabilities	18,261,636	20,982,868	24,157,404	27,812,866
Shareholders Equity	2,920,763	3,340,959	3,840,451	4,432,598
Minority Interests
Total Equity	2,920,763	3,340,959	3,840,451	4,432,598

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	9.6%	8.9%	16.6%	16.3%
Operating Profit Growth	15.8%	6.5%	18.2%	17.7%
Pretax Profit Growth	15%	3%	18%	18%
Net Interest To Total Income	74.0%	74.2%	74.6%	75.0%
Cost Of Funds	5.05%	5.11%	5.03%	4.92%
Return On Interest Earning Assets	9.3%	9.1%	8.9%	8.9%
Net Interest Spread	4.30%	3.96%	3.89%	3.96%
Net Interest Margin (Avg Deposits)	5.37%	5.11%	5.19%	5.25%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	7%	10%	10%	9%
Interest Return On Average Assets	4.07%	3.89%	3.94%	3.98%
Effective Tax Rate	24.6%	24.6%	24.6%	24.6%
Net Dividend Payout Ratio	14.3%	16.1%	15.4%	13.1%
Return On Average Assets	2.37%	2.14%	2.21%	2.26%

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

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

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Market Data

Source: Bloomberg