InCred Equities - IndusInd Bank

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	206,159	215,198	249,267	295,077
Total Non-Interest Income (Rsm)	93,878	92,153	103,494	117,988
Operating Revenue (Rsm)	300,038	307,352	352,761	413,065
Total Provision Charges (Rsm)	(37,987)	(63,161)	(54,479)	(64,760)
Net Profit (Rsm)	89,498	62,458	90,551	107,609
Core EPS (Rs)	115.19	80.19	116.25	138.15
Core EPS Growth	13%	(32%)	45%	19%
FD Core P/E (x)	8.44	12.12	8.36	7.03
DPS (Rs)	16.50	14.00	23.00	28.00
Dividend Yield	1.70%	1.44%	2.37%	2.88%
BVPS (Rs)	805.7	872.2	965.4	1,075.4
P/BV (x)	1.21	1.11	1.01	0.90
ROE	15.2%	9.6%	12.6%	13.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income	206,159	215,198	249,267	295,077
Total Non-Interest Income	93,878	92,153	103,494	117,988
Operating Revenue	300,038	307,352	352,761	413,065
Total Non-Interest Expenses	(142,635)	(160,913)	(177,547)	(204,826)
Pre-provision Operating Profit	157,403	146,439	175,214	208,238
Total Provision Charges	(37,987)	(63,161)	(54,479)	(64,760)
Operating Profit After Provisions	119,415	83,278	120,735	143,479
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	119,415	83,278	120,735	143,479
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	119,415	83,278	120,735	143,479
Exceptional Items
Pre-tax Profit	119,415	83,278	120,735	143,479
Taxation	(29,918)	(20,819)	(30,184)	(35,870)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	89,498	62,458	90,551	107,609
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	89,498	62,458	90,551	107,609

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	87.8%	89.4%	89.9%	90.3%
Avg Liquid Assets/Avg Assets	74.7%	73.3%	73.1%	73.9%
Avg Liquid Assets/Avg IEAs	114.7%	109.5%	108.0%	107.7%
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-24A	Mar-25F	Mar-26F	Mar-27F
Total Gross Loans	3,432,983	3,770,980	4,306,306	4,985,065
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	3,432,983	3,770,980	4,306,306	4,985,065
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	3,432,983	3,770,980	4,306,306	4,985,065
Intangible Assets
Other Non-Interest Earning Assets	261,108	279,900	296,113	313,872
Total Non-Interest Earning Assets	283,086	304,400	323,586	344,814
Cash And Marketable Securities	368,016	316,286	327,323	388,104
Long-term Investments	1,065,267	1,224,140	1,360,661	1,497,789
Total Assets	5,149,352	5,615,806	6,317,876	7,215,772
Customer Interest-Bearing Liabilities	3,847,929	4,206,872	4,774,340	5,517,642
Bank Deposits
Interest Bearing Liabilities: Others	476,114	504,770	535,614	568,797
Total Interest-Bearing Liabilities	4,324,044	4,711,642	5,309,954	6,086,439
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	197,337	224,378	255,511	291,136
Total Liabilities	4,521,381	4,936,020	5,565,466	6,377,575
Shareholders Equity	627,971	679,786	752,411	838,197
Minority Interests
Total Equity	627,971	679,786	752,411	838,197

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	17.2%	4.4%	15.8%	18.4%
Operating Profit Growth	9.7%	(7.0%)	19.7%	18.8%
Pretax Profit Growth	21%	(30%)	45%	19%
Net Interest To Total Income	68.7%	70.0%	70.7%	71.4%
Cost Of Funds	6.15%	6.55%	6.05%	5.47%
Return On Interest Earning Assets	14.4%	14.2%	13.7%	13.1%
Net Interest Spread	8.30%	7.64%	7.63%	7.59%
Net Interest Margin (Avg Deposits)	5.72%	5.34%	5.55%	5.73%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	24%	43%	31%	31%
Interest Return On Average Assets	4.24%	4.00%	4.18%	4.36%
Effective Tax Rate	25.1%	25.0%	25.0%	25.0%
Net Dividend Payout Ratio
Return On Average Assets	1.84%	1.16%	1.52%	1.59%

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

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

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Market Data

Source: Bloomberg