Bank 3-Statement Model and Valuation Strictly Confidential

Table of Contents

Model
Inputs
Dividend Discount Model
Residual Income
Comps & Regression
Net Asset Value
Football Field Chart

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HDFC Bank Ltd | Cash Flow 24-Feb-2025 00:20

Cash Flow
Annual Standardised in Millions of Indian Rupees, Consolidated
2020 2021 2022 2023 2024
Earnings Quality Score 30 66 26 42 25
Period End Date
31-Mar-202031-Mar-202131-Mar-202231-Mar-202331-Mar-2024
Cash Flow-Operating Activities (INR Millions)
Net Income/Starting Line 381,525 427,726 507,752 613,468 751,841
Depreciation/Depletion 12,768 13,850 16,807 23,455 30,921
Depreciation 12,768 13,850 16,807 23,455 30,921
Amortization -- -- -- -- --
Deferred Taxes -- -- -- -- --
Non-Cash Items 42,691 60,488 65,840 19,231 77,593
Unusual Items 7,103 3 33 (81) (74,168)
Other Non-Cash Items 35,588 60,485 65,808 19,312 151,761
Changes in Working Capital (605,675) (77,300) (709,996) (448,017) (557,844)
Loan Loss Provision 110,657 139,270 132,870 135,612 125,401
Other Assets (72,497) 83,077 (400,447) (589,098) (311,973)
Other Liabilities 2,330,643 1,874,092 2,319,381 3,351,201 3,791,134
Other Operating Cash Flow (108,774) (130,215) (148,382) (163,675) (116,611)
Investment Securities, Gains/Losse(1,010,701) (486,713) (123,956) (636,362) (953,688)
Loans, Gains/Losses (1,855,004) (1,556,811) (2,489,461) (2,545,695) (3,092,107)
Cash from Operating Activities (168,691) 424,765 (119,596) 208,137 302,511

Cash Flow-Investing Activities (INR Millions)

Capital Expenditures (16,359) (16,961) (22,362) (34,666) (42,867)
Purchase of Fixed Assets (16,359) (16,961) (22,362) (34,666) (42,867)
Other Investing Cash Flow Items, Total 189 153 199 427 96,005
Sale of Fixed Assets 189 153 199 427 998
Sale/Maturity of Investment -- -- -- -- 95,007
Cash from Investing Activities (16,169) (16,809) (22,163) (34,239) 53,138

Cash Flow-Financing Activities (INR Millions)

Financing Cash Flow Items 748 561 1,358 1,990 12,017
Other Financing Cash Flow 748 561 1,358 1,990 12,017
Total Cash Dividends Paid (66,306) 0 (35,924) (86,045) (84,044)
Cash Dividends Paid - Common (66,306) 0 (35,924) (86,045) (84,044)
Issuance (Retirement) of Stock, Net 18,487 17,601 26,098 34,158 84,425
Sale/Issuance of Common 18,487 17,601 26,098 34,158 52,497
Common Stock, Net 18,487 17,601 26,098 34,158 52,497
Warrants Converted -- -- -- -- 31,928
Issuance (Retirement) of Debt, Net 291,015 (91,376) 489,708 289,303 (52,228)
Long Term Debt Issued 7,435 3,565 83,128 230,000 23,500
Long Term Debt Reduction 0 (11,050) (36,500) (120,770) (2,300)
 Long Term Debt, Net 7,435 (7,485) 46,628 109,230 21,200
Total Debt Issued 283,580 -- 443,081 180,073 --
Total Debt Reduction -- (83,891) -- -- (73,428)
Cash from Financing Activities 243,945 (73,214) 481,240 239,406 (39,831)

Foreign Exchange Effects 2,140 (1,418) 1,651 4,317 1,049

Net Change in Cash 61,225 333,324 341,132 417,621 316,867

Net Cash - Beginning Balance 818,176 879,401 1,212,725 1,553,857 1,971,478

Net Cash - Ending Balance 879,401 1,212,725 1,553,857 1,971,478 2,288,345
Cash Interest Paid -- -- -- -- --
Cash Taxes Paid 108,774 130,215 148,382 163,675 228,428
Lease liability Issued, Supplemental -- -- -- -- --
Lease liability Reduced, Supplemental -- -- -- -- --
Lease liability Net, Supplemental -- -- -- -- --
Share Based Payments, Supplemental -- -- 3,412 7,871 17,317
Tax Payments - Employee Options&Buy -- -- -- -- --
Net Changes in Working Capital (496,902) 52,915 (561,614) (284,342) (441,233)
Reported Cash from Operating Activitie -- -- -- -- --
Reported Cash from Investing Activities -- -- -- -- --
Reported Cash from Financing Activitie -- -- -- -- --

Free Cash Flow (185,050) 407,803 (141,958) 173,471 259,643

HDFC Bank Ltd | Income Statement 24-Feb-2025 00:19

Income Statement
Annual Standardised in Millions of Indian Rupees, Consolidated
2020 2021 2022 2023
Earnings Quality Score 30 66 26 42
Period End Date 31-Mar-2020 31-Mar-2021 31-Mar-2022 31-Mar-2023
Interest Income, Bank 1,221,893 1,285,524 1,359,364 1,707,541
Interest & Fees on Loans 990,796 1,022,991 1,062,953 1,357,673
Interest & Dividends on Investment 205,727 232,116 259,071 311,733
Interest on Deposits 18,688 24,143 26,308 11,493
Other Interest Income 6,682 6,273 11,032 26,642
Total Interest Expense 621,374 592,476 585,843 777,799
Interest on Deposit 507,889 501,260 489,010 615,096
Interest on Other Borrowings 113,485 91,216 96,833 162,704
Net Interest Income 600,519 693,048 773,521 929,741

Loan Loss Provision 106,350 135,745 125,009 135,580

Net Interest Inc. After Loan Loss Prov. 494,169 557,303 648,512 794,161

Non-Interest Income, Bank 248,790 273,329 317,590 339,121

Fees & Commissions from Operati 180,171 180,246 218,755 262,632
Insurance Commissions, Fees & P -- -- -- --
Investment Securities Gains 27,035 53,890 7,852 (4,856)
Foreign Currency Gains 21,547 24,384 39,079 40,819
Unrealized Gains (7,021) (14,853) 15,464 (5,458)
Other Unusual Income 259 466 708 934
Other Revenue 26,798 29,196 35,732 45,050
Non-Interest Expense, Bank (361,010) (402,670) (457,368) (518,297)
Labor & Related Expenses (129,241) (136,824) (159,048) (200,314)
Depreciation Expense (12,768) (13,850) (16,807) (23,455)
Other Unusual Expense (75) 173 (62) (32)
Other Expense (218,926) (252,170) (281,451) (294,497)
Net Income Before Taxes 381,949 427,961 508,734 614,984
Provision for Income Taxes 108,986 109,394 127,225 153,497
Net Income After Taxes 272,963 318,568 381,509 461,487
Minority Interest (423) (236) (982) (1,516)
Equity In Affiliates -- -- -- --
U.S. GAAP Adjustment -- -- -- --
Net Income Before Extra. Items 272,540 318,332 380,528 459,971

Accounting Change -- -- -- --
Discontinued Operations -- -- -- --
Extraordinary Item -- -- -- --
Tax on Extraordinary Items -- -- -- --
Total Extraordinary Items -- -- -- --
Net Income 272,540 318,332 380,528 459,971

Preferred Dividends -- -- -- --
General Partners' Distributions -- -- -- --
Miscellaneous Earnings Adjustment -- -- -- --
Pro Forma Adjustment -- -- -- --
Interest Adjustment - Primary EPS -- -- -- --
Total Adjustments to Net Income -- -- -- --
Income Available to Com Excl ExtraOrd 272,540 318,332 380,528 459,971
Income Available to Com Incl ExtraOrd 272,540 318,332 380,528 459,971
Basic Weighted Average Shares 5,469 5,500 5,533 5,566
Basic EPS Excluding Extraordinary Item 49.84 57.88 68.77 82.64
Basic EPS Including Extraordinary Item 49.84 57.88 68.77 82.64
Dilution Adjustment -- -- -- --
Diluted Net Income 272,540 318,332 380,528 459,971
Diluted Weighted Average Shares 5,510 5,525 5,571 5,591
Diluted EPS Excluding ExtraOrd Items 49.46 57.61 68.31 82.27
Diluted EPS Including ExtraOrd Items 49.46 57.61 68.31 82.27
Supplemental (INR Millions)
DPS - Common Stock Primary Issue 0.00 6.50 15.50 19.00
Dividends per Share - Com Stock Issue -- -- -- --
Dividends per Share - Com Stock Issue -- -- -- --
Dividends per Share - Com Stock Issue -- -- -- --
Special DPS - Common Stock Primary I 2.50 -- -- --
Special DPS - Common Stock Issue 2 -- -- -- --
Special DPS - Common Stock Issue 3 -- -- -- --
Special DPS - Common Stock Issue 4 -- -- -- --
Gross Dividends - Common Stock 16,470 35,924 86,045 106,015
Pro Forma Stock Compensation Expens 7,198 11,170 -- --
Net Income after Stock Based Comp. Ex (255,375) (299,995) -- --
Basic EPS after Stock Based Comp. Exp (46.70) (54.55) -- --
Diluted EPS after Stock Based Comp. E (46.35) (54.29) -- --
(Gain) Loss on Sale of Assets, Suppl. -- -- -- --
Impairment-Assets Held for Sale, Suppl -- -- -- --
Impairment-Assets Held for Use, Suppl. -- -- -- --
Litigation Charge, Supplemental -- -- -- --
Purchased R&D Written-Off, Supplemen -- -- -- --
Restructuring Charge, Supplemental -- -- -- --
Other Unusual Expense(Income), Suppl -- -- -- --
Non-Recurring Items, Supplemental, To -- -- -- --
Total Special Items (184) (639) (646) (902)
Normalized Income Before Taxes 381,764 427,323 508,088 614,082
Effect of Special Items on Income Taxe (53) (163) (162) (225)
Inc Tax Ex Impact of Sp Items 108,933 109,230 127,063 153,272
Normalized Income After Taxes 272,831 318,092 381,025 460,810
Normalized Inc. Avail to Com. 272,408 317,856 380,043 459,294
Basic Normalized EPS 49.81 57.80 68.68 82.52
Diluted Normalized EPS 49.44 57.53 68.22 82.15
EPS, Supplemental -- -- -- --
Amort of Acquisition Costs, Supplement -- -- -- --
Amort of Intangibles, Supplemental -- -- -- --
Amort. of Right-of-Use Intang.Assets,S -- -- -- --
Depreciation, Supplemental 12,768 13,850 16,811 23,455
Depreciation of Right-of-Use Assets,Sup -- -- -- --
Interest Expense, Supplemental -- -- -- --
Interest Capitalized, Supplemental -- -- -- --
Interest Expense on Lease Liabs., Suppl -- -- -- --
Rental Expense, Supplemental -- -- -- --
Stock-Based Compensation, Supplemen -- -- 3,412 7,871
Variable Lease Expense - Unclassified -- -- -- --
Variable Operating Lease Expenses -- -- -- --
Variable Financial Lease Expenses -- -- -- --
Short-Term Lease Cost -- -- -- --
Sublease Income -- -- -- --
Lease Expense -Total -- -- -- --
Advertising Expense, Supplemental 1,004 1,023 2,625 2,700
Equity in Affiliates, Supplemental -- -- -- --
Minority Interest, Supplemental (423) (236) (982) (1,516)
Income Taxes - Non-Recurring Tax Cha -- -- -- --
Research & Development Exp, Supplem -- -- -- --
Audit Fees 38 46 63 78
Audit-Related Fees -- -- -- --
Tax Fees -- -- -- --
All Other Fees -- -- -- --
Reported Recurring Revenue -- -- -- --
Reported Net Premiums Written -- -- -- --
Reported Total Revenue -- -- -- --
Reported Operating Revenue -- -- -- --
Reported Total Cost of Revenue -- -- -- --
Reported Total Sales, General & Admin. -- -- -- --
Reported Gross Profit -- -- -- --
Reported Operating Profit -- -- -- --
Reported Operating Profit Margin -- -- -- --
Reported Ordinary Profit -- -- -- --
Reported Net Income After Tax -- -- -- --
Reported Basic EPS -- -- -- --
Reported Diluted EPS -- -- -- --
Reported Net Business Profits -- -- -- --
Distribution to Depositors -- -- -- --
Zakat -- -- -- --
COVID-19 Non-Recurring Inc/Exp - Othe -- -- -- --
COVID-19 One-time Provisions -- -- -- --
COVID-19 Restructuring Chrgs/Provisio -- -- -- --
COVID-19 Impairment of Long-Term Ass -- -- -- --
COVID-19 One-time Government Grant -- -- -- --
COVID-19 Inc Taxes - Non-Recurring -- -- -- --
Islamic Section, Supplemental -- -- -- --
Murabaha Income -- -- -- --
Musharaka Income -- -- -- --
Istisna Income -- -- -- --
Mudaraba Income -- -- -- --
Ijara Income -- -- -- --
Wakala Income -- -- -- --
Sukuk Income -- -- -- --
Other Islamic Income -- -- -- --
Total Islamic Revenues, Supplemental -- -- -- --
Bank Total Revenue 849,308 966,377 1,091,111 1,268,862
Tax & Pension Items (INR Millions)
Current Tax - Total 104,221 123,368 143,247 154,981
Current Tax - Total 104,221 123,368 143,247 154,981
Deferred Tax - Total 4,765 (13,974) (16,022) (1,484)
Deferred Tax - Total 4,765 (13,974) (16,022) (1,484)
Income Tax - Total 108,986 109,394 127,225 153,497
Income Tax by Region - Total -- -- -- --
Domestic Pension Plan Expense 2,361 849 874 2,000
Interest Cost - Domestic 492 560 680 793
Service Cost - Domestic 1,036 1,159 1,308 1,439
Prior Service Cost - Domestic -- -- 77 0
Expected Return on Assets - Domes (399) (444) (571) (666)
Actuarial Gains and Losses - Domes 1,232 (426) (621) 433
Foreign Pension Plan Expense -- -- -- --
Post-Retirement Plan Expense -- -- -- --
Total Pension Expense 8,017 7,033 7,944 10,473
Defined Contribution Expense - Do 5,656 6,184 7,070 8,473
Assumptions -- -- -- --
Total Plan Interest Cost 492 560 680 793
Total Plan Service Cost 1,036 1,159 1,308 1,439
Total Plan Expected Return (399) (444) (571) (666)
Total Plan Other Expense -- -- -- --
Dividends and Capital Changes
HDFC Bank Ord Shs
INR 0.00 F INR 6.50 F INR 15.50 F INR 19.00 F
(31-Mar) (31-Mar) (31-Mar) (31-Mar)
Pd.End Pd.End Pd.End Pd.End

Cash Dividend
 INR 2.50 S
(31-Dec)
Cash Dividend Pd.End -- -- --
1.00x
Capital Return (13-Aug) -- -- --
0
Share Split (21-Sep) -- -- --
 2024
25
31-Mar-2024
2,836,490
2,179,793
575,248
26,346
55,103
1,541,386
994,015
547,371
1,295,105

125,325
1,169,780

1,243,458
306,214
578,586
200,958
38,703
69,571
1,999
47,427
(1,647,551)
(310,501)
(30,921)
(76)
(1,306,054)
765,686
111,221
654,465
(13,845)
--
--
640,620

--
--
--
--
 --
640,620

--
--
--
--
--
--
640,620
640,620
7,085
90.42
90.42
--
640,620
7,117
90.01
90.01

19.50
--
--
--
--
--
--
--
148,140
--
--
--
--
--
--
--
--
--
--
--
--
(1,923)
763,763
(279)
110,942
652,821
638,977
90.19
89.78
--
--
--
--
30,947
--
--
--
--
--
17,317
--
--
--
--
--
--
12,594
--
(13,845)
--
--
261
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
 --
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
2,538,562

139,489
139,489
(28,268)
(28,268)
111,221
--
(651)
1,040
2,387
0
(1,049)
(3,029)
--
--
10,181
10,833
--
1,040
2,387
(1,049)
--

INR 19.50 F
(31-Mar)
Pd.End
--

--

--
HDFC Bank Ltd | Balance Sheet 24-Feb-2025 00:20

Balance Sheet
Annual Standardised in Millions of Indian Rupees, Consolidated
2020 2021 2022
Earnings Quality Score 30 66 26
Period End Date31-Mar-202031-Mar-202131-Mar-2022
Assets (INR Millions)
Cash & Due from Banks 898,349 1,254,687 1,545,680
Other Earning Assets, Total 3,975,903 4,486,930 4,618,778
FedFundsSold/ScrtyPurch UnderResaleAgrmt 82,853 98,699 126,139
Other Short Term Investments -- -- --
Securities Held 3,238,808 3,526,095 3,679,507
Securities for Sale 654,241 862,136 813,132
Total Investment Securities 3,893,050 4,388,231 4,492,639
Net Loans 10,334,907 11,712,175 14,091,461
Property/Plant/Equipment, Total - Gross 140,474 154,560 179,832
Buildings - Gross 18,911 18,911 22,095
Other Property/Plant/Equipment - Gross 121,563 135,649 157,737
Property/Plant/Equipment, Total - Net 46,269 50,996 62,833
Accumulated Depreciation, Total (94,205) (103,565) (116,999)
Goodwill, Net 1,488 0 1,488
Intangibles, Net -- -- --
Long Term Investments -- -- --
LT Investment - Affiliate Companies -- -- --
Other Long Term Assets, Total 41,442 6 71,438
Defered Income Tax - Long Term Asset 41,442 6 71,438
Other Assets, Total 509,946 490,274 837,665
Interest Receivable 103,327 118,929 134,703
Other Assets 406,619 371,345 702,962
Total Assets 15,808,304 17,995,066 21,229,343

Liabilities (INR Millions)

Accounts Payable -- -- --
Payable/Accrued -- -- --
Accrued Expenses 85,826 81,236 82,411
Total Deposits 11,462,071 13,337,209 15,580,030
Non-Interest Bearing Deposits 1,731,590 2,110,762 2,382,052
Interest Bearing Deposits 9,730,481 11,226,446 13,197,978
Other Bearing Liabilities, Total -- -- --
Total Short Term Borrowings 75,837 124,242 130,937
Other Short Term Borrowings 75,837 124,242 130,937
Current Port. of LT Debt/Capital Leases -- -- --
Other Current liabilities, Total -- -- --
Total Long Term Debt 1,868,343 1,776,967 2,269,665
 Long Term Debt 1,868,343 1,776,967 2,269,665
Total Debt 1,944,180 1,901,209 2,400,602
Deferred Income Tax -- -- --
Minority Interest 5,766 6,328 7,204
Other Liabilities, Total 546,874 570,983 685,833
Reserves 46,518 55,259 67,913
Other Liabilities 500,356 515,724 617,921
Total Liabilities 14,044,717 15,896,965 18,756,081

Shareholders Equity (INR Millions)

Redeemable Preferred Stock, Total -- -- --
Preferred Stock - Non Redeemable, Net -- -- --
Common Stock, Total 5,483 5,513 5,546
Common Stock 5,483 5,513 5,546
Additional Paid-In Capital 587,555 605,127 631,192
Retained Earnings (Accumulated Deficit) 1,167,310 1,485,642 1,830,729
Treasury Stock - Common -- -- --
ESOP Debt Guarantee -- -- 3,405
Unrealized Gain (Loss) -- -- --
Other Equity, Total 3,239 1,820 2,391
Translation Adjustment 3,239 1,820 3,472
Other Comprehensive Income -- -- (1,081)
Total Equity 1,763,587 2,098,102 2,473,262

Total Liabilities & Shareholders' Equity 15,808,304 17,995,066 21,229,343

Supplemental (INR Millions)

Shares Outstanding - Common Issue 2 -- -- --
Shares Outstanding - Common Issue 3 -- -- --
Shares Outstanding - Common Issue 4 -- -- --
Total Common Shares Outstanding 5,483 5,513 5,546
Shares Outs - Common Stock Primary Issue 5,483 5,513 5,546
Treas Shares - Common Stock Prmry Issue 0 0 0
Treasury Shares - Common Issue 2 -- -- --
Treasury Shares - Common Issue 3 -- -- --
Treasury Shares - Common Issue 4 -- -- --
Total Preferred Shares Outstanding -- -- --
Treasury Shares - Preferred Issue 1 -- -- --
Treasury Shares - Preferred Issue 2 -- -- --
Treasury Shares - Preferred Issue 3 -- -- --
Treasury Shares - Preferred Issue 4 -- -- --
Treasury Shares - Preferred Issue 5 -- -- --
Treasury Shares - Preferred Issue 6 -- -- --
Minority Interest - Redeemable -- -- --
Minority Interest - Non Redeemable 5,766 6,328 7,204
Total Equity & Minority Interest 1,769,353 2,104,430 2,480,466
Full-Time Employees 116,971 120,093 141,579
Part-Time Employees -- -- --
Number of Common Shareholders 1,349,474 1,443,193 2,256,161
Other Property/Plant/Equipment - Net -- -- --
Intangibles - Net -- -- --
Goodwill - Net 1,488 0 1,488
Accumulated Goodwill Amortization Suppl. -- -- --
Accumulated Intangible Amort, Suppl. -- -- --
Wgt Avg Rem Lease Term (Yrs)-Oper Lease -- -- --
Wgt Avg Rem Lease Term (Yrs)-Fin Lease -- -- --
Wgt Avg Disc Rate - Operating Lease -- -- --
Wgt Avg Disc Rate - Finance Lease -- -- --
Indefinite-lived intangibles-Net-Supple -- -- --
Right-of-Use Assets-Cap.Lease,Net-Suppl. -- -- --
Right-of-Use Assets-Cap.Lease,Gross-Sup. -- -- --
Right-of-Use Assets-Cap.Lease,Depr.-Sup. -- -- --
Right-of-Use Assets-Op.Lease, Net-Suppl. -- -- --
Right-of-Use Assets-Op.Lease, Gross-Sup. -- -- --
Right-of-Use Assets-Op.Lease, Depr.-Sup. -- -- --
Contract Assets - Short Term -- -- --
Contract Assets - Long Term -- -- --
Contract Liability - Long Term -- -- --
Contract Liability - Short Term -- -- --
Deferred Revenue - Current -- -- --
Deferred Revenue - Long Term -- -- --
Curr. Port. of LT Capital Leases, Suppl. -- -- --
Curr Port of LT Operating Leases, Suppl. -- -- --
Long-Term Operating Lease Liabs., Suppl. -- -- --
Curr Derivative Liab. Hedging, Suppl. -- -- --
Curr Derivative Liab. Spec./Trdg, Suppl. -- -- --
Non-Curr Derivative Liab. Hedging, Suppl -- -- --
Non-Curr Derivative Liab Spec/Trdg Suppl -- -- --
Leverage Ratio (Basel 3) 10.42% 10.59% 10.82%
Net Stable Funding Ratio (Basel 3) -- -- 124.00%
Liquidity Coverage Ratio (Basel 3) 132.41% 137.95% 112.49%
Capital Adequacy - Core Tier 1 (Value) 1,724,556 2,003,616 2,365,003
Capital Adequacy - Hybrid Tier 1 (Value) 80,000 79,850 162,213
Capital Adequacy -Tier 1 Capital (Value) 1,804,556 2,083,466 2,527,216
Capital Adequacy -Tier 2 Capital (Value) 130,888 142,120 141,862
Capital Adequacy -Tier 3 Capital (Value) -- -- --
Capital Adequacy - Total Capital (Value) 1,935,444 2,225,586 2,669,078
Total Risk-Weighted Capital 10,612,702 12,024,602 14,300,585
Capital Adequacy - Core Tier 1 Capital % 16.27% 16.66% 16.54%
Capital Adequacy - Tier 1 Capital % 17.02% 17.33% 17.67%
Capital Adequacy - Tier 2 Capital % 1.24% 1.18% 0.99%
Capital Adequacy - Tier 3 Capital % -- -- --
Capital Adequacy - Total Capital % 18.26% 18.51% 18.66%
Trading Account 275,613 608,987 625,371
Credit Exposure 12,581,216 14,319,464 17,371,096
Non-Performing Loans 151,062 182,930 190,592
Assets under Management -- -- 924,790
Loans - Stage 1 - Gross, Total -- -- --
Loans - Stage 2 - Gross, Total -- -- --
Loans - Stage 3 - Gross, Total -- -- --
Revolving Line of Credit - Outstanding -- -- --
Rvlvng Line of Credit - Principal Amount -- -- --
Rvlvng Line of Credit - Unused Amount -- -- --
Loans - Gross Non-Performing-As Reported 151,062 182,930 190,592
Loans - Gross Non-Performing - As Rep -% -- -- --
Non-Perform Asst-Oth than Loans- As Rep -- -- 190,592
Non-Performing Assets-Loans & Oth-As Rep -- -- --
Tangible Book Value, Common Equity 1,762,099 2,098,102 2,471,774
Reported Total Assets -- -- --
Reported Total Liabilities -- -- --
Shareholders' Equity Excl. Stock Subscr. -- -- --
Reported Shareholder's Equity -- -- --
Reported Net Assets -- -- --
Reported Net Assets to Total Assets -- -- --
Reported Return on Assets -- -- --
Reported Return on Equity -- -- --
Musharaka Investments -- -- --
Mudaraba Investments -- -- --
Sukuk Investments -- -- --
Wakala Investments -- -- --
Other Islamic Investments -- -- --
Total Islamic Investments, Supplemental -- -- --
Murabaha Receivables -- -- --
Istisna Receivables -- -- --
Musharaka Financing -- -- --
Mudaraba Financing -- -- --
Ijara Financing -- -- --
Wakala Receivables -- -- --
Other Islamic Receivables -- -- --
Total Islamic Financing Assets, Suppl. -- -- --
Murabaha Payables -- -- --
Ijara Lease Payables -- -- --
Istisna Payables -- -- --
Musharaka Financing -- -- --
Mudaraba Financing -- -- --
Sukuk Financing -- -- --
Wakala Payables -- -- --
Other Islamic Payables -- -- --
Unrestricted Investment Accounts -- -- --
Other Islamic Deposits -- -- --
Total Islamic Debt and Deposits, Suppl. -- -- --
Debt & Lease, Pension Items (INR Millions)
Total Long Term Debt, Supplemental -- -- --
Total Capital Leases, Supplemental -- -- --
Total Operating Leases, Supplemental 99,156 106,539 113,853
Operating Lease Payments Due in Year 1 11,828 12,295 13,315
Operating Lease Payments Due in Year 2 9,697 10,363 11,434
Operating Lease Payments Due in Year 3 9,697 10,363 11,434
Operating Lease Payments Due in Year 4 9,697 10,363 11,434
Operating Lease Payments Due in Year 5 9,697 10,363 11,434
Operating Lease Pymts. Due in 2-3 Years 19,393 20,726 22,869
Operating Lease Pymts. Due in 4-5 Years 19,393 20,726 22,869
Oper. Lse. Pymts. Due in Year 6 & Beyond 48,541 52,792 54,801
Operating Leases - Interest Cost -- -- --
Total Funded Status (3,283) (2,724) (1,758)
Pension Obligation - Domestic 9,158 11,072 11,786
Plan Assets - Domestic 5,875 8,348 10,028
Funded Status - Domestic (3,283) (2,724) (1,758)
Period End Assumptions -- -- --
Net Assets Recognized on Balance Sheet (3,283) (2,724) (1,758)
Accrued Liabilities - Domestic (3,283) (2,724) (1,758)
Other Assets, Net - Domestic -- -- --
Asset Allocation -- -- --
Equity % - Domestic 41.03% 41.23% 40.40%
Debt Securities % - Domestic 93.81% 131.92% 91.07%
Other Investments % - Domestic 65.16% 26.85% 68.53%
Total Plan Obligations 9,158 11,072 11,786
Total Plan Assets 5,875 8,348 10,028
 2023 2024
42 25
31-Mar-202331-Mar-2024

1,483,666 2,125,846
5,690,631 10,270,548
574,814 215,732
-- 2,941,619
4,389,415 6,551,149
726,402 562,048
5,115,817 7,113,197
16,532,491 25,605,681
216,736 302,663
24,627 50,546
192,109 252,117
82,826 126,038
(133,910) (176,626)
1,488 0
-- --
-- 2,000
-- 2,000
72,923 93,020
72,923 93,020
1,440,300 2,078,810
186,905 254,730
1,253,395 1,824,080
25,304,324 40,301,943

-- --
-- --
113,938 238,534
18,826,633 23,768,873
2,729,176 3,077,767
16,097,456 20,691,106
-- --
117,908 139,326
117,908 139,326
-- --
-- --
2,565,487 7,306,155
 2,565,487 7,306,155
2,683,394 7,445,480
-- --
8,603 133,834
777,382 4,151,269
72,521 110,052
704,861 4,041,217
22,409,949 35,737,990

-- --
-- --
5,580 7,597
5,580 7,597
665,394 1,270,533
2,205,281 3,242,135
-- --
11,172 26,527
-- --
6,948 17,161
7,789 8,838
(841) 8,323
2,894,375 4,563,953

25,304,324 40,301,943

-- --
-- --
-- --
5,580 7,597
5,580 7,597
0 0
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
8,603 133,834
 2,902,978 4,697,787
173,222 213,527
-- --
2,290,092 4,121,815
-- --
-- --
1,488 0
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
10.26% 10.57%
119.13% 120.81%
115.51% 115.17%
2,731,246 4,210,589
116,030 120,495
2,847,277 4,331,084
339,908 500,536
-- --
3,187,184 4,831,620
16,758,818 26,088,433
16.30% 16.14%
16.99% 16.60%
 2.03% 1.92%
-- --
19.02% 18.52%
560,698 271,605
20,425,081 30,227,226
198,858 328,087
1,016,550 1,373,430
-- --
-- --
-- --
-- --
-- --
-- --
198,858 328,087
-- --
198,858 328,087
-- --
2,892,887 4,563,953
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
 -- --
-- --
-- --
-- --
-- --
-- --

-- --
-- --
140,323 198,699
15,196 21,216
13,973 19,435
13,973 19,435
13,973 19,435
13,973 19,435
27,946 38,870
27,946 38,870
69,236 99,743
-- --
(1,911) (405)
12,830 20,242
10,919 19,837
(1,911) (405)
-- --
(1,911) (405)
(1,911) (873)
-- 469
-- --
39.94% 30.34%
93.77% 75.04%
66.29% 94.62%
12,830 20,242
10,919 19,837
Cost of Equity & Terminal Value

All figures in USD millions unless stated

Cost of Equity

Risk-Free Rate 6.74%

Market Risk Premium 7.26%
Beta 1.04
Cost of Equity 14.30%

Perpetuity Growth Rate

ROE 17.76%
Dividend payout 23%
Retention Ratio 77%
Growth Rate 13.66%

Terminal Multiple

ROE 17.76%
Cost of Equity 14.30%
Growth Rate 13.66%
"Justified" P/B Multiple 6.38x

Introduction to Business Valuation Page 24 of 38

Revenue Schedule

All figures in USD Millions unless stated 2022A 2023A

Interest Income

Total Advances 14,091,461 16,532,491

Loan Growth 17.32%
Interest Rate 7.54% 8.21%
Interest Income from Loans 1,062,953 1,357,673

Main Investments 3,679,507 4,389,415

Investment Growth Rate 19.29%
Interest Rate 7.04% 7.10%
Interest from Investments 259,071 311,733

Other Investments 939,271 1,301,216

Investment Growth Rate 38.53%
Interest Rate 3.98% 2.93%
Other Interest Income 37,340 38,135

Total Interest Income 1,359,364 1,707,541

Non Interest Income

Fees Growth Rate 20.06%

Fees and Commissions 218,755 262,632

Insurance Growth Rate

Insurance Income

Other Income 98,835 76,489

Total Non Interest Income 317,590 339,121

Total Revenue 1,676,954 2,046,662

Cost Schedule
All figures in USD Millions unless stated 2022A 2023A

Inflation

Interest Expense
Total Deposits 15,580,030 18,826,633
Deposit Growth 20.84%
Interest Rate 3.14% 3.27%
Interest Expense for Deposits 489,010 615,096

Other Borrowings 3,086,435 3,460,776

Borrowings Growth 12.13%
Interest Rate 3.14% 4.70%
Interest Expense for Borrowings 96,833 162,704

Non Interest Expense

Labor Expense 159,048 200,314
Other Expense 281,513 294,529
Total Non Interest Expense 440,561 494,843

Depreciation
Sales 1,359,364 1,707,541
Depreciation % Sales 1.24% 1.37%
Depreciation 16,807 23,455

Total Expense 1,043,211 1,296,098

Tax Schedule

All figures in USD Millions unless stated 2022A 2023A

Tax

Total Income 1,676,954 2,046,662

Total Expense 1,043,211 1,296,098
Net Income before Tax 633,743 750,564

Effective Tax 127,225 153,497

Effective Tax Rate 20.08% 20.45%
Net Income after Tax 506,518 597,067

Dividend Schedule

All figures in USD Millions unless stated 2022A 2023A

Net Income 506,518 597,067
Dividends % Earnings 16.99% 17.76%
Divided Growth Rate 4.52%
Dividends 86,045 106,015
 2024A 2025F 2026F 2027F 2028F 2029F Term

25,605,681 26,729,770 29,408,093 33,151,744 36,529,906 39,938,147 44,231,497

54.88% 4.39% 10.02% 12.73% 10.19% 9.33% 10.75%
8.51% 8.09% 8.27% 8.29% 8.22% 8.26% 8.26%
2,179,793 2,162,289 2,432,492 2,748,708 3,001,813 3,298,919 3,651,866

6,551,149 7,049,036 7,584,763 8,161,205 8,781,457 9,448,847 10,166,960

49.25% 7.60% 7.60% 7.60% 7.60% 7.60% 7.60%
8.78% 7.64% 7.84% 8.09% 7.86% 7.93% 7.96%
575,248 538,634 594,747 660,063 689,942 749,166 809,062

777,780 836,891 900,495 968,933 1,042,572 1,121,807 1,207,064

-40.23% 7.60% 7.60% 7.60% 7.60% 7.60% 7.60%
10.47% 5.79% 6.40% 7.55% 6.58% 6.84% 6.99%
81,449 48,479 57,618 73,197 68,621 76,787 84,419

2,836,490 2,749,401 3,084,858 3,481,968 3,760,375 4,124,872 4,545,347

16.59% 18.33% 17.46% 17.89% 17.68% 17.78% 17.73%

306,214 362,331 425,594 501,746 590,437 695,446 818,753

7.30% 7.30% 7.30% 7.30% 7.30% 7.30%

578,586 620,823 666,143 714,771 766,950 822,937 883,011

18.33% 17.46% 17.89% 17.68% 17.78% 17.73%

358,658 424,386 498,484 587,678 691,559 814,552 958,978

1,243,458 1,407,539 1,590,221 1,804,195 2,048,946 2,332,934 2,660,742

4,079,948 4,156,940 4,675,078 5,286,163 5,809,321 6,457,806 7,206,089

 2024A 2025F 2026F 2027F 2028F 2029F Term

7.00% 7.00% 7.00% 7.00% 7.00% 7.00%

23,768,873 27,154,749 31,271,409 36,130,986 41,544,010 47,870,008 55,170,007

26.25% 14.25% 15.16% 15.54% 14.98% 15.23% 15.25%
4.18% 3.53% 3.66% 3.79% 3.66% 3.70% 3.72%
994,015 958,369 1,144,372 1,369,457 1,520,376 1,772,693 2,051,050

11,596,749 12,478,102 13,426,438 14,446,847 15,544,807 16,726,213 17,997,405

235.09% 7.60% 7.60% 7.60% 7.60% 7.60% 7.60%
4.72% 4.19% 4.54% 4.48% 4.40% 4.47% 4.45%
547,371 522,366 609,009 647,324 684,121 748,084 801,138

310,501 332,236 355,493 380,377 407,003 435,494 465,978

1,306,130 1,397,559 1,495,388 1,600,065 1,712,070 1,831,915 1,960,149
1,616,631 1,729,795 1,850,881 1,980,442 2,119,073 2,267,409 2,426,127

2,836,490 2,749,401 3,084,858 3,481,968 3,760,375 4,124,872 4,545,347

1.09% 1.23% 1.23% 1.19% 1.22% 1.21% 1.20%
30,921 33,910 38,017 41,271 45,764 49,975 54,754

3,188,938 3,244,440 3,642,278 4,038,495 4,369,334 4,838,161 5,333,069

2024A 2025F 2026F 2027F 2028F 2029F Term

25.00% 25.00% 25.00% 25.00% 25.00% 25.00%

4,079,948 4,156,940 4,675,078 5,286,163 5,809,321 6,457,806 7,206,089

3,188,938 3,244,440 3,642,278 4,038,495 4,369,334 4,838,161 5,333,069
891,010 912,500 1,032,800 1,247,667 1,439,987 1,619,645 1,873,020

111,221 228,125 258,200 311,917 359,997 404,911 468,255

12.48% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
779,789 684,375 774,600 935,751 1,079,990 1,214,734 1,404,765

2024A 2025F 2026F 2027F 2028F 2029F Term

779,789 684,375 774,600 935,751 1,079,990 1,214,734 1,404,765
19.00% 20.33% 21.75% 23.27% 24.89% 26.63% 28.50%
6.99% 6.99% 6.99% 6.99% 6.99% 6.99% 6.99%
148,140 139,104 168,451 217,725 268,856 323,543 400,318
Residual Income

All figures in USD Millions unless stated

Net Income
Dividends
Surplus

Common Equity
Opening Balance
Addition/Subtraction
Ending Balance

Return on Equity
Cost of Equity
Required Return on Equity
Residual Income
Alternative Calculation

Residual Income

All figures in USD Millions unless stated

Cost of Equity 14.3%

Terminal Growth Rate of Residual Income 12.0%

Residual Income

UNADJUSTED RESIDUAL INCOME

Discrete Forecast
Terminal Value
Total Residual Inccome

ADJUSTED RESIDUAL INCOME

Partial Period Adjustment
Discrete Forecast
Terminal Value
Total Residual Income
DISCOUNTED RESIDUAL INCOME
Years for Discounting
Discrete Forecast
Terminal Value
Total Residual Income
 2022A 2023A 2024A 2025F

506,518 597,067 779,789 684,375

86,045 106,015 148,140 139,104
420,473 491,052 631,649 545,271

2,098,102 2,518,575 3,009,627 3,641,276

420,473 491,052 631,649 545,271
2,518,575 3,009,627 3,641,276 4,186,547

24.14% 23.71% 25.91% 18.79%

14.30% 14.30% 14.30% 14.30%
300,029 360,156 430,377 520,702
206,489 236,911 349,412 163,672
206,489 236,911 349,412 163,672

Valuation
(YY-MM-DD) (YY-MM-DD)
Fiscal Year End 24/12/31 25/12/31
Income Timing 24/12/31 25/06/30

– 163,672

163,672

163,672

100.00%
163,672
-
163,672
 0.5
153,092
-
153,092

PV OF RESIDUAL INCOME
Manual Method 10,791,316
XNPV Function 1 11,533,085
 2026F 2027F 2028F 2029F Term

774,600 935,751 1,079,990 1,214,734 1,404,765

168,451 217,725 268,856 323,543 400,318
606,149 718,026 811,135 891,192 1,004,447

4,186,547 4,792,695 5,510,721 6,321,856 7,213,047

606,149 718,026 811,135 891,192 1,004,447
4,792,695 5,510,721 6,321,856 7,213,047 8,217,494

18.50% 19.52% 19.60% 19.21% 19.48%

14.30% 14.30% 14.30% 14.30% 14.30%
598,676 685,355 788,033 904,025 1,031,466
175,924 250,395 291,957 310,709 373,299
175,924 250,395 291,957 310,709 373,299

Discrete Forecast Term

(YY-MM-DD) (YY-MM-DD) (YY-MM-DD) (YY-MM-DD) (YY-MM-DD)
26/12/31 27/12/31 28/12/31 29/12/31 30/12/31
26/06/30 27/06/30 28/06/30 29/06/30 30/06/30

175,924 250,395 291,957 310,709 373,299

175,924 250,395 291,957 310,709

18,178,061
175,924 250,395 291,957 18,488,770

100.00% 100.00% 100.00% 100.00%

175,924 250,395 291,957 310,709
- - - 18,178,061
175,924 250,395 291,957 18,488,770
 1.5 2.5 3.5 4.5
143,965 179,271 182,876 170,273
- - - 9,961,839
143,965 179,271 182,876 10,132,112

EQUITY VALUE
PV of Discrete 6% 829,477
PV of Terminal 69% 9,961,839
Book Value of Equity 25% 3,641,276
Equity Value 100% 14,432,592

EQUITY VALUE PER SHARE

Equity Value 14,432,592
Shares Outstanding 7,650
Equity Value ₹ 1,886.61
Net Asset Value

Introduction to Business Valuation Page 37 of 38

Football Field Chart

Chart Title

52 Week High/Low and Current

Net Asset Value

Residual Income

– 500.00 1,000.00 1,500.00 2,000.00 2,500.00

Introduction to Business Valuation Page 38 of 38