Company Overview - NationsTrustbank

NationsTrustbank

Valuation

Period		3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Revenue
YoY %
EBITDA
EBITDA Margin %
Net Profit
Net Profit Margin %
Free Cash Flow

Valuation		Equity Value(Rs.Million)	Price per Share (Rs.)	Adjustment	Adjusted Valuation
Residual Income Method				%
Price to Earnings				%
Price to Book Value				%
Price to Sales				%
EV to EBITDA				%
Justified P/BV Multiple Method				%
Blended Valuation

Options

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ASSETS		2024 to 2029
Placements with banks	YoY%	nan
Reverse repurchase agreements	YoY%	-0.0
Financial assets recognised through profit or loss – measured at fair value	YoY%	0
Financial assets at amortised cost – Loans and advances to other customers	YoY%	12.3
Financial assets at amortised cost – Debt and other financial instruments	YoY%	62.5
Financial assets - fair value through other comprehensive income	YoY%	0
LIABILITIES		2024 to 2029
Due to banks	YoY%	1145.4
Securities sold under repurchase agreements	YoY%	71.7
Financial liabilities at amortised cost – due to depositors	YoY%	17.0
Financial liabilities at amortised cost – other borrowings	YoY%	0
- due to debt securities holders	YoY%	0
REVENUE		2024 to 2029
Interest Income	- % Avg Int. Earning Assets	17.7
Fee & commission income	- YoY%	7.7
Other Operating Income	- YoY%	7.5
COSTS		2024 to 2029
Interest Expense	- as a % Avg Int. Earning Liabilities	8.3
Fee & Commission Expenses	% of Fee & Commission Income	14.8
Impairment Charge
Other Operating Expenses	Cost to Operating Income ratio	31.3
VAT on financial services	% of PBT on Financial Services	6.3
Social Security Levy	% of PBT on Financial Services	0
Tax rate	%	37.3

	Rs. (Millions)	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24	2024E	2025E	2026E	2027E	2028E	2029E
1	Placements with banks	0.0	0.0	0.0	0.0	0.0	0	0	0
	YoY%	-395.0%	105.0%	nan%	nan%	nan%	0%	nan%	nan%
SCO1	Placements with banks	0.0	0.0	0.0	0.0	0.0
	LY YoY%	-395.0%	105.0%	nan%	nan%	nan%				nan%	nan%	nan%	nan%	nan%	nan%
SCO3	Placements with banks	0.0	0.0	0.0	0.0	0.0
	FL YoY%	-395.0%	105.0%	nan%	nan%	nan%				nan%	nan%	nan%	nan%	nan%	nan%

2	Reverse repurchase agreements	3,001.4	1,502.3	1,502.2	0.0	0.0	1502.3	0	0
	YoY	0%	0%	-0.0%	nan%	nan%	0%	nan%	nan%
SCO1	Reverse repurchase agreements	3,001.4	1,502.3	1,502.2	0.0	0.0
	LY YoY%	0%	0%	-0.0%	nan%	nan%				-0.0%		-0.0%	-0.0%	-0.0%	-0.0%	-0.0%
SCO3	Reverse repurchase agreements	3,001.4	1,502.3	1,502.2	0.0	0.0
	FL YoY%	0%	0%	-0.0%	nan%	nan%				-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%

3	Financial assets recognised through profit or loss – measured at fair value	6,150.5	3,733.8	10,934.1	16,176.0	12,085.1	3733.8	10103.4	5834.1
	YoY	0%	0%	0%	165.3%	-25.3%	0%	65.7%	-42.3%
SCO1	Financial assets recognised through profit or loss – measured at fair value	6,150.5	3,733.8	10,934.1	16,176.0	12,085.1
	LY YoY%	0%	0%	0%	165.3%	-25.3%				0%		0%	0%	0%	0%	0%
SCO3	Financial assets recognised through profit or loss – measured at fair value	6,150.5	3,733.8	10,934.1	16,176.0	12,085.1
	FL YoY%	0%	0%	0%	165.3%	-25.3%				0%	0%	0%	0%	0%	0%

4	Financial assets at amortised cost – Loans and advances to other customers	247,441.4	241,241.1	270,944.8	268,174.7	275,120.8	241241.1	236627.9	256337.0
	YoY	0%	0%	12.3%	16.3%	2.6%	0%	2.6%	8.3%
SCO1	Financial assets at amortised cost – Loans and advances to other customers	247,441.4	241,241.1	270,944.8	268,174.7	275,120.8
	LY YoY%	0%	0%	12.3%	16.3%	2.6%				12.3%		12.3%	12.3%	12.3%	12.3%	12.3%
SCO3	Reverse repurchase agreements	247,441.4	241,241.1	270,944.8	268,174.7	275,120.8
	FL YoY%	0%	0%	12.3%	16.3%	2.6%				12.3%	12.3%	12.3%	12.3%	12.3%	12.3%

5	Financial assets at amortised cost – Debt and other financial instruments	26,140.3	59,928.3	97,357.8	89,858.5	91,386.6	59928.3	60637.1	66511.4
	YoY	0%	0%	62.5%	36.8%	0%	0%	0%	0%
SCO1	Financial assets at amortised cost – Debt and other financial instruments	26,140.3	59,928.3	97,357.8	89,858.5	91,386.6
	LY YoY%	0%	0%	62.5%	36.8%	0%				62.5%		62.5%	62.5%	62.5%	62.5%	62.5%
SCO3	Financial assets at amortised cost – Debt and other financial instruments	26,140.3	59,928.3	97,357.8	89,858.5	91,386.6
	FL YoY%	0%	0%	62.5%	36.8%	0%				62.5%	62.5%	62.5%	62.5%	62.5%	62.5%

6	Financial assets - fair value through other comprehensive income	67,520.8	30,349.5	79,922.9	80,955.9	81,091.7	30349.5	62320.5	70104.2
	YoY	0%	0%	0%	57.5%	0.2%	0%	21.2%	12.5%
SCO1	Financial assets - fair value through other comprehensive income	67,520.8	30,349.5	79,922.9	80,955.9	81,091.7
	LY YoY%	0%	0%	0%	57.5%	0.2%				0%		0%	0%	0%	0%	0%
SCO3	Financial assets - fair value through other comprehensive income	67,520.8	30,349.5	79,922.9	80,955.9	81,091.7
	FL YoY%	0%	0%	0%	57.5%	0.2%				0%	0%	0%	0%	0%	0%

7	Average Interest Earning Assets (AIEA)	336,754.9	398,708.4	407,227.2	414,686.6	336754.9	374827.8	375852.5
SC01	Average Interest Earning Assets (AIEA)	336,754.9	398,708.4	407,227.2	414,686.6	336754.9	374827.8	375852.5
SC03	Average Interest Earning Assets (AIEA)	336,754.9	398,708.4	407,227.2	414,686.6	336754.9	374827.8	375852.5

	Period	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24
8	Interest Earning Assets (IEA)	350,254.4	336,754.9	460,661.8	460,661.8	459,684.3	336754.9	369689.0	398786.6
	YoY%
SC01	Interest Earning Assets (IEA)	350,254.4	336,754.9	460,661.8	460,661.8	459,684.3	336754.9	369689.0	398786.6
	YoY%
SC01	Interest Earning Assets (IEA)	350,254.4	336,754.9	460,661.8	460,661.8	459,684.3	336754.9	369689.0	398786.6
	YoY%

	Rs. Millions	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24	2024E	2025E	2026E	2027E	2028E	2029E
1	Due to banks	2,016.1	3,989.2	49,681.7	49,681.7	17,994.3	3989.2	18391.6	33190.4
	YoY%	0%	0%	1145.4%	1722.4%	-63.8%	0%	574.6%	80.5%/td>
SCO1	Due to banks	2,016.1	3,989.2	49,681.7	49,681.7	17,994.3
	YoY%	0%	0%	1145.4%	1722.4%	-63.8%				1145.4%	1145.4%	1145.4%	1145.4%	1145.4%	1145.4%
SCO1	Due to banks	2,016.1	3,989.2	49,681.7	49,681.7	17,994.3
	YoY%	0%	0%	1145.4%	1722.4%	-63.8%				1145.4%	1145.4%	1145.4%	1145.4%	1145.4%	1145.4%

2	Securities sold under repurchase agreements	9,429.2	3,862.0	6,631.3	6,631.3	15,565.1	3862.0	299794.7	314751.9
	YoY	0%	0%	71.7%	-97.7%	134.7%	0%	2.3%	5.0%
SC01	Securities sold under repurchase agreements	9,429.2	3,862.0	6,631.3	6,631.3	15,565.1
	YoY%	0%	0%	71.7%	-97.7%	134.7%				71.7%	71.7%	71.7%	71.7%	71.7%	71.7%
SCO1	Securities sold under repurchase agreements	9,429.2	3,862.0	6,631.3	6,631.3	15,565.1
	YoY%	0%	0%	71.7%	-97.7%	134.7%				71.7%	71.7%	71.7%	71.7%	71.7%	71.7%

3	Financial liabilities at amortised cost – due to depositors	267,988.3	297,253.1	347,768.6	347,768.6	351,057.4	297253.1	8812.5	4293.9
	YoY	0%	0%	17.0%	4654.6%	0.9%	0%	20.5%	-51.3%
SC01	Financial liabilities at amortised cost – due to depositors	267,988.3	297,253.1	347,768.6	347,768.6	351,057.4
	YoY%	0%	0%	17.0%	4654.6%	0.9%				17.0%	17.0%	17.0%	17.0%	17.0%	17.0%
SCO1	Financial liabilities at amortised cost – due to depositors	267,988.3	297,253.1	347,768.6	347,768.6	351,057.4
	YoY%	0%	0%	17.0%	4654.6%	0.9%				17.0%	17.0%	17.0%	17.0%	17.0%	17.0%

4	Financial liabilities at amortised cost – other borrowings	35,305.3	33,532.8	18,500.4	18,500.4	13,441.7	33532.8	24187.8	22271.5
	YoY	0%	0%	0%	-36.5%	-27.3%	0%	-16.9%	-7.9%
SC01	Financial liabilities at amortised cost – other borrowings	35,305.3	33,532.8	18,500.4	18,500.4	13,441.7
	YoY%	0%	0%	0%	-36.5%	-27.3%				0%	0%	0%	0%	0%	0%
SCO3	Financial liabilities at amortised cost – other borrowings	35,305.3	33,532.8	18,500.4	18,500.4	13,441.7
	YoY%	0%	0%	0%	-36.5%	-27.3%				0%	0%	0%	0%	0%	0%

5	- due to debt securities holders	12,352.9	12,355.1	8,686.3	8,686.3	9,136.1	12355.1	9132.4	9025.3
	YoY	0%	0%	0%	0%	5.2%	0%	-28.0%	-1.2%
SC01	- due to debt securities holders	12,352.9	12,355.1	8,686.3	8,686.3	9,136.1
	YoY%	0%	0%	0%	0%	5.2%				0%	0%	0%	0%	0%	0%
SCO3	- due to debt securities holders	12,352.9	12,355.1	8,686.3	8,686.3	9,136.1
	YoY%	0%	0%	0%	0%	5.2%				0%	0%	0%	0%	0%	0%

6	Average Interest bearing Liabilities (AIBL)	350,992.1	431,268.3	431,268.3	383,756.9	350992.1	364806.7	371206.6
6	Average Interest bearing Liabilities (AIBL)	350,992.1	431,268.3	431,268.3	383,756.9	350992.1	364806.7	371206.6
6	Average Interest bearing Liabilities (AIBL)	350,992.1	431,268.3	431,268.3	383,756.9	350992.1	364806.7	371206.6

7	Interest bearing Liabilities (IBL)	327,091.8	350,992.1	431,268.3	431,268.3	407,194.7	350992.1	360319.1	383532.9
7	Interest bearing Liabilities (IBL)	327,091.8	350,992.1	431,268.3	431,268.3	407,194.7	350992.1	360319.1	383532.9
7	Interest bearing Liabilities (IBL)	327,091.8	350,992.1	431,268.3	431,268.3	407,194.7	350992.1	360319.1	383532.9

	Rs. Millions	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24	2024E	FY25E	FY26E	FY27E	FY28E	FY29E
1	Interest Income	28,657.3	54,308.3	70,558.0	16,878.9	15,740.2	54,308.3	17936.7	17587.4
	- % Avg Int. Earning Assets	0%	16.1%	17.7%	4.1%	3.8%	16.1%	4.8%	4.7%
SC01	Interest Income	28,657.3	54,308.3	70,558.0	16,878.9	15,740.2	54,308.3	17936.7	17587.4
	- % Avg Int. Earning Assets	0%	16.1%	17.7%	4.1%	3.8%	16.1%	4.8%	4.7%	17.7%	17.7%	17.7%	17.7%	17.7%	17.7%
SC03	Interest Income	28,657.3	54,308.3	70,558.0	16,878.9	15,740.2	54,308.3	17936.7	17587.4
	- % Avg Int. Earning Assets	0%	16.1%	17.7%	4.1%	3.8%	16.1%	4.8%	4.7%	17.7%	17.7%	17.7%	17.7%	17.7%	17.7%

	Period	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24	2024E	2025E	2026E	2027E	2028E	2029E
2	Interest Expense	14,579.6	25,007.3	35,607.1	7,786.8	6,777.4	25,007.3	9,125.7	8,854.3
	- as a % Avg Int. Earning Liabilities	0%	7.1%	8.3%	1.8%	1.8%	7.1%	2.5%	2.4%
SC01	Interest Expense	14,579.6	25,007.3	35,607.1	7,786.8	6,777.4	25,007.3	9,125.7	8,854.3
	- as a % Avg Int. Earning Liabilities	0%	7.1%	8.3%	1.8%	1.8%				8.3%	8.3%	8.3%	8.3%	8.3%	8.3%
SC03	Interest Expense	14,579.6	25,007.3	35,607.1	7,786.8	6,777.4	25,007.3	9,125.7	8,854.3
	- as a % Avg Int. Earning Liabilities	0%	7.1%	8.3%	1.8%	1.8%				8.3%	8.3%	8.3%	8.3%	8.3%	8.3%

	Period	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24
3	Net Interest income	14,077.6	29,301.0	34,950.9	9,092.1	8,962.8	29301.0	8811.0	8733.2
	- as a % AIEA	nan%	8.7%	8.8%	2.2%	2.2%	8.7%	2.4%	2.3%
3	Net Interest income	14,077.6	29,301.0	34,950.9	9,092.1	8,962.8	29301.0	8811.0	8733.2
	- as a % AIEA	nan%	8.7%	8.8%	2.2%	2.2%	8.7%	2.4%	2.3%

	Period	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24	2024E	2025E	2026E	2027E	2028E	2029E
4	Fee & commission income	6,669.8	7,738.0	8,334.6	2,235.4	2,378.0	7738.0	1822.7	2236.7
	- YoY%	nan%	16.0%	7.7%	17.4%	30.5%	16.0%	0%	0%
4	Fee & commission income	6,669.8	7,738.0	8,334.6	2,235.4	2,378.0	7738.0	1822.7	2236.7
	- YoY%	nan%	16.0%	7.7%	17.4%	30.5%	16.0%	0%	0%	7.7%	7.7%	7.7%	7.7%	7.7%	7.7%
4	Fee & commission income	6,669.8	7,738.0	8,334.6	2,235.4	2,378.0	7738.0	1822.7	2236.7
	- YoY%	nan%	16.0%	7.7%	17.4%	30.5%	16.0%	0%	0%	7.7%	7.7%	7.7%	7.7%	7.7%	7.7%

	Period	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24	2024E	2025E	2026E	2027E	2028E	2029E
5	Other Operating Income	3,051.4	2,771.9	2,980.3	712.6	1,361.4	2,771.9	624.3	1145.8
	- YoY%	nan%	-9.2%	7.5%	-17.2%	118.1%	-9.2%	0%	0%
SC01	Other Operating Income	3,051.4	2,771.9	2,980.3	712.6	1,361.4	2,771.9	624.3	1145.8
	- YoY%	nan%	-9.2%	7.5%	-17.2%	118.1%				7.5%	7.5%	7.5%	7.5%	7.5%	7.5%
SC03	Other Operating Income	3,051.4	2,771.9	2,980.3	712.6	1,361.4	2,771.9	624.3	1145.8
	- YoY%	nan%	-9.2%	7.5%	-17.2%	118.1%				7.5%	7.5%	7.5%	7.5%	7.5%	7.5%

	Period	2021	2022	2023	J-M 2024	M-J 2024	4Q23	1Q24	2Q24
6	Gross Income (GI)	38,378.5	64,818.2	81,872.8	19,826.9	19,479.6
	- YoY%	nan	nan	-2.1	26.3	-4.5
SC01	Gross Income (GI)	38,378.5	64,818.2	81,872.8	19,826.9	19,479.6	64818.2	20383.7	20969.9
	- YoY%	nan	nan	-2.1	26.3	-4.5
SC03	Gross Income (GI)	38,378.5	64,818.2	81,872.8	19,826.9	19,479.6	64818.2	20383.7	20969.9
	- YoY%	nan	nan	-2.1	26.3	-4.5

	Period	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24	2024E	FY25E	FY26E	FY27E	FY28E	FY29E
1	Fee & Commission Expenses	529.5	943.5	1,234.1	141.8	102.2	943.5	82.8	317.5
	% of Fee & Commission Income	7.9%	12.2%	14.8%	6.3%	4.3%	12.2%	4.5%	14.2%
SC01	Fee & Commission Expenses	529.5	943.5	1,234.1	141.8	102.2	943.5	82.8	317.5
	% of Fee & Commission Income	7.9%	12.2%	14.8%	6.3%	4.3%	12.2%	4.5%	14.2%	14.8%	14.8%	14.8%	14.8%	14.8%	14.8%
SC03	Fee & Commission Expenses	529.5	943.5	1,234.1	141.8	102.2	943.5	82.8	317.5
	% of Fee & Commission Income	7.9%	12.2%	14.8%	6.3%	4.3%	12.2%	4.5%	14.2%	14.8%	14.8%	14.8%	14.8%	14.8%	14.8%

	Period	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24
2	Impairment Charge	3,742.2	13,842.2	7,500.0	nan	nan	13842.2	854.6	1567.7
	nan
SC01	Impairement Charges
SC03	Impairement Charges

	Period	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24	2024E	2025E	2026E	2027E	2028E	2029E
3	Other Operating Expenses	9,121.9	11,558.8	14,079.0	3,852.8	3,917.1	11558.8	3506.6	3543.5
	Total operating income (GI - Int, Exp.)	23,269.4	38,867.3	45,031.6	11,898.2	12,600.0	38,867.3	11,175.2	11,798.1
	Cost to Operating Income ratio	39.2%	29.7%	31.3%	32.4%	31.1%	29.7%	31.4%	30.0%
SC01	Other Operating Expenses	9,121.9	11,558.8	14,079.0	3,852.8	3,917.1	11558.8	3506.6	3543.5
	Total operating income (GI - Int, Exp.)	23,269.4	38,867.3	45,031.6	11,898.2	12,600.0	38,867.3	11,175.2	11,798.1
	Cost to Operating Income ratio	39.2%	29.7%	31.3%	32.4%	31.1%	29.7%	31.4%	30.0%	31.3%	31.3%	31.3%	31.3%	31.3%	31.3%
SC03	Other Operating Expenses	9,121.9	11,558.8	14,079.0	3,852.8	3,917.1
	Total operating income (GI - Int, Exp.)	23,269.4	38,867.3	45,031.6	11,898.2	12,600.0
	Cost to Operating Income ratio	39.2%	29.7%	31.3%	32.4%	31.1%

	Period	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24	4Q24E	2024E	1Q25E	2Q25E	3Q25E	4Q25E	2025E	2026E	2027E	2028E	2029E
4	VAT on financial services	1,985.4	3,021.1	5,144.9	1,576.2	1,716.7	3021.1	1448.4	1371.1	0		00	0	00	0
	% of PBT on Financial Services	5.2%	4.7%	6.3%	7.9%	8.8%	4.7%	7.1%	6.5%
SC01	VAT on financial services	1,985.4	3,021.1	5,144.9	1,576.2	1,716.7	3021.1	1448.4	1371.1	0		00	0	00	0
	Profit Before VAT and SSL	10,405.3	13,466.3	23,452.7	7,487.1	8,262.9
	% of PBT on Financial Services	5.2%	4.7%	6.3%	7.9%	8.8%	4.7%	7.1%	6.5%		6.3%					6.3%	6.3%	6.3%	6.3%	6.3%
SC01	VAT on financial services	1,985.4	3,021.1	5,144.9	1,576.2	1,716.7	3021.1	1448.4	1371.1	0		00	0	00	0
	Profit Before VAT and SSL	10,405.3	13,466.3	23,452.7	7,487.1	8,262.9
	% of PBT on Financial Services	5.2%	4.7%	6.3%	7.9%	8.8%	4.7%	7.1%	6.5%		6.3%					6.3%	6.3%	6.3%	6.3%	6.3%

	Period	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24	4Q24E	1Q25E	2Q25E	3Q25E	4Q25E
5	Social Security Levy	0.0	0.0	0.0	0.0	0.0	0	0	0	0	00	0	00	0
	% of PBT on Financial Services	0	0	0	0	0
SCO1	Social Security Levy	0.0	0.0	0.0	0.0	0.0	0	0	0	0	00	0	00	0
	%
SCO3	Social Security Levy	0.0	0.0	0.0	0.0	0.0	0	0	0	0	00	0	00	0
	%

	Fixed Assets - Cost	4Q23	1Q24	2Q24	3Q24E
1	Total Equity	nan	nan	nan	nan
	VAT on financial services	3021.1	1448.4	1371.1	222
	Equity funding of assets %	nan	nan	nan

	Depreciation	4Q23	1Q24	2Q24	3Q24E	4Q24E	1Q25E	2Q25E	3Q25E	4Q25E	FY26E	FY27E	FY28E	FY29E
1	Check	nan	nan	nan	nan
	nan	nan	nan	nan
	nan	nan%	nan%	nan%
	nan	nan	nan	nan	111	111	111	111	111	111	111	111	111	111
	nan	nan	nan	nan

2	Working Capital

Period	4Q23	1Q24	2Q24
nan	nan	nan	nan
nan	nan	nan	nan
Profit before taxes on financial services	nan	nan	nan
nan	nan	nan	nan

	Period		4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
	nan		nan	nan	nan
	nan

	Period		4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
	nan		nan	nan	nan
	nan		nan	nan	nan

	Period		4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
	nan		nan	nan	nan
	nan		nan	nan	nan

Period	4Q23	1Q24	2Q24
nan	nan	nan	nan
nan	nan	nan	nan
Working Capital	42673.1
Change in Working Capital		nan	nan

Interest Bearing Debt		4Q23	1Q24	2Q24	3Q24E	4Q24E	1Q25E	2Q25E	3Q25E	4Q25E	FY26E	FY27E	FY28E	FY29E
nan		nan	nan	nan	nan
nan		nan	nan	nan
nan		nan	nan	nan
nan	i+ii-iii=iv	nan	nan	nan
nan		nan	nan	nan
nan	iv*vii=vi	nan	nan	nan
nan		nan	nan	nan	%	%	%	%	%	%	%	%	%	%

Interest Income	4Q23	1Q24	2Q24	3Q24E	4Q24E	1Q25E	2Q25E	3Q25E	4Q25E	FY26E	FY27E	FY28E	FY29E
nan	nan	nan	nan
nan	nan	nan	nan
nan	nan	nan	nan	%	%	%	%	%	%	%	%	%	%

1	Tax	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24	3Q24E	4Q24E	2024E	1Q25E	2Q25E	3Q25E	4Q25E	2025E	2026E	2027E	2028E	2029E
	Profit before income tax	8,419.9	10,445.2	18,307.8	5,910.9	6,546.2	10445.2	5365.5	5315.8
	Tax B/F	0.0	2,460.7	5,242.8	5,667.2	5,896.1	nan	nan	nan	nan		5,667.2
	Tax provision for the year	1,726.3	3,217.2	6,837.0	2,134.8	2,296.5	3217.2	2039.7	1996.4
	Tax paid	-1,746.0	-3,911.4	-7,425.6	-2,055.3	-2,037.2	nan	nan	nan	1996.4		6,837.0
	Tax C/F	2,460.7	5,242.8	5,667.2	5,896.1	6,384.5	nan	nan	nan
	Tax rate	20.5	30.8	37.3	36.1	35.1	30.8	38.0	37.6	%	%	%	%	%	%	%	%	%	%	%	%
	* Historically showing selected rows only
SC01	Profit Before Tax
	Tax B/F	0.0	2,460.7	5,242.8	5,667.2	5,896.1						5,667.2
	Tax provision for the year	1,726.3	3,217.2	6,837.0	2,134.8	2,296.5
	Tax paid	-1,746.0	-3,911.4	-7,425.6	-2,055.3	-2,037.2						6,837.0
	Tax C/F	2,460.7	5,242.8	5,667.2	5,896.1	6,384.5
	Tax rate	20.5	30.8	37.3	36.1	35.1						37.3					37.3	37.3	37.3	37.3	37.3
SC03	Profit Before Tax
	Tax B/F	0.0	2,460.7	5,242.8	5,667.2	5,896.1						5,667.2
	Tax provision for the year	1,726.3	3,217.2	6,837.0	2,134.8	2,296.5
	Tax paid	-1,746.0	-3,911.4	-7,425.6	-2,055.3	-2,037.2						6,837.0
	Tax C/F	2,460.7	5,242.8	5,667.2	5,896.1	6,384.5
	Tax rate	20.5	30.8	37.3	36.1	35.1						37.3					37.3	37.3	37.3	37.3	37.3
	Checkbox selection tax prov

	Item		2024E	2025E	2026E	2027E	2028E	2029E	Your Comments
ASSETS
1	Placements with banks	YoY%

Income Statement
Balance Sheet

Income Statement (Rs. Millions)		2021	2022	2023	J- M 2024	A- J 2024	4Q23	1Q24	2Q24	3Q24E	4Q24E	2024	1Q25E	2Q25E	3Q25E	4Q25E	2025E	2026E	2027E	2028E	2029E
1. Interest Income		28,657.3	54,308.3	70,558.0	16,878.9	15,740.2	17,936.7	17,587.4
2. Interest Expenses		14,579.6	25,007.3	35,607.1	7,786.8	6,777.4
3. Net Interest Expenses		14,077.6	29,301.0	34,950.9	9,092.1	8,962.8	8811.0	8733.2
4. Fee and Commission Income		6,669.8	7,738.0	8,334.6	2,235.4	2,378.0
5. Fee and Commission Expenses		529.5	943.5	1,234.1	141.8	102.2
6. Other Operating Income		3,051.4	2,771.9	2,980.3	712.6	1,361.4
7. Total Operating Income		23,269.4	38,867.3	45,031.6	11,898.2	12,600.0
8. Impairment Charges		3,742.2	13,842.2	7,500.0	558.3	420.0	854.6	1567.7
9. Net Operating Income		19,527.2	25,025.1	37,531.6	11,339.9	12,180.1	10320.6	10230.4
10. Operating Expenses		9,121.9	11,558.8	14,079.0	3,852.8	3,917.1
11. Operating Profit Before Taxes on Financial Services		10,405.3	13,466.3	23,452.7	7,487.1	8,262.9	6814.0	6686.9
12. VAT on Financial Services		1,985.4	3,021.1	5,144.9	1,576.2	1,716.7	1448.4	1371.1
13. Social Security Contribution Levy		0.0	0.0	0.0	0.0	0.0	0	0
6. Depreciation					nan	nan
Other Operating Expenses					624.3	1,145.8			nan
8. Operating Income					11,175.2	11,798.1
9. Interest Expenses					nan	nan
10. Interest Income					nan	nan
14. Other (Exp.)/Inc.		0.0	0.0	0.0	0.0	0.0	0	0	-	-
15. Profit Before Tax		8,419.9	10,445.2	18,307.8	5,910.9	6,546.2	5365.5	5315.8
16. Tax Expenses		1,726.3	3,217.2	6,837.0	2,134.8	2,296.5	2039.7	1996.4
13. Profit After Tax	11-12=13	0.0	0.0	0.0	0.0	0.0
14. Other	User Input
17. Net Income		6,693.5	7,228.0	11,470.9	3,776.1	4,249.7	3325.8	3319.4

Cash Flow Statement	1Q24	2Q24	3Q24E	4Q24E	FY24E
1. Profit Before Tax	5365.5	5315.8
2. Depreciation	nan	nan
3. Change in Working Capital	nan	nan
4. Income Tax Paid	nan	nan
Other	nan	nan			nan
5. Net Cash Flow from / (used in) Operating Activities	nan	nan
6. Capital Expenditure	1448.4	1371.1
Other	nan	nan			nan
7. Cash Flows from Investing Activities	nan	nan
8. Borrowings	nan	nan
9. Debt Repayments	nan	nan
Other	nan	nan			nan
10. Net Cash flows from / (used in) Financing Activities	nan	nan
Other	nan	nan			nan
11. Net Increase/(Decrease) in Cash and Cash Equivalents	42441.8	50255.8
12. Cash and CE at Start	nan	nan	3Q	4Q	nan

Balance Sheet (Rs. Millions)	Notes	2021	2022	2023	Mar 2024	Jun 2024	3Q24E	4Q24E	2024E	1Q25E	2Q25E	3Q25E	4Q25E	2025E	2026E	2027E	2028E	2029E
Total Assets
Cash and Cash Equivalents	50255.8	13,427.5	58,747.8	40,179.8	24,030.9	23,335.6
Balances with Central Bank of Sri Lanka		6,915.2	6,074.3	2,683.9	2,035.3	2,330.4	2330.4	2330.4	2,330.4	2,330.4	2,330.4	2,330.4	2,330.4	2,330.4	2,330.4	2,330.4	2,330.4	2,330.4
Placements with banks		0.0	0.0	0.0	0.0	0.0
Reverse repurchase agreements		3,001.4	1,502.3	1,502.2	0.0	0.0
Derivative financial instruments		472.9	102.7	3.7	34.6	413.6	413.6	413.6	413.6	413.6	413.6	413.6	413.6	413.6	413.6	413.6	413.6	413.6
Financial assets recognised through profit or loss – measured at fair value		6,150.5	3,733.8	10,934.1	16,176.0	12,085.1
Financial assets at amortised cost – Loans and advances to other customers		247,441.4	241,241.1	270,944.8	268,174.7	275,120.8
Financial assets at amortised cost – Debt and other financial instruments		26,140.3	59,928.3	97,357.8	89,858.5	91,386.6
Financial assets - fair value through other comprehensive income		67,520.8	30,349.5	79,922.9	80,955.9	81,091.7
1. Property Plant and Equipment - Net Book value
Investment in subsidiaries		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
nan		nan	nan	2.0	0.0	0.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0
Property, plant & equipment		3,298.2	3,495.0	3,500.4	3,468.7	3,465.6	3,465.6	3,465.6	3,465.6	3,465.6	3,465.6	3,465.6	3,465.6	3,465.6	3,465.6	3,465.6	3,465.6	3,465.6
nan		nan	nan	2.0	3.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0
Intangible Assets		1,175.2	1,285.7	1,353.9	1,344.2	1,374.9	1,374.9	1,374.9	1,374.9	1,374.9	1,374.9	1,374.9	1,374.9	1,374.9	1,374.9	1,374.9	1,374.9	1,374.9
Right of Use (ROU) Assets		1,351.2	1,311.7	1,229.1	1,226.6	1,264.1	1,264.1	1,264.1	1,264.1	1,264.1	1,264.1	1,264.1	1,264.1	1,264.1	1,264.1	1,264.1	1,264.1	1,264.1
nan		nan	nan	nan	nan	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
nan		nan	nan	nan	nan	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred tax assets		610.7	3,771.8	3,143.9	2,853.6	3,177.0	3,177.0	3,177.0	3,177.0	3,177.0	3,177.0	3,177.0	3,177.0	3,177.0	3,177.0	3,177.0	3,177.0	3,177.0
Other assets		2,046.5	3,400.0	3,377.8	3,333.7	3,639.2	3,639.2	3,639.2	3,639.2	3,639.2	3,639.2	3,639.2	3,639.2	3,639.2	3,639.2	3,639.2	3,639.2	3,639.2
7. Non Current Assets
8. Inventories	From OA 2ii
9. Trade and Other Receivables	From OA 2i
10. Prepayments	From OA 2iii
14. Cash and Cash Equivalents	From CFS 13
15. Current Assets
Total Assets		379,551.9	414,944.0	516,138.4	493,498.6	498,692.5
Equities and Liabilities
Due to banks		2,016.1	3,989.2	49,681.7	49,681.7	17,994.3
Derivative financial instruments		165.7	39.5	658.7	1,785.0	384.8	384.8	384.8	384.8	384.8	384.8	384.8	384.8	384.8	384.8	384.8	384.8	384.8
Securities sold under repurchase agreements		9,429.2	3,862.0	6,631.3	6,631.3	15,565.1
Financial liabilities at amortised cost – due to depositors		267,988.3	297,253.1	347,768.6	347,768.6	351,057.4
Financial liabilities at amortised cost – other borrowings		35,305.3	33,532.8	18,500.4	18,500.4	13,441.7
- due to debt securities holders		12,352.9	12,355.1	8,686.3	8,686.3	9,136.1
Retirement benefit obligation		842.0	953.7	1,250.9	1,315.2	1,383.2	1,383.2	1,383.2	1,383.2	1,383.2	1,383.2	1,383.2	1,383.2	1,383.2	1,383.2	1,383.2	1,383.2	1,383.2
Dividend payable		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Current tax liabilities		2,460.7	5,242.8	5,667.2	5,896.1	6,384.5	6,384.5	6,384.5		6,384.5	6,384.5	6,384.5	6,384.5
Deferred tax liabilities		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other liabilities		8,832.7	11,675.2	16,163.0	15,462.2	14,298.1
Subordinated liabilities		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total Liabilities		339,392.9	368,903.3	455,008.2	428,483.2	429,645.2
Equity
Stated capital		9,408.1	10,401.4	11,426.9	12,106.3	12,106.3	12,106.3	12,106.3	12,106.3	12,106.3	12,106.3	12,106.3	12,106.3	12,106.3	12,106.3	12,106.3	12,106.3	12,106.3
Statutory reserve fund		1,882.1	2,228.5	2,783.8	2,783.8	2,783.8	2,783.8	2,783.8	2,783.8	2,783.8	2,783.8	2,783.8	2,783.8	2,783.8	2,783.8	2,783.8	2,783.8	2,783.8
Reserves		-503.4	0.1	3,908.3	4,934.2	4,714.3	4,714.3	4,714.3	4,714.3	4,714.3	4,714.3	4,714.3	4,714.3	4,714.3	4,714.3	4,714.3	4,714.3	4,714.3
Retained earnings		28,072.9	32,026.9	41,623.4	43,801.4	48,051.1	48,051.1	48,051.1	48,051.1	48,051.1	48,051.1	48,051.1	48,051.1	48,051.1	48,051.1	48,051.1	48,051.1	48,051.1
Other reserves	=1,383.8	1,299.3	1,383.8	1,383.8	1,383.8	1,383.8
Equity attributable to equity holders of parent		40,159.0	46,040.7	61,126.1	65,009.5	69,039.3
Non-controlling interest		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total Equity		40,159.0	46,040.7	61,126.1	65,009.5	69,039.3
7. Long Term Debt	From OA 3iv
10. Non Current Liabilities
11. Current Maturities of Long Term Debt
12.Trade Payables	From OA 2iv
Total Liabilities (TL)		12,106.3	12,106.3	12,106.3	12,106.3	12,106.3	12,106.3	12,106.3	12,106.3	12,106.3	12,106.3	12,106.3	12,106.3
14.Income Tax Liabilities	From OA 5v
15. Other	From OA 2v
Current Liabilities
Total Equity and Liabilities		379,551.9	414,944.0	516,134.4	493,492.6	498,684.5
Net Asset Value per Share		0.0	0.0	191.2	199.3	211.7			191.2					191.2	191.2	191.2	191.2	191.2
Number of Shares (Millions)		301,510.3	0.0	319.6	326.2	326.2			326.2					326.2	326.2	326.2	326.2	326.2

Valuation

Residual Income Method

Rs. Millions	Notes	Jan to June 2024	Jul to Dec 2024E	2027E	2028E	2029E
1. Profit for the year		8,025.8
2. Cost of Equity
3. Average Shareholder Funds
4. Cost of Equity Charge
5. Return in Excess of Cost of Equity
6. Terminal Value
10. Time for discount rate				0.5	1.5	2.5	3.5	4.5	5.5
7. Discount factor
8. Present Value of Excess Returns
9. Sum of Present Value of Excess Returns
10. Book Value			69,039.3
11. Equity Value
12. Number of Shares			326.2
13.Price per share (Rs.)
5. Capital Expenditure	From CA 4
6. Changes in Working Capital	From OA 2
7. Free Cash Flow	1+2+3+4+5+6=7
9. Total Free Cash Flow	7+8=9

13. Net (Debt)/Cash	Calculation
14. Pension Underfunding	From BS
15. Other	User input cell
16. Other	User input cell

Justified Mid Cycle P/BV Multiple Method

	Symbol		User Input	Reference	Source for Reference
1. Risk Free Rate	Rf		%	11.5%	SL 10yr bond yield
2. Market Return	Rm		%	11.0%	ASPI 5 year average return
3. Beta	B		%	125.0%	CSE
8. Cost of Equity	Ke	1+(3*4)=8		25.0%
4. Mid Cycle Cost of Equity	Ke	1+(3*(2-1))=4
5. Sustainable Earnings Growth Rate			%	5.0%
6. Sustainable ROE	ROE		%	11.0%	3 year Average
7. Book Value per Share in Year 5	BVPS				FY29E
8. Justified Mid Cycle P/BV multiple		(6-5)/4-5)
9. Estimated Target Price		8*7=9
10. Discounted Target Price		9/(1+4)^5)

	Symbol		User Input	Reference	Source for Reference
2. Long term cost of debt	Kd		%	25.0%	Weighted avg. int. rate
3. Equity risk premium	Rp		%	10.0%	External Source
5.Tax Rate	t		%	30.0%	SL tax rate
6. Debt Weighting	Wd		%	50.0%
7. Equity Weighting	We		%	50.0%
8. Cost of Equity	Ke	1+(3*4)=8		25.0%
9. WACC	Dr	(6(2(1-5)))+(7*8)=9		21.0%

	Notes	Price to Earnings	Price to Book Value	Price to Sales	EV to EBITDA
1. Earnings/Book Value/Sales/EBITDA
2. Adjusted Multiple
3. Valuation (Rs.)	1*2=3

Peer Multiples	Notes	Price to Earnings	Price to Book Value	Price to Sales	EV to EBITDA
1. Deutsche Post		15	2.5	1.8	10
2. Kuehne + Nagel International		12	1.8	1.5	8
3. Expeditors International		18	3.0	2.0	12
4.FedEx Corporation		14	2.2	1.6	9
5.CH Robinson Worldwide		16	2.8	1.9	11
6.Average	1+2+3+4+5=6
7. Adjustment
8. Adjusted Multiple	7+8=9

Date	Research Organisation	Recommendation	Target Price (Rs.)
nan	nan	nan	nan

Valuation

Residual Income Method

Justified Mid Cycle P/BV Multiple Method

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