Company Overview - Sampathbank

Sampathbank

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%	208.8
Reverse repurchase agreements	YoY%	-98.5
Financial assets recognised through profit or loss – measured at fair value	YoY%	0.4
Financial assets at amortised cost – Loans and advances to other customers	YoY%	-6.3
Financial assets at amortised cost – Debt and other financial instruments	YoY%	31.5
Financial assets - fair value through other comprehensive income	YoY%	0
LIABILITIES		2024 to 2029
Due to banks	YoY%	13.7
Securities sold under repurchase agreements	YoY%	0
Financial liabilities at amortised cost – due to depositors	YoY%	14.5
Financial liabilities at amortised cost – other borrowings	YoY%	-27.7
- due to debt securities holders	YoY%	-7.6
REVENUE		2024 to 2029
Interest Income	- % Avg Int. Earning Assets	16.3
Fee & commission income	- YoY%	3.8
Other Operating Income	- YoY%	-97.3
COSTS		2024 to 2029
Interest Expense	- as a % Avg Int. Earning Liabilities	10.8
Fee & Commission Expenses	% of Fee & Commission Income	17.1
Impairment Charge
Other Operating Expenses	Cost to Operating Income ratio	36.6
VAT on financial services	- as a % of Gross Income	3.4
Social Security Levy	- as a % of Gross Income	0.5
Tax rate	%	42.6

	Rs. (Millions)	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24	2024E	2025E	2026E	2027E	2028E	2029E
1	Placements with banks	2,739.5	10,927.2	33,741.3	28,064.7	16,220.1	10927.2	30914.4	47636.4
	YoY%	-15.1%	298.9%	208.8%	7.2%	-47.5%	298.9%	0%	0%
SCO1	Placements with banks	2,739.5	10,927.2	33,741.3	28,064.7	16,220.1
	LY YoY%	-15.1%	298.9%	208.8%	7.2%	-47.5%				208.8%	208.8%	208.8%	208.8%	208.8%	208.8%
SCO3	Placements with banks	2,739.5	10,927.2	33,741.3	28,064.7	16,220.1
	FL YoY%	-15.1%	298.9%	208.8%	7.2%	-47.5%				208.8%	208.8%	208.8%	208.8%	208.8%	208.8%

2	Reverse repurchase agreements	4,861.9	10,299.6	150.4	196.6	1,573.2	10299.6	4778.6	1233.4
	YoY	-22.0%	111.8%	-98.5%	-97.4%	-67.1%	111.8%	0%	0%
SCO1	Reverse repurchase agreements	4,861.9	10,299.6	150.4	196.6	1,573.2
	LY YoY%	-22.0%	111.8%	-98.5%	-97.4%	-67.1%				-98.5%		-98.5%	-98.5%	-98.5%	-98.5%	-98.5%
SCO3	Reverse repurchase agreements	4,861.9	10,299.6	150.4	196.6	1,573.2
	FL YoY%	-22.0%	111.8%	-98.5%	-97.4%	-67.1%				-98.5%	-98.5%	-98.5%	-98.5%	-98.5%	-98.5%

3	Financial assets recognised through profit or loss – measured at fair value	3,907.7	4,822.4	4,841.3	7,089.5	3,579.7	4822.4	8802.8	8609.9
	YoY	-58.0%	23.4%	0.4%	183.0%	-59.3%	23.4%	0%	0%
SCO1	Financial assets recognised through profit or loss – measured at fair value	3,907.7	4,822.4	4,841.3	7,089.5	3,579.7
	LY YoY%	-58.0%	23.4%	0.4%	183.0%	-59.3%				0.4%		0.4%	0.4%	0.4%	0.4%	0.4%
SCO3	Financial assets recognised through profit or loss – measured at fair value	3,907.7	4,822.4	4,841.3	7,089.5	3,579.7
	FL YoY%	-58.0%	23.4%	0.4%	183.0%	-59.3%				0.4%	0.4%	0.4%	0.4%	0.4%	0.4%

4	Financial assets at amortised cost – Loans and advances to other customers	795,804.4	839,976.7	787,355.7	807,473.2	821,943.0	839976.7	810840.2	778664.2
	YoY	5.8%	5.6%	-6.3%	-0.9%	1.4%	5.6%	0%	0%
SCO1	Financial assets at amortised cost – Loans and advances to other customers	795,804.4	839,976.7	787,355.7	807,473.2	821,943.0
	LY YoY%	5.8%	5.6%	-6.3%	-0.9%	1.4%				-6.3%		-6.3%	-6.3%	-6.3%	-6.3%	-6.3%
SCO3	Reverse repurchase agreements	795,804.4	839,976.7	787,355.7	807,473.2	821,943.0
	FL YoY%	5.8%	5.6%	-6.3%	-0.9%	1.4%				-6.3%	-6.3%	-6.3%	-6.3%	-6.3%	-6.3%

5	Financial assets at amortised cost – Debt and other financial instruments	294,667.2	284,237.7	373,899.8	402,698.6	377,668.6	284237.7	315952.1	327548.4
	YoY	7.1%	-3.5%	31.5%	52.6%	19.5%	-3.5%	0%	0%
SCO1	Financial assets at amortised cost – Debt and other financial instruments	294,667.2	284,237.7	373,899.8	402,698.6	377,668.6
	LY YoY%	7.1%	-3.5%	31.5%	52.6%	19.5%				31.5%		31.5%	31.5%	31.5%	31.5%	31.5%
SCO3	Financial assets at amortised cost – Debt and other financial instruments	294,667.2	284,237.7	373,899.8	402,698.6	377,668.6
	FL YoY%	7.1%	-3.5%	31.5%	52.6%	19.5%				31.5%	31.5%	31.5%	31.5%	31.5%	31.5%

6	Financial assets - fair value through other comprehensive income	43,004.2	32,773.0	216,022.4	291,421.9	338,292.2	32773.0	105989.1	165987.3
	YoY	77.4%	-23.8%	0%	430.2%	219.2%	-23.8%	0%	0%
SCO1	Financial assets - fair value through other comprehensive income	43,004.2	32,773.0	216,022.4	291,421.9	338,292.2
	LY YoY%	77.4%	-23.8%	0%	430.2%	219.2%				0%		0%	0%	0%	0%	0%
SCO3	Financial assets - fair value through other comprehensive income	43,004.2	32,773.0	216,022.4	291,421.9	338,292.2
	FL YoY%	77.4%	-23.8%	0%	430.2%	219.2%				0%	0%	0%	0%	0%	0%

7	Average Interest Earning Assets (AIEA)	1,107,779.9	1,164,010.7	1,299,523.8	1,353,496.5	1,418,277.0	1164010.7	638638.6	664839.8
SC01	Average Interest Earning Assets (AIEA)	1,107,779.9	1,164,010.7	1,299,523.8	1,353,496.5	1,418,277.0	1164010.7	638638.6	664839.8
SC03	Average Interest Earning Assets (AIEA)	1,107,779.9	1,164,010.7	1,299,523.8	1,353,496.5	1,418,277.0	1164010.7	638638.6	664839.8

	Period	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24
8	Interest Earning Assets (IEA)	1,144,984.9	1,183,036.6	1,416,010.9	1,536,944.6	1,559,276.8	1183036.6	1277277.2	1329679.6
	YoY%
SC01	Interest Earning Assets (IEA)	1,144,984.9	1,183,036.6	1,416,010.9	1,536,944.6	1,559,276.8	1183036.6	1277277.2	1329679.6
	YoY%
SC01	Interest Earning Assets (IEA)	1,144,984.9	1,183,036.6	1,416,010.9	1,536,944.6	1,559,276.8	1183036.6	1277277.2	1329679.6
	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	31,532.3	15,255.2	17,344.8	22,445.6	23,714.4	15255.2	11823.8	18835.7
	YoY%	-26.5%	-51.6%	13.7%	104.5%	100.6%	-51.6%	0%	0%/td>
SCO1	Due to banks	31,532.3	15,255.2	17,344.8	22,445.6	23,714.4
	YoY%	-26.5%	-51.6%	13.7%	104.5%	100.6%				13.7%	13.7%	13.7%	13.7%	13.7%	13.7%
SCO1	Due to banks	31,532.3	15,255.2	17,344.8	22,445.6	23,714.4
	YoY%	-26.5%	-51.6%	13.7%	104.5%	100.6%				13.7%	13.7%	13.7%	13.7%	13.7%	13.7%

2	Securities sold under repurchase agreements	4,157.7	2,283.3	34,438.1	43,916.4	38,381.5	2283.3	49743.9	33591.7
	YoY	80.2%	-45.1%	0%	125.9%	-22.8%	-45.1%	0%	0%
SC01	Securities sold under repurchase agreements	4,157.7	2,283.3	34,438.1	43,916.4	38,381.5
	YoY%	80.2%	-45.1%	0%	125.9%	-22.8%				0%	0%	0%	0%	0%	0%
SCO1	Securities sold under repurchase agreements	4,157.7	2,283.3	34,438.1	43,916.4	38,381.5
	YoY%	80.2%	-45.1%	0%	125.9%	-22.8%				0%	0%	0%	0%	0%	0%

3	Financial liabilities at amortised cost – due to depositors	994,317.6	1,115,155.9	1,276,551.0	1,343,031.5	1,365,601.8	1115155.9	1160706.5	1225169.7
	YoY	10.2%	12.2%	14.5%	23.8%	17.7%	12.2%	0%	0%
SC01	Financial liabilities at amortised cost – due to depositors	994,317.6	1,115,155.9	1,276,551.0	1,343,031.5	1,365,601.8
	YoY%	10.2%	12.2%	14.5%	23.8%	17.7%				14.5%	14.5%	14.5%	14.5%	14.5%	14.5%
SCO1	Financial liabilities at amortised cost – due to depositors	994,317.6	1,115,155.9	1,276,551.0	1,343,031.5	1,365,601.8
	YoY%	10.2%	12.2%	14.5%	23.8%	17.7%				14.5%	14.5%	14.5%	14.5%	14.5%	14.5%

4	Financial liabilities at amortised cost – other borrowings	14,434.1	9,173.9	6,637.1	6,476.5	6,610.5	9173.9	7400.8	7123.2
	YoY	-6.8%	-36.4%	-27.7%	-22.3%	-10.7%	-36.4%	0%	0%
SC01	Financial liabilities at amortised cost – other borrowings	14,434.1	9,173.9	6,637.1	6,476.5	6,610.5
	YoY%	-6.8%	-36.4%	-27.7%	-22.3%	-10.7%				-27.7%	-27.7%	-27.7%	-27.7%	-27.7%	-27.7%
SCO3	Financial liabilities at amortised cost – other borrowings	14,434.1	9,173.9	6,637.1	6,476.5	6,610.5
	YoY%	-6.8%	-36.4%	-27.7%	-22.3%	-10.7%				-27.7%	-27.7%	-27.7%	-27.7%	-27.7%	-27.7%

5	- due to debt securities holders	37,274.2	32,872.3	30,386.8	20,558.0	24,856.9	32872.3	34853.4	29527.0
	YoY	0.5%	-11.8%	-7.6%	-41.1%	-28.7%	-11.8%	0%	0%
SC01	- due to debt securities holders	37,274.2	32,872.3	30,386.8	20,558.0	24,856.9
	YoY%	0.5%	-11.8%	-7.6%	-41.1%	-28.7%				-7.6%	-7.6%	-7.6%	-7.6%	-7.6%	-7.6%
SCO3	- due to debt securities holders	37,274.2	32,872.3	30,386.8	20,558.0	24,856.9
	YoY%	0.5%	-11.8%	-7.6%	-41.1%	-28.7%				-7.6%	-7.6%	-7.6%	-7.6%	-7.6%	-7.6%

6	Average Interest bearing Liabilities (AIBL)	1,040,997.4	1,128,228.2	1,270,049.2	1,297,467.0	1,361,846.8	1128228.2	632264.2	657123.6
6	Average Interest bearing Liabilities (AIBL)	1,040,997.4	1,128,228.2	1,270,049.2	1,297,467.0	1,361,846.8	1128228.2	632264.2	657123.6
6	Average Interest bearing Liabilities (AIBL)	1,040,997.4	1,128,228.2	1,270,049.2	1,297,467.0	1,361,846.8	1128228.2	632264.2	657123.6

7	Interest bearing Liabilities (IBL)	1,081,715.9	1,174,740.5	1,365,357.8	1,436,428.0	1,459,165.2	1174740.5	1264528.4	1314247.2
7	Interest bearing Liabilities (IBL)	1,081,715.9	1,174,740.5	1,365,357.8	1,436,428.0	1,459,165.2	1174740.5	1264528.4	1314247.2
7	Interest bearing Liabilities (IBL)	1,081,715.9	1,174,740.5	1,365,357.8	1,436,428.0	1,459,165.2	1174740.5	1264528.4	1314247.2

	Rs. Millions	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24	2024E	FY25E	FY26E	FY27E	FY28E	FY29E
1	Interest Income	92,427.9	164,775.7	212,458.6	51,042.0	48,484.2	164,775.7	52696.7	54970.7
	- % Avg Int. Earning Assets	8.3%	14.2%	16.3%	3.8%	3.4%	14.2%	8.3%	8.3%
SC01	Interest Income	92,427.9	164,775.7	212,458.6	51,042.0	48,484.2	164,775.7	52696.7	54970.7
	- % Avg Int. Earning Assets	8.3%	14.2%	16.3%	3.8%	3.4%	14.2%	8.3%	8.3%	16.3%	16.3%	16.3%	16.3%	16.3%	16.3%
SC03	Interest Income	92,427.9	164,775.7	212,458.6	51,042.0	48,484.2	164,775.7	52696.7	54970.7
	- % Avg Int. Earning Assets	8.3%	14.2%	16.3%	3.8%	3.4%	14.2%	8.3%	8.3%	16.3%	16.3%	16.3%	16.3%	16.3%	16.3%

	Period	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24	2024E	2025E	2026E	2027E	2028E	2029E
2	Interest Expense	46,909.7	88,733.6	137,015.7	29,479.0	26,642.0	88,733.6	36,064.5	35,159.4
	- as a % Avg Int. Earning Liabilities	4.5%	7.9%	10.8%	2.3%	2.0%	7.9%	5.7%	5.4%
SC01	Interest Expense	46,909.7	88,733.6	137,015.7	29,479.0	26,642.0	88,733.6	36,064.5	35,159.4
	- as a % Avg Int. Earning Liabilities	4.5%	7.9%	10.8%	2.3%	2.0%				10.8%	10.8%	10.8%	10.8%	10.8%	10.8%
SC03	Interest Expense	46,909.7	88,733.6	137,015.7	29,479.0	26,642.0	88,733.6	36,064.5	35,159.4
	- as a % Avg Int. Earning Liabilities	4.5%	7.9%	10.8%	2.3%	2.0%				10.8%	10.8%	10.8%	10.8%	10.8%	10.8%

	Period	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24
3	Net Interest income	45,518.2	76,042.1	75,442.9	21,563.0	21,842.2	76042.1	16632.2	19811.4
	- as a % AIEA	4.1%	6.5%	5.8%	1.6%	1.5%	6.5%	2.6%	3.0%
3	Net Interest income	45,518.2	76,042.1	75,442.9	21,563.0	21,842.2	76042.1	16632.2	19811.4
	- as a % AIEA	4.1%	6.5%	5.8%	1.6%	1.5%	6.5%	2.6%	3.0%

	Period	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24	2024E	2025E	2026E	2027E	2028E	2029E
4	Fee & commission income	14,237.0	22,685.7	23,544.8	5,795.7	5,492.2	22685.7	5360.8	6017.4
	- YoY%	38.6%	59.3%	3.8%	-10.4%	2.5%	59.3%	nan%	nan%
4	Fee & commission income	14,237.0	22,685.7	23,544.8	5,795.7	5,492.2	22685.7	5360.8	6017.4
	- YoY%	38.6%	59.3%	3.8%	-10.4%	2.5%	59.3%	nan%	nan%	3.8%	3.8%	3.8%	3.8%	3.8%	3.8%
4	Fee & commission income	14,237.0	22,685.7	23,544.8	5,795.7	5,492.2	22685.7	5360.8	6017.4
	- YoY%	38.6%	59.3%	3.8%	-10.4%	2.5%	59.3%	nan%	nan%	3.8%	3.8%	3.8%	3.8%	3.8%	3.8%

	Period	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24	2024E	2025E	2026E	2027E	2028E	2029E
5	Other Operating Income	6,410.2	18,540.9	501.0	-3,454.0	2,445.2	18,540.9	-512.8	3226.7
	- YoY%	49.4%	189.2%	-97.3%	40.5%	-576.8%	189.2%	nan%	nan%
SC01	Other Operating Income	6,410.2	18,540.9	501.0	-3,454.0	2,445.2	18,540.9	-512.8	3226.7
	- YoY%	49.4%	189.2%	-97.3%	40.5%	-576.8%				-97.3%	-97.3%	-97.3%	-97.3%	-97.3%	-97.3%
SC03	Other Operating Income	6,410.2	18,540.9	501.0	-3,454.0	2,445.2	18,540.9	-512.8	3226.7
	- YoY%	49.4%	189.2%	-97.3%	40.5%	-576.8%				-97.3%	-97.3%	-97.3%	-97.3%	-97.3%	-97.3%

	Period	2021	2022	2023	J-M 2024	M-J 2024	4Q23	1Q24	2Q24
6	Gross Income (GI)	113,075.1	206,002.3	236,504.5	53,383.6	56,421.5
	- YoY%	nan	82.2	14.8	-5.2	-2.0
SC01	Gross Income (GI)	113,075.1	206,002.3	236,504.5	53,383.6	56,421.5	206002.3	57544.6	64214.8
	- YoY%	nan	82.2	14.8	-5.2	-2.0
SC03	Gross Income (GI)	113,075.1	206,002.3	236,504.5	53,383.6	56,421.5	206002.3	57544.6	64214.8
	- YoY%	nan	82.2	14.8	-5.2	-2.0

	Period	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24	2024E	FY25E	FY26E	FY27E	FY28E	FY29E
1	Fee & Commission Expenses	1,766.0	2,500.9	4,025.9	1,197.4	1,093.7	2500.9	849.1	952.6
	% of Fee & Commission Income	12.4%	11.0%	17.1%	20.7%	19.9%	11.0%	15.8%	15.8%
SC01	Fee & Commission Expenses	1,766.0	2,500.9	4,025.9	1,197.4	1,093.7	2500.9	849.1	952.6
	% of Fee & Commission Income	12.4%	11.0%	17.1%	20.7%	19.9%	11.0%	15.8%	15.8%	17.1%	17.1%	17.1%	17.1%	17.1%	17.1%
SC03	Fee & Commission Expenses	1,766.0	2,500.9	4,025.9	1,197.4	1,093.7	2500.9	849.1	952.6
	% of Fee & Commission Income	12.4%	11.0%	17.1%	20.7%	19.9%	11.0%	15.8%	15.8%	17.1%	17.1%	17.1%	17.1%	17.1%	17.1%

	Period	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24
2	Impairment Charge	18,559.2	62,908.1	20,209.6	nan	nan	62908.1	382.2	7298.1
	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	22,719.4	29,888.3	34,966.3	9,157.5	10,500.0	29888.3	9206.1	8672.7
	Total operating income (GI - Int. Exp)	64,399.4	114,767.8	95,462.9	22,707.2	28,685.8	114,767.8	20,631.0	28,102.9
	Cost to Operating Income ratio	35.3%	26.0%	36.6%	40.3%	36.6%	26.0%	44.6%	30.9%
SC01	Other Operating Expenses	22,719.4	29,888.3	34,966.3	9,157.5	10,500.0	29888.3	9206.1	8672.7
	Total operating income (GI - Int. Exp)	64,399.4	114,767.8	95,462.9	22,707.2	28,685.8	114,767.8	20,631.0	28,102.9
	Cost to Operating Income ratio	35.3%	26.0%	36.6%	40.3%	36.6%	26.0%	44.6%	30.9%	36.6%	36.6%	36.6%	36.6%	36.6%	36.6%
SC03	Other Operating Expenses	22,719.4	29,888.3	34,966.3	9,157.5	10,500.0
	Total operating income (GI - Int. Exp)	64,399.4	114,767.8	95,462.9	22,707.2	28,685.8
	Cost to Operating Income ratio	35.3%	26.0%	36.6%	40.3%	36.6%

	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	4,295.8	5,340.5	7,938.9	1,965.4	3,188.4	5340.5	2296.4	2387.0	0		00	0	00	0
	- as a % of Gross Income	3.8%	2.6%	3.4%	3.7%	5.7%	2.6%	4.0%	3.7%
SC01	VAT on financial services	4,295.8	5,340.5	7,938.9	1,965.4	3,188.4	5340.5	2296.4	2387.0	0		00	0	00	0
	Profit Before VAT and SSL	23,120.9	21,971.4	40,287.0	9,143.5	16,441.5
	- as a % of Gross Income	3.8%	2.6%	3.4%	3.7%	5.7%	2.6%	4.0%	3.7%		3.4%					3.4%	3.4%	3.4%	3.4%	3.4%
SC01	VAT on financial services	4,295.8	5,340.5	7,938.9	1,965.4	3,188.4	5340.5	2296.4	2387.0	0		00	0	00	0
	Profit Before VAT and SSL	23,120.9	21,971.4	40,287.0	9,143.5	16,441.5
	- as a % of Gross Income	3.8%	2.6%	3.4%	3.7%	5.7%	2.6%	4.0%	3.7%		3.4%					3.4%	3.4%	3.4%	3.4%	3.4%

	Period	2021	2022	2023	J-M 2024	A-J 2024	4Q23	1Q24	2Q24	4Q24E	1Q25E	2Q25E	3Q25E	4Q25E
5	Social Security Levy	0.0	236.3	1,146.6	273.0	442.8	236.3	318.1	331.5	0	00	0	00	0
	- as a % of Gross Income	0	0.1	0.5	0.5	0.8
SCO1	Social Security Levy	0.0	236.3	1,146.6	273.0	442.8	236.3	318.1	331.5	0	00	0	00	0
	%
SCO3	Social Security Levy	0.0	236.3	1,146.6	273.0	442.8	236.3	318.1	331.5	0	00	0	00	0
	%

	Fixed Assets - Cost	4Q23	1Q24	2Q24	3Q24E
1	Total Equity	nan	nan	1249	1252
	VAT on financial services	5340.5	2296.4	2387.0	222
	Equity funding of assets %	nan	nan	1252

	Depreciation	4Q23	1Q24	2Q24	3Q24E	4Q24E	1Q25E	2Q25E	3Q25E	4Q25E	FY26E	FY27E	FY28E	FY29E
1	Check	nan	nan	1255	1257
	nan	nan	nan	3.0
	nan	nan%	nan%	123400%
	nan	nan	nan	1257	111	111	111	111	111	111	111	111	111	111
	nan	nan	nan	1258

2	Working Capital

Period	4Q23	1Q24	2Q24
nan	nan	nan	41
nan	nan	nan	128300
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	40
	nan

	Period		4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
	nan		nan	nan	43
	nan		nan	nan	128500

	Period		4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
	nan		nan	nan	1216
	nan		nan	nan	128600

Period	4Q23	1Q24	2Q24
nan	nan	nan	1219
nan	nan	nan	128700
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	1263	1266
nan		nan	nan	1264
nan		nan	nan	1265
nan	i+ii-iii=iv	nan	nan	1266
nan		nan	nan	1267
nan	iv*vii=vi	nan	nan	1268
nan		nan	nan	126900	%	%	%	%	%	%	%	%	%	%

Interest Income	4Q23	1Q24	2Q24	3Q24E	4Q24E	1Q25E	2Q25E	3Q25E	4Q25E	FY26E	FY27E	FY28E	FY29E
nan	nan	nan	46
nan	nan	nan	0
nan	nan	nan	127100	%	%	%	%	%	%	%	%	%	%

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	18,825.1	16,394.6	31,201.5	6,905.2	12,810.3	16394.6	8428.3	9413.5
	Tax B/F	4,792.9	8,375.5	19,186.2	16,688.7	18,463.8	nan	nan	1275	1278		16,688.7
	Tax provision for the year	4,968.6	2,334.1	13,277.2	3,111.5	4,736.6	2334.1	3800.6	4321.3
	Tax paid	-3,788.4	-8,495.2	-14,934.3	-3,055.6	-2,884.9	-3021.7	0	0	4321.3		13,277.2
	Tax C/F	8,375.5	19,186.2	16,688.7	18,463.8	17,531.4	nan	nan	1278
	Tax rate	26.4	14.2	42.6	45.1	37.0	14.2	45.1	45.9	%	%	%	%	%	%	%	%	%	%	%	%
	* Historically showing selected rows only
SC01	Profit Before Tax
	Tax B/F	4,792.9	8,375.5	19,186.2	16,688.7	18,463.8						16,688.7
	Tax provision for the year	4,968.6	2,334.1	13,277.2	3,111.5	4,736.6
	Tax paid	-3,788.4	-8,495.2	-14,934.3	-3,055.6	-2,884.9						13,277.2
	Tax C/F	8,375.5	19,186.2	16,688.7	18,463.8	17,531.4
	Tax rate	26.4	14.2	42.6	45.1	37.0						42.6					42.6	42.6	42.6	42.6	42.6
SC03	Profit Before Tax
	Tax B/F	4,792.9	8,375.5	19,186.2	16,688.7	18,463.8						16,688.7
	Tax provision for the year	4,968.6	2,334.1	13,277.2	3,111.5	4,736.6
	Tax paid	-3,788.4	-8,495.2	-14,934.3	-3,055.6	-2,884.9						13,277.2
	Tax C/F	8,375.5	19,186.2	16,688.7	18,463.8	17,531.4
	Tax rate	26.4	14.2	42.6	45.1	37.0						42.6					42.6	42.6	42.6	42.6	42.6
	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		92,427.9	164,775.7	212,458.6	51,042.0	48,484.2	52,696.7	54,970.7
2. Interest Expenses		46,909.7	88,733.6	137,015.7	29,479.0	26,642.0
3. Net Interest Expenses		45,518.2	76,042.1	75,442.9	21,563.0	21,842.2	16632.2	19811.4
4. Fee and Commission Income		14,237.0	22,685.7	23,544.8	5,795.7	5,492.2
5. Fee and Commission Expenses		1,766.0	2,500.9	4,025.9	1,197.4	1,093.7
6. Other Operating Income		6,410.2	18,540.9	501.0	-3,454.0	2,445.2
7. Total Operating Income		64,399.4	114,767.8	95,462.9	22,707.2	28,685.8
8. Impairment Charges		18,559.2	62,908.1	20,209.6	4,406.2	1,744.2	382.2	7298.1
9. Net Operating Income		45,840.2	51,859.7	75,253.3	18,301.0	26,941.6	20248.8	20804.7
10. Operating Expenses		22,719.4	29,888.3	34,966.3	9,157.5	10,500.0
11. Operating Profit Before Taxes on Financial Services		23,120.9	21,971.4	40,287.0	9,143.5	16,441.5	11042.8	12132.1
12. VAT on Financial Services		4,295.8	5,340.5	7,938.9	1,965.4	3,188.4	2296.4	2387.0
13. Social Security Contribution Levy		0.0	236.3	1,146.6	273.0	442.8	318.1	331.5
6. Depreciation					nan	3.0
Other Operating Expenses					-512.8	3,226.7			nan
8. Operating Income					20,631.0	28,102.9
9. Interest Expenses					nan	1268
10. Interest Income					nan	0
14. Other (Exp.)/Inc.		0.0	0.0	0.0	0.0	0.0	0	0	-	-
15. Profit Before Tax		18,825.1	16,394.6	31,201.5	6,905.2	12,810.3	8428.3	9413.5
16. Tax Expenses		4,968.6	2,334.1	13,277.2	3,111.5	4,736.6	3800.6	4321.3
13. Profit After Tax	11-12=13	0.0	236.3	1,146.6	318.1	331.5
14. Other	User Input
17. Net Income		13,856.5	14,060.5	17,924.3	3,793.7	8,073.7	4627.7	5092.2

Cash Flow Statement	1Q24	2Q24	3Q24E	4Q24E	FY24E
1. Profit Before Tax	8428.3	9413.5
2. Depreciation	nan	3.0
3. Change in Working Capital	nan	nan
4. Income Tax Paid	nan	9
Other	nan	4			nan
5. Net Cash Flow from / (used in) Operating Activities	nan	10
6. Capital Expenditure	2296.4	2387.0
Other	nan	13			nan
7. Cash Flows from Investing Activities	nan	14
8. Borrowings	nan	15
9. Debt Repayments	nan	16
Other	nan	17			nan
10. Net Cash flows from / (used in) Financing Activities	nan	18
Other	nan	19			nan
11. Net Increase/(Decrease) in Cash and Cash Equivalents	80638.4	109441.8
12. Cash and CE at Start	nan	21	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	109441.8	23,027.6	79,344.6	79,530.2	46,719.0	44,985.1
Balances with Central Bank of Sri Lanka		30,874.6	31,579.2	14,463.9	16,671.0	19,212.9	19212.9	19212.9	19,212.9	19,212.9	19,212.9	19,212.9	19,212.9	19,212.9	19,212.9	19,212.9	19,212.9	19,212.9
Placements with banks		2,739.5	10,927.2	33,741.3	28,064.7	16,220.1
Reverse repurchase agreements		4,861.9	10,299.6	150.4	196.6	1,573.2
Derivative financial instruments		1,399.1	44.6	587.6	1,492.6	563.6	563.6	563.6	563.6	563.6	563.6	563.6	563.6	563.6	563.6	563.6	563.6	563.6
Financial assets recognised through profit or loss – measured at fair value		3,907.7	4,822.4	4,841.3	7,089.5	3,579.7
Financial assets at amortised cost – Loans and advances to other customers		795,804.4	839,976.7	787,355.7	807,473.2	821,943.0
Financial assets at amortised cost – Debt and other financial instruments		294,667.2	284,237.7	373,899.8	402,698.6	377,668.6
Financial assets - fair value through other comprehensive income		43,004.2	32,773.0	216,022.4	291,421.9	338,292.2
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
Investment in associates		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
Property, plant & equipment		16,337.5	19,067.4	19,960.6	20,013.7	20,443.5	20,443.5	20,443.5	20,443.5	20,443.5	20,443.5	20,443.5	20,443.5	20,443.5	20,443.5	20,443.5	20,443.5	20,443.5
Investment properties		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
Intangible assets		567.7	600.3	766.5	870.4	819.9	819.9	819.9	819.9	819.9	819.9	819.9	819.9	819.9	819.9	819.9	819.9	819.9
Right-of-use assets		3,031.8	3,265.8	3,152.7	3,281.4	3,546.2	3,546.2	3,546.2	3,546.2	3,546.2	3,546.2	3,546.2	3,546.2	3,546.2	3,546.2	3,546.2	3,546.2	3,546.2
Current tax receivables		4.2	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
Leaseed properties		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
Deferred tax assets		6,243.0	21,992.1	17,517.5	18,348.5	17,932.3	17,932.3	17,932.3	17,932.3	17,932.3	17,932.3	17,932.3	17,932.3	17,932.3	17,932.3	17,932.3	17,932.3	17,932.3
Other assets		16,162.3	28,389.0	35,386.0	36,880.6	29,227.1	29,227.1	29,227.1	29,227.1	29,227.1	29,227.1	29,227.1	29,227.1	29,227.1	29,227.1	29,227.1	29,227.1	29,227.1
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		1,242,632.6	1,367,319.6	1,587,376.0	1,681,221.7	1,696,007.2
Equities and Liabilities
Due to banks		31,532.3	15,255.2	17,344.8	22,445.6	23,714.4
Derivative financial instruments		607.9	1,449.4	1,498.8	6,928.8	3,830.5	3,830.5	3,830.5	3,830.5	3,830.5	3,830.5	3,830.5	3,830.5	3,830.5	3,830.5	3,830.5	3,830.5	3,830.5
Securities sold under repurchase agreements		4,157.7	2,283.3	34,438.1	43,916.4	38,381.5
Financial liabilities at amortised cost – due to depositors		994,317.6	1,115,155.9	1,276,551.0	1,343,031.5	1,365,601.8
Financial liabilities at amortised cost – other borrowings		14,434.1	9,173.9	6,637.1	6,476.5	6,610.5
- due to debt securities holders		37,274.2	32,872.3	30,386.8	20,558.0	24,856.9
Retirement benefit obligation		2,706.5	1,998.2	3,355.0	3,559.3	3,759.3	3,759.3	3,759.3	3,759.3	3,759.3	3,759.3	3,759.3	3,759.3	3,759.3	3,759.3	3,759.3	3,759.3	3,759.3
Dividend payable		148.0	187.1	212.6	7,070.3	313.7	313.7	313.7	313.7	313.7	313.7	313.7	313.7	313.7	313.7	313.7	313.7	313.7
Current tax liabilities		8,375.5	19,186.2	16,688.7	18,463.8	17,531.4	17,531.4	17,531.4		17,531.4	17,531.4	17,531.4	17,531.4
Deferred tax liabilities		979.8	1,465.7	1,465.1	1,465.1	1,465.1	1,465.1	1,465.1	1,465.1	1,465.1	1,465.1	1,465.1	1,465.1	1,465.1	1,465.1	1,465.1	1,465.1	1,465.1
Other liabilities		20,913.5	32,741.3	40,967.5	50,465.8	46,663.5
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		1,115,447.1	1,231,768.5	1,429,545.5	1,524,381.1	1,532,728.6
Equity
Stated capital		47,622.5	47,622.5	48,741.1	48,741.1	48,741.1	48,741.1	48,741.1	48,741.1	48,741.1	48,741.1	48,741.1	48,741.1	48,741.1	48,741.1	48,741.1	48,741.1	48,741.1
Reserves		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
Statutory reserve fund		5,315.0	6,033.0	6,929.0	6,929.0	6,929.0	6,929.0	6,929.0	6,929.0	6,929.0	6,929.0	6,929.0	6,929.0	6,929.0	6,929.0	6,929.0	6,929.0	6,929.0
Other reserves		60,381.2	68,330.9	85,448.6	87,525.4	85,889.7	85,889.7	85,889.7	85,889.7	85,889.7	85,889.7	85,889.7	85,889.7	85,889.7	85,889.7	85,889.7	85,889.7	85,889.7
Retained earnings	=21,030.7	13,866.8	13,564.7	16,711.7	13,645.1	21,718.8
Equity attributable to equity holders of parent		127,185.5	135,551.1	157,830.5	156,840.6	163,278.6
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		127,185.5	135,551.1	157,830.5	156,840.6	163,278.6
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)		48,741.1	48,741.1	48,741.1	48,741.1	48,741.1	48,741.1	48,741.1	48,741.1	48,741.1	48,741.1	48,741.1	48,741.1
14.Income Tax Liabilities	From OA 5v
15. Other	From OA 2v
Current Liabilities
Total Equity and Liabilities		1,242,632.6	1,367,319.6	1,587,376.0	1,681,221.7	1,696,007.2
Net Asset Value per Share		111.1	118.5	134.6	133.7	139.2			134.6					134.6	134.6	134.6	134.6	134.6
Number of Shares (Millions)		0.0	1,144.4	1,172.7	1,172.7	1,172.7			1,172.7					1,172.7	1,172.7	1,172.7	1,172.7	1,172.7

Valuation

Residual Income Method

Rs. Millions	Notes	Jan to June 2024	Jul to Dec 2024E	2027E	2028E	2029E
1. Profit for the year		11,867.4
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			163,278.6
11. Equity Value
12. Number of Shares			1,172.7
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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