State Bank of India share price target

We maintain a BUY on the stock with a revised target price of Rs 720/share (SOTP basis core book at 1.3x FY24E and subsidiaries at Rs 211).

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SBIN reported another strong quarter, with PAT up 62% YoY to INR84.3b (4% beat), aided by steady NII growth and controlled provisions, as asset quality showed remarkable strength. GNPA/NNPA ratio improved by 40bp/18bp QoQ to 4.5%/1.3% as slippages subsided to INR25.8b (37bp annualized). Restructured book...

SBIN has demonstrated a strong improvement in asset quality, with GNPAs declining by 43% over the past three years, while PCR increased to 68% currently from 40% four years back. Fresh slippages moderated sharply to 1.2% in FY21 (2.5% in 1QFY22), lower v/s many of its private peers. AUCA book stood at INR1.72t higher than the GNPL pool, with recoveries in the 611% range. Over the past five years, the bank has recovered ~INR400b from the AUCA book. We expect the recovery trends to continue as the IBC process gains pace after a long pause due to the COVID-19 restrictions. SBIN appears well positioned to report strong uptick in earnings, led by moderation...

State Bank of India is India's largest bank. The bank operates 22,224 branches globally and has a vast network of 63,906 ATMs/CDMs. It provides a wide range of financial services, such as insurance, credit cards and asset...

We believe normalization in credit costs and improved growth outlook should lead to double-digit ROEs of 13-15% by FY22-23E. We maintain Buy on the stock with a revised target price of Rs 555 (SOTP basis core book at 1.1x and subsidiaries at Rs 162).

Gaining momentum in earnings; asset quality outlook strong Motilal Oswal values your support in the Asiamoney Brokers Poll 2021 for India Research, Sales, Corporate Access and...

State Bank of India is India's largest bank. The bank operates 22,219 branches globally and has a vast network of 62,617 ATMs/CDMs. It provides a wide range of financial services, such as insurance, credit cards and asset...

We maintain a Buy on the stock with a revised target price of Rs 510/share (SOTP basis core book at 1.1x and subsidiaries at Rs 152), implying an upside of 27% from CMP.