State Bank of India (Q2 FY14)

India Infoline News Service | Mumbai |

With SBI’s RoA delivery estimated to trend below that of PNB and BOB over FY14/15, its valuation premium is likely to contract over the medium term.

CMP Rs1,705, Target Rs1,582, Downside 7.2%
  • Domestic loan growth was sturdy at 19% yoy 

  • NIM improved marginally; medium term outlook remains weak though 

  • Fee growth improves; C/I ratio deteriorates sharply on higher opex

  • Slippages came-in lower than expectations but fresh restructuring was substantial 

  • Valuation and earnings to remain under pressure; retain MP rating

Result table
(Rs mn)
Q2 FY14
Q1 FY14
% qoq
Q2 FY13
% yoy
Total Interest Income
339,221
317,183
6.9
296,068
14.6
Interest expended
(216,707)
(202,065)
7.2
(186,330)
16.3
Net Interest Income
122,514
115,119
6.4
109,738
11.6
Other income
32,778
44,743
(26.7)
33,466
(2.1)
Total Income
155,292
159,862
(2.9)
143,205
8.4
Operating expenses
(92,175)
(84,349)
9.3
(69,668)
32.3
Provisions
(30,287)
(28,659)
5.7
(18,256)
65.9
PBT
32,830
46,854
(29.9)
55,280
(40.6)
Tax
(9,079)
(14,443)
(37.1)
(18,699)
(51.4)
Reported PAT
23,751
32,411
(26.7)
36,581
(35.1)
EPS
138.9
189.5
(26.7)
218.1
(36.3)

(Rs mn)
Q2 FY14
Q1 FY14
% qoq
Q2 FY13
% yoy
NIM (%) – Overall
3.2
3.2
0.0
3.5
(0.3)
NIM (%) - International
3.5
3.4
0.0
3.8
(0.3)
NIM (%) - Domestic
1.5
1.5
0.0
1.6
(0.1)
Yield on Adv (%)
10.2
10.1
0.1
10.9
BSE 321.30 8.55 (2.73%)
NSE 321.00 8.75 (2.80%)

***Note: This is a NSE Chart

 

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