SBI Q2 Results: Net interest income, the difference between interest earned and interest expended, grew by 10.7 percent year-on-year to Rs 31,183.90 crore in Q2FY22
SBI ATM
‘); $ (‘#lastUpdated_’+articleId).text(resData[stkKey][‘lastupdate’]); //if(resData[stkKey][‘percentchange’] > 0){ // $ (‘#greentxt_’+articleId).removeClass(“redtxt”).addClass(“greentxt”); // $ (‘.arw_red’).removeClass(“arw_red”).addClass(“arw_green”); //}else if(resData[stkKey][‘percentchange’] = 0){ $ (‘#greentxt_’+articleId).removeClass(“redtxt”).addClass(“greentxt”); //$ (‘.arw_red’).removeClass(“arw_red”).addClass(“arw_green”); $ (‘#gainlosstxt_’+articleId).find(“.arw_red”).removeClass(“arw_red”).addClass(“arw_green”); }else if(resData[stkKey][‘percentchange’] 0) { var resStr=”; var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .get( “//www.moneycontrol.com/mccode/common/rhsdata.html”, function( data ) { $ (‘#backInner1_rhsPop’).html(data); $ .ajax({url:url, type:”POST”, dataType:”json”, data:{q_f:typparam1,wSec:secglbVar,wArray:lastRsrs}, success:function(d) { if(typparam1==’1′) // rhs { var appndStr=”; var newappndStr = makeMiddleRDivNew(d); appndStr = newappndStr[0]; var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); // else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); glbbid=v.id; } }); } }); } else { AFTERLOGINCALLBACK = ‘pcSavePort(‘+param+’, ‘+call_pg+’, ‘+dispId+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function commonPopRHS(e) { /*var t = ($ (window).height() – $ (“#” + e).height()) / 2 + $ (window).scrollTop(); var n = ($ (window).width() – $ (“#” + e).width()) / 2 + $ (window).scrollLeft(); $ (“#” + e).css({ position: “absolute”, top: t, left: n }); $ (“#lightbox_cb,#” + e).fadeIn(300); $ (“#lightbox_cb”).remove(); $ (“body”).append(”); $ (“#lightbox_cb”).css({ filter: “alpha(opacity=80)” }).fadeIn()*/ $ (“#myframe”).attr(‘src’,’https://accounts.moneycontrol.com/mclogin/?d=2′); $ (“#LoginModal”).modal(); } function overlay(n) { document.getElementById(‘back’).style.width = document.body.clientWidth + “px”; document.getElementById(‘back’).style.height = document.body.clientHeight +”px”; document.getElementById(‘back’).style.display = ‘block’; jQuery.fn.center = function () { this.css(“position”,”absolute”); var topPos = ($ (window).height() – this.height() ) / 2; this.css(“top”, -topPos).show().animate({‘top’:topPos},300); this.css(“left”, ( $ (window).width() – this.width() ) / 2); return this; } setTimeout(function(){$ (‘#backInner’+n).center()},100); } function closeoverlay(n){ document.getElementById(‘back’).style.display = ‘none’; document.getElementById(‘backInner’+n).style.display = ‘none’; } stk_str=”; stk.forEach(function (stkData,index){ if(index==0){ stk_str+=stkData.stockId.trim(); }else{ stk_str+=’,’+stkData.stockId.trim(); } }); $ .get(‘//www.moneycontrol.com/techmvc/mc_apis/stock_details/?sc_id=’+stk_str, function(data) { stk.forEach(function (stkData,index){ $ (‘#stock-name-‘+stkData.stockId.trim()+’-‘+article_id).text(data[stkData.stockId.trim()][‘nse’][‘shortname’]); }); });
State Bank of India (SBI) share price rose nearly a percent on November 8 after the bank announced its September quarter earnings.
State Bank of India, the country’s largest lender, on November 3, reported highest-ever quarterly standalone profit at Rs 7,627 crore in the quarter ended September 2021, growing 66.7 percent YoY. Standalone profit in the corresponding quarter of last fiscal stood at Rs 4,574.16 crore.
Net interest income, the difference between interest earned and interest expended, grew by 10.7 percent year-on-year to Rs 31,183.90 crore in Q2FY22, with loan growth at 6.17 percent and domestic net interest margin expansion of 16 bps YoY at 3.5 percent (up 35 bps QoQ).
Catch all the market action on our live blog
Here is what brokerages have to say about the stock and the company post September quarter earnings:
Goldman Sachs
The research firm maintained a buy call with a target of Rs 739 per share as the earnings were in-line. It is well-positioned to deliver strong profitability over next few years, the brokerage added.
CLSA
The broking firm has a buy call on the stock with a target price of Rs 750 as the Q2 performance was a beat on most counts with core margin improving 15 bps QoQ.
The surprise continues, with RoEs now +15% with potential upsides.
The asset quality of SBI & large private peers indicate undershooting of credit costs from H2.
CLSA increase EPS estimates by 3-5% for FY23-24 & now expect 1% ROA & +15% RoE.
Macquarie
The research firm has kept outperform call with a target at Rs 580.
The asset quality outcomes are very encouraging to us, while weak credit growth is a concern.
Macquarie believes that the core price to book value is cheap.
Morgan Stanley
Morgan Stanley has kept overweight call with target raised to Rs 680
The Q2 was strong on asset quality/margin. As the macro cycle turns, we expect continued uplift to earnings.
PPoP growth will accelerate as growth/rate cycle turns.
Nomura
Brokerage house has maintained buy call with a target at Rs 650.
The peak in NIM and low net slippages are the key positives, while PPoP trend should correlate with loan growth hereon.
FY23F should reflect a normalised RoA & RoE at 0.9% & 16% respectively.
Arihant Capital
SBI has reported better outcome in terms of core performance and asset quality. Asset quality of the bank fared far better than other large private sector banks.
We continue to maintain our positive outlook and expect SBI to deliver RoA/RoE of 0.8%/13% by FY24E driven by strong liability franchise, healthy balance sheet growth along with high PCR and improving asset quality metrics.
SBI is currently trading at lower valuation of 1.4x FY24E P/ABV. We upgrade our rating on the stock to buy from accumulate with a revised target price of Rs 689 (Rs 533 earlier), valuing it on SOTP basis.
Motilal Oswal
SBI has reported a robust performance as it bravely fought off the COVID-19 impact and displayed remarkable resilience in asset quality performance.
The bank has been able to maintain a strong control on restructured assets at 1.2% of loans, while the SMA pool has declined sharply. We expect the slippage trajectory to moderate further (assuming there is no third COVID wave), while credit cost may undershoot the normal cyclical trends, though we are conservatively keeping credit cost at 1-1.1%.
SBI remains our conviction buy in the sector. We are revising our target price to Rs 675 (1.4x Sep’23E ABV + Rs 210 from subsidiaries).
At 09:18 hrs State Bank of India was quoting at Rs 529.70, down Rs 0.75, or 0.14 percent on the BSE.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
