Moneycontrol
Feb 15, 2017 01:20 PM IST | Source: Moneycontrol.com

Buy State Bank of India; target of Rs 334: KR Choksey

KR Choksey is bullish on State Bank of India has recommended buy rating on the stock with a target price of Rs 334 in its research report dated February 13, 2017.

Buy State Bank of India; target of Rs 334: KR Choksey


KR Choksey's research report on State Bank of India


Q3FY17 stood a stable quarter for SBI with PAT stood at INR 26.10 bn increased by 134% on YoY basis led by the sturdy non-interest income traction of 56% growth on Y-o-Y (led by investment gains, foreign income and fee income) and controlled opex. NII grew by 8.4% on Y-o-Y and flat on Q-o-Q basis largely due to the flat growth in advances (1% on Q-o-Q basis); albeit retail advances continued to maintain healthy trend growing 17.5% on Y-o-Y basis.


Outlook


While the credit costs are expected to stay on the higher side ahead, the resilient balance sheet backed up with further capital strengthening and healthy core operating metrics continues to reinforce our confidence. We maintain BUY rating for the stock.

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