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How much more can SBI’s stock rally on the back of stellar earnings in Q2FY22?

While the staggering rally so far was mainly driven by the expansion in valuation multiples, we see earnings growth to lead further upside.

November 08, 2021 / 10:28 AM IST
How much more can SBI’s stock rally on the back of stellar earnings in Q2FY22?

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

State Bank of India (SBI; CMP: Rs 530; M Cap: Rs 473,406 crore) has reported robust earnings for the quarter ended September 2021. The largest bank saw its net profit rising by a whopping 67 percent to Rs 7,627 crore in Q2FY22, aided by a healthy growth in net interest income and a sharp fall in provisions/credit cost. (image) There was a one-time recovery gain from Dewan Housing Finance and income tax refund, from which the bank created an upfront...

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