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SBI Q2 : Better earnings and rock bottom valuation merit a buy

The big positive for SBI is the high provision coverage ratio, which stood at 88 per cent as of September, up nearly 696 basis points YoY

November 05, 2020 / 02:24 PM IST
SBI Q2 : Better earnings and rock bottom valuation merit a buy

The State Bank of India logo is seen on an ATM in Singapore December 26, 2015. REUTERS/Thomas White - RTX21HPI

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 (CMP: Rs 207; MCAP: Rs 184,784 crore) has reported a net profit rise of 52 per cent year on year at Rs 4,189 crore for the second quarter of the current fiscal. The earnings growth was mainly aided by a healthy rise in loans, better margins and lesser provisions. The bank’s core pre-provisioning operating profits, excluding one-offs (stake sale in subsidiary SBI Life Insurance) increased 12 per cent YoY, indicating a reasonably good operating performance. Disbursements were...

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