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Last Updated : Aug 09, 2020 09:01 AM IST | Source: Moneycontrol.com

Buy State Bank of India; target of Rs 246: Geojit

Geojit recommended is bullish on State Bank of India has recommended buy rating on the stock with a target price of Rs 246 in its research report dated August 06, 2020.

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Geojit's research report on State Bank of India

Operating profit came in at Rs. 18,061cr (+36.35% YoY) primarily on higher interest income; PAT rose 81.2% YoY to Rs. 4,189cr. GNPA/NNPA ratio improved to 5.44%/1.86% (vs. 6.15%/2.23% in Q4FY20); Slippages down to 0.60% (vs. 1.41% in Q4FY20). Share of alternate channels in total transactions has increased from 90% in Q1FY20 to 93% in Q1FY21. The bank saw a 33.0% increase in loan processing fee indicated an uptick in the loan disbursements. Backed by a well-diversified loan portfolio and strong balance sheet with lower exposure to high risk sectors, we believe that the bank's valuation remains attractive.


Hence, we reiterate our BUY rating on the stock with a revised target price of Rs. 246 (SOTP).

For all recommendations report, click here

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First Published on Aug 9, 2020 09:01 am