ICICI Direct's research report on State Bank of India
Gross slippages increased to | 33670 crore vs. | 25836 crore in Q3FY18. Out of this, corporate slippages were | 29037 crore comprising | 17435 crore from restructured book (mainly from power sector at | 10569 crore) and balance | 11609 as fresh slippages including | 6684 crore from slippage of telecom account and | 4196 crore from iron & steel sector. Absolute GNPA was at | 223427 crore with 56 bps QoQ increase in GNPA ratio at 10.91%
Outlook
We maintain our target price at | 340, valuing the bank at 1.6x FY20E ABV (| 162/share) and subsidiaries at | 78/share. Strategic stake in non-core investments like NSE (5.19%), BSE (4.75%), NSDL, ARCIL, UTI AMC, etc, may add further value, not factored in by us. We reiterate BUY.
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