ICICI Direct's research report on State Bank of India
SBI is a public sector bank and also the largest bank in India with a balance sheet size of over ~ RS 54 lakh crore. Strength in retail portfolios and best operating metrics in the PSU banking space • Large subsidiaries, strong outlook adding value to the banks.
We retain our BUY rating on the stock. We value the bank at ~1.1x FY24E ABV (from 1.2x) and subsidiaries at ~RS 186 per share to arrive at a revised target price of RS 605 from RS650 earlier.
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