Buy State Bank of India; target of Rs 700: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on State Bank of India

State Bank of India (SBIN) delivered a mixed quarter as PAT rose 83% YoY to INR166.9b (10% beat), aided by lower provisions in 4QFY23. PPoP, albeit, reported a miss of 9% hit by higher opex. NII growth was healthy as margin expanded ~10bp QoQ during the quarter. Slippages remained under control at INR35b, while recoveries and upgrades stood higher than slippages. As a result, the GNPA/NNPA ratios improved 36bp/10bp QoQ to 2.8%/0.7%. The restructured book too declined to 0.8% in 4QFY23.

Outlook

We maintain our estimates. We further estimate RoA/RoE of 1.0%/17.1% in FY25. Reiterate BUY with an unchanged TP of INR700 (based on 1.2x Sep’24E ABV + INR190 from subs).

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State Bank of India - 19 -05 - 2023 - moti