Centrum's research report on State Bank of India
SBIN’s Q3'17 NII came in at Rs147.5bn (+8.4% YoY) led by 4.1% YoY growth in loans. NIM (reported) at 2.78% declined 15bps YoY. Noninterest income came in higher; led by traction in fee, trading gains and sale of stake in life insurance business and with stable operating expenses was operating profit at Rs 125.4bn, grow 32% YoY.
Outlook
We retain Buy on State Bank of India (SBIN), with SOTP-based TP of Rs 310. Q3FY17 results were largely in-line with estimates on profitability front. Asset quality remained largely stable with slippages at 2.9% of loans, primarily delinquencies from the watchlist.
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