Buy State Bank of India; target of Rs 310: ICICI Direct

ICICI Direct is bullish on State Bank of India has recommended buy rating on the stock with a target price of Rs 310 in its research report dated February 13, 2017.

February 13, 2017 / 17:07 IST

26 Aug, 2025 12:21

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ICICI Direct's research report on State Bank of India

Fresh slippages remaining contained at Rs 10185 crore as guided, leading GNPA ratio to rise just 9 bps QoQ to 7.23%. Absolute GNPA addition was lower at Rs 2389 crore vs. Rs 4242 crore and increased just 2% QoQ to Rs 108170 crore. NNPA ratio rose 5 bps QoQ at 4.24%.

Outlook

With moderating credit growth, revaluation reserve & actual capital infusion, we have revised our FY18E ABV estimate to Rs 184 (vs. 192 in Q2). Valuing at 1.4x FY18E ABV & adding Rs 50 for associate banks & subsidiaries, maintain our SoTP based TP at Rs 310. We recommend BUY.

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first published: Feb 13, 2017 05:07 pm

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