Buy State Bank of India; target of Rs 617: KR Choksey

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26 Aug, 2025 12:21

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KR Choksey's research report on State Bank of India

Net Interest Income (NII) for Q4FY22 increased by 15.3% YoY (+1.7% QoQ) at INR 3,11,979 Mn. NIMs stood at 3.4% in Q4FY22 vs 3.11% in Q4FY21. The NII was at INR 12,07,076 Mn for FY22, an increase of 9.0% YoY. The operating Profit were flat YoY at INR 1,97,168 Mn in Q4FY22 (growth of 6.5% QoQ). For FY22, operating profits stood at INR 7,52,924 Mn, an increase of 7.5% YoY. SBIN has registered its highest quarterly Net Profit of INR 91,135 Mn in Q4FY22. This represents increase of 41.3% YoY (+8.1% QoQ). For FY22, the PAT stood at INR 3,16,760 Mn, a growth of 55.2% YoY. The total deposits grew at 10.1% YoY (+5.3% QoQ) at INR 4,05,15,341 Mn as of 31st March 2022. As of 31st March 2022, the advances grew by 11.6% YoY. Gross NPA ratio at 3.97%, an improvement of 101 bps YoY (improved 53 bps QoQ). Net NPA ratio at 1.02% as of 31st March 2022.

Outlook

We value the bank at 1.4x FY24E P/ABV on an ABV of INR 378 per share, and the subsidiaries value at INR 88 per share. We maintain our target price at INR 617 per share, with an upside of 35.6%. We maintain our "BUY" rating on the shares of SBIN.

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