External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>State Bank of India: Despite a multi-quarter high loan growth (~16% YoY) and lower credit costs at 0.7% (annualised), SBIN missed expectations, driven by one-off MTM losses (INR65bn)</li><li>Slippages were elevated QoQ (~1.5%), driven by SME, agri and retail including INR20bn from the restructured portfolio (~1% of loans)</li><li>The management is confident of a sustained business momentum from improving utilisation of corporate credit limits and traction in SMEs, which should likely support incremental loan growth</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

State Bank of India: Despite a multi-quarter high loan growth (~16% YoY) and lower credit costs at 0.7% (annualised), SBIN missed expectations, driven by one-off MTM losses (INR65bn)Slippages were elevated QoQ (~1.5%), driven by SME, agri and retail including INR20bn from the restructured portfolio (~1% of loans)The management is confident of a sustained business momentum from improving utilisation of corporate credit limits and traction in SMEs, which should likely support incremental loan growthContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: State Bank of India, Titan, Bharat Petroleum Corporation

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<div><div><div><div><ul><li>Strong Loan Growth Performance: On the business front, the bank’s loan growth remained strong and was up by 16%/3% YoY/QoQ compared to 11%/6% YoY/QoQ in Q4FY22.</li></ul><div><div><div><div><ul><li>Continued Strong Asset quality: Asset quality improved YoY with G/NNPAs declining by 140/80bps and remained stable QoQ at 3.9%/1%.</li></ul><div><div><div><div><ul><li>Operating performance: Domestic NIM, reported at 3.23%, moderated by 20bps QoQ and improved 8bps YoY.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Strong Loan Growth Performance: On the business front, the bank’s loan growth remained strong and was up by 16%/3% YoY/QoQ compared to 11%/6% YoY/QoQ in Q4FY22.Continued Strong Asset quality: Asset quality improved YoY with G/NNPAs declining by 140/80bps and remained stable QoQ at 3.9%/1%.Operating performance: Domestic NIM, reported at 3.23%, moderated by 20bps QoQ and improved 8bps YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

State Bank of India - PAT Lower than Estimates; Robust Momentum in Loan Growth Continues

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<div><div><div><div><ul><li>Digital penetration improving; remains watchful of rising rate environment</li></ul><div><div><div><ul><li>Loan growth gaining traction; utilization levels improving</li></ul><div><div><div><div><ul><li>Deposit share steady; high mix of floating loans to support NII growth</li></ul></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Digital penetration improving; remains watchful of rising rate environmentLoan growth gaining traction; utilization levels improvingDeposit share steady; high mix of floating loans to support NII growthContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

State Bank of India - Well Poised to Sustain the Growth Momentum

<div><div><div><ul><li>Accelerated rate hike; more in the offing: In its response to a stubborn and elevated inflation print, the RBI has now effected an accelerated cumulative 90bps repo rate hike over the past few weeks.</li><li>Near-total pass-through a surprise; near-term margin-accretive: Unlike earlier up-cycles in the past, the sharp pace of rate normalisation is margin- accretive for banks in the near-term, especially given early-stage monetary transmission.</li></ul></div><div><div><div><ul><li>MCLR transmission to significantly lag EBLR transmission: At a system- wide level, ~20-30% of the aggregate loans are currently anchored to MCLR while 40% of the loans are anchored to EBLR.</li></ul></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Accelerated rate hike; more in the offing: In its response to a stubborn and elevated inflation print, the RBI has now effected an accelerated cumulative 90bps repo rate hike over the past few weeks.Near-total pass-through a surprise; near-term margin-accretive: Unlike earlier up-cycles in the past, the sharp pace of rate normalisation is margin- accretive for banks in the near-term, especially given early-stage monetary transmission.MCLR transmission to significantly lag EBLR transmission: At a system- wide level, ~20-30% of the aggregate loans are currently anchored to MCLR while 40% of the loans are anchored to EBLR.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BFSI - Sector Update - New Normal Rate Cycle; Brace for Transmission Effects

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<div><div><div><div><ul><li>System-beating credit growth; surpasses expectations: Overall credit growth improved to 11% yoy/6% qoq, led by continued strong traction in retail (up 15% yoy) and resurging corporate book.</li></ul><div><div><div><div><ul><li>Steady improvement in asset quality, higher PCR to contain incremental LLP</li></ul><div><div><div><div><ul><li>Outlook and valuation: SBI remains one of our preferred picks, given its healthy growth trajectory and improving RoA/RoRWA/RoE profile.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

System-beating credit growth; surpasses expectations: Overall credit growth improved to 11% yoy/6% qoq, led by continued strong traction in retail (up 15% yoy) and resurging corporate book.Steady improvement in asset quality, higher PCR to contain incremental LLPOutlook and valuation: SBI remains one of our preferred picks, given its healthy growth trajectory and improving RoA/RoRWA/RoE profile.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

State Bank of India provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial and individual customers throughout India.  The Bank also provides international banking to its Indian customers and has operations in other countries.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

State Bank of India (SBID LI)

HSIE Results Daily: State Bank of India, Titan, Bharat Petroleum Corporation

Slippages were elevated QoQ (~1.5%), driven by SME, agri and retail including INR20bn from the restructured portfolio (~1% of loans)

HDFC Securities

State Bank of India - PAT Lower than Estimates; Robust Momentum in Loan Growth Continues

SBI reported lower-than-expected earnings of Rs 60.7 Bn in Q1FY23 (down 7%/33 YoY/QoQ), mainly due to lower NIMs (down 13bps QoQ) and treasury losses.

Axis Direct

State Bank of India - Well Poised to Sustain the Growth Momentum

State Bank of India(SBIN)’s Annual Report highlights the strong progress that the bank is making in fortifying its balance sheet and restoring RoEs...

Motilal Oswal

BFSI - Sector Update - New Normal Rate Cycle; Brace for Transmission Effects

Signalling its serious intent to rein in a galloping inflation, the RBI announced a 50bps repo rate hike in its monetary policy meeting

HDFC Securities

Result Update - State Bank of India

SBI continued to report a strong PAT of Rs91bn (est.: Rs86bn), up 41% yoy, led by better credit growth/margins, forex fees and contained LLP.

Emkay

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)