State Bank of India - New Moats Emerge as Game Changers. Maintain BUY
While SBI always had the natural advantage of brand recognition and scale, the bank has gradually added other competitive moats in the form of a...
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State Bank of India - Margins Contract Sharply, 1% RoA Delivery to Continue!
Advances (net) reported a healthy growth of 14/1% YoY/QoQ, driven by retail book growth of 17/2% YoY/QoQ (unsecured retail Xpress credit grew 20/2%...
273 Views
Leveraged Financials: The Liquidity Conundrum
Our hypothesis remains anchored around strong retail deposit franchises and declining spreads over the next 12 months, coupled with the...
290 Views
Earnings Vs Multiples: PE re-rating far outweighs earning upgrades
After a meteoric rise of benchmark indices in FY24, the bull run continues unabated in FY25, notwithstanding general election-led market volatilities
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Q1FY25 Earnings Preview - Banking, Financial Services and Insurance (BFSI)
As of 14th Jun’24, the systemic credit growth continues to remain near a multi-year high, registering a robust growth of ~19% YoY (~15.5% YoY ex...
185 Views