External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We believe normalization in credit costs and improved growth outlook should lead to double-digit ROEs of 13-15% by FY22-23E. We maintain Buy on the stock with a revised target price of Rs 555 (SOTP basis core book at 1.1x and subsidiaries at Rs 162).</p><div class="content-highlight"><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></div>

We believe normalization in credit costs and improved growth outlook should lead to double-digit ROEs of 13-15% by FY22-23E. We maintain Buy on the stock with a revised target price of Rs 555 (SOTP basis core book at 1.1x and subsidiaries at Rs 162).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: Stable Performance in Challenging Times

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.

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State Bank Of India (SBIN IN)

State Bank of India: Stable Performance in Challenging Times

We believe normalization in credit costs and improved growth outlook should lead to double-digit ROEs of 13-15% by FY22-23E. We maintain Buy on the...

Axis Direct

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