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

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>State Bank of India (SBIN) reported 2QFY25 PAT of INR183.3b (up 28% YoY, 12% beat), driven by a steady NII and robust treasury income.</li><li>The bank is well poised to deliver robust growth as domestic CD ratio remains controlled at 67.9% while strong underwriting will enable a tight leash on credit cost.</li><li>SBI has delivered three years earnings CAGR of 36% with an average RoA at 1%.</li></ul>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 (SBIN) reported 2QFY25 PAT of INR183.3b (up 28% YoY, 12% beat), driven by a steady NII and robust treasury income.The bank is well poised to deliver robust growth as domestic CD ratio remains controlled at 67.9% while strong underwriting will enable a tight leash on credit cost.SBI has delivered three years earnings CAGR of 36% with an average RoA at 1%.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 - Steady Quarter; Asset Quality Ratios Improve Further

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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.

<ul><li>PAT at Rs. 18,331 crore (up 28% y-o-y) was significantly above estimates mainly driven by higher treasury gains and other income resulting in RoA/RoE at . 17%/18.0% in Q2FY25.</li><li>Lower slippages (0.59% annualised versus 1.08% q-o-q) led to stable asset quality thus core credit cost was also lower at 38bps annualized versus 48 bps q-o-q and 22 bps y-o-y.</li><li>Bank guided that overall portfolio is still not showing worrying signs including unsecured retail loans.</li></ul>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.

PAT at Rs. 18,331 crore (up 28% y-o-y) was significantly above estimates mainly driven by higher treasury gains and other income resulting in RoA/RoE at . 17%/18.0% in Q2FY25.Lower slippages (0.59% annualised versus 1.08% q-o-q) led to stable asset quality thus core credit cost was also lower at 38bps annualized versus 48 bps q-o-q and 22 bps y-o-y.Bank guided that overall portfolio is still not showing worrying signs including unsecured retail loans.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 - Steady Q2, Non-Interest Income Drives Return Ratios

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.

<ul><li>Advances grew by 15/1% YoY/QoQ, marginally lower than our expectations.</li><li>Deposits grew by 8% YoY and flat QoQ. CASA deposits 3% YoY and -1% QoQ. CASA Ratio stood at 39.1% vs 41.2/39.5% YoY/QoQ.</li><li>Overall C-D Ratio stood at 76.5% vs 71.4/75.3% YoY/QoQ.</li></ul>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.

Advances grew by 15/1% YoY/QoQ, marginally lower than our expectations.Deposits grew by 8% YoY and flat QoQ. CASA deposits 3% YoY and -1% QoQ. CASA Ratio stood at 39.1% vs 41.2/39.5% YoY/QoQ.Overall C-D Ratio stood at 76.5% vs 71.4/75.3% YoY/QoQ.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 - Steady Quarter, No Road-Blocks in RoA Delivery of 1.1%!

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>State Bank of India’s (SBIN) FY24 annual report offers incremental insights on its sector leadership across asset classes, key catalysts driving its superior asset quality, competitive edge in sourcing, improving digital stack (YONO), an unparalleled lean distribution model, and a potent combination of cross-sell focus and competencies</li><li>While asset quality continued to stay benign, we argue that SBIN needs to further build its provision buffer (PCR at 75%), given a low margin of safety on account of higher mix of ageing GNPAs</li><li>While SBIN has been able to improve its capital buffer via internal accruals, the bank needs to evaluate fundraising alternatives in the medium-term to meet its growth guidance (~13-15% for FY25)</li></ul>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’s (SBIN) FY24 annual report offers incremental insights on its sector leadership across asset classes, key catalysts driving its superior asset quality, competitive edge in sourcing, improving digital stack (YONO), an unparalleled lean distribution model, and a potent combination of cross-sell focus and competenciesWhile asset quality continued to stay benign, we argue that SBIN needs to further build its provision buffer (PCR at 75%), given a low margin of safety on account of higher mix of ageing GNPAsWhile SBIN has been able to improve its capital buffer via internal accruals, the bank needs to evaluate fundraising alternatives in the medium-term to meet its growth guidance (~13-15% for FY25)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 - Sustained Sector Leadership in a Benign Environment

<ul><li>With growth prospects remaining intact and the management confident to grow AUM at 13- 15% and deposits at 12-13%, we model in advances growth of 13.8% over FY24-26E.</li><li>Opex costs come under control due to actual gratuity being lower than provided for, leading to lower employee expenses.</li><li>Further, with consistent improvement in asset quality, we believe credit costs will remain under control. </li></ul>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.

With growth prospects remaining intact and the management confident to grow AUM at 13- 15% and deposits at 12-13%, we model in advances growth of 13.8% over FY24-26E.Opex costs come under control due to actual gratuity being lower than provided for, leading to lower employee expenses.Further, with consistent improvement in asset quality, we believe credit costs will remain under control. 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 - Strong Quarter; No Major Impact of RBI PF Circular Likely!

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 - Steady Quarter; Asset Quality Ratios Improve Further

State Bank of India (SBIN) reported 2QFY25 PAT of INR183.3b (up 28% YoY, 12% beat), driven by a steady NII and robust treasury income.

Motilal Oswal

State Bank of India - Steady Q2, Non-Interest Income Drives Return Ratios

PAT at Rs. 18,331 crore (up 28% y-o-y) was significantly above estimates mainly driven by higher treasury gains and other income resulting in RoA...

Sharekhan

State Bank of India - Steady Quarter, No Road-Blocks in RoA Delivery of 1.1%!

Advances grew by 15/1% YoY/QoQ, marginally lower than our expectations. Deposits grew by 8% YoY and flat QoQ. CASA deposits 3% YoY and -1% QoQ

Axis Direct

State Bank of India - Sustained Sector Leadership in a Benign Environment

While SBIN has been able to improve its capital buffer via internal accruals, the bank needs to evaluate fundraising alternatives in the medium...

HDFC Securities

State Bank of India - Strong Quarter; No Major Impact of RBI PF Circular Likely!

With growth prospects remaining intact and the management confident to grow AUM at 13- 15% and deposits at 12-13%, we model in advances growth of...

Axis Direct

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