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State Bank of India
Remarks : State Bank of India, established in 1882, is the largest state-owned bank, having a pan-India presence with
a network of over 12,000 branches and over 13,000 ATMs (+18000 group) and balance sheet size of Rs10
trillion. The bank, along with its seven associate banks (promoted by itself), enjoys a market share of
about 23-24% of the total banking sector.
It is the key beneficiary of the pick-up in the overall demand for credit and structural improvement in
asset quality.
Its earnings growth in FY2011-12 will be led by stronger loan volumes and margin expansion. Our FY2011
earnings growth estimate stands at 24%.
State Bank of India’s additional pension liability could rise to Rs90 billion but the bank may amortise over
five years. However, earnings even after factoring in the additional pension hit could still grow at32-33%
growth in FY2012-13.
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