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State Bank of India
State Bank of India is scheduled to announce its 4QFY2011 results. We expect the bank to
report strong NII growth of 36.9% on a yoy basis (marginal growth of 1.7% on a qoq
basis). Non-interest income is expected to decline marginally by 0.5% yoy; however, on a
qoq basis, it is expected to grow by strong 35.4%. Consequently, the operating income of
the bank is expected to grow at healthy 21.9% yoy. Provisioning expenses are expected to
increase by 32.7% yoy. Net profit growth is expected to be strong at 66.9% yoy and 10.2%
qoq to `3,115cr. At the CMP, the stock is trading at 1.7x FY2013E ABV before adjusting
for subsidiaries. We maintain our Buy rating on the stock with a target price of `3,199.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result Preview
State Bank of India
State Bank of India is scheduled to announce its 4QFY2011 results. We expect the bank to
report strong NII growth of 36.9% on a yoy basis (marginal growth of 1.7% on a qoq
basis). Non-interest income is expected to decline marginally by 0.5% yoy; however, on a
qoq basis, it is expected to grow by strong 35.4%. Consequently, the operating income of
the bank is expected to grow at healthy 21.9% yoy. Provisioning expenses are expected to
increase by 32.7% yoy. Net profit growth is expected to be strong at 66.9% yoy and 10.2%
qoq to `3,115cr. At the CMP, the stock is trading at 1.7x FY2013E ABV before adjusting
for subsidiaries. We maintain our Buy rating on the stock with a target price of `3,199.
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