State Bank of India Reports Subdued Second-Quarter Result
State Bank of India's second quarter was fairly subdued and the result does not change our long-term view on the bank. Net interest income was flat as a slight uptick of 1.2% in loan growth was offset by compressing margins, while asset quality also slipped. The share price has further strengthened since the first quarter and trading at a slight discount to our unchanged fair value of INR 280, we require a larger margin of safety before recommending the stock.Deposit growth was strong at 4.3% a...
State Bank of India provides a range of products and services to personal, commercial enterprises, large corporates, public bodies and institutional customers. Its segments include Treasury, which includes the entire investment portfolio and trading in foreign exchange contracts and derivative contracts; Corporate/Wholesale Banking, which comprises the lending activities of Corporate Accounts Group, Mid Corporate Accounts Group and Stressed Assets Management Group; Retail Banking, which comprises branches in National Banking Group, which primarily includes Personal Banking activities, including lending activities to corporate customers having banking relations with branches in the National Banking Group, and Other Banking Business, which includes the operations of all the Non-Banking Subsidiaries/Joint Ventures other than SBI Life Insurance Co. Ltd. and SBI General Insurance Co. Ltd. The Company had approximately 22,500 branches and 58,000 ATMs.
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