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...
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