MOSL: Morning India (09/September/21): 1. AGIC: CEO Track (a. State Bank of India: Gradual recovery in business activity; b. Gland Pharma; c. Sona BLW Precision Forging; d. Urban Company; e. Apollo Hospitals G
MOrning India (09/September/21): 1. AGIC: CEO Track (a. State Bank of India: Gradual recovery in business activity; b. Gland Pharma; c. Sona BLW Precision Forging; d. Urban Company; e. Apollo Hospitals Group); 2. Oil & Gas
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State Bank of India (AGIC: CEO Track): Gradual recovery in business activity, Retail remains the key growth driver
- We hosted Mr. Dinesh Kumar Khara, Chairman, State Bank of India, as part of CEO Track at AGIC CY21. Here are the key insights from the session:
- High frequency indicators suggest a broad based revival, and so it expects economic growth to recover gradually. Agri continues to perform well and has been insulated from the COVID-19 pandemic. Retail demand is coming back and would be the key growth driver, while Corporate growth remains subdued as deleveraging is being witnessed across sectors. Capital formation is picking up, led by investments from PSU entities, while private capex has been low (likely to revert soon). The management sees a much lesser impact of the third COVID wave on economic growth.
- The bank is witnessing higher collections from Jul'21, thus expects NPAs to remain under control and is looking at NPAs similar to Mar'21 levels. It aspires to achieve a RoE of 15% by FY24, and expects CD ratio to pick up from the current levels of ~65%.
Piping hot news
India’s fintech market to triple to Rs 6.2 lakh cr by 2025: MoS Finance Bhagwat K Karad
The government’s various initiatives have led to fast growth in the fintech sector, which is likely to triple to Rs 6,20,700 crore in value terms by 2025, Minister of State for Finance Bhagwat K Karad said on Wednesday. Highlighting that India is a leader in adopting financial technology among emerging markets, he said, the country had an adoption rate of 87 per cent in March 2020, as compared to the global average of 64 per cent.
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