reports
- Nick Smallwood
Indian banks/Legacy NPLs will finally be resolved
Indian banks are going through the final phase of their balance-sheet clean up. This completes a five-year process of purging legacy NPLs from the sector, and should see large public-sector banks return to profitability over the next 12 to 18 months. While we are positive on the sector's fundamental momentum, we observe that spreads are relatively tight. We also expect significant issuance over the next two years as 57% of hard-currency Indian bank bonds will mature by 2020.
- Please Change Name Alka Anbarasu
Moody's announces rating assignment of (P)B1 to State Bank of India's ...
Singapore, March 01, 2017-- Moody's Investors Service announced today that on September 6, 2016, it assigned a B1 rating to the perpetual capital securities component of the existing USD10 billion Medium Term Note program of State Bank of India. Prior to September 2016, Moody's had assigned a Baa3 rating to the senior unsecured component, a Ba1 rating to the subordinated component, a Ba2 rating to the junior subordinated component, and a Prime-3 rating to the short-term...
- Please Change Name Tan
- Michael Wu
- Michael Wu
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...
- Michael Wu
Reserve Bank of India Lowers Policy Interest Rates; Indian Banks Gener...
The Reserve Bank of India has lowered the policy interest rate to 6.25% from 6.5%. This was the first decision made under the new regime of voting by a six-member Monetary Policy Committee, with newly promoted governor Urjit Patel deciding on a deadlock for an even vote. RBI noted that inflation is under control, as the consumer price index increased 5% in August, versus 6% in July. This is within RBI's earlier-mentioned inflation target of 4%, with a range above or below of 2%. The declining in...
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