Geojit recommended has given Is bullish on State Bank of India has recommended buy recommendation for State Bank of India with a target price of Rs. 606 in its research report issued on May 18, 2022

Geojit’s research report on State Bank of India

State Bank of India is the India’s largest bank. The bank operates 22,224 branches globally and has a vast network of 63,906 ATMs/CDMs. It provides a wide range of financial services, such as insurance, credit cards and asset management, through its subsidiaries. Advances rose by 11.6% YoY lead by robust growth in retail portfolio 15.1% YoY growth. Deposits grew by 10.6% YoY • Net Interest Income (NII) improved 9.0% on YoY basis, even as the bank continues to build on its loan book steadily. Meanwhile, NIM remained largely flat, growing just 8bps sequentially to 3.12%. PAT up 41.3% YoY. SBI reported decent performance with reduction in slippages and NPAs, alongside building a strong portfolio with digital strategy back on track. We hereby reiterate our BUY rating on the stock, with a rolled forward target price of Rs 606 using the SOTP methodology.

Outlook

Hence, we reiterate our BUY rating on the stock, with a revised target price of Rs. 606 using the SOTP methodology.

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