State Bank of India, incorporated in the year 1955, is a banking company (having a market cap of Rs 209014.40 Crore).
For the quarter ended 30-09-2020, the company reported a Consolidated Interest Income of Rs 44688.82 Crore, down 2.24 % from last quarter Interest Income of Rs 45711.40 Crore and down 4.05 % from last year same quarter Interest Income of Rs 46575.64 Crore. The bank reported net profit after tax of Rs 5403.81 Crore in latest quarter.
The current valuations are compelling with the core bank trading at 0.4x FY22E ABV (1.3x FY22E P/Core PPoP and 3.1x FY22E P/E). RoEs should recover to ~14% by FY23E. The brokerage expects rerating in the stock as long awaited earnings normalization cycle has begun.
Promoters held 34.7 per cent stake in the company as of Sept 30, 2020, while FIIs held 19.9 per cent, DIIs 25.1 per cent and public and others 20.4 per cent.
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