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Deven Choksey Research Report
State Bank of India | Target: 1,020 | Rating: Buy | Upside: 30.6%
State Bank of India expects continued demand in the agriculture segment for H2 FY25E, driven by favorable conditions and steady demand for Agri-loans.
SBI remains committed to its credit growth guidance of 14.0%-16.0% for FY25E, driven by strong pipelines across all segments and broad-based demand.
SBI aims to maintain steady profit growth, emphasizing on risk-adjusted returns, with a goal to sustain ROA above 1.0% and ROE around 15.0% over business cycles.
ICICI Bank - Target: 1,500 / Rating: Buy | Upside: 19.9%
ICICI Bank Ltd. expects slightly higher costs in H2 FY25E due to festive season expenses and planned technology expenditures, which will likely contribute to a marginal increase in the operating expense growth rate.
Contingency provisions amounting to Rs 131.0 billion (about 1.0% of total loans) further strengthen the bank's position. ICICI Bank's strong provisioning buffer, combined with contingency provisions, provides significant flexibility to absorb potential shocks.
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