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Prabhudas Lilladher Report
We recently interacted with the management of State Bank of India to understand-
credit outlook,
changes in credit appraisal,
asset quality view and
opex trajectory.
SBI is optimistic on loan growth, as improving economic activity and tight liquidity may support its credit offtake. New proposals and unavailed limits within corporate total to Rs 6 trillion, while retail momentum might continue.
With cash flows normalising for small and medium enterprises, the Emergency Credit Line Guarantee Scheme one time restructuring pools are also performing well. Underwriting has strengthened with induction of non-sales personnel in credit appraisal and robust credit research across 36 sectors.
Asset quality may remain under control and target is to keep credit costs below 1%. While we slightly tweak our estimates, we expect a core profit after tax compound annual growth rate of 20% over FY22-25E.
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