BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
State Bank of India reported strong performance, with healthy net interest income growth (excluding one-time interest recovery during Q3 FY20) and strong recovery in retail credit growth.
On the asset quality front, controlled pro forma slippages (Rs 20.7 billion) and low restructuring request (0.8% of loans) underscores an encouraging asset quality outlook.
Pro forma gross non-performing asset/net non-performing asset ratio stood at 5.44%/1.81% (versus 5.88%/2.08% in Q2 FY21).
We believe the earnings normalization cycle for the bank has begun as the uncertainty ushered by Covid-19 has receded significantly.
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