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Motilal Oswal Report
State Bank of India delivered a strong quarter as profit after tax was up 68% YoY at Rs 142.1 billion (7% beat), aided by higher other income. Pre-provision operating profit growth was healthy at ~36% YoY and margin expanded ~18 basis points QoQ.
SBI reported treasury gains of Rs 29.6 billion in Q3 FY23 versus Rs 4.6 billion in Q2 FY23.
Slippages remained under control at Rs 32 billion, with higher write-offs. As a result, the gross non-performing asset/net non-performing asset ratios improved 38 bps/3 bps QoQ to 3.1%/0.8%. The restructured book too declined to 0.9%.
We tweak our estimates slightly to factor in higher net interest income and other income and estimate return on asset/return on equity of 1.0%/17.2% in FY25.
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More Research Reports On SBI's Q3 FY23 Results Review
Steady Asset Quality Metrics; Growth Outlook Remains Upbeat: Dolat Capital
Another Strong Performance With Highest Quarterly Profit: ICICI Direct
Margin Expansion Aids Core Profitability: Systematix
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