PSBs held a dominant 74.9% market share of advances in March 2011, which steadily deteriorated to 51.8% by March 2024. For the first time since March 2010, PSBs recorded 12.2% YoY growth in Advances in FY25, outpacing that of PVBs at 9.5%.
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Systematix Report
Given public sector banks' steadily improving operational parameters and in many aspects becoming at par or even better to private sector banks we see a long-term structural trend building up for public sector banks.
Given their discount in valuation as compared to private peers there seems to be a strong possibility of re-rating.
We initiate coverage on Bank of Baroda, Bank of India, Bank of Maharashtra and Union Bank of India with a Buy rating and Indian Bank with a Hold.
We already had coverage on SBI with a Buy rating.
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