By Aditya Raghunath
Investing.com -- India’s largest public bank, State Bank Of India (NS: SBI ), reported its numbers for Q1 FY22. The bank reported total income of Rs 93,266.94 crore, up 6% from Rs 87984.33 crore it posted in Q1 FY21. It is down -9.83% sequentially. The bank’s net profit came on Rs 7,379.91 crore in the June 2021 quarter.
The stock closed at Rs 456.95 on August 4. Brokerages are positive on the bank.
Motilal Oswal Financial Services Ltd (NS: MOFS ) has given the stock a target of Rs 600 with a buy call. It said, “SBI reported steady performance in a challenging environment, with strong earnings led by controlled provisions. However, business trends were modest, impacted by the lockdowns. Asset quality remains broadly on track despite elevated slippage, led by Retail/SME.”
Goldman Sachs (NYSE: GS ) has a target price of Rs 728 with a buy call on the bank. It said that the bank’s core performance was better than estimates and asset quality has stood out. This is an upside of almost 60% from its August 4 closing price.
CLSA has a buy call on the stock with a target price of Rs 650. It said that the bank has put in a decent performance in a tough quarter. It expects the bank to deliver a 14% RoE in FY22 & 15% from FY23.
Jefferies has also raised its target from Rs 520 to Rs 550, and has retained its buy rating on the stock.
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SBI makeup artistLike 0
Have been hearing Analyst and Brokerage calling for SBI to be a 1000 stock in 3years for over a decade. The banks is burdened with debt of one and all in India and Government keeps on putting more loads on their head, like Yes bank etc. Dont see this stock crossing 550 in next few years too.Like 5
consolidation for next few weeksLike 1