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 a steady quarter, with net earnings growing 67% YoY to Rs 76.3 billion (15% beat), aided by controlled provisions, as asset quality showed remarkable strength, despite the impact of the second Covid-19 wave.
It created a family pension provision of Rs 74.2 billion, instead of amortising it over five years, thus prudently deploying one-off gains from the Dewan Housing Finance Corporation Ltd. recovery and tax refund.
SBI has fully provided for its exposure towards the SREI Group.
Gross/net non performing asset ratios improved by 42 basis points/25 bps QoQ to 4.9%/1.5% as fresh slippage subsided to Rs 41.8 billion (66 bps annualised).
Restructured book remained in check at 1.2% of loans, while the special mention account pool declined sharply to Rs 66.9 billion (27 bps of loans).
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