HDFC Securities: SBI - Lesser-Than-Anticipated Pain In Store?
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HDFC Securities Report
State Bank of India’s Q2 earnings were ahead of estimates, led by lower-than-expected provisions.
The bank reported a sharp improvement in collection efficiency to 97% in Q2. These have been common themes across most of our coverage this quarter.
While we have reduced our slippage and provisioning estimates, they remain conservative.
Despite the recent additional tier one and tier two capital raise, we believe it will be prudent for the bank to raise equity capital.
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