SBI Posts Strong Q3; Undemanding Valuations: Dolat Capital
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Dolat Capital Report
Operating metrics were in-line with net interest income and pre-provision operating profit growth 4% and -5% YoY led by a high base of Q3 FY20.
Pro forma gross non-performing asset declined by 44 basis points QoQ to 5.44% led by low pro forma net slippages of Rs 24 billion.
While gross pro forma slippage was at approximately Rs 80 billion or 1.4%, recoveries of ~Rs 60 billion from last quarter’s agri book resulted in much lower net pro forma slippage for the quarter.
Nonetheless, even the Rs 80 billion were within management guidance and far below our expectations.
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