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State Bank of India - SELL, 28% upside - Ambit
Posted On : 2013-08-13 05:23:46( TIMEZONE : IST )
State Bank of India (SBI) will declare its 1QFY14 results today. We expect SBI's net profit to decline 9% YoY to Rs34.2bn owing to a 3% YoY decline in net interest income to Rs107bn. Margins would likely compress by ~10bps. We expect incremental restructuring of Rs15bn during the quarter and net slippages to the stock of non-performing loans of Rs30bn. (We build in gross slippages of Rs90bn and normalised write-offs of Rs10bn).
