Core performance on track; One-offs dent earnings

11 Mar 2024
5 Min read 
  • State Bank of India (SBIN) reports 3QFY24 net profit below estimates.
  •  Net interest margins (NIMs) contract by 7 bps QoQ to 3.22%.
  •  Slippages increase marginally, while GNPA ratio declines.
  •  Lower wage provisions expected in 4QFY24, credit growth guided at 14-15%.
  •  SBIN's subsidiaries report healthy performances.
  •  Motilal Oswal maintains buy rating on SBIN with target price of INR 800.
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