Core performance on track; One-offs dent earnings

Company

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.