{"id":11623,"date":"2017-07-06T17:26:40","date_gmt":"2017-07-06T11:56:40","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=11623"},"modified":"2017-07-06T17:26:40","modified_gmt":"2017-07-06T11:56:40","slug":"state-bank-of-india","status":"publish","type":"post","link":"https:\/\/fundsindia.com\/blog\/equities\/state-bank-of-india\/11623","title":{"rendered":"State Bank of India"},"content":{"rendered":"<p><strong>Best placed among public sector banks<\/strong><\/p>\n<p>SBI is India\u2019s largest commercial bank and holds ~20% market share in the banking sector. It has 24,017 branches in India along with 198 overseas branches spread over 37 countries. The bank has achieved consistent growth over the last 5 years (FY12-17) with a CAGR of 15% in total assets, 14% in total deposits, 13% in total advances and 7% in net interest income (NII).<\/p>\n<p><strong>Valuation<\/strong>: We believe that SBI is likely to be a major beneficiary of the economic recovery and is best positioned to capitalize on growth opportunities owing to its strong capital base coupled with relatively lower NPAs among public sector banks (PSBs). Further, stake sale in subsidiaries and disinvestment of non-core assets will provide a cushion to earnings. Therefore, we continue to remain positive on SBI and maintain \u2018BUY\u2019 rating on the stock with a target price Rs325 based on sum of the parts (SOTP) methodology where we value its standalone business at Rs272 (P\/ABV of 1.4x for FY19E) and subsidiaries at Rs53 (holding company discount: 20%).<\/p>\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2017\/07\/Research-Report-State-Bank-of-India.pdf\">Research Report State Bank of India<\/a><\/p>\n<p><i>Investments in equity shares, debentures, etc., are not obligations of, or guaranteed by Wealth India Financial Services Pvt. Ltd., and are subject to investment risks.\u00a0<a href=\"http:\/\/pages.fundsindia.com\/pages\/disclaimer-equities\/\">Click here<\/a>\u00a0to read our full disclaimer.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Best placed among public sector banks SBI is India\u2019s largest commercial bank and holds ~20% market share in the banking sector. It has 24,017 branches in India along with 198 overseas branches spread over 37 countries. The bank has achieved consistent growth over the last 5 years (FY12-17) with a CAGR of 15% in total [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>State Bank of India<\/title>\n<meta name=\"description\" content=\"Find the latest research report on state bank of india. On FundsIndia Marketplace\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/equities\/state-bank-of-india\/11623\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"State Bank of India\" \/>\n<meta property=\"og:description\" content=\"Find the latest research report on state bank of india. 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