State Bank of India -Slippages revised; No change in estimates; Reduce; Target: Rs1,750 - EMKAY

[Rajesh Desai]

Company Update (November 15, 2012)

Company Update   State Bank of India Reco: REDUCE CMP: Rs2171 Target Price: Rs1750 Slippages revised; No change in estimates Slippage/upgrades revised down by Rs13.9bn SBI has revised down its slippages and upgrades by Rs13.9bn for Q2FY13. Management explained that some of the accounts (worth Rs13.9bn) slipped during the quarter and were also upgraded during the quarter itself. Thus, after netting off these numbers, the slippage for the quarter would stand revised down to Rs70.7bn (still 3.1% annualized) and the upgrade number would stand revised down to Rs16.6bn. The reported net slippage for the quarter (excluding write off) would remain unchanged at Rs39.8bn (1.7% annualized). However, earlier we understood that these upgrades pertained to slippages of the previous quarter and had assumed net slippages of Rs56bn for Q2FY13.     Click here to read report: Company Update

 

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CA. Rajesh Desai