SBI

₹590 0.5 | 0.1%

WEBSITE BSE:500112 NSE : STATE BANK 28 Sep, 16:01

Market Cap ₹526507 Cr.

Stock P/E 7.9

P/B 1.5

Current Price ₹590

Book Value ₹ 392

Face Value 1

52W High ₹629.6

Dividend Yield 1.92%

52W Low ₹ 499.4

Edit Ratio

SBI Research see more...

Equity Research Report: SBI

Overview Inc. Year: 1806Industry: Bank - Public

State Bank of India is an primarily India-based banking and economic services company. The Company's segments are Treasury, Corporate/Wholesale Banking, Retail Banking and Insurance Business. The Treasury phase includes the complete investment portfolio and buying and selling in forex contracts and derivative contracts. The Corporate/Wholesale Banking phase provided the lending activities of company debts group, industrial purchaser's group and careworn belongings resolution institution. The Retail Banking segment provides retail branches, which commonly includes private banking activities, together with lending activities to company customers, and additionally consists of organization enterprise and automated teller machines (ATMs). The Insurance Business segment contains the results of SBI Life Insurance Co. Ltd. And SBI General Insurance Co. Ltd. It is involved in providing a number of services and products to individuals, business organisations, large corporates, public bodies and institutional clients.

SBI Share Price

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Peer Comparison

SBI Quarterly Results

#(Fig in Cr.)	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Interest Earned	68033	68960	73029	73376	74608	76781	84463	91518	98083	101460
Other Income	35398	24307	28114	31152	33427	17743	30320	35701	38769	30873
Total Income	103431	93267	101143	104528	108035	94524	114782	127219	136852	132333
Interest Expense	38389	38249	38638	39363	39944	41931	45232	49366	53451	58045
Operating Expenditure	43864	34188	42060	44573	46124	37566	45777	50301	56171	45980
Provisions and contingencies	11517	10510	615	7442	8109	4762	3431	6196	3795	3101
Operating Profit	9661	10320	19830	13150	13858	10265	20342	21355	23436	25208
Profit Before Tax	9661	10320	12411	13150	13858	10265	20342	21355	23436	25208
Provision for Tax	2391	2781	3280	3458	3864	2737	5325	5686	5092	6472
Profit After Tax	7270	7539	9131	9692	9994	7528	15017	15670	18343	18736
Adjustments	-1145	-159	-241	-137	-445	-203	-265	-192	-249	-199
Profit After Adjustments	6126	7380	8890	9555	9549	7325	14752	15477	18094	18537
Adjusted Earnings Per Share	6.9	8.3	10	10.7	10.7	8.2	16.5	17.3	20.3	20.8

SBI Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Interest Earned	167976	189062	207974	220633	230447	228970	253322	269852	278115	289973	350845	375524
Other Income	32584	37882	49315	52828	68193	77557	77365	98159	107222	117000	122534	135663
Total Income	200560	226945	257290	273461	298640	306528	330687	368011	385338	406973	473378	511186
Interest Expense	106818	121479	133179	143047	149115	146603	155867	161124	156010	156194	189981	206094
Operating Expenditure	52820	63369	73224	74307	87290	96155	114800	131782	150430	174363	189814	198229
Provisions and contingencies	15040	20771	25032	37930	61291	76004	54090	45054	46089	26680	18185	16523
Operating Profit	25882	21326	25855	18177	945	-12234	5929	30052	32809	49736	75398	90341
Profit Before Tax	25882	21326	25855	18177	945	-12234	5929	30052	32809	49736	75398	90341
Provision for Tax	7559	6836	8337	5434	1336	-8046	2860	11875	8529	13379	18840	22575
Profit After Tax	18323	14489	17517	12743	-391	-4187	3069	18177	24280	36356	56558	67766
Adjustments	-407	-316	-523	-519	632	-369	-769	1591	-1874	-982	-910	-905
Profit After Adjustments	17916	14174	16994	12225	241	-4556	2300	19768	22405	35374	55648	66860
Adjusted Earnings Per Share	26.2	19	22.8	15.7	0.3	-5.1	2.6	22.1	25.1	39.6	62.4	74.9

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	21%	9%	9%	8%
Operating Profit CAGR	52%	36%	0%	11%
PAT CAGR	56%	46%	0%	12%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	12%	47%	17%	14%
ROE Average	18%	14%	10%	9%
ROCE Average	12%	9%	8%	7%

SBI Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	125033	147371	161388	180592	217192	230322	234496	251060	275562	305588	358931
Minority's Interest	4254	4909	5497	6267	6481	4615	6037	7944	9626	11207	12837
Deposits	1627403	1838852	2052961	2253858	2599811	2722178	2940541	3274161	3715331	4087411	4468536
Borrowings	203723	223760	244663	361399	336366	369079	413748	332901	433796	449160	521152
Other Liabilities & Provisions	172696	181604	235601	271366	285272	290250	293643	331427	411304	507518	592963
Total Liabilities	2133109	2396495	2700110	3073483	3445122	3616445	3888464	4197492	4845619	5360884	5954418
Cash and balance with RBI	89574	114096	144288	160425	161019	150769	177363	166968	213499	318492	247321
Bank Balance	55654	53066	44194	44135	112179	44520	48150	87347	134208	80413	70991
Investments	519343	579401	673507	807375	1027281	1183794	1119270	1228284	1595100	1776490	1913108
Advances	1392608	1578277	1692211	1870261	1896887	1960119	2226854	2374311	2500599	2794076	3267902
Fixed Assets	8693	10223	11979	14470	50246	40301	39941	39608	39699	39229	44024
Other Assets	66559	61096	133531	176033	196816	236017	276125	300503	362045	351902	410689
Total Assets	2133109	2396495	2700110	3073483	3445122	3616445	3888464	4197492	4845619	5360884	5954418

SBI Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	127591	145228	167161	188481	204559	273197	195289	225512	254315	347707	398905
Cash Flow from Operating Activities	24332	19142	26297	14477	77406	-96508	29556	23929	89919	57695	-86014
Cash Flow from Investing Activities	-3653	-3536	-3430	-3669	-2832	11066	-857	-3324	-3736	-3619	-4041
Cash Flow from Financing Activities	-4424	3583	-1553	4348	-4196	5547	448	5430	7143	-3845	6386
Net Cash Inflow / Outflow	16255	19188	21314	15157	70377	-79895	29147	26034	93325	50232	-83668
Closing Cash & Cash Equivalent	145228	167161	188481	204559	273197	195289	225512	254315	347707	398905	318312

SBI Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	26.19	18.99	22.76	15.75	0.3	-5.11	2.58	22.15	25.11	39.64	62.35
CEPS(Rs)	26.79	22	25.58	16.42	3.16	-1.22	7.34	24.44	31.32	44.83	67.46
DPS(Rs)	4.15	3	3.5	2.6	2.6	0	0	0	4	7.1	11.3
Book NAV/Share(Rs)	182.79	197.4	216.17	230.87	227.75	230.23	235.13	254.69	282.35	316.22	371.08
Yield on Advances	12.06	11.98	12.29	11.8	12.15	11.68	11.38	11.37	11.12	10.38	10.74
Yield on Investments	8	8.48	8.7	7.79	7.59	7.54	7.52	6.84	5.93	5.62	5.85
Cost of Liabilities	5.83	5.89	5.8	5.47	5.08	4.74	4.65	4.47	3.76	3.44	3.81
NIM (Net Interest Margin)	2.97	2.91	2.93	2.69	2.54	2.47	2.73	2.82	2.75	2.69	2.93
Interest Spread	6.23	6.09	6.49	6.33	7.07	6.94	6.73	6.9	7.36	6.94	6.93
ROA(%)	0.92	0.64	0.69	0.44	-0.01	-0.12	0.08	0.45	0.54	0.71	1
ROE(%)	15.85	10.64	11.35	7.48	-0.22	-2.16	1.48	8.32	10.13	13.61	18.44
ROCE(%)	12.28	9.56	9.64	6.08	2.06	-0.3	3.35	6.99	7.08	8.77	12.46
PER(x)	7.91	10.1	11.73	12.34	967.14	0	124.5	8.89	14.51	12.45	8.4
Price/Book(x)	1.13	0.97	1.24	0.84	1.28	1.09	1.36	0.77	1.29	1.56	1.41
Dividend Yield(%)	2	1.56	1.31	1.34	0.89	0	0	0	1.1	1.44	2.16
EV/Net Sales(x)	2.06	1.94	2.13	2.32	2.47	2.59	2.76	1.89	2.73	3.07	2.82
EV/Core EBITDA(x)	8.44	8.72	8.73	9.13	9.15	9.29	11.66	6.77	9.62	11.64	10.56
Interest Earned Growth(%)	14.12	12.55	10	6.09	4.45	-0.64	10.64	6.53	3.06	4.26	20.99
Net Profit Growth	15.75	-20.92	20.9	-27.25	-103.07	-971.85	173.29	492.26	33.58	49.74	55.57
Advances Growth	19.67	13.33	7.22	10.52	1.42	3.33	13.61	6.62	5.32	11.74	16.96
EPS Growth(%)	14.55	-27.52	19.9	-30.82	-98.08	-1787.46	150.47	759.6	13.34	57.88	57.31
Loans/Deposits(x)	12.52	12.17	11.92	16.03	12.94	13.56	14.07	10.17	11.68	10.99	11.66
Cash/Deposits(x)	0.06	0.06	0.07	0.07	0.06	0.06	0.06	0.05	0.06	0.08	0.06
Current Ratio(x)	0.32	0.32	0.33	0.36	0.4	0.43	0.38	0.38	0.43	0.43	0.43
Quick Ratio(x)	12.52	12.17	11.92	16.03	12.94	13.56	14.07	10.17	11.68	10.99	11.66
CASA %	40.75	40.34	39.43	40.62	43.7	44.46	44.55	44.17	45.4	44.52	42.67

SBI Shareholding Pattern

#	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Promoter	56.92	56.92	56.92	56.92	56.92	56.92	56.92	56.92	56.92	56.92
FII	9.82	10.22	10.42	10.25	9.85	9.51	9.85	9.99	9.78	10.26
DII	24.3	24.04	24.03	23.96	24.52	24.95	25.13	25.13	24.97	24.63
Public	7.74	7.6	7.42	7.68	7.54	7.49	7.06	6.96	7.33	7.23
Others	1.23	1.22	1.22	1.19	1.16	1.12	1.04	1.01	1	0.96
Total	100	100	100	100	100	100	100	100	100	100

#	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Promoter	507.98	507.98	507.98	507.98	507.98	507.98	507.98	507.98	507.98	507.98
FII	87.6	91.18	92.98	91.48	87.95	84.88	87.92	89.14	87.32	91.6
DII	216.87	214.59	214.47	213.81	218.87	222.71	224.3	224.26	222.81	219.79
Public	69.05	67.85	66.18	68.56	67.31	66.86	62.97	62.08	65.44	64.52
Others	10.97	10.86	10.84	10.63	10.36	10.03	9.3	9.01	8.92	8.58
Total	892.46	892.46	892.46	892.46	892.46	892.46	892.46	892.46	892.46	892.46

Pros

Cons

Company has a low return on equity of 14% over the last 3 years.
Earnings include an other income of Rs. 122534 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.