SBI Share Price: JP Morgan raise price target to Rs 440
JP Morgan says that SBI Q3 21 net income came in 2% ahead of JPMe with a positive print on asset quality. Stress formation in the bank (9M restructuring + slippage 2.1%) is tracking well under the 2.5% full year guidance laid down by the bank implying scope for upside surprise. Core PPOP was up 22% yoy and 4% above JPM estimates aided by higher non interest and recovery income from written off accounts despite drag on opex (wage settlements).
JP Morgan estimates recovery from two large accounts (Dewan / Bhushan Steel) can net SBI an added Rs 80 bn and sustain earnings momentum into Q4: Reuters