SBI investors still hopeful despite an unimpressive Q1
Given the cumulative repo rate hike of 140 basis points (bps) so far and SBI’s 74% asset-linkage to floating rates, the bank looks well placed to gain on the margin front in the current upward rate cycle, according to analysts
Shares of State Bank of India (SBI) were under pressure on Monday, falling 2.75% on the National Stock Exchange, in morning trade. The June quarter earnings (Q1FY23) performance of the country’s largest public sector lender was a mixed bag. Loan growth at 14.93% year-on-year was at a multi-quarter high in Q1, even so, SBI missed the Street’s earnings expectation and was hit by a one-time mark-to-market loss and weak net interest margin (NIM).
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