The State Bank of India (SBI) is India’s largest bank with a ~ 23% market share in assets and one-fourth of deposits market. The Bank has finally repaired its balance sheet, which was a quagmire of bad and doubtful debts, and is poised to enter a new growth phase. We have an over weight rating on the stock as we expect financials to improve over the next 4-8 quarters as credit growth picks up post-Covid recovery and NPAs will be low due to legacy accounts being provided for or resolved. Inexpensive trading multiples and value of non-banking subsidiaries is positive. Focus on technology and success of its YONO mobile app should enable SBI to match service levels of competing private sector banks and maintain its market share
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