SBI Q3 Results Review - Uses Good Times To Make Staff Provisions: Yes Securities

Yes Securities Report

State Bank of India reported an exceptional item of Rs 71 billion pertaining to provisions on account of one-time increase in pension liabilities at the uniform rate of 50% and dearness relief neutralisation.

Wage-related provisions made in Q3 amount to Rs 63.13 billion, Rs 127.18 billion in nine months and Rs 152.08 billion, cumulatively till date.

In Q4, wage-related provision would amount to Rs 54.08 billion.

We value SBI at 1.2 times FY25 price/book value for an FY24E/25E/26E return on equity profile of 14.7/16.8/16.5%. We assign a value of Rs 236 per share to the subsidiaries, on SOTP.

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