State Bank of India. Source: Company Data; PL Research

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1 Weak as expected; remain positive over medium term February 12, 2016 Nitin Kumar Pritesh Bumb Rating BUY Price Rs154 Target Price Rs235 Implied Upside 52.6% Sensex 22,952 Nifty 6,976 (Prices as on February 11, 2016) Trading data Market Cap. (Rs bn) 1,197.5 Shares o/s (m) 7, M Avg. Daily value (Rs m) Major shareholders Promoters 61.37% Foreign 10.37% Domestic Inst % Public & Other 9.54% Stock Performance (%) 1M 6M 12M Absolute (24.5) (42.6) (46.1) Relative (17.0) (25.0) (26.5) How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC: SBI.BO, BB: SBIN IN) (Rs) Feb 15 Apr 15 Jun 15 Source: Bloomberg Aug 15 Oct 15 Dec 15 Feb 16 SBIN reported relatively better quarter with fresh slippages standing at Rs207bn (6.2% annualized, ~72% due to RBI AQR) thus leading to 95bp QoQ increase in GNPL ratio to 5.1%. Bank mentioned that it will implement RBI's AQR over two quarters and has guided for similar level of slippages in Q4FY16 but significant improvement from FY17 onwards. While the deterioration in asset quality is significant we believe that it will help take away the overhang of asset quality and SBI is still best positioned amongst PSUs to handle the ongoing developments and likely emerge stronger. We cut our estimates to factor in the current trends and lower our PT to Rs235 (from Rs350) 1.0x Sep 17E ABV. We maintain BUY & believe that the stock presents an attractive buying opportunity over the medium term. Total revenue grows 4% YoY: SBIN reported 4% YoY growth in total income led by 18% YoY growth in other income even as NII declined by 1.2% YoY due to interest reversals of RS4.5bn. Other income growth was driven by healthy capital gains of Rs12.35bn, excluding which the core fee income grew ~15% YoY. NII growth was aided by pick up in advances growth and buoyant CASA mix. Margins declined by 8bp QoQ (10bp QoQ in domestic business) due to higher reversals and we expect it to improve from Q1FY17E onwards. Slippages increased to RS207bn; ~70% due to RBI's AQR: Asset quality deteriorated with fresh slippages coming at Rs207bn (6.2% annualized) thus leading to 95bp QoQ increase in GNPL ratio and 75bp QoQ increase in NNPL ratio at 2.89%. O/s restructured assets declined by 9% QoQ to Rs485.9bn (3.5% of total loans) while standard exposure under SDR and 5/25 stands at RS122 bn and Rs110bn respectively. We note that the proportion of net stressed assets (details exhibit 1) for SBIN is lowest amongst large PSU banks at ~3% of total loans. SBIN sold loans worth RS3.95bn to ARC (O/s SRs: Rs56bn). Profitability likely to improve from FY17E; retain BUY : SBIN has aggressively cut base rate recently however we expect margins to sustain at around current levels as deposit portfolio re prices lower, more so in Q1FY17 while the extent of interest reversals will also decline. SBIN remains one of the well capitalized PSU bank and we expect earnings to gain traction from next fiscal. Maintain BUY with PT of Rs235 (from Rs350) based on SOTP valuation. Key financials ( Y/e March) E 2017E 2018E Net interest income 550, , , ,337 Growth (%) Operating profit 389, , , ,939 PAT 131, , , ,530 EPS (Rs) Growth (%) 15.3 (19.6) Net DPS (Rs) Profitability & Valuation E 2017E 2018E NIM (%) RoAE (%) RoAA (%) P / BV (x) P / ABV (x) PE (x) Net dividend yield (%) Source: Company Data; PL Research Q3FY16 Result Update PrabhudasLilladher Pvt. Ltd. and/or its associates (the 'Firm') does and/or seeks to do business with companies covered in its research reports. As a result investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of the report. Investors should consider this report as only a single factor in making their investment decision. Please refer to important disclosures and disclaimers at the end of the report

2 Exhibit 1: Net stressed assets for SBIN lower than that of peers and accounts for only ~31% of projected networth Rs in million FY17E O/s standard restructured assets 510,269 of which SEB restructured 25,000 Exposure under SDR cases 142,363 Exposure under 5/25 158,470 ARC sale outstanding 81,000 Gross NPLs 867,389 Total Gross Stressed Assets 1,759,490 As % of FY17E Networth (excluding revaluation reserves) 111.7% As % of FY17E loans 10.9% Net stressed asset calculation 20% slippage from restructured assets (excluding SEB portion) 97,054 30% haircut on SDR cases 42,709 20% on 5/25 exposure 31,694 10% on ARC sale 8,100 70% of Net NPL 313,614 Total damage to Book Value 493,171 As % of FY17E Networth (excluding revaluation reserves) 31.3% As % of FY17E loans 3.0% Book Value per share, Rs ABV per share adjusted for 70% Net NPLs, Rs ABV ABV per share adjusted for all other exposure (SDR, 5/25, ARC & restr) ABV February 12,

3 Exhibit 2: High slippages hit operating performance (Rs m) Q3FY16 Q3FY15 YoY gr. (%) Q2FY16 QoQ gr. (%) Interest income 405, , ,576 (0.3) Interest Expenses 269, , , Net interest income (NII) 136, ,766 (1.2) 142,526 (4.5) Treasury income 12,350 9, ,940 (17.3) Other income 61,775 52, ,973 (0.3) Total income 197, , ,498 (3.3) Operating expenses 101,861 97, , Staff expenses 61,226 58, ,421 (0.3) Other expenses 40,635 38, , Operating profit 95,979 92, ,659 (6.5) Core operating profit 83,629 83,749 (0.1) 87,719 (4.7) Total provisions 79,494 52, , Profit before tax 16,485 40,596 (59.4) 59,053 (72.1) Tax 5,332 11,495 (53.6) 20,262 (73.7) Profit after tax 11,153 29,101 (61.7) 38,791 (71.2) Balance sheet (Rs) Deposits 16,714,162 15,100, ,341, Advances 13,912,578 12,325, ,371, Gross NPL (Rs m) 727, , , Net NPL (Rs m) 402, , , Profitability ratios RoaA (41) 0.8 (54) RoaE (145) 12.6 (296) NIM (19) 3.0 (8) Asset Quality Cum. Restruc. assets (Rs m) 712, , , Gross NPL ratio Net NPL ratio Coverage ratio (499) Rest. Std. assets/ Total adv (28) 4.0 (50) Business & Other Ratios Low cost deposit mix Cost income ratio Non int. inc / total income Credit deposit ratio CAR Tier I (27) February 12,

4 Exhibit 3: Advances growth picks up further, but bank remains selective in growth 21.0% 19.0% 17.0% 15.0% 13.0% 11.0% 9.0% 7.0% 5.0% 16.1% 18.9% 17.2% 15.6% 14.4% 14.7% Advances growth YoY(%) 20.5% 15.7% 19.0% 15.7% 17.5% 13.0% 9.7% 7.3% 7.5% 6.8% 10.5% 12.9% Exhibit 4: Business growth pick up mainly from large corporate book, retail & SME Loan break up (Rs mn) Q3FY16 Q3FY15 YoY gr. (%) Q2FY16 QoQ gr. (%) Total Advances 14,284,950 12,654, ,707, Large 3,011,660 2,396, ,835, Mid 2,137,770 2,206,830 (3.1) 2,047, SME 1,819,220 1,579, ,765, Agri 1,211,020 1,595,370 (24.1) 1,184, International 2,657,020 2,246, ,658,170 (0.0) Retail 3,082,660 2,602, ,910, Home 1,796,830 1,529, ,708, Auto 371, , , Education 157, , ,060 (0.5) Other retail 757, , , Exhibit 5: Global NIMs holding steady supported by domestic NIMs 4.4% NIM (%) Domestic NIM (%) 4.1% 3.8% 3.5% 3.2% 2.9% 2.6% 3.9% 3.7% 3.7% 3.6% 3.4% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.3% 3.3% 3.2% 3.6% 3.3% 3.4% 3.3% 3.2% 3.2% 3.2% 3.2% 3.1% 3.1% 3.1% 3.2% 3.0% 3.0% 2.9% February 12,

5 Exhibit 6: Core fee growth remains weak mainly from lower loan processing fees & govt commissions Exhibit 7: CASA profile sees some further improvement but on back of slowing term deposit growth 40% 30% 20% 10% 0% Core fees growth YoY 50.0% 47.0% 44.0% 41.0% Low Cost deposits(%) 10% 38.0% 20% 35.0% Exhibit 8: Opex remained under check mainly on tight control in other expenses 35.0% Opex growth YoY 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 5.0% 4Q11 Exhibit 9: Fresh slippages contributed from large corporate (largely from RBI s AQR), while Mid corporate slippages continue to be high Opening 642, , , , , , , , ,360 Additions 114,380 79,420 99,320 77,000 70,430 47,690 73,180 58, ,920 Upgradation + Recovery 27,680 84,430 45,470 26,350 6,670 51,610 27,030 15,210 10,370 Write offs 50,770 56,980 65,560 47,870 50,960 48,740 49,190 39,140 36,970 Closing 678, , , , , , , , ,917 Slippages (%) annualized 4.06% 2.65% 3.21% 2.52% 2.33% 1.55% 2.25% 1.84% 6.19% Net slippages (%) annualized 0.98% 2.82% 1.47% 0.86% 0.40% 1.71% 0.09% 0.13% 4.77% February 12,

6 Exhibit 10: Asset quality deteriorates sharply on highest ever slippages in single quarter Exhibit 11: Slippages ratio spike substantially on RBI s AQR and weakness in certain accounts 6.0% Gross NPA (%) Net NPA (%) 7.0% Gross Slippages (%), annualized 5.0% 4.0% 3.0% 2.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 1.0% Exhibit 12: We revise our TP for SBIN to Rs235/share from Rs350/share considering haircuts in stressed assets and is based on SOTP method, PT calculation and upside Fair price EVA 155 Fair price P/ABV 158 Average of the two 156 Value of subs/associates 78 Fair value of consol. entity 235 P/ABV 1.0 P/ABV2 adjusted for Net NPLs / SRs / slippages from restructured assets 1.2 P/E Standalone bank 6.6 Current price, Rs 154 Upside (%) 53% Dividend Yield (%) 2.6% Total Return 56% February 12,

7 Exhibit 13: SBIN s: SOTP valuation table SOTP valuation, FY16E Multiple Stake (%) Revised PT Method Standalone Avg. of P/ABV & EVA Subsidiary/associates 31 St Bk of Bikaner % 5 P/ABV St Bk of Hyderabad % 12 P/ABV St Bk of Mysore % 5 P/ABV St Bk of Patiala % 6 P/ABV St Bk of Travancore % 3 P/ABV Life insurance venture 12x 74% 23 Appraisal value; 12x new business multiple Asset management 63% 4 4.5% of AUMs Capital Market/DFHI/Others 100% 21 Total 235 Exhibit 14: Earnings Change Table We cut our estimates to factor in higher credit costs on asset quality issues, as well as tweak our business growth estimates (Rs mn) Old Revised % Change New FY16E FY17E FY16E FY17E FY16E FY17E FY18E Net interest income 602, , , ,226 (6.1) (3.4) 750,337 Operating profit 426, , , ,013 (3.9) (0.5) 569,939 Net profit 162, , , ,402 (33.7) (16.5) 210,530 EPS (Rs) (33.7) (16.5) 27.1 ABVPS (Rs) (12.9) (10.3) 178 Price target (Rs) Recommendation BUY BUY (32.9) Exhibit 15: SBIN historical P/ABV trends P/ABV 5 yr avg. avg. + 1 SD avg. 1 SD Feb 09 May 09 Aug 09 Nov 09 Feb 10 May 10 Aug 10 Nov 10 Feb 11 May 11 Aug 11 Nov 11 Feb 12 May 12 Aug 12 Nov 12 Feb 13 May 13 Aug 13 Nov 13 Feb 14 May 14 Aug 14 Nov 14 Feb 15 May 15 Aug 15 Nov 15 Feb 16 February 12,

8 Income Statement (Rs m) Int. Earned from Adv. 1,123,439 1,171,688 1,301,068 1,484,715 Int. Earned from Invt. 370, , , ,326 Others 29,654 24,909 26,290 30,757 Total Interest Income 1,523,971 1,625,581 1,816,025 2,064,798 Interest expense 973,818 1,060,147 1,159,799 1,314,461 NII 550, , , ,337 Growth (%) Treasury Income 36,180 57,889 92, ,195 NTNII 189, , , ,614 Non Interest Income 225, , , ,809 Total Income 1,749,730 1,883,172 2,105,815 2,396,607 Growth (%) Operating Expense 386, , , ,207 Operating Profit 389, , , ,939 Growth (%) NPA Provisions 168, , , ,777 Investment Provisions (5,901) (3,540) 2,124 (1,275) Total Provisions 195, , , ,953 PBT 193, , , ,986 Tax Provisions 62,124 55,352 81, ,455 Effective Tax Rate (%) PAT 131, , , ,530 Growth (%) 20.3 (18.0) Balance Sheet (Rs m) Par Value No. of equity shares 7,467 7,764 7,764 7,764 Equity 7,467 7,764 7,764 7,764 Networth 1,284,383 1,452,026 1,575,589 1,750,026 Adj. Networth 1,008, ,033 1,127,569 1,389,899 Deposits 15,767,932 17,470,869 19,951,733 23,463,238 Growth (%) Low Cost deposits 6,519,051 7,390,178 8,599,197 10,276,898 % of total deposits Total Liabilities 20,480,799 22,827,957 26,099,445 30,603,085 Net Advances 13,000,264 14,248,289 16,186,057 19,164,291 Growth (%) Investments 4,950,274 5,937,961 6,915,179 7,891,122 Total Assets 20,480,798 22,827,957 26,099,445 30,603,085. Quarterly Financials (Rs m) Y/e March Q4FY15 Q1FY16 Q2FY16 Q3FY16 Interest Income 401, , , ,535 Interest Expense 253, , , ,470 Net Interest Income 147, , , ,065 Non Interest Income 85,153 50,880 61,973 61,775 CEB 49,010 32,021 31,530 35,090 Treasury 16,590 8,724 14,940 12,350 Net Total Income 232, , , ,840 Operating Expenses 108,177 96, , ,861 Employee Expenses 65,665 59,064 61,421 61,226 Other Expenses 42,511 37,115 40,418 40,635 Operating Profit 124,094 92, ,659 95,979 Core Operating Profit 107,504 83,297 87,719 83,629 Provisions 65,929 39,997 43,606 79,494 Loan loss provisions 64,680 37,547 44,328 78,196 Investment Depreciation (840) 1,800 (510) 260 Profit before tax 58,165 52,024 59,053 16,485 Tax 20,744 15,099 20,262 5,332 PAT before EO 37,420 36,924 38,791 11,153 Extraordinary item PAT 37,420 36,924 38,791 11,153 Key Ratios CMP (Rs) Equity Shrs. Os. (m) 7,467 7,764 7,764 7,764 Market Cap (Rs m) 1,151,717 1,197,545 1,197,545 1,197,545 M/Cap to AUM (%) EPS (Rs) Book Value (Rs) Adj. BV (100%) (Rs) P/E (x) P/BV (x) P/ABV (x) DPS (Rs) Dividend Yield (%) Profitability (%) NIM RoAA RoAE Efficiency Cost Income Ratio (%) C D Ratio (%) Business per Emp. (Rs m) Profit per Emp. (Rs lacs) Business per Branch (Rs m) 1,648 1,622 1,680 1,802 Profit per Branch (Rs m) Asset Quality Gross NPAs (Rs m) 567, , , ,529 Net NPAs (Rs m) 275, , , ,127 Gr. NPAs to Gross Adv. (%) Net NPAs to Net Adv. (%) NPA Coverage (%) February 12,

9 Prabhudas Lilladher Pvt. Ltd. 3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai , India Tel: (91 22) Fax: (91 22) Rating Distribution of Research Coverage PL s Recommendation Nomenclature % of Total Coverage 60% 50% 40% 30% 20% 10% 0% 47.7% 40.2% 12.1% 0.0% BUY Accumulate Reduce Sell BUY : Over 15% Outperformance to Sensex over 12 months Accumulate : Outperformance to Sensex over 12 months Reduce : Underperformance to Sensex over 12 months Sell : Over 15% underperformance to Sensex over 12 months Trading Buy : Over 10% absolute upside in 1 month Trading Sell : Over 10% absolute decline in 1 month Not Rated (NR) : No specific call on the stock Under Review (UR) : Rating likely to change shortly DISCLAIMER/DISCLOSURES ANALYST CERTIFICATION We/I, Mr. Nitin Kumar (B.E, PGDM, CFA), Mr. Pritesh Bumb (MBA, M.com), Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. 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PL or its research analysts or its associates or his relatives do not have actual/beneficial ownership of one per cent or more securities of the subject company at the end of the month immediately preceding the date of publication of the research report. PL or its research analysts or its associates or his relatives do not have any material conflict of interest at the time of publication of the research report. PL or its associates might have received compensation from the subject company in the past twelve months. PL or its associates might have managed or co managed public offering of securities for the subject company in the past twelve months or mandated by the subject company for any other assignment in the past twelve months. PL or its associates might have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months. 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It is confirmed that Mr. Nitin Kumar (B.E, PGDM, CFA), Mr. Pritesh Bumb (MBA, M.com), Research Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. The Research analysts for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report. 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