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Tomorrow,SBI & Bank
of Baroda will announce their quarterly results.SBI is expected to
show continued strength in its operating performance,
supported by modest business growth, while Bank of Baroda is
expected to have a weak Q3 earnings report.
In SBI's case, it can benefit from modest
business growth and a gradual reduction in provisions, while BoB may see a weak
Q3 earnings show. On the other hand, an increase in bond yields could affect treasury
performance. The stock of SBI and BoB has outperformed the
benchmark Sensex, so far this year. The former has risen about
17 percent YTD, while the latter has risen by 34%.
SBI-We
expect 14% operating profit growth at Rs 19796.1 crore, driven by lower operating expenses, and 9% NII growth at Rs 31,505 crore, supported by subdued loan growth of 7%. Treasury income is likely to be lower and wage costs may not be one-offs during this quarter. Net profit is predicted at Rs 8,032.3 crores. We expect slippages at 2 per cent of loans and lower
sequential provisions at Rs 2,429.1 crores.
BOB-We expect pre-provision operating profits to decline 12% YoY to Rs 4,902.7 crore on weak revenue growth and elevated costs.We expect an
unchanged loan book as demand for credit, especially corporate, is subdued. NII
is pegged at Rs 8,048.6 crore; net profit at Rs 1,934.7 crore; and NIM at 3%.
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