BNP Paribas Securities Recommends Buying State Bank of India (SBIN) with a Target Price of Rs 790
BNP Paribas Securities has issued a “buy” recommendation on State Bank of India (SBIN) with a target price of Rs 790. As of now, the current market price of SBIN is Rs 594.6. State Bank of India, established in 1955, is a significant banking company with a market capitalization of Rs 530,166.57 Crore.
SBIN’s key revenue segments comprise Interest & Discount on Advances & Bills, Income From Investment, Interest, and Interest On Balances with RBI, along with Other Inter-Bank Funds. For the quarter ending on June 30, 2023, the bank reported a consolidated total income of Rs 132,332.78 Crore. This figure represents a slight decrease of -3.30% compared to the previous quarter but a substantial 40.00% increase compared to the same quarter in the previous year. In the latest quarter, the bank reported a net profit after tax of Rs 18,536.80 Crore.
As of June 30, 2023, the promoters of State Bank of India held a 57.47% stake in the company, while foreign institutional investors (FIIs) owned 10.36%, and domestic institutional investors (DIIs) held 24.8%.
Investors considering State Bank of India (SBIN) may find BNP Paribas Securities’ “buy” recommendation valuable, especially with the accompanying target price of Rs 790. This recommendation could offer valuable insights for individuals making investment decisions related to SBIN.
