State Bank of India (SBI), the largest public sector lender, today reported a rise of 3.33% in standalone net profit to Rs 33.49 billion for the quarter ended Jun. 30, 2014 as compared to Rs 32.41 billion in the same period last year. Analysts on average had predicted net profit to come at Rs 28.24 billion.

Total income increased by 12.56% to Rs 407.39 billion for the quarter ended Jun. 30, 2014 as compared to Rs 361.93 billion in the same period last year.

Commenting on the results, Siddharth Teli, Religare Institutional Research, said, ''Slippages increased from Rs 79.5 billion in Q4FY14 to Rs 99.3 billion in Q1FY15, while restructuring remained low at Rs 57 billion. We maintain our bullish stance on SBIN given an improving macro, its strong capitalisation levels and a robust liability franchise. Buy; TP Rs 3,250. 

Meanwhile, Asutosh Kumar Mishra, analyst, Karvy Stock Broking, said, ''State Bank of India net profits stood marginally higher to our estimates primarily on account of strong gro wth in NII along with write-back of Rs 5.6 billion of investment depreciation from foreign operations. We recommend ''Buy'', with a SOTP TP of Rs 2,893, wherein the standalone bank has been valued at 1.5x FY16E Adj. BV of Rs 1,731 (Rs 2,597/share) and the subsidiaries fetch Rs 293/share after deducting holding company discount of 20%.''

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.