SBI – The last resort of banks

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The State Bank of India is an Indian multinational, public sector banking and financial services statutory body which is also the country’s largest lender. The banking sector in India has seen many losses and fraud cases which has led to the accumulation of Non-Performing Assets that brings down the profits of the banks. In 2017, the largest lender by assets had absorbed its associate banks, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore, State Bank of Patiala and State Bank of Hyderabad. Currently, the bank has infused an investment of Rs.6,050 crore to revive the Yes Bank in order to bring stability in the economy and as well as the sector. The decision of infusing funds by SBI and other banks such as HDFC, Axis Bank, Kotak Mahindra, Bandhan Bank, Federal Bank and IDFC which have joined collectively to rescue the stressed private bank was also a collective decision from the bank, RBI and the Government inorder to stabilize the economy.

The financial position of the bank has been solid and consistent which has helped it to spread its branches across India as part of financial inclusion of the weaker economy. The Ichimoku chart shows the losses faced by the bank during the spread of Coronavirus which has also caused the lockdown of various companies and industries to prevent and break the chain. Also, it shows the change in the trend as the bank experienced its highest one day rise from the past 3 months during 13th March 2020 and the trend has been continuing with the formation of few bearish candlestick which indicates the external factor affecting the market.  
 


The Bank is also providing an emergency credit line to meet any need of money for the affected borrowers. The additional facility has been set up by providing Rs.200 crore which would be available till 30 June, 2020 to help by providing funds to the affected borrowers through the Covid-19 Emergency Credit Line (CECL). The funds spent for the CECL would be allotted from the annual profit from the CSR funds which forms 0.25% of the profit. Moreover, the bank has been facing drops in their banking transactions as the lockdown of various shops, malls, companies etc.., has reduced the economic activity of the population while the online transactions and digital modes remained the same.



The above chart shows the decline in the trend which has been paused by the bullish candlesticks being formed which has been shown in the Awesome Oscillator as the currently formed bar of the histogram is green indicating the bullish trend for the stock.

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