SBI Stock Trades All-time High As Mcap Crosses Rs 8 Tn
The Nifty Bank index also surges to a record high on Monday, crossing the 50,000 mark for the first time
State Bank of India stock surged to all-time high of Rs 909 in the Monday trading session after the public lender's market capitalisation crossed the Rs 8 lakh crore mark.
SBI is now the third-largest bank in India by market cap, very close to ICICI Bank which is second largest.
SBI shares traded with 9.23 per cent gain at Rs 906 in the afternoon session on the National Stock Exchange (NSE).
Finance Minister Nirmala Sitharaman recently posted on social media that India's banking sector achieved a significant milestone by recording its highest-ever net profit, exceeding Rs 3 lakh crore.
She also emphasised that the government will take decisive steps to further strengthen the banking sector. Insolvency and Bankruptcy Code introduced by the government has improved the financial conditions of Indian banks, with a recovery of Rs 10 lakh crore of bad loans.
In the recently released fourth quarter results, SBI reported a standalone net profit of Rs 20,698.35 crore, which was 24 per cent up year-on-year (Y-o-Y), on the back of higher interest income and low provisions.
Whole Bank Deposits grew at 11.13 per cent (YoY), out of which CASA Deposit grew by 4.25 per cent YoY. CASA ratio stands at 41.11 per cent as of 31 March 2024.
The Nifty Bank index also surged to a record high on Monday, crossing the 50,000 mark for the first time.
The Nifty index touched a new high of 50,990, with all banking stocks in the index trading with gains at the time of filing this report.
In terms of stock performance SBI stock delivered more than 41 per cent year-to-date (YTD) returns, while Nifty Bank rallied more than 28 per cent in 2024 so far.
